Companies: 10,793     total market cap: $139.375 T
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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 2026-02-04

Golub Capital - 10-Q quarterly report FY


Text size:
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Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Jeppesen Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765PPW Aero Buyer, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Titan BW Borrower L.P. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Titan BW Borrower L.P. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Titan BW Borrower L.P. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765RJW Group Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765RJW Group Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765RJW Group Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765RJW Group Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Arnott, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Arnott, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Collision SP Subco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Collision SP Subco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Collision SP Subco, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Collision SP Subco, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Collision SP Subco, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Covercraft Parent III, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Covercraft Parent III, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Covercraft Parent III, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765North Haven Falcon Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765North Haven Falcon Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765North Haven Falcon Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765OEConnection, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765OEConnection, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765OEConnection, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765CAP-KSI Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CAP-KSI Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CG Group Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CG Group Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 13 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 14 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 15 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 16 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 17 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 18 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | One stop 19 | Non-Affiliated Issuer2025-12-310001476765Denali Midco 2, LLC | Second lien | Non-Affiliated Issuer2025-12-310001476765High Bar Brands Operating, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765High Bar Brands Operating, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765High Bar Brands Operating, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765High Bar Brands Operating, LLC | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765JHCC Holdings LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Lincoln Acq Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Lincoln Acq Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Lincoln Acq Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 12 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 13 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 14 | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | One stop 15 | Non-Affiliated Issuer2025-12-310001476765National Express Wash Parent Holdco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765National Express Wash Parent Holdco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765National Express Wash Parent Holdco, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765National Express Wash Parent Holdco, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765TWAS Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765TWAS Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765TWAS Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Yorkshire Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Yorkshire Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Yorkshire Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Yorkshire Parent, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Yorkshire Parent, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Empyrean Solutions, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Empyrean Solutions, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Empyrean Solutions, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765OSP Hamilton Purchaser, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765OSP Hamilton Purchaser, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765OSP Hamilton Purchaser, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765OSP Hamilton Purchaser, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Financial Information Technologies, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Financial Information Technologies, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Financial Information Technologies, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Financial Information Technologies, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Spindrift Beverage Co. Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Spindrift Beverage Co. Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Spindrift Beverage Co. Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Watermill Express, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Winebow Holdings, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765BECO Holding Company, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765BECO Holding Company, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765BECO Holding Company, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765BECO Holding Company, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765BlueMatrix Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765BlueMatrix Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765BlueMatrix Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765BlueMatrix Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765BlueMatrix Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765AP Adhesives Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765AP Adhesives Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765AP Adhesives Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Inhance Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Inhance Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Inhance Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765JSG II, Inc. and Checkers USA, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765JSG II, Inc. and Checkers USA, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765JSG II, Inc. and Checkers USA, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Krayden Holdings, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Krayden Holdings, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Krayden Holdings, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765PHM NL SP Bidco B.V. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PHM NL SP Bidco B.V. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PHM NL SP Bidco B.V. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PHM NL SP Bidco B.V. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765CHA Vision Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CHA Vision Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CHA Vision Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CHA Vision Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765CHA Vision Holdings, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765CI (Quercus) Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CI (Quercus) Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CI (Quercus) Intermediate Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CI (Quercus) Intermediate Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Dispatch Acquisition Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Dispatch Acquisition Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kleinfelder Intermediate, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Kleinfelder Intermediate, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kleinfelder Intermediate, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Pearl Acquisition Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Pearl Acquisition Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Pearl Acquisition Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Profile Products LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Profile Products LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Profile Products LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Profile Products LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765PSC Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PSC Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PSC Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PSC Parent, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765PT Intermediate Holdings III, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PT Intermediate Holdings III, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Radwell Parent, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Radwell Parent, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Radwell Parent, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Trinity Air Consultants Holdings Corporation | One stop 7 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765WRE Holding Corp. | One stop 10 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Lightning Finco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Lightning Finco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Consor Intermediate II, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Consor Intermediate II, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Consor Intermediate II, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765DCCM, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765DCCM, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765DCCM, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Royal Holdco Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Royal Holdco Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Royal Holdco Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ConstructionEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Chase Intermediate | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Chase Intermediate | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Chase Intermediate | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Chase Intermediate | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Fortis Solutions Group, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Fortis Solutions Group, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Fortis Solutions Group, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Fortis Solutions Group, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765ABC Legal Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ABC Legal Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ABC Legal Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Action Termite Control, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Action Termite Control, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Action Termite Control, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Any Hour, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Any Hour, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Any Hour, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Any Hour, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Apex Service Partners, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Apex Service Partners, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Apex Service Partners, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Apex Service Partners, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Apex Service Partners, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Apex Service Partners, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Aptive Environmental, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Aptive Environmental, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Aptive Environmental, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 13 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 14 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 15 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 16 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 17 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 18 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 19 | Non-Affiliated Issuer2025-12-310001476765Certus Pest, Inc. | One stop 20 | Non-Affiliated Issuer2025-12-310001476765CHHJ Midco, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765CHHJ Midco, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765CHVAC Services Investment, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CHVAC Services Investment, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CHVAC Services Investment, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CHVAC Services Investment, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 8 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 9 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 10 | Non-Affiliated Issuer2025-12-310001476765COP Hometown Acquisitions, Inc. | Senior secured 11 | Non-Affiliated Issuer2025-12-310001476765EMS LINQ, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765EMS LINQ, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Entomo Brands Acquisitions, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Entomo Brands Acquisitions, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Entomo Brands Acquisitions, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765EWC Growth Partners LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765EWC Growth Partners LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765EWC Growth Partners LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765EWC Growth Partners LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765FPG Intermediate Holdco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765FPG Intermediate Holdco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765FPG Intermediate Holdco, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765FPG Intermediate Holdco, LLC | Senior secured | Non-Affiliated Issuer2025-12-310001476765FPG Intermediate Holdco, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765FSS Buyer LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765FSS Buyer LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765HS Spa Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765HS Spa Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765HS Spa Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Kodiak Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Kodiak Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kodiak Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Liminex, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Liminex, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Liminex, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Liminex, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Litera Bidco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Litera Bidco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Litera Bidco, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Litera Bidco, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Mario Purchaser, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Mario Purchaser, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Mario Purchaser, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Mario Purchaser, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Mario Purchaser, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765NSG Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765NSG Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765NSG Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Provenance Buyer LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Provenance Buyer LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Provenance Buyer LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765RW AM Holdco LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765RW AM Holdco LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Salisbury House, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Salisbury House, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Salisbury House, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765SCP CDH Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765SCP CDH Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765SCP CDH Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Severin Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Severin Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Severin Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Stellar Brands, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Stellar Brands, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Virginia Green Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Virginia Green Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Virginia Green Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Virginia Green Acquisition, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Baker Tilly Advisory Group, LP | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Baker Tilly Advisory Group, LP | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Baker Tilly Advisory Group, LP | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Baker Tilly Advisory Group, LP | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Banker's Toolbox, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Banker's Toolbox, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Banker's Toolbox, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Ceres Groupe SAS & Ceres PikCo | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Ceres Groupe SAS & Ceres PikCo | Subordinated debt | Non-Affiliated Issuer2025-12-310001476765Ceres Groupe SAS & Ceres PikCo | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Ceres Groupe SAS & Ceres PikCo | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Corsair Blade IV S.A R.L. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Corsair Blade IV S.A R.L. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Deerfield Dakota Holding, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Deerfield Dakota Holding, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Equity Methods, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Equity Methods, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Equity Methods, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Finastra USA, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Flash Topco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Flash Topco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Flash Topco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Higginbotham Insurance Agency, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Higginbotham Insurance Agency, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Higginbotham Insurance Agency, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Medlar Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Medlar Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Medlar Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Wealth Enhancement Group, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Smart Energy Systems, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Smart Energy Systems, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ElectricUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Power Grid Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Power Grid Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Wildcat TopCo, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Wildcat TopCo, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Wildcat TopCo, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765CST Holding Company | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CST Holding Company | One stop 2 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765GMF Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765GMF Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765GMF Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765GMF Parent, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765PDI TA Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PDI TA Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Wineshipping.com LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Wineshipping.com LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Wineshipping.com LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Wineshipping.com LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Blast Bidco Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Blast Bidco Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Eagle Family Foods Group, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Eagle Family Foods Group, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kodiak Cakes, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Kodiak Cakes, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Louisiana Fish Fry Products, Ltd. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Louisiana Fish Fry Products, Ltd. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765MAPF Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765MAPF Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765MAPF Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765MAPF Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765P&P Food Safety Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765P&P Food Safety Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765P&P Food Safety Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765P&P Food Safety Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Sphynx UK Bidco, Ltd. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Sphynx UK Bidco, Ltd. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Sphynx UK Bidco, Ltd. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Wizard Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Wizard Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Wizard Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Wizard Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Zullas, L.C. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Zullas, L.C. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Zullas, L.C. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Aspen Medical Products, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Aspen Medical Products, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Aspen Medical Products, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Aspen Medical Products, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Baduhenna Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Baduhenna Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Baduhenna Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Baduhenna Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Baduhenna Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Baduhenna Bidco Limited | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Belmont Instrument, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Belmont Instrument, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765Blades Buyer, Inc. | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 13 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 14 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 15 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 16 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 17 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 18 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 19 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 20 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 21 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 22 | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | One stop 23 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Centegix Intermediate II, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Centegix Intermediate II, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Centegix Intermediate II, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | Senior secured | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765HuFriedy Group Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765HuFriedy Group Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765HuFriedy Group Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765HuFriedy Group Acquisition, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Isto Group, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Isto Group, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Isto Group, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765JHC Investment Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765JHC Investment Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765RTI Surgical, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765RTI Surgical, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765TIDI Legacy Products, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765TIDI Legacy Products, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765TIDI Legacy Products, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765YI, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765YI, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ZimVie, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ZimVie, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ZimVie, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765AAH TOPCO, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765AAH TOPCO, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765AAH TOPCO, LLC | Subordinated debt | Non-Affiliated Issuer2025-12-310001476765AAH TOPCO, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765AAH TOPCO, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765AAH TOPCO, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Active Day, Inc. | One stop 13 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 13 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | Senior secured | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 14 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 15 | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | One stop 16 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Subordinated debt 1 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Subordinated debt 2 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Subordinated debt 3 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Bamboo US Bidco LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bamboo US Bidco LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bamboo US Bidco LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Bamboo US Bidco LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Bamboo US Bidco LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Bamboo US Bidco LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Bayou Intermediate II, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bayou Intermediate II, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bayou Intermediate II, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765BHG Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765BHG Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765BHG Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Community Care Partners, LLC | One stop | Non-Affiliated Issuer2025-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 13 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 14 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 15 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 16 | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | One stop 17 | Non-Affiliated Issuer2025-12-310001476765ERC Topco Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ERC Topco Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ERC Topco Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Heartland Veterinary Partners LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Heartland Veterinary Partners LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Heartland Veterinary Partners LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765HP TLE Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765HP TLE Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | One stop | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | Senior secured 8 | Non-Affiliated Issuer2025-12-310001476765LOV Acquisition LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765LOV Acquisition LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | One stop 11 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765PPV Intermediate Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Premise Health Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Premise Health Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Premise Health Holding Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Premise Health Holding Corp. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Suveto Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Suveto Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Suveto Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Amberfield Acquisition Co. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Amberfield Acquisition Co. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Amberfield Acquisition Co. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Color Intermediate, LLC | Senior secured | Non-Affiliated Issuer2025-12-310001476765Connexin Software, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Connexin Software, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Crow River Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Crow River Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Crow River Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765ESO Solution, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ESO Solution, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ESO Solution, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765GHX Ultimate Parent Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765GHX Ultimate Parent Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Healthmark Holdings, L.P. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Healthmark Holdings, L.P. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Healthmark Holdings, L.P. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Kona Buyer, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Lacker Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Lacker Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Lacker Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Lacker Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Modernizing Medicine, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Modernizing Medicine, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Neptune Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Neptune Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Netsmart Technologies, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Netsmart Technologies, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Netsmart Technologies, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Netsmart Technologies, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Plasma Buyer LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Plasma Buyer LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Plasma Buyer LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765QF Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765QF Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765QF Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Signant Finance One Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Signant Finance One Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Signant Finance One Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Transaction Data Systems, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Transaction Data Systems, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Barteca Restaurants, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Barteca Restaurants, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Barteca Restaurants, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Barteca Restaurants, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765BJH Holdings III Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765BJH Holdings III Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765BJH Holdings III Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 10 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 11 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | One stop 13 | Non-Affiliated Issuer2025-12-310001476765CB Sports Holdings Bidco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CB Sports Holdings Bidco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CB Sports Holdings Bidco, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CB Sports Holdings Bidco, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765CR Fitness Holdings, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765CR Fitness Holdings, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765CR Fitness Holdings, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Crumbl Enterprises, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Crumbl Enterprises, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-12-310001476765ESN Venture Holdings, LLC | One stop 10 | Non-Affiliated Issuer2025-12-310001476765GFP Atlantic Holdco 2, LLC | One stop 11 | Non-Affiliated Issuer2025-12-310001476765GFP Atlantic Holdco 2, LLC | One stop 12 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Health Buyer, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Health Buyer, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Health Buyer, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Olo Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Olo Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Patriot Acquireco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Patriot Acquireco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PB Group Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PB Group Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765QSR Acquisition Co. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765QSR Acquisition Co. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765QSR Acquisition Co. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Rooster BidCo Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Rooster BidCo Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Rooster BidCo Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Saguaro Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Saguaro Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Saguaro Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Saguaro Buyer, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765SDC Holdco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765SDC Holdco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765YE Brands Holding, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765YE Brands Holding, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765YE Brands Holding, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765TLB Holdings I, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765TLB Holdings I, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765TLB Holdings I, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdDurablesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765WU Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765WU Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765WU Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Arch Global CCT Holdings Corp. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Arch Global CCT Holdings Corp. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Arch Global CCT Holdings Corp. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765Dwyer Instruments, Inc. | One stop 9 | Non-Affiliated Issuer2025-12-310001476765Essential Services Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Essential Services Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Essential Services Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Excelitas Technologies Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Excelitas Technologies Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Excelitas Technologies Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Excelitas Technologies Corp. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765AMBA Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765AMBA Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765AMBA Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765AMBA Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765AMBA Buyer, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Bellwether Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bellwether Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bellwether Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Ben Nevis Midco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Ben Nevis Midco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Ben Nevis Midco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Ben Nevis Midco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Captive Resources Midco, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Captive Resources Midco, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Doxa Insurance Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Doxa Insurance Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Doxa Insurance Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Doxa Insurance Holdings LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Gimlet Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Gimlet Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Gimlet Bidco GMBH | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Huskies Parent, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Illumifin Corporation | One stop | Non-Affiliated Issuer2025-12-310001476765Integrity Marketing Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Integrity Marketing Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Integrity Marketing Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765J.S. Held Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765J.S. Held Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765J.S. Held Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Koala Investment Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Koala Investment Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Koala Investment Holdings, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Majesco | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Majesco | One stop 2 | Non-Affiliated Issuer2025-12-310001476765MRH Trowe Germany GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765MRH Trowe Germany GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765MRH Trowe Germany GMBH | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Oakbridge Insurance Agency LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Oakbridge Insurance Agency LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Oakbridge Insurance Agency LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Oakbridge Insurance Agency LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Oakbridge Insurance Agency LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Pareto Health Intermediate Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Pareto Health Intermediate Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Pareto Health Intermediate Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Patriot Growth Insurance Services, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Patriot Growth Insurance Services, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Patriot Growth Insurance Services, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Patriot Growth Insurance Services, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765People Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765People Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765People Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765People Corporation | One stop 4 | Non-Affiliated Issuer2025-12-310001476765People Corporation | One stop 5 | Non-Affiliated Issuer2025-12-310001476765People Corporation | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Wasabi Lower Holdco, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Wasabi Lower Holdco, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765World Insurance Associates, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765World Insurance Associates, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Revalize, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | One stop 8 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Acquia, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Acquia, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Acquia, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CivicPlus, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CivicPlus, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CivicPlus, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765CivicPlus, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765CivicPlus, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765ContractPod Technologies, Ltd. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ContractPod Technologies, Ltd. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ContractPod Technologies, Ltd. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Critical Start, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Critical Start, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Critical Start, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Delinea Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Delinea Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Delinea Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Delinea Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Goldcup 31018 AB | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Goldcup 31018 AB | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Goldcup 31018 AB | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Kentik Technologies, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Kentik Technologies, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kentik Technologies, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Kentik Technologies, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Netwrix Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Netwrix Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Netwrix Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Netwrix Corporation | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Optimizely North America, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Optimizely North America, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Optimizely North America, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Optimizely North America, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765PDQ.com Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PDQ.com Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PDQ.com Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765ReliaQuest Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ReliaQuest Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ReliaQuest Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765ReliaQuest Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Saturn Borrower Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Saturn Borrower Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765WPEngine, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765WPEngine, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Zarya Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Zarya Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Zarya Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Crunch Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Crunch Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Movement Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Movement Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Movement Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Celerion Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Celerion Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Celerion Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Celerion Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Diamondback Acquisition, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Diamondback Acquisition, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Diamondback Acquisition, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PAS Parent Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PAS Parent Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PAS Parent Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Unchained Labs, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Unchained Labs, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Unchained Labs, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765AI Titan Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765AI Titan Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765AI Titan Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Blackbird Purchaser, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Blackbird Purchaser, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Blackbird Purchaser, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Chase Industries, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Chase Industries, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Chase Industries, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Thermogenics, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Thermogenics, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Thermogenics, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Thermogenics, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Thermogenics, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Thermogenics, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Project Nike Purchaser, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Project Nike Purchaser, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Project Nike Purchaser, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Lotus Topco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Lotus Topco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Lotus Topco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Lotus Topco, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Shout! Factory, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Shout! Factory, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Triple Lift, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Triple Lift, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Triple Lift, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Edition Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Edition Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Edition Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Edition Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Messenger, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | One stop 7 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765ACP Ulysses Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ACP Ulysses Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ACP Ulysses Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Amalthea Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Amalthea Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Apothecary Products, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Apothecary Products, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Caerus Midco 3 S.A.R.L. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Caerus Midco 3 S.A.R.L. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Caerus Midco 3 S.A.R.L. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Caerus Midco 3 S.A.R.L. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Caerus Midco 3 S.A.R.L. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Creek Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Creek Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765ALKU Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ALKU Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765bswift, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765bswift, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765bswift, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Denali Intermediate Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Denali Intermediate Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | One stop | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | Subordinated debt | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765DISA Holdings Corp. | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Eclipse Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Eclipse Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Eclipse Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Eliassen Group, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Eliassen Group, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765IG Investments Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765IG Investments Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PlanSource Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PlanSource Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PlanSource Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765PlanSource Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Procure Acquireco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Procure Acquireco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Procure Acquireco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Procure Acquireco, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Procure Acquireco, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Teaching Company, The | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Teaching Company, The | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Varicent Intermediate Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Varicent Intermediate Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Varicent Intermediate Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Varicent Intermediate Holdings Corporation | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Varicent Intermediate Holdings Corporation | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Inhabit IQ Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Inhabit IQ Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Inhabit IQ Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765MRI Software, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765MRI Software, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765MRI Software, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765MRI Software, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765RPL Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765RPL Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765RPL Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765RPL Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765RPL Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Internet Truckstop Group, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Internet Truckstop Group, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Internet Truckstop Group, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Anaplan, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Anaplan, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Appfire Technologies, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Appfire Technologies, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Appfire Technologies, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Appfire Technologies, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Aras Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Aras Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Armstrong Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Armstrong Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Arrow Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Arrow Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Arrow Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Artifact Bidco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Artifact Bidco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Artifact Bidco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Artifact Bidco, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Auvik Networks Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Auvik Networks Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Auvik Networks Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Auvik Networks Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Azurite Intermediate Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Azurite Intermediate Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Azurite Intermediate Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Baxter Planning Systems, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Baxter Planning Systems, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Baxter Planning Systems, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Bayshore Intermediate #2, L.P. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bayshore Intermediate #2, L.P. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765BestPass, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765BestPass, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765BestPass, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Bloomerang, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bloomerang, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bloomerang, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Blue Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Blue Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Blue Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Blue Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Blue Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Bottomline Technologies, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bottomline Technologies, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bullhorn, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bullhorn, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bullhorn, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Bullhorn, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Bullhorn, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Bullhorn, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Burning Glass Intermediate Holdings Company, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Burning Glass Intermediate Holdings Company, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Camelia Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Camelia Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Camelia Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Camelia Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765CB Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CB Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CB Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Coupa Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Coupa Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Coupa Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Crewline Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Crewline Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Daxko Acquisition Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Daxko Acquisition Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Daxko Acquisition Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Daxko Acquisition Corporation | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Daxko Acquisition Corporation | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Denali Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Denali Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Denali Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Denali Bidco Limited | Subordinated debt 1 | Non-Affiliated Issuer2025-12-310001476765Denali Bidco Limited | Subordinated debt 2 | Non-Affiliated Issuer2025-12-310001476765Diligent Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Diligent Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Diligent Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Diligent Corporation | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Einstein Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Einstein Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Espresso Bidco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Espresso Bidco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Espresso Bidco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Evergreen IX Borrower 2023, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Evergreen IX Borrower 2023, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Evergreen IX Borrower 2023, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765FirstUp, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765FirstUp, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765FirstUp, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Flexera Software, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Flexera Software, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Flexera Software, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Flexera Software, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Gainsight, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Gainsight, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765GTIV, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765GTIV, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 6 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Gurobi Optimization, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Gurobi Optimization, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Hyland Software, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Hyland Software, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Icefall Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Icefall Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ICIMS, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ICIMS, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765IQN Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765IQN Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765IQN Holding Corp. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Island Bidco AB | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Island Bidco AB | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Island Bidco AB | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Island Bidco AB | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Island Bidco AB | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Kairos Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Kairos Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Kairos Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Kairos Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765LeadsOnline, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765LeadsOnline, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765LeadsOnline, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765LeadsOnline, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Lighthouse Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Lighthouse Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Lighthouse Bidco GMBH | One stop 3 | Non-Affiliated Issuer2025-12-310001476765LogicMonitor, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765LogicMonitor, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765LogicMonitor, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Matrix42 Holding GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Matrix42 Holding GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Matrix42 Holding GMBH | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Matrix42 Holding GMBH | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Matrix42 Holding GMBH | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Matrix42 Holding GMBH | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Mindbody, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Mindbody, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Mindbody, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Ministry Brands Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Ministry Brands Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Ministry Brands Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765MYOB Invest Co Pty Ltd | One stop | Non-Affiliated Issuer2025-12-310001476765Navex Global Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Navex Global Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Navex Global Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Naviga Inc. | Senior secured | Non-Affiliated Issuer2025-12-310001476765Onit, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Onit, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Onit, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Onit, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Panzura, LLC | One stop | Non-Affiliated Issuer2025-12-310001476765Personify, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Personify, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Personify, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Personify, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Pineapple German Bidco GMBH | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Pluralsight, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Pluralsight, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Pluralsight, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Pluralsight, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Pluralsight, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765ProcessUnity Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765ProcessUnity Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765ProcessUnity Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765ProcessUnity Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765ProcessUnity Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765QAD, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765QAD, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Quant Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Quant Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Quant Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Quant Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Rainforest Bidco Limited | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Sapphire Bidco Oy | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Sapphire Bidco Oy | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Sapphire Bidco Oy | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Sapphire Bidco Oy | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Sonatype, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Sonatype, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Spark Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Spartan Buyer Acquisition Co. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Spartan Buyer Acquisition Co. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Spartan Buyer Acquisition Co. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Telesoft Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Telesoft Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Telesoft Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Templafy APS and Templafy, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Templafy APS and Templafy, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765TI Intermediate Holdings, LLC | Senior secured 8 | Non-Affiliated Issuer2025-12-310001476765Togetherwork Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Togetherwork Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Togetherwork Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | One stop 7 | Non-Affiliated Issuer2025-12-310001476765Tricentis Operations Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Tricentis Operations Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Tricentis Operations Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Vanco Payment Solutions, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Vanco Payment Solutions, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Vantage Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Vantage Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Varinem German Midco GMBH | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Varinem German Midco GMBH | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Vendavo, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Vendavo, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Vendavo, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Viper Bidco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Viper Bidco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Viper Bidco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Viper Bidco, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Viper Bidco, Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765WebPT, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Zendesk, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Zendesk, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Zendesk, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Zendesk, Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Ave Holdings III, Corp | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Ave Holdings III, Corp | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Ave Holdings III, Corp | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Ave Holdings III, Corp | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Biscuit Parent, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Biscuit Parent, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Biscuit Parent, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Cavender Stores L.P. | Senior secured | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Subordinated debt 1 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Subordinated debt 2 | Non-Affiliated Issuer2025-12-310001476765Consilio Midco Limited | Subordinated debt 3 | Non-Affiliated Issuer2025-12-310001476765CVP Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765CVP Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765CVP Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Cycle Gear, Inc. | One stop | Non-Affiliated Issuer2025-12-310001476765Metal Supermarkets US Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Metal Supermarkets US Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765PetVet Care Centers LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765PetVet Care Centers LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Radiance Borrower, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Radiance Borrower, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 1 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 2 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 3 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 4 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 5 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 8 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 9 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 10 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 11 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 12 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 13 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 6 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 14 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 15 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien 7 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured 16 | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Second lien | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Senior secured | Non-Affiliated Issuer2025-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Titan Fitness, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Titan Fitness, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Titan Fitness, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Titan Fitness, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Vermont Aus Pty Ltd | One stop | Non-Affiliated Issuer2025-12-310001476765VSG Acquisition Corp. and Sherrill, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765VSG Acquisition Corp. and Sherrill, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765VSG Acquisition Corp. and Sherrill, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Dollfus Mieg Company, Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Dollfus Mieg Company, Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Dollfus Mieg Company, Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765Elite Sportswear, L.P. | Senior secured 8 | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | One stop 6 | Non-Affiliated Issuer2025-12-310001476765Shoes For Crews Global, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765Shoes For Crews Global, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765Shoes For Crews Global, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765Shoes For Crews Global, LLC | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Marcone Yellowstone Buyer Inc. | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Marcone Yellowstone Buyer Inc. | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Marcone Yellowstone Buyer Inc. | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Marcone Yellowstone Buyer Inc. | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Marcone Yellowstone Buyer Inc. | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765LDS Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765LDS Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765LDS Intermediate Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765LDS Intermediate Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765LDS Intermediate Holdings, LLC | One stop | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 1 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 2 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 3 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 4 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 5 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 6 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | Senior secured 7 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765S.J. Electro Systems, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Vessco Midco Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-12-310001476765Vessco Midco Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-12-310001476765Vessco Midco Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-12-310001476765Vessco Midco Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-12-310001476765Vessco Midco Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:WaterUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001476765PPW Aero Buyer, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Tronair Parent, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Arnott, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765North Haven Falcon Buyer, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765North Haven Falcon Buyer, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Polk Acquisition Corp. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765CAP-KSI Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765CAP-KSI Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765CG Group Holdings, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Go Car Wash Parent, Corp. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Go Car Wash Parent, Corp. | Common stock | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765MOP GM Holding, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765National Express Wash Parent Holdco, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765POY Holdings, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | LLC units | Non-Affiliated Issuer2025-12-310001476765Quick Quack Car Wash Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Yorkshire Parent, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Cobepa BlueSky Aggregator, SCSp | LP units | Non-Affiliated Issuer2025-12-310001476765Cobepa BlueSky Aggregator, SCSp | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Cobepa BlueSky Aggregator, SCSp | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765BECO Holding Company, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765BECO Holding Company, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Inhance Parent, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Inhance Parent, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Inhance Parent, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765CHA Vision Holdings, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765CI (Quercus) Intermediate Holdings, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765PT Intermediate Holdings III, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Radwell Parent, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Chase Intermediate | LP units | Non-Affiliated Issuer2025-12-310001476765Packaging Coordinators Midco, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ContainersPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Action Termite Control, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Action Termite Control, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765CHHJ Midco, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765CHVAC Services Investment, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765DP Flores Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765EMS LINQ, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765EWC Growth Partners LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765FPG Intermediate Holdco, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765HS Spa Holdings, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Kodiak Buyer, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Liminex, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765NSG Buyer, Inc. | LP units | Non-Affiliated Issuer2025-12-310001476765PADI Holdco, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Project Alpha Intermediate Holdings, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765SCP CDH Buyer, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765SCP CDH Buyer, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Virginia Green Acquisition, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ElectricUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Inventus Power, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Inventus Power, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Inventus Power, Inc. | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Inventus Power, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765GMF Parent, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Hopdoddy Holdings, LLC | LLC units | Non-Affiliated Issuer2025-12-310001476765Hopdoddy Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Mendocino Farms, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765PDI TA Holdings, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Ruby Slipper Cafe LLC, The | LLC interest 1 | Non-Affiliated Issuer2025-12-310001476765Ruby Slipper Cafe LLC, The | LLC interest 2 | Non-Affiliated Issuer2025-12-310001476765Ruby Slipper Cafe LLC, The | LLC interest 3 | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Borrower R365 Holdings, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Common stock 1 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Preferred stock 4 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Preferred stock 5 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Common stock 2 | Non-Affiliated Issuer2025-12-310001476765Borrower R365 Holdings, LLC | Preferred stock 6 | Non-Affiliated Issuer2025-12-310001476765Kodiak Cakes, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Louisiana Fish Fry Products, Ltd. | Common stock | Non-Affiliated Issuer2025-12-310001476765Louisiana Fish Fry Products, Ltd. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765P&P Food Safety Holdings, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765P&P Food Safety Holdings, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Purfoods, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Zullas, L.C. | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Aspen Medical Products, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Blue River Pet Care, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765CCSL Holdings, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Centegix Intermediate II, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765CMI Parent Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Isto Group, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765JHC Investment Intermediate Holdings, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765ZimVie, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Active Day, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Acuity Eyecare Holdings, LLC | LLC units | Non-Affiliated Issuer2025-12-310001476765ADCS Clinics Intermediate Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765ADCS Clinics Intermediate Holdings, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765CRH Healthcare Purchaser, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765DCA Investment Holding, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765DCA Investment Holding, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Encorevet Group LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765ERC Topco Holdings, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765HP TLE Buyer, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Krueger-Gilbert Health Physics, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765MWD Management, LLC & MWD Services, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765New Look Corporation and New Look Vision Group Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Pinnacle Treatment Centers, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Pyramid Healthcare Acquisition Corp. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Radiology Partners, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Radiology Partners, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Common stock 1 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Common stock 2 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Common stock 3 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Preferred stock 4 | Non-Affiliated Issuer2025-12-310001476765Southern Veterinary Partners, LLC | Common stock 4 | Non-Affiliated Issuer2025-12-310001476765Suveto Buyer, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Amberfield Acquisition Co. | Common stock | Non-Affiliated Issuer2025-12-310001476765Connexin Software, Inc. | LLC interest 1 | Non-Affiliated Issuer2025-12-310001476765Connexin Software, Inc. | LLC interest 2 | Non-Affiliated Issuer2025-12-310001476765HSI Halo Acquisition, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765HSI Halo Acquisition, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Modernizing Medicine, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Symplr Software, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Symplr Software, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Symplr Software, Inc. | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Symplr Software, Inc. | Preferred stock 4 | Non-Affiliated Issuer2025-12-310001476765Symplr Software, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Symplr Software, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Tebra Technologies, Inc. | Warrant 1 | Non-Affiliated Issuer2025-12-310001476765Tebra Technologies, Inc. | Warrant 2 | Non-Affiliated Issuer2025-12-310001476765Tebra Technologies, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Veranex, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Veranex, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Veranex, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Cafe Rio Holding, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Cafe Rio Holding, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Warrant 1 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Warrant 2 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Warrant 3 | Non-Affiliated Issuer2025-12-310001476765Harri US LLC | Warrant 4 | Non-Affiliated Issuer2025-12-310001476765LMP TR Holdings, LLC | LLC units | Non-Affiliated Issuer2025-12-310001476765Patriot Acquireco, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765PB Group Holdings, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Rooster BidCo Limited | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Saguaro Buyer, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765SSRG Holdings, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Majesco | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Majesco | LP interest | Non-Affiliated Issuer2025-12-310001476765Oakbridge Insurance Agency LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Revalize, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Revalize, Inc. | Preferred stock 4 | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | Warrant | Non-Affiliated Issuer2025-12-310001476765Critical Start, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Kentik Technologies, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Kentik Technologies, Inc. | Warrant | Non-Affiliated Issuer2025-12-310001476765Netwrix Corporation | LLC interest | Non-Affiliated Issuer2025-12-310001476765Optimizely North America, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Saturn Borrower Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Massage Envy, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Movement Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | LLC interest 1 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | LLC interest 2 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | LLC interest 3 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | LLC interest 4 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | LLC interest 5 | Non-Affiliated Issuer2025-12-310001476765WBZ Investment, LLC | LLC interest 6 | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Celerion Buyer, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765PAS Parent Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765PAS Parent Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765W3 Co. | LLC interest | Non-Affiliated Issuer2025-12-310001476765W3 Co. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Messenger, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Messenger, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Amalthea Parent, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Cobalt Buyer Sub, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Creek Parent, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Eclipse Buyer, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Enboarder, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Filevine, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Filevine, Inc. | Warrant | Non-Affiliated Issuer2025-12-310001476765Filevine, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Net Health Acquisition Corp. | LP interest | Non-Affiliated Issuer2025-12-310001476765Procure Acquireco, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Inhabit IQ Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765SC Landco Parent, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Anaplan, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Aras Corporation | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Aras Corporation | Common stock | Non-Affiliated Issuer2025-12-310001476765Astute Holdings, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Auvik Networks Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Auvik Networks Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Bayshore Intermediate #2, L.P. | Common stock | Non-Affiliated Issuer2025-12-310001476765Calabrio, Inc. | LP interest 1 | Non-Affiliated Issuer2025-12-310001476765Calabrio, Inc. | LP interest 2 | Non-Affiliated Issuer2025-12-310001476765CB Buyer, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Cloudbees, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Cloudbees, Inc. | Warrant | Non-Affiliated Issuer2025-12-310001476765Cloudbees, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Cynet Security Ltd. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Denali Bidco Limited | LP units | Non-Affiliated Issuer2025-12-310001476765Diligent Corporation | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Diligent Corporation | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Energy Worldnet, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765FirstUp, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765FirstUp, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765GS Acquisitionco, Inc. | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765GTY Technology Holdings, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Gurobi Optimization, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Impartner, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Kaseya Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Kaseya Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765LogicMonitor, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Menlo Ridgeview Co-Invest, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Ministry Brands Holdings LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Navex Global Holdings Corporation | LP interest | Non-Affiliated Issuer2025-12-310001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH | Warrant | Non-Affiliated Issuer2025-12-310001476765Onit, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765Panzura, LLC | LLC units | Non-Affiliated Issuer2025-12-310001476765Personify, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Pluralsight, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765QAD, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765QAD, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765RegEd Aquireco, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765RegEd Aquireco, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765RegEd Aquireco, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-12-310001476765Riskonnect Parent, LLC | Preferred stock 3 | Non-Affiliated Issuer2025-12-310001476765Rokt Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765SnapLogic, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765SnapLogic, Inc. | Warrant | Non-Affiliated Issuer2025-12-310001476765Spartan Buyer Acquisition Co. | Common stock | Non-Affiliated Issuer2025-12-310001476765Spartan Buyer Acquisition Co. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765StrongDM, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Telesoft Holdings LLC | LP interest | Non-Affiliated Issuer2025-12-310001476765Templafy APS and Templafy, LLC | Warrant | Non-Affiliated Issuer2025-12-310001476765Togetherwork Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Transform Bidco Limited | LP interest | Non-Affiliated Issuer2025-12-310001476765Tricentis Operations Holdings, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765Zendesk, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Ave Holdings III, Corp | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Ave Holdings III, Corp | Common stock | Non-Affiliated Issuer2025-12-310001476765Batteries Plus Holding Corporation | LP interest | Non-Affiliated Issuer2025-12-310001476765Cycle Gear, Inc. | LLC interest | Non-Affiliated Issuer2025-12-310001476765Cycle Gear, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Metal Supermarkets US Buyer, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765Metal Supermarkets US Buyer, LLC | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Salon Lofts Group, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765VSG Acquisition Corp. and Sherrill, Inc. | LP interest | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765Georgica Pine Clothiers, LLC | LLC interest | Non-Affiliated Issuer2025-12-310001476765Georgica Pine Clothiers, LLC | LLC units | Non-Affiliated Issuer2025-12-310001476765MakerSights, Inc. | Preferred stock | Non-Affiliated Issuer2025-12-310001476765Shoes For Crews Global, LLC | Common stock | Non-Affiliated Issuer2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001476765Abita Brewing Co., L.L.C., One stop 12025-12-310001476765Abita Brewing Co., L.L.C., Second lien2025-12-310001476765Abita Brewing Co., L.L.C., One stop 22025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Benetech, Inc., One stop 12025-12-310001476765Benetech, Inc., One stop 22025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765G & H Wire Company, Inc., One Stop 12025-12-310001476765G & H Wire Company, Inc., One Stop 22025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Bayside Opco, LLC, One stop 12025-12-310001476765Bayside Opco, LLC, Subordinated debt2025-12-310001476765Bayside Opco, LLC, One stop 22025-12-310001476765Bayside Opco, LLC, One stop 32025-12-310001476765Elite Dental Partners LLC, One stop 12025-12-310001476765Elite Dental Partners LLC, One stop 22025-12-310001476765Elite Dental Partners LLC, One stop 32025-12-310001476765Elite Dental Partners LLC, One stop 42025-12-310001476765Opening Day Borrower 111 LLC, One stop2025-12-310001476765SPF Borrower LLC, One stop 12025-12-310001476765SPF Borrower LLC, One stop 22025-12-310001476765SPF Borrower LLC, One stop 32025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Reaction Biology Corporation, One stop 12025-12-310001476765Reaction Biology Corporation, One stop 22025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Fleet Farm Group, LLC, Senior secured2025-12-310001476765Fleet Farm Group, LLC, One stop2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:MultilineRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765IMPLUS Footcare, LLC, One stop 12025-12-310001476765IMPLUS Footcare, LLC, One stop 22025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:PersonalProductsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Imperial Optical Midco Inc, One stop 12025-12-310001476765Imperial Optical Midco Inc, One stop 22025-12-310001476765Imperial Optical Midco Inc, One stop 32025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:HeathcareEquipmentAndSuppliesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Bayside Opco, LLC, LLC interest2025-12-310001476765Elite Dental Partners LLC, Preferred stock2025-12-310001476765Elite Dental Partners LLC, LLC interest 12025-12-310001476765Elite Dental Partners LLC, LLC interest 22025-12-310001476765Opening Day Borrower 111 LLC, Preferred stock2025-12-310001476765Opening Day Borrower 111 LLC, LLC interest2025-12-310001476765SPF Borrower LLC, LLC interest2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:MultilineRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:PersonalProductsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765Switchfly LLC, LLC interest 12025-12-310001476765Switchfly LLC, Preferred stock2025-12-310001476765Switchfly LLC, LLC interest 22025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-12-310001476765MMan Acquisition Co., One stop 12025-12-310001476765MMan Acquisition Co., One stop 22025-12-310001476765MMan Acquisition Co., One stop 32025-12-310001476765MMan Acquisition Co., One stop 42025-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-12-310001476765BlackRock Liquidity Funds T-Fund Institutional Shares2025-12-310001476765Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class 2025-12-310001476765Allspring Government Money Market Fund Select Share Class 2025-12-310001476765Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class 2025-12-310001476765gbdc:AssetConcentrationRiskMembergbdc:NonQualifyingAssetMembergbdc:InvestmentsAtFairValueMember2025-10-012025-12-310001476765Abita Brewing Co. LLC2025-09-300001476765Abita Brewing Co. LLC2025-10-012025-12-310001476765Abita Brewing Co. LLC2025-12-310001476765Bayside Opco, LLC2025-09-300001476765Bayside Opco, LLC2025-10-012025-12-310001476765Bayside Opco, LLC2025-12-310001476765Benetech, Inc.2025-09-300001476765Benetech, Inc.2025-10-012025-12-310001476765Benetech, Inc.2025-12-310001476765Chestnut Optical Midco, Inc.2025-09-300001476765Chestnut Optical Midco, Inc.2025-10-012025-12-310001476765Chestnut Optical Midco, Inc.2025-12-310001476765Elite Dental Partners LLC2025-09-300001476765Elite Dental Partners LLC2025-10-012025-12-310001476765Elite Dental Partners LLC2025-12-310001476765Fleet Farm Group LLC2025-09-300001476765Fleet Farm Group LLC2025-10-012025-12-310001476765Fleet Farm Group LLC2025-12-310001476765G & H Wire Company, Inc.2025-09-300001476765G & H Wire Company, Inc.2025-10-012025-12-310001476765G & H Wire Company, Inc.2025-12-310001476765IMPLUS Footcare, LLC2025-09-300001476765IMPLUS Footcare, LLC2025-10-012025-12-310001476765IMPLUS Footcare, LLC2025-12-310001476765Opening Day Borrower 111 LLC2025-09-300001476765Opening Day Borrower 111 LLC2025-10-012025-12-310001476765Opening Day Borrower 111 LLC2025-12-310001476765Reaction Biology Corporation2025-09-300001476765Reaction Biology Corporation2025-10-012025-12-310001476765Reaction Biology Corporation2025-12-310001476765SPF Borrower LLC2025-09-300001476765SPF Borrower LLC2025-10-012025-12-310001476765SPF Borrower LLC2025-12-310001476765Switchfly LLC2025-09-300001476765Switchfly LLC2025-10-012025-12-310001476765Switchfly LLC2025-12-310001476765MMan Acquisition Co.2025-09-300001476765MMan Acquisition Co.2025-10-012025-12-310001476765MMan Acquisition Co.2025-12-310001476765PPW Aero Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PPW Aero Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PPW Aero Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PPW Aero Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765PPW Aero Buyer, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765PPW Aero Buyer, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765PPW Aero Buyer, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Titan BW Borrower L.P. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Titan BW Borrower L.P. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Titan BW Borrower L.P. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765RJW Group Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765RJW Group Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765RJW Group Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765RJW Group Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765gbdc:AirlinesSectorMember2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AirlinesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Arnott, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Arnott, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Collision SP Subco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Collision SP Subco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Collision SP Subco, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Collision SP Subco, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Collision SP Subco, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Covercraft Parent III, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Covercraft Parent III, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Covercraft Parent III, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765North Haven Falcon Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765North Haven Falcon Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765OEConnection, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765OEConnection, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765OEConnection, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765OEConnection, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765CAP-KSI Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CAP-KSI Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CG Group Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CG Group Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | Second lien | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 13 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 14 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 15 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 16 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 17 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 18 | Non-Affiliated Issuer2025-09-300001476765Denali Midco 2, LLC | One stop 19 | Non-Affiliated Issuer2025-09-300001476765High Bar Brands Operating, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765High Bar Brands Operating, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765High Bar Brands Operating, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765High Bar Brands Operating, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765JHCC Holdings LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 12 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 13 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 14 | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | One stop 15 | Non-Affiliated Issuer2025-09-300001476765National Express Wash Parent Holdco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765National Express Wash Parent Holdco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765National Express Wash Parent Holdco, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765National Express Wash Parent Holdco, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765TWAS Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765TWAS Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765TWAS Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765TWAS Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765TWAS Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765TWAS Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Yorkshire Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Yorkshire Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Yorkshire Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Yorkshire Parent, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Yorkshire Parent, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Empyrean Solutions, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Empyrean Solutions, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Empyrean Solutions, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765OSP Hamilton Purchaser, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765OSP Hamilton Purchaser, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765OSP Hamilton Purchaser, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765OSP Hamilton Purchaser, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Financial Information Technologies, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Financial Information Technologies, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Financial Information Technologies, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Financial Information Technologies, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Financial Information Technologies, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Spindrift Beverage Co. Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Spindrift Beverage Co. Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Spindrift Beverage Co. Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Watermill Express, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Winebow Holdings, Inc. | One stop | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765BECO Holding Company, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765BECO Holding Company, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765BECO Holding Company, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765BECO Holding Company, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765BlueMatrix Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765BlueMatrix Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765BlueMatrix Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765BlueMatrix Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765BlueMatrix Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765AP Adhesives Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765AP Adhesives Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765AP Adhesives Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Inhance Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Inhance Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Inhance Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765JSG II, Inc. and Checkers USA, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765JSG II, Inc. and Checkers USA, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765JSG II, Inc. and Checkers USA, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Krayden Holdings, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Krayden Holdings, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Krayden Holdings, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765PHM NL SP Bidco B.V. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PHM NL SP Bidco B.V. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PHM NL SP Bidco B.V. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PHM NL SP Bidco B.V. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765BradyIFS Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765BradyIFS Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CI (Quercus) Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CI (Quercus) Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CI (Quercus) Intermediate Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CI (Quercus) Intermediate Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765CHA Vision Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CHA Vision Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CHA Vision Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CHA Vision Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765CHA Vision Holdings, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Kleinfelder Intermediate, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Kleinfelder Intermediate, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Kleinfelder Intermediate, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Second lien 1 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Second lien 2 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Second lien 3 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 12 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 13 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 14 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 15 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 16 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 17 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 18 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Second lien 4 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 19 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 20 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Second lien 5 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 21 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 22 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Second lien 6 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 23 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 24 | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | One stop 25 | Non-Affiliated Issuer2025-09-300001476765Profile Products LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Profile Products LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Profile Products LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Profile Products LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765PSC Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PSC Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PSC Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PSC Parent, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765PT Intermediate Holdings III, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PT Intermediate Holdings III, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Radwell Parent, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Radwell Parent, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Radwell Parent, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Trinity Air Consultants Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Trinity Air Consultants Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Trinity Air Consultants Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Trinity Air Consultants Holdings Corporation | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Trinity Air Consultants Holdings Corporation | One stop 5 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765WRE Holding Corp. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Lightning Finco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Lightning Finco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Consor Intermediate II, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Consor Intermediate II, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Consor Intermediate II, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765DCCM, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765DCCM, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765DCCM, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Royal Holdco Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Royal Holdco Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Royal Holdco Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ConstructionEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Chase Intermediate | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Chase Intermediate | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Chase Intermediate | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Chase Intermediate | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Fortis Solutions Group, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Fortis Solutions Group, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Fortis Solutions Group, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Fortis Solutions Group, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765ABC Legal Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ABC Legal Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ABC Legal Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Any Hour, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Any Hour, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Any Hour, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Any Hour, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Apex Service Partners, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Apex Service Partners, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Apex Service Partners, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Apex Service Partners, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Apex Service Partners, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Apex Service Partners, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 13 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 14 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 15 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 16 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 17 | Non-Affiliated Issuer2025-09-300001476765Certus Pest, Inc. | One stop 18 | Non-Affiliated Issuer2025-09-300001476765CHHJ Midco, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765CHHJ Midco, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765CHVAC Services Investment, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CHVAC Services Investment, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CHVAC Services Investment, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CHVAC Services Investment, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 7 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 8 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 9 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 10 | Non-Affiliated Issuer2025-09-300001476765COP Hometown Acquisitions, Inc. | Senior secured 11 | Non-Affiliated Issuer2025-09-300001476765EMS LINQ, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765EMS LINQ, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Entomo Brands Acquisitions, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Entomo Brands Acquisitions, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Entomo Brands Acquisitions, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765EWC Growth Partners LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765EWC Growth Partners LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765EWC Growth Partners LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765EWC Growth Partners LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765FPG Intermediate Holdco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765FPG Intermediate Holdco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765FPG Intermediate Holdco, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765FPG Intermediate Holdco, LLC | Senior secured | Non-Affiliated Issuer2025-09-300001476765FPG Intermediate Holdco, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765FSS Buyer LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765FSS Buyer LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765HS Spa Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765HS Spa Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765HS Spa Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Kodiak Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Kodiak Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Kodiak Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Liminex, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Liminex, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Liminex, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Liminex, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Litera Bidco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Litera Bidco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Litera Bidco, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Litera Bidco, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Mario Purchaser, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Mario Purchaser, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Mario Purchaser, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Mario Purchaser, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Mario Purchaser, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765NSG Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765NSG Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765NSG Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Provenance Buyer LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Provenance Buyer LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Provenance Buyer LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765RW AM Holdco LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765RW AM Holdco LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Salisbury House, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Salisbury House, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Salisbury House, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Severin Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Severin Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Severin Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Stellar Brands, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Stellar Brands, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Virginia Green Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Virginia Green Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Virginia Green Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Baker Tilly Advisory Group, LP | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Baker Tilly Advisory Group, LP | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Baker Tilly Advisory Group, LP | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Baker Tilly Advisory Group, LP | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Banker's Toolbox, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Banker's Toolbox, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Ceres Groupe SAS & Ceres PikCo | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Ceres Groupe SAS & Ceres PikCo | Subordinated debt | Non-Affiliated Issuer2025-09-300001476765Ceres Groupe SAS & Ceres PikCo | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Ceres Groupe SAS & Ceres PikCo | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Corsair Blade IV S.A R.L. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Corsair Blade IV S.A R.L. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Deerfield Dakota Holding, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Deerfield Dakota Holding, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Equity Methods, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Equity Methods, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Equity Methods, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Finastra USA, Inc. | One stop | Non-Affiliated Issuer2025-09-300001476765Flash Topco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Flash Topco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Flash Topco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Higginbotham Insurance Agency, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Higginbotham Insurance Agency, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Medlar Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Medlar Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Medlar Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Wealth Enhancement Group, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Wealth Enhancement Group, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Wealth Enhancement Group, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Wealth Enhancement Group, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Wealth Enhancement Group, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765NTI Connect, LLC | Senior secured | Non-Affiliated Issuer2025-09-300001476765gbdc:DiversifiedTelecommunicationServicesSectorMember2025-09-300001476765Smart Energy Systems, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Smart Energy Systems, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Power Grid Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Power Grid Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Wildcat TopCo, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Wildcat TopCo, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Wildcat TopCo, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765CST Holding Company | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CST Holding Company | One stop 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Mendocino Farms, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765PDI TA Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PDI TA Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Wineshipping.com LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Wineshipping.com LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Wineshipping.com LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Wineshipping.com LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Blast Bidco Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Blast Bidco Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Eagle Family Foods Group, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Eagle Family Foods Group, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Kodiak Cakes, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Kodiak Cakes, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Louisiana Fish Fry Products, Ltd. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Louisiana Fish Fry Products, Ltd. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765MAPF Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765MAPF Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765MAPF Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765MAPF Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765P&P Food Safety Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765P&P Food Safety Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765P&P Food Safety Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765P&P Food Safety Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Sphynx UK Bidco, Ltd. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Sphynx UK Bidco, Ltd. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Sphynx UK Bidco, Ltd. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Wizard Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Wizard Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Wizard Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Wizard Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Zullas, L.C. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Zullas, L.C. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Zullas, L.C. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Aspen Medical Products, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Aspen Medical Products, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Aspen Medical Products, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Aspen Medical Products, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Baduhenna Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Baduhenna Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Baduhenna Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Baduhenna Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Baduhenna Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Baduhenna Bidco Limited | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Belmont Instrument, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Belmont Instrument, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Blades Buyer, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Blades Buyer, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Blades Buyer, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Blades Buyer, Inc. | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Blades Buyer, Inc. | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Blades Buyer, Inc. | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 13 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 14 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 15 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 16 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop 17 | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | One stop | Non-Affiliated Issuer2025-09-300001476765Centegix Intermediate II, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Centegix Intermediate II, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Centegix Intermediate II, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | Senior secured | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765HuFriedy Group Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765HuFriedy Group Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765HuFriedy Group Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Isto Group, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Isto Group, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Isto Group, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765JHC Investment Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765JHC Investment Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765RTI Surgical, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765RTI Surgical, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765TIDI Legacy Products, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765TIDI Legacy Products, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765TIDI Legacy Products, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765YI, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765YI, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765AAH TOPCO, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765AAH TOPCO, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765AAH TOPCO, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765AAH TOPCO, LLC | Subordinated debt | Non-Affiliated Issuer2025-09-300001476765AAH TOPCO, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765AAH TOPCO, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Active Day, Inc. | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 13 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 14 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | Senior secured | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 15 | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | One stop 16 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Subordinated debt 1 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Subordinated debt 2 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Subordinated debt 3 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Bamboo US Bidco LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bamboo US Bidco LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bamboo US Bidco LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Bamboo US Bidco LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Bamboo US Bidco LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Bamboo US Bidco LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Bayou Intermediate II, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bayou Intermediate II, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bayou Intermediate II, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Benefit Plan Administrators of Eau Claire, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765BHG Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765BHG Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765BHG Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Community Care Partners, LLC | One stop | Non-Affiliated Issuer2025-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 13 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 14 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 15 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 16 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | One stop 17 | Non-Affiliated Issuer2025-09-300001476765ERC Topco Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ERC Topco Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ERC Topco Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Heartland Veterinary Partners LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Heartland Veterinary Partners LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Heartland Veterinary Partners LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765HP TLE Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765HP TLE Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Klick Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Klick Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Klick Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | One stop | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 7 | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | Senior secured 8 | Non-Affiliated Issuer2025-09-300001476765LOV Acquisition LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765LOV Acquisition LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Premise Health Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765PPV Intermediate Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Premise Health Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Suveto Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Suveto Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Suveto Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Amberfield Acquisition Co. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Amberfield Acquisition Co. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Amberfield Acquisition Co. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Color Intermediate, LLC | Senior secured | Non-Affiliated Issuer2025-09-300001476765Connexin Software, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Connexin Software, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Crow River Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Crow River Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Crow River Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765ESO Solution, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ESO Solution, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ESO Solution, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765GHX Ultimate Parent Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765GHX Ultimate Parent Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Healthmark Holdings, L.P. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Healthmark Holdings, L.P. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Healthmark Holdings, L.P. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Kona Buyer, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Lacker Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Lacker Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Lacker Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Modernizing Medicine, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Modernizing Medicine, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Neptune Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Neptune Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Netsmart Technologies, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Netsmart Technologies, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Netsmart Technologies, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Plasma Buyer LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Plasma Buyer LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Plasma Buyer LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765QF Holdings, Inc. | One stop | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Transaction Data Systems, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Transaction Data Systems, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Barteca Restaurants, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Barteca Restaurants, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Barteca Restaurants, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Barteca Restaurants, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765BJH Holdings III Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765BJH Holdings III Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765BJH Holdings III Corp. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 10 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 11 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 12 | Non-Affiliated Issuer2025-09-300001476765Cafe Rio Holding, Inc. | One stop 13 | Non-Affiliated Issuer2025-09-300001476765Crumbl Enterprises, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Crumbl Enterprises, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 8 | Non-Affiliated Issuer2025-09-300001476765ESN Venture Holdings, LLC | One stop 9 | Non-Affiliated Issuer2025-09-300001476765GFP Atlantic Holdco 2, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765GFP Atlantic Holdco 2, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Health Buyer, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Health Buyer, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Health Buyer, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Health Buyer, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Health Buyer, LLC | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Olo Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Olo Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Patriot Acquireco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Patriot Acquireco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PB Group Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PB Group Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765QSR Acquisition Co. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765QSR Acquisition Co. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765QSR Acquisition Co. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Rooster BidCo Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Rooster BidCo Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Rooster BidCo Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Saguaro Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Saguaro Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Saguaro Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Saguaro Buyer, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765SDC Holdco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765SDC Holdco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Super REGO, LLC | Subordinated debt | Non-Affiliated Issuer2025-09-300001476765YE Brands Holding, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765YE Brands Holding, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765YE Brands Holding, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765WU Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765WU Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765WU Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Arch Global CCT Holdings Corp. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Arch Global CCT Holdings Corp. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Arch Global CCT Holdings Corp. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765Dwyer Instruments, Inc. | One stop 9 | Non-Affiliated Issuer2025-09-300001476765Essential Services Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Essential Services Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Essential Services Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Excelitas Technologies Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Excelitas Technologies Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Excelitas Technologies Corp. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Excelitas Technologies Corp. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765AMBA Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765AMBA Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765AMBA Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765AMBA Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765AMBA Buyer, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Bellwether Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bellwether Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bellwether Buyer, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Ben Nevis Midco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Ben Nevis Midco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Ben Nevis Midco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Ben Nevis Midco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Captive Resources Midco, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Captive Resources Midco, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Doxa Insurance Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Doxa Insurance Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Doxa Insurance Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Doxa Insurance Holdings LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Gimlet Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Gimlet Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Gimlet Bidco GMBH | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Illumifin Corporation | One stop | Non-Affiliated Issuer2025-09-300001476765Integrated Specialty Coverages, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Integrated Specialty Coverages, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Integrated Specialty Coverages, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Integrity Marketing Acquisition, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Integrity Marketing Acquisition, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Integrity Marketing Acquisition, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765J.S. Held Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765J.S. Held Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765J.S. Held Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Koala Investment Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Koala Investment Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Koala Investment Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Majesco | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Majesco | One stop 2 | Non-Affiliated Issuer2025-09-300001476765MRH Trowe Germany GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765MRH Trowe Germany GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765MRH Trowe Germany GMBH | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Oakbridge Insurance Agency LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Oakbridge Insurance Agency LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Oakbridge Insurance Agency LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Oakbridge Insurance Agency LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Pareto Health Intermediate Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Pareto Health Intermediate Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pareto Health Intermediate Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Patriot Growth Insurance Services, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Patriot Growth Insurance Services, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Patriot Growth Insurance Services, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Patriot Growth Insurance Services, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765People Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765People Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765People Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765People Corporation | One stop 4 | Non-Affiliated Issuer2025-09-300001476765People Corporation | One stop 5 | Non-Affiliated Issuer2025-09-300001476765People Corporation | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Wasabi Lower Holdco, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Wasabi Lower Holdco, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765World Insurance Associates, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765World Insurance Associates, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Revalize, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | One stop 8 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Acquia, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Acquia, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Acquia, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CivicPlus, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CivicPlus, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CivicPlus, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765CivicPlus, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765ContractPod Technologies, Ltd. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ContractPod Technologies, Ltd. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ContractPod Technologies, Ltd. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Critical Start, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Critical Start, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Critical Start, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Delinea Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Delinea Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Delinea Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Delinea Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Goldcup 31018 AB | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Goldcup 31018 AB | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Goldcup 31018 AB | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Kentik Technologies, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Kentik Technologies, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Netwrix Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Netwrix Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Netwrix Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Netwrix Corporation | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Optimizely North America, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Optimizely North America, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Optimizely North America, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Optimizely North America, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765PDQ Intermediate, Inc. | Subordinated debt | Non-Affiliated Issuer2025-09-300001476765ReliaQuest Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ReliaQuest Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ReliaQuest Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765ReliaQuest Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Saturn Borrower Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Saturn Borrower Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765WPEngine, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765WPEngine, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Zarya Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Zarya Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Zarya Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Crunch Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Crunch Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Movement Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Movement Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Movement Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Celerion Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Celerion Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Celerion Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Celerion Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Diamondback Acquisition, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Diamondback Acquisition, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Diamondback Acquisition, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PAS Parent Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PAS Parent Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PAS Parent Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Unchained Labs, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Unchained Labs, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Unchained Labs, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765AI Titan Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765AI Titan Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765AI Titan Parent, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Blackbird Purchaser, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Blackbird Purchaser, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Blackbird Purchaser, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Chase Industries, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Chase Industries, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Chase Industries, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Thermogenics, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Thermogenics, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Thermogenics, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Thermogenics, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Thermogenics, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Project Nike Purchaser, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Project Nike Purchaser, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Project Nike Purchaser, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Lotus Topco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Lotus Topco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Lotus Topco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Lotus Topco, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Shout! Factory, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Shout! Factory, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Triple Lift, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Triple Lift, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Triple Lift, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Envernus, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Envernus, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Envernus, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Messenger, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | One stop 7 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765ACP Ulysses Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ACP Ulysses Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Amalthea Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Amalthea Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Apothecary Products, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Apothecary Products, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Caerus Midco 3 S.A.R.L. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Caerus Midco 3 S.A.R.L. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Caerus Midco 3 S.A.R.L. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Caerus Midco 3 S.A.R.L. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Caerus Midco 3 S.A.R.L. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Creek Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Creek Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765ALKU Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ALKU Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765bswift, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765bswift, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Denali Intermediate Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Denali Intermediate Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | One stop | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | Subordinated debt | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765DISA Holdings Corp. | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Eclipse Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Eclipse Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Eclipse Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Eliassen Group, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Eliassen Group, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765IG Investments Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765IG Investments Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PlanSource Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PlanSource Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PlanSource Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765PlanSource Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Procure Acquireco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Procure Acquireco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Procure Acquireco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Procure Acquireco, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Procure Acquireco, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Teaching Company, The | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Teaching Company, The | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Varicent Intermediate Holdings Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Varicent Intermediate Holdings Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Varicent Intermediate Holdings Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Inhabit IQ Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Inhabit IQ Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Inhabit IQ Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765MRI Software, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765MRI Software, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765MRI Software, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765MRI Software, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765RPL Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765RPL Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765RPL Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765RPL Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765RPL Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Internet Truckstop Group, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Internet Truckstop Group, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Internet Truckstop Group, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765VRS Buyer, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765VRS Buyer, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765VRS Buyer, Inc. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Anaplan, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Anaplan, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Appfire Technologies, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Appfire Technologies, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Appfire Technologies, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Appfire Technologies, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Aras Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Aras Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Armstrong Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Armstrong Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Arrow Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Arrow Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Arrow Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Artifact Bidco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Artifact Bidco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Artifact Bidco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Artifact Bidco, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Auvik Networks Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Auvik Networks Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Auvik Networks Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Auvik Networks Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Azul Systems, Inc. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Azul Systems, Inc. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Azurite Intermediate Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Azurite Intermediate Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Azurite Intermediate Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Baxter Planning Systems, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Baxter Planning Systems, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Baxter Planning Systems, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Bayshore Intermediate #2, L.P. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bayshore Intermediate #2, L.P. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765BestPass, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765BestPass, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765BestPass, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Bloomerang, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bloomerang, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bloomerang, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Blue Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Blue Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Blue Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Blue Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Blue Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Bottomline Technologies, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bottomline Technologies, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bullhorn, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bullhorn, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bullhorn, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Bullhorn, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Bullhorn, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Bullhorn, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Burning Glass Intermediate Holdings Company, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Burning Glass Intermediate Holdings Company, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Calabrio, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Calabrio, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Calabrio, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Camelia Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Camelia Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Camelia Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Camelia Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765CB Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CB Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CB Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Coupa Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Coupa Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Coupa Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Crewline Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Crewline Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Daxko Acquisition Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Daxko Acquisition Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Daxko Acquisition Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Daxko Acquisition Corporation | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Daxko Acquisition Corporation | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Denali Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Denali Bidco Limited | Subordinated debt 1 | Non-Affiliated Issuer2025-09-300001476765Denali Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Denali Bidco Limited | Subordinated debt 2 | Non-Affiliated Issuer2025-09-300001476765Denali Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Diligent Corporation | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Diligent Corporation | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Diligent Corporation | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Diligent Corporation | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Einstein Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Einstein Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Espresso Bidco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Espresso Bidco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Espresso Bidco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Evergreen IX Borrower 2023, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Evergreen IX Borrower 2023, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Evergreen IX Borrower 2023, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765FirstUp, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765FirstUp, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765FirstUp, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Flexera Software, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Flexera Software, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Flexera Software, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Gainsight, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Gainsight, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765GTIV, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765GTIV, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 6 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Gurobi Optimization, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Gurobi Optimization, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Hornet Security Holding GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Hornet Security Holding GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Hornet Security Holding GMBH | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Hornet Security Holding GMBH | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Hyland Software, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Hyland Software, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Icefall Parent, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Icefall Parent, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ICIMS, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ICIMS, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765IQN Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765IQN Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765IQN Holding Corp. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Island Bidco AB | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Island Bidco AB | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Island Bidco AB | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Island Bidco AB | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Island Bidco AB | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Kairos Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Kairos Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Kairos Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Kairos Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765LeadsOnline, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765LeadsOnline, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765LeadsOnline, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765LeadsOnline, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Lighthouse Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Lighthouse Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Lighthouse Bidco GMBH | One stop 3 | Non-Affiliated Issuer2025-09-300001476765LogicMonitor, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765LogicMonitor, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Matrix42 Holding GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Matrix42 Holding GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Matrix42 Holding GMBH | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Matrix42 Holding GMBH | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Matrix42 Holding GMBH | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Matrix42 Holding GMBH | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Mindbody, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Mindbody, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Mindbody, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Ministry Brands Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Ministry Brands Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Ministry Brands Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765MYOB Invest Co Pty Ltd | One stop | Non-Affiliated Issuer2025-09-300001476765Navex TopCo, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Navex TopCo, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Naviga Inc. | Senior secured | Non-Affiliated Issuer2025-09-300001476765Onit, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Onit, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Onit, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Onit, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Panzura, LLC | One stop | Non-Affiliated Issuer2025-09-300001476765Personify, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Personify, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Personify, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Personify, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Pineapple German Bidco GMBH | One stop 7 | Non-Affiliated Issuer2025-09-300001476765PING Identity Holding Corp. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PING Identity Holding Corp. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pluralsight, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Pluralsight, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Pluralsight, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Pluralsight, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Pluralsight, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765ProcessUnity Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765ProcessUnity Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765ProcessUnity Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765ProcessUnity Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765ProcessUnity Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765QAD, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765QAD, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Quant Buyer, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Quant Buyer, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Quant Buyer, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Quant Buyer, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Quant Buyer, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Rainforest Bidco Limited | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Rodeo Buyer Company & Absorb Software Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Sapphire Bidco Oy | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Sapphire Bidco Oy | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Sapphire Bidco Oy | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Sonatype, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Sonatype, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Spark Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Spartan Buyer Acquisition Co. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Spartan Buyer Acquisition Co. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Spartan Buyer Acquisition Co. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Telesoft Holdings LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Telesoft Holdings LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Telesoft Holdings LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Templafy APS and Templafy, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Templafy APS and Templafy, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765TI Intermediate Holdings, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765TI Intermediate Holdings, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765TI Intermediate Holdings, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765TI Intermediate Holdings, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765TI Intermediate Holdings, LLC | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765TI Intermediate Holdings, LLC | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765Togetherwork Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Togetherwork Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Togetherwork Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | One stop 7 | Non-Affiliated Issuer2025-09-300001476765Tricentis Operations Holdings, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Tricentis Operations Holdings, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Tricentis Operations Holdings, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Vantage Bidco GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Vantage Bidco GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Varinem German Midco GMBH | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Varinem German Midco GMBH | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Vendavo, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Vendavo, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Vendavo, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Viper Bidco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Viper Bidco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Viper Bidco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Viper Bidco, Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Viper Bidco, Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765WebPT, Inc. | One stop | Non-Affiliated Issuer2025-09-300001476765Zendesk, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Zendesk, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Zendesk, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Ave Holdings III, Corp | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Ave Holdings III, Corp | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Ave Holdings III, Corp | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Ave Holdings III, Corp | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Biscuit Parent, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Biscuit Parent, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Biscuit Parent, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Cavender Stores L.P. | Senior secured | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Subordinated debt 1 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Subordinated debt 2 | Non-Affiliated Issuer2025-09-300001476765Consilio Midco Limited | Subordinated debt 3 | Non-Affiliated Issuer2025-09-300001476765CVP Holdco, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765CVP Holdco, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765CVP Holdco, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Cycle Gear, Inc. | One stop | Non-Affiliated Issuer2025-09-300001476765Metal Supermarkets US Buyer, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Metal Supermarkets US Buyer, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PetVet Care Centers LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765PetVet Care Centers LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765PetVet Care Centers LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Radiance Borrower, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Radiance Borrower, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 1 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 2 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 3 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 4 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 5 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 7 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 8 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 9 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 6 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 10 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 11 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 12 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 13 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 14 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 15 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 7 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 16 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Second lien 8 | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Senior secured 17 | Non-Affiliated Issuer2025-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Titan Fitness, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Titan Fitness, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Titan Fitness, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Titan Fitness, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Vermont Aus Pty Ltd | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Vermont Aus Pty Ltd | One stop 2 | Non-Affiliated Issuer2025-09-300001476765VSG Acquisition Corp. and Sherrill, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765VSG Acquisition Corp. and Sherrill, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765VSG Acquisition Corp. and Sherrill, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Dollfus Mieg Company, Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Dollfus Mieg Company, Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Dollfus Mieg Company, Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 7 | Non-Affiliated Issuer2025-09-300001476765Elite Sportswear, L.P. | Senior secured 8 | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | One stop 6 | Non-Affiliated Issuer2025-09-300001476765Shoes For Crews Global, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765Shoes For Crews Global, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765Shoes For Crews Global, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765Shoes For Crews Global, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Marcone Yellowstone Buyer Inc. | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Marcone Yellowstone Buyer Inc. | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Marcone Yellowstone Buyer Inc. | One stop 3 | Non-Affiliated Issuer2025-09-300001476765Marcone Yellowstone Buyer Inc. | One stop 4 | Non-Affiliated Issuer2025-09-300001476765Marcone Yellowstone Buyer Inc. | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765LDS Intermediate Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765LDS Intermediate Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765LDS Intermediate Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765LDS Intermediate Holdings, LLC | One stop 4 | Non-Affiliated Issuer2025-09-300001476765LDS Intermediate Holdings, LLC | One stop 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 1 | Non-Affiliated Issuer2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 2 | Non-Affiliated Issuer2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 3 | Non-Affiliated Issuer2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 4 | Non-Affiliated Issuer2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 5 | Non-Affiliated Issuer2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 6 | Non-Affiliated Issuer2025-09-300001476765S.J. Electro Systems, LLC | Senior secured 7 | Non-Affiliated Issuer2025-09-300001476765Vessco Midco Holdings, LLC | One stop 1 | Non-Affiliated Issuer2025-09-300001476765Vessco Midco Holdings, LLC | One stop 2 | Non-Affiliated Issuer2025-09-300001476765Vessco Midco Holdings, LLC | One stop 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:WaterUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300001476765PPW Aero Buyer, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Tronair Parent, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Arnott, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765Polk Acquisition Corp. | LP interest | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765CAP-KSI Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765CAP-KSI Holdings, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765CG Group Holdings, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Go Car Wash Parent, Corp. | Common stock | Non-Affiliated Issuer2025-09-300001476765Go Car Wash Parent, Corp. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765MOP GM Holding, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765National Express Wash Parent Holdco, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765POY Holdings, LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Quick Quack Car Wash Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Yorkshire Parent, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Cobepa BlueSky Aggregator, SCSp | LP units | Non-Affiliated Issuer2025-09-300001476765Cobepa BlueSky Aggregator, SCSp | LLC units | Non-Affiliated Issuer2025-09-300001476765Cobepa BlueSky Aggregator, SCSp | Common stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765BECO Holding Company, Inc. | Common stock 1 | Non-Affiliated Issuer2025-09-300001476765BECO Holding Company, Inc. | Common stock 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Inhance Parent, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Inhance Parent, Inc. | LP units 1 | Non-Affiliated Issuer2025-09-300001476765Inhance Parent, Inc. | LP units 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765CI (Quercus) Intermediate Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765CHA Vision Holdings, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765North Haven Stack Buyer, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765PT Intermediate Holdings III, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Radwell Parent, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Chase Intermediate | LP units | Non-Affiliated Issuer2025-09-300001476765Packaging Coordinators Midco, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765CHHJ Midco, LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765CHVAC Services Investment, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765DP Flores Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765EMS LINQ, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765EWC Growth Partners LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765FPG Intermediate Holdco, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765HS Spa Holdings, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765Kodiak Buyer, LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765Liminex, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765NSG Buyer, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765PADI Holdco, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Project Alpha Intermediate Holdings, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Virginia Green Acquisition, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectricUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Inventus Power, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Inventus Power, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Inventus Power, Inc. | Common stock 1 | Non-Affiliated Issuer2025-09-300001476765Inventus Power, Inc. | Common stock 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Hopdoddy Holdings, LLC | LLC units 1 | Non-Affiliated Issuer2025-09-300001476765Hopdoddy Holdings, LLC | LLC units 2 | Non-Affiliated Issuer2025-09-300001476765Mendocino Farms, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765PDI TA Holdings, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Ruby Slipper Cafe LLC, The | Warrant | Non-Affiliated Issuer2025-09-300001476765Ruby Slipper Cafe LLC, The | LLC interest 1 | Non-Affiliated Issuer2025-09-300001476765Ruby Slipper Cafe LLC, The | LLC interest 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Borrower R365 Holdings, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | LLC units 1 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | LLC units 2 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | LLC units 3 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | Preferred stock 3 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | Preferred stock 4 | Non-Affiliated Issuer2025-09-300001476765Borrower R365 Holdings, LLC | LLC units 4 | Non-Affiliated Issuer2025-09-300001476765Kodiak Cakes, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Louisiana Fish Fry Products, Ltd. | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Louisiana Fish Fry Products, Ltd. | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765P&P Food Safety Holdings, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765P&P Food Safety Holdings, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Purfoods, LLC | LLC interest | Non-Affiliated Issuer2025-09-300001476765Zullas, L.C. | Warrant | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Aspen Medical Products, LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765Blue River Pet Care, LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765CCSL Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Centegix Intermediate II, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | Common stock 1 | Non-Affiliated Issuer2025-09-300001476765CMI Parent Inc. | Common stock 2 | Non-Affiliated Issuer2025-09-300001476765Isto Group, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765JHC Investment Intermediate Holdings, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Active Day, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | LLC interest | Non-Affiliated Issuer2025-09-300001476765Acuity Eyecare Holdings, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765ADCS Clinics Intermediate Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765ADCS Clinics Intermediate Holdings, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC | Warrant | Non-Affiliated Issuer2025-09-300001476765CRH Healthcare Purchaser, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765DCA Investment Holding, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765DCA Investment Holding, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765Emerge Intermediate, Inc. | LLC units 1 | Non-Affiliated Issuer2025-09-300001476765Emerge Intermediate, Inc. | LLC units 2 | Non-Affiliated Issuer2025-09-300001476765Emerge Intermediate, Inc. | LLC units 3 | Non-Affiliated Issuer2025-09-300001476765Encorevet Group LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765ERC Topco Holdings, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765HP TLE Buyer, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765Krueger-Gilbert Health Physics, LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765MWD Management, LLC & MWD Services, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765New Look Corporation and New Look Vision Group Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | LLC interest 1 | Non-Affiliated Issuer2025-09-300001476765Pinnacle Treatment Centers, Inc. | LLC interest 2 | Non-Affiliated Issuer2025-09-300001476765Pyramid Healthcare Acquisition Corp. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Radiology Partners, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Radiology Partners, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Sage Dental Management, LLC | LLC units 1 | Non-Affiliated Issuer2025-09-300001476765Sage Dental Management, LLC | LLC units 2 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | LP interest 1 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | LLC units 1 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | LP interest 2 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | LLC units 2 | Non-Affiliated Issuer2025-09-300001476765Southern Veterinary Partners, LLC | LLC units 3 | Non-Affiliated Issuer2025-09-300001476765Suveto Buyer, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Amberfield Acquisition Co. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Connexin Software, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Connexin Software, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765HSI Halo Acquisition, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765HSI Halo Acquisition, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765Modernizing Medicine, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765Symplr Software, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Symplr Software, Inc. | Common stock 1 | Non-Affiliated Issuer2025-09-300001476765Symplr Software, Inc. | Common stock 2 | Non-Affiliated Issuer2025-09-300001476765Symplr Software, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Symplr Software, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Symplr Software, Inc. | Common stock 3 | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765Tebra Technologies, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Veranex, Inc. | LP units 1 | Non-Affiliated Issuer2025-09-300001476765Veranex, Inc. | LP units 2 | Non-Affiliated Issuer2025-09-300001476765Veranex, Inc. | LP units 3 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Cafe Rio Holding, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | LP units | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | Warrant 1 | Non-Affiliated Issuer2025-09-300001476765Harri US LLC | Warrant 2 | Non-Affiliated Issuer2025-09-300001476765LMP TR Holdings, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Patriot Acquireco, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765PB Group Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Rooster BidCo Limited | LLC units | Non-Affiliated Issuer2025-09-300001476765Saguaro Buyer, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765SSRG Holdings, LLC | Warrant | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Majesco | Warrant | Non-Affiliated Issuer2025-09-300001476765Majesco | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Oakbridge Insurance Agency LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Revalize, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | LP units 1 | Non-Affiliated Issuer2025-09-300001476765Revalize, Inc. | LP units 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Critical Start, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Kentik Technologies, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765Kentik Technologies, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Netwrix Corporation | Common stock | Non-Affiliated Issuer2025-09-300001476765Optimizely North America, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Saturn Borrower Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Massage Envy, LLC | LLC interest | Non-Affiliated Issuer2025-09-300001476765Movement Holdings, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | LLC interest 1 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | LLC interest 2 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | LLC interest 3 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | LLC interest 4 | Non-Affiliated Issuer2025-09-300001476765WBZ Investment, LLC | LLC interest 5 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Celerion Buyer, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Celerion Buyer, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765PAS Parent Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765PAS Parent Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765W3 Co. | LLC interest | Non-Affiliated Issuer2025-09-300001476765W3 Co. | Common stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Messenger, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Messenger, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Amalthea Parent, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | LP interest 1 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | LP interest 2 | Non-Affiliated Issuer2025-09-300001476765Cobalt Buyer Sub, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Creek Parent, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Eclipse Buyer, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765Enboarder, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Filevine, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Filevine, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765Filevine, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Net Health Acquisition Corp. | LP interest | Non-Affiliated Issuer2025-09-300001476765Procure Acquireco, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Inhabit IQ Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765SC Landco Parent, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:RoadAndRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Anaplan, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Aras Corporation | LLC units | Non-Affiliated Issuer2025-09-300001476765Aras Corporation | Common stock | Non-Affiliated Issuer2025-09-300001476765Astute Holdings, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Auvik Networks Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Auvik Networks Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765Bayshore Intermediate #2, L.P. | LLC units | Non-Affiliated Issuer2025-09-300001476765Calabrio, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Calabrio, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765CB Buyer, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Cloudbees, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Cloudbees, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765Cloudbees, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Cynet Security Ltd. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Denali Bidco Limited | LP units | Non-Affiliated Issuer2025-09-300001476765Diligent Corporation | LP interest | Non-Affiliated Issuer2025-09-300001476765Diligent Corporation | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Energy Worldnet, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765FirstUp, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765FirstUp, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765GS Acquisitionco, Inc. | Preferred stock 3 | Non-Affiliated Issuer2025-09-300001476765GTY Technology Holdings, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Gurobi Optimization, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Impartner, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765Kaseya Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Kaseya Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765LogicMonitor, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Menlo Ridgeview Co-Invest, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Ministry Brands Holdings LLC | Warrant | Non-Affiliated Issuer2025-09-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH | LP interest | Non-Affiliated Issuer2025-09-300001476765Onit, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Panzura, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Personify, Inc. | LLC interest | Non-Affiliated Issuer2025-09-300001476765Pluralsight, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765QAD, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765QAD, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765RegEd Aquireco, LLC | LP interest 1 | Non-Affiliated Issuer2025-09-300001476765RegEd Aquireco, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765RegEd Aquireco, LLC | LP interest 2 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | LP units | Non-Affiliated Issuer2025-09-300001476765Riskonnect Parent, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Rokt Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765SnapLogic, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765SnapLogic, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Spartan Buyer Acquisition Co. | LP units 1 | Non-Affiliated Issuer2025-09-300001476765Spartan Buyer Acquisition Co. | LP units 2 | Non-Affiliated Issuer2025-09-300001476765StrongDM, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Telesoft Holdings LLC | LP interest | Non-Affiliated Issuer2025-09-300001476765Templafy APS and Templafy, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Togetherwork Holdings, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Transform Bidco Limited | LP units | Non-Affiliated Issuer2025-09-300001476765Tricentis Operations Holdings, Inc. | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Zendesk, Inc. | LP units | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Ave Holdings III, Corp | Preferred stock 1 | Non-Affiliated Issuer2025-09-300001476765Ave Holdings III, Corp | Preferred stock 2 | Non-Affiliated Issuer2025-09-300001476765Batteries Plus Holding Corporation | LP interest | Non-Affiliated Issuer2025-09-300001476765Cycle Gear, Inc. | LLC units | Non-Affiliated Issuer2025-09-300001476765Cycle Gear, Inc. | Warrant | Non-Affiliated Issuer2025-09-300001476765Metal Supermarkets US Buyer, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765Metal Supermarkets US Buyer, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765Salon Lofts Group, LLC | Preferred stock | Non-Affiliated Issuer2025-09-300001476765VSG Acquisition Corp. and Sherrill, Inc. | LP interest | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765Georgica Pine Clothiers, LLC | LLC interest | Non-Affiliated Issuer2025-09-300001476765Georgica Pine Clothiers, LLC | Common stock | Non-Affiliated Issuer2025-09-300001476765MakerSights, Inc. | Common stock | Non-Affiliated Issuer2025-09-300001476765Shoes For Crews Global, LLC | LLC units | Non-Affiliated Issuer2025-09-300001476765us-gaap:EquitySecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300001476765Abita Brewing Co., L.L.C., One stop 12025-09-300001476765Abita Brewing Co., L.L.C., Second lien2025-09-300001476765Abita Brewing Co., L.L.C., One stop 22025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001476765Benetech, Inc., One stop 12025-09-300001476765Benetech, Inc., One stop 22025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001476765G & H Wire Company, Inc., One stop 12025-09-300001476765G & H Wire Company, Inc., One stop 22025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001476765Bayside Opco, LLC, One stop 12025-09-300001476765Bayside Opco, LLC, Subordinated debt2025-09-300001476765Bayside Opco, LLC, One stop 22025-09-300001476765Bayside Opco, LLC, One stop 32025-09-300001476765Elite Dental Partners LLC, One stop 12025-09-300001476765Elite Dental Partners LLC, One stop 22025-09-300001476765Elite Dental Partners LLC, One stop 32025-09-300001476765Elite Dental Partners LLC, One stop 42025-09-300001476765Opening Day Borrower 111 LLC, One stop2025-09-300001476765SPF Borrower LLC, One stop 12025-09-300001476765SPF Borrower LLC, One stop 22025-09-300001476765SPF Borrower LLC, One stop 32025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001476765Reaction Biology Corporation, One stop 12025-09-300001476765Reaction Biology Corporation, One stop 22025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001476765Fleet Farm Group, LLC, Senior secured2025-09-300001476765Fleet Farm Group, LLC, One stop2025-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MultilineRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001476765IMPLUS 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_____________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

