gbdc-20260331

_____________________________________________________________________________________________________

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 March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)


Delaware						27-2326940
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(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 class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	GBDC	The Nasdaq Global Select Market

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 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 May 4, 2026, the Registrant had 260,495,181 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2026 (unaudited) and September 30, 2025	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2026 (unaudited) and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and September 30, 2025	8
	Notes to Consolidated Financial Statements (unaudited)	98
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	144
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	177
Item 4.	Controls and Procedures	179
Part II. Other Information
Item 1.	Legal Proceedings	180
Item 1A.	Risk Factors	180
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	180
Item 3.	Defaults Upon Senior Securities	180
Item 4.	Mine Safety Disclosures	180
Item 5.	Other Information	180
Item 6.	Exhibits	181

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	March 31, 2026		September 30, 2025
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,021,462	$	8,463,764
Non-controlled affiliate company investments	284,292		293,763
Controlled affiliate company investments	11,491		11,862
Total investments, at fair value (amortized cost of $8,477,016 and $8,759,938, respectively)	8,317,245		8,769,389
Cash	19,401		—
Cash equivalents	46,028		11,935
Foreign currencies (cost of $6,884 and $11,685, respectively)	6,763		11,681
Restricted cash	22,777		7,107
Restricted cash equivalents	40,210		81,720


Interest receivable	63,678		68,031
Receivable for investments	3,587		7,273
Net unrealized appreciation on derivatives	8,923		12,129


Other assets	1,085		9,034
Total Assets	$	8,529,697	$	8,978,299
Liabilities
Debt	$	4,723,905	$	4,926,778
Less unamortized debt issuance costs	(21,427)		(26,005)
Debt less unamortized debt issuance costs	4,702,478		4,900,773

Net unrealized depreciation on derivatives	—		5,023
Interest payable	33,891		38,254
Management and income incentive fees payable	36,533		40,884
Accrued trustee fees	646		1,039

Accounts payable and other liabilities	8,029		9,759
Total Liabilities	4,781,577		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 March 31, 2026 and September 30, 2025	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 261,147,881 and 266,008,083 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively	261		266
Paid in capital in excess of par	3,967,414		4,031,117
Distributable earnings (losses)	(219,555)		(48,816)
Total Net Assets	3,748,120		3,982,567
Total Liabilities and Total Net Assets	$	8,529,697	$	8,978,299
Number of common shares outstanding	261,147,881		266,008,083
Net asset value per common share	$	14.35	$	14.97

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025

Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	162,002	$	188,017	$	343,683	$	386,378
Payment-in-kind interest income	15,684		13,512		28,798		24,077
Dividend income	6,360		7,877		13,979		16,364
Fee income	739		1,690		1,818		2,245
Total investment income from non-controlled/non-affiliate company investments	184,785		211,096		388,278		429,064
From non-controlled affiliate company investments:
Interest income	1,874		2,241		3,949		4,484
Payment-in-kind interest income	1,315		414		2,588		746

Fee income	22		18		52		49
Total investment income from non-controlled affiliate company investments	3,211		2,673		6,589		5,279
From controlled affiliate company investments:

Payment-in-kind interest income	133		119		265		238

Fee income	5		4		9		11
Total investment income from controlled affiliate company investments	138		123		274		249
Total investment income	188,134		213,892		395,141		434,592
Expenses
Interest and other debt financing expenses	61,069		69,911		127,383		149,554
Base management fee	21,035		21,714		43,150		43,295
Incentive fee	15,542		18,247		32,999		36,305
Administrative service fee	2,939		3,185		6,119		6,087
Professional fees	1,627		1,765		3,412		3,605
General and administrative expenses	375		408		773		969
Total expenses	102,587		115,230		213,836		239,815



Net investment income - before tax	85,547		98,662		181,305		194,777
Excise and income tax benefit	—		—		—		(475)

Net investment income - after tax	85,547		98,662		181,305		195,252
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(1,451)		(16,864)		(4,169)		(42,220)


Foreign currency transactions	1,354		(174)		234		(3,879)
Forward currency contracts	(10,258)		5,997		(10,258)		7,203
Net realized gain (loss) on investment transactions	(10,355)		(11,041)		(14,193)		(38,896)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(119,789)		(1,341)		(138,065)		38,744
Non-controlled affiliate company investments	(12,522)		(2,933)		(21,946)		689
Controlled affiliate company investments	679		(441)		(635)		(527)
Translation of assets and liabilities in foreign currencies	(4,398)		11,427		(2,350)		(11,546)
Forward currency contracts	14,042		(15,495)		14,334		6,432
Net change in unrealized appreciation (depreciation) on investment transactions	(121,988)		(8,783)		(148,662)		33,792

Net gain (loss) on investment transactions	(132,343)		(19,824)		(162,855)		(5,104)
Net realized gain (loss) on extinguishment of debt	—		—		—		(48)

Benefit for taxes on unrealized appreciation on investments	—		146		—		198
Net increase (decrease) in net assets resulting from operations	$	(46,796)	$	78,984	$	18,450	$	190,298
Per Common Share Data
Basic and diluted earnings (loss) per common share (Note 10)	$	(0.18)	$	0.30	$	0.07	$	0.72
Dividends and distributions declared per common share	$	0.33	$	0.39	$	0.72	$	0.87
Basic and diluted weighted average common shares outstanding (Note 10)	262,676,687		266,484,213		263,183,214		265,402,101

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)


	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount














Balance at September 30, 2024	264,277,128	$	264	$	4,167,258	$	(152,993)	$	4,014,529
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	(77,777)	—		(1,130)		—		(1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		195,252		195,252
Net realized gain (loss) on investment transactions	—	—		—		(38,896)		(38,896)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		33,792		33,792

Benefit for taxes on unrealized appreciation on investments	—	—		—		198		198
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	2,222,823	2		33,702		—		33,704
Distributions from distributable earnings	—	—		—		(231,337)		(231,337)


Total increase (decrease) for the six months ended March 31, 2025	4,553,986	5		70,003		(41,039)		28,969
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	(168,532)	$	4,017,544
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	(77,777)	—		(1,130)		—		(1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		98,662		98,662
Net realized gain (loss) on investment transactions	—	—		—		(11,041)		(11,041)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(8,783)		(8,783)

Benefit for taxes on unrealized appreciation on investments	—	—		—		146		146
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,001,354	1		15,149		—		15,150
Distributions from distributable earnings	—	—		—		(104,484)		(104,484)



Total increase (decrease) for the three months ended March 31, 2025	3,332,517	4		51,450		(25,500)		25,954
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498
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	(4,860,202)	(5)		(63,703)		—		(63,708)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		181,305		181,305
Net realized gain (loss) on investment transactions	—	—		—		(14,193)		(14,193)

Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(148,662)		(148,662)


Distributions to stockholders:

Distributions from distributable earnings	—	—		—		(189,189)		(189,189)


Total increase (decrease) for the six months ended March 31, 2026	(4,860,202)	(5)		(63,703)		(170,739)		(234,447)
Balance at March 31, 2026	261,147,881	$	261	$	3,967,414	$	(219,555)	$	3,748,120
Balance at December 31, 2025	263,384,785	$	263	$	3,995,213	$	(86,322)	$	3,909,154

Repurchases of common stock, net of commission costs	(2,236,904)	(2)		(27,799)		—		(27,801)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		85,547		85,547
Net realized gain (loss) on investment transactions	—	—		—		(10,355)		(10,355)

Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(121,988)		(121,988)


Distributions to stockholders:


Distributions from distributable earnings	—	—		—		(86,437)		(86,437)



Total increase (decrease) for the three months ended March 31, 2026	(2,236,904)	(2)		(27,799)		(133,233)		(161,034)
Balance at March 31, 2026	261,147,881	$	261	$	3,967,414	$	(219,555)	$	3,748,120

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Six months ended March 31,
	2026		2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	18,450	$	190,298
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	5,179		5,124
Accretion of discounts and amortization of premiums on investments	(6,596)		(2,678)
Accretion of discounts and amortization of premiums on issued debt securities	(563)		1,681
Net realized (gain) loss on investments	4,169		42,220
Net realized (gain) loss on foreign currency transactions	(234)		3,879
Net realized (gain) loss on forward currency contracts	10,258		(7,203)
Net realized (gain) loss on extinguishment of debt	—		48
Net change in unrealized (appreciation) depreciation on investments	160,646		(38,906)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	2,350		11,546
Net change in unrealized (appreciation) depreciation on interest rate swap	171		4,697
Net change in unrealized (appreciation) depreciation on forward currency contracts	(14,334)		(6,432)
Proceeds from (fundings of) revolving loans, net	(11,314)		(5,016)
Fundings of investments	(296,134)		(1,208,048)
Proceeds from principal payments and sales of portfolio investments	639,511		840,343
Proceeds from settlements of forward currency contracts	(10,258)		10,264
Payment-in-kind interest capitalized	(32,718)		(27,921)
Non-cash dividends capitalized	(13,192)		(15,071)
Proceeds from non-cash dividends	235		3,549

Changes in operating assets and liabilities:

Interest receivable	4,353		8,293
Receivable for investments	3,686		—

Other assets	7,949		385
Interest payable	(4,363)		4,772
Management and income incentive fees payable	(4,351)		7,250
Accrued trustee fees	(393)		89

Accounts payable and other liabilities	(1,730)		(2,459)
Net cash provided by (used in) operating activities	460,777		(179,296)
Cash flows from financing activities
Borrowings on debt	378,068		3,731,443
Repayments of debt	(562,534)		(3,496,076)
Capitalized debt issuance costs	(601)		(5,995)



Net proceeds from issuance of common stock (Note 11)	—		37,434
Purchases of common stock (Note 11)	(63,708)		(1,130)
Distributions paid	(156,810)		(197,633)
Purchases of common stock for dividend reinvestment plan	(32,379)		—
Net cash provided by (used in) financing activities	(437,964)		68,043
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies	22,813		(111,253)
Effect of foreign currency exchange rates	(77)		(1,915)
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, beginning of period	112,443		359,552
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period	$	135,179	$	246,384
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	126,960	$	133,282

Distributions declared for the period	189,189		231,337
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	33,704

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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
	March 31, 2026		September 30, 2025
Cash	$	19,401	$	—
Cash equivalents	46,028		11,935
Foreign currencies (cost of $6,884 and $11,685, respectively)	6,763		11,681
Restricted cash	22,777		7,107
Restricted cash equivalents	40,210		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)	$	135,179	$	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.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
Jeppesen Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/2032	$	2,377	$	2,365	0.1	%	$	2,329
Jeppesen Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—		(1)		—		(2)
PPW Aero Buyer, Inc.*+	One stop	SF +	5.00%	(j)	8.70%				09/2031	33,853		33,529		0.9		33,694
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.70%				09/2031	11,741		11,632		0.3		11,686
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(4)		—		(2)
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(a)(j)	8.91%				09/2031	56		53		—		53
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				09/2031	6,400		6,346		0.2		6,370
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				09/2031	186		185		—		185
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(3)		—		(3)
Titan BW Borrower L.P.+(25)	One stop	SF +	5.38%	(j)	6.17%	cash/	2.88%	PIK	07/2032	2,017		1,999		—		1,994
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—		(3)		—		(3)
Titan BW Borrower L.P.+	One stop	SF +	4.75%	(j)	8.42%				07/2032	101		100		—		99
										56,731		56,198		1.5		56,400
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.70%				11/2031	46,415		45,625		1.2		45,983
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(k)	8.73%				11/2031	2,931		2,876		0.1		2,900
RJW Group Holdings, Inc.*	One stop	SF +	5.00%	(j)	8.70%				11/2031	1,710		1,694		—		1,694
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—		(1)		—		(3)
										51,056		50,194		1.3		50,574
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(k)	8.49%				11/2030	4,712		4,676		0.1		4,543
Arnott, LLC+	One stop	SF +	4.75%	(j)(k)	8.41%				11/2030	590		584		—		562
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2030	2,189		2,170		0.1		2,189
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)(k)	8.46%				01/2030	1,278		1,268		0.1		1,278
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2030	45		42		—		45
Collision SP Subco, LLC+	One stop	SF +	4.75%	(j)	8.42%				01/2030	243		242		—		243
Collision SP Subco, LLC+	One stop	SF +	4.75%	(k)	8.48%				01/2030	558		534		—		558
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(i)	8.27%	cash/	0.50%	PIK	08/2027	6,731		6,676		0.1		4,645
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(i)	8.27%	cash/	0.50%	PIK	08/2027	1,362		1,346		—		940
Covercraft Parent III, Inc.+(7)(25)	Senior secured	SF +	5.00%	(i)(j)	8.30%	cash/	0.50%	PIK	08/2027	186		183		—		128
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—		(24)		—		(28)
North Haven Falcon Buyer, LLC+(5)	One stop				N/A(6)				11/2029	—		(24)		—		(28)
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	7.50%	(j)	6.14%	cash/	5.00%	PIK	11/2029	4,213		3,506		0.1		3,370
OEConnection, LLC*+	One stop	SF +	4.50%	(i)	8.17%				12/2032	12,249		12,201		0.3		12,296
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(6)		—		3
OEConnection, LLC+(5)	One stop				N/A(6)				12/2032	—		(27)		—		26
										34,356		33,347		0.8		30,770
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(j)	8.94%				06/2030	13,304		13,171		0.4		13,166
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(a)(j)	8.94%				06/2030	799		787		—		787
CG Group Holdings, LLC*+(25)	One stop	SF +	8.75%	(j)	10.45%	cash/	2.00%	PIK	07/2027	46,640		46,521		1.2		46,173
CG Group Holdings, LLC+(25)	One stop	SF +	8.75%	(i)	10.42%	cash/	2.00%	PIK	07/2026	812		809		—		804
Denali Midco 2, LLC*	One stop	SF +	5.25%	(i)	8.92%				12/2028	38,258		38,091		1.0		38,067
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	8,917		9,014		0.2		8,872
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	2,668		2,699		0.1		2,655
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,621		1,637		0.1		1,613
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,540		1,555		0.1		1,532
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,344		1,357		—		1,337

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	$	1,293	$	1,283	—	%	$	1,287
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,108		1,106		—		1,103
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,075		1,074		—		1,070
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,075		1,074		—		1,070
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	887		886		—		883
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	403		400		—		401
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	348		346		—		346
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,205		1,204		—		1,199
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	294		292		—		293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	173		172		—		172
Denali Midco 2, LLC+(5)	One stop				N/A(6)				12/2028	—		(3)		—		(6)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	87		85		—		86
Denali Midco 2, LLC+	One stop	SF +	5.25%	(i)	8.92%				12/2028	1,687		1,678		0.1		1,675
Denali Midco 2, LLC+(25)	Second lien	N/A			13.00%	PIK			12/2029	12,365		12,293		0.3		12,242
High Bar Brands Operating, LLC+(5)	Senior secured				N/A(6)				12/2029	—		(1)		—		(2)
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				12/2029	249		249		—		247
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				12/2029	1,415		1,412		0.1		1,399
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				12/2029	295		294		—		291
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				11/2032	5		5		—		5
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				11/2032	281		280		—		281
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				11/2032	34		34		—		34
Lincoln Acq Buyer, LLC+	One stop	SF +	4.50%	(j)	8.16%				11/2032	11		11		—		11
Lincoln Acq Buyer, LLC+(5)	One stop				N/A(6)				11/2032	—		(1)		—		—
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	32,721		32,685		0.9		32,067
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,848		3,836		0.1		3,770
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,566		3,559		0.1		3,495
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	3,486		3,473		0.1		3,416
MOP GM Holding, LLC*+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	2,607		2,598		0.1		2,555
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	2,130		2,123		0.1		2,088
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	1,965		1,955		0.1		1,925
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	722		719		—		708
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	531		528		—		520
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.34%	cash/	3.75%	PIK	11/2027	404		402		—		396
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	264		262		—		258
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	202		202		—		198
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.35%	cash/	3.75%	PIK	11/2027	88		88		—		87
MOP GM Holding, LLC+(25)	One stop	SF +	6.25%	(j)	6.32%	cash/	3.75%	PIK	11/2027	88		88		—		86
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.66%				07/2029	922		912		—		922
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.70%				07/2029	13,215		13,177		0.4		13,215
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(k)	8.59%				07/2029	2,405		2,388		0.1		2,405
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	8.70%				07/2029	1,273		1,268		—		1,273
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.35%				11/2027	28,050		28,195		0.7		26,647
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.35%				11/2027	3,648		3,680		0.1		3,465
POY Holdings, LLC*+	One stop	SF +	5.50%	(j)	9.35%				11/2027	1,291		1,291		—		1,227
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	860		860		—		817
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	642		642		—		610
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	287		287		—		272
POY Holdings, LLC+	One stop	SF +	5.50%	(j)	9.35%				11/2027	418		417		—		395
POY Holdings, LLC+(5)	One stop				N/A(6)				11/2027	—		(9)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(j)	9.35%				11/2027	2,250		2,244		0.1		2,138
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				06/2031	4,784		4,754		0.1		4,784
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(3)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				06/2031	269		266		—		269

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%	06/2031	$	108	$	106	—	%	$	108
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%	06/2031	517		515		—		517
Strickland's Enterprises, LLC+	Senior secured	SF +	4.50%	(j)	8.17%	01/2031	357		356		—		356
Strickland's Enterprises, LLC+	Senior secured				N/A(6)	01/2031	—		—		—		—
Strickland's Enterprises, LLC+(5)	Senior secured				N/A(6)	01/2031	—		(1)		—		(1)
TWAS Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.42%	12/2029	111,543		110,438		3.0		111,543
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—		(3)		—		—
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2029	—		(9)		—		—
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(a)(j)	8.19%	12/2029	119		117		—		119
Yorkshire Parent, Inc.*+	Senior secured	SF +	4.50%	(j)	8.20%	12/2029	2,203		2,224		0.1		2,203
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.17%	12/2029	610		608		—		610
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.17%	12/2029	949		928		—		949
Yorkshire Parent, Inc.+	Senior secured	SF +	4.50%	(j)	8.17%	12/2029	2,227		2,219		0.1		2,227
							371,762		370,199		9.8		367,732
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(j)	8.20%	11/2031	9,283		9,245		0.2		8,958
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(6)		—		(49)
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(15)		—		(130)
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.42%	12/2029	1,718		1,736		0.1		1,675
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.42%	12/2029	270		267		—		252
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.42%	12/2029	1,643		1,639		0.1		1,603
OSP Hamilton Purchaser, LLC+	One stop	SF +	4.75%	(j)	8.45%	12/2029	928		923		—		903
							13,842		13,789		0.4		13,212
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.45%	06/2030	34,105		34,022		0.9		33,763
Financial Information Technologies, LLC+(5)	One stop				N/A(6)	06/2030	—		(1)		—		(5)
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(j)	8.45%	06/2030	2,188		2,183		0.1		2,165
Financial Information Technologies, LLC*	One stop	SF +	4.75%	(j)	8.45%	06/2030	1,679		1,675		—		1,662
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(j)	8.67%	02/2032	245		229		—		245
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—		(5)		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(j)	8.65%	02/2032	7,653		7,572		0.2		7,653
Watermill Express, LLC*+	One stop	SF +	4.50%	(j)	8.20%	04/2031	3,047		3,022		0.1		3,047
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.20%	04/2031	294		293		—		294
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(4)		—		—
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.20%	04/2031	735		729		—		735
Watermill Express, LLC+	One stop	SF +	4.50%	(j)	8.20%	04/2031	369		366		—		369
Watermill Express, LLC*	One stop	SF +	4.50%	(j)	8.17%	04/2031	2,381		2,362		0.1		2,381
Watermill Express, LLC*	One stop	SF +	4.50%	(j)	8.20%	04/2031	2,771		2,757		0.1		2,771
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(10)		—		—
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(i)	10.02%	12/2027	9,190		8,948		0.2		7,719
							64,657		64,138		1.7		62,799


Building Products
BECO Holding Company, Inc.+(5)	One stop				N/A(6)	11/2027	—	(1)	—	(2)
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(j)	9.10%	11/2028	40,366	40,767	1.1	40,258
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(j)	9.10%	11/2028	311	310	—	310
BECO Holding Company, Inc.+(5)	One stop				N/A(6)	11/2028	—	(3)	—	(2)
							40,677	41,073	1.1	40,564
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.44%	01/2031	204	204	—	195
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%	01/2031	2,502	2,515	0.1	2,427
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%	01/2031	841	834	—	816
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%	01/2031	9,874	9,813	0.3	9,578

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				01/2031	$	758	$	756	—	%	$	736
										14,179		14,122		0.4		13,752
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—		(8)		—		(17)
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(4)		—		(8)
AP Adhesives Holdings, LLC+	One stop	SF +	4.75%	(j)	8.42%				04/2032	5,771		5,746		0.2		5,719
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.35%	cash/	4.50%	PIK	06/2029	851		851		—		851
Inhance Parent, Inc.+(25)	One stop	SF +	7.00%	(j)	6.35%	cash/	4.50%	PIK	06/2029	23,317		20,604		0.6		21,919
Inhance Parent, Inc.+(7)(25)	One stop	N/A			20.00%	PIK			06/2029	11,656		4,446		0.1		5,246
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(i)	8.17%				09/2032	1,430		1,423		—		1,423
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(1)
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(2)
Krayden Holdings, Inc.*	Senior secured	SF +	4.75%	(i)	8.45%				03/2029	9,692		9,629		0.3		9,625
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(j)	8.45%				03/2029	1,031		1,009		—		1,008
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(j)	8.45%				03/2029	3,020		2,976		0.1		2,952
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(c)	4.63%	cash/	4.25%	PIK	09/2028	57,255		54,461		1.4		53,248
PHM NL SP Bidco B.V.+(8)(10)(25)	One stop	SF +	6.75%	(h)	6.28%	cash/	4.25%	PIK	09/2028	21,740		21,009		0.5		20,218
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	SN +	6.75%	(g)	7.48%	cash/	3.00%	PIK	09/2028	11,890		11,387		0.3		11,057
PHM NL SP Bidco B.V.+(8)(9)(10)(25)	One stop	E +	6.75%	(d)	5.92%	cash/	3.00%	PIK	09/2028	5,791		5,432		0.2		5,386
										153,444		138,959		3.7		138,624
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	One stop				N/A(6)				01/2030	—		—		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	1,053		1,050		—		1,049
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	343		342		—		341
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	304		302		—		302
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2031	68		64		—		64
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(j)	8.70%				06/2031	53		37		—		47
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.70%				06/2031	33,570		33,286		0.9		33,267
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(2)		—		(4)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(4)		—		(9)
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2032	673		670		—		670
Dispatch Acquisition Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2032	36		36		—		36
Dispatch Acquisition Holdings, LLC+(5)	One stop				N/A(6)				11/2032	—		—		—		(1)
Kleinfelder Intermediate, LLC+	One stop	SF +	4.50%	(j)	8.17%				09/2030	4,026		3,950		0.1		4,016
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2028	—		(5)		—		(1)
Kleinfelder Intermediate, LLC+	One stop	SF +	4.50%	(j)	8.17%				09/2030	437		435		—		436
Kleinfelder Intermediate, LLC+(5)	One stop				N/A(6)				09/2030	—		(1)		—		(1)
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	6		6		—		6
Pearl Acquisition Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	344		343		—		343
Pearl Acquisition Buyer, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.27%				11/2027	8,913		8,874		0.2		8,860
Profile Products LLC+	One stop	SF +	5.50%	(j)	9.27%				11/2027	1,806		1,794		0.1		1,796
Profile Products LLC+	One stop	P +	4.50%	(a)	11.25%				11/2027	58		58		—		58
Profile Products LLC+	One stop	P +	4.50%	(a)	11.25%				11/2027	30		28		—		28
PSC Parent, Inc.*+	One stop	SF +	5.25%	(j)	8.91%				04/2031	5,422		5,416		0.2		5,433
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)(j)	8.92%				04/2030	377		373		—		377
PSC Parent, Inc.+	One stop	SF +	5.25%	(i)	8.92%				04/2031	1,302		1,297		—		1,304
PSC Parent, Inc.+	One stop	SF +	5.25%	(j)	8.92%				04/2031	904		901		—		906
PT Intermediate Holdings III, LLC+(25)	One stop	SF +	4.75%	(j)	6.70%	cash/	1.75%	PIK	04/2030	21,514		21,501		0.6		21,473
PT Intermediate Holdings III, LLC+(5)	One stop				N/A(6)				04/2030	—		(3)		—		(2)
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.20%				03/2029	33,766		33,553		0.9		33,580
Radwell Parent, LLC*+	One stop	SF +	5.50%	(j)	9.20%				03/2029	32,454		32,490		0.9		32,276
Radwell Parent, LLC+	One stop	SF +	5.50%	(j)	9.20%				03/2029	289		261		—		282

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Radwell Parent, LLC+	One stop				N/A(6)	04/2030	$	—	$	—	—	%	$	—
Radwell Parent, LLC+	One stop				N/A(6)	04/2030	—		—		—		—
Radwell Parent, LLC+	One stop				N/A(6)	04/2030	—		—		—		—
Radwell Parent, LLC+(5)	One stop				N/A(6)	04/2030	—		—		—		(1)
Radwell Parent, LLC+(5)	One stop				N/A(6)	04/2030	—		—		—		(1)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.02%	06/2029	2,959		2,947		0.1		2,933
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)	06/2029	—		(1)		—		(1)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.01%	06/2029	1,379		1,377		—		1,366
Trinity Air Consultants Holdings Corporation+(5)	One stop				N/A(6)	06/2029	—		(1)		—		(3)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.02%	06/2029	1,569		1,555		0.1		1,555
WRE Holding Corp.+(5)	One stop				N/A(6)	07/2031	—		(4)		—		(8)
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.71%	07/2031	75		75		—		75
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.67%	07/2030	452		435		—		433
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.74%	07/2031	16,266		16,142		0.4		16,131
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.61%	07/2031	1,786		1,779		0.1		1,771
WRE Holding Corp.*	One stop	SF +	5.00%	(k)	8.60%	07/2031	1,076		1,072		—		1,067
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	837		834		—		830
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	293		292		—		290
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	300		299		—		297
WRE Holding Corp.+	One stop	SF +	5.00%	(k)	8.60%	07/2031	186		185		—		184
							174,926		174,038		4.6		173,850
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.75%	(h)	9.81%	09/2028	14,802		14,786		0.4		14,580
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.75%	(d)	7.87%	09/2028	1,755		1,749		—		1,729
							16,557		16,535		0.4		16,309
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(j)	8.20%	05/2031	5,484		5,488		0.1		5,439
Consor Intermediate II, LLC+(5)	One stop				N/A(6)	05/2031	—		(8)		—		(18)
Consor Intermediate II, LLC+	One stop	SF +	4.50%	(j)	8.20%	05/2031	167		164		—		161
DCCM, LLC+	One stop	SF +	4.75%	(i)	8.42%	06/2032	590		587		—		590
DCCM, LLC+(5)	One stop				N/A(6)	06/2032	—		(1)		—		—
DCCM, LLC+(5)	One stop				N/A(6)	06/2032	—		(1)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.19%	12/2030	752		743		—		734
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.19%	12/2030	371		367		—		366
Royal Holdco Corporation+	One stop	SF +	4.50%	(j)	8.17%	12/2030	5,951		5,902		0.2		5,900
							13,315		13,241		0.3		13,172



Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(j)	8.42%	10/2028	48,574	49,030	1.3	47,602
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.44%	10/2028	272	271	—	258
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.42%	10/2028	2,273	2,269	—	2,227
Chase Intermediate+	One stop	SF +	4.75%	(j)	8.42%	10/2028	595	563	—	421
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(j)	9.30%	10/2028	51,328	51,054	1.4	50,973
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.30%	10/2028	1,686	1,672	—	1,676
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.30%	10/2028	139	98	—	138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(j)	9.30%	10/2027	272	266	—	270
Packaging Coordinators Midco, Inc.+	One stop	SF +	5.00%	(j)	8.67%	07/2032	6,298	6,204	0.2	6,174
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)	07/2032	—	(7)	—	(14)
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)	07/2032	—	—	—	(20)
Packaging Coordinators Midco, Inc.+(9)	One stop	SN +	5.00%	(g)	8.73%	07/2032	12,289	12,214	0.3	12,046
Packaging Coordinators Midco, Inc.+	One stop	SF +	5.00%	(j)	8.67%	07/2032	76	76	—	74
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)	07/2032	—	(3)	—	(6)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)				07/2032	$	—	$	—	—	%	$	(6)
										123,802		123,707		3.2		121,813
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.25%	(j)	7.92%				08/2032	1,330		1,324		—		1,302
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(6)
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)				08/2032	—		(2)		—		(9)
Action Termite Control, LLC+	Senior secured				N/A(6)				12/2032	—		—		—		—
Action Termite Control, LLC+	Senior secured	SF +	4.25%	(j)	7.95%				12/2032	107		106		—		107
Action Termite Control, LLC+(5)	Senior secured				N/A(6)				12/2032	—		(2)		—		—
Any Hour, LLC*(25)	One stop	SF +	5.75%	(j)	6.20%	cash/	3.25%	PIK	05/2030	9,019		8,973		0.2		8,478
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK			05/2031	3,493		3,452		0.1		2,655
Any Hour, LLC+(25)	One stop	SF +	5.75%	(j)	6.20%	cash/	3.25%	PIK	05/2030	870		860		—		813
Any Hour, LLC+(25)	One stop	SF +	5.75%	(j)	6.20%	cash/	3.25%	PIK	05/2030	255		254		—		240
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	4,368		4,423		0.1		4,333
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.68%				10/2030	13,785		13,731		0.4		13,675
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	1,039		1,028		—		1,031
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.69%				10/2029	37		35		—		37
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	2,187		2,169		0.1		2,169
Apex Service Partners, LLC+	One stop	SF +	5.00%	(j)	8.67%				10/2030	6,475		6,448		0.2		6,423
Aptive Environmental, LLC*	One stop	SF +	4.75%	(i)	8.42%				10/2032	1,767		1,751		0.1		1,767
Aptive Environmental, LLC+(5)	One stop				N/A(6)				10/2032	—		(1)		—		—
Aptive Environmental, LLC+	One stop				N/A(6)				10/2032	—		—		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	454		453		—		449
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	2,754		2,746		0.1		2,726
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,730		1,727		0.1		1,713
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,659		1,656		0.1		1,643
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,197		1,195		—		1,186
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,182		1,180		—		1,170
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.10%				08/2027	820		818		—		811
Certus Pest, Inc.*	One stop	SF +	5.25%	(j)	9.10%				08/2027	723		721		—		716
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	704		703		—		697
Certus Pest, Inc.*+	One stop	SF +	5.25%	(j)	9.10%				08/2027	416		415		—		412
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	260		260		—		258
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	142		142		—		141
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	60		60		—		59
Certus Pest, Inc.+(5)	One stop				N/A(6)				08/2027	—		—		—		(2)
Certus Pest, Inc.+(5)	One stop				N/A(6)				08/2027	—		(9)		—		(33)
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	390		389		—		387
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	2,318		2,312		0.1		2,295
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	1,445		1,441		—		1,431
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	694		692		—		687
Certus Pest, Inc.+	One stop	SF +	5.25%	(j)	9.10%				08/2027	694		692		—		687
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	8.77%				01/2028	3,673		3,667		0.1		3,655
CHHJ Midco, LLC+	Senior secured	SF +	5.00%	(i)	8.77%				01/2028	30		30		—		30
CHVAC Services Investment, LLC*+	One stop	SF +	4.75%	(j)	8.45%				05/2030	6,367		6,297		0.2		6,315
CHVAC Services Investment, LLC*+	One stop	SF +	4.75%	(j)	8.45%				05/2030	1,656		1,641		0.1		1,643
CHVAC Services Investment, LLC+	One stop	SF +	4.75%	(j)	8.42%				05/2030	94		91		—		91
CHVAC Services Investment, LLC+	One stop	SF +	4.75%	(j)	8.44%				05/2030	714		679		—		641
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	2,363		2,358		0.1		2,343
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	2,303		2,295		0.1		2,283
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	1,509		1,504		0.1		1,496
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	1,067		1,063		—		1,057
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%				07/2027	1,136		1,132		—		1,126

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%		07/2027	$	685	$	683	—	%	$	679
COP Hometown Acquisitions, Inc.+	Senior secured	P +	4.25%	(a)	11.00%		07/2027	101		99		—		98
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%		07/2027	1,363		1,362		—		1,350
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.91%		07/2027	1,031		1,030		—		1,022
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.92%		07/2027	907		906		—		899
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(j)	8.90%		07/2027	5,463		5,433		0.2		5,414
EMS LINQ, LLC+	One stop	SF +	6.25%	(k)	9.98%		12/2027	13,835		13,853		0.4		13,559
EMS LINQ, LLC+	One stop	SF +	6.25%	(j)(k)	9.98%		12/2027	84		84		—		80
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.35%		07/2029	4,322		4,324		0.1		4,322
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(j)	9.35%		07/2029	14		14		—		14
Entomo Brands Acquisitions, Inc.*+	Senior secured	SF +	5.50%	(j)	9.35%		07/2029	1,257		1,247		—		1,257
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	911		896		—		774
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	1,069		1,050		—		908
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	38		36		—		32
EWC Growth Partners LLC+	One stop	SF +	6.00%	(j)	9.85%		03/2027	101		99		—		86
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(k)	8.70%	PIK	06/2029	134		134		—		134
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(j)(k)	8.69%	PIK	06/2029	963		963		—		963
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	5.00%	(j)(k)	8.67%	PIK	06/2029	1,425		1,425		—		1,425
FPG Intermediate Holdco, LLC+(25)	Senior secured	SF +	5.00%	(j)(k)	8.70%	PIK	06/2029	4,967		4,733		0.1		4,223
FPG Intermediate Holdco, LLC+(7)(25)	One stop	SF +	5.00%	(j)(k)	8.70%	PIK	06/2029	1,987		1,631		0.1		1,590
FSS Buyer LLC+(5)	One stop				N/A(6)		08/2030	—		—		—		(4)
FSS Buyer LLC*+	One stop	SF +	4.50%	(i)	8.17%		08/2031	6,846		6,811		0.2		6,572
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	8.92%		06/2029	11,373		11,360		0.3		11,373
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(i)	9.71%		06/2028	74		73		—		74
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(j)	8.92%		06/2029	682		681		—		682
Kodiak Buyer, LLC+	One stop	SF +	4.25%	(j)	7.95%		07/2032	614		611		—		611
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		(1)
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		(1)
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.07%		11/2026	35,204		35,194		0.9		35,029
Liminex, Inc.*+	One stop	SF +	6.25%	(j)	10.07%		11/2026	23,222		23,201		0.6		23,106
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.07%		11/2026	15,754		15,698		0.4		15,674
Liminex, Inc.+	One stop	SF +	6.25%	(j)	10.07%		11/2026	20,067		20,175		0.5		19,966
Litera Bidco, LLC*	One stop	SF +	5.00%	(i)	8.67%		05/2028	5,123		5,130		0.1		5,046
Litera Bidco, LLC+	One stop	SF +	5.00%	(i)	8.67%		05/2028	2,046		2,042		0.1		2,012
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—		(1)		—		(5)
Litera Bidco, LLC+(5)	One stop				N/A(6)		05/2028	—		(1)		—		(10)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.55%		04/2029	450		447		—		435
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(j)	9.55%		04/2029	11,238		11,203		0.3		10,868
Mario Purchaser, LLC+(25)	One stop	N/A			14.55%	PIK	04/2032	5,381		5,399		0.1		5,160
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.55%		04/2029	5,174		5,194		0.1		5,004
Mario Purchaser, LLC+	One stop	SF +	5.75%	(j)	9.56%		04/2028	148		146		—		144
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(j)	8.70%		11/2029	40,147		39,943		1.1		39,825
NSG Buyer, Inc. +	One stop	SF +	5.00%	(j)	8.70%		11/2028	145		141		—		139
NSG Buyer, Inc. +(5)	One stop				N/A(6)		11/2029	—		(18)		—		(38)
PADI Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.56%		01/2029	668		664		—		661
PADI Holdco, Inc.*	One stop	SF +	4.75%	(j)	8.57%		01/2029	21,024		20,873		0.6		20,919
PADI Holdco, Inc.+(9)	One stop	E +	4.75%	(c)	6.76%		01/2029	20,566		20,166		0.6		20,463
PADI Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.57%		01/2029	810		804		—		806
PADI Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.57%		01/2029	167		166		—		166
PADI Holdco, Inc.+(9)	One stop	A +	5.25%	(e)	9.29%		01/2029	7,785		7,052		0.2		7,746
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.80%		06/2027	20,474		20,394		0.6		20,474
Provenance Buyer LLC*+	One stop	SF +	5.00%	(j)	8.80%		06/2027	13,795		13,728		0.4		13,795
Provenance Buyer LLC+	One stop	SF +	5.00%	(j)	8.80%		06/2027	38		34		—		38