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

For the Quarterly Period Ended December 31, 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 February 4, 2026, the Registrant had 263,228,181 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of December 31, 2025 (unaudited) and September 30, 2025
Consolidated Statements of Operations for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)
Consolidated Statements of Cash Flows for the three months ended December 31, 2025 (unaudited) and 2024 (unaudited)
Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits

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

December 31, 2025September 30, 2025
 (unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$8,338,531 $8,463,764 
Non-controlled affiliate company investments290,019 293,763 
Controlled affiliate company investments10,681 11,862 
Total investments, at fair value (amortized cost of $8,653,728 and $8,759,938, respectively)
8,639,231 8,769,389 
Cash58,445 — 
Cash equivalents25,865 11,935 
Foreign currencies (cost of $9,406 and $11,685, respectively)
9,659 11,681 
Restricted cash 32,148 7,107 
Restricted cash equivalents34,425 81,720 
Interest receivable72,129 68,031 
Receivable for investments6,701 7,273 
Net unrealized appreciation on derivatives11,110 12,129 
Other assets4,252 9,034 
Total Assets$8,893,965 $8,978,299 
Liabilities    
Debt$4,903,076 $4,926,778 
Less unamortized debt issuance costs(23,849)(26,005)
Debt less unamortized debt issuance costs4,879,227 4,900,773 
Net unrealized depreciation on derivatives5,230 5,023 
Interest payable49,092 38,254 
Management and income incentive fees payable39,637 40,884 
Accrued trustee fees605 1,039 
Accounts payable and other liabilities11,020 9,759 
Total Liabilities4,984,811 4,995,732 
Commitments and Contingencies (Note 8)
    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and September 30, 2025
— — 
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 263,384,785 and 266,008,083 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively
263 266 
Paid in capital in excess of par3,995,213 4,031,117 
Distributable earnings (losses)
(86,322)(48,816)
Total Net Assets3,909,154 3,982,567 
Total Liabilities and Total Net Assets$8,893,965 $8,978,299 
Number of common shares outstanding263,384,785 266,008,083 
Net asset value per common share$14.84 $14.97 

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

Three months ended December 31,
  20252024
Investment income
From non-controlled/non-affiliate company investments:
Interest income$181,681 $198,361 
Payment-in-kind interest income13,114 10,565 
Dividend income7,619 8,487 
Fee income1,079 555 
Total investment income from non-controlled/non-affiliate company investments203,493 217,968 
From non-controlled affiliate company investments:
Interest income2,075 2,243 
Payment-in-kind interest income1,273 332 
Fee income30 31 
Total investment income from non-controlled affiliate company investments3,378 2,606 
From controlled affiliate company investments:
Payment-in-kind interest income132 119 
Fee income4 7 
Total investment income from controlled affiliate company investments136 126 
Total investment income207,007 220,700 
Expenses
Interest and other debt financing expenses66,314 79,643 
Base management fee22,115 21,581 
Incentive fee17,457 18,058 
Professional fees1,785 1,840 
Administrative service fee3,180 2,902 
General and administrative expenses398 561 
Total expenses111,249 124,585 
Net investment income - before tax95,758 96,115 
Excise and income tax— (475)
Net investment income - after tax95,758 96,590 
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments(2,718)(25,356)
Foreign currency transactions(1,120)(3,705)
Forward currency contracts— 1,206 
Net realized gain (loss) on investment transactions (3,838)(27,855)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments(18,276)40,085 
Non-controlled affiliate company investments(9,424)3,622 
Controlled affiliate company investments(1,314)(86)
Translation of assets and liabilities in foreign currencies2,048 (22,973)
Forward currency contracts 292 21,927 
Net change in unrealized appreciation (depreciation) on investment transactions (26,674)42,575 
Net gain (loss) on investment transactions (30,512)14,720 
Net realized gain (loss) on extinguishment of debt— (48)
(Provision) benefit for taxes on unrealized appreciation on investments— 52 
Net increase (decrease) in net assets resulting from operations$65,246 $111,314 
Per Common Share Data
Basic and diluted earnings per common share (Note 10)
$0.25 $0.42 
Dividends and distributions declared per common share$0.39 $0.48 
Basic and diluted weighted average common shares outstanding (Note 10)
263,678,730 264,343,512 

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, 2024
264,277,128 $264 $4,167,258 $(152,993)$4,014,529 
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 96,590 96,590 
Net realized gain (loss) on investment transactions— — — (27,855)(27,855)
Net realized gain (loss) on extinguishment of debt— — — (48)(48)
Net change in unrealized appreciation (depreciation) on investment transactions— — — 42,575 42,575 
(Provision) benefit for taxes on unrealized appreciation on investments— — — 52 52 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan1,221,469 1 18,553 — 18,554 
Distributions from distributable earnings— — — (126,853)(126,853)
Total increase (decrease) for the three months ended December 31, 2024
1,221,469 1 18,553 (15,539)3,015 
Balance at December 31, 2024
265,498,597 $265 $4,185,811 $(168,532)$4,017,544 
Balance at September 30, 2025
266,008,083 $266 $4,031,117 $(48,816)$3,982,567 
Repurchases of common stock, net of commission costs(2,623,298)(3)(35,904)— (35,907)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 95,758 95,758 
Net realized gain (loss) on investment transactions— — — (3,838)(3,838)
Net change in unrealized appreciation (depreciation) on investment transactions— — — (26,674)(26,674)
Distributions to stockholders:
Distributions from distributable earnings— — — (102,752)(102,752)
Total increase (decrease) for the three months ended December 31, 2025
(2,623,298)(3)(35,904)(37,506)(73,413)
Balance at December 31, 2025
263,384,785 $263 $3,995,213 $(86,322)$3,909,154 

See Notes to Consolidated Financial Statements.
5

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

Three months ended December 31,
  20252024
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$65,246 $111,314 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs2,607 2,645 
Accretion of discounts and amortization of premiums on investments(3,376)(569)
Accretion of discounts and amortization of premiums on issued debt securities(285)863 
Net realized (gain) loss on investments2,718 25,356 
Net realized (gain) loss on foreign currency transactions1,120 3,705 
Net realized (gain) loss on forward currency contracts— (1,206)
Net realized (gain) loss on extinguishment of debt— 48 
Net change in unrealized (appreciation) depreciation on investments29,014 (43,621)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(2,048)22,973 
Net change in unrealized (appreciation) depreciation on interest rate swap13 4,662 
Net change in unrealized (appreciation) depreciation on forward currency contracts(292)(21,927)
Proceeds from (fundings of) revolving loans, net(3,437)(2,169)
Fundings of investments(172,701)(909,514)
Proceeds from principal payments and sales of portfolio investments302,945 450,173 
Proceeds from settlements of forward currency contracts— 4,100 
Payment-in-kind interest capitalized(14,157)(13,211)
Non-cash dividends capitalized(7,034)(7,264)
Proceeds from non-cash dividends— 1,824 
Changes in operating assets and liabilities:
Interest receivable(4,098)740 
Receivable for investments572 — 
Other assets4,782 (11,632)
Interest payable10,838 5,817 
Management and income incentive fees payable(1,247)5,204 
Accrued trustee fees(434)(55)
Accounts payable and other liabilities1,261 (2,991)
Net cash provided by (used in) operating activities212,007 (374,735)
Cash flows from financing activities    
Borrowings on debt165,277 3,390,158 
Repayments of debt(190,200)(3,037,745)
Capitalized debt issuance costs(451)(5,978)
Purchases of common stock (Note 11)
(35,907)— 
Distributions paid(84,480)(108,299)
Purchases of common stock for dividend reinvestment plan (18,272)— 
Net cash provided by (used in) financing activities(164,033)238,136 
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies47,974 (136,599)
Effect of foreign currency exchange rates125 (2,079)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period112,443 359,552 
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period$160,542 $220,874 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest(1)
$53,140 $69,118 
Distributions declared for the period102,752 126,853 
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan$— $18,554 
See Notes to Consolidated Financial Statements.
6


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





(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 debt instrument.


The following table provides a reconciliation of cash, cash equivalents, foreign currencies, restricted cash, restricted 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
December 31, 2025September 30, 2025
Cash $58,445 $— 
Cash equivalents25,865 11,935 
Foreign currencies (cost of $9,406 and $11,685, respectively)
9,659 11,681 
Restricted cash32,148 7,107 
Restricted cash equivalents34,425 81,720 
Total cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)
$160,542 $112,443 
(1) See Note 2 for a description of cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements.
7
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 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
Jeppesen Holdings, LLC+One stopSF +4.75%(j)8.59%11/2032$1,901 $1,894 0.1%$1,887 
Jeppesen Holdings, LLC+(5)One stopN/A(6)11/2032— — —(1)
PPW Aero Buyer, Inc.*+One stopSF +5.00%(j)8.67%09/203133,940 33,596 0.933,940 
PPW Aero Buyer, Inc.*One stopSF +5.00%(j)8.67%09/203111,771 11,655 0.311,771 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (4)—— 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (2)—— 
PPW Aero Buyer, Inc.+One stopSF +5.00%(j)8.67%09/20316,416 6,359 0.26,416 
PPW Aero Buyer, Inc.+One stopSF +5.00%(j)8.67%09/2031186 186 —186 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (3)—— 
Titan BW Borrower L.P.+(25)One stopSF +5.38%(j)6.38% cash/2.88%PIK07/20321,610 1,595 —1,610 
Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (3)—— 
Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (1)—— 
55,824 55,272 1.555,809 
Air Freight & Logistics
RJW Group Holdings, Inc.+One stopSF +5.00%(j)8.67%11/203146,415 45,599 1.246,415 
RJW Group Holdings, Inc.+One stopSF +5.00%(k)8.73%11/20312,931 2,874 0.12,931 
RJW Group Holdings, Inc.+One stopSF +5.00%(j)8.67%11/20311,710 1,694 0.11,710 
RJW Group Holdings, Inc.+(5)One stopN/A(6)11/2031— (1)—— 
51,056 50,166 1.451,056 
Auto Components                
Arnott, LLC+One stopSF +4.75%(k)8.62%11/20304,724 4,686 0.14,582 
Arnott, LLC+One stopSF +4.75%(k)8.50%11/2030456 450 —432 
Collision SP Subco, LLC+One stopSF +4.75%(j)8.59%01/20302,194 2,175 0.12,194 
Collision SP Subco, LLC+One stopSF +4.75%(j)(k)8.45%01/20301,281 1,271 —1,281 
Collision SP Subco, LLC+One stopSF +4.75%(j)8.57%01/203045 42 —45 
Collision SP Subco, LLC+One stopSF +4.75%(j)8.59%01/2030244 242 —244 
Collision SP Subco, LLC+One stopSF +4.75%(j)(k)8.48%01/2030560 534 —560 
Covercraft Parent III, Inc.+(25)Senior securedSF +5.00%(j)8.55% cash/0.50%PIK08/20276,739 6,688 0.25,594 
Covercraft Parent III, Inc.+(25)Senior securedSF +5.00%(j)8.49% cash/0.50%PIK08/20271,364 1,346 —1,131 
Covercraft Parent III, Inc.+(25)Senior securedSF +5.00%(j)8.41% cash/0.50%PIK08/2027186 183 —154 
North Haven Falcon Buyer, LLC+(5)One stopN/A(6)11/2029— (24)—(24)
North Haven Falcon Buyer, LLC+(5)One stopN/A(6)11/2029— (24)—(24)
North Haven Falcon Buyer, LLC+(25)One stopSF +7.50%(j)6.36% cash/5.00%PIK11/20294,160 3,453 0.13,453 
OEConnection, LLC*+One stopSF +4.50%(i)8.23%12/203212,249 12,198 0.312,270 
OEConnection, LLC+(5)One stopN/A(6)12/2032— (6)—1 
OEConnection, LLC+(5)One stopN/A(6)12/2032— (28)—11 
34,202 33,186 0.831,904 
Automobiles                
CAP-KSI Holdings, LLC*+One stopSF +5.25%(j)8.98%06/203013,163 13,024 0.313,163 
CAP-KSI Holdings, LLC+One stopSF +5.25%(a)(j)9.48%06/2030396 385 —396 
CG Group Holdings, LLC*+(25)One stopSF +8.75%(j)10.42% cash/2.00%PIK07/202746,520 46,385 1.246,520 
CG Group Holdings, LLC+(25)One stopSF +8.75%(i)10.47% cash/2.00%PIK07/2026808 804 —808 
Denali Midco 2, LLC*One stopSF +5.25%(i)8.97%12/202838,258 38,076 1.038,258 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20288,917 9,025 0.28,917 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20282,668 2,702 0.12,668 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,621 1,640 —1,621 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,540 1,558 —1,540 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,344 1,359 —1,344 

See Notes to Consolidated Financial Statements.
8
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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%(i)8.97%12/2028$1,293 $1,282 —%$1,293 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,108 1,106 —1,108 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,075 1,074 —1,075 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,075 1,074 —1,075 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/2028887 886 —887 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/2028403 400 —403 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/2028348 346 —348 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/20281,208 1,207 —1,208 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/2028294 292 —294 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/2028173 171 —173 
Denali Midco 2, LLC+(5)One stopN/A(6)12/2028— (3)—— 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/202887 85 —87 
Denali Midco 2, LLC+One stopSF +5.25%(i)8.97%12/2028700 689 —700 
Denali Midco 2, LLC+(25)Second lienN/A13.00%PIK12/202911,972 11,895 0.311,972 
High Bar Brands Operating, LLC+(5)Senior securedN/A(6)12/2029— (1)—— 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(j)8.92%12/2029250 250 —250 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(j)8.92%12/20291,419 1,415 —1,419 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(j)8.92%12/2029296 295 —296 
JHCC Holdings LLC*One stopSF +5.25%(j)8.92%09/202717,663 17,633 0.517,663 
JHCC Holdings LLC+One stopSF +5.25%(j)8.92%09/20275,113 5,162 0.15,113 
JHCC Holdings LLC*+One stopSF +5.25%(j)8.92%09/20274,888 4,896 0.14,888 
JHCC Holdings LLC*+One stopSF +5.25%(j)8.92%09/20276,870 6,861 0.26,870 
JHCC Holdings LLC+One stopSF +5.25%(j)8.92%09/20272,757 2,770 0.12,757 
JHCC Holdings LLC*+One stopSF +5.25%(j)8.92%09/20271,638 1,635 0.11,638 
JHCC Holdings LLC+One stopSF +5.25%(j)8.92%09/2027725 723 —725 
JHCC Holdings LLC+One stopSF +5.25%(j)8.92%09/2027686 685 —686 
JHCC Holdings LLC+One stopP + 4.25%(a)11.00%09/2027130 130 —130 
JHCC Holdings LLC+One stopSF +5.25%(j)8.92%09/20273,965 3,942 0.13,965 
Lincoln Acq Buyer, LLC+One stopSF +4.50%(i)(j)8.22%11/203215 15 —15 
Lincoln Acq Buyer, LLC+One stopSF +4.50%(i)8.22%11/2032281 280 —280 
Lincoln Acq Buyer, LLC+One stopSF +4.50%(j)8.20%11/20324 3 —3 
MOP GM Holding, LLC*+One stopSF +5.75%(j)9.57%11/202632,461 32,426 0.831,812 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.72%11/20263,816 3,805 0.13,740 
MOP GM Holding, LLC*+One stopSF +5.75%(j)9.74%11/20263,571 3,562 0.13,499 
MOP GM Holding, LLC*+One stopSF +5.75%(j)9.74%11/20263,491 3,477 0.13,421 
MOP GM Holding, LLC*+One stopSF +5.75%(j)9.57%11/20262,587 2,576 0.12,536 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.74%11/20262,133 2,125 0.12,091 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.74%11/20261,967 1,957 0.11,928 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.57%11/2026716 713 —702 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.57%11/2026527 524 —516 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.60%11/2026400 398 —392 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.74%11/2026264 262 —258 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.57%11/2026201 200 —197 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.57%11/202688 88 —86 
MOP GM Holding, LLC+One stopSF +5.75%(j)9.74%11/202688 88 —86 
MOP GM Holding, LLC+(5)One stopN/A(6)11/2026— (14)—— 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(k)8.87%07/2029231 221 —231 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)8.67%07/202913,247 13,207 0.313,247 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(k)8.60%07/20291,443 1,424 —1,443 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)8.67%07/20291,277 1,271 —1,277 
POY Holdings, LLC*+One stopSF +5.50%(j)9.32%11/202728,123 28,290 0.726,997 
POY Holdings, LLC*+One stopSF +5.50%(j)9.32%11/20273,656 3,693 0.13,510 
POY Holdings, LLC*+One stopSF +5.50%(j)9.32%11/20271,294 1,294 —1,243 

See Notes to Consolidated Financial Statements.
9
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
POY Holdings, LLC+One stopSF +5.50%(j)9.32%11/2027$862 $862 —%$828 
POY Holdings, LLC+One stopSF +5.50%(j)9.32%11/2027643 643 —617 
POY Holdings, LLC+One stopSF +5.50%(j)9.32%11/2027287 287 —276 
POY Holdings, LLC+One stopSF +5.50%(j)9.33%11/2027344 342 —325 
POY Holdings, LLC+(5)One stopN/A(6)11/2027— (10)—— 
POY Holdings, LLC*One stopSF +5.50%(j)9.31%11/20272,256 2,249 0.12,165 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(i)8.47%06/20314,796 4,764 0.14,796 
Quick Quack Car Wash Holdings, LLC+(5)One stopN/A(6)06/2031— (3)—— 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(i)8.47%06/2031269 266 —269 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(i)8.47%06/2031140 138 —140 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(i)8.47%06/2031329 328 —329 
TWAS Holdings, LLC*+One stopSF +4.75%(i)8.47%12/2029111,822 110,699 2.9111,264 
TWAS Holdings, LLC+(5)One stopN/A(6)12/2029— (4)—(4)
TWAS Holdings, LLC+(5)One stopN/A(6)12/2029— (9)—(4)
Yorkshire Parent, Inc.+One stopSF +5.50%(j)9.17%12/202962 61 —62 
Yorkshire Parent, Inc.*+One stopSF +5.50%(j)9.17%12/20292,203 2,225 0.12,203 
Yorkshire Parent, Inc.+One stopSF +5.50%(j)9.34%12/2029610 608 —610 
Yorkshire Parent, Inc.+One stopSF +5.00%(j)8.84%12/2029751 728 —751 
Yorkshire Parent, Inc.+One stopSF +5.00%(j)8.84%12/20292,227 2,218 0.12,227 
411,740 410,135 10.1408,622 
Banks
Empyrean Solutions, LLC+One stopSF +4.50%(j)8.17%11/20319,283 9,244 0.29,283 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (6)—— 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (16)—— 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.59%12/20291,723 1,742 0.11,723 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.59%12/2029270 267 —270 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.64%12/20291,648 1,643 0.11,648 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(j)8.61%12/202993 89 —93 
13,017 12,963 0.413,017 
Beverages
Financial Information Technologies, LLC*+One stopSF +4.75%(j)8.42%06/203034,192 34,106 0.934,192 
Financial Information Technologies, LLC+(5)One stopN/A(6)06/2030— (1)—— 
Financial Information Technologies, LLC+One stopSF +4.75%(j)8.42%06/20302,192 2,189 0.12,192 
Financial Information Technologies, LLC+One stopSF +4.75%(j)8.42%06/20301,683 1,679 0.11,683 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (16)—— 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (5)—— 
Spindrift Beverage Co. Inc.+One stopSF +5.00%(j)8.94%02/20327,653 7,569 0.27,653 
Watermill Express, LLC*+One stopSF +4.75%(j)8.42%04/20313,047 3,021 0.13,047 
Watermill Express, LLC+One stopSF +4.75%(j)8.42%04/2031294 293 —294 
Watermill Express, LLC+(5)One stopN/A(6)04/2031— (5)—— 
Watermill Express, LLC+One stopSF +4.75%(j)8.42%04/2031735 728 —735 
Watermill Express, LLC+One stopSF +4.75%(j)8.45%04/2031369 366 —369 
Watermill Express, LLC*One stopSF +4.75%(j)8.56%04/20312,381 2,361 0.12,381 
Watermill Express, LLC+One stopSF +4.75%(j)8.42%04/20312,771 2,756 0.12,771 
Watermill Express, LLC+(5)One stopN/A(6)04/2031— (11)—— 
Winebow Holdings, Inc.*+One stopSF +6.25%(i)10.07%12/20279,210 8,955 0.27,737 
64,527 63,985 1.863,054 



See Notes to Consolidated Financial Statements.
10
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value(4)
Building Products
BECO Holding Company, Inc.+(5)One stopN/A(6)11/2027$— $(1)—%$— 
BECO Holding Company, Inc.*+One stopSF +5.25%(j)9.07%11/202840,472 40,911 1.040,472 
BECO Holding Company, Inc.+One stopSF +5.25%(j)9.07%11/2028312 310 —312 
BECO Holding Company, Inc.+(5)One stopN/A(6)11/2028— (3)—— 
40,784 41,217 1.040,784 
Capital Markets
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.42%01/2031159 157 —159 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.42%01/20312,507 2,522 0.12,507 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.42%01/2031844 837 —844 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.42%01/20319,899 9,835 0.39,899 
BlueMatrix Holdings, LLC+One stopSF +4.75%(j)8.42%01/2031760 758 —760 
14,169 14,109 0.414,169 
Chemicals
AP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2032— (9)—— 
AP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2031— (4)—— 
AP Adhesives Holdings, LLC+One stopSF +4.75%(j)8.66%04/20325,786 5,760 0.25,786 
Inhance Parent, Inc.+(25)One stopSF +7.00%(j)6.32% cash/4.50%PIK06/2029841 841 —841 
Inhance Parent, Inc.+(25)One stopSF +7.00%(j)6.32% cash/4.50%PIK06/202923,059 20,307 0.621,674 
Inhance Parent, Inc.+(7)(25)One stopN/A20.00%PIK06/202911,102 4,446 0.15,218 
JSG II, Inc. and Checkers USA, Inc.+One stopSF +4.50%(i)8.23%09/20321,433 1,426 —1,433 
JSG II, Inc. and Checkers USA, Inc.+(5)One stopN/A(6)09/2032— (1)—— 
JSG II, Inc. and Checkers USA, Inc.+(5)One stopN/A(6)09/2032— (1)—— 
Krayden Holdings, Inc.*Senior securedSF +4.75%(i)8.42%03/20299,717 9,648 0.39,717 
Krayden Holdings, Inc.+Senior securedSF +4.75%(i)(j)8.46%03/20291,099 1,075 —1,099 
Krayden Holdings, Inc.+Senior securedSF +4.75%(i)8.42%03/20293,028 2,980 0.13,028 
PHM NL SP Bidco B.V.+(8)(9)(10)(25)One stopE + 6.75%(d)5.87% cash/3.00%PIK09/202855,695 51,996 1.351,796 
PHM NL SP Bidco B.V.+(8)(10)(25)One stopSF +6.75%(h)7.66% cash/3.00%PIK09/202820,606 19,873 0.519,164 
PHM NL SP Bidco B.V.+(8)(9)(10)(25)One stopSN +6.75%(g)7.47% cash/3.00%PIK09/202812,114 11,390 0.311,266 
PHM NL SP Bidco B.V.+(8)(9)(10)(25)One stopE + 6.75%(d)5.92% cash/3.00%PIK09/20285,887 5,431 0.25,475 
150,367 135,158 3.6136,497 
Commercial Services & Supplies
CHA Vision Holdings, Inc.+One stopN/A(6)01/2030— — —— 
CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.87%01/20311,056 1,052 —1,056 
CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.87%01/2031344 342 —344 
CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.87%01/2031304 303 —304 
CHA Vision Holdings, Inc.+One stopSF +5.00%(j)8.82%01/203138 35 —38 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopN/A(6)06/2031— (16)—— 
CI (Quercus) Intermediate Holdings, LLC*+One stopSF +5.00%(j)8.69%06/203132,288 31,998 0.832,288 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(j)8.67%06/2031984 959 —984 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopN/A(6)06/2031— (5)—— 
Dispatch Acquisition Holdings, LLC+One stopSF +4.75%(j)8.42%11/2032423 421 —421 
Dispatch Acquisition Holdings, LLC+One stopSF +4.75%(a)(j)8.59%11/203228 27 —27 
Kleinfelder Intermediate, LLC+One stopSF +5.00%(j)8.84%09/20304,036 3,956 0.14,036 
Kleinfelder Intermediate, LLC+(5)One stopN/A(6)09/2028— (5)—— 
Kleinfelder Intermediate, LLC+One stopSF +5.00%(j)8.84%09/2030438 433 —438 
Pearl Acquisition Buyer, Inc.+One stopSF +4.50%(j)8.17%12/20323 3 —3 
Pearl Acquisition Buyer, Inc.+One stopSF +4.50%(j)8.17%12/2032343 342 —342 
Pearl Acquisition Buyer, Inc.+One stopN/A(6)12/2032— — —— 
Profile Products LLC+One stopSF +5.50%(j)9.49%11/20278,936 8,891 0.28,936 
Profile Products LLC+One stopSF +5.50%(j)9.49%11/20271,811 1,798 0.11,811 
Profile Products LLC+One stopP + 4.50%(a)11.25%11/202760 60 —60 
Profile Products LLC+One stopN/A(6)11/2027— — —— 

See Notes to Consolidated Financial Statements.
11
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
PSC Parent, Inc.*+One stopSF +5.25%(i)8.99%04/2031$5,436 $5,429 0.1%$5,436 
PSC Parent, Inc.+One stopSF +5.25%(i)8.97%04/2030284 280 —284 
PSC Parent, Inc.+One stopSF +5.25%(i)9.00%04/2031683 678 —683 
PSC Parent, Inc.+One stopSF +5.25%(i)8.97%04/2031906 903 —906 
PT Intermediate Holdings III, LLC+(25)One stopSF +5.00%(j)6.92% cash/1.75%PIK04/203021,420 21,406 0.621,420 
PT Intermediate Holdings III, LLC+(5)One stopN/A(6)04/2030— (4)—— 
Radwell Parent, LLC*+One stopSF +5.50%(j)9.17%03/202933,854 33,623 0.933,854 
Radwell Parent, LLC*+One stopSF +5.50%(j)9.17%03/202932,538 32,577 0.832,538 
Radwell Parent, LLC+One stopSF +5.50%(j)9.17%03/2029207 175 —207 
Trinity Air Consultants Holdings Corporation+One stopSF +4.50%(j)8.50%06/2029247 247 —245 
Trinity Air Consultants Holdings Corporation+One stopSF +4.50%(i)(j)8.44%06/20292,967 2,954 0.12,937 
Trinity Air Consultants Holdings Corporation+One stopSF +4.50%(j)8.50%06/2029527 527 —521 
Trinity Air Consultants Holdings Corporation+(5)One stopN/A(6)06/2029— (1)—(1)
Trinity Air Consultants Holdings Corporation+One stopSF +4.50%(j)8.50%06/2029609 607 —603 
Trinity Air Consultants Holdings Corporation+(5)One stopN/A(6)06/2029— (2)—(3)
Trinity Air Consultants Holdings Corporation+One stopSF +4.50%(j)8.48%06/20291,573 1,558 —1,557 
WRE Holding Corp.+(5)One stopN/A(6)07/2031— (4)—— 
WRE Holding Corp.+One stopSF +5.00%(k)8.71%07/203175 75 —75 
WRE Holding Corp.+(5)One stopN/A(6)07/2030— (18)—— 
WRE Holding Corp.*One stopSF +5.00%(k)8.87%07/203116,308 16,178 0.416,308 
WRE Holding Corp.*One stopSF +5.00%(k)8.62%07/20311,790 1,783 0.11,790 
WRE Holding Corp.*One stopSF +5.00%(k)8.60%07/20311,079 1,074 —1,079 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031839 836 —839 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031294 292 —294 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031300 299 —300 
WRE Holding Corp.+One stopSF +5.00%(k)8.60%07/2031186 186 —186 
173,214 172,252 4.2173,146 
Communications Equipment
Lightning Finco Limited+(8)(15)One stopSF +5.50%(h)9.59%09/202814,802 14,784 0.414,802 
Lightning Finco Limited+(8)(9)(15)One stopE + 5.50%(d)7.62%09/20281,784 1,748 0.11,785 
16,586 16,532 0.516,587 
Construction & Engineering
Consor Intermediate II, LLC*+One stopSF +4.50%(j)8.17%05/20315,498 5,501 0.25,498 
Consor Intermediate II, LLC+(5)One stopN/A(6)05/2031— (8)—— 
Consor Intermediate II, LLC+One stopSF +4.50%(j)8.17%05/2031134 131 —134 
DCCM, LLC+One stopSF +4.75%(i)8.47%06/2032591 588 —591 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
Royal Holdco Corporation+One stopSF +4.50%(j)8.29%12/2030429 421 —429 
Royal Holdco Corporation+One stopSF +4.50%(j)8.20%12/2030371 367 —371 
Royal Holdco Corporation+One stopSF +4.50%(j)8.24%12/20305,966 5,915 0.25,966 
12,989 12,913 0.412,989 









See Notes to Consolidated Financial Statements.
12
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Containers & Packaging
Chase Intermediate*+One stopSF +4.75%(j)8.59%10/2028$48,700 $49,200 1.3%$48,700 
Chase Intermediate+One stopSF +4.75%(j)8.42%10/2028272 271 —272 
Chase Intermediate+One stopSF +4.75%(j)8.59%10/20282,278 2,274 0.12,278 
Chase Intermediate+One stopSF +4.75%(j)8.59%10/2028596 562 —596 
Fortis Solutions Group, LLC*+One stopSF +5.50%(j)9.27%10/202851,461 51,169 1.350,946 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)9.27%10/20281,691 1,675 0.11,674 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)9.27%10/2028140 94 —138 
Fortis Solutions Group, LLC+One stopSF +5.50%(a)(j)9.67%10/2027176 170 —170 
Packaging Coordinators Midco, Inc.+One stopSF +4.50%(j)8.34%07/20326,314 6,216 0.26,314 
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— (8)—— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+(9)One stopSN +4.50%(g)8.22%07/203212,583 12,269 0.312,583 
Packaging Coordinators Midco, Inc.+One stopSF +4.50%(j)8.34%07/203236 36 —36 
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— (3)—— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
 124,247 123,925 3.3123,707 
Diversified Consumer Services
ABC Legal Holdings, LLC+One stopSF +4.50%(j)8.34%08/20321,333 1,327 —1,333 
ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (1)—— 
ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (2)—— 
Action Termite Control, LLC+Senior securedN/A(6)12/2032— — —— 
Action Termite Control, LLC+Senior securedSF +4.25%(j)7.96%12/2032107 107 —107 
Action Termite Control, LLC+(5)Senior securedN/A(6)12/2032— (2)—(2)
Any Hour, LLC*One stopSF +5.25%(j)8.92%05/20308,952 8,903 0.28,415 
Any Hour, LLC+(25)One stopN/A13.00%PIK05/20313,383 3,341 0.12,910 
Any Hour, LLC+One stopSF +5.25%(i)(j)8.96%05/2030797 786 —740 
Any Hour, LLC+One stopSF +5.25%(j)8.92%05/2030253 239 —240 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.82%10/20304,379 4,437 0.14,390 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.78%10/203013,820 13,763 0.413,854 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.82%10/20301,042 1,031 —1,045 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.71%10/202921 20 —21 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.84%10/20302,192 2,173 0.12,198 
Apex Service Partners, LLC+One stopSF +5.00%(j)8.81%10/20304,456 4,427 0.14,472 
Aptive Environmental, LLC+One stopSF +4.75%(i)8.47%10/20321,767 1,750 0.11,750 
Aptive Environmental, LLC+(5)One stopN/A(6)10/2032— (2)—(2)
Aptive Environmental, LLC+(5)One stopN/A(6)10/2032— — —(1)
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027455 454 —455 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/20272,761 2,752 0.12,761 
Certus Pest, Inc.*One stopSF +5.25%(j)9.07%08/20271,730 1,725 0.11,730 
Certus Pest, Inc.*One stopSF +5.25%(j)9.07%08/20271,659 1,653 0.11,659 
Certus Pest, Inc.*+One stopSF +5.25%(j)9.07%08/20271,197 1,194 —1,197 
Certus Pest, Inc.*One stopSF +5.25%(j)9.07%08/20271,182 1,179 —1,182 
Certus Pest, Inc.*+One stopSF +5.25%(j)9.07%08/2027820 817 —820 
Certus Pest, Inc.*One stopSF +5.25%(j)9.07%08/2027723 720 —723 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027704 703 —704 
Certus Pest, Inc.*+One stopSF +5.25%(j)9.07%08/2027416 415 —416 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027260 259 —260 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027142 141 —142 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/202760 60 —60 
Certus Pest, Inc.+One stopN/A(6)08/2027— — —— 
Certus Pest, Inc.+(5)One stopN/A(6)08/2027— (10)—— 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027391 390 —391 

See Notes to Consolidated Financial Statements.
13
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027$2,324 $2,317 0.1%$2,324 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/20271,449 1,444 —1,449 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027696 694 —696 
Certus Pest, Inc.+One stopSF +5.25%(j)9.07%08/2027696 694 —696 
CHHJ Midco, LLC*+Senior securedSF +5.00%(j)8.82%01/20283,683 3,675 0.13,683 
CHHJ Midco, LLC+Senior securedSF +5.00%(j)8.84%01/202830 30 —30 
CHVAC Services Investment, LLC*+One stopSF +4.50%(j)8.17%05/20306,367 6,293 0.26,367 
CHVAC Services Investment, LLC*+One stopSF +4.50%(j)8.17%05/20301,656 1,639 0.11,656 
CHVAC Services Investment, LLC+One stopSF +4.50%(i)8.23%05/203094 91 —94 
CHVAC Services Investment, LLC+One stopSF +4.50%(j)8.17%05/203061 24 —61 
COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(j)9.24%07/20272,370 2,362 0.12,370 
COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(j)9.24%07/20272,309 2,300 0.12,309 
COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(j)9.09%07/20271,513 1,507 —1,513 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.14%07/20271,070 1,065 —1,070 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.24%07/20271,140 1,135 —1,140 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.09%07/2027687 684 —687 
COP Hometown Acquisitions, Inc.+(5)Senior securedN/A(6)07/2027— (1)—— 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.13%07/20271,366 1,365 —1,366 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.12%07/20271,034 1,034 —1,034 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.08%07/2027909 909 —909 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)9.19%07/20275,476 5,441 0.25,476 
EMS LINQ, LLC+One stopSF +6.25%(i)10.07%12/202713,835 13,855 0.413,697 
EMS LINQ, LLC+One stopSF +6.25%(i)10.07%12/202784 83 —80 
Entomo Brands Acquisitions, Inc.*+Senior securedSF +5.50%(j)9.32%07/20294,333 4,336 0.14,333 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(j)9.32%07/202914 14 —14 
Entomo Brands Acquisitions, Inc.*+Senior securedSF +5.50%(j)9.32%07/20291,260 1,249 —1,260 
EWC Growth Partners LLC+One stopSF +6.00%(j)9.82%03/2026913 913 —748 
EWC Growth Partners LLC+One stopSF +6.00%(j)9.82%03/20261,072 1,072 —879 
EWC Growth Partners LLC+One stopSF +6.00%(j)9.82%03/202638 38 —30 
EWC Growth Partners LLC+One stopSF +6.00%(j)9.82%03/2026101 101 —83 
FPG Intermediate Holdco, LLC+(25)One stopSF +5.00%(k)8.70%PIK06/2029130 130 —130 
FPG Intermediate Holdco, LLC+(25)One stopSF +5.00%(k)8.70%PIK06/2029943 943 —943 
FPG Intermediate Holdco, LLC+(25)One stopSF +5.00%(j)(k)8.70%PIK06/20291,395 1,395 —1,395 
FPG Intermediate Holdco, LLC+(25)Senior securedSF +5.00%(k)8.70%PIK06/20294,860 4,607 0.14,423 
FPG Intermediate Holdco, LLC+(7)(25)One stopSF +5.00%(k)8.70%PIK06/20291,944 1,630 0.11,633 
FSS Buyer LLC+One stopN/A(6)08/2030— — —— 
FSS Buyer LLC*+One stopSF +4.50%(i)8.22%08/20316,863 6,826 0.26,863 
HS Spa Holdings, Inc.+One stopSF +5.25%(j)9.07%06/202911,403 11,388 0.311,403 
HS Spa Holdings, Inc.+One stopSF +5.25%(a)(i)8.97%06/202846 45 —46 
HS Spa Holdings, Inc.+One stopSF +5.25%(j)9.09%06/2029684 683 —684 
Kodiak Buyer, LLC+One stopSF +4.50%(j)8.17%07/2032614 611 —614 
Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—— 
Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—— 
Liminex, Inc.+One stopSF +6.00%(j)9.99%11/202635,293 35,279 0.935,293 
Liminex, Inc.+One stopSF +6.00%(j)9.99%11/202623,281 23,251 0.623,281 
Liminex, Inc.+One stopSF +6.00%(j)9.99%11/202615,793 15,716 0.415,793 
Liminex, Inc.+One stopSF +6.00%(j)9.99%11/202620,117 20,267 0.520,117 
Litera Bidco, LLC*One stopSF +5.00%(i)8.72%05/20285,136 5,144 0.15,136 
Litera Bidco, LLC+One stopSF +5.00%(i)8.72%05/20282,051 2,046 0.12,051 
Litera Bidco, LLC+(5)One stopN/A(6)05/2028— (1)—— 
Litera Bidco, LLC+(5)One stopN/A(6)05/2028— (1)—— 
Mario Purchaser, LLC+One stopSF +5.75%(j)9.84%04/2029450 447 —432 
Mario Purchaser, LLC*+One stopSF +5.75%(j)9.84%04/202911,239 11,201 0.310,789 