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
RW AM Holdco LLC+(7)	One stop	SF +	5.25%	(j)	9.05%				04/2028	$	23,613	$	23,026	0.3	%	$	10,390
RW AM Holdco LLC+(5)(7)	One stop	SF +	5.25%	(j)	9.02%				04/2028	60		52		—		(52)
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(2)
Salisbury House, LLC*	One stop	SF +	4.75%	(k)	8.48%				08/2032	1,494		1,487		—		1,480
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(3)
SCP CDH Buyer, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	354		352		—		352
SCP CDH Buyer, Inc.+(5)	One stop				N/A(6)				12/2032	—		(1)		—		(1)
SCP CDH Buyer, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.17%	cash/	2.25%	PIK	10/2031	35,966		35,694		0.9		34,887
Severin Acquisition, LLC+	One stop	SF +	4.50%	(i)	8.18%				10/2031	1,185		1,150		—		1,052
Severin Acquisition, LLC+(25)	One stop	SF +	4.75%	(i)	6.17%	cash/	2.25%	PIK	10/2031	1,785		1,756		0.1		1,562
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(i)	8.17%				02/2031	7,115		7,071		0.2		7,115
Stellar Brands, LLC+(5)	Senior secured				N/A(6)				02/2031	—		(4)		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—		(5)		—		(5)
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(k)	8.85%				12/2030	3,149		3,179		0.1		3,135
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—		—		—		—
Virginia Green Acquisition, LLC+(5)	One stop				N/A(6)				12/2030	—		—		—		(1)
										467,679		463,963		11.9		446,595
Diversified Financial Services
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—		(10)		—		(12)
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(i)	8.42%				06/2031	3,744		3,706		0.1		3,781
Baker Tilly Advisory Group, LP+	One stop	SF +	4.50%	(i)	8.17%				06/2031	5,747		5,722		0.1		5,695
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2031	—		(4)		—		(9)
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(j)	8.20%				07/2029	20,999		20,883		0.6		20,789
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2029	—		—		—		(2)
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2029	—		(1)		—		(3)
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(c)	6.78%				07/2031	17,212		15,991		0.5		16,954
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%	(c)	7.37%				07/2031	7,621		7,683		0.2		7,506
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	7.50%	(d)	9.65%	PIK			07/2032	2,351		2,199		0.1		2,257
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.75%	(d)	6.85%				07/2031	2,438		2,312		0.1		2,402
Ceres Groupe SAS & Ceres PikCo+(5)(8)(9)(20)	One stop				N/A(6)				07/2031	—		—		—		(36)
Corsair Blade IV S.A R.L.+(8)(9)(13)(25)	One stop	SN +	5.75%	(g)	9.23%	cash/	0.25%	PIK	12/2030	1,187		950		—		566
Corsair Blade IV S.A R.L.+(8)(13)(25)	One stop	SF +	5.75%	(j)	9.17%	cash/	0.25%	PIK	12/2030	3,752		3,752		0.1		3,672
Deerfield Dakota Holding, LLC+	One stop	SF +	5.25%	(i)	8.93%				09/2032	34		33		—		33
Deerfield Dakota Holding, LLC+(25)	One stop	SF +	5.75%	(j)	6.70%	cash/	2.75%	PIK	09/2032	1,852		1,835		—		1,832
Equity Methods, LLC*	One stop	SF +	4.50%	(j)	8.20%				04/2032	19,829		19,743		0.5		19,535
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(16)		—		(53)
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(20)		—		(67)
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.95%				10/2028	16,830		16,597		0.4		16,494
Flash Topco, Inc.+	One stop	SF +	6.50%	(j)(k)	10.20%				10/2028	176		174		—		176
Flash Topco, Inc.+	One stop	SF +	6.00%	(k)	9.70%				10/2028	3,361		3,349		0.1		3,285
Higginbotham Insurance Agency, Inc.+(5)	Senior secured				N/A(6)				06/2031	—		—		—		(2)
Higginbotham Insurance Agency, Inc.+(5)	One stop				N/A(6)				06/2031	—		(1)		—		(2)
Higginbotham Insurance Agency, Inc.*+	One stop	SF +	4.50%	(i)	8.17%				06/2031	9,385		9,397		0.2		9,340
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	4.50%	(g)	8.23%				05/2032	26,050		26,024		0.7		25,879
Medlar Bidco Limited+(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—		(52)		—		(55)
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	4.50%	(c)	6.52%				05/2032	32,446		31,557		0.9		32,237
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	408		407		—		406
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	166		162		—		162
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	91		91		—		91
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(1)		—		(3)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	$	2,838	$	2,835	0.1	%	$	2,826
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)	7.91%				10/2028	3,936		3,932		0.1		3,919
Wealth Enhancement Group, LLC+	One stop	SF +	4.25%	(j)(k)	7.90%				10/2028	5,630		5,610		0.1		5,595
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(2)		—		(4)
										188,083		184,837		4.9		185,184
Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	P +	3.75%	(a)	10.50%				07/2027	1,529		1,526		—		1,521

Electric Utilities
Smart Energy Systems, Inc.+(25)	One stop	SF +	7.50%	(j)	7.41%	cash/	3.75%	PIK	01/2030	6,547		6,438		0.2		6,547
Smart Energy Systems, Inc.+(25)	One stop	SF +	7.50%	(j)	7.41%	cash/	3.75%	PIK	01/2030	721		717		—		721
										7,268		7,155		0.2		7,268
Electrical Equipment
Wildcat TopCo, Inc.+	One stop	SF +	4.50%	(j)	8.20%				11/2031	19,779		19,619		0.5		19,606
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—		(34)		—		(37)
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—		(17)		—		(37)
										19,779		19,568		0.5		19,532
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(i)	8.77%				11/2028	33,542		32,947		0.9		33,067
CST Holding Company+	One stop	SF +	5.00%	(j)	8.86%				11/2028	30		28		—		28
										33,572		32,975		0.9		33,095
Food & Staples Retailing
GMF Parent, Inc.+	One stop	SF +	4.50%	(j)	8.19%				12/2032	2		1		—		2
GMF Parent, Inc.+	One stop	SF +	4.50%	(j)	8.19%				12/2032	296		294		—		296
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
GMF Parent, Inc.+	One stop				N/A(6)				12/2032	—		—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	1,075		1,066		0.1		1,075
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	1,075		1,066		0.1		1,075
Mendocino Farms, LLC*	One stop	SF +	5.50%	(i)	9.17%				03/2030	1,072		1,063		—		1,072
Mendocino Farms, LLC*	One stop	SF +	5.50%	(i)	9.17%				03/2030	1,072		1,063		—		1,072
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	985		983		—		985
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	56		56		—		56
Mendocino Farms, LLC+	One stop				N/A(6)				03/2030	—		—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	110		110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	110		110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	56		56		—		56
Mendocino Farms, LLC+(5)	One stop				N/A(6)				03/2030	—		(35)		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(i)	9.17%				03/2030	56		56		—		56
PDI TA Holdings, Inc.+(25)	One stop	SF +	6.00%	(j)	7.17%	cash/	2.50%	PIK	02/2031	11,493		11,445		0.3		11,262
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.17%				02/2031	82		82		—		81
Wineshipping.com LLC+(25)	One stop	SF +	6.25%	(j)	4.85%	cash/	5.25%	PIK	12/2028	242		238		—		170
Wineshipping.com LLC+(25)	One stop	SF +	6.25%	(j)	4.85%	cash/	5.25%	PIK	12/2028	11,140		11,001		0.2		8,021
Wineshipping.com LLC+(25)	One stop	SF +	6.25%	(j)	4.85%	cash/	5.25%	PIK	12/2028	301		296		—		217
Wineshipping.com LLC+(5)	One stop				N/A(6)				12/2028	—		—		—		(209)
										29,223		28,951		0.7		25,507
Food Products
Blast Bidco Inc.*+	One stop	SF +	6.00%	(j)	9.70%				10/2030	4,831		4,785		0.1		4,831
Blast Bidco Inc.+(5)	One stop				N/A(6)				10/2029	—		(5)		—		—
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(j)	9.85%				06/2027	18,823		18,818		0.5		18,540
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(j)	9.85%				06/2027	1,556		1,551		0.1		1,532
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(j)	9.85%				06/2027	231		231		—		228
Borrower R365 Holdings, LLC+(5)	One stop				N/A(6)				06/2027	—		—		—		(2)
Eagle Family Foods Group, LLC+	One stop	SF +	4.75%	(k)	8.54%				08/2030	11,938		11,851		0.3		11,938

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Eagle Family Foods Group, LLC+(5)	One stop				N/A(6)				08/2030	$	—	$	(11)	—	%	$	—
Kodiak Cakes, LLC*+	Senior secured	SF +	5.25%	(k)	8.98%				06/2028	45,678		45,431		1.2		45,678
Kodiak Cakes, LLC+(5)	Senior secured				N/A(6)				06/2028	—		(3)		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(j)	10.10%				07/2027	13,489		13,460		0.4		13,489
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(j)	10.10%				07/2027	210		209		—		210
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(j)	10.20%				12/2026	51,168		50,971		1.3		48,610
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(j)	10.20%				12/2026	600		594		—		570
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(j)	10.20%				12/2026	1,640		1,616		0.1		1,559
MAPF Holdings, Inc.+(7)(25)	One stop	N/A			19.00%	PIK			12/2026	3,065		2,936		0.1		2,189
P&P Food Safety Holdings, Inc.*+	One stop	SF +	5.25%	(j)	8.95%				05/2029	14,637		14,670		0.4		14,576
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—		(5)		—		(6)
P&P Food Safety Holdings, Inc.+(9)	One stop	E +	5.50%	(c)	7.64%				05/2029	11,919		11,740		0.3		11,883
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—		(18)		—		(19)
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	A +	4.25%	(e)	8.55%				09/2032	323		304		—		322
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	E +	4.25%	(c)	6.38%				09/2032	300		300		—		297
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	SN +	4.25%	(g)	7.98%				09/2032	1,384		1,393		—		1,377
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.00%	(h)	9.63%				03/2029	22,740		22,671		0.6		22,285
Wizard Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.25%	(g)	8.48%	cash/	1.50%	PIK	03/2029	11,100		10,871		0.3		10,600
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(g)	9.73%				03/2029	8,229		7,729		0.2		8,064
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(g)	8.48%				09/2028	198		186		—		190
Zullas, L.C.+(5)	One stop				N/A(6)				06/2031	—		(1)		—		—
Zullas, L.C.+	One stop	SF +	4.75%	(j)	8.42%				06/2031	437		435		—		437
Zullas, L.C.+	One stop	SF +	4.75%	(j)	8.42%				06/2031	72		70		—		72
										224,568		222,779		5.9		219,450



Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	5.00%	(j)	8.67%	06/2028	6,976	6,950	0.2	6,976
Aspen Medical Products, LLC+	One stop	SF +	5.00%	(j)	8.67%	06/2028	453	451	—	453
Aspen Medical Products, LLC+(5)	One stop				N/A(6)	06/2028	—	(1)	—	—
Aspen Medical Products, LLC+	One stop	SF +	5.00%	(j)	8.67%	06/2028	886	880	—	886
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(h)	10.34%	08/2028	7,745	7,748	0.2	7,649
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.44%	08/2028	4,787	4,789	0.1	4,700
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(h)	10.34%	08/2028	1,912	1,912	0.1	1,889
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(g)	10.30%	08/2028	1,337	1,353	—	1,323
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.59%	08/2028	1,143	1,094	—	1,121
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(g)	10.30%	08/2028	1,186	1,168	—	1,158
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(j)	8.45%	09/2032	1,410	1,404	—	1,397
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(i)(j)	8.44%	09/2032	213	211	—	209
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(i)(j)	8.44%	09/2032	87	86	—	85
Belmont Instrument, LLC*+	One stop	SF +	5.25%	(j)	8.95%	08/2028	14,282	14,144	0.4	14,214
Belmont Instrument, LLC+(5)	One stop				N/A(6)	08/2028	—	(2)	—	—
Blades Buyer, Inc.*+	Senior secured	SF +	4.75%	(i)	8.42%	03/2028	12,097	12,075	0.3	12,011
Blades Buyer, Inc.*+	Senior secured	SF +	4.75%	(i)	8.42%	03/2028	1,716	1,708	0.1	1,704
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.42%	03/2028	1,388	1,382	—	1,378
Blades Buyer, Inc.+(5)	Senior secured				N/A(6)	03/2028	—	—	—	(3)
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.42%	03/2028	1,713	1,707	0.1	1,701
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.42%	03/2028	6,863	6,846	0.2	6,814
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	8.42%	03/2028	268	267	—	265
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%	08/2029	3	3	—	3
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%	08/2029	5	5	—	5
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%	08/2029	2	2	—	2
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%	08/2029	2	2	—	2

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	$	4	$	4	—	%	$	4
Blue River Pet Care, LLC*+	One stop	SF +	5.00%	(i)	8.67%				08/2029	58,492		58,325		1.6		58,223
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	12,271		12,264		0.3		12,215
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	2,861		2,860		0.1		2,848
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	2,750		2,748		0.1		2,737
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	2,723		2,722		0.1		2,711
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	2,093		2,091		0.1		2,083
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	1,239		1,235		—		1,234
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	411		409		—		409
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	60		57		—		57
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	291		289		—		289
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	296		294		—		294
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	225		223		—		224
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	255		253		—		253
Blue River Pet Care, LLC+	One stop				N/A(6)				08/2029	—		—		—		—
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	12		12		—		12
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	1		1		—		1
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	4		4		—		4
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2029	1		1		—		1
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(j)	8.67%				08/2029	1		1		—		1
CCSL Holdings, LLC*	One stop	SF +	5.75%	(i)	9.42%				12/2028	20,733		20,703		0.6		20,723
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(i)	9.42%				12/2028	5,597		5,608		0.2		5,595
CCSL Holdings, LLC+(9)	One stop	SN +	5.75%	(g)	9.48%				12/2028	3,485		3,317		0.1		3,483
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.42%				12/2028	3,445		3,423		0.1		3,444
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(i)	9.42%				12/2028	2,861		2,844		0.1		2,860
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.42%				12/2028	715		712		—		714
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.42%				12/2028	970		966		—		969
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.64%				12/2028	33,711		31,617		0.9		33,695
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.64%				12/2028	6,604		5,967		0.2		6,601
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.42%				12/2028	2,753		2,743		0.1		2,752
CCSL Holdings, LLC+	One stop	SF +	5.75%	(i)	9.42%				12/2028	2,191		2,183		0.1		2,190
Centegix Intermediate II, LLC+(25)	One stop	SF +	5.76%	(j)	6.28%	cash/	3.13%	PIK	08/2032	1,557		1,549		—		1,550
Centegix Intermediate II, LLC+	One stop	SF +	5.25%	(j)	8.94%				08/2032	46		45		—		45
Centegix Intermediate II, LLC+	One stop	SF +	2.63%	(j)	6.33%				08/2032	226		225		—		225
Centegix Intermediate II, LLC+	One stop	SF +	5.50%	(j)	9.20%				08/2032	85		84		—		84
Centegix Intermediate II, LLC+(5)	One stop				N/A(6)				08/2032	—		(2)		—		(2)
CMI Parent Inc.+	One stop	SF +	4.50%	(j)	8.20%				01/2033	340		339		—		339
CMI Parent Inc.+	One stop				N/A(6)				01/2033	—		—		—		—
CMI Parent Inc.+(5)	One stop				N/A(6)				01/2033	—		—		—		(1)
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(j)	9.17%				06/2031	7,811		7,754		0.2		7,775
HuFriedy Group Acquisition, LLC+(5)	One stop				N/A(6)				05/2030	—		(6)		—		(4)
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(j)(k)	9.20%				06/2031	1,710		1,687		0.1		1,702
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(j)(k)	9.18%				06/2031	295		290		—		290
Isto Group, Inc.+	One stop				N/A(6)				09/2032	—		—		—		—
Isto Group, Inc.+	One stop	SF +	4.75%	(j)	8.45%				09/2032	587		584		—		584
Isto Group, Inc.+(5)	One stop				N/A(6)				09/2032	—		(2)		—		(2)
JHC Investment Intermediate Holdings, LLC+	One stop	SF +	8.00%	(j)	11.77%				03/2029	1,235		1,235		—		1,235
JHC Investment Intermediate Holdings, LLC+	One stop	SF +	8.00%	(j)	11.77%				03/2029	922		773		—		922
RTI Surgical, Inc.+(5)	One stop				N/A(6)				09/2032	—		(2)		—		(2)
RTI Surgical, Inc.+	One stop	SF +	4.75%	(j)	8.42%				09/2032	1,663		1,655		—		1,655
TIDI Legacy Products, Inc.+	One stop	SF +	4.50%	(i)	8.17%				12/2029	3,467		3,514		0.1		3,442

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
TIDI Legacy Products, Inc.+	One stop				N/A(6)	12/2029	$	—	$	—	—	%	$	—
TIDI Legacy Products, Inc.+	One stop	SF +	4.50%	(i)	8.17%	12/2029	929		920		—		923
YI, LLC+	One stop	SF +	5.75%	(i)	9.43%	12/2029	4,362		4,362		0.1		4,301
YI, LLC+(5)	One stop				N/A(6)	12/2029	—		(1)		—		(2)
ZimVie, Inc.+	One stop	SF +	4.75%	(j)	8.45%	10/2032	1,496		1,489		—		1,489
ZimVie, Inc.+(5)	One stop				N/A(6)	10/2032	—		(1)		—		(1)
ZimVie, Inc.+	One stop	SF +	4.75%	(j)	8.45%	10/2032	80		79		—		79
							260,340		256,630		6.9		259,194



Healthcare Providers & Services
AAH TOPCO, LLC *+	One stop	SF +	5.25%	(i)	9.02%				12/2027	8,538	8,511	0.2	8,542
AAH TOPCO, LLC +	One stop	SF +	5.25%	(i)	9.02%				12/2027	8,028	8,051	0.2	8,031
AAH TOPCO, LLC +(25)	Subordinated debt	N/A			11.50%	PIK			12/2031	3,243	3,150	0.1	3,187
AAH TOPCO, LLC +	One stop	SF +	5.25%	(i)	9.02%				12/2027	3,451	3,463	0.1	3,452
AAH TOPCO, LLC +	One stop				N/A(6)				12/2027	—	—	—	—
AAH TOPCO, LLC +	One stop	SF +	5.00%	(i)	8.77%				12/2027	4,036	4,009	0.1	4,007
Active Day, Inc.*+	One stop	SF +	5.00%	(i)	8.67%				05/2027	17,120	17,098	0.5	17,075
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	1,321	1,319	—	1,318
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	852	851	—	850
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	679	678	—	676
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	598	597	—	597
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	588	588	—	587
Active Day, Inc.+	One stop				N/A(6)				05/2027	—	—	—	—
Active Day, Inc.+	One stop				N/A(6)				05/2027	—	—	—	—
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	4,556	4,549	0.1	4,544
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	6,561	6,551	0.2	6,544
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	275	274	—	275
Active Day, Inc.+(5)	One stop				N/A(6)				05/2027	—	(1)	—	—
Active Day, Inc.+	One stop	SF +	5.00%	(i)	8.67%				05/2027	94	94	—	94
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.84%				03/2027	15,929	15,912	0.4	15,889
Acuity Eyecare Holdings, LLC+(25)	One stop	N/A			16.50%	PIK			06/2027	18,224	18,173	0.5	18,315
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.10%				03/2027	3,934	3,930	0.1	3,934
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.09%				03/2027	3,504	3,500	0.1	3,504
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(j)	10.10%				03/2027	3,504	3,498	0.1	3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.10%				03/2027	3,090	3,087	0.1	3,090
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.82%				03/2027	1,975	1,973	0.1	1,970
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.10%				03/2027	1,800	1,798	0.1	1,800
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.83%				03/2027	1,007	1,006	—	1,005
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.10%				03/2027	436	435	—	436
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(j)	10.10%	cash/	6.75%	PIK	03/2027	303	302	—	309
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(j)	9.82%				03/2027	209	209	—	208
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.10%				03/2027	161	161	—	161
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(j)	10.07%				03/2027	106	106	—	106
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(j)	10.09%	cash/	6.75%	PIK	03/2027	119	119	—	121
Acuity Eyecare Holdings, LLC+	One stop	SF +	5.75%	(j)	9.60%				03/2027	91	84	—	88
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(j)	10.10%				03/2027	1	1	—	1
Acuity Eyecare Holdings, LLC+	One stop				N/A(6)				03/2027	—	—	—	—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	15,410	15,531	0.4	15,307
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(j)	9.77%				03/2027	6,320	6,323	0.2	6,292
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	9.77%				03/2027	5,282	5,282	0.1	5,260

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK	03/2028	$	3,366	$	3,355	0.1	%	$	3,343
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK	03/2028	1,287		1,283		—		1,279
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	9.77%		03/2027	824		824		—		820
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	9.66%		05/2028	500		498		—		498
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	9.77%		03/2027	391		391		—		389
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop				N/A(6)		03/2027	—		—		—		—
Bamboo US Bidco LLC+	One stop	SF +	5.00%	(j)	8.67%		09/2030	1,356		1,351		—		1,349
Bamboo US Bidco LLC+	One stop	SF +	5.00%	(i)(j)	8.67%		09/2030	1,363		1,363		—		1,356
Bamboo US Bidco LLC*+	One stop	SF +	5.00%	(j)	8.67%		09/2030	2,699		2,655		0.1		2,685
Bamboo US Bidco LLC+	One stop	SF +	5.00%	(j)	8.67%		09/2030	413		412		—		410
Bamboo US Bidco LLC+(5)	One stop				N/A(6)		10/2029	—		(9)		—		(3)
Bamboo US Bidco LLC+(9)	One stop	E +	5.00%	(c)	7.03%		09/2030	1,940		1,743		0.1		1,931
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)		11/2030	—		(10)		—		(12)
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	4.75%	(j)	8.42%		11/2030	12,907		12,845		0.4		12,838
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)		11/2030	—		(35)		—		(39)
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	4.75%	(j)	8.42%		11/2030	9,900		9,850		0.3		9,847
BHG Holdings, LLC+	One stop	SF +	5.50%	(i)	9.17%		04/2032	24,670		24,483		0.7		24,474
BHG Holdings, LLC+(5)	One stop				N/A(6)		04/2032	—		(24)		—		(25)
BHG Holdings, LLC+(5)	One stop				N/A(6)		04/2032	—		(54)		—		(56)
Community Care Partners, LLC+	One stop	SF +	6.00%	(i)	9.78%		06/2026	3,436		3,399		0.1		3,436
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.00%	(k)	8.73%		04/2031	771		761		—		756
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%		04/2031	473		447		—		463
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)		04/2031	—		(1)		—		(3)
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)		10/2030	—		(2)		—		(2)
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	15,593		15,180		0.4		15,593
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	8,137		7,925		0.2		8,137
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	4,209		4,182		0.1		4,209
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	2,140		2,085		0.1		2,140
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	1,889		1,878		0.1		1,889
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	1,176		1,161		—		1,176
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	977		945		—		977
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	962		939		—		962
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	921		899		—		921
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	834		814		—		834
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	423		409		—		423
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	358		349		—		358
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	175		171		—		175
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.57%		02/2027	168		163		—		168
Encorevet Group LLC+	One stop	SF +	6.75%	(j)	10.59%		02/2027	94		92		—		94
Encorevet Group LLC+(25)	One stop	N/A			13.00%	PIK	05/2027	115		109		—		113
Encorevet Group LLC+	One stop	SF +	8.75%	(j)	12.57%		02/2027	244		244		—		246
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(a)(j)	9.45%		03/2030	1,402		1,341		—		1,402
ERC Topco Holdings, LLC+(25)	One stop	SF +	6.50%	(j)	10.46%	PIK	03/2030	8,076		7,498		0.2		6,461
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(j)	9.46%		03/2030	76		76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%		09/2029	10,961		11,294		0.3		10,906

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%	09/2029	$	3,962	$	4,048	0.1	%	$	3,942
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%	09/2029	2,699		2,771		0.1		2,685
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%	09/2029	2,569		2,631		0.1		2,556
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.00%	(j)	8.67%	09/2029	1,105		1,098		—		1,099
FYI Optical Acquisitions, Inc. & FYI USA, Inc.*+(8)(12)	One stop	SF +	5.00%	(j)	8.67%	09/2029	554		550		—		552
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%	09/2029	469		472		—		466
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%	09/2029	283		280		—		282
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.30%	09/2029	104		103		—		103
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(k)	8.80%	06/2028	2,493		2,498		0.1		2,493
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(k)	8.80%	06/2028	1,183		1,180		—		1,183
Heartland Veterinary Partners LLC+	Senior secured				N/A(6)	06/2028	—		—		—		—
HP TLE Buyer, Inc.+	One stop	SF +	4.75%	(j)	8.45%	07/2032	1,639		1,632		0.1		1,639
HP TLE Buyer, Inc.+(5)	One stop				N/A(6)	07/2032	—		(2)		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	2,559		2,556		0.1		2,550
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	2,065		2,062		0.1		2,057
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	1,501		1,500		—		1,496
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	1,381		1,378		—		1,375
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	605		604		—		603
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	284		284		—		283
Krueger-Gilbert Health Physics, LLC+	Senior secured				N/A(6)	11/2026	—		—		—		—
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.00%	(j)	8.70%	11/2026	661		660		—		659
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.00%	(j)	8.70%	11/2026	296		296		—		295
LOV Acquisition LLC*+	Senior secured	SF +	4.25%	(i)	7.92%	11/2031	22,345		22,249		0.6		22,125
LOV Acquisition LLC+(5)	Senior secured				N/A(6)	11/2031	—		(11)		—		(26)
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.56%	05/2028	25,371		27,714		0.7		25,371
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.25%	(j)	8.95%	05/2028	5,790		5,728		0.2		5,790
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.25%	(j)	8.95%	05/2028	4,086		4,024		0.1		4,086
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.56%	05/2028	1,571		1,675		0.1		1,571
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.56%	05/2028	819		858		—		819
New Look Corporation and New Look Vision Group Inc. +(8)(12)	One stop	SF +	5.25%	(j)	8.95%	05/2028	129		125		—		129
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.25%	(m)	7.56%	05/2028	186		178		—		186
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop				N/A(6)	05/2028	—		(2)		—		—
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(j)	9.42%	01/2027	18,034		17,955		0.5		17,673
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(j)	9.42%	01/2027	12,083		12,050		0.3		11,842
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(j)	9.42%	01/2027	2,430		2,424		0.1		2,381
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(j)	9.42%	01/2027	2,348		2,340		0.1		2,301
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(j)	9.42%	01/2027	1,483		1,479		—		1,454
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(j)	9.42%	01/2027	1,348		1,345		—		1,320
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.42%	01/2027	670		669		—		656
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.42%	01/2027	525		520		—		514
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.42%	01/2027	176		176		—		174
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(j)	9.42%	01/2027	101		101		—		99
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50%	(a)(i)	10.60%	01/2027	812		794		—		786

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(j)	9.41%				08/2029	$	290	$	285	—	%	$	276
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75%	(j)	9.42%				08/2029	13,976		13,921		0.4		13,696
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	2,209		2,184		0.1		2,121
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	92		89		—		89
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	510		506		—		490
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	93		93		—		90
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			14.75%	PIK			08/2030	11,127		11,177		0.3		11,043
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25%	(j)	8.92%				08/2029	5,460		5,392		0.2		5,286
Premise Health Holding Corp.+	One stop	SF +	4.75%	(j)	8.45%				11/2032	1,370		1,363		—		1,357
Premise Health Holding Corp.+(5)	One stop				N/A(6)				11/2031	—		(2)		—		(1)
Premise Health Holding Corp.+	One stop	SF +	4.75%	(j)	8.45%				11/2032	655		649		—		649
Premise Health Holding Corp.+	One stop	SF +	4.75%	(j)	8.45%				11/2032	500		495		—		495
Premise Health Holding Corp.+	One stop	SF +	4.75%	(j)	8.45%				11/2032	166		164		—		163
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.57%				05/2027	24,709		24,735		0.7		24,674
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.57%				05/2027	2,555		2,549		0.1		2,552
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.57%				05/2027	2,136		2,133		0.1		2,133
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.57%				05/2027	1,174		1,172		—		1,173
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(j)	8.57%				05/2027	1,075		1,073		—		1,074
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.57%				05/2027	725		725		—		725
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.57%				05/2027	241		241		—		241
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.57%				05/2027	212		212		—		212
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.57%				05/2027	199		198		—		198
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.57%				05/2027	199		198		—		198
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.57%				05/2027	78		78		—		78
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(j)	8.58%				05/2027	120		120		—		120
Signature MD, Inc.+	One stop	SF +	4.50%	(i)	8.17%				02/2032	302		301		—		301
Signature MD, Inc.+	One stop				N/A(6)				02/2032	—		—		—		—
Signature MD, Inc.+(5)	One stop				N/A(6)				02/2032	—		(1)		—		(1)
Suveto Buyer, LLC+	One stop	P +	3.50%	(a)	10.25%				09/2027	28		26		—		26
Suveto Buyer, LLC*+	One stop	SF +	4.50%	(i)	8.17%				09/2027	27,316		27,313		0.7		27,259
Suveto Buyer, LLC+	One stop	SF +	4.50%	(i)	8.17%				09/2027	16,628		16,566		0.5		16,562
										507,435		507,438		13.4		502,921
Healthcare Technology
Amberfield Acquisition Co.*+	One stop	SF +	5.50%	(j)	9.20%				05/2030	7,138		7,114		0.2		7,114
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(j)	9.20%				05/2030	176		169		—		173
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(j)	9.20%				05/2030	164		162		—		163
Color Intermediate, LLC*+	Senior secured	SF +	4.75%	(j)	8.55%				10/2029	17,301		17,271		0.5		17,041
Connexin Software, Inc.+	One stop	SF +	6.00%	(j)	9.70%				03/2027	11,700		11,686		0.3		11,583
Connexin Software, Inc.+	One stop				N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.67%				01/2029	6,032		6,021		0.2		5,882
Crow River Buyer, Inc.+(5)	One stop				N/A(6)				01/2029	—		—		—		(2)
Crow River Buyer, Inc.+	One stop	SF +	5.00%	(i)	8.67%				01/2029	8,700		8,640		0.2		8,483
ESO Solution, Inc.+	One stop	SF +	6.75%	(j)	10.43%				05/2027	11,359		11,372		0.3		11,246
ESO Solution, Inc.+	One stop	SF +	6.75%	(j)	10.43%				05/2027	3,803		3,774		0.1		3,765
ESO Solution, Inc.+	One stop	SF +	6.75%	(j)(k)	10.43%				05/2027	132		132		—		130
GHX Ultimate Parent Corporation+(25)	One stop	SF +	5.00%	(j)	6.20%	cash/	2.50%	PIK	02/2033	53,815		53,244		1.4		53,277
GHX Ultimate Parent Corporation+(25)	One stop	SF +	5.00%	(j)	6.20%	cash/	2.50%	PIK	02/2033	352		351		—		348
GHX Ultimate Parent Corporation+(5)	One stop				N/A(6)				02/2033	—		(53)		—		(51)
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(2)
Healthmark Holdings, L.P.*+	One stop	SF +	4.50%	(j)	8.17%				07/2032	1,568		1,560		0.1		1,555
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(2)
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				07/2031	15,634		15,515		0.4		15,400
Kona Buyer, LLC+(5)	One stop				N/A(6)				07/2031	—		(14)		—		(29)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				07/2031	$	917	$	917	—	%	$	904
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.17%				07/2031	258		257		—		254
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.16%				07/2031	376		374		—		370
Kona Buyer, LLC+(5)	One stop				N/A(6)				07/2031	—		(1)		—		(9)
Kona Buyer, LLC+	One stop	SF +	4.50%	(j)	8.16%				07/2031	3,401		3,385		0.1		3,350
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	6.25%	(g)	9.98%				02/2031	626		600		—		626
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	6.25%	(g)	9.98%				02/2031	835		837		—		835
Lacker Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—		(1)		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(g)	9.23%				02/2031	29		30		—		14
Modernizing Medicine, Inc.+(25)	One stop	SF +	4.75%	(j)	6.20%	cash/	2.25%	PIK	04/2032	32,748		32,470		0.9		32,421
Modernizing Medicine, Inc.+(5)	One stop				N/A(6)				04/2032	—		(26)		—		(30)
Neptune Holdings, Inc.*	One stop	SF +	4.50%	(j)	8.20%				09/2030	15,935		16,009		0.4		15,696
Neptune Holdings, Inc.+(5)	One stop				N/A(6)				08/2029	—		—		—		(2)
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20%	(i)	6.17%	cash/	2.70%	PIK	08/2031	53,822		53,403		1.4		52,476
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—		(54)		—		(174)
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—		(26)		—		(172)
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20%	(i)	6.17%	cash/	2.70%	PIK	08/2031	505		504		—		492
Plasma Buyer LLC+(7)(25)	One stop	SF +	5.75%	(j)	9.45%	PIK			05/2029	8,575		7,817		0.1		5,145
Plasma Buyer LLC+(7)(25)	One stop	SF +	6.25%	(j)	9.45%	cash/	0.50%	PIK	05/2029	325		296		—		191
Plasma Buyer LLC+(25)	One stop	SF +	6.25%	(j)	9.46%	cash/	0.50%	PIK	03/2027	170		170		—		170
Plasma Buyer LLC+(7)(25)	One stop	SF +	6.25%	(j)	9.45%	cash/	0.50%	PIK	05/2028	118		108		—		72
QF Holdings, Inc.+(5)	One stop				N/A(6)				12/2032	—		—		—		(1)
QF Holdings, Inc.+	One stop	SF +	4.50%	(j)	8.20%				12/2032	372		371		—		364
QF Holdings, Inc.+(5)	One stop				N/A(6)				12/2032	—		—		—		(2)
Signant Finance One Limited+(5)(8)(10)	One stop				N/A(6)				10/2031	—		(1)		—		(1)
Signant Finance One Limited+(8)(10)(25)	One stop	SF +	4.75%	(j)	8.45%				10/2031	1,507		1,493		0.1		1,493
Signant Finance One Limited+(5)(8)(10)	One stop				N/A(6)				10/2031	—		(2)		—		(3)
Transaction Data Systems, Inc.*+	One stop	SF +	4.75%	(j)	8.60%				08/2026	73,991		73,684		2.0		73,991
Transaction Data Systems, Inc.+(5)	One stop				N/A(6)				08/2026	—		(3)		—		—
										332,384		329,553		8.7		324,544
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+	One stop	SF +	6.00%	(j)(k)	9.85%				08/2028	13,471		13,453		0.4		13,471
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(k)	9.95%				08/2028	680		676		—		680
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)	9.85%				08/2028	464		440		—		464
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)(k)	9.87%				08/2028	200		199		—		200
BJH Holdings III Corp.*+	One stop	SF +	5.00%	(j)	8.70%				08/2027	69,210		69,022		1.9		69,210
BJH Holdings III Corp.+	One stop	SF +	5.00%	(j)	8.70%				08/2027	756		749		—		756
BJH Holdings III Corp.+	One stop	SF +	5.00%	(j)	8.70%				08/2027	5,519		5,479		0.2		5,519
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.57%				09/2028	17,718		17,719		0.5		17,364
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.57%				09/2028	3,160		3,150		0.1		3,096
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.57%				09/2028	2,122		2,122		0.1		2,080
Cafe Rio Holding, Inc.*	One stop	SF +	5.75%	(j)	9.57%				09/2028	1,347		1,347		—		1,320
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(j)	9.57%				09/2028	1,189		1,189		—		1,166
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)(j)	9.55%				09/2028	264		264		—		259
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	170		170		—		167
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	122		122		—		120
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	97		97		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	96		95		—		94
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	77		77		—		76
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	49		49		—		48
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(j)	9.57%				09/2028	55		55		—		54
CB Sports Holdings Bidco, LLC+	One stop	SF +	4.50%	(j)	8.18%				12/2032	22		22		—		22
CB Sports Holdings Bidco, LLC+	One stop	SF +	4.50%	(j)	8.19%				12/2032	185		184		—		185

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
CB Sports Holdings Bidco, LLC+(5)	One stop				N/A(6)				12/2032	$	—	$	(1)	—	%	$	—
CB Sports Holdings Bidco, LLC+	One stop				N/A(6)				12/2032	—		—		—		—
CR Fitness Holdings, LLC+	Senior secured	SF +	4.25%	(j)	7.95%				10/2031	17		16		—		16
CR Fitness Holdings, LLC+	Senior secured	SF +	4.25%	(j)	7.95%				10/2032	1,500		1,496		—		1,493
CR Fitness Holdings, LLC+(5)	Senior secured				N/A(6)				10/2032	—		(1)		—		(2)
Crumbl Enterprises, LLC+(5)	One stop				N/A(6)				05/2032	—		(11)		—		(13)
Crumbl Enterprises, LLC*+	One stop	SF +	4.50%	(j)	8.20%				05/2032	32,164		32,024		0.9		32,003
ESN Venture Holdings, LLC*+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	5,417		5,369		0.2		5,390
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	926		921		—		921
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	818		811		—		814
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	376		373		—		374
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	184		183		—		182
ESN Venture Holdings, LLC+(5)	One stop				N/A(6)				10/2029	—		(7)		—		(6)
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	810		791		—		790
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	443		441		—		440
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	1,604		1,594		0.1		1,596
ESN Venture Holdings, LLC+(25)	One stop	SF +	6.26%	(j)	6.58%	cash/	3.38%	PIK	10/2029	4,031		4,013		0.1		4,011
Excel Fitness Consolidator, LLC*+	Senior secured	SF +	4.75%	(j)	8.45%				04/2030	6,606		6,562		0.2		6,574
Excel Fitness Consolidator, LLC+	Senior secured	SF +	4.75%	(i)	8.42%				04/2030	52		51		—		52
Excel Fitness Consolidator, LLC+(5)	Senior secured				N/A(6)				04/2030	—		(2)		—		(3)
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.17%	cash/	4.75%	PIK	08/2028	1,336		1,321		—		1,249
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.17%	cash/	4.75%	PIK	08/2028	904		902		—		845
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.17%	cash/	4.75%	PIK	08/2028	877		875		—		821
Harri US LLC+(5)	One stop				N/A(6)				08/2028	—		—		—		(2)
Harri US LLC+(25)	One stop	SF +	7.25%	(j)	6.17%	cash/	4.75%	PIK	08/2028	1,633		1,546		—		1,527
Harri US LLC+(25)	One stop	N/A			14.00%	PIK			08/2028	2,151		2,127		0.1		2,151
Olo Parent, Inc.+	One stop	SF +	4.50%	(j)	8.17%				09/2032	2,326		2,321		0.1		2,268
Olo Parent, Inc.+(5)	One stop				N/A(6)				09/2032	—		—		—		(4)
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(j)	8.22%				09/2032	36		36		—		35
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(j)	8.22%				09/2032	1,809		1,801		0.1		1,800
PB Group Holdings, LLC+(25)	One stop	SF +	5.50%	(i)	6.42%	cash/	2.75%	PIK	08/2030	37,923		37,789		1.0		37,733
PB Group Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				08/2030	2,858		2,842		0.1		2,836
QSR Acquisition Co.+	One stop	SF +	4.25%	(i)	7.92%				06/2032	1,518		1,513		—		1,472
QSR Acquisition Co.+(5)	One stop				N/A(6)				06/2032	—		—		—		(4)
QSR Acquisition Co.+(5)	One stop				N/A(6)				06/2032	—		(1)		—		(10)
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				03/2032	233		233		—		233
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	4.50%	(g)	8.23%				03/2032	4,903		4,758		0.1		4,903
Rooster BidCo Limited+(5)(8)(9)(10)	One stop				N/A(6)				03/2032	—		(22)		—		—
Saguaro Buyer, LLC+	One stop				N/A(6)				07/2032	—		—		—		—
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				07/2032	398		396		—		398
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				07/2032	217		216		—		217
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(j)	8.20%				07/2032	100		98		—		100
SDC Holdco, LLC+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(1)
SDC Holdco, LLC*	One stop	SF +	4.38%	(i)	8.05%				07/2032	1,784		1,776		0.1		1,775
SDC Holdco, LLC+	One stop	SF +	4.38%	(i)	8.05%				07/2032	500		498		—		498
SSRG Holdings, LLC*	One stop	SF +	4.75%	(j)	8.45%				11/2029	12,345		12,261		0.3		12,345
SSRG Holdings, LLC*+	One stop	SF +	4.75%	(j)	8.45%				11/2029	7,662		7,662		0.2		7,662
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2029	636		624		—		636
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2029	605		600		—		605
SSRG Holdings, LLC+(5)	One stop				N/A(6)				11/2029	—		(1)		—		—
SSRG Holdings, LLC+	One stop	SF +	4.75%	(j)	8.45%				11/2029	674		671		—		674
YE Brands Holding, LLC*+	One stop	SF +	4.75%	(j)	8.45%				10/2027	17,365		17,464		0.5		17,279
YE Brands Holding, LLC+	One stop	SF +	4.75%	(j)	8.45%				10/2027	1,173		1,170		—		1,167

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
YE Brands Holding, LLC+	One stop				N/A(6)	10/2027	$	—	$	—	—	%	$	—
							273,887		272,778		7.3		272,286
Household Durables
TLB Holdings I, LLC+	One stop	SF +	4.75%	(i)	8.42%	10/2031	11		10		—		11
TLB Holdings I, LLC+	One stop	SF +	4.75%	(j)	8.42%	10/2031	615		612		—		615
TLB Holdings I, LLC+(5)	One stop				N/A(6)	10/2031	—		(1)		—		—
							626		621		—		626
Household Products
WU Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.45%	04/2032	9,516		9,475		0.3		9,473
WU Holdco, Inc.+	One stop	SF +	4.75%	(j)	8.45%	04/2032	155		152		—		152
WU Holdco, Inc.+(5)	One stop				N/A(6)	04/2032	—		(5)		—		(10)
							9,671		9,622		0.3		9,615



Industrial Conglomerates
Anova Buyer, Inc.+	One stop	SF +	4.75%	(k)	8.49%				01/2033	292	291	—	291
Anova Buyer, Inc.+	One stop	SF +	4.75%	(j)	8.45%				01/2033	3	2	—	2
Anova Buyer, Inc.+	One stop				N/A(6)				01/2033	—	—	—	—
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75%	(j)	8.55%				04/2028	3,151	3,126	0.1	2,962
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(j)	8.55%				04/2028	633	623	—	595
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(j)	8.55%				04/2028	593	582	—	558
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	5,737	5,726	0.2	5,693
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	1,337	1,323	—	1,315
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	1,455	1,446	—	1,444
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	466	463	—	462
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	545	539	—	541
Dwyer Instruments, Inc.+(5)(9)	One stop				N/A(6)				07/2029	—	(23)	—	(2)
Dwyer Instruments, Inc.+(9)	One stop	E +	5.00%	(c)	7.12%				07/2029	51,920	47,033	1.4	51,896
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	6,401	6,350	0.2	6,353
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(j)	8.45%				07/2029	1,478	1,467	—	1,466
Essential Services Holdings Corporation+(25)	One stop	SF +	5.50%	(j)	6.42%	cash/	2.75%	PIK	06/2031	11,514	11,428	0.3	11,421
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(a)(j)	8.66%				06/2030	564	554	—	554
Essential Services Holdings Corporation+(5)	One stop				N/A(6)				06/2031	—	(8)	—	(18)
Excelitas Technologies Corp.+(5)	One stop				N/A(6)				08/2029	—	(40)	—	(104)
Excelitas Technologies Corp.*+	One stop	SF +	5.25%	(i)	8.92%				08/2029	10,022	9,978	0.3	9,898
Excelitas Technologies Corp.+(9)	One stop	E +	5.25%	(b)	7.14%				08/2029	1,962	1,771	0.1	1,937
Excelitas Technologies Corp.+(5)	One stop				N/A(6)				08/2028	—	(2)	—	(4)
										98,073	92,629	2.6	97,260
Insurance
AMBA Buyer, Inc.*+	One stop	SF +	5.25%	(j)	9.05%				07/2027	4,399	4,405	0.1	4,398
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.05%				07/2027	1,310	1,309	—	1,310
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.05%				07/2027	1,105	1,103	—	1,105
AMBA Buyer, Inc.+	One stop				N/A(6)				07/2027	—	—	—	—
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(j)	9.05%				07/2027	159	159	—	159
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(i)	8.18%				04/2032	273	268	—	268
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(i)	8.17%				04/2032	5,031	5,010	0.1	5,009
Bellwether Buyer, LLC+(5)	One stop				N/A(6)				04/2032	—	(6)	—	(12)
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.17%				03/2028	561	555	—	558
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.17%				03/2028	378	378	—	375
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.17%				03/2028	97	96	—	96
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(j)	9.17%				03/2028	465	457	—	462
Captive Resources Midco, LLC+	One stop	SF +	4.50%	(i)	8.17%				07/2029	22,958	22,940	0.6	22,958
Captive Resources Midco, LLC+(5)	One stop				N/A(6)				07/2028	—	(1)	—	—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.20%	12/2030	$	1,861	$	1,871	0.1	%	$	1,849
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.20%	12/2029	37		37		—		37
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.20%	12/2030	1,770		1,771		0.1		1,758
Doxa Insurance Holdings LLC+	One stop	SF +	4.50%	(j)	8.19%	12/2030	3,580		3,560		0.1		3,537
Galway Borrower LLC+	One stop	SF +	4.50%	(j)	8.20%	09/2028	335		333		—		333
Galway Borrower LLC+	One stop	SF +	4.50%	(j)	8.20%	09/2028	17		17		—		17
Galway Borrower LLC+	One stop	SF +	4.50%	(j)	8.20%	09/2028	13		13		—		12
Galway Borrower LLC+	One stop	SF +	4.50%	(j)	8.20%	09/2028	12		12		—		12
Galway Borrower LLC+	One stop				N/A(6)	09/2028	—		—		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	7.78%	04/2031	1,131		1,038		—		1,121
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	7.78%	04/2031	461		437		—		456
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.00%	(c)	7.01%	04/2031	106		105		—		97
Huskies Parent, Inc.+	One stop	SF +	6.00%	(i)	9.77%	11/2029	2,000		1,982		0.1		1,940
Illumifin Corporation+	One stop	SF +	6.00%	(j)	9.93%	09/2027	4,626		4,454		0.1		4,441
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00%	(j)	8.67%	08/2028	48,464		48,231		1.3		48,410
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—		(2)		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—		(3)		—		(4)
J.S. Held Holdings, LLC+	One stop	SF +	4.75%	(j)	8.60%	06/2028	322		316		—		319
J.S. Held Holdings, LLC+	One stop	SF +	4.75%	(j)	8.60%	06/2028	14,455		14,339		0.4		14,287
J.S. Held Holdings, LLC*+	One stop	SF +	4.75%	(j)	8.60%	06/2028	38,144		37,717		1.0		37,900
Koala Investment Holdings, Inc.+	One stop	SF +	4.25%	(j)	7.95%	08/2032	1,564		1,557		0.1		1,550
Koala Investment Holdings, Inc.+(5)	One stop				N/A(6)	08/2032	—		(1)		—		(1)
Koala Investment Holdings, Inc.+(5)	One stop				N/A(6)	08/2032	—		(1)		—		(3)
Majesco+	One stop	SF +	4.50%	(j)	8.20%	01/2033	462		461		—		455
Majesco+(5)	One stop				N/A(6)	01/2033	—		—		—		(1)
MRH Trowe Germany GMBH+(5)(8)(9)(19)	One stop				N/A(6)	11/2031	—		(2)		—		(7)
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(d)	7.16%	05/2032	6,146		5,950		0.2		6,069
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(d)	7.15%	05/2032	1,138		1,148		—		1,112
Oakbridge Insurance Agency LLC+	One stop	SF +	4.75%	(i)	8.42%	11/2029	2,247		2,268		0.1		2,226
Oakbridge Insurance Agency LLC+	One stop	SF +	4.75%	(i)	8.42%	11/2029	21		21		—		21
Oakbridge Insurance Agency LLC+	One stop	SF +	4.75%	(i)	8.42%	11/2029	1,085		1,082		—		1,075
Oakbridge Insurance Agency LLC+	One stop	SF +	5.00%	(i)	8.67%	11/2029	797		791		—		795
Oakbridge Insurance Agency LLC+(5)	One stop				N/A(6)	11/2029	—		(2)		—		(5)
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)	06/2029	—		(2)		—		(1)
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	5.00%	(j)(k)	8.61%	06/2030	85,453		84,900		2.3		84,603
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	5.00%	(j)	8.71%	06/2030	419		415		—		415
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(j)	8.85%	10/2028	71,656		71,070		1.9		71,535
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(j)	8.85%	10/2028	9,773		9,641		0.3		9,755
Patriot Growth Insurance Services, LLC+(5)	One stop				N/A(6)	10/2028	—		(36)		—		(3)
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(j)	8.70%	10/2028	3,384		3,376		0.1		3,366
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%	02/2031	23,634		24,862		0.6		23,697
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%	02/2031	19,844		20,275		0.5		19,898
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%	02/2031	7,760		8,270		0.2		7,781
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%	02/2031	9,707		9,684		0.3		9,733
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%	02/2031	216		216		—		216
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(m)	7.57%	02/2031	21,834		21,614		0.6		21,921
People Corporation+(8)(9)(12)	One stop				N/A(6)	02/2031	—		—		—		—
Wasabi Lower Holdco, LLC+(5)	Senior secured				N/A(6)	06/2032	—		(8)		—		(16)
Wasabi Lower Holdco, LLC+	Senior secured	SF +	4.50%	(i)	8.17%	06/2032	2,610		2,579		0.1		2,546

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
World Insurance Associates, LLC+(5)	One stop				N/A(6)				04/2030	$	—	$	(2)	—	%	$	(2)
World Insurance Associates, LLC+	One stop	SF +	5.00%	(j)	8.70%				04/2030	4,923		4,907		0.1		4,890
										428,743		427,934		11.4		426,828
Internet & Direct Marketing Retail
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	20,592		20,410		0.5		18,120
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	12,053		11,830		0.3		10,606
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	5,976		5,865		0.1		5,259
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	3,600		3,523		0.1		3,168
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	2,450		2,401		0.1		2,156
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	2,407		2,301		—		2,118
Revalize, Inc.+(25)	One stop	SF +	6.50%	(j)	8.60%	cash/	1.75%	PIK	04/2029	230		219		—		202
Revalize, Inc.+(25)	One stop	SF +	6.25%	(j)	9.60%	cash/	0.50%	PIK	04/2029	160		147		—		106
										47,468		46,696		1.1		41,735
IT Services
Acquia, Inc.*+	One stop	SF +	5.00%	(j)	8.80%				10/2026	12,020		12,012		0.3		11,960
Acquia, Inc.+	One stop	SF +	5.00%	(j)	8.80%				10/2026	112		112		—		112
Acquia, Inc.+	One stop	SF +	5.00%	(j)	8.80%				10/2026	1,083		1,082		—		1,078
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—		(2)		—		(11)
CivicPlus, LLC+(25)	One stop	SF +	11.75%	(j)	15.45%	PIK			06/2034	384		382		—		370
CivicPlus, LLC+(25)	One stop	SF +	6.00%	(j)	6.92%	cash/	2.75%	PIK	08/2030	23,722		23,670		0.6		23,248
CivicPlus, LLC+(25)	One stop	SF +	6.00%	(j)	6.92%	cash/	2.75%	PIK	08/2030	2,228		2,213		0.1		2,153
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—		(2)		—		(9)
ContractPod Technologies, Ltd.+(8)(10)(25)	One stop	SF +	6.50%	(j)	6.95%	cash/	3.25%	PIK	07/2030	512		510		—		502
ContractPod Technologies, Ltd.+(8)(10)(25)	One stop	SF +	6.50%	(j)	6.93%	cash/	3.25%	PIK	07/2030	226		225		—		221
ContractPod Technologies, Ltd.+(5)(8)(10)	One stop				N/A(6)				07/2030	—		(1)		—		(5)
Critical Start, Inc.+(25)	One stop	SF +	6.82%	(j)	6.24%	cash/	4.25%	PIK	05/2028	5,551		5,543		0.1		5,385
Critical Start, Inc.+(25)	One stop	SF +	6.75%	(j)	6.17%	cash/	4.25%	PIK	05/2028	2,549		2,528		0.1		2,472
Critical Start, Inc.+	One stop	P +	5.25%	(a)(j)	11.47%				05/2028	54		52		—		50
Delinea Inc.*+	One stop	SF +	4.25%	(j)	7.95%				03/2030	47,048		46,928		1.3		46,813
Delinea Inc.+(5)	One stop				N/A(6)				03/2030	—		(2)		—		(3)
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.37%	(d)	8.50%	PIK			07/2029	15,908		14,393		0.4		15,153
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.38%	(d)	8.51%	PIK			07/2029	1,484		1,365		—		1,414
Goldcup 31018 AB+(5)(8)(9)(17)	One stop				N/A(6)				01/2029	—		(1)		—		(12)
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	7.68%	cash/	4.00%	PIK	11/2029	51		51		—		50
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	7.68%	cash/	4.00%	PIK	11/2029	58		55		—		56
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	7.68%	cash/	4.00%	PIK	11/2029	20		17		—		19
Kentik Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	7.68%	cash/	4.00%	PIK	11/2029	8		7		—		6
Netwrix Corporation+(5)	One stop				N/A(6)				06/2029	—		(1)		—		(8)
Netwrix Corporation*+	One stop	SF +	4.50%	(j)	8.17%				06/2029	9,494		9,495		0.3		9,255
Netwrix Corporation+	One stop	SF +	4.50%	(j)	8.17%				06/2029	381		381		—		371
Netwrix Corporation+	One stop	SF +	4.50%	(j)	8.17%				06/2029	184		181		—		140
Optimizely North America, Inc.+	One stop	SF +	5.00%	(i)	8.67%				10/2031	37,937		37,634		1.0		36,609
Optimizely North America, Inc.+(9)	One stop	E +	5.25%	(b)	7.16%				10/2031	15,521		14,466		0.4		15,055
Optimizely North America, Inc.+(9)	One stop	SN +	5.50%	(g)	9.23%				10/2031	5,851		5,691		0.2		5,763
Optimizely North America, Inc.+(5)	One stop				N/A(6)				10/2031	—		(79)		—		(213)
PDQ.com Corporation+(5)	One stop				N/A(6)				10/2032	—		—		—		(3)
PDQ.com Corporation+	One stop	SF +	4.50%	(j)	8.20%				10/2032	633		631		—		604
PDQ.com Corporation+(5)	One stop				N/A(6)				10/2032	—		(1)		—		(14)
ReliaQuest Holdings, LLC+(25)	One stop	SF +	6.00%	(j)	6.42%	cash/	3.25%	PIK	04/2031	12,334		12,310		0.3		12,211
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(20)		—		(46)
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(5)		—		(10)
ReliaQuest Holdings, LLC+(25)	One stop	SF +	6.00%	(j)	6.42%	cash/	3.25%	PIK	04/2031	29,375		29,254		0.8		29,081
Saturn Borrower Inc.*+	One stop	SF +	6.00%	(j)	9.70%				11/2028	27,189		26,962		0.7		26,645

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Saturn Borrower Inc.+	One stop	SF +	6.00%	(j)	9.70%				11/2028	$	120	$	114	—	%	$	110
WPEngine, Inc.+	One stop	SF +	5.75%	(j)	9.44%				08/2029	5,438		5,425		0.1		5,356
WPEngine, Inc.+(5)	One stop				N/A(6)				08/2029	—		—		—		(2)
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	10.17%				07/2027	1,392		1,388		—		1,371
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	10.17%				07/2027	7,138		7,160		0.2		7,030
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(j)	10.16%				07/2027	14		14		—		12
										266,019		262,137		6.9		260,339
Leisure Products
Crunch Holdings, LLC+	One stop	SF +	4.50%	(i)	8.17%				09/2031	1,756		1,752		0.1		1,756
Crunch Holdings, LLC+(5)	One stop				N/A(6)				09/2031	—		(1)		—		—
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.50%	(k)	9.24%				03/2030	828		826		—		828
Movement Holdings, LLC+(8)(10)	One stop				N/A(6)				03/2030	—		—		—		—
										2,584		2,577		0.1		2,584
Life Sciences Tools & Services
Celerion Buyer, Inc.+(5)	One stop				N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.*+	One stop	SF +	5.00%	(j)	8.67%				11/2029	30,705		30,471		0.8		30,678
Celerion Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				11/2029	499		496		—		498
Celerion Buyer, Inc.*	One stop	SF +	5.00%	(j)	8.67%				11/2029	21,791		21,633		0.6		21,771
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(i)	8.17%				09/2032	1,489		1,485		0.1		1,444
Diamondback Acquisition, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(9)
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(i)(j)	8.17%				09/2032	45		44		—		39
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2031	—		(5)		—		—
PAS Parent Inc.*+	One stop	SF +	4.50%	(i)	8.17%				08/2032	57,956		57,696		1.6		58,119
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2032	—		(2)		—		13
Unchained Labs, LLC*+	Senior secured	SF +	5.50%	(i)	9.22%				08/2027	1,379		1,368		—		1,359
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(i)	9.22%				08/2027	1,164		1,153		—		1,147
Unchained Labs, LLC+(5)	Senior secured				N/A(6)				08/2027	—		(1)		—		—
										115,028		114,336		3.1		115,059
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.50%	(i)	8.17%				08/2031	10,508		10,427		0.3		10,035
AI Titan Parent, Inc.+	One stop	SF +	4.50%	(i)	8.17%				08/2031	473		465		—		378
AI Titan Parent, Inc.+(5)	One stop				N/A(6)				08/2031	—		(10)		—		(59)
Blackbird Purchaser, Inc.+	One stop	SF +	5.75%	(j)	9.45%				12/2030	4,926		4,989		0.1		4,890
Blackbird Purchaser, Inc.+(5)	One stop				N/A(6)				12/2030	—		—		—		(3)
Blackbird Purchaser, Inc.+	One stop	SF +	5.75%	(i)(j)	9.44%				12/2029	60		59		—		59
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(j)	9.35%	cash/	1.50%	PIK	11/2026	13,623		13,489		0.4		13,487
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(j)	9.35%	cash/	1.50%	PIK	11/2026	1,288		1,271		—		1,275
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	6.25%	(j)	9.35%	cash/	0.75%	PIK	11/2026	120		112		—		114
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25%	(j)	7.95%				06/2032	179		179		—		179
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(m)	6.56%				06/2032	138		140		—		138
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25%	(j)	7.95%				06/2032	105		105		—		105
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(m)	6.56%				06/2032	73		74		—		73
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(m)	6.56%				06/2032	14		14		—		14
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—		(2)		—		(2)
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—		(1)		—		(1)
										31,507		31,311		0.8		30,682
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.25%	(j)	8.95%				04/2029	33,349		33,466		0.9		32,349
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(j)	8.95%				04/2029	739		736		—		716
Project Nike Purchaser, LLC+(5)	One stop				N/A(6)				04/2029	—		(1)		—		(16)
										34,088		34,201		0.9		33,049
Media
Lotus Topco, Inc.*	One stop	SF +	4.75%	(j)	8.45%				06/2030	5,086		5,059		0.1		5,086

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Lotus Topco, Inc.+(5)	One stop				N/A(6)	06/2030	$	—	$	(5)	—	%	$	—
Lotus Topco, Inc.+	One stop	SF +	4.75%	(j)	8.45%	06/2030	1,928		1,914		0.1		1,928
Lotus Topco, Inc.*	One stop	SF +	4.75%	(j)	8.45%	06/2030	1,990		1,977		0.1		1,990
Shout! Factory, LLC*	One stop	SF +	5.25%	(j)	8.95%	06/2031	1,756		1,744		—		1,732
Shout! Factory, LLC+	One stop	SF +	5.25%	(j)	8.92%	06/2031	79		78		—		76
Triple Lift, Inc.*+	One stop	SF +	5.75%	(j)	9.59%	05/2028	7,187		7,099		0.2		6,629
Triple Lift, Inc.*+	One stop	SF +	5.75%	(j)	9.59%	05/2028	1,533		1,508		—		1,414
Triple Lift, Inc.+(5)	One stop				N/A(6)	05/2028	—		(3)		—		(12)
							19,559		19,371		0.5		18,843
Oil, Gas & Consumable Fuels
Edition Holdings, Inc.+	One stop	SF +	4.50%	(i)	8.17%	12/2032	373		372		—		369
Edition Holdings, Inc.+(5)	One stop				N/A(6)	12/2032	—		—		—		(1)
Edition Holdings, Inc.+(5)	One stop				N/A(6)	12/2032	—		—		—		(1)
							373		372		—		367



Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.00%	(j)	8.67%				12/2027	13,683	13,682	0.4	13,676
Messenger, LLC+(9)	One stop	SN +	5.00%	(g)	8.73%				12/2027	869	832	—	870
Messenger, LLC+	One stop	SF +	5.00%	(j)	8.67%				12/2027	495	493	—	494
Messenger, LLC+(9)	One stop				N/A(6)				12/2027	—	—	—	—
Messenger, LLC*+	One stop	SF +	5.00%	(j)	8.67%				12/2027	1,434	1,447	0.1	1,433
Messenger, LLC+	One stop	SF +	5.00%	(j)	8.67%				12/2027	718	717	—	718
Messenger, LLC+	One stop				N/A(6)				12/2027	—	—	—	—
										17,199	17,171	0.5	17,191
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+	One stop	SF +	4.75%	(j)	8.45%				02/2030	30,144	30,037	0.8	29,858
ACP Ulysses Buyer, Inc.*+	One stop	SF +	4.75%	(j)	8.45%				02/2030	1,303	1,291	—	1,291
ACP Ulysses Buyer, Inc.+	One stop	SF +	4.75%	(j)	8.45%				02/2030	499	480	—	494
Amalthea Parent, Inc.*+(8)(12)	One stop	SF +	5.00%	(j)	8.93%				03/2027	86,287	84,594	2.3	85,422
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00%	(i)	8.78%				03/2027	540	519	—	536
Apothecary Products, LLC*	Senior secured	SF +	5.00%	(k)	8.63%				07/2027	2,178	2,177	0.1	2,178
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(k)	8.65%				07/2027	156	156	—	156
Caerus Midco 3 S.A.R.L.*+(8)(13)	One stop	SF +	5.00%	(j)	8.70%				05/2029	28,960	28,986	0.8	28,382
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(j)	8.70%				05/2029	4,802	4,804	0.1	4,706
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(j)	8.70%				05/2029	4,432	4,401	0.1	4,343
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(j)	8.70%				05/2029	703	700	—	689
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(i)	8.67%				05/2029	444	442	—	434
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(j)	9.42%				10/2028	14,607	14,578	0.4	13,585
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(j)	9.42%				10/2028	4,898	4,888	0.1	4,556
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(j)	9.42%				10/2028	3,701	3,655	0.1	3,442
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(j)	9.42%				10/2027	1,098	1,088	—	1,030
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(j)	9.42%				10/2028	6,301	6,253	0.2	5,860
Creek Parent, Inc.+	One stop	SF +	5.00%	(i)	8.67%				12/2031	56,260	55,456	1.5	55,388
Creek Parent, Inc.+(5)	One stop				N/A(6)				12/2031	—	(106)	—	(127)
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(g)	7.48%	cash/	1.13%	PIK	08/2028	37,825	37,991	1.0	35,504
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(g)	9.73%				08/2028	5,495	5,137	0.1	5,292
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(g)	7.48%	cash/	1.13%	PIK	08/2028	4,585	4,027	0.1	4,304
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(k)	9.59%				08/2028	3,991	3,986	0.1	3,843

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(g)	7.48%	cash/	1.13%	PIK	08/2028	$	4,012	$	3,689	0.1	%	$	3,766
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	3.75%	(g)	7.48%				02/2028	198		199		—		190
										303,419		299,428		7.9		295,122
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(j)	9.95%				5/1/2029	6,694		6,713		0.2		6,600
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50%	(j)	9.20%				5/1/2029	740		734		—		715
bswift, LLC*+	One stop	SF +	4.75%	(j)	8.42%				11/1/2028	7,564		7,554		0.2		7,375
bswift, LLC+	One stop	SF +	4.75%	(j)	8.40%				11/1/2028	9,900		9,863		0.3		9,653
bswift, LLC+	One stop	SF +	4.75%	(j)	8.42%				11/1/2028	498		495		—		485
Denali Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				8/1/2032	—		(2)		—		(2)
Denali Intermediate Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.18%				8/1/2032	1,814		1,797		—		1,797
DISA Holdings Corp.*+	Senior secured	SF +	5.00%	(j)	8.66%				9/1/2028	5,162		5,141		0.1		5,143
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.66%				9/1/2028	796		789		—		793
DISA Holdings Corp.+	One stop	SF +	5.00%	(j)	8.66%				9/1/2028	681		675		—		678
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.66%				9/1/2028	602		597		—		599
DISA Holdings Corp.+(25)	Subordinated debt	SF +	8.50%	(j)	10.17%	cash/	2.00%	PIK	3/1/2029	106		105		—		106
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.66%				9/1/2028	585		579		—		582
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(j)	8.66%				9/1/2028	79		79		—		79
Eclipse Buyer, Inc.+	One stop	SF +	4.50%	(i)	8.18%				9/1/2031	14,283		14,172		0.4		13,926
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	—		(54)		—		(45)
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	—		(9)		—		(61)
Eliassen Group, LLC+	One stop	SF +	5.75%	(j)	9.45%				4/1/2028	2,116		2,103		0.1		2,049
Eliassen Group, LLC+	One stop	SF +	5.75%	(j)	9.45%				4/1/2028	142		141		—		138
IG Investments Holdings, LLC*+	One stop	SF +	5.00%	(j)	8.67%				9/1/2028	13,260		13,221		0.4		13,170
IG Investments Holdings, LLC+(5)	One stop				N/A(6)				9/1/2028	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(25)	One stop	SF +	6.00%	(j)	6.17%	cash/	3.50%	PIK	11/1/2030	34,411		34,022		0.8		29,938
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)	One stop	SF +	6.00%	(j)	6.20%	cash/	3.50%	PIK	11/1/2030	800		797		—		696
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(25)	One stop	SF +	6.00%	(j)	6.20%	cash/	3.50%	PIK	11/1/2030	346		338		—		284
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(j)	9.17%				12/1/2026	14,234		14,219		0.4		13,879
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(j)	9.17%				12/1/2026	2,416		2,412		0.1		2,355
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(j)	9.17%				12/1/2026	695		695		—		677
PlanSource Holdings, Inc.+(5)	One stop				N/A(6)				12/1/2026	—		—		—		(6)
Procure Acquireco, Inc.*+	One stop	SF +	4.75%	(j)	8.45%				12/1/2028	24,539		24,573		0.7		24,453
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(j)	8.45%				12/1/2028	1,128		1,128		—		1,125
Procure Acquireco, Inc.+	One stop				N/A(6)				12/1/2028	—		—		—		—
Procure Acquireco, Inc.+(5)	One stop				N/A(6)				12/1/2028	—		(55)		—		(58)
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(j)	8.45%				12/1/2028	3,444		3,433		0.1		3,432
Teaching Company, The+	Senior secured	SF +	5.50%	(j)	9.14%				2/1/2031	438		432		—		432
Teaching Company, The+(5)	Senior secured				N/A(6)				2/1/2031	—		(1)		—		(1)
Varicent Intermediate Holdings Corporation+(8)(12)(25)	One stop	SF +	6.00%	(j)	6.45%	cash/	3.25%	PIK	8/1/2031	52,954		52,395		1.3		50,306
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—		(72)		—		(318)
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—		(35)		—		(307)
Varicent Intermediate Holdings Corporation+(8)(12)(25)	One stop	SF +	6.00%	(j)	6.45%	cash/	3.25%	PIK	8/1/2031	3,776		3,756		0.1		3,587
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—		(2)		—		(18)
										204,203		202,727		5.2		194,236
Real Estate Management & Development
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—		(2)		—		(30)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Inhabit IQ Inc.*	One stop	SF +	4.50%	(i)	8.17%	01/2032	$	6,838	$	6,824	0.2	%	$	6,667
Inhabit IQ Inc.+(5)	One stop				N/A(6)	01/2032	—		(4)		—		(48)
MRI Software, LLC*+	One stop	SF +	4.75%	(j)	8.45%	02/2028	32,560		32,612		0.8		32,072
MRI Software, LLC*+	One stop	SF +	4.75%	(j)	8.45%	02/2028	12,950		12,981		0.3		12,755
MRI Software, LLC+	One stop	SF +	4.75%	(j)	8.45%	02/2028	788		786		—		741
MRI Software, LLC*+	One stop	SF +	4.75%	(j)	8.45%	02/2028	9,781		9,730		0.3		9,635
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%	08/2028	5,984		5,826		0.2		5,894
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%	08/2028	27,619		28,275		0.7		27,205
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	9.04%	08/2028	12,150		11,779		0.3		11,907
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	9.04%	08/2028	2,950		3,044		0.1		2,891
RPL Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)	02/2028	—		—		—		(2)
							111,620		111,851		2.9		109,687
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.25%	(j)	9.10%	04/2027	28,632		28,616		0.8		28,131
Internet Truckstop Group, LLC*+	One stop	SF +	5.25%	(j)	9.10%	04/2027	12,553		12,514		0.3		12,333
Internet Truckstop Group, LLC+(5)	One stop				N/A(6)	04/2027	—		—		—		(6)
							41,185		41,130		1.1		40,458


Software
Anaplan, Inc.+	One stop	SF +	4.50%	(j)	8.17%				06/2029	58,030	58,171	1.5	56,288
Anaplan, Inc.+(5)	One stop				N/A(6)				06/2028	—	—	—	(10)
Appfire Technologies, LLC*+	One stop	SF +	4.75%	(j)	8.45%				03/2028	57,144	57,091	1.5	55,431
Appfire Technologies, LLC+(5)	One stop				N/A(6)				03/2028	—	(1)	—	(14)
Appfire Technologies, LLC+(5)	One stop	SF +	4.75%	(j)	8.45%				03/2028	266	196	—	(533)
Aras Corporation+	One stop	SF +	5.00%	(j)	8.70%				04/2029	28,308	28,340	0.7	27,600
Aras Corporation+	One stop	SF +	5.00%	(j)	8.70%				04/2029	1,565	1,556	—	1,435
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	8.98%				06/2029	5,750	5,367	0.2	5,635
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(g)	8.98%				06/2029	2,999	2,738	0.1	2,940
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				07/2030	24,725	24,600	0.7	24,106
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				07/2030	1,620	1,616	0.1	1,580
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(j)	8.70%				07/2030	1,569	1,565	0.1	1,529
Artifact Bidco, Inc.+	One stop	SF +	4.15%	(j)	7.85%				07/2031	1,489	1,478	—	1,481
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2031	—	(1)	—	(2)
Artifact Bidco, Inc.+	One stop				N/A(6)				05/2030	—	—	—	—
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2030	—	(1)	—	(1)
Auvik Networks Inc.+(8)(12)(25)	One stop	SF +	6.25%	(j)	6.67%	cash/	3.25%	PIK	07/2027	11,202	11,216	0.3	11,033
Auvik Networks Inc.+(8)(12)(25)	One stop	SF +	6.25%	(j)	6.67%	cash/	3.25%	PIK	07/2027	2,014	2,011	0.1	1,984
Auvik Networks Inc.+(8)(12)(25)	One stop	SF +	6.25%	(j)	6.67%	cash/	3.25%	PIK	07/2027	1,026	1,024	—	1,010
Auvik Networks Inc.+(5)(8)(12)	One stop				N/A(6)				07/2027	—	—	—	(2)
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(i)	9.67%				03/2031	973	964	—	953
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(i)	9.67%				03/2031	428	423	—	419
Azurite Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				03/2031	—	(2)	—	(2)
Baxter Planning Systems, LLC+(25)	One stop	SF +	6.26%	(j)	6.55%	cash/	3.38%	PIK	05/2031	4,272	4,273	0.1	4,165
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—	(4)	—	(18)
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—	(3)	—	(15)
Bayshore Intermediate #2, L.P.+	One stop	SF +	5.00%	(j)	8.69%				10/2027	95	95	—	89
Bayshore Intermediate #2, L.P.+(25)	One stop	SF +	5.50%	(j)	6.18%	cash/	3.00%	PIK	10/2028	126,070	126,021	3.3	122,918
BestPass, Inc.*+	One stop	SF +	5.00%	(i)	8.67%				08/2031	52,073	51,874	1.4	51,032
BestPass, Inc.+(5)	One stop				N/A(6)				08/2031	—	(20)	—	(104)
BestPass, Inc.+	One stop	SF +	5.00%	(i)	8.67%				08/2031	6,916	6,890	0.2	6,778
Bloomerang, LLC+(25)	One stop	SF +	5.50%	(j)	6.20%	cash/	3.00%	PIK	12/2029	4,630	4,655	0.1	4,560