See Notes to Consolidated Financial Statements.
14
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Mario Purchaser, LLC+(25)One stopN/A14.84%PIK04/2032$5,185 $5,202 0.1%$5,080 
Mario Purchaser, LLC+One stopSF +5.75%(j)9.84%04/20295,174 5,195 0.14,968 
Mario Purchaser, LLC+One stopSF +5.75%(j)9.74%04/2028136 134 —130 
NSG Buyer, Inc. *+One stopSF +5.00%(j)8.67%11/202938,404 38,194 1.038,404 
NSG Buyer, Inc. +One stopSF +5.00%(j)8.67%11/2028145 141 —145 
NSG Buyer, Inc. +(5)One stopN/A(6)11/2029— (27)—— 
PADI Holdco, Inc.+One stopSF +5.00%(j)9.08%01/2029541 537 —541 
PADI Holdco, Inc.*One stopSF +5.00%(j)8.97%01/202921,079 20,898 0.521,079 
PADI Holdco, Inc.+(9)One stopE + 5.00%(c)7.07%01/202920,958 20,192 0.520,958 
PADI Holdco, Inc.+One stopSF +5.00%(j)8.99%01/2029812 805 —812 
PADI Holdco, Inc.+One stopSF +5.00%(j)8.89%01/2029168 166 —168 
PADI Holdco, Inc.+(9)One stopA + 5.50%(e)9.20%01/20297,547 7,068 0.27,547 
Provenance Buyer LLC*+One stopSF +5.00%(j)8.77%06/202720,527 20,432 0.520,323 
Provenance Buyer LLC*+One stopSF +5.00%(j)8.77%06/202713,831 13,766 0.413,692 
Provenance Buyer LLC+One stopSF +5.00%(j)8.78%06/2027188 184 —186 
RW AM Holdco LLC+(7)One stopSF +5.25%(j)9.02%04/202823,613 23,037 0.312,987 
RW AM Holdco LLC+(5)(7)One stopN/A(6)04/2028— (8)—(90)
Salisbury House, LLC+One stopSF +5.00%(i)8.72%08/203230 29 —30 
Salisbury House, LLC+One stopSF +5.00%(k)8.73%08/20321,498 1,491 —1,498 
Salisbury House, LLC+(5)One stopN/A(6)08/2032— (1)—— 
SCP CDH Buyer, Inc.+One stopSF +4.50%(j)8.17%12/2032354 352 —351 
SCP CDH Buyer, Inc.+(5)One stopN/A(6)12/2032— (1)—(1)
SCP CDH Buyer, Inc.+One stopN/A(6)12/2032— — —— 
Severin Acquisition, LLC+(25)One stopSF +4.75%(i)6.22% cash/2.25%PIK10/203135,852 35,567 0.935,494 
Severin Acquisition, LLC+(5)One stopN/A(6)10/2031— (37)—(44)
Severin Acquisition, LLC+(25)One stopSF +4.75%(i)6.22% cash/2.25%PIK10/20311,561 1,530 —1,487 
Stellar Brands, LLC+Senior securedSF +4.50%(j)8.17%02/20317,133 7,087 0.27,133 
Stellar Brands, LLC+(5)Senior securedN/A(6)02/2031— (4)—— 
Virginia Green Acquisition, LLC+(5)One stopN/A(6)12/2030— (5)—(5)
Virginia Green Acquisition, LLC*+One stopSF +5.25%(k)8.86%12/20303,157 3,189 0.13,141 
Virginia Green Acquisition, LLC+One stopN/A(6)12/2029— — —— 
Virginia Green Acquisition, LLC+(5)One stopN/A(6)12/2030— — —(1)
461,717 457,830 11.2447,063 
Diversified Financial Services
Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2030— (11)—— 
Baker Tilly Advisory Group, LP+One stopSF +4.75%(i)8.47%06/20313,753 3,713 0.13,763 
Baker Tilly Advisory Group, LP+One stopSF +4.25%(i)7.97%06/20315,031 5,008 0.15,031 
Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2031— (8)—— 
Banker's Toolbox, Inc.*+One stopSF +4.50%(j)8.17%07/202920,803 20,676 0.520,803 
Banker's Toolbox, Inc.+(5)One stopN/A(6)07/2029— (2)—— 
Banker's Toolbox, Inc.+(5)One stopN/A(6)07/2029— (2)—— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.75%(d)6.83%07/203117,494 15,986 0.517,494 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)Subordinated debtE + 8.00%(d)10.08%PIK07/20322,278 2,086 0.12,278 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.75%(d)6.85%07/20312,478 2,223 0.12,478 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopN/A(6)07/2031— — —— 
Corsair Blade IV S.A R.L.+(8)(9)(13)(25)One stopSN +5.75%(g)9.22% cash/0.25%PIK12/20301,201 931 —1,201 
Corsair Blade IV S.A R.L.+(8)(13)(25)One stopSF +5.75%(j)9.76% cash/0.25%PIK12/20303,725 3,725 0.13,725 
Deerfield Dakota Holding, LLC+(5)One stopN/A(6)09/2032— (2)—— 
Deerfield Dakota Holding, LLC+(25)One stopSF +5.75%(j)6.67% cash/2.75%PIK09/20321,844 1,826 0.11,844 
Equity Methods, LLC+One stopSF +4.75%(j)8.42%04/203219,829 19,740 0.519,829 
Equity Methods, LLC+(5)One stopN/A(6)04/2032— (16)—— 
Equity Methods, LLC+(5)One stopN/A(6)04/2032— (20)—— 

See Notes to Consolidated Financial Statements.
15
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Finastra USA, Inc.+(8)(10)One stopSF +7.25%(j)10.97%09/2029$1,476 $1,460 —%$1,476 
Flash Topco, Inc.+One stopSF +6.00%(k)9.95%10/202816,874 16,645 0.416,537 
Flash Topco, Inc.+One stopSF +6.50%(k)10.20%10/2028156 153 —154 
Flash Topco, Inc.+One stopSF +6.00%(k)9.70%10/20283,369 3,357 0.13,302 
Higginbotham Insurance Agency, Inc.+(5)One stopN/A(6)06/2031— — —(1)
Higginbotham Insurance Agency, Inc.+(5)One stopN/A(6)06/2031— (1)—(1)
Higginbotham Insurance Agency, Inc.*+One stopSF +4.50%(i)(j)8.22%06/20318,908 8,931 0.28,886 
Medlar Bidco Limited+(8)(9)(21)One stopSN +5.00%(g)8.72%05/203226,540 26,017 0.726,540 
Medlar Bidco Limited+(5)(8)(9)(21)One stopN/A(6)05/2032— (54)—— 
Medlar Bidco Limited+(8)(9)(21)One stopE + 5.00%(c)6.99%05/203232,978 31,549 0.932,978 
Wealth Enhancement Group, LLC+One stopSF +4.50%(j)8.49%10/2028409 408 —409 
Wealth Enhancement Group, LLC+One stopSF +4.50%(j)8.49%10/202891 91 —91 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (1)—— 
Wealth Enhancement Group, LLC+One stopSF +4.50%(j)8.49%10/20282,845 2,842 0.12,845 
Wealth Enhancement Group, LLC+One stopSF +4.50%(j)8.49%10/20283,946 3,942 0.13,946 
Wealth Enhancement Group, LLC+One stopSF +4.50%(j)8.36%10/20283,383 3,368 0.13,383 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (2)—— 
179,411 174,558 4.7178,991 
Diversified Telecommunication Services
NTI Connect, LLC*+Senior securedSF +4.75%(j)8.57%07/20271,529 1,525 —1,529 
Electric Utilities
Smart Energy Systems, Inc.+(25)One stopSF +7.50%(j)7.74% cash/3.75%PIK01/20306,484 6,368 0.26,354 
Smart Energy Systems, Inc.+(25)One stopSF +7.50%(j)7.74% cash/3.75%PIK01/2030714 706 —700 
7,198 7,074 0.27,054 
Electrical Equipment
Power Grid Holdings, Inc.+One stopP + 3.75%(a)10.50%12/203014 12 —12 
Power Grid Holdings, Inc.+One stopSF +4.75%(j)8.42%12/20301,040 1,029 —1,028 
Wildcat TopCo, Inc.+One stopSF +4.50%(j)8.32%11/203119,828 19,662 0.519,828 
Wildcat TopCo, Inc.+(5)One stopN/A(6)11/2031— (35)—— 
Wildcat TopCo, Inc.+(5)One stopN/A(6)11/2031— (18)—— 
20,882 20,650 0.520,868 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +5.00%(i)8.82%11/202833,629 32,977 0.933,629 
CST Holding Company+(5)One stopN/A(6)11/2028— (2)—— 
33,629 32,975 0.933,629 
Food & Staples Retailing
GMF Parent, Inc.+One stopN/A(6)12/2032— — —— 
GMF Parent, Inc.+One stopSF +4.50%(j)8.20%12/2032296 294 —294 
GMF Parent, Inc.+One stopN/A(6)12/2032— — —— 
GMF Parent, Inc.+One stopN/A(6)12/2032— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/20301,075 1,066 —1,075 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/20301,075 1,066 —1,075 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/2030988 986 —988 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/203056 56 —56 
Mendocino Farms, LLC+One stopN/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/2030110 110 —110 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/2030110 110 —110 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/203056 56 —56 
Mendocino Farms, LLC+(5)One stopN/A(6)03/2030— (56)—— 
Mendocino Farms, LLC+One stopSF +5.50%(i)9.22%03/203056 56 —56 
PDI TA Holdings, Inc.+One stopSF +5.50%(j)9.34%02/203111,522 11,472 0.311,522 
PDI TA Holdings, Inc.+One stopSF +5.50%(j)9.34%02/203165 64 —65 

See Notes to Consolidated Financial Statements.
16
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Wineshipping.com LLC+(25)One stopSF +6.25%(j)4.82% cash/5.25%PIK12/2028$221 $217 —%$172 
Wineshipping.com LLC+(25)One stopSF +6.25%(j)4.82% cash/5.25%PIK12/202810,881 10,742 0.28,704 
Wineshipping.com LLC+(25)One stopSF +6.25%(j)4.82% cash/5.25%PIK12/2028293 288 —235 
Wineshipping.com LLC+(5)One stopN/A(6)12/2028— — —(176)
26,804 26,527 0.524,342 
Food Products
Blast Bidco Inc.*+One stopSF +6.00%(j)9.67%10/20304,843 4,795 0.14,843 
Blast Bidco Inc.+(5)One stopN/A(6)10/2029— (5)—— 
Borrower R365 Holdings, LLC+One stopSF +6.00%(j)9.82%06/202718,823 18,817 0.518,823 
Borrower R365 Holdings, LLC+One stopSF +6.00%(j)9.82%06/20271,556 1,550 —1,556 
Borrower R365 Holdings, LLC+One stopSF +6.00%(j)9.82%06/2027231 231 —231 
Borrower R365 Holdings, LLC+One stopN/A(6)06/2027— — —— 
Eagle Family Foods Group, LLC+One stopSF +5.00%(k)8.79%08/203012,089 11,996 0.312,089 
Eagle Family Foods Group, LLC+(5)One stopN/A(6)08/2030— (12)—— 
Kodiak Cakes, LLC*+Senior securedSF +5.25%(k)8.98%06/202845,795 45,520 1.245,795 
Kodiak Cakes, LLC+(5)Senior securedN/A(6)06/2028— (3)—— 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(j)10.07%07/202713,523 13,494 0.413,523 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(i)(j)10.07%07/2027254 251 —254 
MAPF Holdings, Inc.+One stopSF +6.50%(j)10.17%12/202651,303 51,129 1.349,764 
MAPF Holdings, Inc.+One stopSF +6.50%(j)10.17%12/2026600 594 —582 
MAPF Holdings, Inc.+One stopSF +6.50%(j)10.17%12/20261,644 1,620 —1,596 
MAPF Holdings, Inc.+(25)One stopN/A19.00%PIK12/20262,661 2,658 0.12,434 
P&P Food Safety Holdings, Inc.*+One stopSF +5.25%(j)8.92%05/202913,105 13,168 0.313,105 
P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (6)—— 
P&P Food Safety Holdings, Inc.+(9)One stopE + 5.50%(c)7.52%05/202912,114 11,737 0.312,114 
P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (26)—— 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopA + 4.50%(e)8.23%09/2032313 303 —313 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopE + 4.50%(c)6.52%09/2032304 300 —304 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopSN +4.50%(g)8.22%09/20321,410 1,393 —1,410 
Wizard Bidco Limited+(8)(10)One stopSF +6.00%(j)9.67%03/202922,740 22,665 0.622,740 
Wizard Bidco Limited+(8)(9)(10)(25)One stopSN +6.25%(g)8.47% cash/1.50%PIK03/202911,267 10,822 0.311,267 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.00%(g)9.72%03/20298,383 7,727 0.28,383 
Wizard Bidco Limited+(8)(9)(10)One stopSN +4.75%(g)8.47%09/2028202 185 —202 
Zullas, L.C.+(5)One stopN/A(6)06/2031— (1)—— 
Zullas, L.C.+One stopSF +4.75%(i)8.47%06/2031438 436 —438 
Zullas, L.C.+One stopSF +4.75%(i)8.47%06/203172 70 —72 
223,670 221,408 5.6221,838 

See Notes to Consolidated Financial Statements.
17
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 Equipment & Supplies
Aspen Medical Products, LLC*+One stopSF +4.75%(i)8.47%06/2028$6,994 $6,966 0.2%$6,994 
Aspen Medical Products, LLC+One stopSF +4.75%(i)8.47%06/2028454 452 —454 
Aspen Medical Products, LLC+(5)One stopN/A(6)06/2028— (1)—— 
Aspen Medical Products, LLC+One stopSF +4.75%(i)8.47%06/2028888 881 —888 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(h)10.37%08/20287,745 7,748 0.27,589 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.48%08/20284,866 4,788 0.14,768 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(h)10.37%08/20281,912 1,912 0.11,874 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(g)10.29%08/20281,363 1,351 —1,336 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.47%08/20281,161 1,093 —1,137 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(g)10.29%08/20281,208 1,165 —1,156 
Belmont Instrument, LLC*+One stopSF +5.25%(j)8.92%08/202814,319 14,247 0.414,319 
Belmont Instrument, LLC+(5)One stopN/A(6)08/2028— (2)—— 
Blades Buyer, Inc.*+Senior securedSF +4.75%(i)8.62%03/202812,128 12,103 0.312,037 
Blades Buyer, Inc.*+Senior securedSF +4.75%(i)8.62%03/20281,720 1,711 0.11,708 
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.62%03/20281,391 1,386 —1,380 
Blades Buyer, Inc.+(5)Senior securedN/A(6)03/2028— (1)—(3)
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.62%03/20281,717 1,710 0.11,704 
Blades Buyer, Inc.+Senior securedSF +4.75%(i)8.62%03/20286,880 6,861 0.26,828 
Blades Buyer, Inc.+(5)Senior securedN/A(6)03/2028— (2)—(3)
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20293 3 —3 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20295 5 —5 
Blue River Pet Care, LLC+One stopSF +5.75%(j)9.62%08/20292 2 —2 
Blue River Pet Care, LLC+One stopSF +5.75%(j)9.59%08/20292 2 —2 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20294 4 —4 
Blue River Pet Care, LLC*+One stopSF +5.75%(i)9.57%08/202962,124 62,002 1.662,124 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/202912,303 12,334 0.312,303 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20292,868 2,875 0.12,868 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20292,757 2,764 0.12,757 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20292,730 2,737 0.12,730 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20292,098 2,104 0.12,098 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20291,242 1,239 —1,242 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/2029412 411 —412 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/2029180 177 —180 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/2029291 291 —291 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/2029297 295 —297 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/2029225 225 —225 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/2029255 255 —255 
Blue River Pet Care, LLC+One stopN/A(6)08/2029— — —— 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/202912 12 —12 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20291 1 —1 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20294 4 —4 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.57%08/20291 1 —1 
CCSL Holdings, LLC*One stopSF +5.75%(i)9.47%12/202820,788 20,754 0.520,788 
CCSL Holdings, LLC*+One stopSF +5.75%(i)9.47%12/20285,613 5,624 0.25,613 
CCSL Holdings, LLC+(9)One stopSN +5.75%(g)9.47%12/20283,559 3,323 0.13,559 
CCSL Holdings, LLC+One stopSF +5.75%(i)9.47%12/20283,454 3,431 0.13,454 
CCSL Holdings, LLC*+One stopSF +5.75%(i)9.47%12/20282,870 2,851 0.12,870 
CCSL Holdings, LLC+One stopSF +5.75%(i)9.47%12/2028543 540 —543 
CCSL Holdings, LLC+One stopSF +5.75%(i)9.47%12/2028972 968 —972 
CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.65%12/202834,351 31,683 0.934,351 
CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.65%12/20286,729 5,979 0.26,729 
CCSL Holdings, LLC+One stopSF +5.75%(i)9.47%12/20282,760 2,749 0.12,760 

See Notes to Consolidated Financial Statements.
18
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
CCSL Holdings, LLC+One stopSF +5.75%(i)9.47%12/2028$2,196 $2,187 0.1%$2,196 
Centegix Intermediate II, LLC+(25)One stopSF +6.00%(j)6.63% cash/3.25%PIK08/20321,371 1,365 —1,371 
Centegix Intermediate II, LLC+One stopSF +5.50%(j)9.31%08/2032136 135 —136 
Centegix Intermediate II, LLC+(5)One stopN/A(6)08/2032— (2)—— 
CMI Parent Inc.*One stopSF +5.00%(i)8.72%12/202622,299 22,253 0.622,299 
CMI Parent Inc.*+One stopSF +5.00%(i)8.72%12/202619,627 19,669 0.519,627 
CMI Parent Inc.*+Senior securedSF +5.00%(i)8.72%12/20269,410 9,403 0.39,410 
CMI Parent Inc.*+One stopSF +5.00%(i)8.72%12/20268,830 8,822 0.28,830 
CMI Parent Inc.+One stopN/A(6)12/2026— — —— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)9.32%06/20317,831 7,771 0.27,831 
HuFriedy Group Acquisition, LLC+(5)One stopN/A(6)05/2030— (6)—— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)(k)9.18%06/20311,714 1,690 0.11,714 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(j)9.26%06/2031295 290 —295 
Isto Group, Inc.+One stopN/A(6)09/2032— — —— 
Isto Group, Inc.+One stopSF +4.75%(j)8.46%09/2032588 585 —588 
Isto Group, Inc.+(5)One stopN/A(6)09/2032— (2)—— 
JHC Investment Intermediate Holdings, LLC+One stopSF +8.00%(j)11.94%03/20291,235 1,235 —1,235 
JHC Investment Intermediate Holdings, LLC+One stopSF +8.00%(j)11.94%03/2029922 761 —922 
RTI Surgical, Inc.+(5)One stopN/A(6)09/2032— (2)—— 
RTI Surgical, Inc.+One stopSF +4.75%(i)8.47%09/20321,667 1,659 0.11,667 
TIDI Legacy Products, Inc.+One stopSF +4.50%(i)8.22%12/20293,476 3,526 0.13,476 
TIDI Legacy Products, Inc.+One stopN/A(6)12/2029— — —— 
TIDI Legacy Products, Inc.+One stopSF +4.50%(i)8.22%12/2029931 922 —931 
YI, LLC+One stopSF +5.75%(i)9.49%12/20294,374 4,374 0.14,374 
YI, LLC+(5)One stopN/A(6)12/2029— (1)—— 
ZimVie, Inc.+One stopSF +4.75%(j)8.42%10/20321,500 1,493 —1,493 
ZimVie, Inc.+(5)One stopN/A(6)10/2032— (1)—(1)
ZimVie, Inc.+One stopSF +4.75%(j)8.42%10/203280 79 —79 
322,683 318,218 8.5322,094 

See Notes to Consolidated Financial Statements.
19
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 Providers & Services
AAH TOPCO, LLC *+One stopSF +5.25%(i)9.07%12/2027$8,560 $8,529 0.2%$8,581 
AAH TOPCO, LLC +One stopSF +5.25%(i)9.07%12/20278,048 8,075 0.28,068 
AAH TOPCO, LLC +(25)Subordinated debtN/A11.50%PIK12/20313,153 3,056 0.13,121 
AAH TOPCO, LLC +One stopSF +5.25%(i)9.07%12/20273,460 3,473 0.13,468 
AAH TOPCO, LLC +(5)One stopN/A(6)12/2027— (1)—— 
AAH TOPCO, LLC +One stopSF +5.00%(i)8.82%12/20272,487 2,456 0.12,487 
Active Day, Inc.*+One stopSF +5.00%(i)8.72%05/202717,164 17,129 0.417,079 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/20271,325 1,322 —1,319 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/2027854 852 —850 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/2027681 679 —676 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/2027601 599 —597 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/2027590 589 —587 
Active Day, Inc.+(5)One stopN/A(6)05/2027— — —(2)
Active Day, Inc.+One stopN/A(6)05/2027— — —— 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/20274,568 4,554 0.14,545 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/20276,578 6,558 0.26,545 
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/2027276 275 —275 
Active Day, Inc.+(5)One stopN/A(6)05/2027— (1)—(1)
Active Day, Inc.+One stopSF +5.00%(i)8.72%05/202794 94 —94 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.87%03/202715,970 15,943 0.415,970 
Acuity Eyecare Holdings, LLC+(25)One stopN/A16.50%PIK06/202717,512 17,450 0.517,687 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.07%03/20273,945 3,937 0.13,954 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.12%03/20273,513 3,507 0.13,522 
Acuity Eyecare Holdings, LLC*+One stopSF +6.25%(j)10.07%03/20273,504 3,496 0.13,513 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.07%03/20273,098 3,093 0.13,106 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.95%03/20271,980 1,977 0.11,980 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.07%03/20271,805 1,802 0.11,809 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.94%03/20271,010 1,008 —1,010 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.07%03/2027437 436 —439 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(j)10.07% cash/6.75%PIK03/2027299 298 —306 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)9.99%03/2027209 209 —209 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.07%03/2027161 161 —162 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(j)10.23%03/2027106 106 —107 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(j)10.10% cash/6.75%PIK03/2027117 117 —120 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)10.07%03/20271 1 —1 
Acuity Eyecare Holdings, LLC+One stopN/A(6)03/2027— — —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/202818,612 18,732 0.518,612 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+One stopSF +6.00%(j)9.92%03/20276,336 6,341 0.26,336 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)9.92%03/20275,296 5,296 0.15,296 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20284,039 4,025 0.14,039 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20281,545 1,540 —1,545 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)9.94%03/2027826 826 —826 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)9.94%03/2027392 392 —392 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopN/A(6)03/2027— — —— 
Bamboo US Bidco LLC+One stopSF +5.00%(i)(j)8.83%09/20301,360 1,354 —1,360 
Bamboo US Bidco LLC+One stopSF +5.00%(i)8.79%09/20301,134 1,134 —1,134 
Bamboo US Bidco LLC*+One stopSF +5.25%(j)9.09%09/20302,706 2,659 0.12,706 

See Notes to Consolidated Financial Statements.
20
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Bamboo US Bidco LLC+One stopSF +5.25%(j)9.09%09/2030$414 $413 —%$414 
Bamboo US Bidco LLC+(5)One stopN/A(6)10/2029— (10)—— 
Bamboo US Bidco LLC+(9)One stopE + 5.00%(c)7.07%09/20301,978 1,745 0.11,978 
Bayou Intermediate II, LLC+(5)One stopN/A(6)09/2032— (1)—— 
Bayou Intermediate II, LLC+One stopSF +4.75%(j)8.42%09/20321,410 1,403 —1,410 
Bayou Intermediate II, LLC+One stopSF +4.75%(i)(j)8.43%09/2032153 151 —153 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (11)—— 
Benefit Plan Administrators of Eau Claire, LLC*One stopSF +4.75%(j)8.57%11/203012,940 12,875 0.312,940 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (37)—— 
Benefit Plan Administrators of Eau Claire, LLC+One stopSF +4.75%(j)8.57%11/20309,925 9,872 0.39,925 
BHG Holdings, LLC+One stopSF +5.50%(j)9.34%04/203224,732 24,537 0.624,732 
BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (25)—— 
BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (56)—— 
Community Care Partners, LLC+One stopSF +6.00%(i)9.83%06/20263,445 3,405 0.13,445 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.00%(k)8.73%04/2031771 760 —771 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.00%(g)8.72%04/2031482 446 —482 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)04/2031— (1)—— 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)10/2030— (2)—— 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/202715,593 15,208 0.415,593 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/20278,137 7,939 0.28,137 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/20274,209 4,175 0.14,209 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/20272,140 2,088 0.12,140 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/20271,889 1,874 0.11,889 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/20271,176 1,157 —1,176 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027977 945 —977 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027962 939 —962 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027921 899 —921 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027834 814 —834 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027423 409 —423 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027358 349 —358 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027175 171 —175 
Encorevet Group LLC+One stopSF +6.75%(j)10.72%02/2027168 163 —168 
Encorevet Group LLC+One stopSF +6.75%(j)(k)10.80%02/202794 92 —94 
Encorevet Group LLC+(25)One stopN/A13.00%PIK05/2027112 106 —110 
Encorevet Group LLC+One stopSF +8.75%(j)12.70%02/2027184 184 —187 
ERC Topco Holdings, LLC+One stopSF +5.50%(j)9.46%03/20301,374 1,309 —1,374 
ERC Topco Holdings, LLC+(25)One stopSF +6.76%(j)1.00% cash/9.76%PIK03/20307,872 7,294 0.26,455 
ERC Topco Holdings, LLC+One stopSF +5.50%(j)9.43%03/203076 76 —76 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/202911,108 11,285 0.311,108 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/20294,015 4,052 0.14,015 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/20292,735 2,774 0.12,735 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/20292,604 2,634 0.12,604 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.00%(j)8.84%09/20291,105 1,097 —1,105 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.*+(8)(12)One stopSF +5.00%(j)8.84%09/2029554 550 —554 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029475 471 —475 

See Notes to Consolidated Financial Statements.
21
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029$288 $280 —%$288 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.00%(l)7.30%09/2029106 103 —106 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)8.80%06/20282,500 2,506 0.12,500 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)8.80%06/20281,187 1,182 —1,187 
Heartland Veterinary Partners LLC+Senior securedN/A(6)06/2028— — —— 
HP TLE Buyer, Inc.+One stopSF +4.75%(j)8.42%07/20321,639 1,632 0.11,639 
HP TLE Buyer, Inc.+(5)One stopN/A(6)07/2032— (2)—— 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.00%(j)8.67%11/20262,565 2,560 0.12,565 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.00%(j)8.67%11/20262,065 2,059 0.12,065 
Krueger-Gilbert Health Physics, LLC*Senior securedSF +5.00%(j)8.67%11/20261,505 1,504 —1,505 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.00%(j)8.67%11/20261,383 1,380 —1,383 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.00%(j)8.67%11/2026607 605 —607 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.00%(j)8.73%11/2026284 283 —284 
Krueger-Gilbert Health Physics, LLC+Senior securedN/A(6)11/2026— — —— 
Krueger-Gilbert Health Physics, LLC+One stopSF +5.00%(j)8.67%11/2026663 661 —663 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.00%(j)8.67%11/2026296 296 —296 
LOV Acquisition LLC*+Senior securedSF +4.25%(i)7.97%11/203125,123 25,017 0.725,123 
LOV Acquisition LLC+(5)Senior securedN/A(6)11/2031— (11)—— 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.51%05/202825,776 27,780 0.725,777 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.25%(j)8.92%05/20285,806 5,744 0.25,806 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.25%(j)8.92%05/20284,097 4,032 0.14,097 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.51%05/20281,596 1,678 —1,596 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.51%05/2028831 859 —831 
New Look Corporation and New Look Vision Group Inc. +(8)(12)One stopSF +5.25%(j)8.92%05/2028130 125 —130 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.25%(m)7.51%05/2028198 190 —198 
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)One stopN/A(6)05/2028— (2)—— 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(j)9.57%01/202718,084 17,979 0.517,903 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(j)9.57%01/202712,115 12,071 0.311,994 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(j)9.57%01/20272,436 2,428 0.12,411 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(j)9.57%01/20272,353 2,344 0.12,330 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(j)9.57%01/20271,488 1,482 —1,472 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(j)9.57%01/20271,350 1,346 —1,337 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.57%01/2027671 671 —665 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.57%01/2027526 521 —521 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.57%01/2027178 176 —176 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(j)9.57%01/2027101 101 —100 
Pinnacle Treatment Centers, Inc.+One stopP + 4.50%(a)(i)10.81%01/2027695 677 —675 
PPV Intermediate Holdings, LLC+One stopSF +5.75%(j)9.63%08/202996 90 —90 
PPV Intermediate Holdings, LLC*+One stopSF +5.75%(j)9.57%08/202914,012 13,953 0.413,871 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/20302,136 2,109 0.12,066 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203089 86 —86 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/2030493 489 —477 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203090 90 —87 
PPV Intermediate Holdings, LLC+(25)One stopN/A14.75%PIK08/203010,731 10,784 0.310,731 
PPV Intermediate Holdings, LLC+One stopSF +5.25%(j)9.07%08/20295,474 5,401 0.15,334 
Premise Health Holding Corp.+One stopSF +4.50%(j)8.17%11/20321,373 1,365 —1,360 
Premise Health Holding Corp.+(5)One stopN/A(6)11/2031— (2)—(3)

See Notes to Consolidated Financial Statements.
22
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Premise Health Holding Corp.+One stopSF +4.50%(j)8.17%11/2032$657 $650 —%$650 
Premise Health Holding Corp.+(5)One stopN/A(6)11/2032— (1)—(3)
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.74%05/202724,775 24,806 0.624,775 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.74%05/20272,562 2,554 0.12,562 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.73%05/20272,142 2,138 0.12,142 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.72%05/20271,177 1,175 —1,177 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(j)8.74%05/20271,078 1,076 —1,078 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.74%05/2027728 727 —728 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.74%05/2027241 241 —241 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.74%05/2027213 212 —213 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.74%05/2027199 199 —199 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.72%05/2027199 199 —199 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.74%05/202778 78 —78 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)8.66%05/202780 80 —80 
Suveto Buyer, LLC+One stopP + 3.50%(a)10.25%09/202718 17 —18 
Suveto Buyer, LLC*+One stopSF +4.50%(i)8.22%09/202727,387 27,384 0.727,387 
Suveto Buyer, LLC+One stopSF +4.50%(i)8.22%09/202711,145 11,072 0.311,145 
506,687 505,825 12.8504,532 
Healthcare Technology
Amberfield Acquisition Co.*+One stopSF +5.50%(j)9.17%05/20307,138 7,113 0.27,138 
Amberfield Acquisition Co.+One stopSF +5.50%(j)9.17%05/2030176 169 —176 
Amberfield Acquisition Co.+One stopSF +5.50%(j)9.17%05/2030164 162 —164 
Color Intermediate, LLC*+Senior securedSF +4.75%(j)8.52%10/202917,345 17,313 0.517,345 
Connexin Software, Inc.+One stopSF +6.00%(j)9.67%03/202711,730 11,713 0.311,730 
Connexin Software, Inc.+One stopN/A(6)03/2027— — —— 
Crow River Buyer, Inc.+One stopSF +6.00%(j)9.84%01/20296,032 6,020 0.26,032 
Crow River Buyer, Inc.+(5)One stopN/A(6)01/2029— (1)—— 
Crow River Buyer, Inc.+One stopSF +6.00%(i)9.72%01/20298,700 8,635 0.28,700 
ESO Solution, Inc.+One stopSF +6.75%(j)10.58%05/202711,359 11,374 0.311,359 
ESO Solution, Inc.+One stopSF +6.75%(j)10.58%05/20273,803 3,767 0.13,803 
ESO Solution, Inc.+One stopSF +6.75%(j)(k)10.55%03/2027128 128 —128 
GHX Ultimate Parent Corporation+One stopSF +4.75%(j)8.42%12/203153,614 53,156 1.453,614 
GHX Ultimate Parent Corporation+(5)One stopN/A(6)12/2031— (43)—— 
Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (1)—— 
Healthmark Holdings, L.P.+One stopSF +4.50%(j)8.32%07/20321,499 1,492 —1,499 
Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (1)—— 
Kona Buyer, LLC+One stopSF +4.50%(j)8.36%07/203115,674 15,549 0.415,674 
Kona Buyer, LLC+(5)One stopN/A(6)07/2031— (15)—— 
Kona Buyer, LLC+One stopSF +4.50%(j)8.36%07/2031920 920 —920 
Kona Buyer, LLC+One stopSF +4.50%(j)8.36%07/2031259 258 —259 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(g)9.47%02/2031638 600 —638 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(g)9.47%02/2031851 837 —851 
Lacker Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (2)—— 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.50%(g)9.22%02/203130 30 —25 
Modernizing Medicine, Inc.+(25)One stopSF +4.75%(j)6.17% cash/2.25%PIK04/203232,565 32,276 0.832,565 
Modernizing Medicine, Inc.+(5)One stopN/A(6)04/2032— (27)—— 
Neptune Holdings, Inc.*One stopSF +4.50%(j)8.17%09/203015,976 16,054 0.415,976 
Neptune Holdings, Inc.+One stopN/A(6)08/2029— — —— 
Netsmart Technologies, Inc.+(25)One stopSF +5.20%(i)6.22% cash/2.70%PIK08/203153,460 53,022 1.453,460 

See Notes to Consolidated Financial Statements.
23
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031$— $(56)—%$— 
Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (28)—— 
Netsmart Technologies, Inc.+(25)One stopSF +5.20%(i)6.22% cash/2.70%PIK08/2031502 500 —502 
Plasma Buyer LLC+(7)(25)One stopSF +5.75%(j)9.42%PIK05/20298,378 7,820 0.26,870 
Plasma Buyer LLC+(7)(25)One stopSF +5.75%(j)9.42%PIK05/2029317 296 —260 
Plasma Buyer LLC+(7)(25)One stopSF +5.75%(j)9.42%PIK05/2028116 108 —96 
QF Holdings, Inc.+One stopN/A(6)12/2032— — —— 
QF Holdings, Inc.+One stopSF +4.50%(j)8.19%12/2032372 372 —370 
QF Holdings, Inc.+One stopN/A(6)12/2032— — —— 
Signant Finance One Limited+(5)One stopN/A(6)10/2031— (1)—(1)
Signant Finance One Limited+(25)One stopSF +4.75%(j)8.42%PIK10/20311,507 1,493 —1,492 
Signant Finance One Limited+(5)One stopN/A(6)10/2031— (2)—(3)
Transaction Data Systems, Inc.*+One stopSF +4.25%(j)8.07%08/202674,241 74,189 1.974,241 
Transaction Data Systems, Inc.+One stopN/A(6)08/2026— — —— 
327,494 325,189 8.3325,883 
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+One stopSF +6.00%(j)(k)9.82%08/202813,506 13,487 0.413,506 
Barteca Restaurants, LLC+One stopSF +6.00%(k)9.95%08/2028681 678 —681 
Barteca Restaurants, LLC+One stopSF +6.00%(j)9.82%08/2028465 439 —465 
Barteca Restaurants, LLC+One stopSF +6.00%(j)(k)9.94%08/2028200 199 —200 
BJH Holdings III Corp.*+One stopSF +5.00%(j)8.69%08/202769,390 69,197 1.869,390 
BJH Holdings III Corp.+One stopSF +5.00%(j)8.69%08/2027651 644 —651 
BJH Holdings III Corp.+One stopSF +5.00%(j)8.69%08/20275,533 5,486 0.25,533 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.74%09/202817,766 17,767 0.517,589 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.74%09/20283,168 3,158 0.13,136 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.74%09/20282,128 2,128 0.12,106 
Cafe Rio Holding, Inc.*One stopSF +5.75%(j)9.74%09/20281,350 1,350 —1,337 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(j)9.74%09/20281,192 1,193 —1,181 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)(j)9.67%09/2028247 247 —245 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/2028171 171 —169 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/2028123 122 —121 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/202897 97 —96 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/202896 95 —95 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/202877 77 —77 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/202849 49 —48 
Cafe Rio Holding, Inc.+One stopSF +5.75%(j)9.74%09/202855 55 —55 
CB Sports Holdings Bidco, LLC+One stopN/A(6)12/2032— — —— 
CB Sports Holdings Bidco, LLC+One stopSF +4.50%(j)8.20%12/2032185 184 —184 
CB Sports Holdings Bidco, LLC+(5)One stopN/A(6)12/2032— (1)—(1)
CB Sports Holdings Bidco, LLC+One stopN/A(6)12/2032— — —— 
CR Fitness Holdings, LLC+Senior securedSF +4.25%(j)7.92%10/203132 31 —31 
CR Fitness Holdings, LLC+Senior securedSF +4.25%(j)7.92%10/20321,500 1,496 —1,496 
CR Fitness Holdings, LLC+(5)Senior securedN/A(6)10/2032— (1)—(1)
Crumbl Enterprises, LLC+(5)One stopN/A(6)05/2032— (12)—— 
Crumbl Enterprises, LLC*+One stopSF +4.50%(j)8.17%05/203232,245 32,100 0.832,245 
ESN Venture Holdings, LLC*+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK10/20295,377 5,324 0.15,377 
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.54% cash/3.38%PIK10/2029921 915 —921 
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK10/2029814 806 —814 
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK10/2029374 370 —374 
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK10/2029182 181 —182 
ESN Venture Holdings, LLC+(5)One stopN/A(6)10/2029— (8)—— 
ESN Venture Holdings, LLC+(5)(25)One stopSF +6.26%(j)6.54% cash/3.38%PIK10/20293 (18)—3 
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK10/2029440 438 —440 

See Notes to Consolidated Financial Statements.
24
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
ESN Venture Holdings, LLC+(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK10/2029$1,595 $1,584 —%$1,595 
ESN Venture Holdings, LLC+(25)One stopSF +6.25%(j)6.69% cash/3.38%PIK10/20294,007 3,988 0.14,007 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(j)9.87%11/20271,064 1,063 —1,064 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(j)9.85%11/2027796 787 —796 
Harri US LLC+(25)One stopSF +7.25%(j)6.32% cash/4.75%PIK08/20281,320 1,299 —1,267 
Harri US LLC+(25)One stopSF +7.25%(j)6.32% cash/4.75%PIK08/2028893 889 —857 
Harri US LLC+(25)One stopSF +7.25%(j)6.32% cash/4.75%PIK08/2028867 863 —832 
Harri US LLC+(5)One stopN/A(6)08/2028— — —(2)
Harri US LLC+(25)One stopSF +7.25%(j)6.32% cash/4.75%PIK08/20281,613 1,518 —1,549 
Harri US LLC+One stopN/A14.00%08/20282,077 2,051 0.12,077 
Health Buyer, LLC*+Senior securedSF +4.75%(j)8.42%04/20306,623 6,575 0.26,623 
Health Buyer, LLC+Senior securedSF +4.75%(i)8.48%04/203038 38 —38 
Health Buyer, LLC+(5)Senior securedN/A(6)04/2030— (3)—— 
Olo Parent, Inc.+One stopSF +4.50%(j)8.32%09/20322,326 2,320 0.12,326 
Olo Parent, Inc.+One stopN/A(6)09/2032— — —— 
Patriot Acquireco, LLC+One stopSF +4.50%(j)8.18%09/203236 35 —36 
Patriot Acquireco, LLC+One stopSF +4.50%(j)8.17%09/20321,814 1,805 0.11,814 
PB Group Holdings, LLC+(25)One stopSF +5.50%(i)6.47% cash/2.75%PIK08/203037,754 37,613 1.037,754 
PB Group Holdings, LLC+One stopSF +5.00%(i)8.72%08/20301,832 1,815 0.11,832 
QSR Acquisition Co.+One stopSF +4.25%(i)7.97%06/20321,522 1,516 —1,522 
QSR Acquisition Co.+One stopN/A(6)06/2032— — —— 
QSR Acquisition Co.+(5)One stopN/A(6)06/2032— (1)—— 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(g)8.72%03/2032119 112 —119 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(g)8.72%03/20324,995 4,757 0.14,995 
Rooster BidCo Limited+(5)(8)(9)(10)One stopN/A(6)03/2032— (23)—— 
Saguaro Buyer, LLC+One stopN/A(6)07/2032— — —— 
Saguaro Buyer, LLC+One stopSF +4.50%(j)8.17%07/2032399 397 —399 
Saguaro Buyer, LLC+One stopSF +4.50%(j)8.34%07/2032217 216 —217 
Saguaro Buyer, LLC+One stopSF +4.50%(j)8.17%07/203254 52 —54 
SDC Holdco, LLC+(5)One stopN/A(6)07/2032— (1)—— 
SDC Holdco, LLC+One stopSF +4.38%(i)8.10%07/20321,788 1,780 0.11,788 
SSRG Holdings, LLC*One stopSF +4.75%(j)8.42%11/202912,376 12,284 0.312,376 
SSRG Holdings, LLC*+One stopSF +4.75%(j)8.42%11/20297,682 7,685 0.27,682 
SSRG Holdings, LLC+One stopSF +4.75%(j)8.42%11/2029636 623 —636 
SSRG Holdings, LLC+One stopSF +4.75%(j)8.42%11/2029606 602 —606 
SSRG Holdings, LLC+(5)One stopN/A(6)11/2029— (1)—— 
SSRG Holdings, LLC+One stopSF +4.75%(j)8.42%11/2029676 673 —676 
YE Brands Holding, LLC*+One stopSF +4.75%(j)8.42%10/202717,410 17,524 0.517,410 
YE Brands Holding, LLC+One stopSF +4.75%(j)8.42%10/20271,176 1,172 —1,176 
YE Brands Holding, LLC+One stopSF +4.75%(j)8.42%10/202724 24 —24 
273,353 272,075 6.9272,891 
Household Durables
TLB Holdings I, LLC+(5)One stopN/A(6)10/2031— (1)—(1)
TLB Holdings I, LLC+One stopSF +4.75%(j)8.62%10/2031556 553 —553 
TLB Holdings I, LLC+(5)One stopN/A(6)10/2031— (1)—(1)
556 551 —551 
Household Products
WU Holdco, Inc.+One stopSF +4.75%(j)8.42%04/20329,540 9,497 0.39,540 
WU Holdco, Inc.+One stopSF +4.75%(j)8.44%04/203262 59 —62 
WU Holdco, Inc.+(5)One stopN/A(6)04/2032— (5)—— 
9,602 9,551 0.39,602 


See Notes to Consolidated Financial Statements.
25
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+Senior securedSF +4.75%(j)8.52%04/2026$3,151 $3,137 0.1%$2,993 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(j)8.52%04/2026634 624 —602 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(j)8.52%04/2026589 580 —560 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.42%07/20295,752 5,740 0.25,752 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.69%07/20291,077 1,060 —1,077 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.42%07/20291,459 1,450 —1,459 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.42%07/2029466 464 —466 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.42%07/2029547 540 —547 
Dwyer Instruments, Inc.+(5)(9)One stopN/A(6)07/2029— (28)—— 
Dwyer Instruments, Inc.+(9)One stopE + 5.00%(c)7.02%07/202952,904 47,127 1.452,904 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.42%07/20296,418 6,362 0.26,418 
Dwyer Instruments, Inc.+One stopSF +4.75%(j)8.42%07/20291,481 1,470 —1,481 
Essential Services Holdings Corporation+One stopSF +5.00%(j)8.88%06/203111,514 11,424 0.311,399 
Essential Services Holdings Corporation+One stopSF +5.00%(j)8.88%06/2030564 554 —554 
Essential Services Holdings Corporation+(5)One stopN/A(6)06/2031— (9)—(23)
Excelitas Technologies Corp.+(5)One stopN/A(6)08/2029— (43)—— 
Excelitas Technologies Corp.*+One stopSF +5.25%(i)8.97%08/202910,022 9,974 0.310,022 
Excelitas Technologies Corp.+(9)One stopE + 5.25%(b)7.15%08/20291,999 1,774 0.11,999 
Excelitas Technologies Corp.+(5)One stopN/A(6)08/2028— (2)—— 
98,577 92,198 2.698,210 
Insurance
AMBA Buyer, Inc.*+One stopSF +5.25%(j)9.02%07/20274,411 4,418 0.14,411 
AMBA Buyer, Inc.+One stopSF +5.25%(j)9.02%07/20271,313 1,312 —1,313 
AMBA Buyer, Inc.+One stopSF +5.25%(j)9.02%07/20271,108 1,106 —1,108 
AMBA Buyer, Inc.+One stopN/A(6)07/2027— — —— 
AMBA Buyer, Inc.+One stopSF +5.25%(j)9.02%07/2027160 160 —160 
Bellwether Buyer, LLC+(5)One stopN/A(6)04/2032— (5)—— 
Bellwether Buyer, LLC+One stopSF +4.50%(i)8.23%04/20325,031 5,009 0.15,031 
Bellwether Buyer, LLC+(5)One stopN/A(6)04/2032— (6)—— 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.34%03/2028561 555 —561 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.29%03/2028378 378 —378 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.34%03/202897 96 —97 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(j)9.34%03/2028465 457 —465 
Captive Resources Midco, LLC+One stopSF +4.50%(i)8.22%07/202922,958 22,939 0.622,958 
Captive Resources Midco, LLC+(5)One stopN/A(6)07/2028— (2)—— 
Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.17%12/20301,866 1,875 0.11,866 
Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.17%12/202916 16 —16 
Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.17%12/20301,776 1,775 0.11,776 
Doxa Insurance Holdings LLC+One stopSF +4.50%(j)8.34%12/2030973 952 —973 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)7.82%04/20311,149 1,036 —1,149 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(b)(c)7.82%04/2031448 417 —448 
Gimlet Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)04/2031— (5)—— 
Huskies Parent, Inc.+One stopSF +6.00%(i)9.82%11/20291,995 1,976 0.11,955 
Illumifin Corporation+One stopSF +6.00%(j)10.13%09/20274,638 4,462 0.14,452 
Integrity Marketing Acquisition, LLC*+One stopSF +5.00%(j)8.82%08/202848,588 48,330 1.348,588 
Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (2)—— 
Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (4)—— 
J.S. Held Holdings, LLC+(5)One stopN/A(6)06/2028— (7)—— 
J.S. Held Holdings, LLC+One stopSF +4.75%(j)8.57%06/202812,043 11,914 0.312,043 
J.S. Held Holdings, LLC*+One stopSF +4.75%(j)8.57%06/202837,740 37,297 1.037,740 
Koala Investment Holdings, Inc.+One stopSF +4.50%(j)8.17%08/20321,564 1,557 —1,564 
Koala Investment Holdings, Inc.+(5)One stopN/A(6)08/2032— (1)—— 

See Notes to Consolidated Financial Statements.
26
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Koala Investment Holdings, Inc.+(5)One stopN/A(6)08/2032$— $(1)—%$— 
Majesco*+One stopSF +4.75%(j)8.47%09/202827,881 27,906 0.727,881 
Majesco+One stopN/A(6)09/2027— — —— 
MRH Trowe Germany GMBH+(5)(8)(9)(19)One stopN/A(6)11/2031— (2)—— 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(d)7.11%05/20326,247 5,950 0.26,247 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(c)7.03%05/2032970 962 —970 
Oakbridge Insurance Agency LLC+One stopSF +4.75%(i)8.47%11/20292,252 2,276 0.12,230 
Oakbridge Insurance Agency LLC+One stopSF +4.75%(i)8.48%11/202932 32 —32 
Oakbridge Insurance Agency LLC+One stopSF +4.75%(i)8.47%11/20291,088 1,084 —1,077 
Oakbridge Insurance Agency LLC+One stopSF +5.00%(i)8.72%11/2029371 364 —368 
Oakbridge Insurance Agency LLC+(5)One stopN/A(6)11/2029— (2)—(5)
Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)06/2029— (1)—— 
Pareto Health Intermediate Holdings, Inc.*+One stopSF +4.75%(k)8.35%06/203073,901 73,421 1.973,901 
Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)06/2030— (47)—— 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(j)8.82%10/202871,842 71,197 1.871,842 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(j)8.82%10/20289,797 9,651 0.39,797 
Patriot Growth Insurance Services, LLC+(5)One stopN/A(6)10/2028— (38)—— 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(j)8.67%10/20283,391 3,382 0.13,391 
People Corporation+(8)(9)(12)One stopCA +5.25%(m)7.83%02/202824,013 25,071 0.624,073 
People Corporation+(8)(9)(12)One stopCA +5.25%(m)7.83%02/202820,160 20,450 0.520,211 
People Corporation+(8)(9)(12)One stopCA +5.25%(m)7.83%02/20287,884 8,339 0.27,904 
People Corporation+(8)(9)(12)One stopCA +5.25%(m)7.83%02/20289,861 9,767 0.39,886 
People Corporation+(8)(9)(12)One stopCA +5.25%(m)7.82%02/2027240 239 —240 
People Corporation+(8)(9)(12)One stopCA +5.00%(m)7.57%02/202819,753 19,448 0.519,753 
Wasabi Lower Holdco, LLC+(5)Senior securedN/A(6)06/2032— (8)—— 
Wasabi Lower Holdco, LLC+Senior securedSF +4.50%(i)8.22%06/20322,610 2,578 0.12,610 
World Insurance Associates, LLC+(5)One stopN/A(6)04/2030— (2)—— 
World Insurance Associates, LLC+One stopSF +5.00%(j)8.68%04/20304,534 4,517 0.14,534 
436,105 434,538 11.2435,994 
Internet & Direct Marketing Retail
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/202920,502 20,298 0.518,042 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/202912,000 11,793 0.310,560 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/20295,950 5,847 0.15,236 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/20293,584 3,511 0.13,154 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/20292,440 2,389 0.12,147 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/20292,396 2,294 0.12,108 
Revalize, Inc.+(25)One stopSF +6.50%(j)8.57% cash/1.75%PIK04/2029229 217 —202 
Revalize, Inc.+(25)One stopSF +6.25%(j)9.57% cash/0.50%PIK04/2029320 306 —266 
47,421 46,655 1.241,715 
IT Services
Acquia, Inc.*+One stopSF +5.50%(j)9.59%10/202612,020 12,009 0.312,020 
Acquia, Inc.+One stopSF +5.50%(j)9.61%10/2026112 112 —112 
Acquia, Inc.+One stopSF +5.50%(j)9.59%10/20261,083 1,081 —1,083 
CivicPlus, LLC+(5)One stopN/A(6)08/2030— (2)—— 
CivicPlus, LLC+(25)One stopSF +11.75%(j)15.42%PIK06/2034370 368 —370 
CivicPlus, LLC+(25)One stopSF +6.00%(j)7.07% cash/2.75%PIK08/203023,558 23,504 0.623,558 
CivicPlus, LLC+One stopSF +5.50%(j)9.20%08/20302,216 2,200 0.12,216 
CivicPlus, LLC+(5)One stopN/A(6)08/2030— (2)—— 
ContractPod Technologies, Ltd.+(8)(10)(25)One stopSF +6.50%(j)6.92% cash/3.25%PIK07/2030508 506 —508 
ContractPod Technologies, Ltd.+(8)(10)(25)One stopSF +6.50%(j)7.09% cash/3.25%PIK07/2030125 124 —125 
ContractPod Technologies, Ltd.+(5)(8)(10)One stopN/A(6)07/2030— (1)—— 
Critical Start, Inc.+(25)One stopSF +6.76%(j)6.99% cash/3.63%PIK05/20285,501 5,493 0.15,445 

See Notes to Consolidated Financial Statements.
27
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Critical Start, Inc.+(25)One stopSF +6.76%(j)6.99% cash/3.63%PIK05/2028$2,526 $2,503 0.1%$2,500 
Critical Start, Inc.+One stopP + 5.25%(a)12.00%05/202826 26 —26 
Delinea Inc.*+One stopSF +5.75%(j)9.57%03/202822,316 22,321 0.622,316 
Delinea Inc.*+One stopSF +5.75%(j)9.57%03/202812,956 12,958 0.312,956 
Delinea Inc.+(5)One stopN/A(6)03/2027— (1)—— 
Delinea Inc.+One stopSF +5.75%(j)9.57%03/202811,356 11,347 0.311,356 
Goldcup 31018 AB+(8)(9)(17)(25)One stopE + 6.50%(d)8.61%PIK07/202915,817 14,046 0.415,145 
Goldcup 31018 AB+(8)(9)(17)(25)One stopE + 6.50%(d)8.61%PIK07/20291,475 1,331 —1,413 
Goldcup 31018 AB+(8)(9)(17)One stopE + 6.25%(d)8.36%01/202994 83 —82 
Kentik Technologies, Inc.+(25)One stopSF +8.00%(j)7.70% cash/4.00%PIK11/202951 50 —49 
Kentik Technologies, Inc.+(25)One stopSF +8.00%(j)7.70% cash/4.00%PIK11/202957 54 —55 
Kentik Technologies, Inc.+(25)One stopSF +8.00%(j)7.70% cash/4.00%PIK11/202920 17 —19 
Kentik Technologies, Inc.+(25)One stopSF +8.00%(i)7.73% cash/4.00%PIK11/20298 7 —6 
Netwrix Corporation+(5)One stopN/A(6)06/2029— (1)—— 
Netwrix Corporation*+One stopSF +4.50%(j)8.32%06/20299,517 9,519 0.39,517 
Netwrix Corporation+One stopSF +4.50%(j)8.32%06/2029382 381 —382 
Netwrix Corporation+One stopSF +4.50%(j)8.32%06/2029185 182 —185 
Optimizely North America, Inc.+One stopSF +5.00%(i)8.72%10/203138,033 37,716 1.038,033 
Optimizely North America, Inc.+(9)One stopE + 5.25%(b)7.15%10/203115,815 14,497 0.415,815 
Optimizely North America, Inc.+(9)One stopSN +5.50%(g)9.22%10/20315,976 5,703 0.25,976 
Optimizely North America, Inc.+(5)One stopN/A(6)10/2031— (83)—— 
PDQ.com Corporation+One stopN/A(6)10/2032— — —— 
PDQ.com Corporation+One stopSF +4.75%(j)8.42%10/2032633 631 —629 
PDQ.com Corporation+(5)One stopN/A(6)10/2032— (1)—(1)
ReliaQuest Holdings, LLC+(25)One stopSF +6.00%(j)6.59% cash/3.25%PIK04/203112,233 12,208 0.312,233 
ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (21)—— 
ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (6)—— 
ReliaQuest Holdings, LLC+(25)One stopSF +6.00%(j)6.59% cash/3.25%PIK04/203129,135 29,009 0.829,135 
Saturn Borrower Inc.*+One stopSF +6.00%(j)9.67%11/202827,257 27,009 0.727,257 
Saturn Borrower Inc.+One stopSF +6.00%(j)9.68%11/2028116 110 —116 
WPEngine, Inc.+One stopSF +5.75%(j)9.45%08/20295,438 5,424 0.15,438 
WPEngine, Inc.+One stopN/A(6)08/2029— — —— 
Zarya Holdco, Inc.+One stopSF +6.50%(j)10.32%07/20271,395 1,391 —1,395 
Zarya Holdco, Inc.+One stopSF +6.50%(j)10.32%07/20277,156 7,183 0.27,156 
Zarya Holdco, Inc.+One stopN/A(6)07/2027— — —— 
265,466 260,985 6.8264,626 
Leisure Products
Crunch Holdings, LLC+One stopSF +4.50%(i)8.22%09/20311,760 1,756 0.11,760 
Crunch Holdings, LLC+(5)One stopN/A(6)09/2031— (1)—— 
Movement Holdings, LLC+(8)(10)One stopSF +5.50%(j)9.32%03/2030830 828 —830 
Movement Holdings, LLC+(8)(10)One stopSF +5.50%(j)9.32%03/203019 19 —19 
Movement Holdings, LLC+(5)(8)(10)One stopN/A(6)03/2030— (1)—— 
WBZ Investment, LLC+One stopSF +6.75%(j)10.57%03/20277,677 7,627 0.27,677 
WBZ Investment, LLC+One stopSF +6.75%(i)10.57%03/20271,697 1,686 0.11,697 
WBZ Investment, LLC+One stopSF +6.75%(i)10.57%03/20271,179 1,171 —1,179 
WBZ Investment, LLC+One stopSF +6.75%(j)10.57%03/2027628 624 —628 
WBZ Investment, LLC+One stopN/A(6)03/2027— — —— 
13,790 13,709 0.413,790 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(5)One stopN/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.*+One stopSF +5.00%(j)8.89%11/202930,784 30,534 0.830,630 
Celerion Buyer, Inc.+One stopSF +5.00%(j)8.69%11/2029500 498 —498 
Celerion Buyer, Inc.*One stopSF +5.00%(j)8.89%11/202921,846 21,677 0.621,737 