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Bloomerang, LLC+(25)	One stop	SF +	5.50%	(j)	6.20%	cash/	3.00%	PIK	12/2029	$	504	$	501	—	%	$	496
Bloomerang, LLC+(5)	One stop				N/A(6)				12/2029	—		—		—		(2)
Bloomerang, LLC+(5)(25)	One stop				N/A(6)				12/2029	—		(5)		—		(12)
Blue Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				06/2032	9,116		9,207		0.2		8,979
Blue Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				06/2032	320		330		—		294
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(k)	8.68%				06/2032	1,338		1,332		—		1,312
Blue Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(d)	7.17%				06/2032	5,258		5,132		0.1		5,126
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(k)	8.68%				06/2032	2,749		2,749		0.1		2,694
Bottomline Technologies, Inc.+	One stop	SF +	4.50%	(j)	8.20%				05/2029	45,466		45,275		1.2		44,785
Bottomline Technologies, Inc.+(5)	One stop				N/A(6)				05/2028	—		(3)		—		(6)
Bullhorn, Inc.*+	One stop	SF +	5.00%	(i)	8.67%				10/2029	77,997		77,970		2.0		76,047
Bullhorn, Inc.*+	One stop	SF +	5.00%	(i)	8.67%				10/2029	3,190		3,217		0.1		3,110
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.67%				10/2029	1,643		1,659		0.1		1,602
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.67%				10/2029	736		734		—		718
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.67%				10/2029	587		585		—		572
Bullhorn, Inc.+	One stop	SF +	5.00%	(i)	8.67%				10/2029	68		67		—		55
Burning Glass Intermediate Holdings Company, Inc.*+	One stop	SF +	4.50%	(j)	8.35%				06/2028	11,670		11,640		0.3		11,670
Burning Glass Intermediate Holdings Company, Inc.+	One stop				N/A(6)				06/2028	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	9.67%				01/2029	8,332		8,288		0.2		8,124
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	9.67%				01/2029	2,204		2,182		0.1		2,148
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop				N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop				N/A(6)				01/2029	—		(1)		—		(2)
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(g)	9.23%				08/2030	5,350		5,142		0.1		5,190
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(g)	9.23%				08/2030	1,048		1,007		—		980
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(f)	10.28%				08/2030	346		325		—		335
Camelia Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—		(22)		—		(121)
Coupa Holdings, LLC*+	One stop	SF +	5.25%	(j)	8.92%				02/2030	32,372		32,147		0.9		32,048
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2029	—		(1)		—		(2)
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2030	—		(14)		—		(29)
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(j)	10.42%				11/2030	10,857		10,830		0.3		10,585
Crewline Buyer, Inc.+(5)	One stop				N/A(6)				11/2030	—		—		—		(2)
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(i)	8.42%				10/2028	38,849		38,834		1.0		38,460
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(i)	8.42%				10/2028	3,277		3,258		0.1		3,244
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(i)	8.42%				10/2028	196		195		—		193
Daxko Acquisition Corporation+(5)	One stop				N/A(6)				10/2028	—		(7)		—		(11)
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(i)	8.42%				10/2028	1,530		1,517		—		1,496
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.13%				09/2031	6,676		6,316		0.2		6,576
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(g)	8.73%				09/2031	8,393		8,140		0.2		8,267
Denali Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				09/2031	—		(3)		—		(12)
Denali Bidco Limited+(8)(9)(10)(25)	Subordinated debt	N/A			11.20%	PIK			09/2032	105		106		—		102
Denali Bidco Limited+(8)(9)(10)(25)	Subordinated debt	N/A			9.80%	PIK			09/2032	158		159		—		153
Diligent Corporation*+	One stop	SF +	5.00%	(j)	8.67%				08/2030	8,985		8,972		0.2		8,671
Diligent Corporation+	One stop	SF +	5.00%	(j)	8.67%				08/2030	1,541		1,533		—		1,486
Diligent Corporation+(5)	One stop				N/A(6)				08/2030	—		(8)		—		(54)
Diligent Corporation+	One stop	SF +	5.00%	(j)	8.67%				08/2030	206		201		—		173
Einstein Parent, Inc.+	One stop	SF +	5.25%	(j)	8.92%				01/2031	9,063		8,917		0.2		8,881
Einstein Parent, Inc.+(5)	One stop				N/A(6)				01/2031	—		(15)		—		(19)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Espresso Bidco, Inc.+(25)	One stop	SF +	5.76%	(j)	6.33%	cash/	3.13%	PIK	03/2032	$	4,621	$	4,563	0.1	%	$	4,496
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—		(29)		—		(56)
Espresso Bidco, Inc.+(25)	One stop	SF +	5.76%	(j)	6.33%	cash/	3.13%	PIK	03/2032	18,688		18,456		0.5		18,221
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(j)	8.45%				09/2030	4,844		4,755		0.1		4,771
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(j)	8.45%				09/2030	4,416		4,383		0.1		4,350
Evergreen IX Borrower 2023, LLC+(5)	One stop				N/A(6)				10/2029	—		(9)		—		(8)
FirstUp, Inc.+	One stop	SF +	6.75%	(j)	10.45%				07/2027	13,067		13,056		0.4		12,806
FirstUp, Inc.+	One stop	SF +	6.75%	(j)	10.45%				07/2027	1,246		1,240		—		1,221
FirstUp, Inc.+(5)	One stop				N/A(6)				07/2027	—		—		—		(4)
Flexera Software, LLC+(5)	One stop				N/A(6)				08/2032	—		—		—		(2)
Flexera Software, LLC+	One stop	SF +	4.50%	(j)	8.15%				08/2032	1,401		1,399		—		1,373
Flexera Software, LLC+(9)	One stop	E +	4.50%	(b)	6.45%				08/2032	489		494		—		479
Flexera Software, LLC+	One stop	SF +	4.50%	(j)	8.15%				08/2032	500		498		—		490
Gainsight, Inc.+	One stop	SF +	5.50%	(j)	9.32%				07/2027	14,171		14,191		0.4		13,958
Gainsight, Inc.+(5)	One stop				N/A(6)				07/2027	—		—		—		(4)
GS Acquisitionco, Inc.*+	One stop	SF +	5.25%	(j)	8.95%				05/2028	120,815		121,028		3.2		117,794
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(j)	8.95%				05/2028	283		282		—		269
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(j)	8.95%				05/2028	122		121		—		119
GTIV, LLC*+	One stop	SF +	4.75%	(j)	8.42%				02/2031	72,302		71,837		1.9		70,856
GTIV, LLC+(5)	One stop				N/A(6)				02/2031	—		(2)		—		(5)
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.20%	cash/	4.13%	PIK	07/2029	5,432		5,426		0.2		5,296
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.20%	cash/	4.13%	PIK	07/2029	3,551		3,529		0.1		3,462
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.20%	cash/	4.13%	PIK	07/2029	650		648		—		634
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.16%	cash/	4.13%	PIK	07/2029	452		452		—		441
GTY Technology Holdings, Inc.+	One stop	P +	5.00%	(a)	11.75%				07/2029	539		526		—		506
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.17%	cash/	4.13%	PIK	07/2029	1,059		1,049		—		1,032
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.63%	(j)	6.17%	cash/	4.13%	PIK	07/2029	9,253		9,153		0.3		9,022
Gurobi Optimization, LLC+	One stop	SF +	4.50%	(j)	8.20%				09/2031	46,168		45,809		1.2		45,937
Gurobi Optimization, LLC+(5)	One stop				N/A(6)				09/2031	—		(34)		—		(22)
Hyland Software, Inc.*+	One stop	SF +	5.00%	(j)	8.70%				09/2030	46,529		47,141		1.2		45,134
Hyland Software, Inc.+(5)	One stop				N/A(6)				09/2029	—		—		—		(4)
Icefall Parent, Inc.*+	One stop	SF +	4.50%	(j)	8.20%				01/2030	3,639		3,630		0.1		3,512
Icefall Parent, Inc.+(5)	One stop				N/A(6)				01/2030	—		(1)		—		(12)
ICIMS, Inc.*+	One stop	SF +	5.75%	(j)	9.42%				08/2028	12,478		12,432		0.3		11,606
ICIMS, Inc.+	One stop	SF +	5.75%	(j)	9.42%				08/2028	44		43		—		22
Insight Borrower, LLC+(7)(25)	Senior secured	SF +	7.00%	(j)	9.70%	cash/	1.00%	PIK	01/2029	2,506		2,423		0.1		2,455
Insight Borrower, LLC+	Senior secured	SF +	5.50%	(j)	9.20%				01/2029	185		177		—		185
Insight Borrower, LLC+(25)	Senior secured	SF +	7.00%	(j)	9.70%	cash/	1.00%	PIK	01/2029	6		6		—		6
IQN Holding Corp. +	One stop	SF +	5.25%	(j)	8.95%				05/2028	132		131		—		128
IQN Holding Corp. *+(25)	One stop	SF +	5.76%	(j)	6.33%	cash/	3.13%	PIK	05/2029	23,143		23,182		0.6		22,564
IQN Holding Corp. +(25)	One stop	SF +	5.76%	(j)	6.33%	cash/	3.13%	PIK	05/2029	4,110		4,078		0.1		4,007
Island Bidco AB+(8)(9)(17)(25)	One stop	E +	7.25%	(d)	2.12%	cash/	7.25%	PIK	07/2028	12,373		11,440		0.3		12,064
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00%	(k)	7.10%	cash/	3.50%	PIK	07/2028	5,047		5,045		0.1		4,896
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00%	(k)	7.10%	cash/	3.50%	PIK	07/2028	3,724		3,707		0.1		3,613
Island Bidco AB+(8)(9)(17)	One stop	E +	6.50%	(d)	8.83%				07/2028	46		46		—		42
Island Bidco AB+(8)(17)	One stop	SF +	6.50%	(k)	10.18%				07/2028	88		88		—		84
Jawbreaker Parent, Inc.+	One stop	SF +	4.75%	(j)	8.45%				01/2033	268		267		—		264
Jawbreaker Parent, Inc.+(5)	One stop				N/A(6)				01/2033	—		—		—		(1)
Jawbreaker Parent, Inc.+(5)	One stop				N/A(6)				01/2033	—		—		—		(1)
Jawbreaker Parent, Inc.+(5)	One stop				N/A(6)				01/2033	—		(1)		—		(2)
Kairos Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.45%				07/2032	10		10		—		7
Kairos Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.45%				07/2032	604		601		—		583
Kairos Bidco Limited+(5)(8)(10)	One stop				N/A(6)				07/2032	—		(1)		—		(7)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Kairos Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.45%				07/2032	$	91	$	90	—	%	$	88
LeadsOnline, LLC+	One stop	SF +	4.50%	(j)	8.16%				02/2028	12,851		12,947		0.3		12,723
LeadsOnline, LLC+	One stop	SF +	4.50%	(j)	8.16%				02/2028	2,268		2,284		0.1		2,245
LeadsOnline, LLC+	One stop	SF +	4.50%	(j)	8.20%				02/2028	658		657		—		651
LeadsOnline, LLC+(5)	One stop				N/A(6)				02/2028	—		(1)		—		(2)
LogicMonitor, Inc.+(5)	One stop				N/A(6)				11/2031	—		(34)		—		(101)
LogicMonitor, Inc.+	One stop	SF +	5.50%	(j)	9.17%				11/2031	54,082		53,810		1.4		53,271
LogicMonitor, Inc.+(5)	One stop				N/A(6)				11/2031	—		(1)		—		(2)
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(c)	8.27%				12/2029	10,504		10,421		0.3		10,136
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(c)	8.27%				12/2029	1,591		1,483		0.1		1,536
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(c)	8.27%				12/2029	819		767		—		790
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop				N/A(6)				06/2029	—		(1)		—		(4)
Matrix42 Holding GMBH+(5)(8)(19)	One stop				N/A(6)				06/2029	—		—		—		(2)
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(c)	8.27%				12/2029	2,009		2,007		0.1		1,939
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.00%	(j)	8.67%				11/2031	11,017		10,883		0.3		10,521
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.00%	(c)	7.16%				11/2030	826		796		—		671
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.00%	(c)	7.01%				11/2031	17,001		15,356		0.4		16,236
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.00%	(c)	7.14%				11/2031	1,518		1,514		—		1,450
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(i)	9.27%				12/2028	30,592		30,520		0.8		30,134
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(i)	9.27%				12/2028	2,879		2,881		0.1		2,835
Ministry Brands Holdings LLC+	One stop	P +	4.50%	(a)	11.25%				12/2027	30		27		—		24
MS Buyer, Inc.+	One stop	SF +	5.25%	(j)	8.95%				07/2031	51,705		51,335		1.4		50,670
MS Buyer, Inc.+	One stop	SF +	5.25%	(j)	8.95%				07/2031	8,954		8,859		0.2		8,775
MS Buyer, Inc.+	One stop	SF +	5.25%	(j)	8.95%				07/2031	771		732		—		666
MYOB Invest Co Pty Ltd+(8)(9)(11)(25)	One stop	A +	5.25%	(e)	6.58%	cash/	2.75%	PIK	06/2030	38,514		35,970		1.0		37,358
Navex Global Holdings Corporation+	One stop	SF +	5.00%	(i)	8.68%				10/2032	5,959		6,011		0.2		5,809
Navex Global Holdings Corporation+(5)	One stop				N/A(6)				10/2031	—		—		—		(3)
Navex Global Holdings Corporation+(5)	One stop				N/A(6)				10/2032	—		(1)		—		(8)
Naviga Inc.+(7)	Senior secured	SF +	1.00%	(j)	4.80%				09/2026	183		120		—		65
Obelix Parent, Inc.+	One stop	SF +	5.00%	(j)	8.70%				02/2033	431		429		—		429
Obelix Parent, Inc.+	One stop				N/A(6)				02/2033	—		—		—		—
Onit, Inc.+	One stop	SF +	4.75%	(j)	8.42%				01/2032	5,415		5,371		0.1		5,252
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—		(6)		—		(24)
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—		(10)		—		(72)
Onit, Inc.+	One stop	SF +	4.50%	(j)	8.17%				01/2032	1,448		1,444		—		1,390
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.25%	(b)(c)	7.38%				11/2029	5,142		5,197		0.1		4,988
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.25%	(c)	7.38%				11/2029	2,280		2,091		0.1		2,223
Panzura, LLC+(7)(25)	One stop	N/A			9.00%	cash/	8.00%	PIK	08/2027	138		123		—		114
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.27%				01/2031	5,261		4,617		0.1		4,531
Pineapple German Bidco GMBH+(8)(19)(25)	One stop	SF +	5.25%	(j)	8.94%				01/2031	78		76		—		75
Pineapple German Bidco GMBH+(8)(19)(25)	One stop	SF +	5.25%	(j)	8.94%				01/2031	15,166		15,048		0.4		14,635
Pineapple German Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				01/2031	—		(50)		—		(391)
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.37%				01/2031	1,130		1,050		—		1,085
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.37%				01/2031	350		322		—		336
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	5.25%	(c)	7.37%				01/2031	78		72		—		75
Pluralsight, LLC+(7)(25)	One stop	SF +	7.50%	(i)	11.17%	PIK			08/2029	7,212		6,764		0.1		1,875
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(i)	6.67%	cash/	1.50%	PIK	08/2029	4,043		3,963		0.1		3,841
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(i)	6.67%	cash/	1.50%	PIK	08/2029	2,022		2,022		0.1		1,921
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—		—		—		(50)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	$	—	$	—	—	%	$	(124)
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.20%				09/2028	6,014		6,021		0.2		5,773
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.20%				09/2028	2,864		2,850		0.1		2,749
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.20%				09/2028	1,203		1,200		—		1,154
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.20%				09/2028	118		117		—		110
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(j)	10.20%				09/2028	4,240		4,225		0.1		4,070
QAD, Inc.*+	One stop	SF +	4.75%	(i)	8.42%				11/2027	42,597		42,919		1.1		41,532
QAD, Inc.+(5)	One stop				N/A(6)				11/2027	—		(1)		—		(24)
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(j)	8.92%				06/2029	7,293		7,248		0.2		7,075
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(j)	8.92%				06/2029	4,294		4,283		0.1		4,165
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(j)	8.92%				06/2029	7,508		7,429		0.2		7,283
Quant Buyer, Inc.+	One stop	SF +	5.25%	(j)	8.92%				06/2029	230		227		—		222
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	5.43%	(g)	7.23%	cash/	1.93%	PIK	07/2029	21,240		19,802		0.6		20,709
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	5.43%	(h)	7.13%	cash/	1.93%	PIK	07/2029	3,797		3,779		0.1		3,702
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	5.43%	(g)	7.23%	cash/	1.93%	PIK	07/2029	3,994		3,874		0.1		3,894
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	5.43%	(g)	7.23%	cash/	1.93%	PIK	07/2029	1,561		1,448		—		1,522
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	5.43%	(h)	7.13%	cash/	1.93%	PIK	07/2029	1,011		1,011		—		986
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				07/2029	—		(6)		—		(25)
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	5.43%	(h)	7.13%	cash/	1.93%	PIK	07/2029	704		704		—		686
Riskonnect Parent, LLC*+	One stop	SF +	4.75%	(k)	8.49%				12/2028	44,934		45,257		1.2		44,036
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(k)	8.49%				12/2028	2,109		2,121		0.1		2,067
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(k)	8.49%				12/2028	810		806		—		794
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(k)	8.49%				12/2028	570		564		—		560
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.45%				12/2028	28		25		—		12
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(j)	10.07%				05/2027	7,616		7,610		0.2		7,540
Rodeo Buyer Company & Absorb Software Inc.+(5)(8)(12)	One stop				N/A(6)				05/2027	—		—		—		(2)
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(j)	9.92%				05/2027	13,056		13,010		0.4		12,926
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(j)	9.92%				05/2027	2,000		1,994		0.1		1,980
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	4.75%	(c)	6.77%				07/2029	52,824		47,197		1.4		51,504
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	7.03%				07/2029	4,316		3,981		0.1		4,230
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	7.03%				07/2029	1,591		1,491		0.1		1,560
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	4.75%	(c)	6.80%				07/2029	497		500		—		484
Sonatype, Inc.+	One stop	SF +	4.75%	(i)	8.42%				01/2028	69,460		69,526		1.8		68,069
Sonatype, Inc.+(5)	One stop				N/A(6)				01/2028	—		—		—		(6)
Spark Bidco Limited+(5)(8)(10)	One stop				N/A(6)				10/2032	—		—		—		(8)
Spark Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.40%				10/2032	1,132		1,124		—		1,086
Spark Bidco Limited+(8)(10)	One stop	SF +	4.75%	(j)	8.40%				10/2032	410		410		—		393
Spark Bidco Limited+(8)(9)(10)	One stop	A +	4.75%	(e)	8.50%				10/2032	242		230		—		234
Spark Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				10/2032	—		—		—		(1)
Spartan Buyer Acquisition Co.*+(25)	One stop	SF +	6.50%	(j)	9.67%	cash/	0.50%	PIK	06/2027	44,673		44,546		1.2		44,004
Spartan Buyer Acquisition Co.+(25)	One stop	SF +	6.50%	(j)	9.17%	cash/	1.00%	PIK	06/2027	2,849		2,833		0.1		2,806
Spartan Buyer Acquisition Co.+(5)(25)	One stop	P +	5.50%	(a)	11.75%	cash/	0.50%	PIK	06/2027	2		(1)		—		(6)
Striim, Inc.+(25)	One stop	N/A			14.00%	PIK			03/2031	500		483		—		483
Telesoft Holdings LLC*+	One stop	SF +	5.75%	(i)	9.52%				12/2026	20,853		20,923		0.6		20,748
Telesoft Holdings LLC+	One stop	SF +	6.25%	(i)	10.02%				12/2026	1,410		1,408		—		1,410
Telesoft Holdings LLC+	One stop	SF +	5.75%	(i)	9.42%				12/2026	37		37		—		35
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(j)	9.82%				07/2028	4,800		4,787		0.1		4,728
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop				N/A(6)				07/2028	—		—		—		(2)
Togetherwork Holdings, LLC*+	One stop	SF +	5.00%	(i)	8.67%				05/2031	27,553		27,517		0.7		26,865
Togetherwork Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				05/2031	691		665		—		574
Togetherwork Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				05/2031	254		242		—		195

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Transform Bidco Limited+(8)(10)(25)	One stop	SF +	6.50%	(j)	10.15%	PIK			01/2031	$	5,523	$	5,586	0.2	%	$	5,302
Transform Bidco Limited+(8)(10)	One stop	SF +	6.50%	(i)	10.18%				06/2030	61		59		—		57
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—		(66)		—		(283)
Transform Bidco Limited+(8)(9)(10)(25)	One stop	A +	6.50%	(e)	8.04%	cash/	2.50%	PIK	01/2031	4,291		4,022		0.1		4,140
Transform Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.50%	(g)	7.73%	cash/	2.50%	PIK	01/2031	642		615		—		619
Transform Bidco Limited+(8)(10)(25)	One stop	SF +	7.00%	(j)	7.65%	cash/	3.00%	PIK	01/2031	4,403		4,333		0.1		4,227
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—		(30)		—		(172)
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—		(4)		—		(28)
Tricentis Operations Holdings, Inc.+(25)	One stop	SF +	6.00%	(j)	6.39%	cash/	3.25%	PIK	02/2032	7,935		7,903		0.2		7,697
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—		(6)		—		(45)
Trintech, Inc.+	One stop	SF +	4.75%	(i)	8.42%				01/2033	387		383		—		370
Trintech, Inc.+(5)	One stop				N/A(6)				01/2033	—		—		—		(2)
Trintech, Inc.+(5)	One stop				N/A(6)				01/2033	—		—		—		(3)
Vanco Payment Solutions, LLC+(5)	One stop				N/A(6)				12/2031	—		—		—		(1)
Vanco Payment Solutions, LLC+	One stop	SF +	4.75%	(j)	8.45%				12/2031	476		472		—		460
Vantage Bidco GMBH+(8)(9)(19)	One stop	E +	6.25%	(c)	8.39%				04/2031	9,083		8,397		0.2		8,720
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				10/2030	—		(10)		—		(42)
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.50%	(d)	7.63%				07/2031	7,651		7,167		0.2		7,613
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.88%				07/2031	4,844		4,604		0.1		4,566
Vendavo, Inc.+	One stop	SF +	5.75%	(j)	9.52%				09/2027	26,953		26,513		0.6		23,988
Vendavo, Inc.+	One stop	SF +	5.75%	(j)	9.53%				09/2027	2,506		2,491		0.1		2,161
Vendavo, Inc.+	One stop	SF +	5.75%	(j)	9.52%				09/2027	983		981		—		875
Viper Bidco, Inc.+	One stop	SF +	4.75%	(j)	8.45%				11/2031	40,371		40,208		1.1		39,564
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—		(16)		—		(77)
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—		(9)		—		(43)
Viper Bidco, Inc.+(9)	One stop	SN +	4.75%	(g)	8.48%				11/2031	18,256		17,308		0.5		17,891
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—		(2)		—		(30)
WebPT, Inc.+(25)	One stop	SF +	6.26%	(j)	6.93%	cash/	3.13%	PIK	01/2030	942		937		—		744
Zendesk, Inc.+	One stop	SF +	5.00%	(j)	8.69%				11/2028	2,389		2,368		0.1		2,318
Zendesk, Inc.+	One stop	SF +	5.00%	(j)	8.71%				11/2028	28,229		28,160		0.7		27,382
Zendesk, Inc.+	One stop	SF +	5.00%	(j)	8.71%				11/2028	4,552		4,517		0.1		4,415
Zendesk, Inc.+(5)	One stop				N/A(6)				11/2028	—		—		—		(4)
										2,021,673		1,999,037		52.4		1,962,982



Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(j)	9.35%	02/2028	23,061	22,923	0.6	22,369
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	9.35%	02/2028	6,015	6,076	0.2	5,833
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	9.35%	02/2028	790	790	—	767
Ave Holdings III, Corp+(5)	One stop				N/A(6)	02/2028	—	(1)	—	(8)
Biscuit Parent, LLC*+	One stop	SF +	4.75%	(j)	8.45%	02/2031	26,412	26,242	0.7	26,412
Biscuit Parent, LLC+(5)	One stop				N/A(6)	02/2031	—	(1)	—	—
Biscuit Parent, LLC+(5)	One stop				N/A(6)	02/2031	—	(11)	—	—
Cavender Stores L.P.*	Senior secured	SF +	4.50%	(i)	8.17%	10/2029	5,390	5,361	0.2	5,390
Consilio Midco Limited+(8)(9)(10)	Senior secured	E +	4.75%	(c)	6.88%	04/2032	12,928	12,664	0.3	12,476
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(j)	8.45%	04/2032	10,689	10,643	0.3	10,315
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(j)	8.45%	04/2032	6,588	6,560	0.2	6,358
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(i)	8.45%	04/2032	621	604	—	491
Consilio Midco Limited+(5)(8)(10)	Senior secured				N/A(6)	04/2032	—	—	—	(87)
Consilio Midco Limited+(8)(10)(25)	Subordinated debt	SF +	7.50%	(j)	11.23%	04/2033	1,781	1,770	0.1	1,718

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Consilio Midco Limited+(8)(9)(10)(25)	Subordinated debt	E +	7.50%	(c)(d)	9.60%				04/2033	$	1,390	$	1,361	—	%	$	1,335
Consilio Midco Limited+(5)(8)(10)(25)	Subordinated debt	SF +	7.50%	(j)	11.38%	PIK			04/2033	3		3		—		(24)
CVP Holdco, Inc.+	One stop	SF +	4.75%	(i)	8.42%				06/2031	13,529		13,428		0.4		13,401
CVP Holdco, Inc.+(5)	One stop				N/A(6)				06/2030	—		(10)		—		(11)
CVP Holdco, Inc.+	One stop	SF +	4.75%	(i)	8.42%				06/2031	1,193		1,179		—		1,158
Cycle Gear, Inc.+	One stop	SF +	6.75%	(j)	10.57%				06/2026	46,304		45,472		1.2		46,304
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.45%				12/2030	11,489		11,444		0.3		11,431
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.45%				12/2030	125		120		—		118
PetVet Care Centers LLC*+	One stop	SF +	6.00%	(i)	9.67%				11/2030	4,668		4,700		0.1		4,201
PetVet Care Centers LLC+	One stop	SF +	6.00%	(i)	9.67%				11/2029	20		20		—		12
Radiance Borrower, LLC+(25)	One stop	SF +	5.25%	(i)	8.92%				06/2031	21,895		21,776		0.6		21,895
Radiance Borrower, LLC+	One stop	SF +	5.25%	(i)	8.92%				06/2031	205		192		—		205
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	5,176		5,179		0.1		5,176
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	3,625		3,603		0.1		3,625
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	1,967		1,956		0.1		1,967
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	716		712		—		716
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	532		530		—		532
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	962		945		—		962
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	349		347		—		349
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	339		337		—		339
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	268		267		—		268
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	153		152		—		153
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	182		181		—		182
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	111		111		—		111
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	103		103		—		103
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	84		84		—		84
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	78		78		—		78
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	494		492		—		494
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	767		762		—		767
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	631		628		—		631
Salon Lofts Group, LLC+(5)	Second lien				N/A(6)				09/2029	—		(14)		—		—
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	168		167		—		168
Salon Lofts Group, LLC+(5)	Senior secured				N/A(6)				08/2028	—		(18)		—		—
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	1,645		1,635		0.1		1,645
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(j)	9.45%				08/2028	246		246		—		246
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(j)	12.70%	PIK			09/2029	730		727		—		730
Salon Lofts Group, LLC+	Senior secured	SF +	5.25%	(j)	8.95%				08/2028	2,217		2,209		0.1		2,217
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+	One stop	SF +	5.25%	(j)	8.95%				12/2029	31,907		31,707		0.9		31,732
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)	One stop	CA +	5.25%	(m)	7.56%				12/2029	7,700		7,819		0.2		7,657
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+	One stop	SF +	5.25%	(j)(k)	8.95%				12/2028	225		221		—		221
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)	One stop				N/A(6)				12/2029	—		(60)		—		(18)
Titan Fitness, LLC+(7)(25)	One stop	SF +	7.25%	(j)	8.56%	cash/	2.50%	PIK	10/2026	42,870		42,277		0.7		27,866
Titan Fitness, LLC+(7)(25)	One stop	SF +	7.25%	(j)	8.56%	cash/	2.50%	PIK	10/2026	3,110		3,043		0.1		2,022
Titan Fitness, LLC+(7)(25)	One stop	SF +	7.25%	(j)	8.57%	cash/	2.50%	PIK	10/2026	612		590		—		309
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(j)	8.56%	cash/	2.50%	PIK	10/2026	634		630		—		634
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	4.50%	(e)	8.86%				03/2028	18,404		17,575		0.5		18,404
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop				N/A(6)				10/2029	—		(1)		—		(1)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.00%	(j)	8.67%				10/2029	$	83	$	76	—	%	$	80
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	5.00%	(j)	8.67%				10/2029	16,183		15,901		0.4		16,112
										338,367		334,502		8.5		318,620
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(j)	10.15%				03/2028	2,347		2,329		0.1		1,455
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(j)	9.69%				03/2028	1,170		1,161		—		726
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(j)	10.15%				03/2028	1,027		1,020		—		637
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.46%	cash/	2.00%	PIK	09/2027	10,051		10,051		0.3		9,548
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.46%	cash/	2.00%	PIK	09/2027	4,038		4,038		0.1		3,836
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.46%	cash/	2.00%	PIK	09/2027	2,079		2,079		0.1		1,975
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.46%	cash/	2.00%	PIK	09/2027	690		690		—		656
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.46%	cash/	2.00%	PIK	09/2027	315		315		—		300
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.46%	cash/	2.00%	PIK	09/2027	302		302		—		287
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.31%	cash/	2.00%	PIK	09/2027	509		509		—		454
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.50%	(j)	9.31%	cash/	2.00%	PIK	09/2027	18		18		—		16
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2026	9,051		9,030		0.3		9,073
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2026	6,277		6,263		0.2		6,293
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2026	972		970		—		974
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2026	872		870		—		874
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2026	612		611		—		614
Georgica Pine Clothiers, LLC+	One stop	SF +	6.00%	(j)	9.85%				11/2026	2		2		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(j)	10.46%				07/2029	1,283		1,283		—		1,283
Shoes For Crews Global, LLC+(25)	Senior secured	SF +	7.00%	(j)	5.96%	cash/	5.00%	PIK	07/2029	762		744		—		762
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(j)	10.46%				07/2029	415		415		—		415
Shoes For Crews Global, LLC+(5)	Senior secured				N/A(6)				07/2029	—		(23)		—		—
										42,792		42,677		1.1		40,180
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.56%	cash/	3.25%	PIK	06/2028	20,917		20,735		0.5		18,825
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.56%	cash/	3.25%	PIK	06/2028	21,696		21,322		0.5		19,527
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.25%	(j)	7.81%	cash/	3.25%	PIK	06/2028	6,440		6,312		0.1		5,828
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.56%	cash/	3.25%	PIK	06/2028	2,655		2,555		0.1		2,389
Marcone Yellowstone Buyer Inc.+(25)	One stop	SF +	7.00%	(j)	7.56%	cash/	3.25%	PIK	06/2028	6,951		6,661		0.2		6,255
										58,659		57,585		1.4		52,824
Transportation Infrastructure
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—		(6)		—		(10)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				02/2032	7,371		7,332		0.2		7,303
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				02/2032	1,460		1,452		—		1,446
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—		(4)		—		(7)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	8.67%				02/2032	205		204		—		203
										9,036		8,978		0.2		8,935
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75%	(j)	8.57%				06/2028	24,104		23,998		0.7		23,995
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75%	(j)	8.57%				06/2028	18,486		18,443		0.5		18,402
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.57%				06/2028	1,166		1,161		—		1,162
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.51%				06/2027	1,494		1,457		—		1,455
S.J. Electro Systems, LLC+(5)	Senior secured				N/A(6)				06/2028	—		(2)		—		(3)
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.57%				06/2028	179		178		—		178
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(j)	8.57%				06/2028	239		238		—		238
S.J. Electro Systems, LLC+	One stop	SF +	4.75%	(j)	8.57%				06/2028	235		234		—		234
S.J. Electro Systems, LLC+(5)	One stop				N/A(6)				06/2028	—		(1)		—		(1)
Vessco Midco Holdings, LLC+	One stop	SF +	4.50%	(k)	8.23%				07/2031	507		505		—		505
Vessco Midco Holdings, LLC+(5)	One stop				N/A(6)				07/2031	—		(1)		—		(2)
Vessco Midco Holdings, LLC*	One stop	SF +	4.50%	(i)(k)	8.15%				07/2031	22,500		22,329		0.6		22,394

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value(4)
Vessco Midco Holdings, LLC+	One stop	SF +	4.50%	(i)(k)	8.17%	07/2031	$	6,925	$	6,897	0.2	%	$	6,890
Vessco Midco Holdings, LLC+(5)	One stop				N/A(6)	07/2031	—		(19)		—		(12)
							75,835		75,417		2.0		75,435
Total non-controlled/non-affiliate company debt investments							7,752,778		7,670,003		201.4		7,549,325

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP interest	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	885
Tronair Parent, Inc.+	LLC interest	N/A	N/A		07/2021	N/A	—	40		—		129
								988		—		1,014
Air Freight & Logistics
RJW Group Holdings, Inc.+	LP interest	N/A	N/A		11/2024	N/A	4,370	2,689		0.1		3,692

Auto Components
Arnott, LLC+	LP interest	N/A	N/A		12/2024	N/A	—	350		—		234
North Haven Falcon Buyer, LLC+	LLC interest	N/A	N/A		05/2021	N/A	2,704	693		—		495
North Haven Falcon Buyer, LLC+	LLC interest	N/A	N/A		05/2021	N/A	2,080	18		—		—
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		18
								1,375		—		747
Automobiles
CAP-KSI Holdings, LLC+	LP interest	N/A	N/A		06/2024	N/A	645	645		—		685
CAP-KSI Holdings, LLC+	LP interest	N/A	N/A		06/2024	N/A	645	—		—		57
CG Group Holdings, LLC+	LP interest	N/A	N/A		07/2021	N/A	1	983		—		719
Go Car Wash Parent, Corp.+(24)	Preferred stock	N/A	15.00%	Non-Cash	04/2022	N/A	—	4,108		0.1		3,974
Go Car Wash Parent, Corp.+	LP interest	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	LP interest	N/A	N/A		11/2020	N/A	—	499		—		286
MOP GM Holding, LLC+	LP interest	N/A	N/A		06/2024	N/A	—	51		—		65
National Express Wash Parent Holdco, LLC+	LP interest	N/A	N/A		07/2022	N/A	1	103		—		190
POY Holdings, LLC+	LLC interest	N/A	N/A		11/2022	N/A	446	820		—		354
Quick Quack Car Wash Holdings, LLC+	LP interest	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,566
Quick Quack Car Wash Holdings, LLC+	LLC interest	N/A	N/A		06/2024	N/A	215	215		—		310
Yorkshire Parent, Inc.+	LP interest	N/A	N/A		12/2023	N/A	—	544		—		662
								9,606		0.2		8,868
Beverages
Spindrift Beverage Co. Inc.+	LP interest	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,416

Biotechnology
Cobepa BlueSky Aggregator, SCSp+(24)	LP interest	N/A	N/A		10/2023	N/A	4	40		—		22
Cobepa BlueSky Aggregator, SCSp+(7)(24)	Preferred stock	N/A	15.00%	Non-Cash	04/2024	N/A	5	61		—		6
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		—
								2,000		—		28
Building Products
BECO Holding Company, Inc.+(24)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	21,529		0.6		21,926
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		961
								22,747		0.6		22,887
Chemicals
Inhance Parent, Inc.+	LP interest	N/A	N/A		07/2018	N/A	—	124		—		—
Inhance Parent, Inc.+	LP interest	N/A	N/A		09/2025	N/A	12	—		—		345
Inhance Parent, Inc.+	LP interest	N/A	N/A		12/2021	N/A	12	7,283		—		—
								7,407		—		345

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services & Supplies
CHA Vision Holdings, Inc.+	LP interest	N/A	N/A	01/2024	N/A	—	$	461	—	%	$	528
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	10/2021	N/A	773	836		—		1,020
PT Intermediate Holdings III, LLC+	LLC interest	N/A	N/A	12/2021	N/A	16	1,787		0.1		2,159
Radwell Parent, LLC+	LP interest	N/A	N/A	03/2022	N/A	4	477		—		493
							3,561		0.1		4,200
Containers & Packaging
Chase Intermediate+	LP interest	N/A	N/A	04/2022	N/A	217	209		—		290
Packaging Coordinators Midco, Inc.+	LP interest	N/A	N/A	09/2025	N/A	45	450		—		424
							659		—		714
Diversified Consumer Services
Action Termite Control, LLC+	Common stock	N/A	N/A	12/2025	N/A	1	5		—		10
Action Termite Control, LLC+	Preferred stock	N/A	N/A	12/2025	N/A	—	95		—		98
CHHJ Midco, LLC+(24)	LLC interest	N/A	N/A	01/2021	N/A	27	311		—		411
CHVAC Services Investment, LLC+	LLC interest	N/A	N/A	05/2024	N/A	105	267		—		329
DP Flores Holdings, LLC+	LLC interest	N/A	N/A	09/2022	N/A	106	98		—		179
EMS LINQ, LLC+	LP interest	N/A	N/A	12/2021	N/A	761	758		—		164
EWC Growth Partners LLC+	LLC interest	N/A	N/A	03/2020	N/A	—	12		—		—
FPG Intermediate Holdco, LLC+	LLC interest	N/A	N/A	07/2025	N/A	18	6,655		0.1		3,316
HS Spa Holdings, Inc.+	LP interest	N/A	N/A	05/2022	N/A	729	732		—		488
Kodiak Buyer, LLC+	Common stock	N/A	N/A	08/2025	N/A	4	373		—		428
Liminex, Inc.+	Common stock	N/A	N/A	11/2020	N/A	17	633		—		294
NSG Buyer, Inc. +	LP interest	N/A	N/A	11/2022	N/A	3	2,992		0.1		4,210
PADI Holdco, Inc.+	LLC interest	N/A	N/A	07/2017	N/A	1	945		0.1		1,364
Project Alpha Intermediate Holdings, Inc.+	LP interest	N/A	N/A	05/2025	N/A	327	1,359		0.1		1,089
SCP CDH Buyer, Inc.+	Common stock	N/A	N/A	12/2025	N/A	1	5		—		10
SCP CDH Buyer, Inc.+	Preferred stock	N/A	N/A	12/2025	N/A	—	95		—		97
Virginia Green Acquisition, LLC+	LP interest	N/A	N/A	12/2023	N/A	397	407		—		546
							15,742		0.4		13,033
Electric Utilities
Smart Energy Systems, Inc.+	Warrant	N/A	N/A	01/2025	N/A	18	96		—		380

Electrical Equipment
Wildcat TopCo, Inc.+(24)	LP interest	N/A	N/A	12/2024	N/A	503	412		—		527

Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	03/2014	N/A	—	372		—		245
Inventus Power, Inc.+	LLC interest	N/A	N/A	04/2018	N/A	—	88		—		279
Inventus Power, Inc.+	LLC interest	N/A	N/A	05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A	03/2014	N/A	—	—		—		—
							480		—		585

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
GMF Parent, Inc.+	LP interest	N/A	N/A	12/2025	N/A	—	$	100	—	%	$	103
Hopdoddy Holdings, LLC+	LLC interest	N/A	N/A	08/2015	N/A	44	217		—		271
Hopdoddy Holdings, LLC+	LLC interest	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,818
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,359
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	06/2024	N/A	3	47		—		57
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		72
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		60
							6,530		0.2		8,800
Food Products
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	06/2021	N/A	107	195		—		185
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	05/2023	N/A	6	14		—		11
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	01/2022	N/A	4	9		—		8
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	06/2022	N/A	1	3		—		2
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	06/2022	N/A	2	4		—		4
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	05/2023	N/A	1	3		—		3
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	05/2023	N/A	—	1		—		—
Borrower R365 Holdings, LLC+	LP interest	N/A	N/A	04/2024	N/A	21	73		—		64
Kodiak Cakes, LLC+	LP interest	N/A	N/A	06/2021	N/A	—	557		0.1		2,086
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		152
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	31		—		47
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		333
Purfoods, LLC+(24)	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,919
Zullas, L.C.+	Common stock	N/A	N/A	06/2025	N/A	—	250		—		261
							3,142		0.3		9,111
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LLC interest	N/A	N/A	06/2019	N/A	—	98		—		90
Blue River Pet Care, LLC+	LLC interest	N/A	N/A	08/2019	N/A	—	734		—		604
CCSL Holdings, LLC+	LP interest	N/A	N/A	12/2020	N/A	—	499		—		659
Centegix Intermediate II, LLC+	LLC interest	N/A	N/A	08/2025	N/A	639	639		—		674
CMI Parent Inc.+(24)	LLC interest	N/A	N/A	08/2019	N/A	—	557		—		707
CMI Parent Inc.+	LLC interest	N/A	N/A	08/2019	N/A	8	483		0.1		2,178
Isto Group, Inc.+(9)	LP interest	N/A	N/A	09/2025	N/A	3	369		—		374
JHC Investment Intermediate Holdings, LLC+	LLC interest	N/A	N/A	03/2024	N/A	5,293	—		0.1		1,614
ZimVie, Inc.+	LP interest	N/A	N/A	10/2025	N/A	4	362		—		362
							3,741		0.2		7,262

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	2,503
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.2		5,364
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		05/2021	N/A	889	1,023		0.1		3,516
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		0.1		1,142
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC interest	N/A	N/A		03/2021	N/A	180	192		—		183
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		1,118
DCA Investment Holding, LLC(7)(24)	Preferred stock	N/A	8.00%	Non-Cash	12/2022	N/A	1,142	659		—		—
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Encorevet Group LLC+	LLC interest	N/A	N/A		05/2024	N/A	3	261		—		25
ERC Topco Holdings, LLC+	LLC interest	N/A	N/A		03/2025	N/A	3	4,841		0.1		3,586
HP TLE Buyer, Inc.+	LP interest	N/A	N/A		07/2025	N/A	450	450		—		454
Krueger-Gilbert Health Physics, LLC+	LLC interest	N/A	N/A		05/2019	N/A	239	324		—		821
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		572
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	LP interest	N/A	N/A		05/2021	N/A	—	409		—		442
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		182
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		—
Pyramid Healthcare Acquisition Corp.+	LLC interest	N/A	N/A		05/2021	N/A	257	310		—		385
Radiology Partners, Inc.+	Preferred stock	N/A	N/A		02/2018	N/A	11	68		—		92
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		364
Signature MD, Inc.+	Common stock	N/A	N/A		02/2026	N/A	—	100		—		99
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	5	1,653		0.2		5,578
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		12/2024	N/A	52	81		—		565
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	16		—		55
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		12/2024	N/A	1	—		—		6
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	287		—		464
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		12/2024	N/A	4	15		—		47
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	3		—		5
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		12/2024	N/A	—	—		—		—
Suveto Buyer, LLC+	LP interest	N/A	N/A		11/2021	N/A	8	727		—		614
								17,331		0.8		28,182

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC interest	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	598
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		298
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2024	N/A	12	16		—		26
HSI Halo Acquisition, Inc.+(24)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	141		—		263
HSI Halo Acquisition, Inc.+	LLC interest	N/A			N/A		10/2019	N/A	—	14		—		176
Modernizing Medicine, Inc.+(24)	Preferred stock	N/A			13.00%	Non-Cash	04/2025	N/A	5	5,009		0.1		5,058
Symplr Software, Inc.+(7)(24)	Preferred stock	N/A			11.00%	Non-Cash	10/2021	N/A	15	22,002		0.5		17,401
Symplr Software, Inc.+(7)(24)	Preferred stock	SF +	10.50%	(j)	14.20%	Non-Cash	11/2018	N/A	3	6,886		0.2		6,373
Symplr Software, Inc.+(7)(24)	Preferred stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,779		0.1		2,310
Symplr Software, Inc.+(7)(24)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,671		—		1,350
Symplr Software, Inc.+	LLC interest	N/A			N/A		09/2021	N/A	—	161		—		72
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		292
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		443
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		—
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		8
Veranex, Inc.+	LP interest	N/A			N/A		08/2025	N/A	135	30		—		—
Veranex, Inc.+	LP interest	N/A			N/A		08/2025	N/A	472	—		—		—
Veranex, Inc.+	LP interest	N/A			N/A		08/2025	N/A	60	—		—		—
										40,664		0.9		34,668
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		200
Cafe Rio Holding, Inc.+	Preferred stock	N/A			N/A		12/2025	N/A	—	41		—		43
Harri US LLC+	LLC interest	N/A			N/A		02/2022	N/A	119	892		—		719
Harri US LLC+	LLC interest	N/A			N/A		10/2021	N/A	102	649		—		581
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		194
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,582
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		143
Harri US LLC+	Warrant	N/A			N/A		02/2025	N/A	10	—		—		—
Harri US LLC+	Warrant	N/A			N/A		06/2025	N/A	9	107		—		136
LMP TR Holdings, LLC	LLC interest	N/A			N/A		05/2013	N/A	712	712		—		—
Patriot Acquireco, LLC+	Common stock	N/A			N/A		09/2025	N/A	450	456		—		434
PB Group Holdings, LLC+	LP interest	N/A			N/A		08/2024	N/A	383	886		—		832
Rooster BidCo Limited+(8)(10)	LP interest	N/A			N/A		03/2025	N/A	1,258	1,308		0.1		2,749
Saguaro Buyer, LLC+	Common stock	N/A			N/A		07/2025	N/A	—	250		—		345
SSRG Holdings, LLC+	LLC interest	N/A			N/A		11/2019	N/A	46	493		—		495
										7,778		0.2		8,453
Industrial Conglomerates
Anova Buyer, Inc.+	Common stock	N/A			N/A		01/2026	N/A	—	87		—		87

Insurance
Majesco+(24)	Preferred stock	N/A			9.00%	Non-Cash	09/2020	N/A	—	400		—		281
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		208
Oakbridge Insurance Agency LLC+	LP interest	N/A			N/A		11/2023	N/A	20	404		—		484
										898		—		973
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,215		0.6		22,738
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.4		13,648

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Revalize, Inc.+	Preferred stock	N/A	N/A		12/2022	N/A	11	$	11,050	0.2	%	$	8,906
Revalize, Inc.+	Preferred stock	N/A	N/A		04/2022	N/A	4	4,285		0.1		3,390
								57,285		1.3		48,682
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		02/2020	N/A	804	2,398		0.2		8,771
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		10/2020	N/A	211	931		0.1		2,300
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		07/2021	N/A	48	408		—		555
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	779		0.1		2,807
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		70
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,924
Kentik Technologies, Inc.+	Warrant	N/A	N/A		11/2024	N/A	1	5		—		6
Netwrix Corporation+	LLC interest	N/A	N/A		06/2022	N/A	7	19		—		12
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,016		—		1,009
Saturn Borrower Inc.+	LP interest	N/A	N/A		09/2020	N/A	520	470		—		431
								9,338		0.5		18,885
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,965
Movement Holdings, LLC+(8)(10)	LLC interest	N/A	N/A		03/2024	N/A	—	152		—		71
								362		0.1		2,036
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)	Common stock	N/A	N/A		11/2022	N/A	1,302	79		0.1		2,951
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		2,334
PAS Parent Inc.+	LP interest	N/A	N/A		03/2023	N/A	2	267		—		402
								1,997		0.2		5,687
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,633		—		388
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		199
								1,857		—		587
Paper & Forest Products
Messenger, LLC+	LLC interest	N/A	N/A		12/2021	N/A	8	667		—		958
Messenger, LLC+	LLC interest	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		958
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		660
Cobalt Buyer Sub, Inc.+(24)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	11	19,798		0.5		19,223
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		7
Cobalt Buyer Sub, Inc.+	LP interest	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	LP interest	N/A	N/A		12/2024	N/A	3,372	3,372		0.2		4,452
								24,023		0.7		24,342

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	1,941	0.1	%	$	1,921
Enboarder, Inc.+(8)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		639
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.2		6,639
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		933
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		388
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,276
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,278
										8,652		0.4		14,074
Real Estate Management & Development
Inhabit IQ Inc.+	LLC interest	N/A			N/A		01/2018	N/A	2	528		—		375
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		266
										802		—		641
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		314

Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,661
Aras Corporation+(24)	Preferred stock	N/A			12.00%	Non-Cash	04/2021	N/A	1	2,362		0.1		2,520
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		659
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		0
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		586
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		70
Bayshore Intermediate #2, L.P.+	LP interest	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		6,145
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		0.1		1,169
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
Claroty, Ltd.+(8)(15)	Preferred stock	N/A			N/A		01/2026	N/A	1	100		—		101
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,735
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		578
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		707
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		896
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	341		—		787
Diligent Corporation+(24)	Preferred stock	N/A			10.50%	Non-Cash	04/2021	N/A	24	35,948		1.0		37,519
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		—		689
Energy Worldnet, LLC+(24)	LLC interest	N/A			N/A		02/2025	N/A	50	51		—		57
FirstUp, Inc.+	LP interest	N/A			N/A		07/2021	N/A	305	661		—		234
FirstUp, Inc.+	LP interest	N/A			N/A		03/2025	N/A	14	27		—		33
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2021	N/A	35	53,678		1.5		55,377
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	6,830		0.2		6,881
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		0
GS Acquisitionco, Inc.+(24)	Preferred stock	SF +	10.50%	(j)	14.20%	Non-Cash	08/2023	N/A	—	149		—		146
GTY Technology Holdings, Inc.+	LP interest	N/A			N/A		07/2022	N/A	73	83		—		143
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		669
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		233
Insight Borrower, LLC+	Preferred stock	N/A			N/A		01/2026	N/A	—	2,748		0.1		2,821
Insight Borrower, LLC+	Common stock	N/A			N/A		01/2026	N/A	—	184		—		189

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kaseya Inc.+(24)	Preferred stock	SF +	10.75%	(j)	14.35%	Non-Cash	06/2022	N/A	2	$	3,970	0.1	%	$	3,793
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	253		—		219
LogicMonitor, Inc.+	LP interest	N/A			N/A		12/2024	N/A	250	250		—		280
Menlo Ridgeview Co-Invest, LLC+(8)	LLC interest	N/A			N/A		05/2025	N/A	931	959		—		1,019
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	774		—		520
MS Buyer, Inc.+	LLC interest	N/A			N/A		01/2026	N/A	879	434		—		681
MS Buyer, Inc.+	LP interest	N/A			N/A		07/2024	N/A	258	258		—		200
Navex Global Holdings Corporation+	LP interest	N/A			N/A		10/2025	N/A	—	450		—		382
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		11
Onit, Inc.+	Common stock	N/A			N/A		09/2025	N/A	—	14		—		14
Panzura, LLC+	LLC interest	N/A			N/A		03/2025	N/A	2	6		—		—
Pluralsight, LLC+	LLC interest	N/A			N/A		08/2024	N/A	1,988	3,663		—		—
QAD, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	1	1,186		—		939
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		56
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		140
RegEd Aquireco, LLC+	LP interest	N/A			N/A		07/2023	N/A	—	29		—		35
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	38,559		1.0		38,425
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,414		—		1,168
Riskonnect Parent, LLC+(24)	Preferred stock	SF +	10.50%	(j)	14.09%	Non-Cash	07/2022	N/A	—	1,146		—		1,148
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	60		—		64
Rokt Inc.+	Common stock	N/A			N/A		01/2025	N/A	20	683		—		736
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,100
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		549
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		438
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		146
Striim, Inc.+	Warrant	N/A			N/A		03/2026	N/A	14	15		—		15
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		109
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		41
Togetherwork Holdings, LLC+	LP interest	N/A			N/A		07/2024	N/A	307	1,342		0.1		1,423
Transform Bidco Limited+(8)(10)	LP interest	N/A			N/A		04/2025	N/A	2,350	2,367		0.1		2,195
Tricentis Operations Holdings, Inc.+	LP interest	N/A			N/A		02/2025	N/A	40	40		—		36
Zendesk, Inc.+	Common stock	N/A			N/A		11/2022	N/A	63	708		—		549
										180,495		4.8		181,036
Specialty Retail
Ave Holdings III, Corp+(7)(24)	Preferred stock	N/A			11.50%	Non-Cash	02/2022	N/A	15	20,613		0.4		13,343
Ave Holdings III, Corp+	LP interest	N/A			N/A		02/2022	N/A	2	1,737		—		20
Batteries Plus Holding Corporation+	LP interest	N/A			N/A		07/2016	N/A	10	1,287		—		1,368
Cycle Gear, Inc.+	LLC interest	N/A			N/A		02/2016	N/A	2,002	481		—		338
Cycle Gear, Inc.+	LLC interest	N/A			N/A		01/2023	N/A	75	75		—		159
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC interest	N/A			N/A		12/2024	N/A	1	—		—		8
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC interest	N/A			N/A		12/2024	N/A	3	347		—		339

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC+	Common stock	N/A	N/A	08/2022	N/A	—	$	137	—	%	$	76
VSG Acquisition Corp. and Sherrill, Inc.+	LP interest	N/A	N/A	04/2022	N/A	—	57		—		89
							24,734		0.4		15,740
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	Common stock	N/A	N/A	03/2026	N/A	—	—		—		—
Georgica Pine Clothiers, LLC+(24)	LLC interest	N/A	N/A	11/2015	N/A	20	239		—		287
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A	08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A	06/2021	N/A	56	265		—		89
Shoes For Crews Global, LLC+	LLC interest	N/A	N/A	06/2024	N/A	2	1,087		0.1		1,805
							1,591		0.1		2,183

Total non-controlled/non-affiliate company equity investments							462,362		12.6		472,137

Total non-controlled/non-affiliate company investments							8,132,365		214.0		8,021,462

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)	One stop	SF +	1.00%	(j)	4.70%	PIK			06/2027	$	7,775	$	7,071	—	%	$	2,333
Abita Brewing Co., L.L.C.+(7)(25)	Second lien	SF +	1.00%	(j)	4.70%	PIK			06/2027	5,353		3,724		—		107
Abita Brewing Co., L.L.C.+(25)	One stop	SF +	1.00%	(j)	4.67%	PIK			06/2027	3,452		3,452		0.1		2,846
										16,580		14,247		0.1		5,286
Energy, Equipment & Services
Benetech, Inc.+(7)(25)	One stop	SF +	1.00%	(j)	4.70%	PIK			08/2027	5,114		3,623		0.1		2,046
Benetech, Inc.+(7)(25)	One stop	SF +	1.00%	(j)	4.70%	PIK			08/2027	1,133		731		—		103
										6,247		4,354		0.1		2,149
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	One stop	SF +	6.00%	(j)	9.82%				11/2029	91		91		—		81
G & H Wire Company, Inc.+(25)	One stop	SF +	6.00%	(j)	9.82%	PIK			11/2029	2,960		2,960		0.1		2,901
										3,051		3,051		0.1		2,982
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25%	(j)	11.10%				06/2026	12,670		12,665		0.3		12,670
Bayside Opco, LLC+(25)	Subordinated debt	SF +	10.00%	(j)	13.85%	PIK			06/2026	6,251		6,208		0.2		6,251
Bayside Opco, LLC+	One stop	SF +	7.25%	(j)	11.10%				06/2026	4,482		4,469		0.1		4,482
Bayside Opco, LLC+	One stop	SF +	7.00%	(j)	10.84%				06/2026	325		325		—		325
Elite Dental Partners LLC+(7)(25)	One stop	SF +	5.25%	(j)	9.10%	PIK			09/2027	19,263		13,029		0.1		2,890
Elite Dental Partners LLC+(7)(25)	One stop	SF +	12.00%	(j)	15.85%	PIK			09/2027	12,447		7,225		0.1		2,240
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(j)	9.10%	PIK			09/2027	2,076		2,076		0.1		2,076
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(j)	9.10%	PIK			09/2027	1,963		1,963		—		1,963
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(j)	9.10%	PIK			09/2027	375		375		—		375
Opening Day Borrower 111 LLC+(25)	One stop	SF +	6.25%	(j)	10.07%	PIK			05/2029	6,196		6,196		0.2		6,196
SPF Borrower LLC+(25)	One stop	SF +	6.25%	(j)	8.10%	cash/	2.00%	PIK	02/2028	16,273		16,273		0.4		16,273
SPF Borrower LLC+	One stop	SF +	9.50%	(j)	13.35%				02/2028	8,912		8,912		0.2		8,912
SPF Borrower LLC+	One stop				N/A(6)				02/2028	—		—		—		—
										91,233		79,716		1.7		64,653
Life Sciences Tools & Services
Reaction Biology Corporation+(25)	One stop	SF +	4.75%	(j)	8.45%	PIK			03/2029	1,540		1,540		—		1,522
Reaction Biology Corporation+(25)	One stop	SF +	4.75%	(j)	9.05%	PIK			03/2029	3,052		3,052		0.1		2,045
										4,592		4,592		0.1		3,567
Multiline Retail
Fleet Farm Group, LLC+(25)	Senior secured	SF +	5.50%	(j)	9.81%	PIK			01/2031	5,677		5,677		0.1		5,280
Fleet Farm Group, LLC+(25)	One stop	SF +	5.50%	(j)	9.17%	PIK			01/2031	3,404		3,404		0.1		3,166
										9,081		9,081		0.2		8,446
Personal Products
IMPLUS Footcare, LLC+(25)	One stop	SF +	6.00%	(j)	9.70%	PIK			10/2028	3,838		3,838		0.1		3,838
IMPLUS Footcare, LLC+(25)	One stop	SF +	6.00%	(j)	9.70%	PIK			10/2028	8,659		8,198		0.2		8,140
										12,497		12,036		0.3		11,978
Software
Switchfly LLC+(25)	One stop	N/A			1.00%	PIK			11/2027	2,242		2,242		0.1		2,086

Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(j)	4.70%				06/2029	45,063		42,141		1.1		40,558
Chestnut Optical Midco, Inc.+(5)	One stop				N/A(6)				06/2029	—		—		—		(282)
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(j)	4.70%				06/2029	7,511		7,511		0.1		6,007
										52,574		49,652		1.2		46,283

Total non-controlled/affiliate company debt investments										198,097		178,971		3.9		147,430

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Acquisition Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—

Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	11/2024	N/A	159	3,810		0.1		1,920

Healthcare Providers & Services
Bayside Opco, LLC+	LLC interest	N/A	N/A	05/2023	N/A	6	2,592		0.3		11,359
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	—		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	02/2026	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	LLC interest	N/A	N/A	09/2024	N/A	181	21,172		0.3		10,707
Opening Day Borrower 111 LLC+	LLC interest	N/A	N/A	04/2023	N/A	181	7,836		—		—
SPF Borrower LLC+	LLC interest	N/A	N/A	02/2024	N/A	—	9,347		0.3		10,966
							45,099		0.9		33,032
Life Sciences Tools & Services
Reaction Biology Corporation+	LLC interest	N/A	N/A	03/2025	N/A	139	4,980		—		1,509

Multiline Retail
Fleet Farm Group, LLC	LLC interest	N/A	N/A	12/2024	N/A	129	23,874		0.6		23,369

Personal Products
IMPLUS Footcare, LLC+	LLC interest	N/A	N/A	07/2025	N/A	8,288	12,388		0.4		13,153

Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,322		—		—
Switchfly LLC+	LLC interest	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		3,624
Switchfly LLC+	LLC interest	N/A	N/A	03/2022	N/A	950	950		—		—
							8,647		0.1		3,624
Specialty Retail
Chestnut Optical Midco, Inc.+	LLC interest	N/A	N/A	06/2024	N/A	189	53,763		1.6		60,255

Total non-controlled/affiliate company equity investments							152,561		3.7		136,862

Total non-controlled/affiliate company investments							331,532		7.6		284,292

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Acquisition Date	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)	One stop	N/A	8.00%	PIK		09/2027	$	2,224	$	2,224	0.1	%	$	2,068
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		09/2027	1,284		1,284		—		1,284
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		09/2027	1,380		1,380		—		1,380
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		09/2027	399		399		—		399
Total controlled affiliate company debt investments							5,287		5,287		0.1		5,131

Equity investments(22)(23)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—		7,832		0.2		6,360

Total controlled affiliate equity investments									7,832		0.2		6,360

Total controlled affiliate company investments									13,119		0.3		11,491

Total investments									$	8,477,016	221.9	%	$	8,317,245

Money market funds (included in cash equivalents and restricted cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			3.55%	(29)					$	43,887	1.2	%	$	43,887
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)			3.53%	(29)					10		—		10
Allspring Government Money Market Fund Select Share Class (CUSIP 94975H296)			3.60%	(29)					2,131		0.1		2,131
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			3.53%	(29)					40,210		1.1		40,210
Total money market funds									86,238		2.4		86,238
Total investments and money market funds									$	8,563,254	224.3	%	$	8,403,483

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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 March 31, 2026. 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 March 31, 2026, 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 March 31, 2026, as the loan could have priced or repriced based on an index rate prior to March 31, 2026.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 6.75% as of March 31, 2026.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.89% as of March 31, 2026.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.08% as of March 31, 2026.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.48% as of March 31, 2026.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.31% as of March 31, 2026.

(f) Denotes that all or a portion of the contract was indexed to the Six-Month AUD, which was 4.78% as of March 31, 2026.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 3.73% as of March 31, 2026.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 3.68% as of March 31, 2026.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 3.66% as of March 31, 2026.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.68% as of March 31, 2026.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.70% as of March 31, 2026.

(l) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.27% as of March 31, 2026.

(m) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.29% as of March 31, 2026.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2026.

(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 March 31, 2026. 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 March 31, 2026, 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 March 31, 2026, total non-qualifying assets at fair value represented 13.6% 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.

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2026

(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 six months ended March 31, 2026.

(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 six months ended March 31, 2026 were as follows:


Portfolio Company	Fair 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 March 31, 2026		Interest, dividend and fee income
Abita Brewing Co. LLC	$	5,216	$	703	$	—	$	(633)	$	—	$	5,286	$	73
Bayside Opco, LLC	33,986		932		(79)		248		—		35,087		1,570
Benetech, Inc.	2,089		—		—		60		—		2,149		—
Chestnut Optical Midco, Inc.	101,952		5,142		—		(556)		—		106,538		1,599
Elite Dental Partners LLC	10,692		1,471		—		(2,619)		—		9,544		184
Fleet Farm Group LLC	33,243		433		—		(1,861)		—		31,815		442
G & H Wire Company, Inc.	6,070		244		(41)		(1,371)		—		4,902		148
IMPLUS Footcare, LLC	23,769		537		—		825		—		25,131		656
Opening Day Borrower 111 LLC	23,236		1,520		—		(7,853)		—		16,903		288
Reaction Biology Corporation	7,259		829		—		(3,012)		—		5,076		182
SPF Borrower LLC	37,469		452		(82)		(1,688)		—		36,151		1,436
Switchfly LLC	8,782		414		—		(3,486)		—		5,710		11
Total Non-Controlled Affiliates	$	293,763	$	12,677	$	(202)	$	(21,946)	$	—	$	284,292	$	6,589


(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 six months ended March 31, 2026 were as follows:


Portfolio Company	Fair 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 March 31, 2026		Interest, dividend and fee income
MMan Acquisition Co.	$	11,862	$	264	$	—	$	(635)	$	—	$	11,491	$	274
Total Controlled Affiliates	$	11,862	$	264	$	—	$	(635)	$	—	$	11,491	$	274


(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 March 31, 2026.

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*+	One stop	SF +	5.00%	(i)	9.00%				02/2029	$	34,027	$	33,833	0.9	%	$	33,857
PPW Aero Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.00%				02/2029	11,801		11,736		0.3		11,742
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				02/2029	—		(2)		—		(2)
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				02/2029	—		(2)		—		(1)
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				02/2029	6,432		6,404		0.2		6,400
PPW Aero Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				09/2031	187		186		—		186
PPW Aero Buyer, Inc.+(5)	One stop				N/A(6)				09/2031	—		(3)		—		(3)
Titan BW Borrower L.P.+(26)	One stop	SF +	5.26%	(i)	6.58%	cash/	2.88%	PIK	07/2032	1,599		1,583		—		1,583
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—		(3)		—		(3)
Titan BW Borrower L.P.+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(1)
										54,046		53,731		1.4		53,758
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2031	46,415		45,573		1.2		45,950
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.20%				11/2031	2,931		2,871		0.1		2,897
RJW Group Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2031	1,710		1,693		0.1		1,693
RJW Group Holdings, Inc.+(5)	One stop				N/A(6)				11/2031	—		(1)		—		(3)
										51,056		50,136		1.4		50,537
Airlines
Accelya Lux Finco S.A.R.L.+(8)(22)(26)	One stop	SF +	6.00%	(i)	10.10%	PIK			12/2026	9,085		8,930		0.2		9,085

Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(j)	8.62%				11/2030	4,736		4,696		0.1		4,689
Arnott, LLC+	One stop	SF +	4.75%	(j)	8.74%				11/2030	349		342		—		341
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)	9.06%				01/2030	2,200		2,178		0.1		2,200
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)(j)	9.00%				01/2030	1,173		1,163		—		1,173
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)	8.95%				01/2030	45		42		—		45
Collision SP Subco, LLC+	One stop	SF +	4.75%	(i)	9.04%				01/2030	245		243		—		245
Collision SP Subco, LLC+(5)	One stop				N/A(6)				01/2030	—		(28)		—		—
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.97%				08/2027	6,756		6,706		0.2		5,810
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.96%				08/2027	1,367		1,349		—		1,176
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.78%				08/2027	186		183		—		160
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.20%	cash/	5.00%	PIK	05/2027	9,584		8,302		0.1		4,025
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.18%	cash/	5.00%	PIK	05/2027	1,603		1,394		—		673
OEConnection, LLC*	One stop	SF +	5.25%	(h)	9.41%				04/2031	10,185		10,147		0.3		10,219
OEConnection, LLC+	One stop	SF +	5.25%	(h)	9.41%				04/2031	1,777		1,762		0.1		1,784
OEConnection, LLC+(5)	One stop				N/A(6)				04/2031	—		(7)		—		3
OEConnection, LLC+(5)	One stop				N/A(6)				04/2031	—		(30)		—		23
										40,206		38,442		0.9		32,566
Automobiles
CAP-KSI Holdings, LLC*+	One stop	SF +	5.25%	(h)(i)	9.32%				06/2030	13,196		13,049		0.3		13,196
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.90%				06/2030	396		384		—		396
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75%	(i)	10.75%	cash/	2.00%	PIK	07/2027	46,395		46,244		1.2		46,395
CG Group Holdings, LLC+(26)	One stop	SF +	8.75%	(h)	10.91%	cash/	2.00%	PIK	07/2026	804		799		—		804
Denali Midco 2, LLC*	One stop	SF +	5.25%	(h)	9.41%				12/2028	38,258		38,060		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00%	PIK			12/2029	11,583		11,501		0.3		11,583
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%				12/2028	8,917		9,036		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%				12/2028	2,668		2,705		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%				12/2028	1,621		1,642		0.1		1,621

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	$	1,540	$	1,560	—	%	$	1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,344		1,362		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,293		1,281		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,108		1,106		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,075		1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,075		1,074		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	887		885		—		887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	1,210		1,208		—		1,210
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	403		399		—		403
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	348		345		—		348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	294		292		—		294
Denali Midco 2, LLC+(5)	One stop				N/A(6)	12/2028	—		(11)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	173		171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.41%	12/2028	87		85		—		87
Denali Midco 2, LLC+(5)	One stop				N/A(6)	12/2028	—		(4)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.25%	12/2029	1,422		1,418		—		1,422
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.25%	12/2029	296		295		—		296
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.25%	12/2029	250		248		—		250
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.24%	12/2029	4		3		—		4
JHCC Holdings LLC*	One stop	SF +	5.25%	(i)	9.25%	09/2027	17,708		17,674		0.5		17,708
JHCC Holdings LLC*+	One stop	SF +	5.25%	(i)	9.25%	09/2027	6,887		6,877		0.2		6,887
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	5,127		5,182		0.1		5,127
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	4,901		4,909		0.1		4,901
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	2,764		2,779		0.1		2,764
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	1,642		1,638		0.1		1,642
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	727		724		—		727
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	688		687		—		688
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.50%	09/2027	80		80		—		80
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	09/2027	3,975		3,949		0.1		3,975
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	9.90%	11/2026	32,547		32,513		0.8		31,896
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.10%	11/2026	3,826		3,817		0.1		3,749
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	10.21%	11/2026	3,580		3,569		0.1		3,508
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	10.21%	11/2026	3,500		3,484		0.1		3,430
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	9.90%	11/2026	2,593		2,582		0.1		2,541
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	2,139		2,130		0.1		2,097
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	1,972		1,960		0.1		1,932
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	718		715		—		704
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	528		525		—		517
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.95%	11/2026	400		397		—		392
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	264		263		—		259
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	201		200		—		197
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	88		88		—		86
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	9.90%	11/2026	88		88		—		86
MOP GM Holding, LLC+(5)	One stop				N/A(6)	11/2026	—		(18)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(i)	9.00%	07/2029	13,281		13,237		0.3		13,281
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	9.24%	07/2029	1,447		1,427		—		1,447
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(i)	9.00%	07/2029	1,280		1,274		—		1,280
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	9.03%	07/2029	692		682		—		692
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	11/2027	28,196		28,385		0.7		27,914
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	11/2027	3,666		3,708		0.1		3,629
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	11/2027	1,297		1,297		—		1,284
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	11/2027	864		864		—		856

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	11/2027	$	645	$	645	—	%	$	639
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	11/2027	288		288		—		285
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.64%	11/2027	234		233		—		229
POY Holdings, LLC+(5)	One stop				N/A(6)	11/2027	—		(11)		—		—
POY Holdings, LLC*	One stop	SF +	5.50%	(i)	9.64%	11/2027	2,261		2,254		0.1		2,239
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	4,808		4,775		0.1		4,808
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	270		267		—		270
Quick Quack Car Wash Holdings, LLC+(5)	One stop				N/A(6)	06/2031	—		(3)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	160		157		—		160
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%	06/2031	20		20		—		20
TWAS Holdings, LLC*+	One stop	SF +	6.00%	(h)	10.26%	12/2026	46,323		46,084		1.2		46,323
TWAS Holdings, LLC*+	One stop	SF +	6.00%	(h)	10.26%	12/2026	41,374		41,343		1.0		41,374
TWAS Holdings, LLC*+	One stop	SF +	6.00%	(h)	10.26%	12/2026	10,741		10,723		0.3		10,741
TWAS Holdings, LLC+	One stop	SF +	6.00%	(h)	10.26%	12/2026	8,203		8,206		0.2		8,203
TWAS Holdings, LLC+	One stop	SF +	6.00%	(h)	10.26%	12/2026	5,210		5,212		0.1		5,210
TWAS Holdings, LLC+(5)	One stop				N/A(6)	12/2026	—		(5)		—		—
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.31%	12/2029	2,227		2,218		0.1		2,227
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.31%	12/2029	71		47		—		71
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.50%	12/2029	2,203		2,227		0.1		2,203
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.79%	12/2029	610		608		—		610
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.50%	12/2029	62		61		—		62
							410,023		409,244		10.1		408,597
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.50%	(i)	8.50%	11/2031	9,283		9,242		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(6)		—		—
Empyrean Solutions, LLC+(5)	One stop				N/A(6)	11/2031	—		(16)		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.31%	12/2029	1,727		1,747		0.1		1,727
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.32%	12/2029	1,652		1,647		—		1,652
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.31%	12/2029	270		267		—		270
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.32%	12/2029	19		14		—		19
							12,951		12,895		0.3		12,951
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	4.75%	(i)	8.75%	06/2030	34,280		34,188		0.9		34,280
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(i)	8.75%	06/2030	1,687		1,683		0.1		1,687
Financial Information Technologies, LLC+(5)	One stop				N/A(6)	06/2030	—		(1)		—		—
Financial Information Technologies, LLC+	One stop	SF +	4.75%	(i)	8.75%	06/2030	2,199		2,194		0.1		2,199
Financial Information Technologies, LLC+	One stop				N/A(6)	06/2030	—		—		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.00%	(i)	9.29%	02/2032	7,653		7,565		0.2		7,653
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—		(17)		—		—
Spindrift Beverage Co. Inc.+(5)	One stop				N/A(6)	02/2032	—		(5)		—		—
Watermill Express, LLC*+	One stop	SF +	4.75%	(i)	8.75%	04/2031	3,047		3,019		0.1		3,047
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.75%	04/2031	294		293		—		294
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.82%	04/2031	149		141		—		149
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.75%	04/2031	735		728		—		735
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.79%	04/2031	369		366		—		369
Watermill Express, LLC*	One stop	SF +	4.75%	(i)	8.96%	04/2031	2,381		2,360		0.1		2,381
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	8.75%	04/2031	2,771		2,755		0.1		2,771
Watermill Express, LLC+(5)	One stop				N/A(6)	04/2031	—		(11)		—		—
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(h)	10.51%	12/2027	9,231		8,961		0.2		8,123
							64,796		64,219		1.8		63,688

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(i)	9.40%				11/2028	$	40,578	$	41,055	1.0	%	$	40,578
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2027	—		(2)		—		—
BECO Holding Company, Inc.+	One stop	SF +	5.25%	(i)	9.40%				11/2028	210		209		—		210
BECO Holding Company, Inc.+(5)	One stop				N/A(6)				11/2028	—		(4)		—		—
										40,788		41,258		1.0		40,788
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	2,514		2,528		0.1		2,514
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	9,925		9,856		0.3		9,925
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	68		67		—		68
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	846		838		—		846
BlueMatrix Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				01/2031	762		760		—		762
										14,115		14,049		0.4		14,115
Chemicals
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2032	—		(9)		—		—
AP Adhesives Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(4)		—		—
AP Adhesives Holdings, LLC+	One stop	SF +	4.75%	(i)	8.80%				04/2032	5,800		5,773		0.2		5,800
Inhance Parent, Inc.+	One stop				N/A(6)				06/2029	—		—		—		—
Inhance Parent, Inc.+(26)	One stop	SF +	7.00%	(i)	6.65%	cash/	4.50%	PIK	06/2029	24,569		21,606		0.6		22,112
Inhance Parent, Inc.+(7)(26)	One stop	N/A			20.00%	PIK			06/2029	10,562		4,446		0.1		4,964
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	1,433		1,426		—		1,426
JSG II, Inc. and Checkers USA, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	14		13		—		13
JSG II, Inc. and Checkers USA, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(2)
Krayden Holdings, Inc.*	Senior secured	SF +	4.75%	(h)	8.91%				03/2029	9,741		9,667		0.3		9,741
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	8.90%				03/2029	645		619		—		645
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	8.91%				03/2029	3,035		2,984		0.1		3,035
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75%	(d)	5.87%	cash/	3.00%	PIK	09/2028	55,652		51,989		1.3		52,870
PHM NL SP Bidco B.V.+(8)(10)(26)	One stop	SF +	6.75%	(g)	8.12%	cash/	3.00%	PIK	09/2028	20,606		19,871		0.5		19,576
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	SN +	6.75%	(f)	7.72%	cash/	3.00%	PIK	09/2028	11,908		11,212		0.3		11,312
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75%	(d)	5.80%	cash/	3.00%	PIK	09/2028	5,793		5,340		0.1		5,503
										149,758		134,932		3.5		136,995
Commercial Services & Supplies
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.31%				10/2029	5,170		5,228		0.1		5,170
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.25%				10/2029	50		49		—		50
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.02%				06/2031	32,031		31,732		0.8		32,031
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	9.00%				06/2031	31		15		—		31
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	9.00%				06/2031	66		39		—		66
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop				N/A(6)				06/2031	—		(5)		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.33%				01/2031	1,059		1,055		—		1,053
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.22%				01/2031	344		343		—		343
CHA Vision Holdings, Inc.+	One stop				N/A(6)				01/2030	—		—		—		—
CHA Vision Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.00%				01/2031	305		304		—		304
CHA Vision Holdings, Inc.+(5)	One stop				N/A(6)				01/2031	—		(3)		—		(3)
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(i)	9.31%				09/2030	4,047		3,962		0.1		4,047
Kleinfelder Intermediate, LLC+	One stop	P +	4.00%	(a)	11.25%				09/2028	93		87		—		93
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(i)	9.31%				09/2030	439		434		—		439
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,539		1,530		—		1,542
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	157		156		—		157
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,548		1,536		—		1,548
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,364		1,357		—		1,364
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	281		280		—		281
North Haven Stack Buyer, LLC+(5)	Second lien				N/A(6)				01/2028	—		(9)		—		—
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	12,160		12,136		0.3		12,160

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	$	2,336	$	2,322	0.1	%	$	2,342
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,466		1,458		—		1,466
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,404		1,397		—		1,404
North Haven Stack Buyer, LLC*	One stop	SF +	4.75%	(i)	8.95%				07/2027	4,097		4,083		0.1		4,097
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,357		1,353		—		1,357
North Haven Stack Buyer, LLC*	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,352		1,347		—		1,352
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	199		198		—		199
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	99		99		—		99
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	9.11%				07/2027	819		813		—		819
North Haven Stack Buyer, LLC*+	One stop	SF +	4.75%	(i)	8.95%				07/2027	2,258		2,248		0.1		2,258
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	479		477		—		479
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	901		896		—		901
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	682		678		—		682
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	757		753		—		757
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75%	cash/	2.50%	PIK	01/2028	23		23		—		23
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	331		329		—		331
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,334		1,327		—		1,334
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75%	cash/	2.50%	PIK	01/2028	389		387		—		389
North Haven Stack Buyer, LLC+(5)	One stop				N/A(6)				07/2027	—		(1)		—		—
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	1,078		1,075		—		1,078
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			9.75%	cash/	2.50%	PIK	01/2028	926		922		—		926
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	102		102		—		102
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.96%				07/2027	205		205		—		205
North Haven Stack Buyer, LLC+	One stop	SF +	4.75%	(i)	8.95%				07/2027	80		80		—		80
Profile Products LLC+	One stop	SF +	5.50%	(i)	9.92%				11/2027	8,959		8,907		0.2		8,959
Profile Products LLC+	One stop	SF +	5.50%	(i)	9.92%				11/2027	1,816		1,800		0.1		1,816
Profile Products LLC+	One stop	P +	4.50%	(a)	11.75%				11/2027	72		72		—		72
Profile Products LLC+	One stop	P +	4.50%	(a)	11.75%				11/2027	4		4		—		4
PSC Parent, Inc.*+	One stop	SF +	5.00%	(h)	9.15%				04/2031	5,451		5,441		0.1		5,451
PSC Parent, Inc.+	One stop	SF +	5.00%	(h)	9.16%				04/2030	231		226		—		231
PSC Parent, Inc.+	One stop	SF +	5.00%	(h)	9.17%				04/2031	604		599		—		604
PSC Parent, Inc.+	One stop	SF +	5.00%	(h)	9.16%				04/2031	909		904		—		909
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00%	(i)	7.25%	cash/	1.75%	PIK	04/2030	21,326		21,311		0.5		21,326
PT Intermediate Holdings III, LLC+(5)	One stop				N/A(6)				04/2030	—		(4)		—		—
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.50%				03/2029	33,940		33,692		0.9		33,940
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.50%				03/2029	32,623		32,663		0.8		32,623
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	9.50%				03/2029	330		295		—		330
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.48%				06/2029	2,625		2,611		0.1		2,625
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.43%				06/2029	528		528		—		528
Trinity Air Consultants Holdings Corporation+	One stop				N/A(6)				06/2029	—		—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.43%				06/2029	492		492		—		492
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.25%	(j)	8.43%				06/2029	248		247		—		248
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	8.87%				07/2031	16,349		16,213		0.4		16,349
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.17%				07/2031	294		293		—		294
WRE Holding Corp.+(5)	One stop				N/A(6)				07/2030	—		(19)		—		—
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.14%				07/2031	1,795		1,787		0.1		1,795
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.13%				07/2031	1,081		1,077		—		1,081
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.12%				07/2031	841		838		—		841
WRE Holding Corp.+	One stop	SF +	5.00%	(i)	9.30%				07/2031	301		300		—		301
WRE Holding Corp.+	One stop	SF +	5.00%	(i)	9.23%				07/2031	187		186		—		187
										214,364		213,260		4.8		214,362