See Notes to Consolidated Financial Statements.
28
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Diamondback Acquisition, Inc.+One stopSF +4.50%(i)8.22%09/2032$1,492 $1,489 —%$1,489 
Diamondback Acquisition, Inc.+(5)One stopN/A(6)09/2032— (1)—(1)
Diamondback Acquisition, Inc.+One stopSF +4.50%(i)8.22%09/203239 38 —38 
PAS Parent Inc.+(5)One stopN/A(6)08/2031— (6)—— 
PAS Parent Inc.*+One stopSF +4.50%(i)8.22%08/203258,102 57,832 1.558,102 
PAS Parent Inc.+(5)One stopN/A(6)08/2032— (2)—— 
Unchained Labs, LLC*+Senior securedSF +5.50%(i)9.27%08/20271,382 1,371 —1,354 
Unchained Labs, LLC+Senior securedSF +5.50%(i)9.27%08/20271,167 1,155 —1,143 
Unchained Labs, LLC+(5)Senior securedN/A(6)08/2027— (1)—(2)
115,312 114,583 2.9114,988 
Machinery
AI Titan Parent, Inc.+One stopSF +4.50%(i)8.22%08/203110,508 10,423 0.310,403 
AI Titan Parent, Inc.+One stopSF +4.50%(i)8.32%08/2031473 464 —452 
AI Titan Parent, Inc.+(5)One stopN/A(6)08/2031— (11)—(13)
Blackbird Purchaser, Inc.+One stopSF +5.75%(j)9.42%12/20304,939 5,005 0.14,939 
Blackbird Purchaser, Inc.+One stopN/A(6)12/2030— — —— 
Blackbird Purchaser, Inc.+One stopSF +5.75%(i)(j)9.43%12/202970 69 —70 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(j)9.32% cash/1.50%PIK11/202613,658 13,564 0.413,522 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(j)9.32% cash/1.50%PIK11/20261,291 1,279 —1,278 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(j)9.32% cash/1.50%PIK11/202678 72 —72 
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(j)7.92%06/2032106 105 —106 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (1)—— 
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(j)7.92%06/2032180 179 —180 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (2)—— 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(m)6.51%06/2032140 140 —140 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(m)6.51%06/203214 14 —14 
31,457 31,300 0.831,163 
Marine
Project Nike Purchaser, LLC*+One stopSF +5.25%(j)8.92%04/202933,436 33,562 0.933,102 
Project Nike Purchaser, LLC+One stopSF +5.25%(j)8.92%04/2029741 738 —733 
Project Nike Purchaser, LLC+(5)One stopN/A(6)04/2029— (1)—(6)
34,177 34,299 0.933,829 
Media
Lotus Topco, Inc.*One stopSF +4.75%(j)8.42%06/20305,099 5,070 0.15,099 
Lotus Topco, Inc.+(5)One stopN/A(6)06/2030— (6)—— 
Lotus Topco, Inc.+One stopSF +4.75%(j)8.42%06/2030645 631 —645 
Lotus Topco, Inc.+One stopSF +4.75%(j)8.42%06/20301,995 1,981 0.11,995 
Shout! Factory, LLC+One stopSF +5.25%(j)8.92%06/20311,767 1,755 0.11,767 
Shout! Factory, LLC+One stopSF +5.25%(j)8.93%06/203126 25 —26 
Triple Lift, Inc.*+One stopSF +5.75%(j)9.59%05/20287,205 7,116 0.26,647 
Triple Lift, Inc.*+One stopSF +5.75%(j)9.59%05/20281,537 1,511 —1,418 
Triple Lift, Inc.+(5)One stopN/A(6)05/2028— (3)—(12)
18,274 18,080 0.517,585 
Oil, Gas & Consumable Fuels
Edition Holdings, Inc.+One stopSF +4.50%(j)8.20%12/2032315 313 —313 
Edition Holdings, Inc.+One stopN/A(6)12/2032— — —— 
Edition Holdings, Inc.+One stopN/A(6)12/2032— — —— 
Edition Holdings, Inc.+One stopN/A(6)12/2032— — —— 
315 313 —313 


See Notes to Consolidated Financial Statements.
29
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Paper & Forest Products
Messenger, LLC*+One stopSF +5.00%(j)8.82%12/2027$13,683 $13,681 0.4%$13,683 
Messenger, LLC+(9)One stopSN +5.00%(g)8.72%12/2027886 832 —886 
Messenger, LLC+One stopSF +5.00%(j)8.82%12/2027495 493 —495 
Messenger, LLC+(9)One stopN/A(6)12/2027— — —— 
Messenger, LLC*+One stopSF +5.00%(j)8.82%12/20271,434 1,449 —1,434 
Messenger, LLC+One stopSF +5.00%(j)8.82%12/2027718 717 —718 
Messenger, LLC+One stopN/A(6)12/2027— — —— 
17,216 17,172 0.417,216 
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+One stopSF +4.75%(j)8.42%02/202930,144 30,028 0.830,144 
ACP Ulysses Buyer, Inc.*+One stopSF +4.75%(j)8.42%02/20291,303 1,290 —1,303 
ACP Ulysses Buyer, Inc.+One stopSF +4.75%(j)8.42%02/2030499 479 —499 
Amalthea Parent, Inc.*+(8)(12)One stopSF +5.00%(j)9.08%03/202786,513 84,719 2.284,784 
Amalthea Parent, Inc.+(8)(12)One stopSF +5.00%(i)8.83%03/2027540 519 —530 
Apothecary Products, LLC*Senior securedSF +5.00%(j)8.82%07/20262,191 2,189 0.12,191 
Apothecary Products, LLC+Senior securedSF +5.00%(j)(k)8.77%07/202691 90 —91 
Caerus Midco 3 S.A.R.L.*+(8)One stopSF +5.00%(j)8.67%05/202929,035 29,063 0.829,035 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(j)8.67%05/20294,814 4,816 0.14,814 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(j)8.67%05/20294,443 4,409 0.14,443 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(j)8.67%05/2029705 702 —705 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)8.73%05/2029442 439 —442 
Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(j)9.57%10/202814,646 14,613 0.414,060 
Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(j)9.57%10/20284,911 4,900 0.14,715 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(j)9.57%10/20283,711 3,660 0.13,562 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(j)9.59%10/2027914 905 —874 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(j)9.57%10/20286,317 6,264 0.26,064 
Cobalt Buyer Sub, Inc.+(5)One stopN/A(6)10/2028— (53)—— 
Creek Parent, Inc.+One stopSF +5.00%(i)8.73%12/203156,402 55,562 1.556,402 
Creek Parent, Inc.+(5)One stopN/A(6)12/2031— (113)—— 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(g)7.47% cash/1.13%PIK08/202838,536 37,991 0.936,321 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(g)9.72%08/20285,599 5,136 0.15,431 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(g)7.47% cash/1.13%PIK08/20284,671 4,027 0.14,402 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(j)9.67%08/20283,991 3,986 0.13,872 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(g)7.47% cash/1.13%PIK08/20284,087 3,687 0.13,852 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +3.75%(g)7.47%02/2028202 199 —192 
304,707 299,507 7.7298,728 
Professional Services
ALKU Intermediate Holdings, LLC+One stopSF +6.25%(j)9.92%5/1/20296,711 6,731 0.2 6,577 
ALKU Intermediate Holdings, LLC+One stopSF +5.50%(j)9.17%5/1/2029742 736 — 712 
bswift, LLC*+One stopSF +4.75%(j)8.66%11/1/20287,584 7,573 0.2 7,543 
bswift, LLC+One stopSF +4.75%(j)8.69%11/1/20289,925 9,885 0.3 9,871 
bswift, LLC+One stopSF +4.75%(i)8.57%11/1/2028499 496 — 496 
Denali Intermediate Holdings, Inc.+(5)One stopN/A(6)8/1/2032— (2)— — 
Denali Intermediate Holdings, Inc.+One stopSF +5.50%(i)9.23%8/1/20321,818 1,801 0.1 1,818 
DISA Holdings Corp.*+Senior securedSF +5.00%(j)8.99%9/1/20285,175 5,152 0.1 5,175 
DISA Holdings Corp.+Senior securedSF +5.00%(j)8.99%9/1/2028798 790 — 798 
DISA Holdings Corp.+One stopSF +5.00%(j)8.99%9/1/2028682 676 — 682 
DISA Holdings Corp.+Senior securedSF +5.00%(j)8.99%9/1/2028604 599 — 604 
DISA Holdings Corp.+(25)Subordinated debtSF +8.50%(j)10.38% cash/2.00%PIK3/1/2029106 105 — 106 
DISA Holdings Corp.+Senior securedSF +5.00%(j)8.98%9/1/2028586 580 — 586 
DISA Holdings Corp.+Senior securedSF +5.00%(j)8.98%9/1/202845 44 — 45 

See Notes to Consolidated Financial Statements.
30
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Eclipse Buyer, Inc.+One stopSF +4.50%(i)8.25%9/1/2031$14,283 $14,167 0.4 %$14,283 
Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031— (56)— — 
Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031— (10)— — 
Eliassen Group, LLC+One stopSF +5.75%(j)9.42%4/1/20282,120 2,108 0.1 2,047 
Eliassen Group, LLC+One stopSF +5.75%(j)9.42%4/1/2028144 142 — 138 
IG Investments Holdings, LLC*+One stopSF +5.00%(j)8.84%9/1/202812,844 12,806 0.3 12,844 
IG Investments Holdings, LLC+One stopN/A(6)9/1/2028— — — — 
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(25)One stopSF +6.00%(j)6.34% cash/3.50%PIK11/1/203034,195 33,828 0.8 31,460 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)One stopSF +6.00%(j)6.17% cash/3.50%PIK11/1/2030795 791 — 732 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)One stopSF +6.00%(j)6.18% cash/3.50%PIK11/1/2030322 315 — 284 
PlanSource Holdings, Inc.*+One stopSF +5.50%(j)9.32%12/1/202614,234 14,214 0.4 14,092 
PlanSource Holdings, Inc.*+One stopSF +5.50%(j)9.32%12/1/20262,416 2,411 0.1 2,391 
PlanSource Holdings, Inc.+One stopSF +5.50%(j)9.32%12/1/2026695 694 — 689 
PlanSource Holdings, Inc.+(5)One stopN/A(6)12/1/2026— — — (3)
Procure Acquireco, Inc.*+One stopSF +4.75%(j)8.42%12/1/202824,603 24,641 0.6 24,603 
Procure Acquireco, Inc.+One stopSF +4.75%(j)8.42%12/1/20281,132 1,131 — 1,132 
Procure Acquireco, Inc.+One stopN/A(6)12/1/2028— — — — 
Procure Acquireco, Inc.+(5)One stopN/A(6)12/1/2028— (60)— — 
Procure Acquireco, Inc.+One stopSF +4.75%(j)8.42%12/1/20283,453 3,441 0.1 3,453 
Teaching Company, The+One stopSF +5.75%(j)9.74%2/1/202612,290 12,290 0.3 12,290 
Teaching Company, The+One stopN/A(6)2/1/2026— — — — 
Varicent Intermediate Holdings Corporation+(8)(12)(25)One stopSF +6.26%(j)6.54% cash/3.38%PIK8/1/203152,527 51,942 1.3 52,264 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (76)— (32)
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (44)— (36)
Varicent Intermediate Holdings Corporation+(8)(12)(25)One stopSF +6.26%(j)6.55% cash/3.38%PIK8/1/20312,607 2,593 0.1 2,594 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (2)— (2)
213,935 212,432 5.4 210,236 
Real Estate Management & Development
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (3)—— 
Inhabit IQ Inc.*One stopSF +4.50%(i)8.22%01/20326,855 6,841 0.26,855 
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (4)—— 
MRI Software, LLC*+One stopSF +4.75%(j)8.42%02/202832,647 32,717 0.832,647 
MRI Software, LLC*+One stopSF +4.75%(j)8.42%02/202812,985 13,026 0.312,985 
MRI Software, LLC+One stopSF +4.75%(j)8.44%02/2028630 626 —630 
MRI Software, LLC+One stopSF +4.75%(j)8.42%02/20289,806 9,741 0.39,806 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.72%08/20286,096 5,832 0.26,096 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.72%08/202828,138 28,276 0.728,138 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)8.71%08/202811,749 11,777 0.311,749 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)8.71%08/20282,852 3,042 0.12,852 
RPL Bidco Limited+(8)(9)(10)One stopN/A(6)02/2028— — —— 
111,758 111,871 2.9 111,758 
Road & Rail
Internet Truckstop Group, LLC*One stopSF +5.25%(j)9.07%04/202728,632 28,612 0.728,345 
Internet Truckstop Group, LLC*+One stopSF +5.25%(j)9.07%04/202712,553 12,505 0.312,427 
Internet Truckstop Group, LLC+(5)One stopN/A(6)04/2027— — —(3)
41,185 41,117 1.0 40,769 


See Notes to Consolidated Financial Statements.
31
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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%(j)8.32%06/2029$58,175 $58,328 1.5%$58,175 
Anaplan, Inc.+One stopN/A(6)06/2028— — —— 
Appfire Technologies, LLC*+One stopSF +4.75%(j)8.42%03/202857,072 57,010 1.556,501 
Appfire Technologies, LLC+One stopSF +4.75%(j)8.42%03/2028222 222 —220 
Appfire Technologies, LLC+One stopSF +4.75%(j)8.42%03/2028100 98 —95 
Appfire Technologies, LLC+(5)One stopN/A(6)03/2028— (80)—(266)
Aras Corporation+One stopSF +5.25%(j)8.92%04/202928,380 28,405 0.728,380 
Aras Corporation+One stopSF +5.25%(j)8.92%04/20291,827 1,815 0.11,827 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)8.97%06/20295,858 5,366 0.25,858 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)8.97%06/20293,057 2,737 0.13,057 
Arrow Buyer, Inc.+One stopSF +5.00%(j)8.67%07/203024,788 24,657 0.624,788 
Arrow Buyer, Inc.+One stopSF +5.00%(j)8.67%07/20301,625 1,621 0.11,625 
Arrow Buyer, Inc.+One stopSF +5.00%(j)8.67%07/20301,573 1,569 —1,573 
Artifact Bidco, Inc.+One stopSF +4.15%(j)7.82%05/20311,489 1,478 —1,489 
Artifact Bidco, Inc.+(5)One stopN/A(6)05/2031— (1)—— 
Artifact Bidco, Inc.+One stopN/A(6)05/2030— — —— 
Artifact Bidco, Inc.+(5)One stopN/A(6)05/2030— (1)—— 
Auvik Networks Inc.+(8)(12)(25)One stopSF +6.25%(j)6.84% cash/3.25%PIK07/202711,110 11,127 0.311,110 
Auvik Networks Inc.+(8)(12)(25)One stopSF +6.25%(j)6.84% cash/3.25%PIK07/20271,998 1,994 0.11,998 
Auvik Networks Inc.+(8)(12)(25)One stopSF +6.25%(j)6.84% cash/3.25%PIK07/20271,018 1,015 —1,018 
Auvik Networks Inc.+(8)(12)One stopN/A(6)07/2027— — —— 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(i)9.72%03/2031973 963 —973 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(i)9.72%03/2031428 423 —428 
Azurite Intermediate Holdings, Inc.+(5)One stopN/A(6)03/2031— (2)—— 
Baxter Planning Systems, LLC+(25)One stopSF +6.26%(j)6.72% cash/3.38%PIK05/20314,237 4,236 0.14,237 
Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (4)—— 
Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (3)—— 
Bayshore Intermediate #2, L.P.+One stopSF +5.00%(j)8.69%10/202795 95 —95 
Bayshore Intermediate #2, L.P.+(25)One stopSF +5.50%(j)6.19% cash/3.00%PIK10/2028125,183 125,129 3.2125,183 
BestPass, Inc.*+One stopSF +4.75%(i)8.47%08/203152,206 51,997 1.352,206 
BestPass, Inc.+(5)One stopN/A(6)08/2031— (21)—— 
BestPass, Inc.+One stopSF +4.75%(i)8.47%08/20316,933 6,906 0.26,933 
Bloomerang, LLC+(25)One stopSF +6.50%(j)6.67% cash/3.50%PIK12/20294,177 4,207 0.14,177 
Bloomerang, LLC+One stopP + 5.00%(a)(j)10.71%12/202958 58 —58 
Bloomerang, LLC+(25)One stopSF +6.50%(j)6.67% cash/3.50%PIK12/2029418 409 —418 
Blue Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.72%06/20329,287 9,206 0.29,287 
Blue Bidco Limited+(8)(9)(10)One stopN/A(6)06/2032— — —— 
Blue Bidco Limited+(8)(10)One stopSF +5.00%(k)8.68%06/20321,338 1,332 —1,338 
Blue Bidco Limited+(8)(9)(10)One stopE + 5.00%(d)7.17%06/20325,344 5,131 0.15,344 
Blue Bidco Limited+(8)(10)One stopSF +5.00%(k)8.68%06/20322,749 2,749 0.12,749 
Bottomline Technologies, Inc.+One stopSF +4.50%(j)8.17%05/202945,582 45,374 1.245,582 
Bottomline Technologies, Inc.+(5)One stopN/A(6)05/2028— (4)—— 
Bullhorn, Inc.*+One stopSF +5.00%(i)8.72%10/202977,997 77,932 2.077,997 
Bullhorn, Inc.*+One stopSF +5.00%(i)8.72%10/20293,190 3,218 0.13,190 
Bullhorn, Inc.+One stopSF +5.00%(i)8.72%10/20291,643 1,660 —1,643 
Bullhorn, Inc.+One stopSF +5.00%(i)8.72%10/2029736 734 —736 
Bullhorn, Inc.+One stopSF +5.00%(i)8.72%10/2029587 585 —587 
Bullhorn, Inc.+One stopSF +5.00%(i)8.72%10/202968 66 —68 
Burning Glass Intermediate Holdings Company, Inc.*+One stopSF +4.50%(j)8.32%06/202811,670 11,636 0.311,670 
Burning Glass Intermediate Holdings Company, Inc.+One stopSF +4.50%(j)8.32%06/2028109 109 —109 

See Notes to Consolidated Financial Statements.
32
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)9.86%01/2029$8,332 $8,285 0.2%$8,332 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)9.86%01/20292,204 2,180 0.12,204 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopN/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopN/A(6)01/2029— (1)—— 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(g)9.22%08/20305,451 5,142 0.15,451 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(g)9.22%08/20301,068 1,007 —1,068 
Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(f)9.05%08/2030334 325 —334 
Camelia Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (23)—— 
CB Buyer, Inc.+One stopSF +5.25%(j)8.92%07/203151,335 50,952 1.350,822 
CB Buyer, Inc.+One stopSF +5.25%(i)8.97%07/2031335 293 —282 
CB Buyer, Inc.+One stopSF +5.25%(j)8.92%07/2031561 504 —471 
Coupa Holdings, LLC+One stopSF +5.25%(j)9.09%02/203031,558 31,325 0.831,558 
Coupa Holdings, LLC+(5)One stopN/A(6)02/2029— (1)—— 
Coupa Holdings, LLC+(5)One stopN/A(6)02/2030— (15)—— 
Crewline Buyer, Inc.+One stopSF +6.75%(j)10.59%11/203010,857 10,829 0.310,857 
Crewline Buyer, Inc.+One stopN/A(6)11/2030— — —— 
Daxko Acquisition Corporation*+One stopSF +4.75%(i)8.47%10/202838,951 38,935 1.038,951 
Daxko Acquisition Corporation*+One stopSF +4.75%(i)8.47%10/20283,285 3,265 0.13,285 
Daxko Acquisition Corporation+One stopSF +4.75%(i)8.47%10/2028196 196 —196 
Daxko Acquisition Corporation+(5)One stopN/A(6)10/2028— (7)—— 
Daxko Acquisition Corporation+One stopSF +4.75%(i)8.47%10/20281,533 1,520 —1,533 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)7.02%09/20316,785 6,315 0.26,785 
Denali Bidco Limited+(8)(9)(10)One stopSN +5.00%(g)8.72%09/20318,551 8,141 0.28,551 
Denali Bidco Limited+(5)(8)(9)(10)One stopN/A(6)09/2031— (3)—— 
Denali Bidco Limited+(8)(9)(10)(25)Subordinated debtN/A11.20%PIK09/2032104 103 —104 
Denali Bidco Limited+(8)(9)(10)(25)Subordinated debtN/A9.80%PIK09/2032156 155 —156 
Diligent Corporation+One stopSF +5.00%(j)8.82%08/20308,985 8,971 0.28,985 
Diligent Corporation+One stopSF +5.00%(j)8.82%08/20301,541 1,531 —1,541 
Diligent Corporation+(5)One stopN/A(6)08/2030— (8)—— 
Diligent Corporation+One stopSF +5.00%(j)8.75%08/2030220 214 —220 
Einstein Parent, Inc.+One stopSF +6.50%(j)10.36%01/20319,063 8,910 0.29,063 
Einstein Parent, Inc.+(5)One stopN/A(6)01/2031— (16)—— 
Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (33)—— 
Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (30)—— 
Espresso Bidco, Inc.+(25)One stopSF +5.76%(j)6.30% cash/3.13%PIK03/203218,543 18,302 0.518,543 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(j)8.42%09/20304,857 4,763 0.14,857 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(j)8.42%09/20304,427 4,393 0.14,427 
Evergreen IX Borrower 2023, LLC+(5)One stopN/A(6)10/2029— (10)—— 
FirstUp, Inc.+One stopSF +6.25%(j)9.92%07/202713,097 13,083 0.312,965 
FirstUp, Inc.+One stopSF +6.25%(j)9.92%07/20271,248 1,242 —1,236 
FirstUp, Inc.+(5)One stopN/A(6)07/2027— (1)—(2)
Flexera Software, LLC+One stopN/A(6)08/2032— — —— 
Flexera Software, LLC+One stopSF +4.50%(j)8.35%08/20321,401 1,399 —1,396 
Flexera Software, LLC+(9)One stopE + 4.50%(b)6.43%08/2032496 494 —495 
Flexera Software, LLC+One stopSF +4.50%(j)8.19%08/2032500 498 —498 
Gainsight, Inc.+One stopSF +5.75%(j)9.72%07/202714,171 14,195 0.414,171 
Gainsight, Inc.+(5)One stopN/A(6)07/2027— (1)—— 
GS Acquisitionco, Inc.*+One stopSF +5.25%(j)8.92%05/2028121,136 121,372 3.1119,924 
GS Acquisitionco, Inc.+One stopSF +5.25%(j)8.92%05/2028200 199 —195 

See Notes to Consolidated Financial Statements.
33
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
GS Acquisitionco, Inc.+One stopSF +5.25%(j)8.92%05/2028$122 $121 —%$119 
GTIV, LLC*+One stopSF +4.75%(i)(j)8.59%02/203172,483 71,983 1.972,302 
GTIV, LLC+(5)One stopN/A(6)02/2031— (2)—(1)
GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.17% cash/4.13%PIK07/20295,376 5,370 0.15,376 
GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.17% cash/4.13%PIK07/20293,515 3,491 0.13,515 
GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.17% cash/4.13%PIK07/2029644 642 —644 
GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.40% cash/4.13%PIK07/2029448 448 —448 
GTY Technology Holdings, Inc.+(5)One stopN/A(6)07/2029— (15)—— 
GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.27% cash/4.13%PIK07/20291,048 1,037 —1,048 
GTY Technology Holdings, Inc.+(25)One stopSF +6.63%(j)6.27% cash/4.13%PIK07/20299,159 9,051 0.29,159 
Gurobi Optimization, LLC+One stopSF +4.50%(j)8.17%09/203147,267 46,883 1.247,267 
Gurobi Optimization, LLC+(5)One stopN/A(6)09/2031— (36)—— 
Hyland Software, Inc.*+One stopSF +5.00%(j)8.67%09/203046,648 47,294 1.246,648 
Hyland Software, Inc.+One stopN/A(6)09/2029— — —— 
Icefall Parent, Inc.+One stopSF +4.50%(j)8.17%01/20303,639 3,630 0.13,639 
Icefall Parent, Inc.+(5)One stopN/A(6)01/2030— (1)—— 
ICIMS, Inc.*+One stopSF +5.75%(j)9.61%08/202812,478 12,431 0.311,979 
ICIMS, Inc.+One stopSF +5.75%(j)9.59%08/2028106 103 —92 
IQN Holding Corp. +One stopSF +5.25%(j)8.93%05/2028146 146 —146 
IQN Holding Corp. *+(25)One stopSF +5.76%(j)6.30% cash/3.13%PIK05/202923,021 23,064 0.623,021 
IQN Holding Corp. +(25)One stopSF +5.76%(j)6.30% cash/3.13%PIK05/20294,078 4,044 0.14,078 
Island Bidco AB+(8)(9)(17)(25)One stopE + 7.25%(d)2.12% cash/7.25%PIK07/202812,355 11,222 0.312,232 
Island Bidco AB+(8)(17)(25)One stopSF +7.00%(k)7.10% cash/3.50%PIK07/20285,004 5,002 0.14,954 
Island Bidco AB+(8)(17)(25)One stopSF +7.00%(k)7.10% cash/3.50%PIK07/20283,693 3,673 0.13,656 
Island Bidco AB+(5)(8)(9)(17)One stopN/A(6)07/2028— (1)—(2)
Island Bidco AB+(8)(17)One stopSF +6.50%(k)10.26%07/202888 88 —86 
Kairos Bidco Limited+One stopSF +4.75%(j)8.42%07/203210 10 —10 
Kairos Bidco Limited+One stopSF +4.75%(j)8.42%07/2032604 601 —604 
Kairos Bidco Limited+(5)One stopN/A(6)07/2032— (1)—— 
Kairos Bidco Limited+One stopSF +4.75%(j)8.42%07/203291 90 —91 
LeadsOnline, LLC+One stopSF +4.50%(j)8.48%02/202812,884 12,992 0.312,884 
LeadsOnline, LLC+One stopSF +4.50%(j)8.48%02/20282,274 2,292 0.12,274 
LeadsOnline, LLC+One stopSF +4.50%(j)8.17%02/2028660 659 —660 
LeadsOnline, LLC+(5)One stopN/A(6)02/2028— (1)—— 
Lighthouse Bidco GMBH+(8)(9)(19)One stopE + 4.75%(d)6.87%06/20311,855 1,805 0.11,855 
Lighthouse Bidco GMBH+(8)(9)(19)One stopE + 4.75%(c)6.77%12/203120,072 17,734 0.520,072 
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)12/2031— (92)—— 
LogicMonitor, Inc.+(5)One stopN/A(6)11/2031— (35)—(84)
LogicMonitor, Inc.+One stopSF +5.50%(j)9.34%11/203154,082 53,798 1.453,407 
LogicMonitor, Inc.+(5)One stopN/A(6)11/2031— (1)—(2)
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/202910,676 10,416 0.310,676 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/20291,617 1,481 —1,617 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/2029832 766 —832 
Matrix42 Holding GMBH+(5)(8)(9)(19)One stopN/A(6)06/2029— (1)—— 
Matrix42 Holding GMBH+(8)(19)One stopN/A(6)06/2029— — —— 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(c)8.31%12/20292,042 2,006 0.12,042 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)One stopSF +5.00%(j)8.82%11/203111,017 10,877 0.311,017 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.00%(c)7.06%11/20303,498 3,447 0.13,498 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.00%(c)7.07%11/203117,280 15,348 0.517,280 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.00%(c)7.06%11/20311,543 1,494 —1,543 
Mindbody, Inc.+One stopSF +6.00%(j)9.99%09/202761,966 61,966 1.661,966 

See Notes to Consolidated Financial Statements.
34
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Mindbody, Inc.+One stopSF +6.00%(j)9.99%09/2027$2,134 $2,134 0.1%$2,134 
Mindbody, Inc.+One stopN/A(6)09/2027— — —— 
Ministry Brands Holdings LLC+One stopSF +5.50%(i)9.32%12/202830,672 30,592 0.830,059 
Ministry Brands Holdings LLC+One stopSF +5.50%(i)9.32%12/20282,886 2,889 0.12,828 
Ministry Brands Holdings LLC+One stopP + 4.50%(a)11.25%12/202730 27 —24 
MYOB Invest Co Pty Ltd+(8)(9)(11)(25)One stopA + 5.25%(e)6.19% cash/2.75%PIK06/203036,988 35,684 1.036,988 
Navex Global Holdings Corporation+One stopSF +5.00%(j)8.91%10/20325,959 6,014 0.25,929 
Navex Global Holdings Corporation+(5)One stopN/A(6)10/2031— — —(1)
Navex Global Holdings Corporation+(5)One stopN/A(6)10/2032— (1)—(2)
Naviga Inc.+(7)Senior securedSF +1.00%(j)4.77%09/2026184 121 —64 
Onit, Inc.+One stopSF +4.75%(j)8.59%01/20325,415 5,369 0.15,428 
Onit, Inc.+(5)One stopN/A(6)01/2032— (7)—— 
Onit, Inc.+(5)One stopN/A(6)01/2032— (10)—— 
Onit, Inc.+One stopSF +4.50%(j)8.34%01/20321,448 1,444 —1,448 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.00%(c)7.02%11/2029347 292 —347 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.75%(c)7.77%11/20292,317 2,089 0.12,323 
Panzura, LLC+(25)One stopN/A7.00% cash/8.00%PIK08/2027134 126 —120 
Personify, Inc.*One stopSF +4.75%(i)8.47%09/202811,769 11,707 0.311,769 
Personify, Inc.*+One stopSF +4.75%(i)8.47%09/20288,354 8,309 0.28,354 
Personify, Inc.+One stopN/A(6)09/2028— — —— 
Personify, Inc.+One stopSF +4.75%(i)8.47%09/202815,927 15,870 0.415,927 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.26%(c)4.15% cash/3.13%PIK01/20315,347 4,605 0.15,347 
Pineapple German Bidco GMBH+(8)(19)(25)One stopSF +5.26%(j)5.78% cash/3.13%PIK01/203178 76 —78 
Pineapple German Bidco GMBH+(8)(19)(25)One stopSF +5.26%(j)5.78% cash/3.13%PIK01/203115,166 15,042 0.415,166 
Pineapple German Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)01/2031— (53)—— 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.26%(c)4.15% cash/3.13%PIK01/20311,148 1,048 —1,148 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.26%(c)4.15% cash/3.13%PIK01/2031356 321 —356 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 5.26%(c)4.15% cash/3.13%PIK01/203179 71 —79 
Pluralsight, LLC+(7)(25)One stopSF +7.50%(j)11.32%PIK08/20296,942 6,764 0.15,415 
Pluralsight, LLC+(25)One stopSF +4.50%(j)6.82% cash/1.50%PIK08/20294,033 3,946 0.13,872 
Pluralsight, LLC+(25)One stopSF +4.50%(j)6.82% cash/1.50%PIK08/20292,016 2,016 0.11,936 
Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(40)
Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(99)
ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.17%09/20286,014 6,022 0.25,893 
ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.17%09/20282,864 2,849 0.12,807 
ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.17%09/20281,203 1,200 —1,178 
ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.17%09/2028108 108 —104 
ProcessUnity Holdings, LLC+One stopSF +6.50%(j)10.17%09/20284,240 4,224 0.14,155 
QAD, Inc.*+One stopSF +4.75%(i)8.47%11/202742,707 43,081 1.142,707 
QAD, Inc.+(5)One stopN/A(6)11/2027— (1)—— 
Quant Buyer, Inc.*+One stopSF +5.25%(j)9.08%06/20297,311 7,263 0.27,239 
Quant Buyer, Inc.*+One stopSF +5.25%(j)9.07%06/20294,305 4,292 0.14,262 
Quant Buyer, Inc.*+One stopSF +5.25%(j)9.03%06/20297,528 7,442 0.27,453 
Quant Buyer, Inc.+One stopSF +5.25%(j)9.07%06/2029230 227 —228 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +5.18%(g)7.22% cash/1.68%PIK07/202921,552 19,704 0.621,552 
Rainforest Bidco Limited+(8)(10)(25)One stopSF +5.18%(h)7.16% cash/1.68%PIK07/20293,782 3,762 0.13,782 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +4.93%(g)7.22% cash/1.43%PIK07/20294,058 3,831 0.14,058 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +5.18%(g)7.22% cash/1.68%PIK07/20291,583 1,440 —1,583 
Rainforest Bidco Limited+(8)(10)(25)One stopSF +5.18%(h)7.16% cash/1.68%PIK07/20291,006 1,006 —1,006 
Rainforest Bidco Limited+(5)(8)(9)(10)One stopN/A(6)07/2029— (7)—— 
Rainforest Bidco Limited+(8)(10)(25)One stopSF +5.18%(h)7.16% cash/1.68%PIK07/2029701 701 —701 
Riskonnect Parent, LLC*+One stopSF +4.75%(k)8.62%12/202845,051 45,403 1.245,051 

See Notes to Consolidated Financial Statements.
35
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 +4.75%(k)8.62%12/2028$2,115 $2,128 0.1%$2,115 
Riskonnect Parent, LLC+One stopSF +4.75%(k)8.62%12/2028813 807 —813 
Riskonnect Parent, LLC+One stopSF +4.75%(k)8.62%12/2028572 565 —572 
Riskonnect Parent, LLC+One stopSF +4.75%(j)(k)8.44%12/2028153 150 —153 
Riskonnect Parent, LLC+(5)One stopN/A(6)12/2028— (6)—— 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(j)10.22%05/20277,616 7,609 0.27,616 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopN/A(6)05/2027— — —— 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(j)10.07%05/202713,056 13,000 0.313,056 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(j)10.07%05/20272,000 1,993 0.12,000 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 4.75%(c)6.78%07/202953,689 47,197 1.453,689 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)7.02%07/20294,387 3,982 0.14,398 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)7.02%07/20291,617 1,490 —1,621 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 4.75%(c)6.83%07/2029505 500 —505 
Sonatype, Inc.+One stopSF +4.75%(i)8.57%01/202869,460 69,541 1.869,460 
Sonatype, Inc.+One stopN/A(6)01/2028— — —— 
Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— 
Spark Bidco Limited+(8)(10)One stopSF +4.75%(j)8.69%10/20321,132 1,123 —1,132 
Spark Bidco Limited+(8)(10)One stopSF +4.75%(j)8.69%10/2032410 410 —410 
Spark Bidco Limited+(8)(9)(10)One stopA + 4.75%(e)8.33%10/2032234 230 —234 
Spark Bidco Limited+(8)(9)(10)One stopSN +3.98%(g)7.70%10/203236 35 —36 
Spartan Buyer Acquisition Co.*+(25)One stopSF +7.50%(j)10.32% cash/1.00%PIK06/202744,712 44,577 1.144,264 
Spartan Buyer Acquisition Co.+(25)One stopSF +7.50%(j)10.32% cash/1.00%PIK06/20272,851 2,832 0.12,823 
Spartan Buyer Acquisition Co.+(5)(25)One stopP + 6.50%(a)12.25% cash/1.00%PIK06/20272 (1)—(4)
Telesoft Holdings LLC*+One stopSF +5.75%(i)9.57%12/202620,909 21,002 0.520,909 
Telesoft Holdings LLC+One stopSF +6.25%(i)10.07%12/20261,414 1,413 —1,414 
Telesoft Holdings LLC+One stopSF +5.75%(i)9.57%12/202648 48 —48 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(j)9.97%07/20284,800 4,785 0.14,800 
Templafy APS and Templafy, LLC+(8)(18)One stopN/A(6)07/2028— — —— 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK06/20274,252 4,244 0.13,147 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK06/20271,128 1,127 —835 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK06/2027708 707 —524 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK06/2027531 531 —392 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK06/2027196 194 —145 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK06/202793 93 —67 
TI Intermediate Holdings, LLC+(5)Senior securedN/A(6)03/2026— (6)—— 
TI Intermediate Holdings, LLC+(7)(25)Senior securedSF +5.50%(i)8.32% cash/1.00%PIK03/20267 7 —6 
Togetherwork Holdings, LLC*+One stopSF +5.00%(i)8.72%05/203127,623 27,585 0.727,623 
Togetherwork Holdings, LLC+One stopSF +5.00%(i)8.72%05/2031692 665 —692 
Togetherwork Holdings, LLC+One stopSF +5.00%(i)8.72%05/2031254 241 —254 
Transform Bidco Limited+(8)(10)(25)One stopSF +6.75%(j)10.69%PIK01/20315,482 5,548 0.25,482 
Transform Bidco Limited+(8)(10)One stopSF +6.50%(i)10.73%06/203040 38 —40 
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (69)—— 
Transform Bidco Limited+(8)(9)(10)(25)One stopA + 6.75%(e)(j)7.62% cash/2.75%PIK01/20314,123 3,994 0.14,123 
Transform Bidco Limited+(8)(9)(10)(25)One stopSN +6.75%(g)7.72% cash/2.75%PIK01/2031650 611 —650 
Transform Bidco Limited+(8)(10)(25)One stopSF +6.90%(j)7.94% cash/2.90%PIK01/20314,371 4,297 0.14,371 
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (32)—— 
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (4)—— 
Tricentis Operations Holdings, Inc.+(25)One stopSF +6.26%(j)5.22% cash/4.88%PIK02/20327,837 7,804 0.27,837 
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (7)—— 
Vanco Payment Solutions, LLC+One stopN/A(6)12/2031— — —— 
Vanco Payment Solutions, LLC+One stopSF +4.75%(j)8.42%12/2031478 473 —473 

See Notes to Consolidated Financial Statements.
36
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Vantage Bidco GMBH+(8)(9)(19)One stopE + 6.00%(c)8.02%04/2031$9,232 $8,395 0.2%$9,232 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)10/2030— (10)—— 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.50%(d)7.57%07/20317,776 7,164 0.27,777 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 4.75%(d)6.82%07/20314,146 3,835 0.14,146 
Vendavo, Inc.+One stopSF +5.75%(j)9.61%09/202727,025 26,588 0.624,592 
Vendavo, Inc.+One stopSF +5.75%(a)(j)9.76%09/20272,933 2,914 0.12,705 
Vendavo, Inc.+One stopSF +5.75%(j)9.59%09/2027985 983 —897 
Viper Bidco, Inc.+One stopSF +4.75%(j)8.42%11/203140,473 40,303 1.040,574 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (16)—— 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (9)—— 
Viper Bidco, Inc.+(9)One stopSN +4.75%(g)8.47%11/203118,647 17,349 0.518,693 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (2)—— 
WebPT, Inc.+One stopSF +6.25%(j)10.01%01/2028924 918 —730 
Zendesk, Inc.+(5)One stopN/A(6)11/2028— (23)—— 
Zendesk, Inc.+One stopSF +5.00%(j)8.69%11/202828,298 28,223 0.728,298 
Zendesk, Inc.+One stopSF +5.00%(j)8.69%11/20284,563 4,525 0.14,563 
Zendesk, Inc.+One stopN/A(6)11/2028— — —— 
2,129,072 2,101,309 53.7 2,116,246 


See Notes to Consolidated Financial Statements.
37
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Specialty Retail
Ave Holdings III, Corp*+One stopSF +5.50%(k)9.62%02/2028$23,120 $22,966 0.6%$22,426 
Ave Holdings III, Corp+One stopSF +5.50%(k)9.62%02/20286,030 6,100 0.25,849 
Ave Holdings III, Corp+One stopSF +5.50%(k)9.62%02/2028792 792 —769 
Ave Holdings III, Corp+(5)One stopN/A(6)02/2028— (1)—(8)
Biscuit Parent, LLC*+One stopSF +4.75%(j)8.42%02/203119,953 19,801 0.519,953 
Biscuit Parent, LLC+(5)One stopN/A(6)02/2031— (1)—— 
Biscuit Parent, LLC+One stopSF +4.75%(j)8.42%02/20314,680 4,620 0.14,680 
Cavender Stores L.P.*Senior securedSF +5.00%(j)8.67%10/20295,390 5,359 0.15,390 
Consilio Midco Limited+(8)(9)(10)Senior securedE + 4.75%(c)6.77%04/203213,140 12,662 0.313,140 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(j)8.42%04/203210,689 10,641 0.310,689 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(j)8.42%04/20326,589 6,559 0.26,589 
Consilio Midco Limited+(5)(8)(10)Senior securedN/A(6)04/2032— (18)—— 
Consilio Midco Limited+(8)(10)Senior securedN/A(6)04/2032— — —— 
Consilio Midco Limited+(8)(10)(25)Subordinated debtSF +7.50%(j)11.23%PIK04/20331,781 1,769 0.11,781 
Consilio Midco Limited+(8)(9)(10)(25)Subordinated debtE + 7.50%(d)9.60%PIK04/20331,413 1,360 —1,413 
Consilio Midco Limited+(8)(10)(25)Subordinated debtSF +7.50%(j)11.82%PIK04/20332 2 —2 
CVP Holdco, Inc.+One stopSF +4.75%(i)8.47%06/203113,529 13,423 0.413,529 
CVP Holdco, Inc.+(5)One stopN/A(6)06/2030— (11)—— 
CVP Holdco, Inc.+One stopSF +4.75%(i)8.47%06/2031829 815 —829 
Cycle Gear, Inc.+One stopSF +6.75%(j)10.72%04/202646,304 45,485 1.246,304 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(j)8.42%12/203011,489 11,442 0.311,489 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(j)8.42%12/2030306 300 —306 
PetVet Care Centers LLC*+One stopSF +6.00%(i)9.72%11/20304,680 4,712 0.14,212 
PetVet Care Centers LLC+One stopSF +6.00%(i)9.84%11/202910 9 —2 
Radiance Borrower, LLC+(25)One stopSF +5.25%(i)8.97%06/203121,948 21,824 0.621,948 
Radiance Borrower, LLC+One stopSF +5.25%(i)8.97%06/2031205 191 —205 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/20285,190 5,193 0.15,202 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.67%PIK09/20293,594 3,571 0.13,604 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.67%PIK09/20291,907 1,894 0.11,911 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.67%PIK09/2029695 689 —696 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028534 532 —535 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.67%PIK09/2029932 914 —934 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028349 347 —350 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028339 338 —340 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028268 267 —269 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028153 153 —153 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.67%PIK09/2029177 176 —177 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028112 111 —112 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028104 104 —104 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/202885 84 —85 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/202878 78 —78 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028495 492 —496 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028575 570 —575 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028633 630 —634 
Salon Lofts Group, LLC+(5)Second lienN/A(6)09/2029— (14)—5 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028168 167 —168 
Salon Lofts Group, LLC+(5)Senior securedN/A(6)08/2028— (20)—— 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(j)12.67%PIK09/20291,594 1,585 —1,598 
Salon Lofts Group, LLC+Senior securedSF +5.75%(j)9.42%08/2028247 246 —248 

See Notes to Consolidated Financial Statements.
38
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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+(25)Second lienSF +9.00%(j)12.67%PIK09/2029$708 $704 —%$710 
Salon Lofts Group, LLC+Senior securedSF +5.25%(j)8.92%08/20282,222 2,214 0.12,222 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+One stopSF +5.25%(j)8.92%12/202931,990 31,776 0.831,670 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)One stopCA +5.25%(m)7.51%12/20297,823 7,838 0.27,745 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)One stopN/A(6)12/2028— (4)—(7)
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)One stopN/A(6)12/2029— (64)—(33)
Titan Fitness, LLC+(25)One stopSF +7.25%(j)5.14% cash/6.25%PIK10/202642,189 41,572 0.932,907 
Titan Fitness, LLC+(25)One stopSF +7.25%(j)5.14% cash/6.25%PIK10/20263,060 2,992 0.12,387 
Titan Fitness, LLC+(25)One stopSF +7.25%(j)5.06% cash/6.25%PIK10/2026618 594 —432 
Titan Fitness, LLC+(25)One stopSF +7.25%(i)6.47% cash/4.75%PIK10/2026632 626 —632 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 4.50%(e)8.29%03/202817,842 17,618 0.517,842 
VSG Acquisition Corp. and Sherrill, Inc.+(5)One stopN/A(6)10/2029— (1)—— 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.00%(i)8.72%10/2029103 96 —103 
VSG Acquisition Corp. and Sherrill, Inc.*+One stopSF +5.00%(i)8.72%10/202916,223 15,923 0.416,223 
334,518 330,792 8.3 322,604 
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(k)10.15%03/20282,347 2,329 —1,643 
Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(j)9.84%03/20281,170 1,161 —819 
Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(k)10.15%03/20281,027 1,020 —720 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.21% cash/2.00%PIK09/202710,001 10,001 0.39,551 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/20274,018 4,017 0.13,837 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/20272,069 2,069 0.11,976 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/2027687 687 —656 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/2027314 314 —300 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/2027300 300 —287 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/2027121 121 —72 
Elite Sportswear, L.P.+(25)Senior securedSF +7.50%(j)9.43% cash/2.00%PIK09/20274 4 —2 
Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.82%11/20269,077 9,049 0.29,101 
Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.82%11/20266,293 6,273 0.26,309 
Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.82%11/2026974 971 —977 
Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.82%11/2026874 872 —877 
Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.82%11/2026614 612 —615 
Georgica Pine Clothiers, LLC+One stopSF +6.00%(j)9.82%11/20262 2 —2 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(i)10.33%07/20291,287 1,287 —1,287 
Shoes For Crews Global, LLC+(25)Senior securedSF +7.00%(i)5.83% cash/5.00%PIK07/2029764 744 —764 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(i)10.33%07/2029416 416 —416 
Shoes For Crews Global, LLC+(5)Senior securedN/A(6)07/2029— (25)—— 
42,359 42,224 0.940,211 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.88% cash/3.25%PIK06/202820,744 20,551 0.518,670 
Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.88% cash/3.25%PIK06/202821,518 21,139 0.519,366 
Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.25%(j)8.13% cash/3.25%PIK06/20286,387 6,256 0.25,748 
Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.88% cash/3.25%PIK06/20282,633 2,535 0.12,370 
Marcone Yellowstone Buyer Inc.+(25)One stopSF +7.00%(j)7.88% cash/3.25%PIK06/20286,893 6,611 0.26,204 
58,175 57,092 1.552,358 
Transportation Infrastructure
LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (6)—— 
LDS Intermediate Holdings, LLC+One stopSF +5.00%(i)8.72%02/20327,389 7,349 0.27,389 
LDS Intermediate Holdings, LLC+One stopSF +5.00%(i)8.72%02/20321,463 1,455 —1,463 
LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (4)—— 

See Notes to Consolidated Financial Statements.
39
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
LDS Intermediate Holdings, LLC+One stopSF +5.00%(i)8.72%02/2032$206 $205 —%$206 
9,058 8,999 0.29,058 
Water Utilities
S.J. Electro Systems, LLC*Senior securedSF +4.75%(j)8.74%06/202824,165 24,039 0.624,044 
S.J. Electro Systems, LLC*+Senior securedSF +4.75%(j)8.74%06/202818,534 18,484 0.518,441 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.74%06/20281,169 1,163 —1,164 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(a)(j)8.60%06/2027854 809 —811 
S.J. Electro Systems, LLC+(5)Senior securedN/A(6)06/2028— (3)—(3)
S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.74%06/2028180 179 —179 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)8.74%06/2028239 238 —238 
S.J. Electro Systems, LLC+One stopSF +4.75%(j)8.66%06/2028236 235 —235 
S.J. Electro Systems, LLC+(5)One stopN/A(6)06/2028— (1)—(1)
Vessco Midco Holdings, LLC+One stopSF +4.50%(k)8.23%07/2031507 505 —505 
Vessco Midco Holdings, LLC+(5)One stopN/A(6)07/2031— (1)—(2)
Vessco Midco Holdings, LLC*One stopSF +4.50%(i)(k)8.42%07/203122,500 22,321 0.622,387 
Vessco Midco Holdings, LLC+One stopSF +4.50%(i)(k)8.28%07/20316,200 6,170 0.26,162 
Vessco Midco Holdings, LLC+(5)One stopN/A(6)07/2031— (20)—(12)
74,584 74,118 1.9 74,148 
Total non-controlled/non-affiliate company debt investments7,955,398 7,859,062 201.0 7,857,753 

See Notes to Consolidated Financial Statements.
40
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+Common stockN/AN/A02/2023N/A93 $948 —%$840 
Tronair Parent, Inc.+LLC interestN/AN/A07/2021N/A— 40 —112 
988 —952 
Air Freight & Logistics
RJW Group Holdings, Inc.+LP interestN/AN/A11/2024N/A4,370 2,689 0.13,692 
Auto Components
Arnott, LLC+Common stockN/AN/A12/2024N/A— 350 —236 
North Haven Falcon Buyer, LLC+Preferred stockN/AN/A05/2021N/A2,704 693 —693 
North Haven Falcon Buyer, LLC+LLC interestN/AN/A05/2021N/A2,080 18 —18 
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —31 
1,375 —978 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —732 
CAP-KSI Holdings, LLC+LLC interestN/AN/A06/2024N/A645 — —101 
CG Group Holdings, LLC+LP interestN/AN/A07/2021N/A1 983 —817 
Go Car Wash Parent, Corp.+(24)Preferred stockN/A17.00%Non-Cash04/2022N/A— 3,959 0.13,825 
Go Car Wash Parent, Corp.+Common stockN/AN/A04/2022N/A— 553 —— 
MOP GM Holding, LLC+Common stockN/AN/A11/2020N/A— 499 —292 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 51 —61 
National Express Wash Parent Holdco, LLC+LP interestN/AN/A07/2022N/A1 103 —179 
POY Holdings, LLC+LP interestN/AN/A11/2022N/A446 820 —408 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A1,085 1,085 —1,460 
Quick Quack Car Wash Holdings, LLC+LLC interestN/AN/A06/2024N/A215 215 —278 
Yorkshire Parent, Inc.+LP interestN/AN/A12/2023N/A— 544 —679 
9,457 0.18,832 
Beverages
Spindrift Beverage Co. Inc.+LP interestN/AN/A02/2025N/A2 2,039 0.12,438 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(24)LP unitsN/AN/A10/2023N/A4 40 —32 
Cobepa BlueSky Aggregator, SCSp+(7)(24)Preferred stockN/A15.00%Non-Cash04/2024N/A5 61 —— 
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/A12/2021N/A219 1,899 —— 
2,000 —32 
Building Products
BECO Holding Company, Inc.+(24)Preferred stockN/A11.75%Non-Cash11/2021N/A132 20,899 0.621,351 
BECO Holding Company, Inc.+LP interestN/AN/A11/2021N/A10 1,218 —1,097 
22,117 0.622,448 
Chemicals
Inhance Parent, Inc.+Common stockN/AN/A07/2018N/A— 124 —— 
Inhance Parent, Inc.+Preferred stockN/AN/A09/2025N/A12 — —328 
Inhance Parent, Inc.+Preferred stockN/AN/A12/2021N/A12 7,283 —— 
7,407 —328 

See Notes to Consolidated Financial Statements.
41
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Commercial Services & Supplies
CHA Vision Holdings, Inc.+LP interestN/AN/A01/2024N/A— $461 —%$564 
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/A10/2021N/A773 836 —1,035 
PT Intermediate Holdings III, LLC+LLC interestN/AN/A12/2021N/A16 1,787 0.11,972 
Radwell Parent, LLC+LP interestN/AN/A03/2022N/A4 477 —485 
3,561 0.14,056 
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 209 — 332 
Packaging Coordinators Midco, Inc.+LP interestN/AN/A09/2025N/A45 450 — 450 
659 —782 
Diversified Consumer Services
Action Termite Control, LLC+Common stockN/AN/A12/2025N/A1 5 —5 
Action Termite Control, LLC+Preferred stockN/AN/A12/2025N/A— 95 —95 
CHHJ Midco, LLC+Preferred stockN/AN/A01/2021N/A27 312 —477 
CHVAC Services Investment, LLC+Common stockN/AN/A05/2024N/A105 267 —498 
DP Flores Holdings, LLC+LLC interestN/AN/A09/2022N/A106 98 —170 
EMS LINQ, LLC+LP interestN/AN/A12/2021N/A761 758 —215 
EWC Growth Partners LLC+LLC interestN/AN/A03/2020N/A— 12 —— 
FPG Intermediate Holdco, LLC+LLC interestN/AN/A07/2025N/A18 6,655 0.25,654 
HS Spa Holdings, Inc.+Common stockN/AN/A05/2022N/A729 732 —469 
Kodiak Buyer, LLC+Common stockN/AN/A08/2025N/A4 373 —378 
Liminex, Inc.+Common stockN/AN/A11/2020N/A17 634 —343 
NSG Buyer, Inc. +LP unitsN/AN/A11/2022N/A3 2,992 0.14,196 
PADI Holdco, Inc.+LLC interestN/AN/A07/2017N/A1 945 —1,355 
Project Alpha Intermediate Holdings, Inc.+LP interestN/AN/A05/2025N/A327 1,359 —1,419 
SCP CDH Buyer, Inc.+Common stockN/AN/A12/2025N/A1 5 —5 
SCP CDH Buyer, Inc.+Preferred stockN/AN/A12/2025N/A— 95 —95 
Virginia Green Acquisition, LLC+LP interestN/AN/A12/2023N/A397 407 —546 
15,744 0.315,920 
Electric Utilities
Smart Energy Systems, Inc.+WarrantN/AN/A01/2025N/A18 96 —470 
Electrical Equipment
Wildcat TopCo, Inc.+(24)LP interestN/AN/A12/2024N/A503 412 —549 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —146 
Inventus Power, Inc.+Preferred stockN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+Preferred stockN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —483 


See Notes to Consolidated Financial Statements.
42
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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
GMF Parent, Inc.+LP interestN/AN/A12/2025N/A— $100 —%$100 
Hopdoddy Holdings, LLC+LLC unitsN/AN/A08/2015N/A44 217 —271 
Hopdoddy Holdings, LLC+LLC interestN/AN/A02/2016N/A20 61 —60 
Mendocino Farms, LLC+Common stockN/AN/A06/2018N/A227 1,041 0.11,555 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.26,716 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A06/2024N/A3 47 —55 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —78 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —56 
6,530 0.38,891 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —222 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A6 14 —11 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A01/2022N/A4 9 —8 
Borrower R365 Holdings, LLC+Common stockN/AN/A06/2022N/A1 3 —3 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2022N/A2 4 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A1 3 —3 
Borrower R365 Holdings, LLC+Common stockN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A04/2024N/A21 73 —59 
Kodiak Cakes, LLC+Common stockN/AN/A06/2021N/A— 557 0.11,963 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/A07/2021N/A— 599 —204 
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 —45 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —338 
Purfoods, LLC+(24)LLC interestN/AN/A05/2016N/A— 945 0.25,917 
Zullas, L.C.+Common stockN/AN/A06/2025N/A— 250 —260 
3,142 0.39,074 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+Common stockN/AN/A06/2019N/A— 98 —106 
Blue River Pet Care, LLC+LLC interestN/AN/A08/2019N/A— 734 —748 
CCSL Holdings, LLC+LP interestN/AN/A12/2020N/A— 500 —733 
Centegix Intermediate II, LLC+LLC interestN/AN/A08/2025N/A600 600 —642 
CMI Parent Inc.+Preferred stockN/AN/A08/2019N/A— 557 —691 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 0.11,517 
Isto Group, Inc.+(9)LP interestN/AN/A09/2025N/A3 369 —365 
JHC Investment Intermediate Holdings, LLC+Common stockN/AN/A03/2024N/A5,293 — 0.12,160 
ZimVie, Inc.+LP interestN/AN/A10/2025N/A4 362 —362 
3,703 0.27,324 


See Notes to Consolidated Financial Statements.
43
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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%$2,531 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.25,770 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.13,737 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 —1,104 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC interestN/AN/A03/2021N/A180 192 —156 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/A12/2018N/A531 456 —1,014 
DCA Investment Holding, LLC(7)(24)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 659 —— 
DCA Investment Holding, LLCCommon stockN/AN/A12/2022N/A12 5 —— 
Encorevet Group LLC+Preferred stockN/AN/A05/2024N/A3 261 —91 
ERC Topco Holdings, LLC+Common stockN/AN/A03/2025N/A3 4,841 0.13,647 
HP TLE Buyer, Inc.+Common stockN/AN/A07/2025N/A450 450 —454 
Krueger-Gilbert Health Physics, LLC+LLC interestN/AN/A05/2019N/A239 324 —742 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —617 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)Common stockN/AN/A05/2021N/A— 409 —450 
Pinnacle Treatment Centers, Inc.+Preferred stockN/AN/A08/2016N/A— 528 —512 
Pinnacle Treatment Centers, Inc.+Common stockN/AN/A08/2016N/A4 74 —— 
Pyramid Healthcare Acquisition Corp.+LLC interestN/AN/A05/2021N/A257 310 —408 
Radiology Partners, Inc.+Preferred stockN/AN/A02/2018N/A11 68 —92 
Radiology Partners, Inc.+Preferred stockN/AN/A09/2014N/A43 55 —364 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A5 1,516 0.25,444 
Southern Veterinary Partners, LLC+Common stockN/AN/A12/2024N/A52 81 —708 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A— 15 —53 
Southern Veterinary Partners, LLC+Common stockN/AN/A12/2024N/A1 — —7 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A— 276 —452 
Southern Veterinary Partners, LLC+Common stockN/AN/A12/2024N/A4 15 —59 
Southern Veterinary Partners, LLC+(24)Preferred stockN/A10.00%Non-Cash12/2024N/A— 3 —5 
Southern Veterinary Partners, LLC+Common stockN/AN/A12/2024N/A— — —1 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —569 
17,082 0.728,987 


See Notes to Consolidated Financial Statements.
44
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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.+Common stockN/AN/A05/2024N/A446 $449 —%$593 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —347 
Connexin Software, Inc.+LLC interestN/AN/A02/2024N/A12 16 —28 
HSI Halo Acquisition, Inc.+(24)Preferred stockN/A10.00%Non-Cash10/2019N/A— 134 —265 
HSI Halo Acquisition, Inc.+LLC interestN/AN/A10/2019N/A— 14 —111 
Modernizing Medicine, Inc.+(24)Preferred stockN/A13.00%Non-Cash04/2025N/A5 4,848 0.24,949 
Symplr Software, Inc.+(24)Preferred stockN/A11.00%Non-Cash10/2021N/A15 22,002 0.519,817 
Symplr Software, Inc.+(24)Preferred stockSF +10.50%(j)14.17%Non-Cash11/2018N/A3 6,886 0.27,267 
Symplr Software, Inc.+(24)Preferred stockN/A11.00%Non-Cash12/2020N/A2 2,779 0.12,630 
Symplr Software, Inc.+(24)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,671 0.11,537 
Symplr Software, Inc.+LLC interestN/AN/A09/2021N/A— 161 —110 
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 237 —633 
Tebra Technologies, Inc.+WarrantN/AN/A03/2019N/A169 871 —386 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —— 
Tebra Technologies, Inc.+Preferred stockN/AN/A09/2018N/A1 8 —8 
Veranex, Inc.+Preferred stockN/AN/A08/2025N/A135 30 —— 
Veranex, Inc.+Preferred stockN/AN/A08/2025N/A472 — —— 
Veranex, Inc.+Common stockN/AN/A08/2025N/A60 — —— 
40,496 1.138,681 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —219 
Cafe Rio Holding, Inc.+Preferred stockN/AN/A12/2025N/A— 41 —41 
Harri US LLC+Preferred stockN/AN/A02/2022N/A119 892 —736 
Harri US LLC+Preferred stockN/AN/A10/2021N/A102 649 —614 
Harri US LLC+WarrantN/AN/A10/2021N/A34 171 —205 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 —1,407 
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 —127 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 —— 
Patriot Acquireco, LLC+Common stockN/AN/A09/2025N/A450 456 —450 
PB Group Holdings, LLC+LP interestN/AN/A08/2024N/A383 886 —819 
Rooster BidCo Limited+(8)(10)Preferred stockN/AN/A03/2025N/A1,258 1,301 0.12,238 
Saguaro Buyer, LLC+Common stockN/AN/A07/2025N/A— 250 —311 
SSRG Holdings, LLC+LP interestN/AN/A11/2019N/A46 493 —515 
7,771 0.17,819 
Insurance
Majesco+(24)Preferred stockN/A9.00%Non-Cash09/2020N/A— 607 —683 
Majesco+LP interestN/AN/A09/2020N/A97 94 —355 
Oakbridge Insurance Agency LLC+LP interestN/AN/A11/2023N/A20 404 —443 
1,105 —1,481 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,215 0.622,429 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.413,462 
Revalize, Inc.+Preferred stockN/AN/A12/2022N/A11 11,050 0.38,784 
Revalize, Inc.+Preferred stockN/AN/A04/2022N/A4 4,285 0.13,343 
57,285 1.448,018 