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50%	(g)	10.05%		09/2028	$	14,802	$	14,782	0.4	%	$	14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50%	(d)	7.54%		09/2028	1,783		1,747		0.1		1,783
								16,585		16,529		0.5		16,585
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.75%	(h)(i)	8.75%		05/2031	5,512		5,515		0.1		5,512
Consor Intermediate II, LLC+(5)	One stop				N/A(6)		05/2031	—		(8)		—		—
Consor Intermediate II, LLC+(5)	One stop				N/A(6)		05/2031	—		(2)		—		—
DCCM, LLC+	One stop	SF +	4.75%	(h)	8.91%		06/2032	593		590		—		593
DCCM, LLC+(5)	One stop				N/A(6)		06/2032	—		(1)		—		—
DCCM, LLC+(5)	One stop				N/A(6)		06/2032	—		(1)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.62%		12/2030	5,981		5,927		0.2		5,981
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.50%		12/2030	212		207		—		212
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.67%		12/2030	430		421		—		430
								12,728		12,648		0.3		12,728
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(i)	9.06%		10/2028	48,826		49,371		1.2		48,826
Chase Intermediate+	One stop	SF +	4.75%	(h)(i)	8.97%		10/2028	200		198		—		200
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.06%		10/2028	2,284		2,280		0.1		2,284
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.06%		10/2028	598		560		—		598
Fortis Solutions Group, LLC*+	One stop	SF +	5.50%	(i)	9.60%		10/2028	51,594		51,285		1.3		51,594
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.60%		10/2028	1,695		1,680		0.1		1,695
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.60%		10/2028	140		91		—		140
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.60%		10/2027	152		144		—		152
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75%	(i)	9.06%		07/2032	5,258		5,247		0.1		5,258
Packaging Coordinators Midco, Inc.+(5)	One stop				N/A(6)		07/2032	—		(1)		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
Packaging Coordinators Midco, Inc.+	One stop				N/A(6)		07/2032	—		—		—		—
								110,747		110,855		2.8		110,747
Diversified Consumer Services
ABC Legal Holdings, LLC+	One stop	SF +	4.50%	(h)	8.65%		08/2032	1,337		1,330		—		1,323
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—		(1)		—		(3)
ABC Legal Holdings, LLC+(5)	One stop				N/A(6)		08/2032	—		(2)		—		(4)
Any Hour, LLC*	One stop	SF +	5.25%	(i)	9.25%		05/2030	8,975		8,923		0.2		8,616
Any Hour, LLC+(26)	One stop	N/A			13.00%	PIK	05/2031	3,275		3,230		0.1		3,110
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.30%		05/2030	569		558		—		531
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.25%		05/2030	254		238		—		148
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.17%		10/2030	13,855		13,795		0.4		13,855
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.20%		10/2030	4,390		4,451		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.20%		10/2030	1,045		1,033		—		1,045
Apex Service Partners, LLC+(5)	One stop				N/A(6)		10/2029	—		(2)		—		—
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	2,198		2,178		0.1		2,198
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.21%		10/2030	3,682		3,652		0.1		3,682
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,730		1,721		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,659		1,649		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,197		1,194		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,182		1,177		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.40%		08/2027	820		816		—		820
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.40%		08/2027	723		717		—		723

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	$	704	$	702	—	%	$	704
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.40%		08/2027	416		414		—		416
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	394		393		—		394
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	260		258		—		260
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	142		139		—		142
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	60		59		—		60
Certus Pest, Inc.+	One stop				N/A(6)		08/2027	—		—		—		—
Certus Pest, Inc.+(5)	One stop				N/A(6)		08/2027	—		(23)		—		—
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	2,336		2,328		0.1		2,336
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	1,456		1,451		—		1,456
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	698		695		—		698
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.40%		08/2027	698		695		—		698
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	9.15%		01/2028	3,693		3,682		0.1		3,693
CHHJ Midco, LLC+	Senior secured				N/A(6)		01/2028	—		—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(i)	8.50%		05/2030	6,367		6,288		0.2		6,367
CHVAC Services Investment, LLC*+	One stop	SF +	4.50%	(i)	8.50%		05/2030	1,656		1,639		0.1		1,656
CHVAC Services Investment, LLC+(5)	One stop				N/A(6)		05/2030	—		(3)		—		—
CHVAC Services Investment, LLC+	One stop	SF +	4.50%	(i)	8.50%		05/2030	61		22		—		61
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	5,490		5,448		0.1		5,490
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	2,376		2,368		0.1		2,376
COP Hometown Acquisitions, Inc.*+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	2,314		2,304		0.1		2,314
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	1,517		1,510		—		1,517
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.47%		07/2027	1,370		1,368		—		1,370
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%		07/2027	1,142		1,137		—		1,142
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.55%		07/2027	1,072		1,067		—		1,072
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.44%		07/2027	1,037		1,036		—		1,037
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.42%		07/2027	913		912		—		913
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%		07/2027	688		686		—		688
COP Hometown Acquisitions, Inc.+(5)	Senior secured				N/A(6)		07/2027	—		(1)		—		—
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.55%		12/2027	13,835		13,858		0.4		13,697
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.55%		12/2027	76		74		—		72
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.65%		07/2029	4,344		4,347		0.1		4,344
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.65%		07/2029	1,263		1,251		—		1,263
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.65%		07/2029	14		14		—		14
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	1,074		1,074		—		946
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	916		915		—		806
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	101		101		—		90
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.15%		03/2026	38		38		—		32
FPG Intermediate Holdco, LLC+	One stop	SF +	5.00%	(i)	9.21%		06/2029	1,060		1,060		—		1,060
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	5.00%	(i)	9.32%	PIK	06/2029	920		920		—		920
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(i)	11.05%	PIK	06/2029	130		129		—		130
FPG Intermediate Holdco, LLC+(26)	Senior secured	SF +	5.00%	(i)	9.32%	PIK	06/2029	4,741		4,470		0.1		4,362
FPG Intermediate Holdco, LLC+(7)(26)	One stop	SF +	5.00%	(i)	9.32%	PIK	06/2029	1,896		1,630		0.1		1,630
FSS Buyer LLC*+	One stop	SF +	4.50%	(h)	8.66%		08/2031	6,880		6,842		0.2		6,880
FSS Buyer LLC+	One stop				N/A(6)		08/2030	—		—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.45%		06/2029	11,432		11,417		0.3		11,432
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.56%		06/2029	685		684		—		685
HS Spa Holdings, Inc.+	One stop	P +	4.25%	(a)	11.50%		06/2028	44		43		—		44
Kodiak Buyer, LLC+	One stop	SF +	4.50%	(i)	8.50%		07/2032	614		611		—		611
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		(1)
Kodiak Buyer, LLC+(5)	One stop				N/A(6)		07/2032	—		(1)		—		(1)
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%		11/2026	35,383		35,364		0.9		35,383
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%		11/2026	23,340		23,301		0.6		23,340

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%				11/2026	$	20,168	$	20,361	0.5	%	$	20,168
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.71%				11/2026	15,833		15,733		0.4		15,833
Litera Bidco, LLC*	One stop	SF +	5.00%	(h)	9.16%				05/2028	5,149		5,157		0.1		5,149
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.16%				05/2028	2,055		2,051		0.1		2,055
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.25%				05/2028	52		51		—		52
Litera Bidco, LLC+(5)	One stop				N/A(6)				05/2028	—		(1)		—		—
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(h)	10.01%				04/2029	11,267		11,226		0.3		10,817
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.01%				04/2029	5,188		5,210		0.1		4,981
Mario Purchaser, LLC+(26)	One stop	SF +	10.75%		15.01%	PIK			04/2032	5,165		5,182		0.1		5,061
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.01%				04/2029	452		448		—		433
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.01%				04/2028	54		54		—		50
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(i)	9.00%				11/2029	38,051		37,829		1.0		38,051
NSG Buyer, Inc. +	One stop	SF +	5.00%	(i)	9.00%				11/2028	145		141		—		145
NSG Buyer, Inc. +(5)	One stop				N/A(6)				11/2029	—		(31)		—		—
PADI Holdco, Inc.*	One stop	SF +	5.00%	(i)	9.35%				01/2029	21,134		20,922		0.5		21,134
PADI Holdco, Inc.+(9)	One stop	E +	5.00%	(c)	7.03%				01/2029	20,997		20,216		0.5		20,997
PADI Holdco, Inc.+(9)	One stop	A +	5.50%	(e)	9.10%				01/2029	7,496		7,084		0.2		7,496
PADI Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.46%				01/2029	814		806		—		814
PADI Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.42%				01/2029	1,125		1,119		—		1,125
PADI Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.22%				01/2029	168		167		—		168
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.60%				06/2027	20,582		20,469		0.5		20,170
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.60%				06/2027	13,867		13,804		0.4		13,590
Provenance Buyer LLC+	One stop	SF +	5.50%	(i)	9.60%				06/2027	176		172		—		170
RW AM Holdco LLC+	One stop	SF +	5.25%	(i)	9.35%				04/2028	23,613		23,047		0.5		18,182
RW AM Holdco LLC+(5)	One stop				N/A(6)				04/2028	—		(8)		—		(46)
Salisbury House, LLC+	One stop	SF +	5.00%	(i)	9.16%				08/2032	34		33		—		32
Salisbury House, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(3)
Salisbury House, LLC+	One stop	SF +	5.00%	(h)	9.16%				08/2032	1,498		1,491		—		1,483
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	6.91%	cash/	2.25%	PIK	10/2031	35,734		35,435		0.9		35,377
Severin Acquisition, LLC+(5)	One stop				N/A(6)				10/2031	—		(38)		—		(44)
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	6.91%	cash/	2.25%	PIK	10/2031	1,249		1,218		—		1,175
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(i)	8.50%				02/2031	7,151		7,103		0.2		7,151
Stellar Brands, LLC+(5)	Senior secured				N/A(6)				02/2031	—		(4)		—		—
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(j)	9.41%				12/2030	3,165		3,198		0.1		3,165
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2030	—		—		—		—
Virginia Green Acquisition, LLC+	One stop				N/A(6)				12/2029	—		—		—		—
										454,919		451,016		11.1		445,732
Diversified Financial Services
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(h)	8.91%				06/2031	3,763		3,721		0.1		3,772
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2030	—		(11)		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	4.50%	(h)	8.66%				06/2031	5,031		5,007		0.1		5,031
Baker Tilly Advisory Group, LP+(5)	One stop				N/A(6)				06/2031	—		(8)		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(h)	8.66%				07/2027	20,358		20,327		0.5		20,205
Banker's Toolbox, Inc.+(5)	One stop				N/A(6)				07/2027	—		—		—		(2)
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.50%	(d)	6.58%				07/2031	17,481		15,981		0.4		17,481
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	7.50%	(d)	9.58%	PIK			07/2032	2,276		2,085		0.1		2,276
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	4.50%	(d)	6.76%				07/2031	2,476		2,219		0.1		2,476
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop				N/A(6)				07/2031	—		—		—		—
Corsair Blade IV S.A R.L.+(8)(13)(26)	One stop	SF +	5.75%	(i)	9.75%	cash/	0.25%	PIK	12/2030	3,699		3,699		0.1		3,699
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)	One stop	SN +	5.75%	(f)	9.47%	cash/	0.25%	PIK	12/2030	1,191		911		—		1,191
Deerfield Dakota Holding, LLC+(5)	One stop				N/A(6)				09/2032	—		(2)		—		(2)
Deerfield Dakota Holding, LLC+(26)	One stop	SF +	5.75%	(i)	7.06%	cash/	2.75%	PIK	09/2032	1,829		1,810		0.1		1,810

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Equity Methods, LLC+	One stop	SF +	4.75%	(i)	8.75%				04/2032	$	19,829	$	19,736	0.5	%	$	19,829
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(17)		—		—
Equity Methods, LLC+(5)	One stop				N/A(6)				04/2032	—		(21)		—		—
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(i)	11.29%				09/2029	1,490		1,472		—		1,490
Flash Topco, Inc.+	One stop	SF +	5.75%	(i)	10.16%				10/2028	16,919		16,693		0.4		16,750
Flash Topco, Inc.+	One stop	SF +	5.75%	(i)	10.06%				10/2028	3,378		3,364		0.1		3,344
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	10.80%				10/2028	128		127		—		128
Higginbotham Insurance Agency, Inc.*+	One stop	SF +	4.50%	(h)	8.67%				11/2028	8,011		8,038		0.2		8,011
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	8.91%				11/2028	720		718		—		720
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%	(f)	8.97%				05/2032	26,485		26,010		0.7		26,485
Medlar Bidco Limited+(8)(9)(21)	One stop	E +	5.00%	(c)	6.97%				05/2032	32,952		31,540		0.8		32,952
Medlar Bidco Limited+(5)(8)(9)(21)	One stop				N/A(6)				05/2032	—		(57)		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(i)	8.79%				10/2028	3,956		3,952		0.1		3,956
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(i)	8.79%				10/2028	2,853		2,850		0.1		2,853
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(1)		—		—
Wealth Enhancement Group, LLC+	One stop	SF +	4.50%	(h)(i)	8.78%				10/2028	1,307		1,291		—		1,307
Wealth Enhancement Group, LLC+(5)	One stop				N/A(6)				10/2028	—		(2)		—		—
										176,132		171,432		4.4		175,762
Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	4.75%	(i)	8.90%				07/2027	1,529		1,525		—		1,529

Electric Utilities
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50%	(i)	8.04%	cash/	3.75%	PIK	01/2030	6,422		6,299		0.2		6,294
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50%		7.88%				01/2030	707		698		—		693
										7,129		6,997		0.2		6,987
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(i)	8.75%				12/2030	1,481		1,466		—		1,481
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(h)(i)	9.67%				12/2030	17		15		—		17
Wildcat TopCo, Inc.+	One stop	SF +	4.75%	(h)	8.91%				11/2031	23,302		23,098		0.6		23,302
Wildcat TopCo, Inc.+	One stop	P +	3.75%	(a)	11.00%				11/2031	112		75		—		112
Wildcat TopCo, Inc.+(5)	One stop				N/A(6)				11/2031	—		(18)		—		—
										24,912		24,636		0.6		24,912
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(h)	9.26%				11/2028	33,715		33,006		0.9		33,715
CST Holding Company+(5)	One stop				N/A(6)				11/2028	—		(2)		—		—
										33,715		33,004		0.9		33,715
Food & Staples Retailing
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	991		988		—		991
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	56		56		—		56
Mendocino Farms, LLC+	One stop				N/A(6)				03/2030	—		—		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	110		110		—		110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	111		111		—		111
Mendocino Farms, LLC+(5)	One stop				N/A(6)				03/2030	—		(80)		—		—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	56		56		—		56
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.66%				03/2030	56		56		—		56
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.81%				02/2031	11,551		11,498		0.3		11,551
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.81%				02/2031	35		35		—		35
Wineshipping.com LLC+(5)	One stop				N/A(6)				12/2028	—		—		—		(205)
Wineshipping.com LLC+(26)	One stop	SF +	6.25%	(i)	5.15%	cash/	5.25%	PIK	12/2028	10,615		10,478		0.2		8,492
Wineshipping.com LLC+(26)	One stop	SF +	6.25%	(i)	5.15%	cash/	5.25%	PIK	12/2028	286		282		—		229
Wineshipping.com LLC+(26)	One stop	SF +	6.25%	(i)	5.15%	cash/	5.25%	PIK	12/2028	200		194		—		154
										24,067		23,784		0.5		21,636

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Blast Bidco Inc.+	One stop	SF +	6.00%	(i)	10.00%				10/2030	$	4,855	$	4,804	0.1	%	$	4,855
Blast Bidco Inc.+(5)	One stop				N/A(6)				10/2029	—		(5)		—		—
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.15%				06/2027	18,823		18,816		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.15%				06/2027	1,556		1,549		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.15%				06/2027	231		231		—		231
Borrower R365 Holdings, LLC+	One stop				N/A(6)				06/2027	—		—		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)(j)	9.19%				08/2030	12,878		12,774		0.3		12,878
Eagle Family Foods Group, LLC+(5)	One stop				N/A(6)				08/2030	—		(12)		—		—
Kodiak Cakes, LLC*+	Senior secured	SF +	5.25%	(j)	9.38%				06/2028	45,911		45,609		1.2		45,911
Kodiak Cakes, LLC+(5)	Senior secured				N/A(6)				06/2028	—		(3)		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(i)	10.40%				07/2027	13,559		13,530		0.3		13,559
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)	10.52%				07/2027	254		251		—		254
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.50%				12/2026	51,438		51,285		1.3		49,895
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.50%				12/2026	540		533		—		522
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.50%				12/2026	1,649		1,624		—		1,600
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00%	PIK			12/2026	2,273		2,258		0.1		2,091
P&P Food Safety Holdings, Inc.*+	One stop	SF +	5.25%	(i)	9.25%				05/2029	13,105		13,193		0.3		13,105
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—		(7)		—		—
P&P Food Safety Holdings, Inc.+(9)	One stop	E +	5.50%	(c)	7.48%				05/2029	12,104		11,734		0.3		12,104
P&P Food Safety Holdings, Inc.+(5)	One stop				N/A(6)				05/2029	—		(28)		—		—
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	A +	4.75%	(e)	8.35%				08/2032	310		303		—		308
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	E +	4.75%	(c)	6.82%				08/2032	304		300		—		302
Sphynx UK Bidco, Ltd.+(8)(9)(10)	One stop	SN +	4.75%	(f)	8.72%				08/2032	1,407		1,393		—		1,398
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50%	(i)	10.50%				03/2029	22,740		22,660		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.50%	(f)	7.97%	cash/	1.50%	PIK	03/2029	11,201		10,773		0.3		11,201
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50%	(f)	10.47%				03/2029	8,366		7,726		0.2		8,366
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.22%				09/2028	174		159		—		174
Zullas, L.C.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	24		23		—		24
Zullas, L.C.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	439		437		—		439
Zullas, L.C.+(5)	One stop				N/A(6)				06/2031	—		(2)		—		—
										224,141		221,908		5.5		222,336
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75%	(h)	8.91%				06/2028	7,013		6,981		0.2		7,013
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	8.91%				06/2028	455		453		—		455
Aspen Medical Products, LLC+(5)	One stop				N/A(6)				06/2028	—		(1)		—		—
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	8.91%				06/2028	890		883		—		890
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(g)	10.83%				08/2028	7,745		7,748		0.2		7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.48%				08/2028	4,863		4,788		0.1		4,863
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.45%	(g)	10.83%				08/2028	1,912		1,912		0.1		1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(f)	10.54%				08/2028	1,360		1,350		—		1,360
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(c)	8.43%				08/2028	1,160		1,092		—		1,160
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.45%	(f)	10.54%				08/2028	1,205		1,163		—		1,205
Belmont Instrument, LLC*+	One stop	SF +	5.25%	(i)	9.25%				08/2028	14,356		14,276		0.4		14,356
Belmont Instrument, LLC+(5)	One stop				N/A(6)				08/2028	—		(2)		—		—
Blades Buyer, Inc.*+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	12,160		12,132		0.3		12,160
Blades Buyer, Inc.*+	Senior secured	SF +	5.25%	(h)	9.63%				03/2028	1,725		1,715		0.1		1,725
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	1,395		1,389		—		1,395
Blades Buyer, Inc.+(5)	Senior secured				N/A(6)				03/2028	—		(1)		—		—
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	6,897		6,876		0.2		6,897
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(h)	9.38%				03/2028	1,721		1,714		0.1		1,721
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	12		12		—		12
Blue River Pet Care, LLC+	One stop				N/A(6)				08/2029	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Blue River Pet Care, LLC*+	One stop	SF +	5.75%	(h)	10.01%				08/2029	$	62,286	$	62,149	1.6	%	$	62,286
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	12,335		12,392		0.3		12,335
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,876		2,890		0.1		2,876
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,764		2,777		0.1		2,764
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,737		2,750		0.1		2,737
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	2,104		2,114		0.1		2,104
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	1,246		1,242		—		1,246
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	414		412		—		414
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	510		507		—		510
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	292		291		—		292
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	297		295		—		297
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	256		255		—		256
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	225		225		—		225
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	1		1		—		1
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.01%				08/2029	4		4		—		4
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(i)	9.97%				08/2029	1		1		—		1
Centegix Intermediate II, LLC+	One stop	SF +	5.50%	(i)	9.69%				08/2032	1,360		1,353		—		1,353
Centegix Intermediate II, LLC+(5)	One stop				N/A(6)				08/2032	—		(1)		—		(1)
Centegix Intermediate II, LLC+(5)	One stop				N/A(6)				08/2032	—		(2)		—		(2)
CCSL Holdings, LLC*	One stop	SF +	5.75%	(h)	9.91%				12/2028	20,842		20,806		0.5		20,842
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(h)	9.91%				12/2028	5,627		5,640		0.1		5,627
CCSL Holdings, LLC+(9)	One stop	SN +	5.75%	(f)	9.72%				12/2028	3,562		3,328		0.1		3,562
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	3,462		3,438		0.1		3,462
CCSL Holdings, LLC*+	One stop	SF +	5.75%	(h)	9.91%				12/2028	2,877		2,856		0.1		2,877
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	320		319		—		320
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	975		971		—		975
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.66%				12/2028	34,411		31,750		0.9		34,411
CCSL Holdings, LLC+(9)	One stop	E +	5.75%	(b)	7.66%				12/2028	6,741		5,992		0.2		6,741
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	2,767		2,755		0.1		2,767
CCSL Holdings, LLC+	One stop	SF +	5.75%	(h)	9.91%				12/2028	2,202		2,192		0.1		2,202
CMI Parent Inc.*	One stop	SF +	5.00%	(h)	9.16%				12/2026	22,355		22,298		0.6		22,355
CMI Parent Inc.*+	One stop	SF +	5.00%	(h)	9.16%				12/2026	19,679		19,733		0.5		19,679
CMI Parent Inc.*+	Senior secured	SF +	5.00%	(h)	9.16%				12/2026	9,435		9,426		0.2		9,435
CMI Parent Inc.*+	One stop	SF +	5.00%	(h)	9.16%				12/2026	8,852		8,842		0.2		8,852
CMI Parent Inc.+	One stop				N/A(6)				12/2026	—		—		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.70%				06/2031	7,851		7,788		0.2		7,851
HuFriedy Group Acquisition, LLC+(5)	One stop				N/A(6)				05/2030	—		(7)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.51%				06/2031	1,519		1,494		—		1,519
Isto Group, Inc.+	One stop				N/A(6)				09/2032	—		—		—		—
Isto Group, Inc.+	One stop	SF +	4.75%	(i)	8.77%				09/2032	588		585		—		585
Isto Group, Inc.+(5)	One stop				N/A(6)				09/2032	—		(2)		—		(2)
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(i)	7.16%	cash/	6.00%	PIK	03/2029	1,235		1,235		—		1,235
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(i)	7.16%	cash/	6.00%	PIK	03/2029	922		746		—		922
RTI Surgical, Inc.+(5)	One stop				N/A(6)				09/2032	—		(2)		—		(2)
RTI Surgical, Inc.+	One stop	SF +	4.75%	(i)	8.75%				09/2032	1,667		1,658		—		1,658
TIDI Legacy Products, Inc.+	One stop	SF +	4.50%	(h)	8.66%				12/2029	3,485		3,538		0.1		3,485
TIDI Legacy Products, Inc.+	One stop				N/A(6)				12/2029	—		—		—		—
TIDI Legacy Products, Inc.+	One stop				N/A(6)				12/2029	—		—		—		—
YI, LLC+	One stop	SF +	5.75%	(h)	9.90%				12/2029	4,385		4,384		0.1		4,342
YI, LLC+(5)	One stop				N/A(6)				12/2029	—		(1)		—		(2)
										320,336		315,897		8.1		320,265

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC *+	One stop	SF +	5.25%	(h)	9.51%				12/2027	$	8,582	$	8,547	0.2	%	$	8,604
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.51%				12/2027	8,069		8,099		0.2		8,090
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.51%				12/2027	3,469		3,483		0.1		3,477
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50%	PIK			12/2031	3,063		2,963		0.1		3,032
AAH TOPCO, LLC +(5)	One stop				N/A(6)				12/2027	—		(1)		—		—
AAH TOPCO, LLC +	One stop	SF +	5.00%	(h)	9.16%				12/2027	778		742		—		778
Active Day, Inc.*+	One stop	SF +	5.00%	(h)	9.26%				05/2026	17,209		17,184		0.4		17,209
Active Day, Inc.+(5)	One stop				N/A(6)				05/2026	—		(14)		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	1,328		1,327		—		1,328
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	856		855		—		856
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	682		681		—		682
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	602		601		—		602
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	592		591		—		592
Active Day, Inc.+	One stop				N/A(6)				05/2026	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	N/A				05/2026	—		—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.26%				05/2026	6,594		6,574		0.2		6,594
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.22%				03/2027	16,012		15,973		0.4		16,052
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50%	PIK			06/2027	16,812		16,740		0.4		16,980
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	3,954		3,945		0.1		3,964
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.46%				03/2027	3,522		3,514		0.1		3,531
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(i)	10.40%				03/2027	3,504		3,494		0.1		3,513
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	3,106		3,098		0.1		3,114
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.37%				03/2027	1,986		1,981		0.1		1,991
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	1,810		1,805		0.1		1,814
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.34%				03/2027	1,013		1,010		—		1,015
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	439		437		—		440
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.40%	cash/	6.75%	PIK	03/2027	294		294		—		307
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2027	210		209		—		210
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	162		161		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.45%	cash/	6.75%	PIK	03/2027	115		115		—		120
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	10.67%				03/2027	107		106		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.40%				03/2027	1		1		—		1
Acuity Eyecare Holdings, LLC+	One stop				N/A(6)				03/2027	—		—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	18,211		18,347		0.5		18,211
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(i)	10.30%				03/2027	6,353		6,359		0.2		6,353
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.30%				03/2027	5,310		5,310		0.1		5,310
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,960		3,945		0.1		3,960
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,513		1,507		—		1,513
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.41%				03/2027	829		828		—		829
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.40%				03/2027	393		393		—		393
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop				N/A(6)				03/2027	—		—		—		—
Bamboo US Bidco LLC*+	One stop	SF +	5.25%	(i)	9.56%				09/2030	2,713		2,664		0.1		2,713
Bamboo US Bidco LLC+(9)	One stop	E +	5.25%	(c)	7.28%				09/2030	1,981		1,747		0.1		1,981
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(i)	9.56%				09/2030	415		414		—		415
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(h)(i)	9.48%				09/2030	1,257		1,252		—		1,257
Bamboo US Bidco LLC+	One stop				N/A(6)				09/2030	—		—		—		—
Bamboo US Bidco LLC+(5)	One stop				N/A(6)				10/2029	—		(10)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Bayou Intermediate II, LLC+(5)	One stop				N/A(6)		09/2032	$	—	$	(1)	—	%	$	(2)
Bayou Intermediate II, LLC+	One stop	SF +	4.75%	(i)	8.76%		09/2032	1,410		1,403		—		1,396
Bayou Intermediate II, LLC+(5)	One stop				N/A(6)		09/2032	—		(2)		—		(4)
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	5.00%	(i)	9.29%		11/2030	12,973		12,904		0.3		12,973
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	5.00%	(i)	9.29%		11/2030	9,950		9,894		0.3		9,950
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)		11/2030	—		(12)		—		—
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop				N/A(6)		11/2030	—		(38)		—		—
BHG Holdings, LLC+	One stop	SF +	5.25%	(h)	9.41%		04/2032	24,794		24,590		0.6		24,794
BHG Holdings, LLC+(5)	One stop				N/A(6)		04/2032	—		(26)		—		—
BHG Holdings, LLC+(5)	One stop				N/A(6)		04/2032	—		(58)		—		—
Community Care Partners, LLC+	One stop	SF +	6.00%	(h)	10.27%		06/2026	3,454		3,411		0.1		3,454
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.00%	(j)	9.29%		04/2031	771		759		—		771
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%		04/2031	481		446		—		481
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)		04/2031	—		(1)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)		10/2030	—		(2)		—		—
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	15,593		15,237		0.4		15,593
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	8,137		7,954		0.2		8,137
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	4,209		4,167		0.1		4,209
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	2,140		2,092		0.1		2,140
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	1,889		1,871		0.1		1,889
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	1,176		1,152		—		1,176
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	977		945		—		977
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	962		939		—		962
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	921		899		—		921
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	834		814		—		834
Encorevet Group LLC+	One stop	SF +	6.75%	(h)(i)	11.10%		02/2027	423		409		—		423
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	358		349		—		358
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	175		171		—		175
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.10%		02/2027	168		163		—		168
Encorevet Group LLC+	One stop	SF +	8.75%	(h)(i)	13.09%		02/2027	155		154		—		157
Encorevet Group LLC+(26)	One stop	N/A			13.00%	PIK	05/2027	109		103		—		106
Encorevet Group LLC+	One stop	SF +	6.75%	(i)(j)	11.01%		02/2027	94		92		—		94
ERC Topco Holdings, LLC+(26)	One stop	SF +	6.76%	(i)	10.76%	PIK	03/2030	7,661		7,082		0.2		6,512
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(i)	9.78%		03/2030	1,145		1,076		—		1,145
ERC Topco Holdings, LLC+(26)	One stop	SF +	5.50%	(i)	9.76%		03/2030	76		76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	10,951		11,344		0.3		10,951
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	3,958		4,083		0.1		3,958
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	2,696		2,794		0.1		2,696
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	2,566		2,654		0.1		2,566
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(i)	10.21%		03/2027	1,105		1,105		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(i)	10.21%		03/2027	554		554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.62%		03/2027	468		474		—		468
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(i)	9.23%		06/2028	2,506		2,514		0.1		2,506
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(i)	9.11%		06/2028	1,190		1,184		—		1,190
Heartland Veterinary Partners LLC+	Senior secured				N/A(6)		06/2028	—		—		—		—
HP TLE Buyer, Inc.+	One stop	SF +	4.75%	(i)	8.75%		07/2032	1,639		1,631		0.1		1,631

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
HP TLE Buyer, Inc.+(5)	One stop				N/A(6)		07/2032	$	—	$	(2)	—	%	$	(2)
Klick Inc.*+(8)(12)	Senior secured	SF +	4.50%	(h)	8.66%		03/2028	13,488		13,507		0.3		13,488
Klick Inc.*(8)(12)	Senior secured	SF +	4.50%	(h)	8.66%		03/2028	3,155		3,144		0.1		3,155
Klick Inc.+(5)(8)(12)	Senior secured				N/A(6)		03/2028	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	2,572		2,565		0.1		2,572
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	2,362		2,355		0.1		2,362
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	1,509		1,507		—		1,509
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	1,386		1,381		—		1,386
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.25%	(i)	9.25%		11/2026	664		663		—		664
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	608		607		—		608
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	90		90		—		90
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.27%		11/2026	183		182		—		183
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.25%	(i)	9.25%		11/2026	297		297		—		297
LOV Acquisition LLC+	Senior secured	SF +	4.25%	(h)	8.41%		11/2031	25,123		25,012		0.6		25,123
LOV Acquisition LLC+(5)	Senior secured				N/A(6)		11/2031	—		(12)		—		—
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)	One stop	CA +	5.50%	(l)	7.96%	PIK	05/2028	25,477		27,846		0.7		25,477
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.50%		05/2028	5,821		5,759		0.2		5,821
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.50%		05/2028	4,107		4,041		0.1		4,107
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	7.96%		05/2028	1,578		1,682		0.1		1,578
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	7.96%		05/2028	822		861		—		822
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	7.95%		05/2028	154		142		—		154
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)	One stop	SF +	5.50%	(i)	9.50%	PIK	05/2028	130		125		—		130
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop				N/A(6)		05/2028	—		(2)		—		—
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	9.95%		01/2027	18,134		18,002		0.5		17,952
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	9.95%		01/2027	12,147		12,092		0.3		12,026
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	9.95%		01/2027	2,442		2,431		0.1		2,418
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	9.95%		01/2027	2,360		2,348		0.1		2,336
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	9.95%		01/2027	1,491		1,485		—		1,477
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	9.95%		01/2027	1,354		1,348		—		1,340
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	673		671		—		666
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	528		523		—		522
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50%	(a)	11.75%		01/2027	522		503		—		502
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	178		176		—		176
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	9.95%		01/2027	102		101		—		101
Premise Health Holding Corp.+	One stop	SF +	5.25%	(i)	9.25%		03/2031	1,377		1,372		—		1,377
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75%	(i)	9.95%		08/2029	14,046		13,983		0.4		14,046
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			14.75%	PIK	08/2030	10,340		10,398		0.3		10,522
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25%	(i)	9.45%		08/2029	5,488		5,410		0.1		5,488
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	2,063		2,036		0.1		2,063
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	477		472		—		477
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	86		83		—		86
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK	08/2030	87		87		—		87
PPV Intermediate Holdings, LLC+(5)	One stop				N/A(6)		08/2029	—		(7)		—		—
Premise Health Holding Corp.+(5)	One stop				N/A(6)		03/2030	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.21%		05/2027	24,839		24,876		0.6		24,839
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.21%		05/2027	2,569		2,559		0.1		2,569
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.14%		05/2027	2,147		2,143		0.1		2,147
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.10%		05/2027	1,180		1,178		—		1,180

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.18%				05/2027	$	1,081	$	1,079	—	%	$	1,081
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	729		728		—		729
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	243		242		—		243
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	213		213		—		213
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	200		200		—		200
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.10%				05/2027	200		200		—		200
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	78		78		—		78
Pyramid Healthcare Acquisition Corp.+(5)	One stop				N/A(6)				05/2027	—		(1)		—		—
Suveto Buyer, LLC*+	One stop	SF +	4.50%	(h)	8.66%				09/2027	27,459		27,455		0.7		27,459
Suveto Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				09/2027	11,180		11,096		0.3		11,180
Suveto Buyer, LLC+(5)	One stop				N/A(6)				09/2027	—		(2)		—		—
										512,013		511,926		12.9		510,894
Healthcare Technology
Amberfield Acquisition Co.*+	One stop	SF +	5.50%	(i)	9.50%				05/2030	7,138		7,110		0.2		7,138
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(i)	9.50%				05/2030	176		169		—		176
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(i)	9.50%				05/2030	164		162		—		164
Color Intermediate, LLC*+	Senior secured	SF +	4.75%	(i)	8.85%				10/2029	17,388		17,354		0.4		17,388
Connexin Software, Inc.+	One stop	SF +	6.25%	(i)	10.40%				03/2027	11,759		11,742		0.3		11,759
Connexin Software, Inc.+	One stop				N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(i)	10.31%				01/2029	6,032		6,019		0.2		6,032
Crow River Buyer, Inc.+(5)	One stop				N/A(6)				01/2029	—		(1)		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(h)	10.17%				01/2029	8,700		8,630		0.2		8,700
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	10.95%				05/2027	11,359		11,376		0.3		11,359
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	10.95%				05/2027	3,803		3,761		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	10.95%				03/2027	142		142		—		142
GHX Ultimate Parent Corporation+	One stop	SF +	4.75%	(i)	8.75%				12/2031	53,749		53,270		1.4		53,749
GHX Ultimate Parent Corporation+(5)	One stop				N/A(6)				12/2031	—		(45)		—		—
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(2)
Healthmark Holdings, L.P.+(5)	One stop				N/A(6)				07/2032	—		(2)		—		(2)
Healthmark Holdings, L.P.+	One stop	SF +	4.50%	(i)	8.70%				07/2032	1,499		1,492		—		1,484
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.82%				07/2031	15,713		15,583		0.4		15,713
Kona Buyer, LLC+(5)	One stop				N/A(6)				07/2031	—		(15)		—		—
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.82%				07/2031	922		922		—		922
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.82%				07/2031	259		258		—		259
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC+	One stop				N/A(6)				07/2031	—		—		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(f)	9.72%				02/2031	637		600		—		631
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(f)	9.72%				02/2031	529		516		—		521
Lacker Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—		(2)		—		(1)
Modernizing Medicine, Inc.+(26)	One stop	SF +	4.75%	(i)	6.50%	cash/	2.25%	PIK	04/2032	32,379		32,078		0.8		32,379
Modernizing Medicine, Inc.+(5)	One stop				N/A(6)				04/2032	—		(28)		—		—
Neptune Holdings, Inc.*	One stop	SF +	4.50%	(i)	8.50%				09/2030	16,017		16,099		0.4		16,017
Neptune Holdings, Inc.+	One stop				N/A(6)				08/2029	—		—		—		—
Netsmart Technologies, Inc.+(26)	One stop	SF +	4.95%	(h)	6.66%	cash/	2.45%	PIK	08/2031	52,670		52,239		1.3		52,670
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—		(59)		—		—
Netsmart Technologies, Inc.+(5)	One stop				N/A(6)				08/2031	—		(29)		—		—
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2029	7,975		7,821		0.2		6,778
Plasma Buyer LLC+	One stop	SF +	6.25%	(i)	10.55%				05/2029	301		296		—		256
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2028	110		108		—		94
QF Holdings, Inc.+	One stop	SF +	4.75%	(i)	9.06%				12/2027	924		921		—		924
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	11,513		11,478		0.3		11,628

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	$	11,207	$	11,173	0.3	%	$	11,319
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	7,383		7,361		0.2		7,457
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,899		1,893		0.1		1,918
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,688		1,683		0.1		1,704
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,266		1,262		—		1,278
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	1,054		1,051		—		1,065
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	844		841		—		852
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	168		168		—		170
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.85%	cash/	3.50%	PIK	11/2025	90		90		—		90
Transaction Data Systems, Inc.*+	One stop	SF +	4.25%	(i)	8.40%				08/2026	74,490		74,392		1.9		74,490
Transaction Data Systems, Inc.+	One stop				N/A(6)				08/2026	—		—		—		—
										361,947		359,878		9.1		361,024
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+	One stop	SF +	6.00%	(i)(j)	10.34%				08/2028	13,540		13,520		0.3		13,540
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(j)	10.38%				08/2028	683		679		—		683
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.15%				08/2028	466		437		—		466
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)(j)	10.25%				08/2028	200		199		—		200
BJH Holdings III Corp.*+	One stop	SF +	5.00%	(i)	9.00%				08/2027	69,569		69,371		1.8		69,569
BJH Holdings III Corp.+	One stop	SF +	5.00%	(i)	9.00%				08/2027	5,547		5,492		0.1		5,547
BJH Holdings III Corp.+	One stop	SF +	5.00%	(h)(i)	9.07%				08/2027	576		569		—		576
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	17,815		17,815		0.5		17,636
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	3,177		3,166		0.1		3,145
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	2,134		2,134		0.1		2,113
Cafe Rio Holding, Inc.*	One stop	SF +	5.75%	(i)	10.21%				09/2028	1,354		1,354		—		1,340
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.21%				09/2028	1,195		1,195		—		1,184
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(h)(i)	9.95%				09/2028	112		112		—		110
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	171		171		—		170
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	123		122		—		122
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	98		97		—		97
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	96		95		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	78		77		—		77
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	49		49		—		49
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.21%				09/2028	55		55		—		55
Crumbl Enterprises, LLC+	One stop	SF +	4.50%	(i)	8.50%				05/2032	32,326		32,174		0.8		32,326
Crumbl Enterprises, LLC+	One stop	SF +	4.50%	(i)	8.50%				05/2032	421		409		—		421
ESN Venture Holdings, LLC*+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	5,353		5,296		0.1		5,353
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	1,585		1,573		—		1,585
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.87%	cash/	3.38%	PIK	10/2029	915		909		—		915
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	808		801		—		808
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	437		435		—		437
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.94%	cash/	3.38%	PIK	10/2029	771		727		—		771
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	371		367		—		371
ESN Venture Holdings, LLC+(5)	One stop				N/A(6)				10/2029	—		(9)		—		—
ESN Venture Holdings, LLC+(26)	One stop	SF +	6.26%	(i)	6.88%	cash/	3.38%	PIK	10/2029	181		180		—		181
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(i)	10.21%				11/2029	1,067		1,066		—		1,067
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(i)	10.30%				11/2029	798		789		—		798
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.70%	cash/	4.75%	PIK	08/2028	1,304		1,277		—		1,253
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.70%	cash/	4.75%	PIK	08/2028	882		877		—		847
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.70%	cash/	4.75%	PIK	08/2028	857		852		—		822
Harri US LLC+(5)	One stop				N/A(6)				08/2028	—		—		—		(2)
Harri US LLC+(26)	One stop	SF +	7.25%	(i)	6.50%	cash/	4.75%	PIK	08/2028	1,601		1,496		—		1,537
Harri US LLC+(5)	One stop				N/A(6)				08/2028	—		(7)		—		(83)
Health Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.25%				04/2029	3,863		3,854		0.1		3,863

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.50%				04/2029	$	1,763	$	1,745	0.1	%	$	1,763
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.50%				04/2029	886		878		—		886
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.50%				04/2029	129		128		—		129
Health Buyer, LLC+	Senior secured				N/A(6)				04/2028	—		—		—		—
Olo Parent, Inc.+	One stop				N/A(6)				09/2032	—		—		—		—
Olo Parent, Inc.+	One stop	SF +	4.50%	(i)	8.56%				09/2032	1,826		1,821		0.1		1,822
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(i)	8.66%				09/2032	26		25		—		25
Patriot Acquireco, LLC+	One stop	SF +	4.50%	(i)	8.66%				09/2032	1,818		1,809		0.1		1,809
PB Group Holdings, LLC+(26)	One stop	SF +	5.50%	(h)	6.91%	cash/	2.75%	PIK	08/2030	37,581		37,432		1.0		37,581
PB Group Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				08/2030	513		495		—		513
QSR Acquisition Co.+	One stop	SF +	4.25%	(i)	8.25%				06/2032	1,525		1,520		—		1,525
QSR Acquisition Co.+	One stop				N/A(6)				06/2032	—		—		—		—
QSR Acquisition Co.+(5)	One stop				N/A(6)				06/2032	—		(1)		—		—
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				03/2032	4,984		4,755		0.1		4,984
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				03/2032	119		118		—		119
Rooster BidCo Limited+(5)(8)(9)(10)	One stop				N/A(6)				03/2032	—		(24)		—		—
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				07/2032	6		6		—		6
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				07/2032	400		398		—		400
Saguaro Buyer, LLC+	One stop				N/A(6)				07/2032	—		—		—		—
Saguaro Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%				07/2032	11		9		—		11
SDC Holdco, LLC+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(1)
SDC Holdco, LLC+	One stop	SF +	4.38%	(h)	8.54%				07/2032	1,788		1,779		0.1		1,779
SSRG Holdings, LLC*	One stop	SF +	4.75%	(i)	8.75%				11/2029	12,408		12,307		0.3		12,346
SSRG Holdings, LLC*+	One stop	SF +	4.75%	(i)	8.75%				11/2029	7,702		7,707		0.2		7,664
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				11/2029	908		893		—		895
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				11/2029	607		603		—		605
SSRG Holdings, LLC+(5)	One stop				N/A(6)				11/2029	—		(2)		—		(2)
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	8.75%				11/2029	677		674		—		674
Super REGO, LLC+(26)	Subordinated debt	N/A			15.00%	PIK			03/2030	74		74		—		74
YE Brands Holding, LLC*+	One stop	SF +	4.75%	(i)	8.75%				10/2027	17,454		17,586		0.4		17,454
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	8.75%				10/2027	1,179		1,175		—		1,179
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	8.75%				10/2027	24		24		—		24
										264,986		263,708		6.3		264,308
Household Products
WU Holdco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				04/2032	9,564		9,519		0.2		9,564
WU Holdco, Inc.+(5)	One stop				N/A(6)				04/2032	—		(3)		—		—
WU Holdco, Inc.+(5)	One stop				N/A(6)				04/2032	—		(5)		—		—
										9,564		9,511		0.2		9,564

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75%	(h)	8.91%	04/2026	$	3,160	$	3,148	0.1	%	$	3,128
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(h)	8.91%	04/2026	635		625		—		629
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(h)	8.91%	04/2026	591		581		—		585
Dwyer Instruments, Inc.+(9)	One stop	E +	5.00%	(c)	7.00%	07/2029	52,997		47,221		1.3		52,997
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	1,485		1,473		—		1,485
Dwyer Instruments, Inc.+(5)(9)	One stop				N/A(6)	07/2029	—		(39)		—		—
Dwyer Instruments, Inc.+(5)	One stop				N/A(6)	07/2029	—		(26)		—		—
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	5,767		5,753		0.2		5,767
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	243		222		—		243
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	1,463		1,452		—		1,463
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	468		465		—		468
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	8.75%	07/2029	548		541		—		548
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.32%	06/2031	11,514		11,420		0.3		11,399
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.19%	06/2030	282		271		—		272
Essential Services Holdings Corporation+(5)	One stop				N/A(6)	06/2031	—		(9)		—		(23)
Excelitas Technologies Corp.+(5)	One stop				N/A(6)	08/2029	—		(46)		—		—
Excelitas Technologies Corp.+	One stop	SF +	5.25%	(h)	9.41%	08/2029	10,022		9,970		0.3		10,022
Excelitas Technologies Corp.+(9)	One stop	E +	5.25%	(b)	7.16%	08/2029	2,002		1,777		0.1		2,002
Excelitas Technologies Corp.+(5)	One stop				N/A(6)	08/2028	—		(2)		—		—
							91,177		84,797		2.3		90,985
Insurance
AMBA Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.35%	07/2027	4,422		4,429		0.1		4,422
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.35%	07/2027	1,317		1,315		—		1,317
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.35%	07/2027	1,111		1,109		—		1,111
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.35%	07/2027	161		161		—		161
AMBA Buyer, Inc.+	One stop				N/A(6)	07/2027	—		—		—		—
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(h)	8.66%	04/2032	262		257		—		262
Bellwether Buyer, LLC+	One stop	SF +	4.50%	(h)	8.64%	04/2032	5,031		5,008		0.1		5,031
Bellwether Buyer, LLC+(5)	One stop				N/A(6)	04/2032	—		(6)		—		—
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.81%	03/2028	561		554		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.70%	03/2028	378		378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.81%	03/2028	465		456		—		465
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.81%	03/2028	97		96		—		97
Captive Resources Midco, LLC+	One stop	SF +	4.50%	(h)	8.66%	07/2029	22,958		22,938		0.6		22,958
Captive Resources Midco, LLC+(5)	One stop				N/A(6)	07/2028	—		(2)		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	12/2030	1,718		1,748		0.1		1,718
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	12/2030	1,618		1,622		—		1,618
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.25%	12/2029	12		12		—		12
Doxa Insurance Holdings LLC+(5)	One stop				N/A(6)	12/2030	—		(22)		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	7.78%	04/2031	1,149		1,035		—		1,137
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(b)(c)	7.75%	04/2031	408		375		—		404
Gimlet Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)	04/2031	—		(5)		—		(10)
Illumifin Corporation+(26)	One stop	SF +	6.00%	(i)	10.59%	09/2027	4,648		4,470		0.1		4,416
Integrated Specialty Coverages, LLC+	One stop	SF +	4.75%	(h)	8.91%	07/2030	10,111		10,043		0.3		10,111
Integrated Specialty Coverages, LLC+(5)	One stop				N/A(6)	07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC+(5)	One stop				N/A(6)	07/2030	—		(4)		—		—
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00%	(i)	9.20%	08/2028	48,347		48,067		1.2		48,347
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—		(3)		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop				N/A(6)	08/2028	—		(5)		—		—
J.S. Held Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.65%	06/2028	37,835		37,469		1.0		37,835
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(i)	9.65%	06/2028	11,024		10,949		0.3		11,024

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
J.S. Held Holdings, LLC+(5)	One stop				N/A(6)				06/2028	$	—	$	(7)	—	%	$	—
Koala Investment Holdings, Inc.+(8)(10)	One stop	SF +	4.50%	(i)	8.50%				08/2032	1,564		1,557		—		1,549
Koala Investment Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)				08/2032	—		(1)		—		(1)
Koala Investment Holdings, Inc.+(5)(8)(10)	One stop				N/A(6)				08/2032	—		(1)		—		(3)
Majesco*+	One stop	SF +	4.75%	(i)	8.75%				09/2028	27,954		27,981		0.7		27,954
Majesco+(5)	One stop				N/A(6)				09/2027	—		(1)		—		—
MRH Trowe Germany GMBH+(5)(8)(9)(19)	One stop				N/A(6)				11/2031	—		(2)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(d)	7.11%				05/2032	6,242		5,950		0.2		6,242
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	5.00%	(c)	6.99%				05/2032	236		235		—		236
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	9.97%				11/2029	2,258		2,289		0.1		2,258
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	9.97%				11/2029	1,091		1,090		—		1,091
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.03%				11/2029	4		3		—		4
Oakbridge Insurance Agency LLC+	One stop	SF +	5.00%	(h)	9.27%				11/2029	276		271		—		276
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	4.75%	(i)	8.75%				05/2030	74,088		73,580		1.9		74,088
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				06/2029	—		(1)		—		—
Pareto Health Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				05/2030	—		(49)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.15%				10/2028	72,028		71,322		1.8		72,028
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.15%				10/2028	9,823		9,664		0.3		9,823
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.00%				10/2028	3,047		3,039		0.1		3,047
Patriot Growth Insurance Services, LLC+(5)	One stop				N/A(6)				10/2028	—		(41)		—		—
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	23,737		25,132		0.6		23,797
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	19,927		20,499		0.5		19,976
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	9,746		9,790		0.3		9,771
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.27%				02/2028	7,792		8,360		0.2		7,811
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.26%				02/2027	258		262		—		258
People Corporation+(8)(9)(12)	One stop	CA +	5.00%	(l)	7.99%				02/2028	6,619		6,608		0.2		6,619
Wasabi Lower Holdco, LLC+(5)	Senior secured				N/A(6)				06/2032	—		(8)		—		—
Wasabi Lower Holdco, LLC+	Senior secured	SF +	4.50%	(h)	8.66%				06/2032	2,610		2,577		0.1		2,610
World Insurance Associates, LLC+	One stop	SF +	5.00%	(i)	9.00%				04/2030	1,724		1,707		0.1		1,724
World Insurance Associates, LLC+(5)	One stop				N/A(6)				04/2030	—		(2)		—		—
										424,657		424,246		10.9		424,533
Internet & Direct Marketing Retail
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	20,410		20,185		0.5		17,962
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	11,947		11,755		0.3		10,513
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	5,923		5,828		0.1		5,212
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	3,568		3,499		0.1		3,140
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.89%	cash/	1.75%	PIK	04/2029	2,428		2,377		0.1		2,137
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	2,385		2,288		0.1		2,099
Revalize, Inc.+(26)	One stop	SF +	6.50%	(i)	8.90%	cash/	1.75%	PIK	04/2029	228		216		—		201
Revalize, Inc.+(26)	One stop	SF +	6.25%	(i)	9.90%	cash/	0.50%	PIK	04/2029	297		282		—		242
										47,186		46,430		1.2		41,506
IT Services
Acquia, Inc.*+	One stop	SF +	6.00%	(i)	10.43%				10/2026	12,020		12,005		0.3		12,020
Acquia, Inc.+	One stop	SF +	6.00%	(i)	10.43%				10/2026	1,083		1,081		—		1,083
Acquia, Inc.+	One stop	SF +	6.00%	(i)	10.45%				10/2026	112		112		—		112
CivicPlus, LLC+	One stop	SF +	5.50%	(i)	9.70%				08/2030	23,499		23,442		0.6		23,499
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—		(17)		—		—
CivicPlus, LLC+(26)	One stop	SF +	11.75%	(i)(j)	15.75%	PIK			06/2034	356		354		—		358
CivicPlus, LLC+(5)	One stop				N/A(6)				08/2030	—		(2)		—		—
ContractPod Technologies, Ltd.+(8)(10)(26)	One stop	SF +	6.50%	(i)	7.25%	cash/	3.25%	PIK	07/2030	504		502		—		504
ContractPod Technologies, Ltd.+(5)(8)(10)	One stop				N/A(6)				07/2030	—		(1)		—		—
ContractPod Technologies, Ltd.+(5)(8)(10)	One stop				N/A(6)				07/2030	—		(1)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.46%	cash/	3.63%	PIK	05/2028	$	5,450	$	5,443	0.1	%	$	5,395
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.46%	cash/	3.63%	PIK	05/2028	2,503		2,478		0.1		2,477
Critical Start, Inc.+(5)	One stop				N/A(6)				05/2028	—		(1)		—		(2)
Delinea Inc.*+	One stop	SF +	5.75%	(i)	9.90%				03/2028	22,375		22,380		0.6		22,375
Delinea Inc.*+	One stop	SF +	5.75%	(i)	9.90%				03/2028	12,990		12,992		0.3		12,990
Delinea Inc.+	One stop	SF +	5.75%	(i)	9.90%				03/2028	11,385		11,375		0.3		11,385
Delinea Inc.+(5)	One stop				N/A(6)				03/2027	—		(1)		—		—
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(d)	8.57%	PIK			07/2029	15,805		14,046		0.4		14,936
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(d)	8.57%	PIK			07/2029	1,474		1,330		—		1,393
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25%	(d)	8.32%				01/2029	234		209		—		220
Kentik Technologies, Inc.+(26)	Senior secured	SF +	8.00%	(i)	8.02%	cash/	4.00%	PIK	11/2029	56		54		—		56
Kentik Technologies, Inc.+(26)	Senior secured	SF +	8.00%	(i)	8.02%	cash/	4.00%	PIK	11/2029	50		50		—		50
Netwrix Corporation*+	One stop	SF +	4.75%	(i)	8.95%				06/2029	9,541		9,544		0.2		9,541
Netwrix Corporation+	One stop	SF +	4.75%	(i)	8.95%				06/2029	383		382		—		383
Netwrix Corporation+	One stop	SF +	4.75%	(i)	8.95%				06/2029	162		159		—		162
Netwrix Corporation+(5)	One stop				N/A(6)				06/2029	—		(1)		—		—
Optimizely North America, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2031	38,128		37,797		1.0		38,128
Optimizely North America, Inc.+(9)	One stop	E +	5.25%	(b)	7.15%				10/2031	15,843		14,529		0.4		15,843
Optimizely North America, Inc.+(9)	One stop	SN +	5.50%	(f)	9.47%				10/2031	5,979		5,715		0.2		5,979
Optimizely North America, Inc.+(5)	One stop				N/A(6)				10/2031	—		(86)		—		—
PDQ Intermediate, Inc.+(26)	Subordinated debt	N/A			13.75%	PIK			10/2031	130		129		—		132
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.00%	(i)	7.06%	cash/	3.25%	PIK	04/2031	12,133		12,107		0.3		12,133
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(7)		—		—
ReliaQuest Holdings, LLC+(5)	One stop				N/A(6)				04/2031	—		(22)		—		—
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.00%	(i)	7.06%	cash/	3.25%	PIK	04/2031	28,895		28,763		0.7		28,895
Saturn Borrower Inc.*+	One stop	SF +	6.00%	(i)	10.00%				11/2028	27,326		27,055		0.7		27,326
Saturn Borrower Inc.+	One stop	SF +	6.00%	(h)	10.16%				11/2028	110		104		—		110
WPEngine, Inc.+	One stop	SF +	6.00%	(i)	10.02%				08/2029	5,438		5,423		0.1		5,438
WPEngine, Inc.+	One stop				N/A(6)				08/2029	—		—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.70%				07/2027	7,174		7,205		0.2		7,174
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.70%				07/2027	1,399		1,393		—		1,399
Zarya Holdco, Inc.+	One stop				N/A(6)				07/2027	—		—		—		—
										262,537		258,019		6.5		261,494
Leisure Products
Crunch Holdings, LLC+	One stop	SF +	4.75%	(h)	8.91%				09/2031	1,765		1,761		0.1		1,765
Crunch Holdings, LLC+(5)	One stop				N/A(6)				09/2031	—		(1)		—		—
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.50%	(i)	9.70%				03/2030	832		830		—		832
Movement Holdings, LLC+(8)(10)	One stop				N/A(6)				03/2030	—		—		—		—
Movement Holdings, LLC+(5)(8)(10)	One stop				N/A(6)				03/2030	—		(1)		—		—
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	7,703		7,703		0.2		7,703
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	1,702		1,702		0.1		1,702
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	1,182		1,182		—		1,182
WBZ Investment, LLC+	One stop	SF +	6.75%	(j)	11.17%				03/2027	628		628		—		628
WBZ Investment, LLC+	One stop				N/A(6)				03/2027	—		—		—		—
										13,812		13,804		0.4		13,812

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Life Sciences Tools & Services
Celerion Buyer, Inc.*+	One stop	SF +	5.00%	(i)	9.25%				11/2029	$	30,864	$	30,598	0.8	%	$	30,864
Celerion Buyer, Inc.+(5)	One stop				N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.+(5)	One stop				N/A(6)				11/2029	—		(64)		—		—
Celerion Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.25%				11/2029	21,901		21,720		0.6		21,901
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	1,492		1,489		—		1,489
Diamondback Acquisition, Inc.+(5)	One stop				N/A(6)				09/2032	—		(1)		—		(2)
Diamondback Acquisition, Inc.+	One stop	SF +	4.50%	(h)	8.66%				09/2032	39		38		—		38
PAS Parent Inc.*+	One stop	SF +	4.50%	(h)	8.66%				08/2032	58,248		57,967		1.5		57,666
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2031	—		(6)		—		(10)
PAS Parent Inc.+(5)	One stop				N/A(6)				08/2032	—		(2)		—		(49)
Unchained Labs, LLC*+	Senior secured	SF +	5.50%	(h)	9.71%				08/2027	1,386		1,374		—		1,357
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	9.71%				08/2027	1,170		1,158		—		1,147
Unchained Labs, LLC+(5)	Senior secured				N/A(6)				08/2027	—		(1)		—		(2)
										115,100		114,269		2.9		114,399
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.50%	(h)	8.66%				08/2031	10,508		10,420		0.3		10,508
AI Titan Parent, Inc.+(5)	One stop				N/A(6)				08/2031	—		(9)		—		—
AI Titan Parent, Inc.+(5)	One stop				N/A(6)				08/2031	—		(11)		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.50%				12/2030	4,432		4,500		0.1		4,432
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.50%				12/2030	520		520		—		520
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(h)(i)	9.55%				12/2029	70		69		—		70
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.65%	cash/	1.50%	PIK	11/2026	13,694		13,586		0.3		13,557
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.65%	cash/	1.50%	PIK	11/2026	1,294		1,280		—		1,281
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.65%	cash/	1.50%	PIK	11/2026	201		193		—		195
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(l)	6.70%				06/2032	139		141		—		139
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—		(1)		—		—
Thermogenics, Inc.+(8)(12)	One stop	SF +	4.25%	(i)	8.25%				06/2032	180		179		—		180
Thermogenics, Inc.+(5)(8)(12)	One stop				N/A(6)				06/2032	—		(3)		—		—
Thermogenics, Inc.+(8)(9)(12)	One stop	CA +	4.25%	(l)	6.70%				06/2032	14		14		—		14
										31,052		30,878		0.7		30,896
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.25%	(i)	9.25%				04/2029	33,523		33,657		0.8		33,187
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.25%				04/2029	742		739		—		735
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.25%				04/2029	198		197		—		194
										34,463		34,593		0.8		34,116
Media
Lotus Topco, Inc.*	One stop	SF +	4.75%	(i)	8.75%				06/2030	5,112		5,081		0.1		5,073
Lotus Topco, Inc.+(5)	One stop				N/A(6)				06/2030	—		(6)		—		(8)
Lotus Topco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				06/2030	647		632		—		628
Lotus Topco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				06/2030	2,000		1,986		0.1		1,985
Shout! Factory, LLC+	One stop	SF +	5.25%	(i)	9.25%				06/2031	1,778		1,766		0.1		1,778
Shout! Factory, LLC+	One stop	SF +	5.25%	(i)	9.25%				06/2031	37		35		—		37
Triple Lift, Inc.*+	One stop	SF +	5.75%	(i)	9.90%				05/2028	7,224		7,134		0.2		6,718
Triple Lift, Inc.*+	One stop	SF +	5.75%	(i)	9.90%				05/2028	1,541		1,514		—		1,433
Triple Lift, Inc.+(5)	One stop				N/A(6)				05/2028	—		(4)		—		(10)
										18,339		18,138		0.5		17,634
Oil, Gas & Consumable Fuels
Envernus, Inc.+	One stop	SF +	5.50%	(h)	9.66%				12/2029	7,993		8,066		0.2		7,993
Envernus, Inc.+	One stop	SF +	5.50%	(h)	9.64%				12/2029	4		3		—		4
Envernus, Inc.+	One stop				N/A(6)				12/2029	—		—		—		—
										7,997		8,069		0.2		7,997

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.00%	(h)	9.16%				12/2027	$	14,039	$	14,038	0.4	%	$	14,039
Messenger, LLC+(9)	One stop	SN +	5.00%	(f)	8.97%				12/2027	907		853		—		907
Messenger, LLC+	One stop	SF +	5.00%	(h)	9.16%				12/2027	507		506		—		507
Messenger, LLC+(9)	One stop	SN +	5.00%	(f)	8.97%				12/2027	9		9		—		9
Messenger, LLC*+	One stop	SF +	5.00%	(h)	9.16%				12/2027	1,471		1,489		—		1,471
Messenger, LLC+	One stop	SF +	5.00%	(h)	9.16%				12/2027	738		736		—		738
Messenger, LLC+	One stop				N/A(6)				12/2027	—		—		—		—
										17,671		17,631		0.4		17,671
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.50%				02/2029	30,144		30,018		0.8		30,144
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.50%				02/2029	1,303		1,289		—		1,303
Amalthea Parent, Inc.*+(8)(12)	One stop	SF +	5.00%	(i)	9.46%				03/2027	86,739		84,842		2.1		84,137
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00%	(h)	9.27%				03/2027	540		519		—		524
Apothecary Products, LLC*	Senior secured	SF +	5.00%	(j)	9.04%				07/2026	2,191		2,188		0.1		2,191
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(i)	9.21%				07/2026	65		64		—		65
Caerus Midco 3 S.A.R.L.*+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	29,110		29,139		0.7		29,110
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	4,826		4,829		0.1		4,826
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	4,454		4,417		0.1		4,454
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.00%				05/2029	707		703		—		707
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(h)	9.16%				05/2029	262		259		—		262
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(i)	9.95%				10/2028	14,684		14,648		0.4		14,390
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.75%	(i)	9.95%				10/2028	4,915		4,902		0.1		4,817
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(i)	9.95%				10/2028	3,720		3,665		0.1		3,645
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(i)	9.95%				10/2027	439		427		—		417
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.75%	(i)	9.95%				10/2028	6,333		6,275		0.2		6,206
Cobalt Buyer Sub, Inc.+(5)	One stop				N/A(6)				10/2028	—		(58)		—		—
Creek Parent, Inc.+	One stop	SF +	5.00%	(h)	9.14%				12/2031	56,544		55,666		1.4		56,544
Creek Parent, Inc.+(5)	One stop				N/A(6)				12/2031	—		(121)		—		—
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	7.72%	cash/	1.13%	PIK	08/2028	38,346		37,879		0.9		37,100
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(f)	9.97%				08/2028	5,587		5,135		0.1		5,587
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	7.72%	cash/	1.13%	PIK	08/2028	4,648		4,014		0.1		4,497
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(i)	10.00%				08/2028	3,991		3,986		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	7.72%	cash/	1.13%	PIK	08/2028	4,067		3,674		0.1		3,935
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	3.75%	(f)	7.72%				02/2028	122		118		—		116
										303,737		298,477		7.4		298,968
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(i)	10.25%				5/1/2029	6,728		6,750		0.2		6,728
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50%	(i)	9.50%				5/1/2029	744		737		—		727
bswift, LLC*+	One stop	SF +	4.75%	(i)	9.07%				11/1/2028	7,604		7,591		0.2		7,604
bswift, LLC+	One stop	SF +	4.75%	(i)	9.04%				11/1/2028	9,950		9,906		0.3		9,950
Denali Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				8/1/2032	—		(2)		—		(2)
Denali Intermediate Holdings, Inc.+	One stop	SF +	5.50%	(h)	9.67%				8/1/2032	1,818		1,800		0.1		1,800
DISA Holdings Corp.*+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	5,189		5,163		0.1		5,189
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	800		792		—		800
DISA Holdings Corp.+	One stop	SF +	5.00%	(h)	9.28%				9/1/2028	684		678		—		684
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	605		600		—		605
DISA Holdings Corp.+(26)	Subordinated debt	SF +	8.50%	(h)	10.63%	cash/	2.00%	PIK	3/1/2029	106		105		—		106
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)(i)	9.27%				9/1/2028	587		581		—		587
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(h)	9.28%				9/1/2028	34		32		—		34
Eclipse Buyer, Inc.+	One stop	SF +	4.50%	(h)	8.68%				9/1/2031	14,283		14,162		0.4		14,283
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	—		(59)		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Eclipse Buyer, Inc.+(5)	One stop				N/A(6)				9/1/2031	$	—	$	(10)	—	%	$	—
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	9.75%				4/1/2028	2,126		2,113		0.1		2,084
Eliassen Group, LLC+	One stop	SF +	5.75%	(h)	9.91%				4/1/2028	144		142		—		140
IG Investments Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.31%				9/1/2028	12,877		12,835		0.3		12,877
IG Investments Holdings, LLC+	One stop				N/A(6)				9/1/2028	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.*+(26)	One stop	SF +	6.00%	(i)	6.90%	cash/	3.50%	PIK	11/1/2030	33,978		33,622		0.8		31,939
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)	One stop	SF +	6.00%	(i)	6.50%	cash/	3.50%	PIK	11/1/2030	790		786		—		743
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(26)	One stop	SF +	6.00%	(i)	6.50%	cash/	3.50%	PIK	11/1/2030	292		285		—		264
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(i)	9.70%				12/1/2026	14,234		14,209		0.4		14,234
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.70%				12/1/2026	2,416		2,411		0.1		2,416
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.70%				12/1/2026	695		694		—		695
PlanSource Holdings, Inc.+	One stop				N/A(6)				12/1/2026	—		—		—		—
Procure Acquireco, Inc.*+	One stop	SF +	4.75%	(i)	8.75%				12/1/2028	24,667		24,708		0.6		24,667
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				12/1/2028	1,135		1,134		—		1,135
Procure Acquireco, Inc.+	One stop				N/A(6)				12/1/2028	—		—		—		—
Procure Acquireco, Inc.+(5)	One stop				N/A(6)				12/1/2028	—		(65)		—		—
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				12/1/2028	3,462		3,448		0.1		3,462
Teaching Company, The+	One stop	SF +	5.75%	(i)	10.21%				1/1/2026	12,290		12,290		0.3		12,290
Teaching Company, The+	One stop	P +	4.75%	(a)	12.00%				1/1/2026	50		50		—		50
Varicent Intermediate Holdings Corporation+(8)(12)(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	8/1/2031	52,117		51,506		1.3		52,117
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—		(78)		—		—
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop				N/A(6)				8/1/2031	—		(53)		—		—
										210,405		208,863		5.3		208,208
Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	4.50%	(h)	8.66%				01/2032	6,873		6,857		0.2		6,873
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—		(3)		—		—
Inhabit IQ Inc.+(5)	One stop				N/A(6)				01/2032	—		(4)		—		—
MRI Software, LLC*+	One stop	SF +	4.75%	(i)	8.75%				02/2028	32,733		32,856		0.8		32,733
MRI Software, LLC*+	One stop	SF +	4.75%	(i)	8.75%				02/2028	13,019		13,083		0.3		13,019
MRI Software, LLC+	One stop	SF +	4.75%	(i)	8.75%				02/2028	316		308		—		316
MRI Software, LLC+	One stop	SF +	4.75%	(i)	8.75%				02/2028	9,830		9,762		0.3		9,830
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				08/2028	6,084		5,839		0.2		6,084
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				08/2028	28,080		28,278		0.7		28,080
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	8.62%				08/2028	11,640		11,773		0.3		11,640
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.00%	(e)	8.62%				08/2028	2,826		3,041		0.1		2,826
RPL Bidco Limited+(8)(9)(10)	One stop				N/A(6)				02/2028	—		—		—		—
										111,401		111,790		2.9		111,401
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.25%	(i)	9.40%				04/2027	28,632		28,608		0.7		28,345
Internet Truckstop Group, LLC*+	One stop	SF +	5.25%	(i)	9.40%				04/2027	12,553		12,496		0.3		12,427
Internet Truckstop Group, LLC+(5)	One stop				N/A(6)				04/2027	—		(2)		—		(3)
VRS Buyer, Inc.+	Senior secured	SF +	4.75%	(i)	9.08%				07/2032	1,491		1,484		—		1,491
VRS Buyer, Inc.+(5)	Senior secured				N/A(6)				07/2032	—		(1)		—		—
VRS Buyer, Inc.+(5)	Senior secured				N/A(6)				07/2032	—		(1)		—		—
										42,676		42,584		1.0		42,260

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.+	One stop	SF +	4.50%	(i)	8.70%				06/2029	$	58,322	$	58,485	1.5	%	$	58,322
Anaplan, Inc.+	One stop				N/A(6)				06/2028	—		—		—		—
Appfire Technologies, LLC*+	One stop	SF +	5.00%	(i)	9.00%				03/2028	57,223		57,151		1.4		56,651
Appfire Technologies, LLC+	One stop	SF +	5.00%	(i)	9.00%				03/2028	100		98		—		95
Appfire Technologies, LLC+	One stop	SF +	5.00%	(i)	9.00%				03/2028	222		197		—		203
Appfire Technologies, LLC+(5)	One stop				N/A(6)				03/2028	—		(88)		—		(266)
Aras Corporation+	One stop	SF +	5.00%	(i)	9.00%				04/2029	28,451		28,472		0.7		28,451
Aras Corporation+	One stop	SF +	5.00%	(i)	9.00%				04/2029	1,565		1,552		—		1,565
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.22%				06/2029	5,846		5,365		0.2		5,846
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.22%				06/2029	3,049		2,735		0.1		3,049
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				07/2030	24,851		24,712		0.6		24,851
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				07/2030	1,629		1,624		0.1		1,629
Arrow Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.00%				07/2030	1,577		1,573		0.1		1,577
Artifact Bidco, Inc.+	One stop	SF +	4.25%	(i)	8.25%				05/2031	1,489		1,476		—		1,489
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2031	—		(2)		—		—
Artifact Bidco, Inc.+	One stop				N/A(6)				05/2030	—		—		—		—
Artifact Bidco, Inc.+(5)	One stop				N/A(6)				05/2030	—		(1)		—		—
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.31%	cash/	3.25%	PIK	07/2027	11,019		11,038		0.3		11,019
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.31%	cash/	3.25%	PIK	07/2027	1,981		1,977		0.1		1,981
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.31%	cash/	3.25%	PIK	07/2027	1,009		1,007		—		1,009
Auvik Networks Inc.+(8)(12)	One stop				N/A(6)				07/2027	—		—		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50%	(i)	8.65%				04/2027	9,492		9,601		0.2		9,492
Azul Systems, Inc.+	Senior secured				N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(h)	10.16%				03/2031	973		963		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.00%	(h)	10.16%				03/2031	428		423		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop				N/A(6)				03/2031	—		(2)		—		—
Baxter Planning Systems, LLC+(26)	One stop	SF +	6.25%	(i)	7.19%	cash/	3.38%	PIK	05/2031	4,200		4,200		0.1		4,200
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—		(5)		—		—
Baxter Planning Systems, LLC+(5)	One stop				N/A(6)				05/2031	—		(3)		—		—
Bayshore Intermediate #2, L.P.+	One stop	SF +	5.00%	(i)	9.00%				10/2027	95		93		—		95
Bayshore Intermediate #2, L.P.+(26)	One stop	SF +	5.50%	(i)	6.50%	cash/	3.00%	PIK	10/2028	124,185		124,126		3.1		124,185
BestPass, Inc.*+	One stop	SF +	4.75%	(h)	8.91%				08/2031	52,338		52,119		1.3		52,338
BestPass, Inc.+(5)	One stop				N/A(6)				08/2031	—		(22)		—		—
BestPass, Inc.+(5)	One stop				N/A(6)				08/2031	—		(29)		—		—
Bloomerang, LLC+(26)	One stop	SF +	6.50%	(i)	7.00%	cash/	3.50%	PIK	12/2029	4,142		4,172		0.1		4,142
Bloomerang, LLC+(26)	One stop	SF +	6.50%	(i)	7.00%	cash/	3.50%	PIK	12/2029	414		405		—		414
Bloomerang, LLC+	One stop	SF +	6.00%	(i)	11.13%				12/2029	58		58		—		58
Blue Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(d)	7.04%				05/2032	5,340		5,130		0.1		5,340
Blue Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				05/2032	9,268		9,204		0.2		9,268
Blue Bidco Limited+(8)(9)(10)	One stop				N/A(6)				05/2032	—		—		—		—
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(j)	9.26%				05/2032	1,338		1,332		—		1,338
Blue Bidco Limited+(8)(10)	One stop	SF +	5.00%	(i)	9.26%				05/2032	2,749		2,749		0.1		2,749
Bottomline Technologies, Inc.+(5)	One stop				N/A(6)				05/2028	—		(4)		—		—
Bottomline Technologies, Inc.+	One stop	SF +	4.50%	(i)	8.50%				05/2029	45,696		45,473		1.2		45,696
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				10/2029	77,997		77,892		2.0		77,997
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				10/2029	3,190		3,220		0.1		3,190
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	1,643		1,661		0.1		1,643
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	736		734		—		736
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	587		585		—		587
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	68		66		—		68
Burning Glass Intermediate Holdings Company, Inc.*	One stop	SF +	5.00%	(i)	9.15%				06/2028	11,232		11,211		0.3		11,232

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Burning Glass Intermediate Holdings Company, Inc.+	One stop	SF +	5.00%	(j)	9.43%				06/2026	$	154	$	154	—	%	$	154
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	10.14%				01/2029	8,332		8,282		0.2		8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(j)	10.14%				01/2029	2,204		2,178		0.1		2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop				N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop				N/A(6)				01/2029	—		(1)		—		—
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.70%				04/2027	73,921		73,965		1.9		73,921
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.70%				04/2027	5,432		5,485		0.1		5,432
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.70%				04/2027	202		201		—		202
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.47%				08/2030	5,440		5,140		0.1		5,440
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.47%				08/2030	1,065		1,006		—		1,065
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.05%				08/2030	331		324		—		331
Camelia Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				08/2030	—		(25)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.25%				07/2031	51,465		51,064		1.3		51,465
CB Buyer, Inc.+(5)	One stop				N/A(6)				07/2031	—		(43)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.25%				07/2031	562		503		—		562
Coupa Holdings, LLC+	One stop	SF +	5.25%	(i)	9.56%				02/2030	31,639		31,390		0.8		31,639
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC+(5)	One stop				N/A(6)				02/2030	—		(16)		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(h)	10.91%				11/2030	10,857		10,828		0.3		10,857
Crewline Buyer, Inc.+(5)	One stop				N/A(6)				11/2030	—		(1)		—		—
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(h)	8.91%				10/2028	39,052		39,035		1.0		39,052
Daxko Acquisition Corporation*+	One stop	SF +	4.75%	(h)	8.91%				10/2028	3,293		3,272		0.1		3,293
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(h)	8.91%				10/2028	196		196		—		196
Daxko Acquisition Corporation+	One stop	SF +	4.75%	(h)	8.91%				10/2028	133		118		—		133
Daxko Acquisition Corporation+(5)	One stop				N/A(6)				10/2028	—		(8)		—		—
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	8.97%				09/2031	8,534		8,141		0.2		8,492
Denali Bidco Limited+(8)(9)(10)(26)	Subordinated debt	N/A			11.20%	PIK			09/2032	100		99		—		99
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.08%				09/2031	6,782		6,318		0.2		6,747
Denali Bidco Limited+(8)(9)(10)(26)	Subordinated debt	N/A			9.80%	PIK			09/2032	152		150		—		150
Denali Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				09/2031	—		(3)		—		(4)
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.20%				08/2030	8,985		8,970		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.20%				08/2030	1,541		1,531		—		1,541
Diligent Corporation+(5)	One stop				N/A(6)				08/2030	—		(9)		—		—
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.20%				08/2030	103		97		—		103
Einstein Parent, Inc.+	One stop	SF +	6.50%	(i)	10.83%				01/2031	9,063		8,902		0.2		9,063
Einstein Parent, Inc.+(5)	One stop				N/A(6)				01/2031	—		(17)		—		—
Espresso Bidco, Inc.+(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	03/2032	18,396		18,145		0.5		18,396
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—		(35)		—		—
Espresso Bidco, Inc.+(5)	One stop				N/A(6)				03/2032	—		(31)		—		—
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	8.75%				09/2030	4,869		4,770		0.1		4,869
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	8.75%				09/2030	4,438		4,402		0.1		4,438
Evergreen IX Borrower 2023, LLC+(5)	One stop				N/A(6)				10/2029	—		(10)		—		—
FirstUp, Inc.+	One stop	SF +	6.75%	(i)	10.75%				07/2027	13,126		13,110		0.3		12,994
FirstUp, Inc.+	One stop	SF +	6.75%	(i)	10.75%				07/2027	1,251		1,244		—		1,239
FirstUp, Inc.+(5)	One stop				N/A(6)				07/2027	—		(1)		—		(2)
Flexera Software, LLC+	One stop				N/A(6)				08/2032	—		—		—		—
Flexera Software, LLC+	One stop	SF +	4.75%	(i)	8.96%				08/2032	1,401		1,399		—		1,397
Flexera Software, LLC+(9)	One stop	E +	4.75%	(b)	6.63%				08/2032	496		494		—		495
Gainsight, Inc.+	One stop	SF +	6.25%	(i)	10.60%				07/2027	14,171		14,198		0.4		14,171