See Notes to Consolidated Financial Statements.
45
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 0.3%$9,123 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A10/2020N/A211 931 0.12,392 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 408 —549 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/A08/2020N/A277 779 0.12,981 
Critical Start, Inc.+Common stockN/AN/A05/2022N/A343 379 —105 
Kentik Technologies, Inc.+Preferred stockN/AN/A09/2021N/A509 2,933 0.13,030 
Kentik Technologies, Inc.+WarrantN/AN/A11/2024N/A1 5 —6 
Netwrix Corporation+LLC interestN/AN/A06/2022N/A7 19 —16 
Optimizely North America, Inc.+Common stockN/AN/A10/2018N/A92 1,016 —1,138 
Saturn Borrower Inc.+Preferred stockN/AN/A09/2020N/A520 470 —567 
9,338 0.619,907 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,969 
Movement Holdings, LLC+(8)(10)LLC interestN/AN/A03/2024N/A— 152 —78 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —— 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A56 96 —— 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —— 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —— 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —— 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —— 
778 0.12,047 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)Common stockN/AN/A11/2022N/A1,302 80 0.12,937 
PAS Parent Inc.+LP interestN/AN/A12/2021N/A15 1,651 0.12,201 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —384 
1,998 0.25,522 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,633 —510 
W3 Co.+Preferred stockN/AN/A01/2019N/A— 224 —206 
1,857 —716 
Paper & Forest Products
Messenger, LLC+Preferred stockN/AN/A12/2021N/A8 667 —894 
Messenger, LLC+Common stockN/AN/A12/2021N/A1 — —— 
667 —894 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interestN/AN/A03/2021N/A701 605 —662 
Cobalt Buyer Sub, Inc.+(24)Preferred stockN/A13.75%Non-Cash10/2021N/A11 19,105 0.519,054 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A— 246 —67 
Cobalt Buyer Sub, Inc.+Common stockN/AN/A10/2021N/A3 2 —— 
Creek Parent, Inc.+LP interestN/AN/A12/2024N/A3,372 3,372 0.14,148 
23,330 0.623,931 


See Notes to Consolidated Financial Statements.
46
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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.+(24)Preferred stockN/A12.50%Non-Cash09/2024N/A— $1,882 0.1%$1,910 
Enboarder, Inc.+(8)Preferred stockN/AN/A01/2022N/A83 859 —532 
Filevine, Inc.+Preferred stockN/AN/A04/2022N/A362 2,867 0.26,915 
Filevine, Inc.+WarrantN/AN/A04/2022N/A54 224 —921 
Filevine, Inc.+Preferred stockN/AN/A05/2024N/A21 176 —404 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,586 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,274 
8,593 0.414,542 
Real Estate Management & Development
Inhabit IQ Inc.+LLC interestN/AN/A01/2018N/A2 528 —469 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —259 
802 —728 
Road & Rail
Internet Truckstop Group, LLC+LP interestN/AN/A04/2019N/A554 587 —350 
Software
Anaplan, Inc.+LP interestN/AN/A06/2022N/A962 1,254 0.11,725
Aras Corporation+(24)Preferred stockN/A12.00%Non-Cash04/2021N/A1 2,287 0.12,510
Aras Corporation+Common stockN/AN/A04/2021N/A427 446—743
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—0
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A07/2021N/A37 405—568
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A02/2023N/A4 46—64
Bayshore Intermediate #2, L.P.+Common stockN/AN/A10/2021N/A5,841 5,8900.27,174
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,1570.11,488
Calabrio, Inc.+LP interestN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+LP interestN/AN/A07/2024N/A258 258—221
Cloudbees, Inc.+Preferred stockN/AN/A11/2021N/A179 2,0070.12,079
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—1,075
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—790
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,227
Denali Bidco Limited+(8)(10)LP unitsN/AN/A08/2023N/A431 312—744
Diligent Corporation+(24)Preferred stockN/A10.50%Non-Cash04/2021N/A24 34,9231.036,667
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 912—895
Energy Worldnet, LLC+LLC interestN/AN/A02/2025N/A50 51—55
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—250
FirstUp, Inc.+Preferred stockN/AN/A03/2025N/A14 27—32
GS Acquisitionco, Inc.+(24)Preferred stockN/A11.00%Non-Cash04/2021N/A35 52,1331.453,813
GS Acquisitionco, Inc.+(24)Preferred stockN/A11.00%Non-Cash11/2021N/A5 6,6380.26,686
GS Acquisitionco, Inc.+LP interestN/AN/A09/2021N/A1 363—0
GS Acquisitionco, Inc.+(24)Preferred stockSF +10.50%(j)14.17%Non-Cash08/2023N/A— 144—142
GTY Technology Holdings, Inc.+LP interestN/AN/A07/2022N/A73 91—156
Gurobi Optimization, LLC+Common stockN/AN/A09/2024N/A— 709—767
Impartner, Inc.+Preferred stockN/AN/A10/2021N/A39 307—220
Kaseya Inc.+(24)Preferred stockSF +10.75%(j)14.35%Non-Cash06/2022N/A2 3,8330.13,752
Kaseya Inc.+LP interestN/AN/A06/2022N/A250 253—293

See Notes to Consolidated Financial Statements.
47
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 —%$275 
Menlo Ridgeview Co-Invest, LLC+(8)LLC interestN/AN/A05/2025N/A931 956—1,036
Ministry Brands Holdings LLC+LP interestN/AN/A12/2021N/A799 774—555
Navex Global Holdings Corporation+LP interestN/AN/A10/2025N/A— 450 —450 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/A10/2019N/A6 17 —15 
Onit, Inc.+Common stockN/AN/A09/2025N/A— 14—14
Panzura, LLC+LLC unitsN/AN/A03/2025N/A2 6 —— 
Personify, Inc.+LLC interestN/AN/A09/2018N/A879 1,396—1,322
Pluralsight, LLC+LLC interestN/AN/A08/2024N/A1,988 3,663 —123 
QAD, Inc.+Preferred stockN/AN/A11/2021N/A1 1,186—1,004
QAD, Inc.+Common stockN/AN/A11/2021N/A68 134—207
RegEd Aquireco, LLC+Preferred stockN/AN/A12/2018N/A— 358—158
RegEd Aquireco, LLC+Preferred stockN/AN/A07/2023N/A— 29—37
RegEd Aquireco, LLC+Common stockN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(24)Preferred stockN/A11.00%Non-Cash04/2022N/A26 37,4671.037,839 
Riskonnect Parent, LLC+LP interestN/AN/A11/2021N/A1,382 1,414—1,401 
Riskonnect Parent, LLC+(24)Preferred stockSF +10.50%(j)14.70%Non-Cash07/2022N/A— 1,107 —1,108 
Riskonnect Parent, LLC+(24)Preferred stockN/A10.50%Non-Cash06/2024N/A— 58 —63 
Rokt Inc.+Common stockN/AN/A01/2025N/A20 683 —796 
SnapLogic, Inc.+Preferred stockN/AN/A09/2019N/A344 1,028 0.12,007 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A131 162 —517 
Spartan Buyer Acquisition Co.+Common stockN/AN/A12/2020N/A1 794—465
Spartan Buyer Acquisition Co.+Preferred stockN/AN/A12/2022N/A— 110—141
StrongDM, Inc.+Preferred stockN/AN/A05/2025N/A424 2,2570.12,257
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—125
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/A07/2022N/A— 82—5
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,342—1,442
Transform Bidco Limited+(8)(10)LP interestN/AN/A04/2025N/A2,350 2,3670.12,353
Tricentis Operations Holdings, Inc.+LP interestN/AN/A02/2025N/A40 40—46
Zendesk, Inc.+Common stockN/AN/A11/2022N/A63 708—605
176,531 4.6180,502 
Specialty Retail
Ave Holdings III, Corp+(7)(24)Preferred stockN/A11.50%Non-Cash02/2022N/A15 20,613 0.415,095 
Ave Holdings III, Corp+Common stockN/AN/A02/2022N/A2 1,737 —132 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 —1,381 
Cycle Gear, Inc.+LLC interestN/AN/A02/2016N/A2,002 481 —206 
Cycle Gear, Inc.+Preferred stockN/AN/A01/2023N/A75 75 —154 
Metal Supermarkets US Buyer, LLC+(8)(12)Common stockN/AN/A12/2024N/A1 — —6 
Metal Supermarkets US Buyer, LLC+(8)(12)Preferred stockN/AN/A12/2024N/A3 347 —377 
Salon Lofts Group, LLC+Common stockN/AN/A08/2022N/A— 137 —76 
VSG Acquisition Corp. and Sherrill, Inc.+LP interestN/AN/A04/2022N/A— 57 —94 
24,734 0.417,521 

See Notes to Consolidated Financial Statements.
48
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+LLC interestN/AN/A11/2015N/A20 $239 —%$299 
Georgica Pine Clothiers, LLC+LLC unitsN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/A06/2021N/A56 265 —97 
Shoes For Crews Global, LLC+Common stockN/AN/A06/2024N/A2 1,087 —1,485 
1,591 —1,883 
Total non-controlled/non-affiliate company equity investments456,944 12.3480,778 
Total non-controlled/non-affiliate company investments8,316,006 213.38,338,531 




See Notes to Consolidated Financial Statements.
49
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)One stopSF +1.00%(j)4.67%PIK06/2027$7,685 $7,071 0.1%$2,690 
Abita Brewing Co., L.L.C.+(7)(25)Second lienSF +1.00%(j)4.67%PIK06/20275,290 3,724 —212 
Abita Brewing Co., L.L.C.+(25)One stopSF +1.00%(j)4.74%PIK06/20273,098 3,098 0.12,536 
16,073 13,893 0.25,438 
Energy, Equipment & Services
Benetech, Inc.+(7)(25)One stopSF +1.00%(j)4.67%PIK08/20275,056 3,623 0.12,022 
Benetech, Inc.+(7)(25)One stopSF +1.00%(j)4.67%PIK08/20271,067 679 —45 
6,123 4,302 0.12,067 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+One stopN/A(6)11/2029— — —— 
G & H Wire Company, Inc.+(25)One stopSF +6.00%(j)4.79% cash/5.00%PIK11/20292,901 2,901 0.12,901 
2,901 2,901 0.12,901 
Healthcare Providers & Services
Bayside Opco, LLC+One stopSF +7.25%(j)11.07%06/202612,699 12,684 0.312,699 
Bayside Opco, LLC+(25)Subordinated debtSF +10.00%(j)13.82%PIK06/20266,043 5,936 0.26,043 
Bayside Opco, LLC+One stopSF +7.25%(j)11.07%06/20264,492 4,459 0.14,492 
Bayside Opco, LLC+One stopN/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(25)One stopSF +5.25%(j)9.07%PIK09/202618,836 13,029 0.13,955 
Elite Dental Partners LLC+(7)(25)One stopSF +12.00%(j)15.82%PIK09/202611,974 7,225 0.13,113 
Elite Dental Partners LLC+(25)One stopSF +5.25%(j)9.07%PIK09/20262,031 2,031 0.12,031 
Elite Dental Partners LLC+(25)One stopSF +5.25%(j)9.40%PIK09/20261,549 1,549 —1,549 
Opening Day Borrower 111 LLC+(25)One stopSF +6.25%(j)10.71%PIK05/20276,033 6,033 0.16,033 
SPF Borrower LLC+(25)One stopSF +6.25%(j)8.07% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+One stopSF +9.50%(j)13.32%02/20288,625 8,625 0.28,625 
SPF Borrower LLC+One stopN/A(6)02/2028— — —— 
88,473 77,762 1.664,731 
Life Sciences Tools & Services
Reaction Biology Corporation+(25)One stopSF +4.75%(j)8.42%PIK03/20291,069 1,069 —1,069 
Reaction Biology Corporation+(25)One stopSF +4.75%(j)8.42%PIK03/20292,989 2,989 0.12,481 
4,058 4,058 0.13,550 
Multiline Retail
Fleet Farm Group, LLC+(25)Senior securedSF +5.50%(j)9.81%PIK01/20315,540 5,540 0.15,152 
Fleet Farm Group, LLC+(25)One stopSF +5.50%(j)9.32%PIK01/20313,326 3,326 0.13,126 
8,866 8,866 0.28,278 
Personal Products
IMPLUS Footcare, LLC+(25)One stopSF +6.00%(j)9.68%PIK10/20283,800 3,800 0.13,716 
IMPLUS Footcare, LLC+(25)One stopSF +6.00%(i)9.70%PIK10/20288,650 8,145 0.28,045 
12,450 11,945 0.311,761 
Software
Switchfly LLC+(25)One stopN/A1.00%PIK11/20271,834 1,834 —1,677 
Specialty Retail
Chestnut Optical Midco, Inc.+One stopSF +1.00%(j)4.67%06/202945,063 41,920 1.040,558 
Chestnut Optical Midco, Inc.+(5)One stopN/A(6)06/2029— — —(282)
Chestnut Optical Midco, Inc.+One stopSF +1.00%(j)4.67%06/20294,695 4,695 0.13,192 
49,758 46,615 1.143,468 
Total non-controlled/affiliate company debt investments190,536 172,176 3.7143,871 

See Notes to Consolidated Financial Statements.
50
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/A02/2021N/A210$— —%$— 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+Common stockN/AN/A11/2024N/A1593,810 0.12,067 
Healthcare Providers & Services
Bayside Opco, LLC+LLC interestN/AN/A05/2023N/A6 2,592 0.311,777 
Elite Dental Partners LLCPreferred stockN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+Preferred stockN/AN/A09/2024N/A181 21,172 0.416,240 
Opening Day Borrower 111 LLC+LLC interestN/AN/A04/2023N/A181 7,836 —— 
SPF Borrower LLC+LLC interestN/AN/A02/2024N/A— 9,347 0.311,412 
45,099 1.039,429 
Life Sciences Tools & Services
Reaction Biology Corporation+Common stockN/AN/A03/2025N/A1394,980 0.13,586 
Multiline Retail
Fleet Farm Group, LLCCommon stockN/AN/A12/2024N/A023,874 0.622,973 
Personal Products
IMPLUS Footcare, LLC+Common stockN/AN/A07/2025N/A828812,388 0.313,015 
Software
Switchfly LLC+LLC interestN/AN/A09/2018N/A98,370 2,321 —— 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.14,795 
Switchfly LLC+LLC interestN/AN/A03/2022N/A950 950 —28 
8,646 0.14,823 
Specialty Retail
Chestnut Optical Midco, Inc.+LLC interestN/AN/A06/2024N/A189 53,764 1.560,255 
Total non-controlled/affiliate company equity investments152,561 3.7146,148 
Total non-controlled/affiliate company investments324,737 7.4290,019 








See Notes to Consolidated Financial Statements.
51
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)One stopN/A8.00%PIK03/2026$2,180 $2,180 0.1%$2,006 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/20261,246 1,246 —1,246 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/20261,340 1,340 —1,340 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/2026388 388 —388 
Total controlled affiliate company debt investments5,154 5,154 0.14,980 
Equity investments(22)(23)
IT Services
MMan Acquisition Co.+Preferred stockN/AN/A09/2024N/A— 7,831 0.15,701 
Total controlled affiliate equity investments7,831 0.15,701 
Total controlled affiliate company investments12,985 0.210,681 
Total investments8,653,728 220.98,639,231 
Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		3.64%(29)$25,569 0.7%$25,569 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)		3.64%(29)123 —123 
Allspring Government Money Market Fund
Select Share Class (CUSIP 94975H296)		3.71%(29)173 —173 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)3.62%(29)34,425 0.934,425 
Total money market funds60,290 1.660,290 
Total investments and money market funds$8,714,018 222.5%$8,699,521 

See Notes to Consolidated Financial Statements.
52
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2025
(Dollar and share amounts in thousands)
*
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 December 31, 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 December 31, 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 December 31, 2025, as the loan could have priced or repriced based on an index rate prior to December 31, 2025.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of December 31, 2025.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.94% as of December 31, 2025.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of December 31, 2025.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.11% as of December 31, 2025.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.74% as of December 31, 2025.
(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.12% as of December 31, 2025.
(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of December 31, 2025.
(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.87% as of December 31, 2025.
(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 3.69% as of December 31, 2025.
(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.65% as of December 31, 2025.
(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.57% as of December 31, 2025.
(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.30% as of December 31, 2025.
(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.26% as of December 31, 2025.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 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. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of December 31, 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 December 31, 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 December 31, 2025, total non-qualifying assets at fair value represented 13.4% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.
(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.

See Notes to Consolidated Financial Statements.
53
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2025
(Dollar and share amounts in thousands)
(22) Equity investments are non-income producing securities unless otherwise noted.
(23) Ownership of certain equity investments occurs through a holding company or partnership.
(24) The Company holds an equity investment that is income producing.
(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 three months ended December 31, 2025.
(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 three months ended December 31, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2025
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of December 31, 2025Interest, dividend and fee income
Abita Brewing Co. LLC$5,216 $3,344 $(2,993)$(129)$— $5,438 $32 
Bayside Opco, LLC33,986 304 (39)760 — 35,011 816 
Benetech, Inc.2,089 — (52)30 — 2,067 — 
Chestnut Optical Midco, Inc.101,952 2,104 — (333)— 103,723 863 
Elite Dental Partners LLC10,692 637 — (681)— 10,648 80 
Fleet Farm Group LLC33,243 218 — (2,210)— 31,251 226 
G & H Wire Company, Inc.6,070 68 (14)(1,156)— 4,968 75 
IMPLUS Footcare, LLC23,769 446 — 561 — 24,776 326 
Opening Day Borrower 111 LLC23,236 7,390 (6,033)(2,320)— 22,273 129 
Reaction Biology Corporation7,259 296 — (419)— 7,136 90 
SPF Borrower LLC37,469 83 (83)(1,241)— 36,228 736 
Switchfly LLC8,782 4 — (2,286)— 6,500 5 
Total Non-Controlled Affiliates$293,763 $14,894 $(9,214)$(9,424)$— $290,019 $3,378 
(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 three months ended December 31, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2025
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of December 31, 2025Interest, dividend and fee income
MMan Acquisition Co.$11,862 $133 $— $(1,314)$— $10,681 $136 
Total Controlled Affiliates$11,862 $133 $— $(1,314)$— $10,681 $136 
(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 December 31, 2025.


See Notes to Consolidated Financial Statements.
54
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 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 +5.00%(i)9.00%02/2029$34,027 $33,833 0.9%$33,857 
PPW Aero Buyer, Inc.*One stopSF +5.00%(i)9.00%02/202911,801 11,736 0.311,742 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)02/2029— (2)—(2)
PPW Aero Buyer, Inc.+(5)One stopN/A(6)02/2029— (2)—(1)
PPW Aero Buyer, Inc.+One stopSF +5.00%(i)9.00%02/20296,432 6,404 0.26,400 
PPW Aero Buyer, Inc.+One stopSF +5.00%(i)9.00%09/2031187 186 —186 
PPW Aero Buyer, Inc.+(5)One stopN/A(6)09/2031— (3)—(3)
Titan BW Borrower L.P.+(26)One stopSF +5.26%(i)6.58% cash/2.88%PIK07/20321,599 1,583 —1,583 
Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (3)—(3)
Titan BW Borrower L.P.+(5)One stopN/A(6)07/2032— (1)—(1)
54,046 53,731 1.453,758 
Air Freight & Logistics
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.00%11/203146,415 45,573 1.245,950 
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.20%11/20312,931 2,871 0.12,897 
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.00%11/20311,710 1,693 0.11,693 
RJW Group Holdings, Inc.+(5)One stopN/A(6)11/2031— (1)—(3)
51,056 50,136 1.450,537 
Airlines
Accelya Lux Finco S.A.R.L.+(8)(22)(26)One stopSF +6.00%(i)10.10%PIK12/20269,085 8,930 0.29,085
Auto Components                
Arnott, LLC+One stopSF +4.75%(j)8.62%11/20304,736 4,696 0.14,689 
Arnott, LLC+One stopSF +4.75%(j)8.74%11/2030349 342 —341 
Collision SP Subco, LLC+One stopSF +4.75%(i)9.06%01/20302,200 2,178 0.12,200 
Collision SP Subco, LLC+One stopSF +4.75%(i)(j)9.00%01/20301,173 1,163 —1,173 
Collision SP Subco, LLC+One stopSF +4.75%(i)8.95%01/203045 42 —45 
Collision SP Subco, LLC+One stopSF +4.75%(i)9.04%01/2030245 243 —245 
Collision SP Subco, LLC+(5)One stopN/A(6)01/2030— (28)—— 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.97%08/20276,756 6,706 0.25,810 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.96%08/20271,367 1,349 —1,176 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.78%08/2027186 183 —160 
North Haven Falcon Buyer, LLC+(7)(26)One stopSF +8.00%(i)7.20% cash/5.00%PIK05/20279,584 8,302 0.14,025 
North Haven Falcon Buyer, LLC+(7)(26)One stopSF +8.00%(i)7.18% cash/5.00%PIK05/20271,603 1,394 —673 
OEConnection, LLC*One stopSF +5.25%(h)9.41%04/203110,185 10,147 0.310,219 
OEConnection, LLC+One stopSF +5.25%(h)9.41%04/20311,777 1,762 0.11,784 
OEConnection, LLC+(5)One stopN/A(6)04/2031— (7)—3 
OEConnection, LLC+(5)One stopN/A(6)04/2031— (30)—23 
40,206 38,442 0.932,566 
Automobiles                
CAP-KSI Holdings, LLC*+One stopSF +5.25%(h)(i)9.32%06/203013,196 13,049 0.313,196 
CAP-KSI Holdings, LLC+One stopSF +5.25%(i)9.90%06/2030396 384 —396 
CG Group Holdings, LLC*+(26)One stopSF +8.75%(i)10.75% cash/2.00%PIK07/202746,395 46,244 1.246,395 
CG Group Holdings, LLC+(26)One stopSF +8.75%(h)10.91% cash/2.00%PIK07/2026804 799 —804 
Denali Midco 2, LLC*One stopSF +5.25%(h)9.41%12/202838,258 38,060 1.038,258 
Denali Midco 2, LLC+(26)Second lienN/A13.00%PIK12/202911,583 11,501 0.311,583 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20288,917 9,036 0.28,917 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20282,668 2,705 0.12,668 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,621 1,642 0.11,621 

See Notes to Consolidated Financial Statements.
55
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)9.41%12/2028$1,540 $1,560 —%$1,540 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,344 1,362 —1,344 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,293 1,281 —1,293 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,108 1,106 —1,108 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,075 1,072 —1,075 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,075 1,074 —1,075 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028887 885 —887 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/20281,210 1,208 —1,210 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028403 399 —403 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028348 345 —348 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028294 292 —294 
Denali Midco 2, LLC+(5)One stopN/A(6)12/2028— (11)—— 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/2028173 171 —173 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.41%12/202887 85 —87 
Denali Midco 2, LLC+(5)One stopN/A(6)12/2028— (4)—— 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.25%12/20291,422 1,418 —1,422 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.25%12/2029296 295 —296 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.25%12/2029250 248 —250 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.24%12/20294 3 —4 
JHCC Holdings LLC*One stopSF +5.25%(i)9.25%09/202717,708 17,674 0.517,708 
JHCC Holdings LLC*+One stopSF +5.25%(i)9.25%09/20276,887 6,877 0.26,887 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20275,127 5,182 0.15,127 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20274,901 4,909 0.14,901 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20272,764 2,779 0.12,764 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20271,642 1,638 0.11,642 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/2027727 724 —727 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/2027688 687 —688 
JHCC Holdings LLC+One stopP + 4.25%(a)11.50%09/202780 80 —80 
JHCC Holdings LLC+One stopSF +5.25%(i)9.25%09/20273,975 3,949 0.13,975 
MOP GM Holding, LLC*+One stopSF +5.75%(i)9.90%11/202632,547 32,513 0.831,896 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.10%11/20263,826 3,817 0.13,749 
MOP GM Holding, LLC*+One stopSF +5.75%(i)10.21%11/20263,580 3,569 0.13,508 
MOP GM Holding, LLC*+One stopSF +5.75%(i)10.21%11/20263,500 3,484 0.13,430 
MOP GM Holding, LLC*+One stopSF +5.75%(i)9.90%11/20262,593 2,582 0.12,541 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/20262,139 2,130 0.12,097 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/20261,972 1,960 0.11,932 
MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/2026718 715 —704 
MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/2026528 525 —517 
MOP GM Holding, LLC+One stopSF +5.75%(i)9.95%11/2026400 397 —392 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/2026264 263 —259 
MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/2026201 200 —197 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.21%11/202688 88 —86 
MOP GM Holding, LLC+One stopSF +5.75%(i)9.90%11/202688 88 —86 
MOP GM Holding, LLC+(5)One stopN/A(6)11/2026— (18)—— 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(i)9.00%07/202913,281 13,237 0.313,281 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)9.24%07/20291,447 1,427 —1,447 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(i)9.00%07/20291,280 1,274 —1,280 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)9.03%07/2029692 682 —692 
POY Holdings, LLC*+One stopSF +5.50%(i)9.65%11/202728,196 28,385 0.727,914 
POY Holdings, LLC*+One stopSF +5.50%(i)9.65%11/20273,666 3,708 0.13,629 
POY Holdings, LLC*+One stopSF +5.50%(i)9.65%11/20271,297 1,297 —1,284 
POY Holdings, LLC+One stopSF +5.50%(i)9.65%11/2027864 864 —856 

See Notes to Consolidated Financial Statements.
56
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
POY Holdings, LLC+One stopSF +5.50%(i)9.65%11/2027$645 $645 —%$639 
POY Holdings, LLC+One stopSF +5.50%(i)9.65%11/2027288 288 —285 
POY Holdings, LLC+One stopSF +5.50%(i)9.64%11/2027234 233 —229 
POY Holdings, LLC+(5)One stopN/A(6)11/2027— (11)—— 
POY Holdings, LLC*One stopSF +5.50%(i)9.64%11/20272,261 2,254 0.12,239 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/20314,808 4,775 0.14,808 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/2031270 267 —270 
Quick Quack Car Wash Holdings, LLC+(5)One stopN/A(6)06/2031— (3)—— 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/2031160 157 —160 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)8.91%06/203120 20 —20 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.26%12/202646,323 46,084 1.246,323 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.26%12/202641,374 41,343 1.041,374 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.26%12/202610,741 10,723 0.310,741 
TWAS Holdings, LLC+One stopSF +6.00%(h)10.26%12/20268,203 8,206 0.28,203 
TWAS Holdings, LLC+One stopSF +6.00%(h)10.26%12/20265,210 5,212 0.15,210 
TWAS Holdings, LLC+(5)One stopN/A(6)12/2026— (5)—— 
Yorkshire Parent, Inc.+One stopSF +5.00%(i)9.31%12/20292,227 2,218 0.12,227 
Yorkshire Parent, Inc.+One stopSF +5.00%(i)9.31%12/202971 47 —71 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.50%12/20292,203 2,227 0.12,203 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.79%12/2029610 608 —610 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.50%12/202962 61 —62 
410,023 409,244 10.1408,597 
Banks
Empyrean Solutions, LLC+One stopSF +4.50%(i)8.50%11/20319,283 9,242 0.29,283 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (6)—— 
Empyrean Solutions, LLC+(5)One stopN/A(6)11/2031— (16)—— 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.31%12/20291,727 1,747 0.11,727 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.32%12/20291,652 1,647 —1,652 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.31%12/2029270 267 —270 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)9.32%12/202919 14 —19 
12,951 12,895 0.312,951 
Beverages
Financial Information Technologies, LLC*+One stopSF +4.75%(i)8.75%06/203034,280 34,188 0.934,280 
Financial Information Technologies, LLC+One stopSF +4.75%(i)8.75%06/20301,687 1,683 0.11,687 
Financial Information Technologies, LLC+(5)One stopN/A(6)06/2030— (1)—— 
Financial Information Technologies, LLC+One stopSF +4.75%(i)8.75%06/20302,199 2,194 0.12,199 
Financial Information Technologies, LLC+One stopN/A(6)06/2030— — —— 
Spindrift Beverage Co. Inc.+One stopSF +5.00%(i)9.29%02/20327,653 7,565 0.27,653 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (17)—— 
Spindrift Beverage Co. Inc.+(5)One stopN/A(6)02/2032— (5)—— 
Watermill Express, LLC*+One stopSF +4.75%(i)8.75%04/20313,047 3,019 0.13,047 
Watermill Express, LLC+One stopSF +4.75%(i)8.75%04/2031294 293 —294 
Watermill Express, LLC+One stopSF +4.75%(i)8.82%04/2031149 141 —149 
Watermill Express, LLC+One stopSF +4.75%(i)8.75%04/2031735 728 —735 
Watermill Express, LLC+One stopSF +4.75%(i)8.79%04/2031369 366 —369 
Watermill Express, LLC*One stopSF +4.75%(i)8.96%04/20312,381 2,360 0.12,381 
Watermill Express, LLC+One stopSF +4.75%(i)8.75%04/20312,771 2,755 0.12,771 
Watermill Express, LLC+(5)One stopN/A(6)04/2031— (11)—— 
Winebow Holdings, Inc.*+One stopSF +6.25%(h)10.51%12/20279,231 8,961 0.28,123 
64,796 64,219 1.863,688 

See Notes to Consolidated Financial Statements.
57
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Building Products
BECO Holding Company, Inc.*+One stopSF +5.25%(i)9.40%11/2028$40,578 $41,055 1.0%$40,578 
BECO Holding Company, Inc.+(5)One stopN/A(6)11/2027— (2)—— 
BECO Holding Company, Inc.+One stopSF +5.25%(i)9.40%11/2028210 209 —210 
BECO Holding Company, Inc.+(5)One stopN/A(6)11/2028— (4)—— 
40,788 41,258 1.040,788 
Capital Markets
BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/20312,514 2,528 0.12,514 
BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/20319,925 9,856 0.39,925 
BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/203168 67 —68 
BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/2031846 838 —846 
BlueMatrix Holdings, LLC+One stopSF +4.75%(i)8.75%01/2031762 760 —762 
14,115 14,049 0.414,115 
Chemicals
AP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2032— (9)—— 
AP Adhesives Holdings, LLC+(5)One stopN/A(6)04/2031— (4)—— 
AP Adhesives Holdings, LLC+One stopSF +4.75%(i)8.80%04/20325,800 5,773 0.25,800 
Inhance Parent, Inc.+One stopN/A(6)06/2029— — —— 
Inhance Parent, Inc.+(26)One stopSF +7.00%(i)6.65% cash/4.50%PIK06/202924,569 21,606 0.622,112 
Inhance Parent, Inc.+(7)(26)One stopN/A20.00%PIK06/202910,562 4,446 0.14,964 
JSG II, Inc. and Checkers USA, Inc.+One stopSF +4.50%(h)8.66%09/20321,433 1,426 —1,426 
JSG II, Inc. and Checkers USA, Inc.+One stopSF +4.50%(h)8.66%09/203214 13 —13 
JSG II, Inc. and Checkers USA, Inc.+(5)One stopN/A(6)09/2032— (1)—(2)
Krayden Holdings, Inc.*Senior securedSF +4.75%(h)8.91%03/20299,741 9,667 0.39,741 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)8.90%03/2029645 619 —645 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)8.91%03/20293,035 2,984 0.13,035 
PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopE + 6.75%(d)5.87% cash/3.00%PIK09/202855,652 51,989 1.352,870 
PHM NL SP Bidco B.V.+(8)(10)(26)One stopSF +6.75%(g)8.12% cash/3.00%PIK09/202820,606 19,871 0.519,576 
PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopSN +6.75%(f)7.72% cash/3.00%PIK09/202811,908 11,212 0.311,312 
PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopE + 6.75%(d)5.80% cash/3.00%PIK09/20285,793 5,340 0.15,503 
149,758 134,932 3.5136,995 
Commercial Services & Supplies
BradyIFS Holdings, LLC+One stopSF +5.00%(i)9.31%10/20295,170 5,228 0.15,170 
BradyIFS Holdings, LLC+One stopSF +5.00%(i)9.25%10/202950 49 —50 
CI (Quercus) Intermediate Holdings, LLC*+One stopSF +5.00%(i)9.02%06/203132,031 31,732 0.832,031 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.00%06/203131 15 —31 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.00%06/203166 39 —66 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopN/A(6)06/2031— (5)—— 
CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.33%01/20311,059 1,055 —1,053 
CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.22%01/2031344 343 —343 
CHA Vision Holdings, Inc.+One stopN/A(6)01/2030— — —— 
CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.00%01/2031305 304 —304 
CHA Vision Holdings, Inc.+(5)One stopN/A(6)01/2031— (3)—(3)
Kleinfelder Intermediate, LLC+One stopSF +5.00%(i)9.31%09/20304,047 3,962 0.14,047 
Kleinfelder Intermediate, LLC+One stopP + 4.00%(a)11.25%09/202893 87 —93 
Kleinfelder Intermediate, LLC+One stopSF +5.00%(i)9.31%09/2030439 434 —439 
North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/20281,539 1,530 —1,542 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027157 156 —157 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)8.95%07/20271,548 1,536 —1,548 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,364 1,357 —1,364 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027281 280 —281 
North Haven Stack Buyer, LLC+(5)Second lienN/A(6)01/2028— (9)—— 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/202712,160 12,136 0.312,160 

See Notes to Consolidated Financial Statements.
58
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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+(26)Second lienN/A10.00% cash/2.50%PIK01/2028$2,336 $2,322 0.1%$2,342 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)8.95%07/20271,466 1,458 —1,466 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,404 1,397 —1,404 
North Haven Stack Buyer, LLC*One stopSF +4.75%(i)8.95%07/20274,097 4,083 0.14,097 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,357 1,353 —1,357 
North Haven Stack Buyer, LLC*One stopSF +4.75%(i)8.95%07/20271,352 1,347 —1,352 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027199 198 —199 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/202799 99 —99 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.11%07/2027819 813 —819 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)8.95%07/20272,258 2,248 0.12,258 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027479 477 —479 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027901 896 —901 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027682 678 —682 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027757 753 —757 
North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/202823 23 —23 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027331 329 —331 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,334 1,327 —1,334 
North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/2028389 387 —389 
North Haven Stack Buyer, LLC+(5)One stopN/A(6)07/2027— (1)—— 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/20271,078 1,075 —1,078 
North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/2028926 922 —926 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/2027102 102 —102 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.96%07/2027205 205 —205 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)8.95%07/202780 80 —80 
Profile Products LLC+One stopSF +5.50%(i)9.92%11/20278,959 8,907 0.28,959 
Profile Products LLC+One stopSF +5.50%(i)9.92%11/20271,816 1,800 0.11,816 
Profile Products LLC+One stopP + 4.50%(a)11.75%11/202772 72 —72 
Profile Products LLC+One stopP + 4.50%(a)11.75%11/20274 4 —4 
PSC Parent, Inc.*+One stopSF +5.00%(h)9.15%04/20315,451 5,441 0.15,451 
PSC Parent, Inc.+One stopSF +5.00%(h)9.16%04/2030231 226 —231 
PSC Parent, Inc.+One stopSF +5.00%(h)9.17%04/2031604 599 —604 
PSC Parent, Inc.+One stopSF +5.00%(h)9.16%04/2031909 904 —909 
PT Intermediate Holdings III, LLC+(26)One stopSF +5.00%(i)7.25% cash/1.75%PIK04/203021,326 21,311 0.521,326 
PT Intermediate Holdings III, LLC+(5)One stopN/A(6)04/2030— (4)—— 
Radwell Parent, LLC*+One stopSF +5.50%(i)9.50%03/202933,940 33,692 0.933,940 
Radwell Parent, LLC*+One stopSF +5.50%(i)9.50%03/202932,623 32,663 0.832,623 
Radwell Parent, LLC+One stopSF +5.50%(i)9.50%03/2029330 295 —330 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.48%06/20292,625 2,611 0.12,625 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029528 528 —528 
Trinity Air Consultants Holdings Corporation+One stopN/A(6)06/2029— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029492 492 —492 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029248 247 —248 
WRE Holding Corp.*One stopSF +5.00%(j)8.87%07/203116,349 16,213 0.416,349 
WRE Holding Corp.+One stopSF +5.00%(j)9.17%07/2031294 293 —294 
WRE Holding Corp.+(5)One stopN/A(6)07/2030— (19)—— 
WRE Holding Corp.*One stopSF +5.00%(j)9.14%07/20311,795 1,787 0.11,795 
WRE Holding Corp.*One stopSF +5.00%(j)9.13%07/20311,081 1,077 —1,081 
WRE Holding Corp.+One stopSF +5.00%(j)9.12%07/2031841 838 —841 
WRE Holding Corp.+One stopSF +5.00%(i)9.30%07/2031301 300 —301 
WRE Holding Corp.+One stopSF +5.00%(i)9.23%07/2031187 186 —187 
214,364 213,260 4.8214,362 

See Notes to Consolidated Financial Statements.
59
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Communications Equipment
Lightning Finco Limited+(8)(15)One stopSF +5.50%(g)10.05%09/2028$14,802 $14,782 0.4%$14,802 
Lightning Finco Limited+(8)(9)(15)One stopE + 5.50%(d)7.54%09/20281,783 1,747 0.11,783 
16,585 16,529 0.516,585 
Construction & Engineering
Consor Intermediate II, LLC*+One stopSF +4.75%(h)(i)8.75%05/20315,512 5,515 0.15,512 
Consor Intermediate II, LLC+(5)One stopN/A(6)05/2031— (8)—— 
Consor Intermediate II, LLC+(5)One stopN/A(6)05/2031— (2)—— 
DCCM, LLC+One stopSF +4.75%(h)8.91%06/2032593 590 —593 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
DCCM, LLC+(5)One stopN/A(6)06/2032— (1)—— 
Royal Holdco Corporation+One stopSF +4.50%(i)8.62%12/20305,981 5,927 0.25,981 
Royal Holdco Corporation+One stopSF +4.50%(i)8.50%12/2030212 207 —212 
Royal Holdco Corporation+One stopSF +4.50%(i)8.67%12/2030430 421 —430 
12,728 12,648 0.312,728 
Containers & Packaging
Chase Intermediate*+One stopSF +4.75%(i)9.06%10/202848,826 49,371 1.248,826 
Chase Intermediate+One stopSF +4.75%(h)(i)8.97%10/2028200 198 —200 
Chase Intermediate+One stopSF +4.75%(i)9.06%10/20282,284 2,280 0.12,284 
Chase Intermediate+One stopSF +4.75%(i)9.06%10/2028598 560 —598 
Fortis Solutions Group, LLC*+One stopSF +5.50%(i)9.60%10/202851,594 51,285 1.351,594 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.60%10/20281,695 1,680 0.11,695 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.60%10/2028140 91 —140 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.60%10/2027152 144 —152 
Packaging Coordinators Midco, Inc.+One stopSF +4.75%(i)9.06%07/20325,258 5,247 0.15,258 
Packaging Coordinators Midco, Inc.+(5)One stopN/A(6)07/2032— (1)—— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopN/A(6)07/2032— — —— 
 110,747 110,855 2.8110,747 
Diversified Consumer Services
ABC Legal Holdings, LLC+One stopSF +4.50%(h)8.65%08/20321,337 1,330 —1,323 
ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (1)—(3)
ABC Legal Holdings, LLC+(5)One stopN/A(6)08/2032— (2)—(4)
Any Hour, LLC*One stopSF +5.25%(i)9.25%05/20308,975 8,923 0.28,616 
Any Hour, LLC+(26)One stopN/A13.00%PIK05/20313,275 3,230 0.13,110 
Any Hour, LLC+One stopSF +5.25%(i)9.30%05/2030569 558 —531 
Any Hour, LLC+One stopSF +5.25%(i)9.25%05/2030254 238 —148 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.17%10/203013,855 13,795 0.413,855 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.20%10/20304,390 4,451 0.14,390 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.20%10/20301,045 1,033 —1,045 
Apex Service Partners, LLC+(5)One stopN/A(6)10/2029— (2)—— 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.31%10/20302,198 2,178 0.12,198 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.21%10/20303,682 3,652 0.13,682 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/20271,730 1,721 0.11,730 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/20271,659 1,649 0.11,659 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.40%08/20271,197 1,194 —1,197 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/20271,182 1,177 —1,182 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.40%08/2027820 816 —820 
Certus Pest, Inc.*One stopSF +5.25%(i)9.40%08/2027723 717 —723 

See Notes to Consolidated Financial Statements.
60
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027$704 $702 —%$704 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.40%08/2027416 414 —416 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027394 393 —394 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027260 258 —260 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027142 139 —142 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/202760 59 —60 
Certus Pest, Inc.+One stopN/A(6)08/2027— — —— 
Certus Pest, Inc.+(5)One stopN/A(6)08/2027— (23)—— 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/20272,336 2,328 0.12,336 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/20271,456 1,451 —1,456 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027698 695 —698 
Certus Pest, Inc.+One stopSF +5.25%(i)9.40%08/2027698 695 —698 
CHHJ Midco, LLC*+Senior securedSF +5.00%(i)9.15%01/20283,693 3,682 0.13,693 
CHHJ Midco, LLC+Senior securedN/A(6)01/2028— — —— 
CHVAC Services Investment, LLC*+One stopSF +4.50%(i)8.50%05/20306,367 6,288 0.26,367 
CHVAC Services Investment, LLC*+One stopSF +4.50%(i)8.50%05/20301,656 1,639 0.11,656 
CHVAC Services Investment, LLC+(5)One stopN/A(6)05/2030— (3)—— 
CHVAC Services Investment, LLC+One stopSF +4.50%(i)8.50%05/203061 22 —61 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20275,490 5,448 0.15,490 
COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(i)9.54%07/20272,376 2,368 0.12,376 
COP Hometown Acquisitions, Inc.*+Senior securedSF +5.25%(i)9.54%07/20272,314 2,304 0.12,314 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20271,517 1,510 —1,517 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.47%07/20271,370 1,368 —1,370 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20271,142 1,137 —1,142 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.55%07/20271,072 1,067 —1,072 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.44%07/20271,037 1,036 —1,037 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.42%07/2027913 912 —913 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.56%07/2027688 686 —688 
COP Hometown Acquisitions, Inc.+(5)Senior securedN/A(6)07/2027— (1)—— 
EMS LINQ, LLC+One stopSF +6.25%(i)10.55%12/202713,835 13,858 0.413,697 
EMS LINQ, LLC+One stopSF +6.25%(i)10.55%12/202776 74 —72 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.65%07/20294,344 4,347 0.14,344 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.65%07/20291,263 1,251 —1,263 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.65%07/202914 14 —14 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/20261,074 1,074 —946 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/2026916 915 —806 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/2026101 101 —90 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.15%03/202638 38 —32 
FPG Intermediate Holdco, LLC+One stopSF +5.00%(i)9.21%06/20291,060 1,060 —1,060 
FPG Intermediate Holdco, LLC+(26)One stopSF +5.00%(i)9.32%PIK06/2029920 920 —920 
FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(i)11.05%PIK06/2029130 129 —130 
FPG Intermediate Holdco, LLC+(26)Senior securedSF +5.00%(i)9.32%PIK06/20294,741 4,470 0.14,362 
FPG Intermediate Holdco, LLC+(7)(26)One stopSF +5.00%(i)9.32%PIK06/20291,896 1,630 0.11,630 
FSS Buyer LLC*+One stopSF +4.50%(h)8.66%08/20316,880 6,842 0.26,880 
FSS Buyer LLC+One stopN/A(6)08/2030— — —— 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.45%06/202911,432 11,417 0.311,432 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.56%06/2029685 684 —685 
HS Spa Holdings, Inc.+One stopP + 4.25%(a)11.50%06/202844 43 —44 
Kodiak Buyer, LLC+One stopSF +4.50%(i)8.50%07/2032614 611 —611 
Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—(1)
Kodiak Buyer, LLC+(5)One stopN/A(6)07/2032— (1)—(1)
Liminex, Inc.+One stopSF +6.25%(i)10.71%11/202635,383 35,364 0.935,383 
Liminex, Inc.+One stopSF +6.25%(i)10.71%11/202623,340 23,301 0.623,340 

See Notes to Consolidated Financial Statements.
61
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Liminex, Inc.+One stopSF +6.25%(i)10.71%11/2026$20,168 $20,361 0.5%$20,168 
Liminex, Inc.+One stopSF +6.25%(i)10.71%11/202615,833 15,733 0.415,833 
Litera Bidco, LLC*One stopSF +5.00%(h)9.16%05/20285,149 5,157 0.15,149 
Litera Bidco, LLC+One stopSF +5.00%(h)9.16%05/20282,055 2,051 0.12,055 
Litera Bidco, LLC+One stopSF +5.00%(h)9.25%05/202852 51 —52 
Litera Bidco, LLC+(5)One stopN/A(6)05/2028— (1)—— 
Mario Purchaser, LLC*+One stopSF +5.75%(h)10.01%04/202911,267 11,226 0.310,817 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.01%04/20295,188 5,210 0.14,981 
Mario Purchaser, LLC+(26)One stopSF +10.75%15.01%PIK04/20325,165 5,182 0.15,061 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.01%04/2029452 448 —433 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.01%04/202854 54 —50 
NSG Buyer, Inc. *+One stopSF +5.00%(i)9.00%11/202938,051 37,829 1.038,051 
NSG Buyer, Inc. +One stopSF +5.00%(i)9.00%11/2028145 141 —145 
NSG Buyer, Inc. +(5)One stopN/A(6)11/2029— (31)—— 
PADI Holdco, Inc.*One stopSF +5.00%(i)9.35%01/202921,134 20,922 0.521,134 
PADI Holdco, Inc.+(9)One stopE + 5.00%(c)7.03%01/202920,997 20,216 0.520,997 
PADI Holdco, Inc.+(9)One stopA + 5.50%(e)9.10%01/20297,496 7,084 0.27,496 
PADI Holdco, Inc.+One stopSF +5.00%(i)9.46%01/2029814 806 —814 
PADI Holdco, Inc.+One stopSF +5.00%(i)9.42%01/20291,125 1,119 —1,125 
PADI Holdco, Inc.+One stopSF +5.00%(i)9.22%01/2029168 167 —168 
Provenance Buyer LLC*+One stopSF +5.50%(i)9.60%06/202720,582 20,469 0.520,170 
Provenance Buyer LLC*+One stopSF +5.50%(i)9.60%06/202713,867 13,804 0.413,590 
Provenance Buyer LLC+One stopSF +5.50%(i)9.60%06/2027176 172 —170 
RW AM Holdco LLC+One stopSF +5.25%(i)9.35%04/202823,613 23,047 0.518,182 
RW AM Holdco LLC+(5)One stopN/A(6)04/2028— (8)—(46)
Salisbury House, LLC+One stopSF +5.00%(i)9.16%08/203234 33 —32 
Salisbury House, LLC+(5)One stopN/A(6)08/2032— (1)—(3)
Salisbury House, LLC+One stopSF +5.00%(h)9.16%08/20321,498 1,491 —1,483 
Severin Acquisition, LLC+(26)One stopSF +5.00%(h)6.91% cash/2.25%PIK10/203135,734 35,435 0.935,377 
Severin Acquisition, LLC+(5)One stopN/A(6)10/2031— (38)—(44)
Severin Acquisition, LLC+(26)One stopSF +5.00%(h)6.91% cash/2.25%PIK10/20311,249 1,218 —1,175 
Stellar Brands, LLC+Senior securedSF +4.50%(i)8.50%02/20317,151 7,103 0.27,151 
Stellar Brands, LLC+(5)Senior securedN/A(6)02/2031— (4)—— 
Virginia Green Acquisition, LLC*+One stopSF +5.25%(j)9.41%12/20303,165 3,198 0.13,165 
Virginia Green Acquisition, LLC+One stopN/A(6)12/2030— — —— 
Virginia Green Acquisition, LLC+One stopN/A(6)12/2029— — —— 
454,919 451,016 11.1445,732 
Diversified Financial Services
Baker Tilly Advisory Group, LP+One stopSF +4.75%(h)8.91%06/20313,763 3,721 0.13,772 
Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2030— (11)—— 
Baker Tilly Advisory Group, LP+One stopSF +4.50%(h)8.66%06/20315,031 5,007 0.15,031 
Baker Tilly Advisory Group, LP+(5)One stopN/A(6)06/2031— (8)—— 
Banker's Toolbox, Inc.*+One stopSF +4.50%(h)8.66%07/202720,358 20,327 0.520,205 
Banker's Toolbox, Inc.+(5)One stopN/A(6)07/2027— — —(2)
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.50%(d)6.58%07/203117,481 15,981 0.417,481 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)Subordinated debtE + 7.50%(d)9.58%PIK07/20322,276 2,085 0.12,276 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 4.50%(d)6.76%07/20312,476 2,219 0.12,476 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopN/A(6)07/2031— — —— 
Corsair Blade IV S.A R.L.+(8)(13)(26)One stopSF +5.75%(i)9.75% cash/0.25%PIK12/20303,699 3,699 0.13,699 
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)One stopSN +5.75%(f)9.47% cash/0.25%PIK12/20301,191 911 —1,191 
Deerfield Dakota Holding, LLC+(5)One stopN/A(6)09/2032— (2)—(2)
Deerfield Dakota Holding, LLC+(26)One stopSF +5.75%(i)7.06% cash/2.75%PIK09/20321,829 1,810 0.11,810 

See Notes to Consolidated Financial Statements.
62
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Equity Methods, LLC+One stopSF +4.75%(i)8.75%04/2032$19,829 $19,736 0.5%$19,829 
Equity Methods, LLC+(5)One stopN/A(6)04/2032— (17)—— 
Equity Methods, LLC+(5)One stopN/A(6)04/2032— (21)—— 
Finastra USA, Inc.+(8)(10)One stopSF +7.25%(i)11.29%09/20291,490 1,472 —1,490 
Flash Topco, Inc.+One stopSF +5.75%(i)10.16%10/202816,919 16,693 0.416,750 
Flash Topco, Inc.+One stopSF +5.75%(i)10.06%10/20283,378 3,364 0.13,344 
Flash Topco, Inc.+One stopSF +6.50%(i)10.80%10/2028128 127 —128 
Higginbotham Insurance Agency, Inc.*+One stopSF +4.50%(h)8.67%11/20288,011 8,038 0.28,011 
Higginbotham Insurance Agency, Inc.+One stopSF +4.75%(h)8.91%11/2028720 718 —720 
Medlar Bidco Limited+(8)(9)(21)One stopSN +5.00%(f)8.97%05/203226,485 26,010 0.726,485 
Medlar Bidco Limited+(8)(9)(21)One stopE + 5.00%(c)6.97%05/203232,952 31,540 0.832,952 
Medlar Bidco Limited+(5)(8)(9)(21)One stopN/A(6)05/2032— (57)—— 
Wealth Enhancement Group, LLC+One stopSF +4.50%(i)8.79%10/20283,956 3,952 0.13,956 
Wealth Enhancement Group, LLC+One stopSF +4.50%(i)8.79%10/20282,853 2,850 0.12,853 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (1)—— 
Wealth Enhancement Group, LLC+One stopSF +4.50%(h)(i)8.78%10/20281,307 1,291 —1,307 
Wealth Enhancement Group, LLC+(5)One stopN/A(6)10/2028— (2)—— 
176,132 171,432 4.4175,762 
Diversified Telecommunication Services
NTI Connect, LLC*+Senior securedSF +4.75%(i)8.90%07/20271,529 1,525 —%1,529 
Electric Utilities
Smart Energy Systems, Inc.+(26)One stopSF +7.50%(i)8.04% cash/3.75%PIK01/20306,422 6,299 0.26,294 
Smart Energy Systems, Inc.+(26)One stopSF +7.50%7.88%01/2030707 698 —693 
7,129 6,997 0.26,987 
Electrical Equipment
Power Grid Holdings, Inc.+One stopSF +4.75%(i)8.75%12/20301,481 1,466 —1,481 
Power Grid Holdings, Inc.+One stopSF +4.75%(h)(i)9.67%12/203017 15 —17 
Wildcat TopCo, Inc.+One stopSF +4.75%(h)8.91%11/203123,302 23,098 0.623,302 
Wildcat TopCo, Inc.+One stopP + 3.75%(a)11.00%11/2031112 75 —112 
Wildcat TopCo, Inc.+(5)One stopN/A(6)11/2031— (18)—— 
24,912 24,636 0.624,912 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +5.00%(h)9.26%11/202833,715 33,006 0.933,715 
CST Holding Company+(5)One stopN/A(6)11/2028— (2)—— 
33,715 33,004 0.933,715 
Food & Staples Retailing
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/2030991 988 —991 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/203056 56 —56 
Mendocino Farms, LLC+One stopN/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/2030110 110 —110 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/2030111 111 —111 
Mendocino Farms, LLC+(5)One stopN/A(6)03/2030— (80)—— 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/203056 56 —56 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.66%03/203056 56 —56 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)9.81%02/203111,551 11,498 0.311,551 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)9.81%02/203135 35 —35 
Wineshipping.com LLC+(5)One stopN/A(6)12/2028— — —(205)
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.15% cash/5.25%PIK12/202810,615 10,478 0.28,492 
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.15% cash/5.25%PIK12/2028286 282 —229 
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.15% cash/5.25%PIK12/2028200 194 —154 
24,067 23,784 0.521,636 

See Notes to Consolidated Financial Statements.
63
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)10.00%10/2030$4,855 $4,804 0.1%$4,855 
Blast Bidco Inc.+(5)One stopN/A(6)10/2029— (5)—— 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.15%06/202718,823 18,816 0.518,823 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.15%06/20271,556 1,549 —1,556 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.15%06/2027231 231 —231 
Borrower R365 Holdings, LLC+One stopN/A(6)06/2027— — —— 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)(j)9.19%08/203012,878 12,774 0.312,878 
Eagle Family Foods Group, LLC+(5)One stopN/A(6)08/2030— (12)—— 
Kodiak Cakes, LLC*+Senior securedSF +5.25%(j)9.38%06/202845,911 45,609 1.245,911 
Kodiak Cakes, LLC+(5)Senior securedN/A(6)06/2028— (3)—— 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(i)10.40%07/202713,559 13,530 0.313,559 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(i)10.52%07/2027254 251 —254 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.50%12/202651,438 51,285 1.349,895 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.50%12/2026540 533 —522 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.50%12/20261,649 1,624 —1,600 
MAPF Holdings, Inc.+(26)One stopN/A19.00%PIK12/20262,273 2,258 0.12,091 
P&P Food Safety Holdings, Inc.*+One stopSF +5.25%(i)9.25%05/202913,105 13,193 0.313,105 
P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (7)—— 
P&P Food Safety Holdings, Inc.+(9)One stopE + 5.50%(c)7.48%05/202912,104 11,734 0.312,104 
P&P Food Safety Holdings, Inc.+(5)One stopN/A(6)05/2029— (28)—— 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopA + 4.75%(e)8.35%08/2032310 303 —308 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopE + 4.75%(c)6.82%08/2032304 300 —302 
Sphynx UK Bidco, Ltd.+(8)(9)(10)One stopSN +4.75%(f)8.72%08/20321,407 1,393 —1,398 
Wizard Bidco Limited+(8)(10)One stopSF +6.50%(i)10.50%03/202922,740 22,660 0.622,740 
Wizard Bidco Limited+(8)(9)(10)(26)One stopSN +5.50%(f)7.97% cash/1.50%PIK03/202911,201 10,773 0.311,201 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.50%(f)10.47%03/20298,366 7,726 0.28,366 
Wizard Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.22%09/2028174 159 —174 
Zullas, L.C.+One stopSF +4.75%(h)8.91%06/203124 23 —24 
Zullas, L.C.+One stopSF +4.75%(h)8.91%06/2031439 437 —439 
Zullas, L.C.+(5)One stopN/A(6)06/2031— (2)—— 
224,141 221,908 5.5222,336 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+One stopSF +4.75%(h)8.91%06/20287,013 6,981 0.27,013 
Aspen Medical Products, LLC+One stopSF +4.75%(h)8.91%06/2028455 453 —455 
Aspen Medical Products, LLC+(5)One stopN/A(6)06/2028— (1)—— 
Aspen Medical Products, LLC+One stopSF +4.75%(h)8.91%06/2028890 883 —890 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(g)10.83%08/20287,745 7,748 0.27,745 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.48%08/20284,863 4,788 0.14,863 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(g)10.83%08/20281,912 1,912 0.11,912 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(f)10.54%08/20281,360 1,350 —1,360 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.43%08/20281,160 1,092 —1,160 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(f)10.54%08/20281,205 1,163 —1,205 
Belmont Instrument, LLC*+One stopSF +5.25%(i)9.25%08/202814,356 14,276 0.414,356 
Belmont Instrument, LLC+(5)One stopN/A(6)08/2028— (2)—— 
Blades Buyer, Inc.*+Senior securedSF +5.00%(h)9.38%03/202812,160 12,132 0.312,160 
Blades Buyer, Inc.*+Senior securedSF +5.25%(h)9.63%03/20281,725 1,715 0.11,725 
Blades Buyer, Inc.+Senior securedSF +5.00%(h)9.38%03/20281,395 1,389 —1,395 
Blades Buyer, Inc.+(5)Senior securedN/A(6)03/2028— (1)—— 
Blades Buyer, Inc.+Senior securedSF +5.00%(h)9.38%03/20286,897 6,876 0.26,897 
Blades Buyer, Inc.+Senior securedSF +5.00%(h)9.38%03/20281,721 1,714 0.11,721 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/202912 12 —12 
Blue River Pet Care, LLC+One stopN/A(6)08/2029— — —— 

See Notes to Consolidated Financial Statements.
64
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)10.01%08/2029$62,286 $62,149 1.6%$62,286 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/202912,335 12,392 0.312,335 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,876 2,890 0.12,876 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,764 2,777 0.12,764 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,737 2,750 0.12,737 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20292,104 2,114 0.12,104 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20291,246 1,242 —1,246 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029414 412 —414 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029510 507 —510 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029292 291 —292 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029297 295 —297 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029256 255 —256 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/2029225 225 —225 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20291 1 —1 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.01%08/20294 4 —4 
Blue River Pet Care, LLC+One stopSF +5.75%(i)9.97%08/20291 1 —1 
Centegix Intermediate II, LLC+One stopSF +5.50%(i)9.69%08/20321,360 1,353 —1,353 
Centegix Intermediate II, LLC+(5)One stopN/A(6)08/2032— (1)—(1)
Centegix Intermediate II, LLC+(5)One stopN/A(6)08/2032— (2)—(2)
CCSL Holdings, LLC*One stopSF +5.75%(h)9.91%12/202820,842 20,806 0.520,842 
CCSL Holdings, LLC*+One stopSF +5.75%(h)9.91%12/20285,627 5,640 0.15,627 
CCSL Holdings, LLC+(9)One stopSN +5.75%(f)9.72%12/20283,562 3,328 0.13,562 
CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/20283,462 3,438 0.13,462 
CCSL Holdings, LLC*+One stopSF +5.75%(h)9.91%12/20282,877 2,856 0.12,877 
CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/2028320 319 —320 
CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/2028975 971 —975 
CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.66%12/202834,411 31,750 0.934,411 
CCSL Holdings, LLC+(9)One stopE + 5.75%(b)7.66%12/20286,741 5,992 0.26,741 
CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/20282,767 2,755 0.12,767 
CCSL Holdings, LLC+One stopSF +5.75%(h)9.91%12/20282,202 2,192 0.12,202 
CMI Parent Inc.*One stopSF +5.00%(h)9.16%12/202622,355 22,298 0.622,355 
CMI Parent Inc.*+One stopSF +5.00%(h)9.16%12/202619,679 19,733 0.519,679 
CMI Parent Inc.*+Senior securedSF +5.00%(h)9.16%12/20269,435 9,426 0.29,435 
CMI Parent Inc.*+One stopSF +5.00%(h)9.16%12/20268,852 8,842 0.28,852 
CMI Parent Inc.+One stopN/A(6)12/2026— — —— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.70%06/20317,851 7,788 0.27,851 
HuFriedy Group Acquisition, LLC+(5)One stopN/A(6)05/2030— (7)—— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.51%06/20311,519 1,494 —1,519 
Isto Group, Inc.+One stopN/A(6)09/2032— — —— 
Isto Group, Inc.+One stopSF +4.75%(i)8.77%09/2032588 585 —585 
Isto Group, Inc.+(5)One stopN/A(6)09/2032— (2)—(2)
JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(i)7.16% cash/6.00%PIK03/20291,235 1,235 —1,235 
JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(i)7.16% cash/6.00%PIK03/2029922 746 —922 
RTI Surgical, Inc.+(5)One stopN/A(6)09/2032— (2)—(2)
RTI Surgical, Inc.+One stopSF +4.75%(i)8.75%09/20321,667 1,658 —1,658 
TIDI Legacy Products, Inc.+One stopSF +4.50%(h)8.66%12/20293,485 3,538 0.13,485 
TIDI Legacy Products, Inc.+One stopN/A(6)12/2029— — —— 
TIDI Legacy Products, Inc.+One stopN/A(6)12/2029— — —— 
YI, LLC+One stopSF +5.75%(h)9.90%12/20294,385 4,384 0.14,342 
YI, LLC+(5)One stopN/A(6)12/2029— (1)—(2)
320,336 315,897 8.1320,265 

See Notes to Consolidated Financial Statements.
65
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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 Providers & Services
AAH TOPCO, LLC *+One stopSF +5.25%(h)9.51%12/2027$8,582 $8,547 0.2%$8,604 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.51%12/20278,069 8,099 0.28,090 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.51%12/20273,469 3,483 0.13,477 
AAH TOPCO, LLC +(26)Subordinated debtN/A11.50%PIK12/20313,063 2,963 0.13,032 
AAH TOPCO, LLC +(5)One stopN/A(6)12/2027— (1)—— 
AAH TOPCO, LLC +One stopSF +5.00%(h)9.16%12/2027778 742 —778 
Active Day, Inc.*+One stopSF +5.00%(h)9.26%05/202617,209 17,184 0.417,209 
Active Day, Inc.+(5)One stopN/A(6)05/2026— (14)—— 
Active Day, Inc.+One stopSF +5.00%(h)9.26%05/20261,328 1,327 —1,328 
Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026856 855 —856 
Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026682 681 —682 
Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026602 601 —602 
Active Day, Inc.+One stopSF +5.00%(h)9.26%05/2026592 591 —592 
Active Day, Inc.+One stopN/A(6)05/2026— — —— 
Active Day, Inc.+One stopSF +5.00%(h)N/A05/2026— — —— 
Active Day, Inc.+One stopSF +5.00%(h)9.26%05/20266,594 6,574 0.26,594 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.22%03/202716,012 15,973 0.416,052 
Acuity Eyecare Holdings, LLC+(26)One stopN/A16.50%PIK06/202716,812 16,740 0.416,980 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20273,954 3,945 0.13,964 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.46%03/20273,522 3,514 0.13,531 
Acuity Eyecare Holdings, LLC*+One stopSF +6.25%(i)10.40%03/20273,504 3,494 0.13,513 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20273,106 3,098 0.13,114 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.37%03/20271,986 1,981 0.11,991 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20271,810 1,805 0.11,814 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.34%03/20271,013 1,010 —1,015 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/2027439 437 —440 
Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.40% cash/6.75%PIK03/2027294 294 —307 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.45%03/2027210 209 —210 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/2027162 161 —162 
Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.45% cash/6.75%PIK03/2027115 115 —120 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(i)10.67%03/2027107 106 —107 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.40%03/20271 1 —1 
Acuity Eyecare Holdings, LLC+One stopN/A(6)03/2027— — —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/202818,211 18,347 0.518,211 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+One stopSF +6.00%(i)10.30%03/20276,353 6,359 0.26,353 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.30%03/20275,310 5,310 0.15,310 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20283,960 3,945 0.13,960 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20281,513 1,507 —1,513 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.41%03/2027829 828 —829 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.40%03/2027393 393 —393 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopN/A(6)03/2027— — —— 
Bamboo US Bidco LLC*+One stopSF +5.25%(i)9.56%09/20302,713 2,664 0.12,713 
Bamboo US Bidco LLC+(9)One stopE + 5.25%(c)7.28%09/20301,981 1,747 0.11,981 
Bamboo US Bidco LLC+One stopSF +5.25%(i)9.56%09/2030415 414 —415 
Bamboo US Bidco LLC+One stopSF +5.25%(h)(i)9.48%09/20301,257 1,252 —1,257 
Bamboo US Bidco LLC+One stopN/A(6)09/2030— — —— 
Bamboo US Bidco LLC+(5)One stopN/A(6)10/2029— (10)—— 

See Notes to Consolidated Financial Statements.
66
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Bayou Intermediate II, LLC+(5)One stopN/A(6)09/2032$— $(1)—%$(2)
Bayou Intermediate II, LLC+One stopSF +4.75%(i)8.76%09/20321,410 1,403 —1,396 
Bayou Intermediate II, LLC+(5)One stopN/A(6)09/2032— (2)—(4)
Benefit Plan Administrators of Eau Claire, LLC*One stopSF +5.00%(i)9.29%11/203012,973 12,904 0.312,973 
Benefit Plan Administrators of Eau Claire, LLC+One stopSF +5.00%(i)9.29%11/20309,950 9,894 0.39,950 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (12)—— 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopN/A(6)11/2030— (38)—— 
BHG Holdings, LLC+One stopSF +5.25%(h)9.41%04/203224,794 24,590 0.624,794 
BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (26)—— 
BHG Holdings, LLC+(5)One stopN/A(6)04/2032— (58)—— 
Community Care Partners, LLC+One stopSF +6.00%(h)10.27%06/20263,454 3,411 0.13,454 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.00%(j)9.29%04/2031771 759 —771 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.00%(f)8.97%04/2031481 446 —481 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)04/2031— (1)—— 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopN/A(6)10/2030— (2)—— 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/202715,593 15,237 0.415,593 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20278,137 7,954 0.28,137 
Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/20274,209 4,167 0.14,209 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20272,140 2,092 0.12,140 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20271,889 1,871 0.11,889 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/20271,176 1,152 —1,176 
Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/2027977 945 —977 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027962 939 —962 
Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/2027921 899 —921 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027834 814 —834 
Encorevet Group LLC+One stopSF +6.75%(h)(i)11.10%02/2027423 409 —423 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027358 349 —358 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027175 171 —175 
Encorevet Group LLC+One stopSF +6.75%(i)11.10%02/2027168 163 —168 
Encorevet Group LLC+One stopSF +8.75%(h)(i)13.09%02/2027155 154 —157 
Encorevet Group LLC+(26)One stopN/A13.00%PIK05/2027109 103 —106 
Encorevet Group LLC+One stopSF +6.75%(i)(j)11.01%02/202794 92 —94 
ERC Topco Holdings, LLC+(26)One stopSF +6.76%(i)10.76%PIK03/20307,661 7,082 0.26,512 
ERC Topco Holdings, LLC+One stopSF +5.50%(i)9.78%03/20301,145 1,076 —1,145 
ERC Topco Holdings, LLC+(26)One stopSF +5.50%(i)9.76%03/203076 76 —76 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/202710,951 11,344 0.310,951 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/20273,958 4,083 0.13,958 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/20272,696 2,794 0.12,696 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/20272,566 2,654 0.12,566 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(i)10.21%03/20271,105 1,105 —1,105 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(i)10.21%03/2027554 554 —554 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.62%03/2027468 474 —468 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)9.23%06/20282,506 2,514 0.12,506 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)9.11%06/20281,190 1,184 —1,190 
Heartland Veterinary Partners LLC+Senior securedN/A(6)06/2028— — —— 
HP TLE Buyer, Inc.+One stopSF +4.75%(i)8.75%07/20321,639 1,631 0.11,631 

See Notes to Consolidated Financial Statements.
67
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
HP TLE Buyer, Inc.+(5)One stopN/A(6)07/2032$— $(2)—%$(2)
Klick Inc.*+(8)(12)Senior securedSF +4.50%(h)8.66%03/202813,488 13,507 0.313,488 
Klick Inc.*(8)(12)Senior securedSF +4.50%(h)8.66%03/20283,155 3,144 0.13,155 
Klick Inc.+(5)(8)(12)Senior securedN/A(6)03/2028— (1)—— 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.25%11/20262,572 2,565 0.12,572 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.25%11/20262,362 2,355 0.12,362 
Krueger-Gilbert Health Physics, LLC*Senior securedSF +5.25%(i)9.25%11/20261,509 1,507 —1,509 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.25%11/20261,386 1,381 —1,386 
Krueger-Gilbert Health Physics, LLC+One stopSF +5.25%(i)9.25%11/2026664 663 —664 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.25%11/2026608 607 —608 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.25%11/202690 90 —90 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.27%11/2026183 182 —183 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.25%11/2026297 297 —297 
LOV Acquisition LLC+Senior securedSF +4.25%(h)8.41%11/203125,123 25,012 0.625,123 
LOV Acquisition LLC+(5)Senior securedN/A(6)11/2031— (12)—— 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)One stopCA +5.50%(l)7.96%PIK05/202825,477 27,846 0.725,477 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.50%(i)9.50%05/20285,821 5,759 0.25,821 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.50%(i)9.50%05/20284,107 4,041 0.14,107 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)7.96%05/20281,578 1,682 0.11,578 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)7.96%05/2028822 861 —822 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)7.95%05/2028154 142 —154 
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)One stopSF +5.50%(i)9.50%PIK05/2028130 125 —130 
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)One stopN/A(6)05/2028— (2)—— 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)9.95%01/202718,134 18,002 0.517,952 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)9.95%01/202712,147 12,092 0.312,026 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)9.95%01/20272,442 2,431 0.12,418 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)9.95%01/20272,360 2,348 0.12,336 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)9.95%01/20271,491 1,485 —1,477 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)9.95%01/20271,354 1,348 —1,340 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027673 671 —666 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027528 523 —522 
Pinnacle Treatment Centers, Inc.+One stopP + 4.50%(a)11.75%01/2027522 503 —502 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027178 176 —176 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)9.95%01/2027102 101 —101 
Premise Health Holding Corp.+One stopSF +5.25%(i)9.25%03/20311,377 1,372 —1,377 
PPV Intermediate Holdings, LLC*+One stopSF +5.75%(i)9.95%08/202914,046 13,983 0.414,046 
PPV Intermediate Holdings, LLC+(26)One stopN/A14.75%PIK08/203010,340 10,398 0.310,522 
PPV Intermediate Holdings, LLC+One stopSF +5.25%(i)9.45%08/20295,488 5,410 0.15,488 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/20302,063 2,036 0.12,063 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/2030477 472 —477 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203086 83 —86 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203087 87 —87 
PPV Intermediate Holdings, LLC+(5)One stopN/A(6)08/2029— (7)—— 
Premise Health Holding Corp.+(5)One stopN/A(6)03/2030— (1)—— 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.21%05/202724,839 24,876 0.624,839 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.21%05/20272,569 2,559 0.12,569 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.14%05/20272,147 2,143 0.12,147 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.10%05/20271,180 1,178 —1,180 

See Notes to Consolidated Financial Statements.
68
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.18%05/2027$1,081 $1,079 —%$1,081 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027729 728 —729 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027243 242 —243 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027213 213 —213 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/2027200 200 —200 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.10%05/2027200 200 —200 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.21%05/202778 78 —78 
Pyramid Healthcare Acquisition Corp.+(5)One stopN/A(6)05/2027— (1)—— 
Suveto Buyer, LLC*+One stopSF +4.50%(h)8.66%09/202727,459 27,455 0.727,459 
Suveto Buyer, LLC+One stopSF +4.50%(h)8.66%09/202711,180 11,096 0.311,180 
Suveto Buyer, LLC+(5)One stopN/A(6)09/2027— (2)—— 
512,013 511,926 12.9510,894 
Healthcare Technology
Amberfield Acquisition Co.*+One stopSF +5.50%(i)9.50%05/20307,138 7,110 0.27,138 
Amberfield Acquisition Co.+One stopSF +5.50%(i)9.50%05/2030176 169 —176 
Amberfield Acquisition Co.+One stopSF +5.50%(i)9.50%05/2030164 162 —164 
Color Intermediate, LLC*+Senior securedSF +4.75%(i)8.85%10/202917,388 17,354 0.417,388 
Connexin Software, Inc.+One stopSF +6.25%(i)10.40%03/202711,759 11,742 0.311,759 
Connexin Software, Inc.+One stopN/A(6)03/2027— — —— 
Crow River Buyer, Inc.+One stopSF +6.00%(i)10.31%01/20296,032 6,019 0.26,032 
Crow River Buyer, Inc.+(5)One stopN/A(6)01/2029— (1)—— 
Crow River Buyer, Inc.+One stopSF +6.00%(h)10.17%01/20298,700 8,630 0.28,700 
ESO Solution, Inc.+One stopSF +6.75%(i)10.95%05/202711,359 11,376 0.311,359 
ESO Solution, Inc.+One stopSF +6.75%(i)10.95%05/20273,803 3,761 0.13,803 
ESO Solution, Inc.+One stopSF +6.75%(i)10.95%03/2027142 142 —142 
GHX Ultimate Parent Corporation+One stopSF +4.75%(i)8.75%12/203153,749 53,270 1.453,749 
GHX Ultimate Parent Corporation+(5)One stopN/A(6)12/2031— (45)—— 
Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (1)—(2)
Healthmark Holdings, L.P.+(5)One stopN/A(6)07/2032— (2)—(2)
Healthmark Holdings, L.P.+One stopSF +4.50%(i)8.70%07/20321,499 1,492 —1,484 
Kona Buyer, LLC+One stopSF +4.50%(i)8.82%07/203115,713 15,583 0.415,713 
Kona Buyer, LLC+(5)One stopN/A(6)07/2031— (15)—— 
Kona Buyer, LLC+One stopSF +4.50%(i)8.82%07/2031922 922 —922 
Kona Buyer, LLC+One stopSF +4.50%(i)8.82%07/2031259 258 —259 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Kona Buyer, LLC+One stopN/A(6)07/2031— — —— 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)9.72%02/2031637 600 —631 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)9.72%02/2031529 516 —521 
Lacker Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (2)—(1)
Modernizing Medicine, Inc.+(26)One stopSF +4.75%(i)6.50% cash/2.25%PIK04/203232,379 32,078 0.832,379 
Modernizing Medicine, Inc.+(5)One stopN/A(6)04/2032— (28)—— 
Neptune Holdings, Inc.*One stopSF +4.50%(i)8.50%09/203016,017 16,099 0.416,017 
Neptune Holdings, Inc.+One stopN/A(6)08/2029— — —— 
Netsmart Technologies, Inc.+(26)One stopSF +4.95%(h)6.66% cash/2.45%PIK08/203152,670 52,239 1.352,670 
Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (59)—— 
Netsmart Technologies, Inc.+(5)One stopN/A(6)08/2031— (29)—— 
Plasma Buyer LLC+One stopSF +5.75%(i)10.05%05/20297,975 7,821 0.26,778 
Plasma Buyer LLC+One stopSF +6.25%(i)10.55%05/2029301 296 —256 
Plasma Buyer LLC+One stopSF +5.75%(i)10.05%05/2028110 108 —94 
QF Holdings, Inc.+One stopSF +4.75%(i)9.06%12/2027924 921 —924 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/202511,513 11,478 0.311,628 

See Notes to Consolidated Financial Statements.
69
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/2025$11,207 $11,173 0.3%$11,319 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20257,383 7,361 0.27,457 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,899 1,893 0.11,918 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,688 1,683 0.11,704 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,266 1,262 —1,278 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/20251,054 1,051 —1,065 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/2025844 841 —852 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/2025168 168 —170 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.85% cash/3.50%PIK11/202590 90 —90 
Transaction Data Systems, Inc.*+One stopSF +4.25%(i)8.40%08/202674,490 74,392 1.974,490 
Transaction Data Systems, Inc.+One stopN/A(6)08/2026— — —— 
361,947 359,878 9.1361,024 
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+One stopSF +6.00%(i)(j)10.34%08/202813,540 13,520 0.313,540 
Barteca Restaurants, LLC+One stopSF +6.00%(j)10.38%08/2028683 679 —683 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.15%08/2028466 437 —466 
Barteca Restaurants, LLC+One stopSF +6.00%(i)(j)10.25%08/2028200 199 —200 
BJH Holdings III Corp.*+One stopSF +5.00%(i)9.00%08/202769,569 69,371 1.869,569 
BJH Holdings III Corp.+One stopSF +5.00%(i)9.00%08/20275,547 5,492 0.15,547 
BJH Holdings III Corp.+One stopSF +5.00%(h)(i)9.07%08/2027576 569 —576 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/202817,815 17,815 0.517,636 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/20283,177 3,166 0.13,145 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/20282,134 2,134 0.12,113 
Cafe Rio Holding, Inc.*One stopSF +5.75%(i)10.21%09/20281,354 1,354 —1,340 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.21%09/20281,195 1,195 —1,184 
Cafe Rio Holding, Inc.+One stopSF +5.75%(h)(i)9.95%09/2028112 112 —110 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/2028171 171 —170 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/2028123 122 —122 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202898 97 —97 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202896 95 —95 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202878 77 —77 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202849 49 —49 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.21%09/202855 55 —55 
Crumbl Enterprises, LLC+One stopSF +4.50%(i)8.50%05/203232,326 32,174 0.832,326 
Crumbl Enterprises, LLC+One stopSF +4.50%(i)8.50%05/2032421 409 —421 
ESN Venture Holdings, LLC*+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/20295,353 5,296 0.15,353 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/20291,585 1,573 —1,585 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.87% cash/3.38%PIK10/2029915 909 —915 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029808 801 —808 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029437 435 —437 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.94% cash/3.38%PIK10/2029771 727 —771 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029371 367 —371 
ESN Venture Holdings, LLC+(5)One stopN/A(6)10/2029— (9)—— 
ESN Venture Holdings, LLC+(26)One stopSF +6.26%(i)6.88% cash/3.38%PIK10/2029181 180 —181 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(i)10.21%11/20291,067 1,066 —1,067 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(i)10.30%11/2029798 789 —798 
Harri US LLC+(26)One stopSF +7.25%(i)6.70% cash/4.75%PIK08/20281,304 1,277 —1,253 
Harri US LLC+(26)One stopSF +7.25%(i)6.70% cash/4.75%PIK08/2028882 877 —847 
Harri US LLC+(26)One stopSF +7.25%(i)6.70% cash/4.75%PIK08/2028857 852 —822 
Harri US LLC+(5)One stopN/A(6)08/2028— — —(2)
Harri US LLC+(26)One stopSF +7.25%(i)6.50% cash/4.75%PIK08/20281,601 1,496 —1,537 
Harri US LLC+(5)One stopN/A(6)08/2028— (7)—(83)
Health Buyer, LLC*+Senior securedSF +5.25%(i)9.25%04/20293,863 3,854 0.13,863 

See Notes to Consolidated Financial Statements.
70
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Health Buyer, LLC+Senior securedSF +5.50%(i)9.50%04/2029$1,763 $1,745 0.1%$1,763 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.50%04/2029886 878 —886 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.50%04/2029129 128 —129 
Health Buyer, LLC+Senior securedN/A(6)04/2028— — —— 
Olo Parent, Inc.+One stopN/A(6)09/2032— — —— 
Olo Parent, Inc.+One stopSF +4.50%(i)8.56%09/20321,826 1,821 0.11,822 
Patriot Acquireco, LLC+One stopSF +4.50%(i)8.66%09/203226 25 —25 
Patriot Acquireco, LLC+One stopSF +4.50%(i)8.66%09/20321,818 1,809 0.11,809 
PB Group Holdings, LLC+(26)One stopSF +5.50%(h)6.91% cash/2.75%PIK08/203037,581 37,432 1.037,581 
PB Group Holdings, LLC+One stopSF +5.00%(h)9.16%08/2030513 495 —513 
QSR Acquisition Co.+One stopSF +4.25%(i)8.25%06/20321,525 1,520 —1,525 
QSR Acquisition Co.+One stopN/A(6)06/2032— — —— 
QSR Acquisition Co.+(5)One stopN/A(6)06/2032— (1)—— 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%03/20324,984 4,755 0.14,984 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%03/2032119 118 —119 
Rooster BidCo Limited+(5)(8)(9)(10)One stopN/A(6)03/2032— (24)—— 
Saguaro Buyer, LLC+One stopSF +4.50%(h)8.66%07/20326 6 —6 
Saguaro Buyer, LLC+One stopSF +4.50%(h)8.66%07/2032400 398 —400 
Saguaro Buyer, LLC+One stopN/A(6)07/2032— — —— 
Saguaro Buyer, LLC+One stopSF +4.50%(h)8.66%07/203211 9 —11 
SDC Holdco, LLC+(5)One stopN/A(6)07/2032— (1)—(1)
SDC Holdco, LLC+One stopSF +4.38%(h)8.54%07/20321,788 1,779 0.11,779 
SSRG Holdings, LLC*One stopSF +4.75%(i)8.75%11/202912,408 12,307 0.312,346 
SSRG Holdings, LLC*+One stopSF +4.75%(i)8.75%11/20297,702 7,707 0.27,664 
SSRG Holdings, LLC+One stopSF +4.75%(i)8.75%11/2029908 893 —895 
SSRG Holdings, LLC+One stopSF +4.75%(i)8.75%11/2029607 603 —605 
SSRG Holdings, LLC+(5)One stopN/A(6)11/2029— (2)—(2)
SSRG Holdings, LLC+One stopSF +4.75%(i)8.75%11/2029677 674 —674 
Super REGO, LLC+(26)Subordinated debtN/A15.00%PIK03/203074 74 —74 
YE Brands Holding, LLC*+One stopSF +4.75%(i)8.75%10/202717,454 17,586 0.417,454 
YE Brands Holding, LLC+One stopSF +4.75%(i)8.75%10/20271,179 1,175 —1,179 
YE Brands Holding, LLC+One stopSF +4.75%(i)8.75%10/202724 24 —24 
264,986 263,708 6.3264,308 
Household Products
WU Holdco, Inc.+One stopSF +4.75%(i)8.75%04/20329,564 9,519 0.29,564 
WU Holdco, Inc.+(5)One stopN/A(6)04/2032— (3)—— 
WU Holdco, Inc.+(5)One stopN/A(6)04/2032— (5)—— 
9,564 9,511 0.29,564 


See Notes to Consolidated Financial Statements.
71
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+Senior securedSF +4.75%(h)8.91%04/2026$3,160 $3,148 0.1%$3,128 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(h)8.91%04/2026635 625 —629 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(h)8.91%04/2026591 581 —585 
Dwyer Instruments, Inc.+(9)One stopE + 5.00%(c)7.00%07/202952,997 47,221 1.352,997 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/20291,485 1,473 —1,485 
Dwyer Instruments, Inc.+(5)(9)One stopN/A(6)07/2029— (39)—— 
Dwyer Instruments, Inc.+(5)One stopN/A(6)07/2029— (26)—— 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/20295,767 5,753 0.25,767 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/2029243 222 —243 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/20291,463 1,452 —1,463 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/2029468 465 —468 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)8.75%07/2029548 541 —548 
Essential Services Holdings Corporation+One stopSF +5.00%(i)9.32%06/203111,514 11,420 0.311,399 
Essential Services Holdings Corporation+One stopSF +5.00%(i)9.19%06/2030282 271 —272 
Essential Services Holdings Corporation+(5)One stopN/A(6)06/2031— (9)—(23)
Excelitas Technologies Corp.+(5)One stopN/A(6)08/2029— (46)—— 
Excelitas Technologies Corp.+One stopSF +5.25%(h)9.41%08/202910,022 9,970 0.310,022 
Excelitas Technologies Corp.+(9)One stopE + 5.25%(b)7.16%08/20292,002 1,777 0.12,002 
Excelitas Technologies Corp.+(5)One stopN/A(6)08/2028— (2)—— 
91,177 84,797 2.390,985 
Insurance
AMBA Buyer, Inc.*+One stopSF +5.25%(i)9.35%07/20274,422 4,429 0.14,422 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.35%07/20271,317 1,315 —1,317 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.35%07/20271,111 1,109 —1,111 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.35%07/2027161 161 —161 
AMBA Buyer, Inc.+One stopN/A(6)07/2027— — —— 
Bellwether Buyer, LLC+One stopSF +4.50%(h)8.66%04/2032262 257 —262 
Bellwether Buyer, LLC+One stopSF +4.50%(h)8.64%04/20325,031 5,008 0.15,031 
Bellwether Buyer, LLC+(5)One stopN/A(6)04/2032— (6)—— 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.81%03/2028561 554 —561 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.70%03/2028378 378 —378 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.81%03/2028465 456 —465 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.81%03/202897 96 —97 
Captive Resources Midco, LLC+One stopSF +4.50%(h)8.66%07/202922,958 22,938 0.622,958 
Captive Resources Midco, LLC+(5)One stopN/A(6)07/2028— (2)—— 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.25%12/20301,718 1,748 0.11,718 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.25%12/20301,618 1,622 —1,618 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.25%12/202912 12 —12 
Doxa Insurance Holdings LLC+(5)One stopN/A(6)12/2030— (22)—— 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)7.78%04/20311,149 1,035 —1,137 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(b)(c)7.75%04/2031408 375 —404 
Gimlet Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)04/2031— (5)—(10)
Illumifin Corporation+(26)One stopSF +6.00%(i)10.59%09/20274,648 4,470 0.14,416 
Integrated Specialty Coverages, LLC+One stopSF +4.75%(h)8.91%07/203010,111 10,043 0.310,111 
Integrated Specialty Coverages, LLC+(5)One stopN/A(6)07/2029— (1)—— 
Integrated Specialty Coverages, LLC+(5)One stopN/A(6)07/2030— (4)—— 
Integrity Marketing Acquisition, LLC*+One stopSF +5.00%(i)9.20%08/202848,347 48,067 1.248,347 
Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (3)—— 
Integrity Marketing Acquisition, LLC+(5)One stopN/A(6)08/2028— (5)—— 
J.S. Held Holdings, LLC*+One stopSF +5.50%(i)9.65%06/202837,835 37,469 1.037,835 
J.S. Held Holdings, LLC+One stopSF +5.50%(i)9.65%06/202811,024 10,949 0.311,024 

See Notes to Consolidated Financial Statements.
72
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
J.S. Held Holdings, LLC+(5)One stopN/A(6)06/2028$— $(7)—%$— 
Koala Investment Holdings, Inc.+(8)(10)One stopSF +4.50%(i)8.50%08/20321,564 1,557 —1,549 
Koala Investment Holdings, Inc.+(5)(8)(10)One stopN/A(6)08/2032— (1)—(1)
Koala Investment Holdings, Inc.+(5)(8)(10)One stopN/A(6)08/2032— (1)—(3)
Majesco*+One stopSF +4.75%(i)8.75%09/202827,954 27,981 0.727,954 
Majesco+(5)One stopN/A(6)09/2027— (1)—— 
MRH Trowe Germany GMBH+(5)(8)(9)(19)One stopN/A(6)11/2031— (2)—— 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(d)7.11%05/20326,242 5,950 0.26,242 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(c)6.99%05/2032236 235 —236 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)9.97%11/20292,258 2,289 0.12,258 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)9.97%11/20291,091 1,090 —1,091 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.03%11/20294 3 —4 
Oakbridge Insurance Agency LLC+One stopSF +5.00%(h)9.27%11/2029276 271 —276 
Pareto Health Intermediate Holdings, Inc.*+One stopSF +4.75%(i)8.75%05/203074,088 73,580 1.974,088 
Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)06/2029— (1)—— 
Pareto Health Intermediate Holdings, Inc.+(5)One stopN/A(6)05/2030— (49)—— 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.15%10/202872,028 71,322 1.872,028 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.15%10/20289,823 9,664 0.39,823 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.00%10/20283,047 3,039 0.13,047 
Patriot Growth Insurance Services, LLC+(5)One stopN/A(6)10/2028— (41)—— 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/202823,737 25,132 0.623,797 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/202819,927 20,499 0.519,976 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/20289,746 9,790 0.39,771 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.27%02/20287,792 8,360 0.27,811 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.26%02/2027258 262 —258 
People Corporation+(8)(9)(12)One stopCA +5.00%(l)7.99%02/20286,619 6,608 0.26,619 
Wasabi Lower Holdco, LLC+(5)Senior securedN/A(6)06/2032— (8)—— 
Wasabi Lower Holdco, LLC+Senior securedSF +4.50%(h)8.66%06/20322,610 2,577 0.12,610 
World Insurance Associates, LLC+One stopSF +5.00%(i)9.00%04/20301,724 1,707 0.11,724 
World Insurance Associates, LLC+(5)One stopN/A(6)04/2030— (2)—— 
424,657 424,246 10.9424,533 
Internet & Direct Marketing Retail
Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/202920,410 20,185 0.517,962 
Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/202911,947 11,755 0.310,513 
Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/20295,923 5,828 0.15,212 
Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/20293,568 3,499 0.13,140 
Revalize, Inc.+(26)One stopSF +6.50%(i)8.89% cash/1.75%PIK04/20292,428 2,377 0.12,137 
Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/20292,385 2,288 0.12,099 
Revalize, Inc.+(26)One stopSF +6.50%(i)8.90% cash/1.75%PIK04/2029228 216 —201 
Revalize, Inc.+(26)One stopSF +6.25%(i)9.90% cash/0.50%PIK04/2029297 282 —242 
47,186 46,430 1.241,506 
IT Services
Acquia, Inc.*+One stopSF +6.00%(i)10.43%10/202612,020 12,005 0.312,020 
Acquia, Inc.+One stopSF +6.00%(i)10.43%10/20261,083 1,081 —1,083 
Acquia, Inc.+One stopSF +6.00%(i)10.45%10/2026112 112 —112 
CivicPlus, LLC+One stopSF +5.50%(i)9.70%08/203023,499 23,442 0.623,499 
CivicPlus, LLC+(5)One stopN/A(6)08/2030— (17)—— 
CivicPlus, LLC+(26)One stopSF +11.75%(i)(j)15.75%PIK06/2034356 354 —358 
CivicPlus, LLC+(5)One stopN/A(6)08/2030— (2)—— 
ContractPod Technologies, Ltd.+(8)(10)(26)One stopSF +6.50%(i)7.25% cash/3.25%PIK07/2030504 502 —504 
ContractPod Technologies, Ltd.+(5)(8)(10)One stopN/A(6)07/2030— (1)—— 
ContractPod Technologies, Ltd.+(5)(8)(10)One stopN/A(6)07/2030— (1)—— 

See Notes to Consolidated Financial Statements.
73
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.46% cash/3.63%PIK05/2028$5,450 $5,443 0.1%$5,395 
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.46% cash/3.63%PIK05/20282,503 2,478 0.12,477 
Critical Start, Inc.+(5)One stopN/A(6)05/2028— (1)—(2)
Delinea Inc.*+One stopSF +5.75%(i)9.90%03/202822,375 22,380 0.622,375 
Delinea Inc.*+One stopSF +5.75%(i)9.90%03/202812,990 12,992 0.312,990 
Delinea Inc.+One stopSF +5.75%(i)9.90%03/202811,385 11,375 0.311,385 
Delinea Inc.+(5)One stopN/A(6)03/2027— (1)—— 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)8.57%PIK07/202915,805 14,046 0.414,936 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)8.57%PIK07/20291,474 1,330 —1,393 
Goldcup 31018 AB+(8)(9)(17)One stopE + 6.25%(d)8.32%01/2029234 209 —220 
Kentik Technologies, Inc.+(26)Senior securedSF +8.00%(i)8.02% cash/4.00%PIK11/202956 54 —56 
Kentik Technologies, Inc.+(26)Senior securedSF +8.00%(i)8.02% cash/4.00%PIK11/202950 50 —50 
Netwrix Corporation*+One stopSF +4.75%(i)8.95%06/20299,541 9,544 0.29,541 
Netwrix Corporation+One stopSF +4.75%(i)8.95%06/2029383 382 —383 
Netwrix Corporation+One stopSF +4.75%(i)8.95%06/2029162 159 —162 
Netwrix Corporation+(5)One stopN/A(6)06/2029— (1)—— 
Optimizely North America, Inc.+One stopSF +5.00%(h)9.16%10/203138,128 37,797 1.038,128 
Optimizely North America, Inc.+(9)One stopE + 5.25%(b)7.15%10/203115,843 14,529 0.415,843 
Optimizely North America, Inc.+(9)One stopSN +5.50%(f)9.47%10/20315,979 5,715 0.25,979 
Optimizely North America, Inc.+(5)One stopN/A(6)10/2031— (86)—— 
PDQ Intermediate, Inc.+(26)Subordinated debtN/A13.75%PIK10/2031130 129 —132 
ReliaQuest Holdings, LLC+(26)One stopSF +6.00%(i)7.06% cash/3.25%PIK04/203112,133 12,107 0.312,133 
ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (7)—— 
ReliaQuest Holdings, LLC+(5)One stopN/A(6)04/2031— (22)—— 
ReliaQuest Holdings, LLC+(26)One stopSF +6.00%(i)7.06% cash/3.25%PIK04/203128,895 28,763 0.728,895 
Saturn Borrower Inc.*+One stopSF +6.00%(i)10.00%11/202827,326 27,055 0.727,326 
Saturn Borrower Inc.+One stopSF +6.00%(h)10.16%11/2028110 104 —110 
WPEngine, Inc.+One stopSF +6.00%(i)10.02%08/20295,438 5,423 0.15,438 
WPEngine, Inc.+One stopN/A(6)08/2029— — —— 
Zarya Holdco, Inc.+One stopSF +6.50%(i)10.70%07/20277,174 7,205 0.27,174 
Zarya Holdco, Inc.+One stopSF +6.50%(i)10.70%07/20271,399 1,393 —1,399 
Zarya Holdco, Inc.+One stopN/A(6)07/2027— — —— 
262,537 258,019 6.5261,494 
Leisure Products
Crunch Holdings, LLC+One stopSF +4.75%(h)8.91%09/20311,765 1,761 0.11,765 
Crunch Holdings, LLC+(5)One stopN/A(6)09/2031— (1)—— 
Movement Holdings, LLC+(8)(10)One stopSF +5.50%(i)9.70%03/2030832 830 —832 
Movement Holdings, LLC+(8)(10)One stopN/A(6)03/2030— — —— 
Movement Holdings, LLC+(5)(8)(10)One stopN/A(6)03/2030— (1)—— 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20277,703 7,703 0.27,703 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20271,702 1,702 0.11,702 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20271,182 1,182 —1,182 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/2027628 628 —628 
WBZ Investment, LLC+One stopN/A(6)03/2027— — —— 
13,812 13,804 0.413,812 


See Notes to Consolidated Financial Statements.
74
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Life Sciences Tools & Services
Celerion Buyer, Inc.*+One stopSF +5.00%(i)9.25%11/2029$30,864 $30,598 0.8%$30,864 
Celerion Buyer, Inc.+(5)One stopN/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopN/A(6)11/2029— (64)—— 
Celerion Buyer, Inc.*One stopSF +5.00%(i)9.25%11/202921,901 21,720 0.621,901 
Diamondback Acquisition, Inc.+One stopSF +4.50%(h)8.66%09/20321,492 1,489 —1,489 
Diamondback Acquisition, Inc.+(5)One stopN/A(6)09/2032— (1)—(2)
Diamondback Acquisition, Inc.+One stopSF +4.50%(h)8.66%09/203239 38 —38 
PAS Parent Inc.*+One stopSF +4.50%(h)8.66%08/203258,248 57,967 1.557,666 
PAS Parent Inc.+(5)One stopN/A(6)08/2031— (6)—(10)
PAS Parent Inc.+(5)One stopN/A(6)08/2032— (2)—(49)
Unchained Labs, LLC*+Senior securedSF +5.50%(h)9.71%08/20271,386 1,374 —1,357 
Unchained Labs, LLC+Senior securedSF +5.50%(h)9.71%08/20271,170 1,158 —1,147 
Unchained Labs, LLC+(5)Senior securedN/A(6)08/2027— (1)—(2)
115,100 114,269 2.9114,399 
Machinery
AI Titan Parent, Inc.+One stopSF +4.50%(h)8.66%08/203110,508 10,420 0.310,508 
AI Titan Parent, Inc.+(5)One stopN/A(6)08/2031— (9)—— 
AI Titan Parent, Inc.+(5)One stopN/A(6)08/2031— (11)—— 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.50%12/20304,432 4,500 0.14,432 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.50%12/2030520 520 —520 
Blackbird Purchaser, Inc.+One stopSF +5.50%(h)(i)9.55%12/202970 69 —70 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.65% cash/1.50%PIK11/202613,694 13,586 0.313,557 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.65% cash/1.50%PIK11/20261,294 1,280 —1,281 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.65% cash/1.50%PIK11/2026201 193 —195 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(l)6.70%06/2032139 141 —139 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (1)—— 
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(i)8.25%06/2032180 179 —180 
Thermogenics, Inc.+(5)(8)(12)One stopN/A(6)06/2032— (3)—— 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(l)6.70%06/203214 14 —14 
31,052 30,878 0.730,896 
Marine
Project Nike Purchaser, LLC*+One stopSF +5.25%(i)9.25%04/202933,523 33,657 0.833,187 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.25%04/2029742 739 —735 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.25%04/2029198 197 —194 
34,463 34,593 0.834,116 
Media
Lotus Topco, Inc.*One stopSF +4.75%(i)8.75%06/20305,112 5,081 0.15,073 
Lotus Topco, Inc.+(5)One stopN/A(6)06/2030— (6)—(8)
Lotus Topco, Inc.+One stopSF +4.75%(i)8.75%06/2030647 632 —628 
Lotus Topco, Inc.+One stopSF +4.75%(i)8.75%06/20302,000 1,986 0.11,985 
Shout! Factory, LLC+One stopSF +5.25%(i)9.25%06/20311,778 1,766 0.11,778 
Shout! Factory, LLC+One stopSF +5.25%(i)9.25%06/203137 35 —37 
Triple Lift, Inc.*+One stopSF +5.75%(i)9.90%05/20287,224 7,134 0.26,718 
Triple Lift, Inc.*+One stopSF +5.75%(i)9.90%05/20281,541 1,514 —1,433 
Triple Lift, Inc.+(5)One stopN/A(6)05/2028— (4)—(10)
18,339 18,138 0.517,634 
Oil, Gas & Consumable Fuels
Envernus, Inc.+One stopSF +5.50%(h)9.66%12/20297,993 8,066 0.27,993 
Envernus, Inc.+One stopSF +5.50%(h)9.64%12/20294 3 —4 
Envernus, Inc.+One stopN/A(6)12/2029— — —— 
7,997 8,069 0.27,997 

See Notes to Consolidated Financial Statements.
75
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Paper & Forest Products
Messenger, LLC*+One stopSF +5.00%(h)9.16%12/2027$14,039 $14,038 0.4%$14,039 
Messenger, LLC+(9)One stopSN +5.00%(f)8.97%12/2027907 853 —907 
Messenger, LLC+One stopSF +5.00%(h)9.16%12/2027507 506 —507 
Messenger, LLC+(9)One stopSN +5.00%(f)8.97%12/20279 9 —9 
Messenger, LLC*+One stopSF +5.00%(h)9.16%12/20271,471 1,489 —1,471 
Messenger, LLC+One stopSF +5.00%(h)9.16%12/2027738 736 —738 
Messenger, LLC+One stopN/A(6)12/2027— — —— 
17,671 17,631 0.417,671 
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+One stopSF +5.50%(i)9.50%02/202930,144 30,018 0.830,144 
ACP Ulysses Buyer, Inc.*+One stopSF +5.50%(i)9.50%02/20291,303 1,289 —1,303 
Amalthea Parent, Inc.*+(8)(12)One stopSF +5.00%(i)9.46%03/202786,739 84,842 2.184,137 
Amalthea Parent, Inc.+(8)(12)One stopSF +5.00%(h)9.27%03/2027540 519 —524 
Apothecary Products, LLC*Senior securedSF +5.00%(j)9.04%07/20262,191 2,188 0.12,191 
Apothecary Products, LLC+Senior securedSF +5.00%(i)9.21%07/202665 64 —65 
Caerus Midco 3 S.A.R.L.*+(8)One stopSF +5.00%(i)9.00%05/202929,110 29,139 0.729,110 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.00%05/20294,826 4,829 0.14,826 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.00%05/20294,454 4,417 0.14,454 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.00%05/2029707 703 —707 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(h)9.16%05/2029262 259 —262 
Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(i)9.95%10/202814,684 14,648 0.414,390 
Cobalt Buyer Sub, Inc.*+One stopSF +5.75%(i)9.95%10/20284,915 4,902 0.14,817 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(i)9.95%10/20283,720 3,665 0.13,645 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(i)9.95%10/2027439 427 —417 
Cobalt Buyer Sub, Inc.+One stopSF +5.75%(i)9.95%10/20286,333 6,275 0.26,206 
Cobalt Buyer Sub, Inc.+(5)One stopN/A(6)10/2028— (58)—— 
Creek Parent, Inc.+One stopSF +5.00%(h)9.14%12/203156,544 55,666 1.456,544 
Creek Parent, Inc.+(5)One stopN/A(6)12/2031— (121)—— 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.72% cash/1.13%PIK08/202838,346 37,879 0.937,100 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(f)9.97%08/20285,587 5,135 0.15,587 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.72% cash/1.13%PIK08/20284,648 4,014 0.14,497 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(i)10.00%08/20283,991 3,986 0.13,991 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.72% cash/1.13%PIK08/20284,067 3,674 0.13,935 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +3.75%(f)7.72%02/2028122 118 —116 
303,737 298,477 7.4298,968 
Professional Services
ALKU Intermediate Holdings, LLC+One stopSF +6.25%(i)10.25%5/1/20296,728 6,750 0.2 6,728 
ALKU Intermediate Holdings, LLC+One stopSF +5.50%(i)9.50%5/1/2029744 737 — 727 
bswift, LLC*+One stopSF +4.75%(i)9.07%11/1/20287,604 7,591 0.2 7,604 
bswift, LLC+One stopSF +4.75%(i)9.04%11/1/20289,950 9,906 0.3 9,950 
Denali Intermediate Holdings, Inc.+(5)One stopN/A(6)8/1/2032— (2)— (2)
Denali Intermediate Holdings, Inc.+One stopSF +5.50%(h)9.67%8/1/20321,818 1,800 0.1 1,800 
DISA Holdings Corp.*+Senior securedSF +5.00%(h)9.28%9/1/20285,189 5,163 0.1 5,189 
DISA Holdings Corp.+Senior securedSF +5.00%(h)9.28%9/1/2028800 792 — 800 
DISA Holdings Corp.+One stopSF +5.00%(h)9.28%9/1/2028684 678 — 684 
DISA Holdings Corp.+Senior securedSF +5.00%(h)9.28%9/1/2028605 600 — 605 
DISA Holdings Corp.+(26)Subordinated debtSF +8.50%(h)10.63% cash/2.00%PIK3/1/2029106 105 — 106 
DISA Holdings Corp.+Senior securedSF +5.00%(h)(i)9.27%9/1/2028587 581 — 587 
DISA Holdings Corp.+Senior securedSF +5.00%(h)9.28%9/1/202834 32 — 34 
Eclipse Buyer, Inc.+One stopSF +4.50%(h)8.68%9/1/203114,283 14,162 0.4 14,283 
Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031— (59)— — 

See Notes to Consolidated Financial Statements.
76
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Eclipse Buyer, Inc.+(5)One stopN/A(6)9/1/2031$— $(10)— %$— 
Eliassen Group, LLC+One stopSF +5.75%(i)9.75%4/1/20282,126 2,113 0.1 2,084 
Eliassen Group, LLC+One stopSF +5.75%(h)9.91%4/1/2028144 142 — 140 
IG Investments Holdings, LLC*+One stopSF +5.00%(i)9.31%9/1/202812,877 12,835 0.3 12,877 
IG Investments Holdings, LLC+One stopN/A(6)9/1/2028— — — — 
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(26)One stopSF +6.00%(i)6.90% cash/3.50%PIK11/1/203033,978 33,622 0.8 31,939 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)One stopSF +6.00%(i)6.50% cash/3.50%PIK11/1/2030790 786 — 743 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)One stopSF +6.00%(i)6.50% cash/3.50%PIK11/1/2030292 285 — 264 
PlanSource Holdings, Inc.*+One stopSF +5.50%(i)9.70%12/1/202614,234 14,209 0.4 14,234 
PlanSource Holdings, Inc.+One stopSF +5.50%(i)9.70%12/1/20262,416 2,411 0.1 2,416 
PlanSource Holdings, Inc.+One stopSF +5.50%(i)9.70%12/1/2026695 694 — 695 
PlanSource Holdings, Inc.+One stopN/A(6)12/1/2026— — — — 
Procure Acquireco, Inc.*+One stopSF +4.75%(i)8.75%12/1/202824,667 24,708 0.6 24,667 
Procure Acquireco, Inc.+One stopSF +4.75%(i)8.75%12/1/20281,135 1,134 — 1,135 
Procure Acquireco, Inc.+One stopN/A(6)12/1/2028— — — — 
Procure Acquireco, Inc.+(5)One stopN/A(6)12/1/2028— (65)— — 
Procure Acquireco, Inc.+One stopSF +4.75%(i)8.75%12/1/20283,462 3,448 0.1 3,462 
Teaching Company, The+One stopSF +5.75%(i)10.21%1/1/202612,290 12,290 0.3 12,290 
Teaching Company, The+One stopP + 4.75%(a)12.00%1/1/202650 50 — 50 
Varicent Intermediate Holdings Corporation+(8)(12)(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK8/1/203152,117 51,506 1.3 52,117 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (78)— — 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopN/A(6)8/1/2031— (53)— — 
210,405 208,863 5.3208,208 
Real Estate Management & Development
Inhabit IQ Inc.+One stopSF +4.50%(h)8.66%01/20326,873 6,857 0.26,873 
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (3)—— 
Inhabit IQ Inc.+(5)One stopN/A(6)01/2032— (4)—— 
MRI Software, LLC*+One stopSF +4.75%(i)8.75%02/202832,733 32,856 0.832,733 
MRI Software, LLC*+One stopSF +4.75%(i)8.75%02/202813,019 13,083 0.313,019 
MRI Software, LLC+One stopSF +4.75%(i)8.75%02/2028316 308 —316 
MRI Software, LLC+One stopSF +4.75%(i)8.75%02/20289,830 9,762 0.39,830 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%08/20286,084 5,839 0.26,084 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%08/202828,080 28,278 0.728,080 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)8.62%08/202811,640 11,773 0.311,640 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.00%(e)8.62%08/20282,826 3,041 0.12,826 
RPL Bidco Limited+(8)(9)(10)One stopN/A(6)02/2028— — —— 
111,401 111,790 2.9111,401 
Road & Rail
Internet Truckstop Group, LLC*One stopSF +5.25%(i)9.40%04/202728,632 28,608 0.728,345 
Internet Truckstop Group, LLC*+One stopSF +5.25%(i)9.40%04/202712,553 12,496 0.312,427 
Internet Truckstop Group, LLC+(5)One stopN/A(6)04/2027— (2)—(3)
VRS Buyer, Inc.+Senior securedSF +4.75%(i)9.08%07/20321,491 1,484 —1,491 
VRS Buyer, Inc.+(5)Senior securedN/A(6)07/2032— (1)—— 
VRS Buyer, Inc.+(5)Senior securedN/A(6)07/2032— (1)—— 
42,676 42,584 1.042,260 

See Notes to Consolidated Financial Statements.
77
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)8.70%06/2029$58,322 $58,485 1.5%$58,322 
Anaplan, Inc.+One stopN/A(6)06/2028— — —— 
Appfire Technologies, LLC*+One stopSF +5.00%(i)9.00%03/202857,223 57,151 1.456,651 
Appfire Technologies, LLC+One stopSF +5.00%(i)9.00%03/2028100 98 —95 
Appfire Technologies, LLC+One stopSF +5.00%(i)9.00%03/2028222 197 —203 
Appfire Technologies, LLC+(5)One stopN/A(6)03/2028— (88)—(266)
Aras Corporation+One stopSF +5.00%(i)9.00%04/202928,451 28,472 0.728,451 
Aras Corporation+One stopSF +5.00%(i)9.00%04/20291,565 1,552 —1,565 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.22%06/20295,846 5,365 0.25,846 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.22%06/20293,049 2,735 0.13,049 
Arrow Buyer, Inc.+One stopSF +5.00%(i)9.00%07/203024,851 24,712 0.624,851 
Arrow Buyer, Inc.+One stopSF +5.00%(i)9.00%07/20301,629 1,624 0.11,629 
Arrow Buyer, Inc.+One stopSF +5.00%(i)9.00%07/20301,577 1,573 0.11,577 
Artifact Bidco, Inc.+One stopSF +4.25%(i)8.25%05/20311,489 1,476 —1,489 
Artifact Bidco, Inc.+(5)One stopN/A(6)05/2031— (2)—— 
Artifact Bidco, Inc.+One stopN/A(6)05/2030— — —— 
Artifact Bidco, Inc.+(5)One stopN/A(6)05/2030— (1)—— 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.31% cash/3.25%PIK07/202711,019 11,038 0.311,019 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.31% cash/3.25%PIK07/20271,981 1,977 0.11,981 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.31% cash/3.25%PIK07/20271,009 1,007 —1,009 
Auvik Networks Inc.+(8)(12)One stopN/A(6)07/2027— — —— 
Azul Systems, Inc.*Senior securedSF +4.50%(i)8.65%04/20279,492 9,601 0.29,492 
Azul Systems, Inc.+Senior securedN/A(6)04/2026— — —— 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(h)10.16%03/2031973 963 —973 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(h)10.16%03/2031428 423 —428 
Azurite Intermediate Holdings, Inc.+(5)One stopN/A(6)03/2031— (2)—— 
Baxter Planning Systems, LLC+(26)One stopSF +6.25%(i)7.19% cash/3.38%PIK05/20314,200 4,200 0.14,200 
Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (5)—— 
Baxter Planning Systems, LLC+(5)One stopN/A(6)05/2031— (3)—— 
Bayshore Intermediate #2, L.P.+One stopSF +5.00%(i)9.00%10/202795 93 —95 
Bayshore Intermediate #2, L.P.+(26)One stopSF +5.50%(i)6.50% cash/3.00%PIK10/2028124,185 124,126 3.1124,185 
BestPass, Inc.*+One stopSF +4.75%(h)8.91%08/203152,338 52,119 1.352,338 
BestPass, Inc.+(5)One stopN/A(6)08/2031— (22)—— 
BestPass, Inc.+(5)One stopN/A(6)08/2031— (29)—— 
Bloomerang, LLC+(26)One stopSF +6.50%(i)7.00% cash/3.50%PIK12/20294,142 4,172 0.14,142 
Bloomerang, LLC+(26)One stopSF +6.50%(i)7.00% cash/3.50%PIK12/2029414 405 —414 
Bloomerang, LLC+One stopSF +6.00%(i)11.13%12/202958 58 —58 
Blue Bidco Limited+(8)(9)(10)One stopE + 5.00%(d)7.04%05/20325,340 5,130 0.15,340 
Blue Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%05/20329,268 9,204 0.29,268 
Blue Bidco Limited+(8)(9)(10)One stopN/A(6)05/2032— — —— 
Blue Bidco Limited+(8)(10)One stopSF +5.00%(j)9.26%05/20321,338 1,332 —1,338 
Blue Bidco Limited+(8)(10)One stopSF +5.00%(i)9.26%05/20322,749 2,749 0.12,749 
Bottomline Technologies, Inc.+(5)One stopN/A(6)05/2028— (4)—— 
Bottomline Technologies, Inc.+One stopSF +4.50%(i)8.50%05/202945,696 45,473 1.245,696 
Bullhorn, Inc.*+One stopSF +5.00%(h)9.16%10/202977,997 77,892 2.077,997 
Bullhorn, Inc.*+One stopSF +5.00%(h)9.16%10/20293,190 3,220 0.13,190 
Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/20291,643 1,661 0.11,643 
Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/2029736 734 —736 
Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/2029587 585 —587 
Bullhorn, Inc.+One stopSF +5.00%(h)9.16%10/202968 66 —68 
Burning Glass Intermediate Holdings Company, Inc.*One stopSF +5.00%(i)9.15%06/202811,232 11,211 0.311,232 

See Notes to Consolidated Financial Statements.
78
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Burning Glass Intermediate Holdings Company, Inc.+One stopSF +5.00%(j)9.43%06/2026$154 $154 —%$154 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)10.14%01/20298,332 8,282 0.28,332 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)10.14%01/20292,204 2,178 0.12,204 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopN/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopN/A(6)01/2029— (1)—— 
Calabrio, Inc.+One stopSF +5.50%(i)9.70%04/202773,921 73,965 1.973,921 
Calabrio, Inc.+One stopSF +5.50%(i)9.70%04/20275,432 5,485 0.15,432 
Calabrio, Inc.+One stopSF +5.50%(i)9.70%04/2027202 201 —202 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.47%08/20305,440 5,140 0.15,440 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.47%08/20301,065 1,006 —1,065 
Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.05%08/2030331 324 —331 
Camelia Bidco Limited+(5)(8)(9)(10)One stopN/A(6)08/2030— (25)—— 
CB Buyer, Inc.+One stopSF +5.25%(i)9.25%07/203151,465 51,064 1.351,465 
CB Buyer, Inc.+(5)One stopN/A(6)07/2031— (43)—— 
CB Buyer, Inc.+One stopSF +5.25%(i)9.25%07/2031562 503 —562 
Coupa Holdings, LLC+One stopSF +5.25%(i)9.56%02/203031,639 31,390 0.831,639 
Coupa Holdings, LLC+(5)One stopN/A(6)02/2029— (1)—— 
Coupa Holdings, LLC+(5)One stopN/A(6)02/2030— (16)—— 
Crewline Buyer, Inc.+One stopSF +6.75%(h)10.91%11/203010,857 10,828 0.310,857 
Crewline Buyer, Inc.+(5)One stopN/A(6)11/2030— (1)—— 
Daxko Acquisition Corporation*+One stopSF +4.75%(h)8.91%10/202839,052 39,035 1.039,052 
Daxko Acquisition Corporation*+One stopSF +4.75%(h)8.91%10/20283,293 3,272 0.13,293 
Daxko Acquisition Corporation+One stopSF +4.75%(h)8.91%10/2028196 196 —196 
Daxko Acquisition Corporation+One stopSF +4.75%(h)8.91%10/2028133 118 —133 
Daxko Acquisition Corporation+(5)One stopN/A(6)10/2028— (8)—— 
Denali Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)8.97%09/20318,534 8,141 0.28,492 
Denali Bidco Limited+(8)(9)(10)(26)Subordinated debtN/A11.20%PIK09/2032100 99 —99 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)7.08%09/20316,782 6,318 0.26,747 
Denali Bidco Limited+(8)(9)(10)(26)Subordinated debtN/A9.80%PIK09/2032152 150 —150 
Denali Bidco Limited+(5)(8)(9)(10)One stopN/A(6)09/2031— (3)—(4)
Diligent Corporation+One stopSF +5.00%(i)9.20%08/20308,985 8,970 0.28,985 
Diligent Corporation+One stopSF +5.00%(i)9.20%08/20301,541 1,531 —1,541 
Diligent Corporation+(5)One stopN/A(6)08/2030— (9)—— 
Diligent Corporation+One stopSF +5.00%(i)9.20%08/2030103 97 —103 
Einstein Parent, Inc.+One stopSF +6.50%(i)10.83%01/20319,063 8,902 0.29,063 
Einstein Parent, Inc.+(5)One stopN/A(6)01/2031— (17)—— 
Espresso Bidco, Inc.+(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK03/203218,396 18,145 0.518,396 
Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (35)—— 
Espresso Bidco, Inc.+(5)One stopN/A(6)03/2032— (31)—— 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)8.75%09/20304,869 4,770 0.14,869 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)8.75%09/20304,438 4,402 0.14,438 
Evergreen IX Borrower 2023, LLC+(5)One stopN/A(6)10/2029— (10)—— 
FirstUp, Inc.+One stopSF +6.75%(i)10.75%07/202713,126 13,110 0.312,994 
FirstUp, Inc.+One stopSF +6.75%(i)10.75%07/20271,251 1,244 —1,239 
FirstUp, Inc.+(5)One stopN/A(6)07/2027— (1)—(2)
Flexera Software, LLC+One stopN/A(6)08/2032— — —— 
Flexera Software, LLC+One stopSF +4.75%(i)8.96%08/20321,401 1,399 —1,397 
Flexera Software, LLC+(9)One stopE + 4.75%(b)6.63%08/2032496 494 —495 
Gainsight, Inc.+One stopSF +6.25%(i)10.60%07/202714,171 14,198 0.414,171 

See Notes to Consolidated Financial Statements.
79
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Gainsight, Inc.+(5)One stopN/A(6)07/2027$— $(1)—%$— 
GS Acquisitionco, Inc.*+One stopSF +5.25%(i)9.25%05/2028121,457 121,717 3.0120,850 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.25%05/2028122 121 —121 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.25%05/2028180 178 —177 
GTIV, LLC*+One stopSF +4.75%(h)8.91%02/202971,983 71,638 1.871,983 
GTIV, LLC+(5)One stopN/A(6)02/2029— (1)—— 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.67% cash/4.13%PIK07/20299,064 8,949 0.29,064 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.50% cash/4.13%PIK07/20295,320 5,314 0.15,320 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.50% cash/4.13%PIK07/20293,478 3,453 0.13,478 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.67% cash/4.13%PIK07/20291,038 1,026 —1,038 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.50% cash/4.13%PIK07/2029636 634 —636 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.82% cash/4.13%PIK07/2029443 443 —443 
GTY Technology Holdings, Inc.+One stopSF +6.00%(i)10.00%07/2029324 308 —324 
Gurobi Optimization, LLC+One stopSF +4.50%(i)8.50%09/203149,465 49,045 1.349,465 
Gurobi Optimization, LLC+(5)One stopN/A(6)09/2031— (37)—— 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.62%02/2031788 719 —796 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.62%02/2031525 480 —530 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.66%08/203015 12 —15 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(d)6.80%02/2031109 104 —112 
Hyland Software, Inc.*+One stopSF +5.00%(h)9.16%09/203046,767 47,448 1.246,767 
Hyland Software, Inc.+One stopN/A(6)09/2029— — —— 
Icefall Parent, Inc.+One stopSF +4.50%(i)8.81%01/20303,184 3,174 0.13,184 
Icefall Parent, Inc.+(5)One stopN/A(6)01/2030— (1)—— 
ICIMS, Inc.*+(26)One stopSF +5.75%(i)10.07%08/202812,478 12,431 0.311,854 
ICIMS, Inc.+One stopSF +5.75%(i)10.07%08/202890 87 —74 
IQN Holding Corp. *+(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK05/202922,897 22,943 0.622,897 
IQN Holding Corp. +One stopSF +5.25%(i)9.25%05/2028108 108 —108 
IQN Holding Corp. +(26)One stopSF +5.75%(i)6.63% cash/3.13%PIK05/20294,046 4,009 0.14,046 
Island Bidco AB+(8)(9)(17)(26)One stopE + 7.25%(c)2.04% cash/7.25%PIK07/202812,125 11,001 0.312,125 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.67% cash/3.50%PIK07/20284,961 4,958 0.14,961 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.67% cash/3.50%PIK07/20283,660 3,639 0.13,660 
Island Bidco AB+(5)(8)(9)(17)One stopN/A(6)07/2028— (1)—— 
Island Bidco AB+(8)(17)One stopSF +6.50%(j)10.59%07/202888 87 —88 
Kairos Bidco Limited+One stopSF +4.75%(i)8.75%07/203210 10 —10 
Kairos Bidco Limited+One stopSF +4.75%(i)8.75%07/2032604 601 —601 
Kairos Bidco Limited+(5)One stopN/A(6)07/2032— (1)—(1)
Kairos Bidco Limited+One stopSF +4.75%(i)8.75%07/203291 90 —90 
LeadsOnline, LLC+One stopSF +4.50%(i)8.79%02/202812,917 13,038 0.312,917 
LeadsOnline, LLC+One stopSF +4.50%(i)8.79%02/20282,280 2,301 0.12,280 
LeadsOnline, LLC+One stopSF +4.50%(i)8.50%02/2028661 660 —661 
LeadsOnline, LLC+(5)One stopN/A(6)02/2028— (1)—— 
Lighthouse Bidco GMBH+(8)(9)(19)One stopE + 4.75%(c)6.75%12/203120,056 17,727 0.520,056 
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)06/2031— (29)—— 
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)12/2031— (96)—— 
LogicMonitor, Inc.+One stopSF +5.50%(i)9.81%11/203153,749 53,455 1.453,749 
LogicMonitor, Inc.+(5)One stopN/A(6)11/2031— (37)—— 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/202910,668 10,409 0.310,588 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/20291,616 1,481 0.11,604 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.32%12/2029832 765 —826 
Matrix42 Holding GMBH+(5)(8)(9)(19)One stopN/A(6)06/2029— (1)—(2)
Matrix42 Holding GMBH+(8)(19)One stopN/A(6)06/2029— — —— 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.31%12/20292,041 2,005 0.12,025 

See Notes to Consolidated Financial Statements.
80
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.25%(c)7.28%11/2031$17,267 $15,340 0.4%$17,267 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)One stopSF +5.25%(i)9.45%11/203111,017 10,872 0.311,017 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.25%(c)7.28%11/2031140 93 —140 
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)One stopN/A(6)11/2030— (41)—— 
Mindbody, Inc.+One stopSF +6.00%(i)10.46%09/202761,966 61,966 1.661,966 
Mindbody, Inc.+One stopSF +6.00%(i)10.46%09/20272,134 2,134 0.12,134 
Mindbody, Inc.+One stopN/A(6)09/2027— — —— 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.76%12/202830,751 30,664 0.830,137 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.76%12/20282,893 2,896 0.12,835 
Ministry Brands Holdings LLC+(5)One stopN/A(6)12/2027— (3)—(6)
MYOB Invest Co Pty Ltd+(8)(9)(11)(26)One stopA + 5.75%(e)6.33% cash/3.00%PIK06/203036,379 35,400 0.936,379 
Navex TopCo, Inc.+One stopSF +5.25%(h)9.41%11/20305,329 5,408 0.15,329 
Navex TopCo, Inc.+(5)One stopN/A(6)11/2028— (1)—— 
Naviga Inc.+(7)(26)Senior securedSF +1.00%(i)5.10%PIK09/2026184 121 —67 
Onit, Inc.+One stopSF +4.75%(i)9.06%01/20325,415 5,367 0.15,428 
Onit, Inc.+(5)One stopN/A(6)01/2032— (7)—— 
Onit, Inc.+(5)One stopN/A(6)01/2032— (11)—— 
Onit, Inc.+One stopSF +4.50%(i)8.50%01/20321,448 1,444 —1,444 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.75%(c)7.75%11/20292,316 2,087 0.12,327 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.00%(c)7.00%11/2029347 289 —347 
Panzura, LLC+(26)One stopN/A4.00% cash/11.00%PIK08/2027132 123 —120 
Personify, Inc.+One stopSF +4.75%(i)8.75%09/202816,676 16,611 0.416,676 
Personify, Inc.*One stopSF +4.75%(i)8.75%09/202812,337 12,270 0.312,337 
Personify, Inc.*+One stopSF +4.75%(i)8.75%09/20288,751 8,702 0.28,751 
Personify, Inc.+One stopN/A(6)09/2028— — —— 
Pineapple German Bidco GMBH+(8)(19)(26)One stopSF +5.25%(i)9.24%PIK01/203115,046 14,915 0.415,046 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.27%PIK01/20315,300 4,554 0.15,300 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.27%PIK01/20311,139 1,039 —1,139 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.27%PIK01/2031353 318 —353 
Pineapple German Bidco GMBH+(8)(19)(26)One stopSF +5.25%(i)9.24%PIK01/203177 75 —77 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.25%PIK01/203178 71 —78 
Pineapple German Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)01/2031— (55)—— 
PING Identity Holding Corp.+One stopSF +4.75%(i)8.75%10/202914,993 14,963 0.414,993 
PING Identity Holding Corp.+(5)One stopN/A(6)10/2028— (1)—— 
Pluralsight, LLC+(26)One stopSF +7.50%(i)11.70%PIK08/20296,738 6,553 0.26,671 
Pluralsight, LLC+(26)One stopSF +4.50%(i)7.20% cash/1.50%PIK08/20294,025 3,933 0.13,985 
Pluralsight, LLC+(26)One stopSF +4.50%(i)7.20% cash/1.50%PIK08/20292,013 2,013 0.11,993 
Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(10)
Pluralsight, LLC+(5)One stopN/A(6)08/2029— — —(25)
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20286,014 6,023 0.26,014 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20284,240 4,223 0.14,240 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20282,864 2,847 0.12,864 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.50%09/20281,203 1,199 —1,203 
ProcessUnity Holdings, LLC+One stopSF +6.50%(h)(i)10.57%09/2028108 108 —108 
QAD, Inc.*+One stopSF +4.75%(h)8.91%11/202742,819 43,243 1.142,819 
QAD, Inc.+(5)One stopN/A(6)11/2027— (2)—— 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.49%06/20297,332 7,279 0.27,332 

See Notes to Consolidated Financial Statements.
81
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.45%06/2029$4,428 $4,395 0.1%$4,428 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.45%06/20294,316 4,302 0.14,316 
Quant Buyer, Inc.+One stopSF +5.25%(i)9.45%06/2029230 227 —230 
Quant Buyer, Inc.+(5)One stopN/A(6)06/2029— (41)—— 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.05%(f)7.47% cash/2.55%PIK07/202921,404 19,591 0.521,404 
Rainforest Bidco Limited+(8)(10)(26)One stopSF +6.05%(g)7.68% cash/2.55%PIK07/20293,762 3,742 0.13,762 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.80%(f)7.97% cash/2.80%PIK07/20293,580 3,360 0.13,580 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.05%(f)7.47% cash/2.55%PIK07/20291,573 1,430 —1,573 
Rainforest Bidco Limited+(8)(10)(26)One stopSF +6.18%(g)8.12% cash/2.18%PIK07/20291,002 1,002 —1,002 
Rainforest Bidco Limited+(5)(8)(9)(10)One stopN/A(6)07/2029— (7)—— 
Rainforest Bidco Limited+(8)(10)(26)One stopSF +5.93%(g)8.12% cash/1.93%PIK07/2029700 700 —700 
Riskonnect Parent, LLC*+One stopSF +4.75%(j)8.62%12/202845,168 45,548 1.144,717 
Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/20282,119 2,134 0.12,099 
Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/2028815 809 —807 
Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/2028573 566 —567 
Riskonnect Parent, LLC+One stopSF +4.75%(j)8.62%12/202877 74 —68 
Riskonnect Parent, LLC+(5)One stopN/A(6)12/2028— (8)—(10)
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(h)10.41%05/202713,056 12,990 0.313,056 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(h)10.51%05/20277,616 7,608 0.27,616 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopN/A(6)05/2027— — —— 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(h)10.41%05/20272,000 1,991 0.12,000 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 4.75%(c)6.78%07/202953,648 47,198 1.453,648 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)7.04%07/20294,383 3,981 0.14,395 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.00%(c)6.96%07/20291,616 1,491 0.11,620 
Sonatype, Inc.+One stopSF +5.50%(h)9.75%01/202869,460 69,555 1.869,460 
Sonatype, Inc.+One stopN/A(6)01/2028— — —— 
Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— 
Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— 
Spark Bidco Limited+(8)(10)One stopN/A(6)10/2032— — —— 
Spark Bidco Limited+(8)(9)(10)One stopN/A(6)10/2032— — —— 
Spartan Buyer Acquisition Co.*+(26)One stopSF +7.50%(i)10.70% cash/1.00%PIK06/202744,709 44,567 1.144,261 
Spartan Buyer Acquisition Co.+(26)One stopSF +7.50%(i)10.70% cash/1.00%PIK06/20272,851 2,828 0.12,822 
Spartan Buyer Acquisition Co.+(5)(26)One stopP + 6.50%(a)12.75% cash/1.00%PIK06/20272 (1)—(2)
Telesoft Holdings LLC*+One stopSF +5.75%(h)10.01%12/202620,963 21,081 0.520,963 
Telesoft Holdings LLC+One stopSF +6.25%(h)10.51%12/20261,417 1,420 —1,417 
Telesoft Holdings LLC+One stopSF +5.75%(h)10.01%12/202637 36 —37 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(i)10.35%07/20284,800 4,784 0.14,800 
Templafy APS and Templafy, LLC+(8)(18)One stopN/A(6)07/2028— — —— 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/20274,226 4,222 0.13,297 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/20271,122 1,122 —875 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/2027701 701 —547 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/2027536 535 —418 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/2027194 194 —151 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.76% cash/1.00%PIK06/202791 91 —70 
Togetherwork Holdings, LLC*+One stopSF +5.25%(h)9.41%05/203127,693 27,653 0.727,416 
Togetherwork Holdings, LLC+One stopSF +5.25%(h)9.41%05/2031694 665 —647 
Togetherwork Holdings, LLC+(5)One stopN/A(6)05/2031— (14)—(24)
Transform Bidco Limited+(8)(10)One stopSF +6.75%(i)10.53%01/20315,444 5,514 0.15,444 
Transform Bidco Limited+(8)(10)One stopSF +6.75%(i)10.53%01/20314,339 4,261 0.14,339 
Transform Bidco Limited+(8)(9)(10)(26)One stopA + 6.75%(e)7.62% cash/2.75%PIK01/20314,057 3,966 0.14,057 
Transform Bidco Limited+(8)(9)(10)(26)One stopSN +6.75%(f)7.97% cash/2.75%PIK01/2031644 606 —644 

See Notes to Consolidated Financial Statements.
82
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)06/2030$— $(2)—%$— 
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (73)—— 
Transform Bidco Limited+(5)(8)(10)One stopN/A(6)01/2031— (33)—— 
Tricentis Operations Holdings, Inc.+(26)One stopSF +6.25%(i)5.61% cash/4.88%PIK02/20327,741 7,707 0.27,741 
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (4)—— 
Tricentis Operations Holdings, Inc.+(5)One stopN/A(6)02/2032— (7)—— 
Vantage Bidco GMBH+(8)(9)(19)(26)One stopE + 6.25%(c)8.25%PIK04/20319,226 8,393 0.29,226 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopN/A(6)10/2030— (11)—— 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.50%(d)7.57%07/20317,771 7,161 0.27,790 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 4.75%(d)6.82%07/20314,143 3,835 0.14,143 
Vendavo, Inc.+One stopSF +5.75%(i)10.00%09/202727,095 26,661 0.624,385 
Vendavo, Inc.+One stopSF +5.75%(i)10.15%09/20272,933 2,913 0.12,683 
Vendavo, Inc.+One stopSF +5.75%(i)10.00%09/2027988 985 —889 
Viper Bidco, Inc.+One stopSF +4.75%(i)8.75%11/203137,890 37,724 1.037,985 
Viper Bidco, Inc.+(9)One stopSN +4.75%(f)8.72%11/203118,655 17,390 0.518,702 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (17)—— 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (21)—— 
Viper Bidco, Inc.+(5)One stopN/A(6)11/2031— (2)—(5)
WebPT, Inc.+One stopSF +6.25%(i)10.55%01/2028927 920 —778 
Zendesk, Inc.+One stopSF +5.00%(i)9.00%11/202828,368 28,286 0.728,368 
Zendesk, Inc.+One stopSF +5.00%(i)9.00%11/20282,179 2,164 0.12,179 
Zendesk, Inc.+One stopN/A(6)11/2028— — —— 
2,206,850 2,179,855 55.32,197,567 
Specialty Retail
Ave Holdings III, Corp*+One stopSF +5.50%(j)9.62%02/202823,180 23,008 0.622,369 
Ave Holdings III, Corp+One stopSF +5.50%(j)9.62%02/20286,046 6,124 0.25,833 
Ave Holdings III, Corp+One stopSF +5.50%(j)9.62%02/2028794 794 —767 
Ave Holdings III, Corp+(5)One stopN/A(6)02/2028— (1)—(10)
Biscuit Parent, LLC*+One stopSF +4.75%(i)8.75%02/203120,004 19,843 0.520,004 
Biscuit Parent, LLC+(5)One stopN/A(6)02/2031— (1)—— 
Biscuit Parent, LLC+One stopSF +4.75%(i)8.75%02/2031273 233 —273 
Cavender Stores L.P.*Senior securedSF +5.00%(i)9.00%10/20295,404 5,370 0.15,404 
Consilio Midco Limited+(8)(9)(10)Senior securedE + 4.75%(c)6.75%04/203213,130 12,660 0.313,130 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)9.04%04/203210,689 10,639 0.310,689 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)9.04%04/20326,589 6,558 0.26,589 
Consilio Midco Limited+(8)(10)Senior securedN/A(6)04/2032— — —— 
Consilio Midco Limited+(8)(10)Senior securedN/A(6)04/2032— — —— 
Consilio Midco Limited+(8)(9)(10)(26)Subordinated debtE + 7.50%(d)9.59%PIK04/20331,345 1,294 —1,345 
Consilio Midco Limited+(8)(10)(26)Subordinated debtSF +7.50%(j)11.64%PIK04/20331,681 1,669 0.11,681 
Consilio Midco Limited+(8)(10)(26)Subordinated debtSF +7.50%(i)11.82%PIK04/20331 1 —1 
CVP Holdco, Inc.+One stopSF +4.75%(h)8.91%06/203113,529 13,418 0.413,529 
CVP Holdco, Inc.+One stopSF +4.75%(h)8.91%06/2031776 761 —776 
CVP Holdco, Inc.+(5)One stopN/A(6)06/2030— (11)—— 
Cycle Gear, Inc.+One stopSF +6.75%(h)11.01%04/202646,304 45,655 1.246,304 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(i)8.75%12/203011,489 11,439 0.311,489 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(i)8.75%12/2030306 300 —306 
PetVet Care Centers LLC*+One stopSF +6.00%(h)10.16%11/20304,692 4,726 0.14,317 
PetVet Care Centers LLC+(5)One stopN/A(6)11/2029— (2)—(6)
PetVet Care Centers LLC+(5)One stopN/A(6)11/2030— (6)—— 
Radiance Borrower, LLC+(26)One stopSF +5.75%(h)7.16% cash/2.75%PIK06/203121,950 21,820 0.621,950 
Radiance Borrower, LLC+One stopSF +5.25%(h)9.41%06/2031205 191 —205 

See Notes to Consolidated Financial Statements.
83
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)9.75%08/2028$5,203 $5,207 0.1%$5,216 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/20293,479 3,454 0.13,505 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/20291,845 1,832 0.11,859 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/20291,543 1,533 —1,559 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029902 884 —909 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029672 667 —676 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028535 533 —536 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028496 493 —498 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028349 347 —350 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028340 338 —341 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.75%08/2028575 569 —575 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028269 268 —270 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028248 246 —249 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028168 168 —168 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029171 170 —173 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028153 153 —154 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028112 111 —112 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028104 104 —104 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/202885 84 —85 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/202878 78 —79 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)9.75%08/2028634 630 —636 
Salon Lofts Group, LLC+(5)(26)Second lienN/A(6)09/2029— (15)—21 
Salon Lofts Group, LLC+(5)Senior securedN/A(6)08/2028— (22)—— 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.00%PIK09/2029685 681 —692 
Salon Lofts Group, LLC+Senior securedSF +5.25%(i)9.25%08/20282,228 2,219 0.12,228 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+One stopSF +5.25%(i)9.25%12/202932,072 31,844 0.831,751 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)One stopCA +5.25%(l)7.70%12/20297,733 7,858 0.27,655 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)One stopN/A(6)12/2029— (69)—(33)
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+One stopSF +5.25%(i)9.25%12/2028236 231 —230 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.44% cash/6.25%PIK10/202641,525 40,863 0.831,974 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.44% cash/6.25%PIK10/20263,013 2,939 0.12,320 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.34% cash/6.25%PIK10/2026594 570 —399 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)6.81% cash/4.75%PIK10/2026621 613 —621 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)9.38%03/20288,958 9,878 0.28,958 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)9.38%03/20288,765 9,165 0.28,765 
VSG Acquisition Corp. and Sherrill, Inc.+(5)One stopN/A(6)10/2029— (1)—(1)
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.00%(h)9.16%10/2029133 126 —130 
VSG Acquisition Corp. and Sherrill, Inc.*+One stopSF +5.00%(h)9.16%10/202916,264 15,942 0.416,183 
329,175 327,173 8.0316,892 


See Notes to Consolidated Financial Statements.
84
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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.+(7)(8)(10)One stopSF +6.00%(i)10.15%03/2028$2,347 $2,329 0.1%$1,643 
Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(i)10.15%03/20281,170 1,161 —819 
Dollfus Mieg Company, Inc.+(7)(8)(10)One stopSF +6.00%(i)10.15%03/20281,027 1,020 —720 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20259,950 9,950 0.29,478 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20253,997 3,997 0.13,808 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20252,058 2,058 0.11,960 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025683 683 —651 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025312 312 —298 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025299 299 —285 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/2025120 120 —115 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.51% cash/1.25%PIK10/20254 4 —4 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/20269,105 9,068 0.29,127 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/20266,310 6,284 0.26,325 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/2026977 973 —979 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/2026877 873 —880 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/2026615 613 —617 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.65%11/20262 — —2 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)10.77%07/20291,289 1,289 —1,289 
Shoes For Crews Global, LLC+(26)Senior securedSF +7.00%(h)6.27% cash/5.00%PIK07/2029756 734 —756 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)10.77%07/2029417 417 —417 
Shoes For Crews Global, LLC+(5)Senior securedN/A(6)07/2029— (27)—— 
42,315 42,157 0.940,173 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/202820,574 20,369 0.518,619 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/202821,341 20,957 0.519,313 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.44% cash/3.25%PIK06/20286,334 6,201 0.25,765 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.09% cash/3.25%PIK06/20282,611 2,516 0.12,363 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/20286,836 6,562 0.26,187 
57,696 56,605 1.552,247 
Transportation Infrastructure
LDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.16%02/20327,408 7,366 0.27,334 
LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (6)—(11)
LDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.16%02/20321,467 1,459 —1,452 
LDS Intermediate Holdings, LLC+(5)One stopN/A(6)02/2032— (5)—(9)
LDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.16%02/203291 90 —90 
8,966 8,904 0.28,856 
Water Utilities
S.J. Electro Systems, LLC*Senior securedSF +4.75%(i)9.21%06/202724,226 24,113 0.624,226 
S.J. Electro Systems, LLC*+Senior securedSF +4.75%(i)9.21%06/202718,582 18,550 0.518,582 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.21%06/20271,172 1,166 —1,172 
S.J. Electro Systems, LLC+(5)Senior securedN/A(6)06/2027— (39)—— 
S.J. Electro Systems, LLC+(5)Senior securedN/A(6)06/2027— (2)—— 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(h)9.01%06/2027180 179 —180 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(h)9.01%06/2027240 239 —240 
Vessco Midco Holdings, LLC*One stopSF +4.75%(h)(j)8.93%07/203122,500 22,313 0.622,500 
Vessco Midco Holdings, LLC+One stopSF +4.75%(h)(j)8.89%07/20314,075 4,044 0.14,075 
Vessco Midco Holdings, LLC+(5)One stopN/A(6)07/2031— (21)—— 
70,975 70,542 1.8 70,975 
Total non-controlled/non-affiliate company debt investments8,064,825 7,974,174 200.3 7,978,756 



See Notes to Consolidated Financial Statements.
85
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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.+Preferred stockN/AN/A02/2023N/A93 $948 —%$672 
Tronair Parent, Inc.+Common stockN/AN/A07/2021N/A— 40 —98 
988 —770 
Air Freight & Logistics
RJW Group Holdings, Inc.+(25)LLC unitsN/AN/A11/2024N/A4,370 2,689 0.13,469 
Auto Components
Arnott, LLC+LP unitsN/AN/A12/2024N/A— 350 —314 
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —30 
664 —344 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —717 
CAP-KSI Holdings, LLC+Common stockN/AN/A06/2024N/A645 — —167 
CG Group Holdings, LLC+LLC unitsN/AN/A07/2021N/A1 983 —718 
Go Car Wash Parent, Corp.+(25)Common stockN/A17.00%Non-Cash04/2022N/A— 3,794 0.13,678 
Go Car Wash Parent, Corp.+Preferred stockN/AN/A04/2022N/A— 553 —— 
MOP GM Holding, LLC+Common stockN/AN/A11/2020N/A— 499 —473 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 51 —63 
National Express Wash Parent Holdco, LLC+LLC unitsN/AN/A07/2022N/A1 103 —176 
POY Holdings, LLC+LP interestN/AN/A11/2022N/A446 820 —483 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A1,085 1,085 0.11,421 
Quick Quack Car Wash Holdings, LLC+Preferred stockN/AN/A06/2024N/A215 215 —270 
Yorkshire Parent, Inc.+LP interestN/AN/A12/2023N/A— 544 —626 
9,292 0.28,792 
Beverages
Spindrift Beverage Co. Inc.+LLC interestN/AN/A02/2025N/A2 2,039 0.12,501 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(25)LP unitsN/AN/A10/2023N/A4 40 —45 
Cobepa BlueSky Aggregator, SCSp+(25)LLC unitsN/A15.00%Non-Cash04/2024N/A5 61 —57 
Cobepa BlueSky Aggregator, SCSp+Common stockN/AN/A12/2021N/A219 1,899 —47 
2,000 —149 
Building Products
BECO Holding Company, Inc.+(25)Common stockN/A11.75%Non-Cash11/2021N/A132 20,273 0.520,736 
BECO Holding Company, Inc.+Common stockN/AN/A11/2021N/A10 1,218 —1,116 
21,491 0.521,852 
Chemicals
Inhance Parent, Inc.+LP interestN/AN/A07/2018N/A— 124 —— 

See Notes to Consolidated Financial Statements.
86
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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 Parent, Inc.+LP unitsN/AN/A09/2025N/A12 $— —%$328 
Inhance Parent, Inc.+LP unitsN/AN/A12/2021N/A12 7,284 —— 
7,408 —328 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+Preferred stockN/AN/A10/2021N/A773 836 —993 
CHA Vision Holdings, Inc.+WarrantN/AN/A01/2024N/A— 461 —610 
North Haven Stack Buyer, LLCPreferred stockN/AN/A07/2021N/A516 637 —1,244 
PT Intermediate Holdings III, LLC+Preferred stockN/AN/A12/2021N/A16 1,787 0.11,918 
Radwell Parent, LLC+Preferred stockN/AN/A03/2022N/A4 477 —467 
4,198 0.15,232 
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 209 —351 
Packaging Coordinators Midco, Inc.+LP unitsN/AN/A09/2025N/A45 450 —450 
659 —801 
Diversified Consumer Services
CHHJ Midco, LLC+(25)LP interestN/AN/A01/2021N/A27 311 —428 
CHVAC Services Investment, LLC+Preferred stockN/AN/A05/2024N/A105 267 —453 
DP Flores Holdings, LLC+Preferred stockN/AN/A09/2022N/A106 98 —170 
EMS LINQ, LLC+Preferred stockN/AN/A12/2021N/A761 758 —236 
EWC Growth Partners LLC+Preferred stockN/AN/A03/2020N/A— 12 —— 
FPG Intermediate Holdco, LLC+LLC unitsN/AN/A07/2025N/A18 6,655 0.26,637 
HS Spa Holdings, Inc.+WarrantN/AN/A05/2022N/A729 732 —587 
Kodiak Buyer, LLC+LP interestN/AN/A08/2025N/A4 373 —373 
Liminex, Inc.+Preferred stockN/AN/A11/2020N/A17 633 —410 
NSG Buyer, Inc. +Preferred stockN/AN/A11/2022N/A3 2,992 0.14,203 
PADI Holdco, Inc.+(25)LLC interestN/AN/A07/2017N/A1 945 0.11,392 
Project Alpha Intermediate Holdings, Inc.+Common stockN/AN/A05/2025N/A327 1,359 0.11,410 
Virginia Green Acquisition, LLC+Preferred stockN/AN/A12/2023N/A397 407 —454 
15,542 0.516,753 
Electric Utilities
Smart Energy Systems, Inc.+Preferred stockN/AN/A01/2025N/A18 96 — 458 
Electrical Equipment
Wildcat TopCo, Inc.+Preferred stockN/AN/A12/2024N/A503 503 — 675 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —168 
Inventus Power, Inc.+LLC unitsN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+Common stockN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —505 
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 0.11,421 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.26,591 

See Notes to Consolidated Financial Statements.
87
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Ruby Slipper Cafe LLC, The+WarrantN/AN/A06/2024N/A3 $47 —%$53 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —85 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —54 
6,430 0.38,535 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —277 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A05/2023N/A6 14 —14 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A01/2022N/A4 9 —11 
Borrower R365 Holdings, LLC+LLC unitsN/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+Preferred stockN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A04/2024N/A21 73 —66 
Kodiak Cakes, LLC+Preferred stockN/AN/A06/2021N/A— 557 0.11,914 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A07/2021N/A— 599 —273 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+LP unitsN/AN/A03/2024N/A— 31 —42 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —312 
Purfoods, LLC+LLC interestN/AN/A05/2016N/A— 945 0.25,892 
Zullas, L.C.+WarrantN/AN/A06/2025N/A— 250 —250 
3,142 0.39,101 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/A06/2019N/A— 98 —96 
Blue River Pet Care, LLC+LP interestN/AN/A08/2019N/A— 734 —794 
CCSL Holdings, LLC+Preferred stockN/AN/A12/2020N/A— 499 —676 
Centegix Intermediate II, LLC+Preferred stockN/AN/A08/2025N/A600 600 —600 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A— 557 —677 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 —1,034 
Isto Group, Inc.+(9)LP unitsN/AN/A09/2025N/A3 369 —365 
JHC Investment Intermediate Holdings, LLC+LP unitsN/AN/A03/2024N/A5,293 — 0.11,761 
3,340 0.16,003 
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 1,099 0.12,207 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.25,684 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.13,651 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 —1,154 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+WarrantN/AN/A03/2021N/A180 192 —140 
CRH Healthcare Purchaser, Inc.+Preferred stockN/AN/A12/2018N/A531 456 —824 

See Notes to Consolidated Financial Statements.
88
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
DCA Investment Holding, LLC(7)(25)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 $659 —%$— 
DCA Investment Holding, LLCLP unitsN/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+LLC unitsN/AN/A05/2024N/A3 261 —100 
ERC Topco Holdings, LLC+LLC unitsN/AN/A03/2025N/A3 4,841 0.13,870 
HP TLE Buyer, Inc.+LP unitsN/AN/A07/2025N/A450 450 —450 
Krueger-Gilbert Health Physics, LLC+LP interestN/AN/A05/2019N/A239 324 —683 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —620 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)LLC unitsN/AN/A05/2021N/A— 409 —451 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —621 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —— 
Pyramid Healthcare Acquisition Corp.+Preferred stockN/AN/A05/2021N/A257 310 —380 
Radiology Partners, Inc.+LLC unitsN/AN/A02/2018N/A11 68 —94 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —374 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A— 249 —657 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A3 3 —— 
Southern Veterinary Partners, LLC+(25)Preferred stockN/A10.00%Non-Cash12/2024N/A5 1,380 0.15,319 
Southern Veterinary Partners, LLC+(25)LP unitsN/A10.00%Non-Cash12/2024N/A— 265 —442 
Southern Veterinary Partners, LLC+Preferred stockN/AN/A12/2024N/A52 81 —845 
Southern Veterinary Partners, LLC+LP interestN/AN/A12/2024N/A4 15 —70 
Southern Veterinary Partners, LLC+(25)LLC unitsN/A10.00%Non-Cash12/2024N/A— 14 —52 
Southern Veterinary Partners, LLC+(25)LP interestN/A10.00%Non-Cash12/2024N/A— 3 —4 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A1 — —8 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A— — —1 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —573 
18,018 0.629,274 
Healthcare Technology
Amberfield Acquisition Co.+Preferred stockN/AN/A05/2024N/A446 449 —531 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —335 
Connexin Software, Inc.+Preferred stockN/AN/A02/2024N/A12 16 —27 
HSI Halo Acquisition, Inc.+(25)Preferred stockN/A10.00%Non-Cash10/2019N/A— 127 —258 
HSI Halo Acquisition, Inc.+Preferred stockN/AN/A10/2019N/A— 14 —156 
Modernizing Medicine, Inc.+(25)WarrantN/A13.00%Non-Cash04/2025N/A5 4,689 0.14,794 
Symplr Software, Inc.+(25)LLC unitsN/A11.00%Non-Cash10/2021N/A15 21,349 0.520,627 
Symplr Software, Inc.+(25)Common stockSF +10.50%(i)14.50%Non-Cash11/2018N/A3 6,594 0.27,498 
Symplr Software, Inc.+(25)Common stockN/A11.00%Non-Cash12/2020N/A2 2,694 0.12,737 
Symplr Software, Inc.+(25)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,621 0.11,601 
Symplr Software, Inc.+LP interestN/AN/A09/2021N/A— 161 —131 

See Notes to Consolidated Financial Statements.
89
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 $237 —%$756 
Tebra Technologies, Inc.+LP unitsN/AN/A07/2022N/A348 2,824 0.14,942 
Tebra Technologies, Inc.+Preferred stockN/AN/A03/2019N/A169 871 —926 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —— 
Tebra Technologies, Inc.+LP interestN/AN/A09/2018N/A1 8 —17 
Veranex, Inc.+LP unitsN/AN/A08/2025N/A135 30 —16 
Veranex, Inc.+LP unitsN/AN/A08/2025N/A472 — —— 
Veranex, Inc.+LP unitsN/AN/A08/2025N/A60 — —— 
42,074 1.145,352 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —416 
Harri US LLC+LP unitsN/AN/A02/2022N/A119 892 —731 
Harri US LLC+Common stockN/AN/A10/2021N/A102 649 —610 
Harri US LLC+LP interestN/AN/A10/2021N/A34 171 —204 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,407 
Harri US LLC+LLC unitsN/AN/A03/2024N/A9 69 —137 
Harri US LLC+WarrantN/AN/A02/2025N/A10 — —— 
Harri US LLC+WarrantN/AN/A06/2025N/A9 107 —123 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 —— 
Patriot Acquireco, LLC+LP unitsN/AN/A09/2025N/A450 450 —450 
PB Group Holdings, LLC+Preferred stockN/AN/A08/2024N/A383 886 —946 
Rooster BidCo Limited+(8)(10)LLC unitsN/AN/A03/2025N/A1,258 1,301 0.11,925 
Saguaro Buyer, LLC+LP unitsN/AN/A07/2025N/A— 250 —266 
SSRG Holdings, LLC+WarrantN/AN/A11/2019N/A46 493 —515 
7,724 0.27,730 
Insurance
Majesco+(25)WarrantN/A9.00%Non-Cash09/2020N/A— 592 —668 
Majesco+Preferred stockN/AN/A09/2020N/A97 94 —321 
Oakbridge Insurance Agency LLC+Preferred stockN/AN/A11/2023N/A20 404 —506 
1,090 —1,495 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,216 0.521,278 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.312,771 
Revalize, Inc.+LP unitsN/AN/A12/2022N/A11 11,050 0.28,334 
Revalize, Inc.+LP unitsN/AN/A04/2022N/A4 4,285 0.13,171 
57,286 1.145,554 
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LP interestN/AN/A02/2020N/A804 2,398 0.28,624 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LLC unitsN/AN/A10/2020N/A211 931 0.12,262 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 407 —519 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+LLC interestN/AN/A08/2020N/A277 779 0.12,818 
Critical Start, Inc.+LLC unitsN/AN/A05/2022N/A343 379 —158 
Kentik Technologies, Inc.+LP unitsN/AN/A09/2021N/A509 2,933 0.12,944 
Kentik Technologies, Inc.+Preferred stockN/AN/A11/2024N/A1 3 —4 
Netwrix Corporation+Common stockN/AN/A06/2022N/A7 19 —18 
Optimizely North America, Inc.+LLC interestN/AN/A10/2018N/A92 1,016 0.11,369 

See Notes to Consolidated Financial Statements.
90
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Saturn Borrower Inc.+LP interestN/AN/A09/2020N/A520 $470 —%$607 
9,335 0.619,323 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,930 
Movement Holdings, LLC+(8)(10)LP unitsN/AN/A03/2024N/A— 152 —87 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —116 
WBZ Investment, LLC+LLC unitsN/AN/A09/2018N/A56 96 —80 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —65 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —58 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —24 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —2 
778 0.12,362 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(25)LLC interestN/AN/A11/2022N/A1,302 1,096 —727 
Celerion Buyer, Inc.+Common stockN/AN/A11/2022N/A1,302 188 0.13,778 
PAS Parent Inc.+LLC unitsN/AN/A12/2021N/A15 1,651 0.11,914 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —342 
3,202 0.26,761 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,632 —928 
W3 Co.+Common stockN/AN/A01/2019N/A— 224 —224 
1,856 —1,152 
Paper & Forest Products
Messenger, LLC+Preferred stockN/AN/A12/2021N/A8 667 —853 
Messenger, LLC+Preferred stockN/AN/A12/2021N/A1 — —— 
667 — 853 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interestN/AN/A03/2021N/A701 605 —472 
Cobalt Buyer Sub, Inc.+(25)LP interestN/A13.75%Non-Cash10/2021N/A11 18,419 0.518,854 
Cobalt Buyer Sub, Inc.+LP interestN/AN/A10/2021N/A— 246 —100 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A3 2 —— 
Creek Parent, Inc.+Preferred stockN/AN/A12/2024N/A3,372 3,372 0.13,608 
22,644 0.623,034 
Professional Services
Eclipse Buyer, Inc.+(25)LP unitsN/A12.50%Non-Cash09/2024N/A— 1,824 0.11,853 
Enboarder, Inc.+(8)LLC unitsN/AN/A01/2022N/A83 859 —537 
Filevine, Inc.+LP interestN/AN/A04/2022N/A362 2,867 0.26,388 
Filevine, Inc.+LP unitsN/AN/A04/2022N/A54 224 —843 
Filevine, Inc.+LLC unitsN/AN/A05/2024N/A21 176 —373 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,417 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,199 
8,535 0.413,610 
Real Estate Management & Development
Inhabit IQ Inc.+LP interestN/AN/A01/2018N/A2 528 —587 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —266 
802 —853 
Road & Rail
Internet Truckstop Group, LLC+WarrantN/AN/A04/2019N/A554 587 — 352 


See Notes to Consolidated Financial Statements.
91
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Software
Anaplan, Inc.+LLC unitsN/AN/A06/2022N/A962 $1,254 0.1%$1,675 
Aras Corporation+(25)LLC unitsN/A12.00%Non-Cash04/2021N/A1 2,212 0.12,435
Aras Corporation+Common stockN/AN/A04/2021N/A427 446—776
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—114
Auvik Networks Inc.+(8)(12)LLC unitsN/AN/A07/2021N/A37 405—584
Auvik Networks Inc.+(8)(12)LP unitsN/AN/A02/2023N/A4 46—66
Bayshore Intermediate #2, L.P.+LLC unitsN/AN/A10/2021N/A5,841 5,8900.27,482
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,157—1,037
Calabrio, Inc.+Preferred stockN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+Preferred stockN/AN/A07/2024N/A258 258—160
Cloudbees, Inc.+LP interestN/AN/A11/2021N/A179 2,0070.12,149
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—1,120
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—821
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,172
Denali Bidco Limited+(8)(10)LP unitsN/AN/A08/2023N/A431 312—732
Diligent Corporation+(25)LP interestN/A10.50%Non-Cash04/2021N/A24 33,9020.935,506
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 912—1,065
Energy Worldnet, LLC+(25)Preferred stockN/AN/A02/2025N/A50 52—54
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—242
FirstUp, Inc.+LP unitsN/AN/A03/2025N/A14 27—30
GS Acquisitionco, Inc.+(25)LP interestN/A11.00%Non-Cash04/2021N/A35 50,5961.352,892
GS Acquisitionco, Inc.+(25)Preferred stockN/A11.00%Non-Cash11/2021N/A5 6,4470.26,572
GS Acquisitionco, Inc.+Preferred stockN/AN/A09/2021N/A1 363—341
GS Acquisitionco, Inc.+(25)Preferred stockSF +10.50%(i)14.50%Non-Cash08/2023N/A— 139—138
GTY Technology Holdings, Inc.+Common stockN/AN/A07/2022N/A73 91—165
Gurobi Optimization, LLC+LLC unitsN/AN/A09/2024N/A— 709—775
Impartner, Inc.+LP interestN/AN/A10/2021N/A39 307—211
Kaseya Inc.+(25)Preferred stockSF +10.75%(i)14.92%Non-Cash06/2022N/A2 3,7000.13,635
Kaseya Inc.+Common stockN/AN/A06/2022N/A250 252—263
LogicMonitor, Inc.+LLC unitsN/AN/A12/2024N/A250 250 —277 
Menlo Ridgeview Co-Invest, LLC+(8)LLC unitsN/AN/A05/2025N/A931 954—996
Ministry Brands Holdings LLC+WarrantN/AN/A12/2021N/A799 774—613
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+LP interestN/AN/A10/2019N/A6 17—17
Onit, Inc.+(25)Common stockN/AN/A09/2025N/A— 14—14
Panzura, LLC+LLC unitsN/AN/A03/2025N/A2 6 —— 
Personify, Inc.+LLC interestN/AN/A09/2018N/A879 1,396 0.12,241 
Pluralsight, LLC+Common stockN/AN/A08/2024N/A1,988 3,6630.13,512
QAD, Inc.+LLC unitsN/AN/A11/2021N/A1 1,186—1,004
QAD, Inc.+LP interestN/AN/A11/2021N/A68 134 —279 
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—161
RegEd Aquireco, LLC+LLC unitsN/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 36,3810.936,658

See Notes to Consolidated Financial Statements.
92
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)
Riskonnect Parent, LLC+Preferred stockN/AN/A11/2021N/A1,382 $1,414 0.1%$1,393 
Riskonnect Parent, LLC+(25)LP unitsSF +10.50%(i)14.70%Non-Cash07/2022N/A— 1,067—1,074 
Riskonnect Parent, LLC+(25)LLC unitsN/A10.50%Non-Cash06/2024N/A— 56—61 
Rokt Inc.+LLC unitsN/AN/A01/2025N/A20 683 —763 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A344 1,028 0.12,007 
SnapLogic, Inc.+Common stockN/AN/A09/2019N/A131 162 —517 
Spartan Buyer Acquisition Co.+LP unitsN/AN/A12/2020N/A1 794 —412 
Spartan Buyer Acquisition Co.+LP unitsN/AN/A12/2022N/A— 110—136
StrongDM, Inc.+Preferred stockN/AN/A05/2025N/A424 2,2570.12,349
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—120
Templafy APS and Templafy, LLC+(8)(18)Preferred stockN/AN/A07/2022N/A— 82—21
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,3420.11,376
Transform Bidco Limited+(8)(10)LP unitsN/AN/A04/2025N/A2,349 2,3490.12,432
Tricentis Operations Holdings, Inc.+Preferred stockN/AN/A02/2025N/A40 40—44
Zendesk, Inc.+LP unitsN/AN/A11/2022N/A63 708—648
171,971 4.6181,374 
Specialty Retail
Ave Holdings III, Corp+(25)Preferred stockN/A11.50%Non-Cash02/2022N/A15 20,613 0.415,226 
Ave Holdings III, Corp+Preferred stockN/AN/A02/2022N/A2 1,737 —157 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 0.11,399 
Cycle Gear, Inc.+LLC unitsN/AN/A02/2016N/A2,002 481 —356 
Cycle Gear, Inc.+WarrantN/AN/A01/2023N/A75 75 —160 
Metal Supermarkets US Buyer, LLC+(8)(12)LLC unitsN/AN/A12/2024N/A3 347 —370 
Metal Supermarkets US Buyer, LLC+(8)(12)Preferred stockN/AN/A12/2024N/A1 — —29 
Salon Lofts Group, LLC+Preferred stockN/AN/A08/2022N/A— 137 —111 
VSG Acquisition Corp. and Sherrill, Inc.+LP interestN/AN/A04/2022N/A— 57 —92 
24,734 0.517,900 
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(25)LLC interestN/AN/A11/2015N/A20 239 —292 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Common stockN/AN/A06/2021N/A56 265 —101 
Shoes For Crews Global, LLC+LLC unitsN/AN/A06/2024N/A2 1,083 —1,366 
1,587 —1,761 
Total non-controlled/non-affiliate company equity investments453,851 12.2 485,008 
Total non-controlled/non-affiliate company investments8,428,025 212.5 8,463,764 




See Notes to Consolidated Financial Statements.
93
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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)5.00%PIK06/2027$7,589 $7,071 0.1%$2,732 
Abita Brewing Co., L.L.C.+(7)(26)Second lienSF +1.00%(i)5.00%PIK06/20275,224 3,725 —210 
Abita Brewing Co., L.L.C.+(26)One stopSF +1.00%(i)5.13%PIK06/20272,748 2,748 0.12,274 
15,561 13,544 0.25,216 
Energy, Equipment & Services
Benetech, Inc.+(7)(26)One stopSF +1.00%(i)5.00%PIK08/20274,991 3,623 0.11,997 
Benetech, Inc.+(7)(26)One stopSF +1.00%(i)5.00%PIK08/20271,105 732 —92 
6,096 4,355 0.12,089 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)One stopSF +6.00%(i)5.35% cash/5.00%PIK11/20292,847 2,847 0.12,847 
G & H Wire Company, Inc.+One stopN/A(6)11/2029— — —— 
2,847 2,847 0.12,847 
Healthcare Providers & Services
Bayside Opco, LLC+One stopSF +7.25%(i)11.40%06/202612,729 12,703 0.312,729 
Bayside Opco, LLC+(26)Subordinated debtSF +10.00%(i)14.15%PIK06/20265,832 5,659 0.15,832 
Bayside Opco, LLC+One stopSF +7.25%(i)11.40%06/20264,503 4,450 0.14,503 
Bayside Opco, LLC+One stopN/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(26)One stopSF +5.25%(i)9.40%PIK09/202618,393 13,029 0.14,414 
Elite Dental Partners LLC+(7)(26)One stopSF +12.00%(i)16.15%PIK09/202611,500 7,226 0.13,335 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.40%PIK09/20261,982 1,982 0.11,982 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.40%PIK09/2026961 961 —961 
Opening Day Borrower 111 LLC+(26)One stopSF +6.25%(i)10.71%PIK05/20274,675 4,675 0.14,675 
SPF Borrower LLC+(26)One stopSF +6.25%(i)8.40% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+(26)One stopSF +9.50%(i)13.65%PIK02/20288,625 8,625 0.28,625 
SPF Borrower LLC+One stopN/A(6)02/2028— — —— 
85,391 75,501 1.563,247 
Life Sciences Tools & Services
Reaction Biology Corporation+(26)One stopSF +4.75%(i)8.75%PIK03/20292,923 2,923 0.12,777 
Reaction Biology Corporation+(26)One stopSF +4.75%(i)8.75%PIK03/2029839 839 —839 
3,762 3,762 0.13,616 
Multiline Retail
Fleet Farm Group, LLC+(26)Senior securedSF +5.50%(i)9.81%PIK12/20265,405 5,405 0.15,242 
Fleet Farm Group, LLC+One stopSF +5.50%(i)9.70%12/20263,245 3,245 0.13,180 
8,650 8,650 0.28,422 
Personal Products
IMPLUS Footcare, LLC+(26)One stopSF +6.00%(i)10.31%PIK10/20288,288 7,738 0.27,708 
IMPLUS Footcare, LLC+(26)One stopSF +6.00%(i)10.01%PIK10/20283,761 3,761 0.13,678 
12,049 11,499 0.311,386 
Software
Switchfly LLC+(26)One stopN/A1.00%PIK11/20271,830 1,830 —1,651 
Specialty Retail
Chestnut Optical Midco, Inc.+One stopSF +1.00%(i)5.00%06/202945,065 41,693 1.040,107 
Chestnut Optical Midco, Inc.+(5)One stopN/A(6)06/2029— — —(309)
Chestnut Optical Midco, Inc.+One stopSF +1.00%(i)5.00%06/20292,817 2,817 —1,164 
47,882 44,510 1.040,962 
Total non-controlled/affiliate company debt investments184,068 166,498 3.5139,436 


See Notes to Consolidated Financial Statements.
94
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(23)(24)
Beverages
Abita Brewing Co., L.L.C.+LP interestN/AN/A02/2021N/A210$— —%$— 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+LP unitsN/AN/A11/2024N/A1593,810 0.13,223 
Healthcare Providers & Services
Bayside Opco, LLC+Preferred stockN/AN/A05/2023N/A6 2,592 0.310,922 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLP unitsN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+LP unitsN/AN/A09/2024N/A181 21,172 0.518,561 
Opening Day Borrower 111 LLC+LP unitsN/AN/A04/2023N/A181 7,836 —— 
SPF Borrower LLC+Preferred stockN/AN/A02/2024N/A— 9,347 0.312,653 
45,099 1.1 42,136 
Life Sciences Tools & Services
Reaction Biology Corporation+LLC unitsN/AN/A03/2025N/A1394,980 0.13,643 
Multiline Retail
Fleet Farm Group, LLCPreferred stockN/AN/A12/2024N/A12923,874 0.624,821 
Personal Products
IMPLUS Footcare, LLC+LLC unitsN/AN/A07/2025N/A8,288 12,388 0.312,383 
Software
Switchfly LLC+Preferred stockN/AN/A09/2018N/A98,370 2,321 —486 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.26,002 
Switchfly LLC+Preferred stockN/AN/A03/2022N/A950 950 —643 
8,646 0.27,131 
Specialty Retail
Chestnut Optical Midco, Inc.+LP unitsN/AN/A06/2024N/A189 53,764 1.560,990 
Total non-controlled/affiliate company equity investments152,561 3.9154,327 
Total non-controlled/affiliate company investments319,059 7.4 293,763 


See Notes to Consolidated Financial Statements.
95
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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$2,137 $2,137 0.1%$2,030 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,209 1,209 —1,209 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,300 1,300 —1,300 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/2026376 376 —376 
Total controlled affiliate company debt investments5,022 5,022 0.14,915 
Equity investments(23)(24)
IT Services
MMan Acquisition Co.+LP unitsN/AN/A09/2024N/A— 7,832 0.26,947 
Total controlled affiliate equity investments7,832 0.26,947 
Total controlled affiliate company investments12,854 0.311,862 
Total investments8,759,938 220.2 8,769,389 
Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		4.00%(30)$23,093 0.6%$23,093 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)3.97%(30)70,563 1.870,563 
Total money market funds93,656 2.493,656 
Total investments and money market funds$8,853,594 222.6%$8,863,045 

See Notes to Consolidated Financial Statements.
96
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2025
(Dollar and share amounts in thousands)
*
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 September 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 September 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 September 30, 2025, as the loan could have priced or repriced based on an index rate prior to September 30, 2025.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.25% as of September 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 September 30, 2025.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of September 30, 2025.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.10% as of September 30, 2025.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.58% as of September 30, 2025.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.97% as of September 30, 2025.
(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.24% as of September 30, 2025.
(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.13% as of September 30, 2025.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.98% as of September 30, 2025.
(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.85% as of September 30, 2025.
(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.56% as of September 30, 2025.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.45% as of September 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 September 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. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.
(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, 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 September 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 September 30, 2025, 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.
(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.
97
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 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 year ended September 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 year ended September 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 September 30, 2025Interest, dividend and fee income
Abita Brewing Co. LLC$6,000 $11,690 $(9,725)$(2,749)$— $5,216 $114 
Bayside Opco, LLC29,127 1,165 (156)3,850 — 33,986 3,263 
Benetech, Inc.1,793 — (189)485 — 2,089 8 
Chestnut Optical Midco, Inc.(c)
93,864 3,717 — 4,371 — 101,952 3,440 
Elite Dental Partners LLC11,696 1,145 — (2,149)— 10,692 223 
Fleet Farm Group LLC— 32,523 — 720 — 33,243 416 
G & H Wire Company, Inc.— 6,657 — (587)— 6,070 251 
IMPLUS Footcare, LLC— 23,769 — — — 23,769 238 
Opening Day Borrower 111 LLC24,936 12,900 (8,225)(6,375)— 23,236 303 
Reaction Biology Corporation— 10,426 (1,684)(1,483)— 7,259 182 
SPF Borrower LLC36,653 620 (328)524 — 37,469 2,994 
Switchfly LLC7,313 2,547 (1,427)349 — 8,782 26 
Total Non-Controlled Affiliates$211,382 $107,159 $(21,734)$(3,044)$— $293,763 $11,458 
(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 year ended September 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 September 30, 2025Interest, dividend and fee income
MMan Acquisition Co.$12,205 $490 $— $(833)$— $11,862 $510 
Total Controlled Affiliates$12,205 $490 $— $(833)$— $11,862 $510 
(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 September 30, 2025.


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, the Administrator.
Note 2. Significant Accounting Policies and Recent Accounting Updates
Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”).
Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. 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,
99
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.

100
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.6
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.7
GCIC Quick Quack Coinvest LLC5
GBDC Quick Quack Coinvest LLC5
Golub Capital 3 Holdings LLC(“GBDC 3 Holdings”)
GBDC 3 Funding LLC 8 9
(“GBDC 3 Funding”)8 9
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 LLC9
(“GBDC 3 2022 Issuer”)9
Golub Capital BDC 3 CLO 2 Depositor LLC(“GBDC 3 2022 CLO 2 Depositor”)
Golub Capital BDC 3 CLO 2 LLC8
(“GBDC 3 2022-2 Issuer”)8
GBDC 3 Holdings Coinvest, Inc.6
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.GBDC 3 Holdings Coinvest, Inc. merged into GBDC Holdings Coinvest, Inc. effective September 1, 2025.
7.Prior to December 31, 2025, the date of the entity’s dissolution.
8.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.
9.Golub Capital BDC 3 ABS 2022-1 LLC (“GBDC 3 2022 Issuer”) merged into GBDC 3 Funding LLC (“GBDC 3 Funding”) effective August 21, 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
101
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Funding, 2024 Issuer and, prior to November 18, 2024, GCIC 2018 Issuer, 2018 Issuer and GBDC 3 2021 Issuer, GCIC Funding (prior to April 30, 2025), GBDC 3 2022-2 Issuer (prior to May 19, 2025), and GBDC 3 2022 Issuer (prior to August 21, 2025) that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).
Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.
Restricted cash, restricted cash equivalents and restricted foreign currencies: Restricted cash, restricted 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, restricted 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
102
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.
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 months ended December 31, 2025 and 2024, the Company received Loan Origination Fees that were capitalized of $3,520 and $12,759, respectively. For the three months ended December 31, 2025 and 2024, interest income included $6,544 and $6,255, 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 months ended December 31, 2025 and 2024, investment income included $14,519 and $11,016, respectively, of PIK interest and the Company capitalized PIK interest of $14,157 and $13,211, 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 months ended December 31, 2025 and 2024, fee income included $565 and $94 from non-recurring prepayment premiums, respectively.
For the three months ended December 31, 2025 and 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $177,396 and $201,367, respectively.
Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.
For the three months ended December 31, 2025 and 2024, the Company recognized PIK and non-cash dividend income of $7,034 and $7,264, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three months ended December 31, 2025 the Company received no cash payments of accrued and capitalized preferred dividends. For the three months ended December 31, 2024 the Company received $1,824 of cash payments of accrued and capitalized preferred dividends.
Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
For the three months ended December 31, 2025 and 2024, the Company recorded dividend income received in cash of $585 and $1,223, respectively, and return of capital distributions received in cash of $92 and $235, respectively.
103
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 $52,788 and $27,321 as of December 31, 2025 and September 30, 2025, 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. As of December 31, 2025, there were three preferred equity securities on non-accrual status with a fair value of $15,095. As of September 30, 2025, there was one preferred equity security on non-accrual status with a fair value of $0.
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 expense of purchase premium for the three months ended December 31, 2025 and 2024 was $3,168 and $5,686, 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
104
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 December 31, 2025, no U.S. federal excise tax was recorded. For the three months ended December 31, 2024, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $475.
The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 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 months ended December 31, 2025 and 2024, the Company did not record any U.S. income tax expense.
Dividends and distributions: Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion.
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The Company can purchase shares in the open market in connection with the obligations under the plan, and in particular, if the Company’s shares are trading at a significant discount to net asset value (“NAV”) and the Company is otherwise permitted under applicable law to purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.
In the event the market price per share of the Company’s common stock on the date of a distribution exceeds the most recently computed NAV per share of the common stock, the Company will issue shares of common stock to participants in the DRIP at the greater of the most recently computed NAV per share of common stock or 95% of the
105
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 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, which was 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 December 31, 2025, the Company has issued 2,408,940 of shares of its common stock for net proceeds to the Company of $38,043 under 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 of its common stock 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. During the three months ended December 31, 2025 and December 31, 2024, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreement.
Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2025 and September 30, 2025, the Company had deferred debt issuance costs of $23,849 and $26,005, 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 months ended December 31, 2025 and 2024 was $2,607 and $2,645, 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.
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 senior executive committee that, as of December 31, 2025, includes the Company’s chief executive officer and chief financial 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
106
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 does not expect this update to have a material effect on the Company’s consolidated financial statements.
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 re-approved the Investment Advisory Agreement in May 2025. 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, cash equivalents, restricted cash and restricted cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.
The Investment Adviser served as collateral manager under the 2018 Collateral Management Agreement (as described in Note 7), the GCIC 2018 Collateral Management Agreement (as described in Note 7), the 2021 Collateral Management Agreement (as described in Note 7), the 2022 Collateral Management Agreement (as described in Note 7), and the 2022-2 Collateral Management Agreement (as described in Note 7), prior to their redemption, and serves as the collateral manager under 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 months ended December 31, 2025 and 2024 was $22,115 and $21,581, respectively.
107
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.
Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).
The income and capital gains incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts, the income component (the “Income Incentive Fee”) and the capital gains component (the “Capital Gain Incentive Fee” and, together with the Income Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.
For the three months ended December 31, 2025 and 2024, the Income Incentive Fee incurred was $17,457 and $18,058, 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,
108
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee annual rate.
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 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.
109
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
•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 months ended December 31, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of December 31, 2025 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.
In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended December 31, 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 December 31, 2025 and September 30, 2025, 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 $3,180 and $3,022 as of December 31, 2025 and September 30, 2025, respectively, for accrued allocated shared services under the Administration Agreement.
Other related party transactions: The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.
Total expenses reimbursed to the Administrator during the three months ended December 31, 2025 and 2024 were $2,527 and $2,658, respectively.
As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $2,559 and $2,527, respectively, for expenses paid on behalf of the Company by the Administrator.
110
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of December 31, 2025 and September 30, 2025, permits the Company to borrow a maximum of $300,000 and expires on June 13, 2032. Refer to Note 7 for discussion of the Adviser Revolver.
Note 4. Investments
Investments as of December 31, 2025 and September 30, 2025 consisted of the following:
As of December 31, 2025As of September 30, 2025
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$423,378 $418,860 $414,507 $448,400 $444,061 $442,477 
One stop7,661,609 7,553,525 7,531,078 7,735,754 7,633,999 7,615,809 
Second lien26,869 25,138 21,819 31,317 29,607 26,409 
Subordinated debt39,232 38,869 39,200 38,444 38,027 38,412 
EquityN/A617,336 632,627 N/A614,244 646,282 
Total$8,151,088 $8,653,728 $8,639,231 $8,253,915 $8,759,938 $8,769,389 
111
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of December 31, 2025As of September 30, 2025
Amortized Cost:        
United States        
Southeast$1,719,373 19.9 %$1,756,509 20.0 %
Mid-Atlantic1,664,540 19.2 1,621,070 18.5 
Midwest1,340,229 15.5 1,395,381 15.9 
West1,282,246 14.8 1,345,106 15.4 
Southwest1,061,219 12.3 1,055,464 12.0 
Northeast473,215 5.5 472,221 5.4 
United Kingdom401,952 4.6 399,688 4.6 
Canada337,344 3.9 337,991 3.9 
Finland84,335 1.0 78,934 0.9 
Germany82,967 1.0 81,459 0.9 
Jersey57,512 0.6 57,493 0.7 
Australia53,302 0.6 54,443 0.6 
Sweden35,444 0.4 35,269 0.4 
France20,295 0.2 20,285 0.2 
Israel17,387 0.2 17,384 0.2 
Netherlands12,845 0.1 12,835 0.1 
Denmark4,867 0.1 4,866 0.1 
Luxembourg4,656 0.1 4,610 0.1 
Spain— — 8,930 0.1 
Total$8,653,728 100.0 %$8,759,938 100.0 %
Fair Value:        
United States        
Southeast$1,707,419 19.7 %$1,741,027 19.8 %
Mid-Atlantic1,684,434 19.5 1,641,053 18.7 
Midwest1,335,832 15.5 1,399,325 16.0 
West1,271,864 14.7 1,347,579 15.4 
Southwest1,027,367 11.9 1,028,584 11.7 
Northeast472,982 5.5 472,847 5.4 
United Kingdom406,876 4.7 407,437 4.6 
Canada334,754 3.9 332,821 3.8 
Finland93,551 1.1 88,087 1.0 
Germany89,237 1.0 87,711 1.0 
Jersey59,518 0.7 59,437 0.7 
Australia54,830 0.6 54,102 0.6 
Sweden37,566 0.4 37,383 0.4 
France22,250 0.3 22,233 0.2 
Israel17,814 0.2 17,757 0.2 
Netherlands13,206 0.1 13,210 0.2 
Luxembourg4,926 0.1 4,890 0.1 
Denmark4,805 0.1 4,821 0.1 
Spain— — 9,085 0.1 
Total$8,639,231 100.0 %$8,769,389 100.0 %
112
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 December 31, 2025 and September 30, 2025 were as follows:
As of December 31, 2025As of September 30, 2025
Amortized Cost:        
Aerospace & Defense$56,260 0.7 %$54,719 0.6 %
Air Freight & Logistics52,855 0.6 52,825 0.6 
Airlines— — 8,930 0.1 
Auto Components34,561 0.4 39,106 0.4 
Automobiles419,592 4.8 418,536 4.8 
Banks12,963 0.2 12,895 0.1 
Beverages79,917 0.9 79,802 0.9 
Biotechnology2,000 0.0 *2,000 0.0 *
Building Products63,334 0.7 62,749 0.7 
Capital Markets14,109 0.2 14,049 0.2 
Chemicals142,565 1.7 142,340 1.6 
Commercial Services & Supplies175,813 2.0 217,458 2.5 
Communications Equipment16,532 0.2 16,529 0.2 
Construction & Engineering12,913 0.1 12,648 0.1 
Containers & Packaging124,584 1.4 111,514 1.3 
Diversified Consumer Services473,574 5.5 466,558 5.3 
Diversified Financial Services174,558 2.0 171,432 2.0 
Diversified Telecommunication Services1,525 0.0 *1,525 0.0 *
Electric Utilities7,170 0.1 7,093 0.1 
Electrical Equipment21,062 0.2 25,139 0.3 
Electronic Equipment, Instruments & Components33,455 0.4 33,484 0.4 
Energy Equipment & Services4,302 0.0 *4,355 0.0 *
Food & Staples Retailing33,057 0.4 30,214 0.3 
Food Products224,550 2.6 225,050 2.6 
Healthcare Equipment & Supplies330,185 3.8 325,894 3.7 
Healthcare Providers & Services644,215 7.4 650,544 7.4 
Healthcare Technology365,685 4.2 401,952 4.6 
Hotels, Restaurants & Leisure279,846 3.2 271,432 3.1 
Household Durables551 0.0 *— — 
Household Products9,551 0.1 9,511 0.1 
Industrial Conglomerates92,198 1.1 84,797 1.0 
Insurance435,643 5.0 425,336 4.9 
Internet & Direct Marketing Retail103,940 1.2 103,716 1.2 
IT Services283,308 3.3 280,208 3.2 
Leisure Products14,487 0.2 14,582 0.2 
Life Sciences Tools & Services125,619 1.5 126,213 1.4 
Machinery31,300 0.4 30,878 0.4 
Marine34,299 0.4 34,593 0.4 
Media18,080 0.2 18,138 0.2 
Multiline Retail32,740 0.4 32,524 0.4 
Oil, Gas & Consumable Fuels2,170 0.0 *9,925 0.1 
Paper & Forest Products17,839 0.2 18,298 0.2 
Personal Products24,333 0.3 23,887 0.3 
Pharmaceuticals322,837 3.7 321,121 3.7 
Professional Services221,025 2.6 217,398 2.5 
Real Estate Management & Development112,673 1.3 112,592 1.3 
Road & Rail41,704 0.5 43,171 0.5 
Software2,288,320 26.4 2,362,302 27.0 
Specialty Retail455,905 5.3 450,181 5.1 
Textiles, Apparel & Luxury Goods43,815 0.5 43,744 0.5 
Trading Companies & Distributors57,092 0.7 56,605 0.6 
Transportation Infrastructure8,999 0.1 8,904 0.1 
Water Utilities74,118 0.9 70,542 0.8 
Total$8,653,728 100.0 %$8,759,938 100.0 %
* 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)
As of December 31, 2025As of September 30, 2025
Fair Value:        
Aerospace & Defense$56,761 0.7 %$54,528 0.6 %
Air Freight & Logistics54,748 0.6 54,006 0.6 
Airlines— — 9,085 0.1 
Auto Components32,882 0.4 32,910 0.4 
Automobiles417,454 4.8 417,389 4.8 
Banks13,017 0.1 12,951 0.1 
Beverages70,930 0.8 71,405 0.8 
Biotechnology32 0.0 *149 0.0 *
Building Products63,232 0.7 62,640 0.7 
Capital Markets14,169 0.2 14,115 0.2 
Chemicals136,825 1.6 137,323 1.6 
Commercial Services & Supplies177,202 2.1 219,594 2.5 
Communications Equipment16,587 0.2 16,585 0.2 
Construction & Engineering12,989 0.1 12,728 0.1 
Containers & Packaging124,489 1.4 111,548 1.3 
Diversified Consumer Services462,983 5.4 462,485 5.3 
Diversified Financial Services178,991 2.1 175,762 2.0 
Diversified Telecommunication Services1,529 0.0 *1,529 0.0 *
Electric Utilities7,524 0.1 7,445 0.1 
Electrical Equipment21,417 0.2 25,587 0.3 
Electronic Equipment, Instruments & Components34,112 0.4 34,220 0.4 
Energy Equipment & Services2,067 0.0 *2,089 0.0 *
Food & Staples Retailing33,233 0.4 30,171 0.3 
Food Products230,912 2.7 231,437 2.6 
Healthcare Equipment & Supplies335,949 3.9 332,338 3.8 
Healthcare Providers & Services636,116 7.4 645,551 7.4 
Healthcare Technology364,564 4.2 406,376 4.6 
Hotels, Restaurants & Leisure280,710 3.2 272,038 3.1 
Household Durables551 0.0 *— — 
Household Products9,602 0.1 9,564 0.1 
Industrial Conglomerates98,210 1.1 90,985 1.0 
Insurance437,475 5.1 426,028 4.9 
Internet & Direct Marketing Retail89,733 1.0 87,060 1.0 
IT Services295,214 3.4 292,679 3.3 
Leisure Products15,837 0.2 16,174 0.2 
Life Sciences Tools & Services127,646 1.5 128,419 1.5 
Machinery31,163 0.4 30,896 0.3 
Marine33,829 0.4 34,116 0.4 
Media17,585 0.2 17,634 0.2 
Multiline Retail31,251 0.4 33,243 0.4 
Oil, Gas & Consumable Fuels1,029 0.0 *9,149 0.1 
Paper & Forest Products18,110 0.2 18,524 0.2 
Personal Products24,776 0.3 23,769 0.3 
Pharmaceuticals322,659 3.7 322,002 3.7 
Professional Services224,778 2.6 221,818 2.5 
Real Estate Management & Development112,486 1.3 112,254 1.3 
Road & Rail41,119 0.5 42,612 0.5 
Software2,303,248 26.7 2,387,723 27.2 
Specialty Retail443,848 5.1 436,744 5.0 
Textiles, Apparel & Luxury Goods42,094 0.5 41,934 0.5 
Trading Companies & Distributors52,358 0.6 52,247 0.6 
Transportation Infrastructure9,058 0.1 8,856 0.1 
Water Utilities74,148 0.9 70,975 0.8 
Total$8,639,231 100.0 %$8,769,389 100.0 %
* 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)

Note 5. Derivatives
The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.
Forward Currency Contracts
The outstanding forward currency contracts as of December 31, 2025 and September 30, 2025 were as follows:
As of December 31, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026$— $(215)
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026— (1,690)
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/2026— (2,155)
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026— (241)
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027— (986)
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027— (1,866)
$— $(7,153)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$— $(1,263)
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/2026— (1,369)
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/2026133 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026— (1,754)
SMBC Capital Markets, Inc.€33,200 EUR39,008 USD5/27/2027— (703)
$133 $(5,089)
Wells Fargo Bank, N.A.£13,900 GBP18,492 USD10/28/2026$— $(211)
As of September 30, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026$— $(235)
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026— (1,615)
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/2026— (2,338)
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026— (109)
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027— (1,079)
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027— (1,990)
$— $(7,366)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$— $(1,367)
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/2026— (1,483)
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/2026185 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026— (1,672)
SMBC Capital Markets, Inc.€33,200 EUR39,008 USD5/27/2027— (910)
$185 $(5,432)
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three months ended December 31, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
115
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20252024
Foreign exchange $— $1,206 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20252024
Foreign exchange $292 $21,927 
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2025 and 2024:
Average U.S. Dollar notional outstandingThree months ended December 31,
20252024
Forward currency contracts$263,902 $350,520 
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 December 31, 2025, the counterparties to the Company’s interest rate swap agreements were SMBC Capital Markets, Inc. and Macquarie Bank Limited. The outstanding interest rate swaps as of December 31, 2025 and September 30, 2025 were as follows:
As of December 31, 2025
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $3,311 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 6,319 — 
SMBC Capital Markets, Inc2028 Notes5.050%D SOFR+1.723 %12/5/2028250,000 — (582)
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 7,018 — 
$16,648 $(582)
Macquarie Bank Limited2029 Notes5.881%3M SOFR+2.012 %6/15/2029150,000 2,134 — 
$2,134 $— 
As of September 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 $3,513 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 6,772 — 
SMBC Capital Markets, Inc2028 Notes5.050%D SOFR+1.723 %12/5/2028250,000 — (689)
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 7,780 — 
$18,065 $(689)
Macquarie Bank Limited2029 Notes5.881%3M SOFR+2.012 %6/15/2029150,000 2,343 — 
$2,343 $— 
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 and other debt financing expenses. The net unrealized loss related to the fair value hedge was ($13) and $(4,662), respectively, for the three months ended December 31, 2025 and 2024, respectively. The net unrealized loss related to the fair value hedge is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statement of Operations. The table below presents the
116
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
components of the net unrealized loss related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three months ended December 31, 2025 and 2024:
Three months ended December 31,
20252024
Hedging Instruments (Interest rate swaps)$(1,518)$(38,943)
Hedged items (Unsecured notes)1,505 34,281 
Fair market value adjustments for hedge accounting recognized in interest expense$(13)$(4,662)
The table below presents the carrying value of the 2028 and 2029 Notes as of December 31, 2025 and September 30, 2025 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 December 31, 2025
As of September 30, 2025
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2028 Notes$719,100 $8,902 $720,521 $9,445 
2029 Notes755,415 9,270 756,102 10,232 
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 accounts payable and other liabilities. As of December 31, 2025 and September 30, 2025, there was $2,710 and $4,890, 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 December 31, 2025 and September 30, 2025:
117
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 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$2,134 $(7,153)$(5,019)$2,710 $(2,309)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives16,781 (5,671)11,110 — 11,110 
Wells Fargo Bank, N.A.Net unrealized depreciation on derivatives— (211)(211)— (211)
As of September 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$2,343 $(7,366)$(5,023)$4,890 $(133)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives18,250 (6,121)12,129 — 12,129 
(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:
118
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 three months ended December 31, 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 December 31, 2025 and September 30, 2025 were valued using Level 3 inputs. As of December 31, 2025 and September 30, 2025, all money market funds included in cash equivalents 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 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. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. 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.
119
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 December 31, 2025 and September 30, 2025:
As of December 31, 2025Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $8,006,604 $8,006,604 
Equity investments(1)
— — 632,627 632,627 
Money market funds(1)(2)
60,290 — — 60,290 
Forward currency contracts— 133 — 133 
Interest rate swaps— 18,782 — 18,782 
Total assets, at fair value:$60,290 $18,915 $8,639,231 $8,718,436 
Liabilities, at fair value:
Forward currency contracts $— $(12,453)$— $(12,453)
Interest rate swaps— (582)— (582)
Total liabilities, at fair value:$— $(13,035)$— $(13,035)
As of September 30, 2025Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $8,123,107 $8,123,107 
Equity investments(1)
— — 646,282 646,282 
Money market funds(1)(2)
93,656 — — 93,656 
Forward currency contracts— 185 — 185 
Interest rate swaps— 20,408 — 20,408 
Total assets, at fair value:$93,656 $20,593 $8,769,389 $8,883,638 
Liabilities, at fair value:
Forward currency contracts $— $(12,798)$— $(12,798)
Interest rate swaps— (689)— (689)
Total liabilities, at fair value:$— $(13,487)$— $(13,487)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in cash equivalents and restricted cash equivalents on the Consolidated Statements of Financial Condition.

120
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 months ended December 31, 2025 and 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 at the end of each period was ($27,093) and $37,262, respectively.
The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2025 and 2024:
For the three months ended December 31, 2025
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$8,123,107 $646,282 $8,769,389 
Net change in unrealized appreciation (depreciation) on investments(12,260)(16,754)(29,014)
Net translation of investments in foreign currencies5,059 5 5,064 
Realized gain (loss) on investments(5,517)2,799 (2,718)
Realized gain (loss) on translation of investments in foreign currencies(1,250)— (1,250)
Fundings of (proceeds from) revolving loans, net3,437 — 3,437 
Fundings of investments164,774 7,927 172,701 
PIK interest and non-cash dividends14,157 7,034 21,191 
Proceeds from principal payments and sales of portfolio investments(288,279)(14,666)(302,945)
Accretion of discounts and amortization of premiums3,376 — 3,376 
Fair value, end of period$8,006,604 $632,627 $8,639,231 
For the three months ended December 31, 2024
  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 investments48,673 (5,044)43,629 
Net translation of investments in foreign currencies(46,421)(23)(46,444)
Realized gain (loss) on investments(25,589)233 (25,356)
Realized gain (loss) on translation of investments in foreign currencies(2,722)— (2,722)
Funding of (proceeds from) revolving loans, net2,169 — 2,169 
Fundings of investments871,564 37,950 909,514 
PIK interest and non-cash dividends13,211 7,264 20,475 
Proceeds from non-cash dividends— (1,824)(1,824)
Proceeds from principal payments and sales of portfolio investments(442,071)(8,103)(450,174)
Accretion of discounts and amortization of premiums569 — 569 
Fair value, end of period$8,076,256 $608,873 $8,685,129 


121
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2025 and September 30, 2025:
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of December 31, 2025Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$414,507 Yield analysisMarket interest rate
7.3% - 21.0% (9.3%)
    Market comparable companiesEBITDA multiples
3.7x - 20.5x (13.9x)
One stop loans(3)(4)
$7,518,796 Yield analysisMarket interest rate
3.5% - 20.0% (9.0%)
  Market comparable companiesEBITDA multiples
4.2x - 30.0x (15.3x)
      Revenue multiples
1.1x - 20.0x (8.9x)
12,282 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)
$61,019 Yield analysisMarket interest rate
8.5% - 13.5% (10.9%)
    Market comparable companiesEBITDA multiples
4.2x - 21.5x (15.1x)
Equity(6)
$632,627 Market comparable companiesEBITDA multiples
4.2x - 29.8x (14.9x)
      Revenue multiples
1.1x - 21.0x (10.0x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$5,180 of loans at fair value were valued using the market comparable companies approach only.
(3)$88,126 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,557,533 and $961,263 of one stop loans using EBITDA and revenue multiples, respectively.
(5)$211 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $561,315 and $71,312 of equity investments using EBITDA and revenue multiples, respectively.
122
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, 2025Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$442,477 Yield analysisMarket interest rate
7.3% - 17.0% (9.1%)
    Market comparable companiesEBITDA multiples
3.5x - 26.3x (14.2x)
One stop loans(3)(4)
$7,603,780 Yield analysisMarket interest rate
3.8% - 20.5% (9.1%)
  Market comparable companiesEBITDA multiples
3.9x - 39.2x (15.7x)
      Revenue multiples
1.4x - 15.0x (8.0x)
12,029 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)
$64,821 Yield analysisMarket interest rate
8.8% - 22.0% (11.1%)
    Market comparable companiesEBITDA multiples
4.0x - 24.0x (15.5x)
Equity(6)
$646,282 Market comparable companiesEBITDA multiples
4.0x - 39.2x (16.4x)
      Revenue multiples
1.4x - 21.3x (8.8x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$67 of loans at fair value were valued using the market comparable companies approach only.
(3)$46,465 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,600,901 and $1,002,879 of one stop loans using EBITDA and revenue multiples, respectively.
(5)$132 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $563,467 and $82,815 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.
The following are the carrying values and fair values of the Company’s debt as of December 31, 2025 and September 30, 2025.
As of December 31, 2025As of September 30, 2025
  Carrying ValueFair ValueCarrying ValueFair Value
Debt(1)
$4,903,076 $4,918,649 $4,926,778 $4,934,395 
(1) As of December 31, 2025 and September 30, 2025, 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.
123
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings
In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of December 31, 2025, the Company’s asset coverage for borrowed amounts was 178.9%.
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 December 31, 2025 Consolidated Statement of Financial Condition as debt of the Company. As of December 31, 2025, the Class B-R, Class C-R and Subordinated 2024 Notes were eliminated in consolidation.

As of December 31, 2025, there were 131 portfolio companies with a total fair value of $2,180,595 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 December 31, 2025 based on the last interest rate reset was 3.9%.

For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$19,379 $10,212 
Amortization of debt issuance costs235 112 
Total interest and other debt financing expenses$19,614 $10,324 
Cash paid for interest expense$20,375 $— 
Annualized average stated interest rate5.6 %6.2 %
Average outstanding balance$1,364,000 $652,348 

124
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 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 $113,400 of Subordinated 2018 Notes which did not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes.
Through January 20, 2023, the 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the 2018 Issuer redeemed the outstanding 2018 Notes pursuant to the terms of the indenture governing the 2018 Notes. Following such redemption, the agreements which governed the 2018 Debt Securitization were terminated. The 2018 Notes would have otherwise matured on January 20, 2031.
The pool of loans in the 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
125
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%.
For the three months ended December 31, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended December 31,
  20252024
Stated interest expense$— $1,839 
Amortization of debt issuance costs— — 
Total interest and other debt financing expenses$— $1,839 
Cash paid for interest expense$— $5,152 
Annualized average stated interest rateN/A7.1 %
Average outstanding balance$— $102,681 
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.

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.
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.
The pool of loans in the GCIC 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.
126
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%.
For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$— $1,682 
Accretion of discounts on notes issued— — 
Amortization of debt issuance costs— — 
Total interest and other debt financing expenses$— $1,682 
Cash paid for interest expense$— $4,861 
Annualized average stated interest rateN/A6.1 %
Average outstanding balance$— $109,509 
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.

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.
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. 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.
127
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 months ended December 31, 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 December 31,
20252024
Stated interest expense$— $2,694 
Amortization of debt issuance costs— — 
Total interest expense$— $2,694 
Cash paid for interest expense$— $7,355 
Annualized average stated interest rateN/A6.9 %
Average outstanding balance$— $155,478 
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.
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.
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.
On August 1, 2025, the GBDC 3 2022 Issuer redeemed the outstanding GBDC 3 2022 Notes pursuant to the terms of the indenture governing such GBDC 3 2022 Notes. Following such redemption, the agreements that governed the GBDC 3 2022 Debt Securitization were terminated. The GBDC 3 2022 Notes would have otherwise matured on January 18, 2030 and the Subordinated GBDC 3 2022 Notes would have otherwise matured on January 25, 2122.
The pool of loans in the GBDC 3 2022 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 GBDC 3 2022 Debt Securitization was based on three-month term SOFR.
For the three months ended December 31, 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 December 31,
20252024
Stated interest expense$— $4,035 
Amortization of debt issuance costs— — 
Total interest expense$— $4,035 
Cash paid for interest expense$— $4,360 
Annualized average stated interest rateN/A6.9 %
Average outstanding balance$— $233,453 
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.
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.
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.
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.
129
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 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 December 31,
20252024
Stated interest expense$— $3,504 
Amortization of debt issuance costs— — 
Total interest expense$— $3,504 
Cash paid for interest expense$— $7,197 
Annualized average stated interest rateN/A7.5 %
Average outstanding balance$— $185,870 
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.
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.
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, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) 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
130
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.
For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$— $3,820 
Facility fees— 244 
Total interest and other debt financing expenses$— $4,064 
Cash paid for interest expense and facility fees$— $11,680 
Annualized average stated interest rate¹
N/A6.9 %
Average outstanding balance$— $220,086 
(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 December 31, 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 (each 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.
131
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Borrowings for any Term Benchmark Loan or RFR Loan (each 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 December 31, 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 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 December 31, 2025 and September 30, 2025, the Company had outstanding debt of $1,115,726 and $1,098,437, respectively, and no letters of credit outstanding under the JPM Credit Facility.
132
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$13,701 $17,045 
Facility fees749 788 
Amortization of debt issuance costs926 1,231 
Total interest and other debt financing expenses$15,376 $19,064 
Cash paid for interest expense and facility fees$13,443 $20,021 
Annualized average stated interest rate¹
4.9 %6.4 %
Average outstanding balance$1,117,731 $1,063,419 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
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, other than the issue date and the issue price. As of both December 31, 2025 and September 30, 2025, 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.
133
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$3,750 $3,750 
Accretion of discounts on notes issued134 134 
Amortization of debt issuance costs376 403 
Total interest and other debt financing expenses$4,260 $4,287 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.5 %2.5 %
Average outstanding balance$600,000 $600,000 
2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both December 31, 2025 and September 30, 2025, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.
The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2027 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed through January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.
For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$1,794 $1,794 
Accretion of discounts on notes issued184 185 
Amortization of debt issuance costs205 221 
Total interest and other debt financing expenses$2,183 $2,200 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.1 %2.1 %
Average outstanding balance$350,000 $350,000 
134
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”) and on September 19, 2025, the Company issued an additional $250,000 in aggregate principal amount of 2028 Notes under the same terms as the original issuance, other than the issue date and issue price. As of both December 31, 2025 and September 30, 2025, the outstanding aggregate principal amount of the 2028 Notes was $700,000. 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 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 10, 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.
On September 19, 2025, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 5.050% and pay a floating interest rate of SOFR plus 1.723%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $250,000 and terminates on December 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.
135
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 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 December 31,
20252024
Stated interest expense$12,338 $7,931 
Net contractual interest rate swap expense446 738 
Net (gain)/loss related to the fair value hedge
3 7,409 
Accretion of discounts (premium) on notes issued(878)243 
Amortization of debt issuance costs428 318 
Total interest and other debt financing expenses$12,337 $16,639 
Cash paid (received) for interest expense(1)
$16,839 $8,492 
Annualized average contractual interest rate swap and stated interest rate7.2 %7.6 %
Average outstanding balance$700,000 $450,000 
(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.
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, other than the issue date and the issue price. As of both December 31, 2025 and September 30, 2025, the outstanding aggregate principal amount of the 2029 Notes was $750,000. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on July 15, 2029.
The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2029 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes.
On January 29, 2024 and November 25, 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
136
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 months ended December 31, 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 December 31,
20252024
Stated interest expense$11,250 $9,700 
Net contractual interest rate swap expense558 1,697 
Net (gain)/loss related to the fair value hedge10 (2,747)
Accretion of discounts on notes issued275 301 
Amortization of debt issuance costs437 360 
Total interest and other debt financing expenses$12,530 $9,311 
Cash paid (received) for interest expense (1)
$2,426 $— 
Annualized average contractual interest rate swap and stated interest rate6.2 %7.0 %
Average outstanding balance$750,000 $647,283 
(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.
Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of both December 31, 2025 and September 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. The Adviser Revolver bears an interest rate equal to the mid-term Applicable Federal Rate (“AFR”). The mid-term AFR as of December 31, 2025 was 3.7%.
As of December 31, 2025, the Company had no outstanding debt under the Adviser Revolver. As of September 30, 2025, the Company had outstanding debt of $39,200 under the Adviser Revolver.
For the three months ended December 31, 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 December 31,
  20252024
Stated interest expense$14 $— 
Cash paid for interest expense57 — 
Annualized average stated interest rate3.8 %N/A
Average outstanding balance$1,429 $— 
For the three months ended December 31, 2025 and 2024, the average total debt outstanding was $4,883,160 and $4,770,126, respectively.
For the three months ended December 31, 2025 and 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 and interest rate swaps, on the Company's total debt was 5.4% and 6.2%, respectively.
137
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
A summary of the Company’s maturity requirements for borrowings as of December 31, 2025 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2024 Debt Securitization$1,364,000 $— $— $— $1,364,000 
JPM Credit Facility1,115,726 — — 1,115,726 — 
2026 Notes(1)
599,658 599,658 — — — 
2027 Notes(1)
349,177 — 349,177 — — 
2028 Notes(1)(2)
719,100 — 719,100 — — 
2029 Notes(1)(2)
755,415 — — 755,415 — 
Total borrowings$4,903,076 $599,658 $1,068,277 $1,871,141 $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.

138
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 8. Commitments and Contingencies
Commitments: As of December 31, 2025, the Company had outstanding commitments to fund investments totaling $815,876, including $242,152 of commitments on undrawn revolvers. As of September 30, 2025, the Company had outstanding commitments to fund investments totaling $927,887, including $252,574 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 December 31, 2025 and September 30, 2025. 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:
Three months ended December 31,
Per share data:(1)
20252024
Net asset value at beginning of period$14.97$15.19 
Net increase in net assets as a result of issuance of DRIP shares— 0.00 
(2)
Net increase in net assets as a result of repurchases of shares0.01 0.00 
Distributions declared:
From net investment income - after tax(0.39)(0.48)
Net investment income - after tax0.36 0.37 
Net realized gain (loss) on investment transactions(0.01)(0.11)
Net realized gain (loss) on extinguishment of debt— 0.00 
(2)
Net change in unrealized appreciation (depreciation) on investment transactions(3)
(0.10)0.16 
Net asset value at end of period$14.84 $15.13 
Per share market value at end of period$13.57 $15.16 
Total return based on market value(4)
1.97 %3.51 %

Number of common shares outstanding263,384,785 265,498,597 
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:20252024
Ratio of net investment income - after tax to average net assets*9.60%9.52%
Ratio of total expenses to average net assets*(5)
9.84%10.94%
Ratio of incentive fees to average net assets(5)
0.44%0.45%
Ratio of income and excise taxes to average net assets(5)
0.00%(0.01)%
Ratio of net expenses (without incentive fees) to average net assets*(5)
9.40%10.49%
Total return based on average net asset value(6)
1.65%2.77%
Total return based on average net asset value - annualized(6)
6.54%10.98%
Net assets at end of period$3,909,154$4,017,544
Average debt outstanding$4,883,160$4,770,126
Average debt outstanding per share$18.54$17.97
Portfolio turnover*7.85%21.33%
Asset coverage ratio(7)
178.94%180.82%
Asset coverage ratio per unit(8)
$1,789$1,808
Average market value per unit:(9)
2018 Debt Securitization—N/A
GCIC 2018 Debt Securitization—N/A
GBDC 3 2021 Debt Securitization—N/A
GBDC 3 2022 Debt Securitization—N/A
GBDC 3 2022-2 Debt Securitization—N/A
2024 Debt SecuritizationN/AN/A
GBDC 3 DB Credit Facility—N/A
JPM Credit FacilityN/AN/A
2026 Notes$985$951
2027 Notes$968$927
2028 Notes$1,052$1,043
2029 Notes$1,020$993
Adviser RevolverN/AN/A
*Annualized for periods less than one year, unless otherwise noted.
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Represents an amount less than $0.01.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Incentive fees and excise taxes are not annualized in the calculation.
(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 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.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 10. Earnings Per Share
The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three months ended December 31, 2025 and 2024:
Three months ended December 31,
  20252024
Earnings available to stockholders$65,246 $111,314 
Basic and diluted weighted average shares outstanding263,678,730 264,343,512 
Basic and diluted earnings per share$0.25 $0.42 

Note 11. Common Stock Transactions
On October 6, 2023, the Company entered into the 2023 Equity Distribution Agreement, 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 (the “ATM Program”).
For the three months ended December 31, 2025 and 2024, the Company did not issue any common stock under the ATM Program.
On August 1, 2025, the Board re-approved 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. Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of December 31, 2025, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.
For the three months ended December 31, 2025, Wells Fargo Securities, LLC, as broker, had repurchased 2,623,298 shares of the Company’s common stock pursuant to the Program at an average price of $13.69 per share for an aggregate purchase price of approximately $35,907.
For the three months ended December 31, 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
October 1 - 31, 20252,540,542 $13.69 $34,792 $110,043 
December 1 - 31, 202582,756 $13.47 $1,115 $108,928 
Total2,623,298 $13.69 $35,907 $108,928 

There were no repurchases under the Program for the three months ended December 31, 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.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 12. Dividends and Distributions
The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 2025 and 2024:
Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the three months ended December 31, 2025
11/14/202512/15/202512/30/2025$0.39 $84,480 — $18,272 (1)
For the three months ended December 31, 2024
06/02/202411/29/202412/13/2024$0.05 $10,760 — $2,454 (2)
11/14/202411/29/202412/13/2024$0.04 $8,607 — $1,964 (3)
11/14/202412/09/202412/27/2024$0.39 $84,514 1,221,469 $18,554 
(1)In accordance with the Company’s DRIP, 1,347,354 shares of the Company's stock were purchased in the open market at an average price of $13.56 and were allocated to stockholders of the Company participating in DRIP.
(2)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.
(3)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.
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 February 2, 2026, the Company’s Board declared a quarterly distribution of $0.33 per share payable on March 30, 2026 to holders of record as of March 13, 2026.
For the period of January 1, 2026 through February 4, 2026, Wells Fargo Securities, LLC, as broker, has repurchased 156,604 shares of the Company’s common stock pursuant to the Program (as defined in Note 2) for an aggregate purchase price of approximately $2,067 at an average price of $13.20 per share.


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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries.
Forward-Looking Statements
Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including, 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
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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, 2025
We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including Annual Reports on Form 10-K, Registration Statements on Form N-2, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This Quarterly Report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.
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Overview
We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code.
Our shares are currently listed on The Nasdaq Global Select Market under the symbol “GBDC.”
Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $90.0 billion in capital under management(1) as of January 1, 2026, (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 administrative 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 $85.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $85.0 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 December 31, 2025 and September 30, 2025, our portfolio at fair value was comprised of the following:
As of December 31, 2025As of September 30, 2025
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$414,507 4.8 %$442,477 5.0 %
One stop7,531,078 87.1 7,615,809 86.8 
Second lien21,819 0.3 26,409 0.3 
Subordinated debt39,200 0.5 38,412 0.5 
Equity632,627 7.3 646,282 7.4 
Total$8,639,231 100.0 %$8,769,389 100.0 %
(1) “Capital under management” is a gross measure of invested capital including leverage as of January 1, 2026.
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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 December 31, 2025 and September 30, 2025, one stop loans included $748.4 million and $771.9 million, respectively, of recurring revenue loans at fair value.
As of December 31, 2025 and September 30, 2025, we had debt and equity investments in 420 and 417 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 three months ended December 31, 2025, September 30, 2025 and December 31, 2024:        
For the three months ended
  December 31, 2025September 30, 2025December 31, 2024
Weighted average income yield(1)*
9.7%10.1%10.9%
Weighted average investment income yield(2)*
10.0%10.4%11.2%
Weighted average income yield of total investments(3)*
9.2%9.6%10.4%
Weighted average investment income yield of total investments(4)*
9.5%10.0%10.7%
Total return based on average net asset value(5)*
6.5%9.5%11.0%
Total return based on net asset value per share(6)*
6.7%9.6%11.1%
Total return based on market value(7)*
2.0%(3.9)%3.5%
*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)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.
(6)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.
(7)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.
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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.
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.
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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 0.35% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which 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.

Prior to the redemption of the GBDC 3 2022 Notes and the termination of the documents governing the GBDC 3 2022 Debt Securitization, GC Advisors served 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 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 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, 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 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.
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. These fees include structuring and placement fees paid by the 2018 Issuer to
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Morgan Stanley & Co. LLC for its services in connection with the structuring of the 2018 Debt Securitization and by the 2024 Issuer to Deutsche Bank Securities Inc. for its services in connection with the structuring of the 2024 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of the GCIC Merger, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2021 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2021 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of each of the GBDC 3 2021 Debt Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of the GBDC 3 Merger, 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.
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Recent Developments
On February 2, 2026, our Board declared a quarterly distribution of $0.33 per share, which is payable on March 30, 2026 to holders of record as of March 13, 2026.
On February 2, 2026, our Board appointed Timothy J. Topicz, 41, as our Chief Operating Officer, effective immediately. Mr. Topicz joined Golub Capital in 2022 and is a Director in its Investor Partners Group. He is responsible for the program management of the BDC business for the firm. Mr. Topicz has been an officer of the Company since February 2023 and also currently serves as Chief Operating Officer of Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation, Golub Capital BDC 4, Inc., Golub Capital Private Credit Fund, Golub Capital Private Income Fund S, and Golub Capital Private Income Fund I, each a business development company whose investment adviser is GC Advisors. Prior to joining Golub Capital, Mr. Topicz was a Vice President in the Financial Institutions Investment Banking group at Wells Fargo Securities, where he led the firm’s investment banking coverage effort for the business development company sector. Mr. Topicz earned his BS with honors in Business Administration and Finance from The Ohio State University and his MBA from the University of Chicago Booth School of Business. He is a CFA® Charterholder.

Mr. Topicz (i) does not have a family relationship with any members of our Board or other executive officers; (ii) does not have a material interest in any transaction in which we were or are a participant, since the beginning of our last fiscal year; and (iii) has not entered into, nor expects to enter into, any material plan, contract, arrangement, grant or award in connection with his appointment as our Chief Operating Officer.

For the period of January 1, 2026 through February 4, 2026, Wells Fargo Securities, LLC, as broker, has repurchased 156,604 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $2.1 million at an average price of $13.20 per share.
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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 periods, 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 three months ended December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:
Three months endedVariancesVariances
  December 31, 2025September 30, 2025December 31, 2024
December 31, 2025 vs. September 30, 2025
December 31, 2025 vs December 31, 2024
  (In thousands)
Interest income$180,380 $190,877 $200,035 $(10,497)$(19,655)
Payment-in-kind interest income14,519 13,746 11,016 773 3,503 
Discount Amortization6,544 6,925 6,255 (381)289 
Acquisition purchase premium amortization(3,168)(3,543)(5,686)375 2,518 
Non-cash dividend income7,034 7,616 7,264 (582)(230)
Dividend income585 443 1,223 142 (638)
Fee income1,113 1,777 593 (664)520 
Total investment income207,007 217,841 220,700 (10,834)(13,693)
Total net expenses111,249 117,076 124,585 (5,827)(13,336)
Net investment income before taxes95,758 100,765 96,115 (5,007)(357)
Income and excise taxes— — (475)— 475 
Net investment income after taxes95,758 100,765 96,590 (5,007)(832)
Net realized gain (loss) on investment transactions excluding purchase premium(3,789)(33,252)(27,803)29,463 24,014 
Net realized gain (loss) on investment transactions due to purchase premium(49)(208)(52)159 3 
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium(29,891)25,080 36,837 (54,971)(66,728)
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium 3,217 3,751 5,738 (534)(2,521)
Net gain (loss) on investment transactions (30,512)(4,629)14,720 (25,883)(45,232)
Net realized gain (loss) on extinguishment of debt— — (48)— 48 
(Provision) benefit for taxes on unrealized appreciation on investments — 154 52 (154)(52)
Net increase (decrease) in net assets resulting from operations$65,246 $96,290 $111,314 $(31,044)$(46,068)
Average earning debt investments, at fair value$8,048,361 $8,160,711 $7,727,320 $(112,350)$321,041 
Average earning preferred equity investments, at fair value$230,264 $247,202 $235,868 $(16,938)$(5,604)
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, 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 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,
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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 ended
December 31, 2025September 30, 2025December 31, 2024
  (In thousands)
Net investment income after taxes$95,758 $100,765 $96,590 
Add: Acquisition purchase premium amortization3,168 3,543 5,686 
Adjusted Net Investment Income $98,926 $104,308 $102,276 
Net gain (loss) on investment transactions$(30,512)$(4,629)$14,720 
Add: Realized loss on investment transactions due to purchase premium49 208 52 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium and purchase premium write-down(3,217)(3,751)(5,738)
Adjusted Net Realized and Unrealized Gain/(Loss)$(33,680)$(8,172)$9,034 
Net increase (decrease) in net assets resulting from operations$65,246 $96,290 $111,314 
Add: Acquisition purchase premium amortization3,168 3,543 5,686 
Add: Realized loss on investment transactions due to purchase premium49 208 52 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium and purchase premium write-down(3,217)(3,751)(5,738)
Adjusted Net Income$65,246 $96,290 $111,314 
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 decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 by $10.8 million, primarily due to a decrease in interest income as a result of (1) a decrease in the average earning debt investments balance of $112.4 million and (2) declining interest base rates. Investment income decreased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $13.7 million, primarily due to a decrease in interest income as a result of declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments that was partially offset by interest income earned on an increase in the average earning debt investments balance of $321.0 million.
The annualized income yield by debt security type for three months ended December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:
Three months ended
  December 31, 2025September 30, 2025December 31, 2024
Senior secured9.4%9.7%10.5%
One stop9.6%9.9%10.7%
Second lien13.3%13.3%13.6%
Subordinated debt13.4%13.3%13.8%
Income yields on senior secured and one stop loans decreased for the three months ended December 31, 2025 as compared to the three months ended September 30, 2025 and for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.9% of the loan portfolio at fair value is subject to an interest rate floor. As of December 31, 2025 and September 30, 2025, the weighted average base rate floor of our loans was 0.77% and 0.78%, respectively.
As of December 31, 2025, we have second lien investments in three portfolio companies and subordinated debt investments in seven portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.
For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.
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Expenses
The following table summarizes our expenses for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Three months endedVariancesVariances
  December 31, 2025September 30, 2025December 31, 2024
December 31, 2025 vs. September 30, 2025
December 31, 2025 vs.
December 31, 2024
  (In thousands)
Interest and other debt financing expenses$63,707 $67,908 $76,998 $(4,201)$(13,291)
Amortization of debt issuance costs2,607 2,458 2,645 149 (38)
Base management fee22,115 22,514 21,581 (399)534 
Income Incentive fee17,457 18,434 18,058 (977)(601)
Professional fees1,785 2,264 1,840 (479)(55)
Administrative service fee3,180 3,022 2,902 158 278 
General and administrative expenses398 476 561 (78)(163)
Net expenses$111,249 $117,076 $124,585 $(5,827)$(13,336)
Average debt outstanding$4,883,160 $4,991,510 $4,770,126 $(108,350)$113,034 
Interest Expense
Interest and other debt financing expenses net of amortization of debt issuance costs, decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 by $4.1 million, primarily due to a decrease in interest expense as a result of (1) a decrease in the average debt outstanding of $108.4 million and (2) lower interest base rates on our floating rate borrowings. Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $13.3 million, primarily due to reduced borrowing costs resulting from (i) the debt capital refinancings completed during the fiscal year 2025 first quarter, including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58%, (ii) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and (iii) decreasing interest base rates on our floating rate borrowings that was partially offset by (1) increased interest expense due to an increase in average debt outstanding of $113.0 million and (2) $4.6 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended December 31, 2024. For more information about our outstanding borrowings for the three months ended December 31, 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 December 31, 2025, September 30, 2025 and December 31, 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 was 5.4%, 5.6% and 6.2%, respectively. The effective annualized average interest rate decreased for the three months ended December 31, 2025 compared to the three months ended September 30, 2025 due to lower interest base rates on our floating rate borrowings. The effective annualized average interest rate decreased for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 primarily due to reduced borrowing costs resulting from (1) the debt capital refinancing completed during fiscal year 2025, (2) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin and (3) decreasing interest base rates on our floating rate borrowings.
Management Fee
The base management fee decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to a decrease in average adjusted gross assets from the three months ended September 30, 2025 to the three months ended December 31, 2025.
The base management fee increased from the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to an increase in average adjusted gross assets from the three months ended December 31, 2024 to the three months ended December 31, 2025.
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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 decreased by $1.0 million from the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to a decrease in Pre-Incentive Fee Net Investment Income. The Income Incentive Fee decreased by $0.6 million from the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates and, with regards to the three months ended December 31, 2025 as compared to the three months ended September 30, 2025, a decrease in average adjusted gross assets. For each of the three months ended December 31, 2025, September 30, 2025 and December 31, 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.
As of December 31, 2025 and September 30, 2025, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of December 31, 2025 and September 30, 2025, 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 decreased by $0.4 million from the three months ended September 30, 2025 to the three months ended December 31, 2025, primarily due to a decrease in professional fees and general and administrative expenses that was partially offset by an increase in administrative service fees.
In total, professional fees, the administrative service fee and general and administrative expenses increased by less than $0.1 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, primarily due to an increase in administrative service fees that was partially offset by a decrease in professional fees and general and administrative expenses.
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 were $2.5 million, $2.1 million, and $2.7 million, respectively.
As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $2.6 million and $2.5 million, respectively, of expenses paid on behalf of us by the Administrator.
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
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Three months endedVariancesVariances
  December 31, 2025September 30, 2025December 31, 2024
December 31, 2025 vs. September 30, 2025
December 31, 2025 vs. December 31, 2024
  (in thousands)
Net realized gain (loss) from investments$(2,718)$(30,370)$(25,356)$27,652 $22,638 
Net realized gain (loss) from foreign currency transactions(1,120)(55)(3,705)(1,065)2,585 
Net realized gain (loss) from forward currency contracts— (3,035)1,206 3,035 (1,206)
Net realized gain (loss) on investment transactions $(3,838)$(33,460)$(27,855)$29,622 $24,017 
Unrealized appreciation from investments$25,444 $63,474 $81,215 $(38,030)$(55,771)
Unrealized (depreciation) from investments(54,458)(38,762)(37,594)(15,696)(16,864)
Unrealized appreciation (depreciation) from forward currency contracts292 7,245 21,927 (6,953)(21,635)
Unrealized appreciation (depreciation) on foreign currency translation2,048 (3,126)(22,973)5,174 25,021 
Net change in unrealized appreciation (depreciation) on investment transactions $(26,674)$28,831 $42,575 $(55,505)$(69,249)
Net realized gain (loss) on extinguishment of debt$— $— $(48)— — 
During the three months ended December 31, 2025, we had a net realized loss of $3.8 million, primarily attributable to (1) realized losses recognized on the restructuring of a portfolio company investment and (2) $1.1 million of net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by $2.8 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. During the three months ended September 30, 2025, we had a net realized loss of $33.5 million primarily attributable to the realized losses recognized on (i) the restructure of equity and debt investments in multiple portfolio companies and (ii) net realized losses recognized on the settlement of forward currency contracts. During the three months ended December 31, 2024, we had a net realized loss of $27.9 million, primarily attributable to realized losses recognized on (i) the restructuring of equity and debt investments of two portfolio company investments and the sale of a portfolio company debt investment, and (ii) net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars, that were partially offset by (i) net realized gains recognized on the settlement of forward currency contracts and (ii) $0.4 million of realized gain recognized on the sale of one equity investment.

For the three months ended December 31, 2025, we had $25.4 million in unrealized appreciation on 153 portfolio company investments, which was offset by $54.5 million in unrealized depreciation on 283 portfolio company investments. For the three months ended September 30, 2025, we had $63.5 million in unrealized appreciation on 211 portfolio company investments, which was offset by $38.8 million in unrealized depreciation on 246 portfolio company investments. For the three months ended December 31, 2024, we had $81.2 million in unrealized appreciation on 225 portfolio company investments, which was offset by $37.6 million in unrealized depreciation on 174 portfolio company investments.
Unrealized appreciation for the three months ended December 31, 2025 and September 30, 2025 was primarily due to reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments. Unrealized appreciation for the three months ended December 31, 2024 was primarily due to unrealized appreciation resulting from solid borrower credit trends across our portfolio and the reversal of previously recognized unrealized depreciation (i) on the disposition or restructuring of portfolio company investments and (ii) spread tightening in the market during the second half of calendar year 2024.
Unrealized depreciation for the three months ended December 31, 2025 and September 30, 2025 primarily resulted from isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the three months ended December 31, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were on non-accrual status as well as isolated deterioration in the credit performance of a small number of portfolio companies.

For the three months ended December 31, 2024, 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 three months ended December 31, 2025, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $48.0 million. During the period, cash provided by operating activities was $212.0 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $302.9 million, partially offset by purchases and fundings of portfolio investments of $172.7 million, and net investment income after tax of $95.8 million. Lastly, cash used in financing activities was $164.0 million, primarily driven by borrowings on debt of $165.3 million offset by repayments of debt of $190.2 million, distributions paid and purchases of common stock under the DRIP totaling $102.8 million and purchases of common stock under the Program of $35.9 million.
For the three months ended December 31, 2024, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $136.6 million. During the period, cash used in operating activities was $374.7 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $450.2 million and net investment income after tax of $96.6 million, offset by fundings of portfolio investments of $909.5 million. Lastly, cash provided by financing activities was $238.1 million, primarily driven by borrowings on debt of $3,390.2 million, offset by repayments of debt of $3,037.7 million and distributions paid of $108.3 million.
As of December 31, 2025 and September 30, 2025, we had cash of $58.4 million and $0.0 million, and cash equivalents of $25.9 million and $11.9 million, respectively. In addition, we had foreign currencies of $9.7 million and $11.7 million as of December 31, 2025 and September 30, 2025, respectively, restricted cash of $32.1 million and $7.1 million as of December 31, 2025 and September 30, 2025, respectively, and restricted cash equivalents of $34.4 million and $81.7 million as of December 31, 2025 and September 30, 2025, respectively. We had no restricted foreign currencies as of December 31, 2025 and September 30, 2025. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted 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 December 31, 2025 and September 30, 2025, we did not have any debt securitizations that were past their reinvestment period term.
Revolving Debt Facilities
JPM Credit Facility - On February 11, 2021, we initially entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of December 31, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2025 and September 30, 2025, we had outstanding debt under the JPM Credit Facility of $1,115.7 million and $1,098.4 million, respectively. As of December 31, 2025 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $881.8 million and $899.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $300.0 million at any one time outstanding as of December 31, 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 December 31, 2025, we had no amounts outstanding on the Adviser Revolver. As of September 30, 2025, we had outstanding debt under the Adviser Revolver of $39.2 million, respectively.
GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger (as defined in Note 7 of our consolidated financial statements), 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 December 31, 2025 and September 30, 2025, we had no outstanding debt under the GBDC 3 DB Credit Facility.
Debt Securitizations
2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization (the “2024 Debt Securitization”). The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 of our
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consolidated financial statements) are included in the December 31, 2025 Consolidated Statements of Financial Condition as our debt, and the Class B-R, Class C-R and Subordinated Notes were eliminated in consolidation. As of both December 31, 2025 and September 30, 2025, we had outstanding debt under the 2024 Debt Securitization of $1,364.0 million.
GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. On August 1, 2025, the GBDC 3 2022 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022 Debt Securitization were terminated.
2018 Debt Securitization - On November 18, 2024, in conjunction with 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.
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.
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.
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.
Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention rules adopted pursuant to Section 941 of Dodd-Frank, as a business development company, we sought and received no action relief from the SEC to ensure we could engage in CLO financings in which assets are transferred through GC Advisors.
2026 Notes
On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of both December 31, 2025 and September 30, 2025, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.
2027 Notes
On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both December 31, 2025 and September 30, 2025.
2028 Notes
On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, On September 19, 2025, we issued an additional $250.0 million in aggregate principal of the 2028 Notes under the same terms of the original issuance, other than the issue date and the issue price. As of both December 31, 2025 and September 30, 2025, we had $700.0 million of outstanding aggregate principal amount of the 2028 Notes.
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 10, 2024, we entered into an interest rate swap on the remaining portion of the initial $450.0 million of 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus
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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.
On September 19, 2025, we entered into an interest rate swap on the additional $250.0 million in aggregate principal of the 2028 Notes, pursuant to which we agreed to receive a fixed rate of 5.050% and pay a floating interest rate of SOFR plus 1.723%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $250.0 million and terminates on December 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 other than the issue date and the issue price. As of both December 31, 2025 and September 30, 2025, we had $750.0 million of outstanding aggregate principal amount of the 2029 Notes.
On January 29, 2024 and November 25, 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 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.
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. During the three months ended December 31, 2025 and December 31, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of December 31, 2025 and September 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 December 31, 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 amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of December 31, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 178.9% and 1.27x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash, 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 1.23x as of December 31, 2025.
On August 1, 2025, our board of directors re-approved 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 three months ended December 31, 2025, we repurchased 2.6 million shares of our common stock for an aggregate repurchase price of approximately $35.9 million. During the three months ended December 31, 2024, we did not make any repurchases of our common stock.
As of December 31, 2025 and September 30, 2025, we had outstanding commitments to fund investments totaling $815.9 million and $927.9 million, respectively. As of December 31, 2025, total commitments of $815.9 million included $242.2 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be
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funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of December 31, 2025 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2025. As of December 31, 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 December 31, 2025 and September 30, 2025. 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 December 31, 2025 and September 30, 2025, we had investments in 420 and 417 portfolio companies, respectively, with a total fair value of $8.6 billion and $8.8 billion, respectively.
The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Three months ended
  December 31, 2025September 30, 2025December 31, 2024
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$3,000 6.7 %$2,000 2.3 %$27,767 2.3 %
One stop40,499 90.7 80,377 92.9 1,139,505 95.9 
Second lien— —  920 1.1  10,278 0.9  
Subordinated debt— — 252 0.3 — — 
Equity1,157 2.6 2,942 3.4 10,540 0.9 
Total new investment commitments$44,656 100.0 %$86,491 100.0 %$1,188,090 100.0 %

For the three months ended December 31, 2025, we had approximately $302.9 million in proceeds from principal payments and sales of portfolio investments.
For the three months ended December 31, 2024, we had approximately $450.2 million in proceeds from principal payments and sales of portfolio investments.
The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:
As of December 31, 2025(1)
As of September 30, 2025(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$416,279 $411,836 $409,327 $448,216 $443,940 $442,410 
Non-accrual(3)
7,099 7,024 5,180 184 121 67 
One stop:            
Performing7,560,035 7,473,295 7,483,682 7,663,987 7,582,036 7,588,765 
Non-accrual(3)
101,574 80,230 47,396 71,767 51,963 27,044 
Second lien:            
Performing21,579 21,414 21,607 26,093 25,882 26,199 
Non-accrual(3)
5,290 3,724 212 5,224 3,725 210 
Subordinated debt:            
Performing39,232 38,869 39,200 38,444 38,027 38,412 
Non-accrual(3)
— — — — — — 
Equity:
PerformingN/A596,003 617,532 N/A613,585 646,282 
Non-accrual(3)
N/A21,333 15,095 N/A659 — 
Total$8,151,088 $8,653,728 $8,639,231 $8,253,915 $8,759,938 $8,769,389 
(1)As of December 31, 2025, $1,478.6 million and $1,431.1 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 December 31, 2025, $63.3 million and $36.7 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, 2025, $1,520.7 million and $1,476.5 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of September 30, 2025, $51.3 million and $24.1 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal, 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 December 31, 2025, we had loans in eleven portfolio companies and preferred equity securities in three portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.3% and 0.8%, respectively. As of September 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 0.6% and 0.3%, respectively.
As of December 31, 2025 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 98.2% and 98.4%, respectively.
The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Three months ended
  December 31, 2025September 30, 2025December 31, 2024
Weighted average rate of new investment fundings8.6%8.9%9.4%
Weighted average spread over the applicable base rate of new floating rate investment fundings4.9%4.9%5.1%
Weighted average fees of new investment fundings0.6%0.9%0.9%
Weighted average rate of sales and payoffs of portfolio investments(1)
9.4%9.8%11.3%
(1)Excludes the disposition of non-accrual assets.
As of December 31, 2025, 98.0% and 97.9% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2025, 98.0% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans.
As of December 31, 2025 and September 30, 2025, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $75.8 million and $72.4 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 December 31, 2025 and September 30, 2025:
As of December 31, 2025As of September 30, 2025
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$240,987 2.8%$157,871 1.8%
47,412,877 85.87,683,585 87.6
3875,417 10.1843,352 9.6
2109,950 1.384,581 1.0
1— —— —
Total$8,639,231 100.0%$8,769,389 100.0%
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 December 31, 2025 and September 30, 2025.
Average Price1
CategoryDecember 31, 2025September 30, 2025
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		99.7%99.7%
Internal Performance Rating 3
(Performing Below Expectations)		92.691.3
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		45.734.1
Total98.2%98.4%
(1)Includes only debt investments held as of December 31, 2025 and September 30, 2025. Price 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, chief executive officer of GC Advisors and an interested director of Golub Capital BDC, and Mr. David Golub, our chairman and chief executive officer, are managers of GC Advisors, and each of Messrs. Lawrence Golub and David Golub own an indirect pecuniary interest in GC Advisors. The Board most recently approved an amended and restated Investment Advisory Agreement in May 2025.
•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 the collateral manager to the 2024 Issuer under the 2024 Issuer Collateral Management Agreement. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.
•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.
•During the fourth calendar quarter of 2025, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $11.6 million, or 846,200 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2025, the Trust purchased approximately $45.1 million, or 3,089,459 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.
•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, Golub Capital Private Credit Fund, or GCRED, Golub Capital Private Income Fund I, or GPIF I, and Golub Capital Private Income Fund S, or GPIF S, 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, GCRED, GPIF I and GPIF S. If GC Advisors and its affiliates determine that an investment is appropriate for us, GDLC, GDLCU, GBDC 4, GCRED, GPIF I, GPIF S 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.
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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.
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, 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:
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Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and could require significant management judgment or estimation.
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 three months ended December 31, 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.
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Valuation of Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by 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 December 31, 2025 and September 30, 2025 were valued using Level 3 inputs. As of December 31, 2025 and September 30, 2025, all money market funds included in cash equivalents 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. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. 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.
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.
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.

Revenue Recognition
Our revenue recognition policies are as follows:
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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 $52.8 million and $27.3 million as of December 31, 2025 and September 30, 2025, 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. As of December 31, 2025, there were three preferred equity securities on non-accrual status with a fair value of $15.1 million. As of September 30, 2025, there was one preferred equity security on non-accrual status with a fair value of $0.0 million.

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
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distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended December 31, 2025, we recorded no U.S. federal excise tax. For the three months ended December 31, 2024, we recorded a reversal of the accrual for U.S. federal excise tax expense of $0.5 million.
We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three months ended December 31, 2025 and 2024, we did not record any U.S. income taxes. For the three months ended December 31, 2025, we recorded a net tax benefit of less than $0.1 million for taxable subsidiaries. For the three months ended December 31, 2024, we recorded a net tax benefit of less than $0.1 million for taxable subsidiaries. As of both December 31, 2025 and September 30, 2025, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.2 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations 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 December 31, 2025 and September 30, 2025, the weighted average floor on loans subject to floating interest rates was 0.77% and 0.78%, respectively. 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 December 31, 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. The Adviser Revolver has a floating interest rate provision equal to the mid-term Applicable Federal Rate. We have entered into three 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%, floating rate SOFR plus a spread of 1.723%, 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 and swaps into which we enter in the future could have floating interest rate provisions.
Assuming that the unaudited interim Consolidated Statement of Financial Condition as of December 31, 2025 was 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$(158,671)$(78,595)$(80,076)
Down 150 basis points(119,987)(58,946)(61,041)
Down 100 basis points(80,492)(39,297)(41,195)
Down 50 basis points(40,260)(19,649)(20,611)
Up 50 basis points40,270 19,649 20,621 
Up 100 basis points80,540 39,297 41,243 
Up 150 basis points120,810 58,946 61,864 
Up 200 basis points161,080 78,595 82,485 
(1) Assumes applicable three-month base rate as of December 31, 2025, with the exception of SONIA and Prime that utilize the December 31, 2025 rate.
Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 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.
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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.
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Item 4. Controls and Procedures.
As of December 31, 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.
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Part II - Other Information
Item 1: Legal Proceedings.
We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our 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 three months ended December 31, 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, 2025.
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 December 31, 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.”



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Item 6: Exhibits.
EXHIBIT INDEX
   
Number Description
 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
177

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Golub Capital BDC, Inc.
Date: February 4, 2026By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Date: February 4, 2026By/s/ Christopher C. Ericson
 Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)
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