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Gainsight, Inc.+(5)	One stop				N/A(6)				07/2027	$	—	$	(1)	—	%	$	—
GS Acquisitionco, Inc.*+	One stop	SF +	5.25%	(i)	9.25%				05/2028	121,457		121,717		3.0		120,850
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.25%				05/2028	122		121		—		121
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.25%				05/2028	180		178		—		177
GTIV, LLC*+	One stop	SF +	4.75%	(h)	8.91%				02/2029	71,983		71,638		1.8		71,983
GTIV, LLC+(5)	One stop				N/A(6)				02/2029	—		(1)		—		—
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.67%	cash/	4.13%	PIK	07/2029	9,064		8,949		0.2		9,064
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.50%	cash/	4.13%	PIK	07/2029	5,320		5,314		0.1		5,320
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.50%	cash/	4.13%	PIK	07/2029	3,478		3,453		0.1		3,478
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.67%	cash/	4.13%	PIK	07/2029	1,038		1,026		—		1,038
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.50%	cash/	4.13%	PIK	07/2029	636		634		—		636
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.82%	cash/	4.13%	PIK	07/2029	443		443		—		443
GTY Technology Holdings, Inc.+	One stop	SF +	6.00%	(i)	10.00%				07/2029	324		308		—		324
Gurobi Optimization, LLC+	One stop	SF +	4.50%	(i)	8.50%				09/2031	49,465		49,045		1.3		49,465
Gurobi Optimization, LLC+(5)	One stop				N/A(6)				09/2031	—		(37)		—		—
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(b)	6.62%				02/2031	788		719		—		796
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(b)	6.62%				02/2031	525		480		—		530
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(b)	6.66%				08/2030	15		12		—		15
Hornet Security Holding GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.80%				02/2031	109		104		—		112
Hyland Software, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				09/2030	46,767		47,448		1.2		46,767
Hyland Software, Inc.+	One stop				N/A(6)				09/2029	—		—		—		—
Icefall Parent, Inc.+	One stop	SF +	4.50%	(i)	8.81%				01/2030	3,184		3,174		0.1		3,184
Icefall Parent, Inc.+(5)	One stop				N/A(6)				01/2030	—		(1)		—		—
ICIMS, Inc.*+(26)	One stop	SF +	5.75%	(i)	10.07%				08/2028	12,478		12,431		0.3		11,854
ICIMS, Inc.+	One stop	SF +	5.75%	(i)	10.07%				08/2028	90		87		—		74
IQN Holding Corp. *+(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	05/2029	22,897		22,943		0.6		22,897
IQN Holding Corp. +	One stop	SF +	5.25%	(i)	9.25%				05/2028	108		108		—		108
IQN Holding Corp. +(26)	One stop	SF +	5.75%	(i)	6.63%	cash/	3.13%	PIK	05/2029	4,046		4,009		0.1		4,046
Island Bidco AB+(8)(9)(17)(26)	One stop	E +	7.25%	(c)	2.04%	cash/	7.25%	PIK	07/2028	12,125		11,001		0.3		12,125
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.67%	cash/	3.50%	PIK	07/2028	4,961		4,958		0.1		4,961
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.67%	cash/	3.50%	PIK	07/2028	3,660		3,639		0.1		3,660
Island Bidco AB+(5)(8)(9)(17)	One stop				N/A(6)				07/2028	—		(1)		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%	(j)	10.59%				07/2028	88		87		—		88
Kairos Bidco Limited+	One stop	SF +	4.75%	(i)	8.75%				07/2032	10		10		—		10
Kairos Bidco Limited+	One stop	SF +	4.75%	(i)	8.75%				07/2032	604		601		—		601
Kairos Bidco Limited+(5)	One stop				N/A(6)				07/2032	—		(1)		—		(1)
Kairos Bidco Limited+	One stop	SF +	4.75%	(i)	8.75%				07/2032	91		90		—		90
LeadsOnline, LLC+	One stop	SF +	4.50%	(i)	8.79%				02/2028	12,917		13,038		0.3		12,917
LeadsOnline, LLC+	One stop	SF +	4.50%	(i)	8.79%				02/2028	2,280		2,301		0.1		2,280
LeadsOnline, LLC+	One stop	SF +	4.50%	(i)	8.50%				02/2028	661		660		—		661
LeadsOnline, LLC+(5)	One stop				N/A(6)				02/2028	—		(1)		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	4.75%	(c)	6.75%				12/2031	20,056		17,727		0.5		20,056
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				06/2031	—		(29)		—		—
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				12/2031	—		(96)		—		—
LogicMonitor, Inc.+	One stop	SF +	5.50%	(i)	9.81%				11/2031	53,749		53,455		1.4		53,749
LogicMonitor, Inc.+(5)	One stop				N/A(6)				11/2031	—		(37)		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	10,668		10,409		0.3		10,588
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	1,616		1,481		0.1		1,604
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.32%				12/2029	832		765		—		826
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop				N/A(6)				06/2029	—		(1)		—		(2)
Matrix42 Holding GMBH+(8)(19)	One stop				N/A(6)				06/2029	—		—		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.31%				12/2029	2,041		2,005		0.1		2,025

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.25%	(c)	7.28%				11/2031	$	17,267	$	15,340	0.4	%	$	17,267
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.25%	(i)	9.45%				11/2031	11,017		10,872		0.3		11,017
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.25%	(c)	7.28%				11/2031	140		93		—		140
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)	One stop				N/A(6)				11/2030	—		(41)		—		—
Mindbody, Inc.+	One stop	SF +	6.00%	(i)	10.46%				09/2027	61,966		61,966		1.6		61,966
Mindbody, Inc.+	One stop	SF +	6.00%	(i)	10.46%				09/2027	2,134		2,134		0.1		2,134
Mindbody, Inc.+	One stop				N/A(6)				09/2027	—		—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.76%				12/2028	30,751		30,664		0.8		30,137
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.76%				12/2028	2,893		2,896		0.1		2,835
Ministry Brands Holdings LLC+(5)	One stop				N/A(6)				12/2027	—		(3)		—		(6)
MYOB Invest Co Pty Ltd+(8)(9)(11)(26)	One stop	A +	5.75%	(e)	6.33%	cash/	3.00%	PIK	06/2030	36,379		35,400		0.9		36,379
Navex TopCo, Inc.+	One stop	SF +	5.25%	(h)	9.41%				11/2030	5,329		5,408		0.1		5,329
Navex TopCo, Inc.+(5)	One stop				N/A(6)				11/2028	—		(1)		—		—
Naviga Inc.+(7)(26)	Senior secured	SF +	1.00%	(i)	5.10%	PIK			09/2026	184		121		—		67
Onit, Inc.+	One stop	SF +	4.75%	(i)	9.06%				01/2032	5,415		5,367		0.1		5,428
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—		(7)		—		—
Onit, Inc.+(5)	One stop				N/A(6)				01/2032	—		(11)		—		—
Onit, Inc.+	One stop	SF +	4.50%	(i)	8.50%				01/2032	1,448		1,444		—		1,444
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.75%	(c)	7.75%				11/2029	2,316		2,087		0.1		2,327
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	5.00%	(c)	7.00%				11/2029	347		289		—		347
Panzura, LLC+(26)	One stop	N/A			4.00%	cash/	11.00%	PIK	08/2027	132		123		—		120
Personify, Inc.+	One stop	SF +	4.75%	(i)	8.75%				09/2028	16,676		16,611		0.4		16,676
Personify, Inc.*	One stop	SF +	4.75%	(i)	8.75%				09/2028	12,337		12,270		0.3		12,337
Personify, Inc.*+	One stop	SF +	4.75%	(i)	8.75%				09/2028	8,751		8,702		0.2		8,751
Personify, Inc.+	One stop				N/A(6)				09/2028	—		—		—		—
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	5.25%	(i)	9.24%	PIK			01/2031	15,046		14,915		0.4		15,046
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.27%	PIK			01/2031	5,300		4,554		0.1		5,300
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.27%	PIK			01/2031	1,139		1,039		—		1,139
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.27%	PIK			01/2031	353		318		—		353
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	5.25%	(i)	9.24%	PIK			01/2031	77		75		—		77
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	5.25%	(c)	7.25%	PIK			01/2031	78		71		—		78
Pineapple German Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				01/2031	—		(55)		—		—
PING Identity Holding Corp.+	One stop	SF +	4.75%	(i)	8.75%				10/2029	14,993		14,963		0.4		14,993
PING Identity Holding Corp.+(5)	One stop				N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+(26)	One stop	SF +	7.50%	(i)	11.70%	PIK			08/2029	6,738		6,553		0.2		6,671
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.20%	cash/	1.50%	PIK	08/2029	4,025		3,933		0.1		3,985
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.20%	cash/	1.50%	PIK	08/2029	2,013		2,013		0.1		1,993
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—		—		—		(10)
Pluralsight, LLC+(5)	One stop				N/A(6)				08/2029	—		—		—		(25)
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	6,014		6,023		0.2		6,014
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	4,240		4,223		0.1		4,240
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	2,864		2,847		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.50%				09/2028	1,203		1,199		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(h)(i)	10.57%				09/2028	108		108		—		108
QAD, Inc.*+	One stop	SF +	4.75%	(h)	8.91%				11/2027	42,819		43,243		1.1		42,819
QAD, Inc.+(5)	One stop				N/A(6)				11/2027	—		(2)		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.49%				06/2029	7,332		7,279		0.2		7,332

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.45%				06/2029	$	4,428	$	4,395	0.1	%	$	4,428
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.45%				06/2029	4,316		4,302		0.1		4,316
Quant Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.45%				06/2029	230		227		—		230
Quant Buyer, Inc.+(5)	One stop				N/A(6)				06/2029	—		(41)		—		—
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.47%	cash/	2.55%	PIK	07/2029	21,404		19,591		0.5		21,404
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.05%	(g)	7.68%	cash/	2.55%	PIK	07/2029	3,762		3,742		0.1		3,762
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.80%	(f)	7.97%	cash/	2.80%	PIK	07/2029	3,580		3,360		0.1		3,580
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.47%	cash/	2.55%	PIK	07/2029	1,573		1,430		—		1,573
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.18%	(g)	8.12%	cash/	2.18%	PIK	07/2029	1,002		1,002		—		1,002
Rainforest Bidco Limited+(5)(8)(9)(10)	One stop				N/A(6)				07/2029	—		(7)		—		—
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	5.93%	(g)	8.12%	cash/	1.93%	PIK	07/2029	700		700		—		700
Riskonnect Parent, LLC*+	One stop	SF +	4.75%	(j)	8.62%				12/2028	45,168		45,548		1.1		44,717
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	2,119		2,134		0.1		2,099
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	815		809		—		807
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	573		566		—		567
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.62%				12/2028	77		74		—		68
Riskonnect Parent, LLC+(5)	One stop				N/A(6)				12/2028	—		(8)		—		(10)
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(h)	10.41%				05/2027	13,056		12,990		0.3		13,056
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(h)	10.51%				05/2027	7,616		7,608		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop				N/A(6)				05/2027	—		—		—		—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(h)	10.41%				05/2027	2,000		1,991		0.1		2,000
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	4.75%	(c)	6.78%				07/2029	53,648		47,198		1.4		53,648
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	7.04%				07/2029	4,383		3,981		0.1		4,395
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.00%	(c)	6.96%				07/2029	1,616		1,491		0.1		1,620
Sonatype, Inc.+	One stop	SF +	5.50%	(h)	9.75%				01/2028	69,460		69,555		1.8		69,460
Sonatype, Inc.+	One stop				N/A(6)				01/2028	—		—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—		—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—		—		—		—
Spark Bidco Limited+(8)(10)	One stop				N/A(6)				10/2032	—		—		—		—
Spark Bidco Limited+(8)(9)(10)	One stop				N/A(6)				10/2032	—		—		—		—
Spartan Buyer Acquisition Co.*+(26)	One stop	SF +	7.50%	(i)	10.70%	cash/	1.00%	PIK	06/2027	44,709		44,567		1.1		44,261
Spartan Buyer Acquisition Co.+(26)	One stop	SF +	7.50%	(i)	10.70%	cash/	1.00%	PIK	06/2027	2,851		2,828		0.1		2,822
Spartan Buyer Acquisition Co.+(5)(26)	One stop	P +	6.50%	(a)	12.75%	cash/	1.00%	PIK	06/2027	2		(1)		—		(2)
Telesoft Holdings LLC*+	One stop	SF +	5.75%	(h)	10.01%				12/2026	20,963		21,081		0.5		20,963
Telesoft Holdings LLC+	One stop	SF +	6.25%	(h)	10.51%				12/2026	1,417		1,420		—		1,417
Telesoft Holdings LLC+	One stop	SF +	5.75%	(h)	10.01%				12/2026	37		36		—		37
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(i)	10.35%				07/2028	4,800		4,784		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop				N/A(6)				07/2028	—		—		—		—
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	4,226		4,222		0.1		3,297
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	1,122		1,122		—		875
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	701		701		—		547
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	536		535		—		418
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	194		194		—		151
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(h)	8.76%	cash/	1.00%	PIK	06/2027	91		91		—		70
Togetherwork Holdings, LLC*+	One stop	SF +	5.25%	(h)	9.41%				05/2031	27,693		27,653		0.7		27,416
Togetherwork Holdings, LLC+	One stop	SF +	5.25%	(h)	9.41%				05/2031	694		665		—		647
Togetherwork Holdings, LLC+(5)	One stop				N/A(6)				05/2031	—		(14)		—		(24)
Transform Bidco Limited+(8)(10)	One stop	SF +	6.75%	(i)	10.53%				01/2031	5,444		5,514		0.1		5,444
Transform Bidco Limited+(8)(10)	One stop	SF +	6.75%	(i)	10.53%				01/2031	4,339		4,261		0.1		4,339
Transform Bidco Limited+(8)(9)(10)(26)	One stop	A +	6.75%	(e)	7.62%	cash/	2.75%	PIK	01/2031	4,057		3,966		0.1		4,057
Transform Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.75%	(f)	7.97%	cash/	2.75%	PIK	01/2031	644		606		—		644

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				06/2030	$	—	$	(2)	—	%	$	—
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—		(73)		—		—
Transform Bidco Limited+(5)(8)(10)	One stop				N/A(6)				01/2031	—		(33)		—		—
Tricentis Operations Holdings, Inc.+(26)	One stop	SF +	6.25%	(i)	5.61%	cash/	4.88%	PIK	02/2032	7,741		7,707		0.2		7,741
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—		(4)		—		—
Tricentis Operations Holdings, Inc.+(5)	One stop				N/A(6)				02/2032	—		(7)		—		—
Vantage Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25%	(c)	8.25%	PIK			04/2031	9,226		8,393		0.2		9,226
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop				N/A(6)				10/2030	—		(11)		—		—
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.50%	(d)	7.57%				07/2031	7,771		7,161		0.2		7,790
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	4.75%	(d)	6.82%				07/2031	4,143		3,835		0.1		4,143
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.00%				09/2027	27,095		26,661		0.6		24,385
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.15%				09/2027	2,933		2,913		0.1		2,683
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.00%				09/2027	988		985		—		889
Viper Bidco, Inc.+	One stop	SF +	4.75%	(i)	8.75%				11/2031	37,890		37,724		1.0		37,985
Viper Bidco, Inc.+(9)	One stop	SN +	4.75%	(f)	8.72%				11/2031	18,655		17,390		0.5		18,702
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—		(17)		—		—
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—		(21)		—		—
Viper Bidco, Inc.+(5)	One stop				N/A(6)				11/2031	—		(2)		—		(5)
WebPT, Inc.+	One stop	SF +	6.25%	(i)	10.55%				01/2028	927		920		—		778
Zendesk, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2028	28,368		28,286		0.7		28,368
Zendesk, Inc.+	One stop	SF +	5.00%	(i)	9.00%				11/2028	2,179		2,164		0.1		2,179
Zendesk, Inc.+	One stop				N/A(6)				11/2028	—		—		—		—
										2,206,850		2,179,855		55.3		2,197,567
Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.50%	(j)	9.62%				02/2028	23,180		23,008		0.6		22,369
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	9.62%				02/2028	6,046		6,124		0.2		5,833
Ave Holdings III, Corp+	One stop	SF +	5.50%	(j)	9.62%				02/2028	794		794		—		767
Ave Holdings III, Corp+(5)	One stop				N/A(6)				02/2028	—		(1)		—		(10)
Biscuit Parent, LLC*+	One stop	SF +	4.75%	(i)	8.75%				02/2031	20,004		19,843		0.5		20,004
Biscuit Parent, LLC+(5)	One stop				N/A(6)				02/2031	—		(1)		—		—
Biscuit Parent, LLC+	One stop	SF +	4.75%	(i)	8.75%				02/2031	273		233		—		273
Cavender Stores L.P.*	Senior secured	SF +	5.00%	(i)	9.00%				10/2029	5,404		5,370		0.1		5,404
Consilio Midco Limited+(8)(9)(10)	Senior secured	E +	4.75%	(c)	6.75%				04/2032	13,130		12,660		0.3		13,130
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(i)	9.04%				04/2032	10,689		10,639		0.3		10,689
Consilio Midco Limited+(8)(10)	Senior secured	SF +	4.75%	(i)	9.04%				04/2032	6,589		6,558		0.2		6,589
Consilio Midco Limited+(8)(10)	Senior secured				N/A(6)				04/2032	—		—		—		—
Consilio Midco Limited+(8)(10)	Senior secured				N/A(6)				04/2032	—		—		—		—
Consilio Midco Limited+(8)(9)(10)(26)	Subordinated debt	E +	7.50%	(d)	9.59%	PIK			04/2033	1,345		1,294		—		1,345
Consilio Midco Limited+(8)(10)(26)	Subordinated debt	SF +	7.50%	(j)	11.64%	PIK			04/2033	1,681		1,669		0.1		1,681
Consilio Midco Limited+(8)(10)(26)	Subordinated debt	SF +	7.50%	(i)	11.82%	PIK			04/2033	1		1		—		1
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	13,529		13,418		0.4		13,529
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	8.91%				06/2031	776		761		—		776
CVP Holdco, Inc.+(5)	One stop				N/A(6)				06/2030	—		(11)		—		—
Cycle Gear, Inc.+	One stop	SF +	6.75%	(h)	11.01%				04/2026	46,304		45,655		1.2		46,304
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(i)	8.75%				12/2030	11,489		11,439		0.3		11,489
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(i)	8.75%				12/2030	306		300		—		306
PetVet Care Centers LLC*+	One stop	SF +	6.00%	(h)	10.16%				11/2030	4,692		4,726		0.1		4,317
PetVet Care Centers LLC+(5)	One stop				N/A(6)				11/2029	—		(2)		—		(6)
PetVet Care Centers LLC+(5)	One stop				N/A(6)				11/2030	—		(6)		—		—
Radiance Borrower, LLC+(26)	One stop	SF +	5.75%	(h)	7.16%	cash/	2.75%	PIK	06/2031	21,950		21,820		0.6		21,950
Radiance Borrower, LLC+	One stop	SF +	5.25%	(h)	9.41%				06/2031	205		191		—		205

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	$	5,203	$	5,207	0.1	%	$	5,216
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	3,479		3,454		0.1		3,505
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	1,845		1,832		0.1		1,859
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	1,543		1,533		—		1,559
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	902		884		—		909
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	672		667		—		676
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	535		533		—		536
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	496		493		—		498
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	349		347		—		350
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	340		338		—		341
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.75%				08/2028	575		569		—		575
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	269		268		—		270
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	248		246		—		249
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	168		168		—		168
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	171		170		—		173
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	153		153		—		154
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	112		111		—		112
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	104		104		—		104
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	85		84		—		85
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	78		78		—		79
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	9.75%				08/2028	634		630		—		636
Salon Lofts Group, LLC+(5)(26)	Second lien				N/A(6)				09/2029	—		(15)		—		21
Salon Lofts Group, LLC+(5)	Senior secured				N/A(6)				08/2028	—		(22)		—		—
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.00%	PIK			09/2029	685		681		—		692
Salon Lofts Group, LLC+	Senior secured	SF +	5.25%	(i)	9.25%				08/2028	2,228		2,219		0.1		2,228
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.*+	One stop	SF +	5.25%	(i)	9.25%				12/2029	32,072		31,844		0.8		31,751
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(9)	One stop	CA +	5.25%	(l)	7.70%				12/2029	7,733		7,858		0.2		7,655
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)	One stop				N/A(6)				12/2029	—		(69)		—		(33)
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+	One stop	SF +	5.25%	(i)	9.25%				12/2028	236		231		—		230
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.44%	cash/	6.25%	PIK	10/2026	41,525		40,863		0.8		31,974
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.44%	cash/	6.25%	PIK	10/2026	3,013		2,939		0.1		2,320
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.34%	cash/	6.25%	PIK	10/2026	594		570		—		399
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	6.81%	cash/	4.75%	PIK	10/2026	621		613		—		621
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.38%				03/2028	8,958		9,878		0.2		8,958
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.38%				03/2028	8,765		9,165		0.2		8,765
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop				N/A(6)				10/2029	—		(1)		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.00%	(h)	9.16%				10/2029	133		126		—		130
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	5.00%	(h)	9.16%				10/2029	16,264		15,942		0.4		16,183
										329,175		327,173		8.0		316,892

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(i)	10.15%				03/2028	$	2,347	$	2,329	0.1	%	$	1,643
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(i)	10.15%				03/2028	1,170		1,161		—		819
Dollfus Mieg Company, Inc.+(7)(8)(10)	One stop	SF +	6.00%	(i)	10.15%				03/2028	1,027		1,020		—		720
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	9,950		9,950		0.2		9,478
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	3,997		3,997		0.1		3,808
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	2,058		2,058		0.1		1,960
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	683		683		—		651
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	312		312		—		298
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	299		299		—		285
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	120		120		—		115
Elite Sportswear, L.P.+(26)	Senior secured	SF +	7.50%	(i)	10.51%	cash/	1.25%	PIK	10/2025	4		4		—		4
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	9,105		9,068		0.2		9,127
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	6,310		6,284		0.2		6,325
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	977		973		—		979
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	877		873		—		880
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	615		613		—		617
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.65%				11/2026	2		—		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.77%				07/2029	1,289		1,289		—		1,289
Shoes For Crews Global, LLC+(26)	Senior secured	SF +	7.00%	(h)	6.27%	cash/	5.00%	PIK	07/2029	756		734		—		756
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.77%				07/2029	417		417		—		417
Shoes For Crews Global, LLC+(5)	Senior secured				N/A(6)				07/2029	—		(27)		—		—
										42,315		42,157		0.9		40,173
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.19%	cash/	3.25%	PIK	06/2028	20,574		20,369		0.5		18,619
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.19%	cash/	3.25%	PIK	06/2028	21,341		20,957		0.5		19,313
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.44%	cash/	3.25%	PIK	06/2028	6,334		6,201		0.2		5,765
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.09%	cash/	3.25%	PIK	06/2028	2,611		2,516		0.1		2,363
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.19%	cash/	3.25%	PIK	06/2028	6,836		6,562		0.2		6,187
										57,696		56,605		1.5		52,247
Transportation Infrastructure
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				02/2032	7,408		7,366		0.2		7,334
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—		(6)		—		(11)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				02/2032	1,467		1,459		—		1,452
LDS Intermediate Holdings, LLC+(5)	One stop				N/A(6)				02/2032	—		(5)		—		(9)
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.16%				02/2032	91		90		—		90
										8,966		8,904		0.2		8,856
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75%	(i)	9.21%				06/2027	24,226		24,113		0.6		24,226
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75%	(i)	9.21%				06/2027	18,582		18,550		0.5		18,582
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)	9.21%				06/2027	1,172		1,166		—		1,172
S.J. Electro Systems, LLC+(5)	Senior secured				N/A(6)				06/2027	—		(39)		—		—
S.J. Electro Systems, LLC+(5)	Senior secured				N/A(6)				06/2027	—		(2)		—		—
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(h)	9.01%				06/2027	180		179		—		180
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(h)	9.01%				06/2027	240		239		—		240
Vessco Midco Holdings, LLC*	One stop	SF +	4.75%	(h)(j)	8.93%				07/2031	22,500		22,313		0.6		22,500
Vessco Midco Holdings, LLC+	One stop	SF +	4.75%	(h)(j)	8.89%				07/2031	4,075		4,044		0.1		4,075
Vessco Midco Holdings, LLC+(5)	One stop				N/A(6)				07/2031	—		(21)		—		—
										70,975		70,542		1.8		70,975
Total non-controlled/non-affiliate company debt investments										8,064,825		7,974,174		200.3		7,978,756

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments (23)(24)
Aerospace & Defense
PPW Aero Buyer, Inc.+	Preferred stock	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	672
Tronair Parent, Inc.+	Common stock	N/A	N/A		07/2021	N/A	—	40		—		98
								988		—		770
Air Freight & Logistics
RJW Group Holdings, Inc.+(25)	LLC units	N/A	N/A		11/2024	N/A	4,370	2,689		0.1		3,469

Auto Components
Arnott, LLC+	LP units	N/A	N/A		12/2024	N/A	—	350		—		314
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		30
								664		—		344
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		717
CAP-KSI Holdings, LLC+	Common stock	N/A	N/A		06/2024	N/A	645	—		—		167
CG Group Holdings, LLC+	LLC units	N/A	N/A		07/2021	N/A	1	983		—		718
Go Car Wash Parent, Corp.+(25)	Common stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,794		0.1		3,678
Go Car Wash Parent, Corp.+	Preferred stock	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	Common stock	N/A	N/A		11/2020	N/A	—	499		—		473
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	51		—		63
National Express Wash Parent Holdco, LLC+	LLC units	N/A	N/A		07/2022	N/A	1	103		—		176
POY Holdings, LLC+	LP interest	N/A	N/A		11/2022	N/A	446	820		—		483
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,421
Quick Quack Car Wash Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	215	215		—		270
Yorkshire Parent, Inc.+	LP interest	N/A	N/A		12/2023	N/A	—	544		—		626
								9,292		0.2		8,792
Beverages
Spindrift Beverage Co. Inc.+	LLC interest	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,501

Biotechnology
Cobepa BlueSky Aggregator, SCSp+(25)	LP units	N/A	N/A		10/2023	N/A	4	40		—		45
Cobepa BlueSky Aggregator, SCSp+(25)	LLC units	N/A	15.00%	Non-Cash	04/2024	N/A	5	61		—		57
Cobepa BlueSky Aggregator, SCSp+	Common stock	N/A	N/A		12/2021	N/A	219	1,899		—		47
								2,000		—		149
Building Products
BECO Holding Company, Inc.+(25)	Common stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	20,273		0.5		20,736
BECO Holding Company, Inc.+	Common stock	N/A	N/A		11/2021	N/A	10	1,218		—		1,116
								21,491		0.5		21,852
Chemicals
Inhance Parent, Inc.+	LP interest	N/A	N/A		07/2018	N/A	—	124		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Inhance Parent, Inc.+	LP units	N/A	N/A	09/2025	N/A	12	$	—	—	%	$	328
Inhance Parent, Inc.+	LP units	N/A	N/A	12/2021	N/A	12	7,284		—		—
							7,408		—		328
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	10/2021	N/A	773	836		—		993
CHA Vision Holdings, Inc.+	Warrant	N/A	N/A	01/2024	N/A	—	461		—		610
North Haven Stack Buyer, LLC	Preferred stock	N/A	N/A	07/2021	N/A	516	637		—		1,244
PT Intermediate Holdings III, LLC+	Preferred stock	N/A	N/A	12/2021	N/A	16	1,787		0.1		1,918
Radwell Parent, LLC+	Preferred stock	N/A	N/A	03/2022	N/A	4	477		—		467
							4,198		0.1		5,232
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A	04/2022	N/A	217	209		—		351
Packaging Coordinators Midco, Inc.+	LP units	N/A	N/A	09/2025	N/A	45	450		—		450
							659		—		801
Diversified Consumer Services
CHHJ Midco, LLC+(25)	LP interest	N/A	N/A	01/2021	N/A	27	311		—		428
CHVAC Services Investment, LLC+	Preferred stock	N/A	N/A	05/2024	N/A	105	267		—		453
DP Flores Holdings, LLC+	Preferred stock	N/A	N/A	09/2022	N/A	106	98		—		170
EMS LINQ, LLC+	Preferred stock	N/A	N/A	12/2021	N/A	761	758		—		236
EWC Growth Partners LLC+	Preferred stock	N/A	N/A	03/2020	N/A	—	12		—		—
FPG Intermediate Holdco, LLC+	LLC units	N/A	N/A	07/2025	N/A	18	6,655		0.2		6,637
HS Spa Holdings, Inc.+	Warrant	N/A	N/A	05/2022	N/A	729	732		—		587
Kodiak Buyer, LLC+	LP interest	N/A	N/A	08/2025	N/A	4	373		—		373
Liminex, Inc.+	Preferred stock	N/A	N/A	11/2020	N/A	17	633		—		410
NSG Buyer, Inc. +	Preferred stock	N/A	N/A	11/2022	N/A	3	2,992		0.1		4,203
PADI Holdco, Inc.+(25)	LLC interest	N/A	N/A	07/2017	N/A	1	945		0.1		1,392
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A	05/2025	N/A	327	1,359		0.1		1,410
Virginia Green Acquisition, LLC+	Preferred stock	N/A	N/A	12/2023	N/A	397	407		—		454
							15,542		0.5		16,753
Electric Utilities
Smart Energy Systems, Inc.+	Preferred stock	N/A	N/A	01/2025	N/A	18	96		—		458

Electrical Equipment
Wildcat TopCo, Inc.+	Preferred stock	N/A	N/A	12/2024	N/A	503	503		—		675

Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A	03/2014	N/A	—	372		—		168
Inventus Power, Inc.+	LLC units	N/A	N/A	04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	Common stock	N/A	N/A	05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A	03/2014	N/A	—	—		—		—
							480		—		505
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	217		—		271
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		0.1		1,421
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,591

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Ruby Slipper Cafe LLC, The+	Warrant	N/A	N/A	06/2024	N/A	3	$	47	—	%	$	53
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		85
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		54
							6,430		0.3		8,535
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		277
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	14		—		14
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		5
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	04/2024	N/A	21	73		—		66
Kodiak Cakes, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	—	557		0.1		1,914
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	07/2021	N/A	—	599		—		273
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	LP units	N/A	N/A	03/2024	N/A	—	31		—		42
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		312
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,892
Zullas, L.C.+	Warrant	N/A	N/A	06/2025	N/A	—	250		—		250
							3,142		0.3		9,101
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		96
Blue River Pet Care, LLC+	LP interest	N/A	N/A	08/2019	N/A	—	734		—		794
CCSL Holdings, LLC+	Preferred stock	N/A	N/A	12/2020	N/A	—	499		—		676
Centegix Intermediate II, LLC+	Preferred stock	N/A	N/A	08/2025	N/A	600	600		—		600
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		677
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		—		1,034
Isto Group, Inc.+(9)	LP units	N/A	N/A	09/2025	N/A	3	369		—		365
JHC Investment Intermediate Holdings, LLC+	LP units	N/A	N/A	03/2024	N/A	5,293	—		0.1		1,761
							3,340		0.1		6,003
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	12/2015	N/A	2	1,099		0.1		2,207
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	03/2017	N/A	1,632	2,235		0.2		5,684
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	05/2021	N/A	889	1,023		0.1		3,651
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	05/2016	N/A	2	1,119		—		1,154
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A	05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	Warrant	N/A	N/A	03/2021	N/A	180	192		—		140
CRH Healthcare Purchaser, Inc.+	Preferred stock	N/A	N/A	12/2018	N/A	531	456		—		824

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
DCA Investment Holding, LLC(7)(25)	Preferred stock	N/A			8.00%	Non-Cash	12/2022	N/A	1,142	$	659	—	%	$	—
DCA Investment Holding, LLC	LP units	N/A			N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A			N/A		02/2021	N/A	—	749		—		—
Emerge Intermediate, Inc.+	LLC units	N/A			N/A		02/2021	N/A	—	79		—		—
Emerge Intermediate, Inc.+	LLC units	N/A			N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	LLC units	N/A			N/A		05/2024	N/A	3	261		—		100
ERC Topco Holdings, LLC+	LLC units	N/A			N/A		03/2025	N/A	3	4,841		0.1		3,870
HP TLE Buyer, Inc.+	LP units	N/A			N/A		07/2025	N/A	450	450		—		450
Krueger-Gilbert Health Physics, LLC+	LP interest	N/A			N/A		05/2019	N/A	239	324		—		683
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A			N/A		06/2017	N/A	412	335		—		620
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	LLC units	N/A			N/A		05/2021	N/A	—	409		—		451
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A			N/A		08/2016	N/A	—	528		—		621
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A			N/A		08/2016	N/A	4	74		—		—
Pyramid Healthcare Acquisition Corp.+	Preferred stock	N/A			N/A		05/2021	N/A	257	310		—		380
Radiology Partners, Inc.+	LLC units	N/A			N/A		02/2018	N/A	11	68		—		94
Radiology Partners, Inc.+	LLC interest	N/A			N/A		09/2014	N/A	43	55		—		374
Sage Dental Management, LLC+	LLC units	N/A			N/A		10/2012	N/A	—	249		—		657
Sage Dental Management, LLC+	LLC units	N/A			N/A		10/2012	N/A	3	3		—		—
Southern Veterinary Partners, LLC+(25)	Preferred stock	N/A			10.00%	Non-Cash	12/2024	N/A	5	1,380		0.1		5,319
Southern Veterinary Partners, LLC+(25)	LP units	N/A			10.00%	Non-Cash	12/2024	N/A	—	265		—		442
Southern Veterinary Partners, LLC+	Preferred stock	N/A			N/A		12/2024	N/A	52	81		—		845
Southern Veterinary Partners, LLC+	LP interest	N/A			N/A		12/2024	N/A	4	15		—		70
Southern Veterinary Partners, LLC+(25)	LLC units	N/A			10.00%	Non-Cash	12/2024	N/A	—	14		—		52
Southern Veterinary Partners, LLC+(25)	LP interest	N/A			10.00%	Non-Cash	12/2024	N/A	—	3		—		4
Southern Veterinary Partners, LLC+	LLC units	N/A			N/A		12/2024	N/A	1	—		—		8
Southern Veterinary Partners, LLC+	LLC units	N/A			N/A		12/2024	N/A	—	—		—		1
Suveto Buyer, LLC+	Common stock	N/A			N/A		11/2021	N/A	8	727		—		573
										18,018		0.6		29,274
Healthcare Technology
Amberfield Acquisition Co.+	Preferred stock	N/A			N/A		05/2024	N/A	446	449		—		531
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		335
Connexin Software, Inc.+	Preferred stock	N/A			N/A		02/2024	N/A	12	16		—		27
HSI Halo Acquisition, Inc.+(25)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	127		—		258
HSI Halo Acquisition, Inc.+	Preferred stock	N/A			N/A		10/2019	N/A	—	14		—		156
Modernizing Medicine, Inc.+(25)	Warrant	N/A			13.00%	Non-Cash	04/2025	N/A	5	4,689		0.1		4,794
Symplr Software, Inc.+(25)	LLC units	N/A			11.00%	Non-Cash	10/2021	N/A	15	21,349		0.5		20,627
Symplr Software, Inc.+(25)	Common stock	SF +	10.50%	(i)	14.50%	Non-Cash	11/2018	N/A	3	6,594		0.2		7,498
Symplr Software, Inc.+(25)	Common stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,694		0.1		2,737
Symplr Software, Inc.+(25)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,621		0.1		1,601
Symplr Software, Inc.+	LP interest	N/A			N/A		09/2021	N/A	—	161		—		131

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Symplr Software, Inc.+	Common stock	N/A	N/A		11/2018	N/A	219	$	237	—	%	$	756
Tebra Technologies, Inc.+	LP units	N/A	N/A		07/2022	N/A	348	2,824		0.1		4,942
Tebra Technologies, Inc.+	Preferred stock	N/A	N/A		03/2019	N/A	169	871		—		926
Tebra Technologies, Inc.+	Warrant	N/A	N/A		06/2017	N/A	53	162		—		—
Tebra Technologies, Inc.+	LP interest	N/A	N/A		09/2018	N/A	1	8		—		17
Veranex, Inc.+	LP units	N/A	N/A		08/2025	N/A	135	30		—		16
Veranex, Inc.+	LP units	N/A	N/A		08/2025	N/A	472	—		—		—
Veranex, Inc.+	LP units	N/A	N/A		08/2025	N/A	60	—		—		—
								42,074		1.1		45,352
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A	N/A		09/2017	N/A	5	603		—		416
Harri US LLC+	LP units	N/A	N/A		02/2022	N/A	119	892		—		731
Harri US LLC+	Common stock	N/A	N/A		10/2021	N/A	102	649		—		610
Harri US LLC+	LP interest	N/A	N/A		10/2021	N/A	34	171		—		204
Harri US LLC+	Preferred stock	N/A	N/A		10/2023	N/A	96	1,141		0.1		1,407
Harri US LLC+	LLC units	N/A	N/A		03/2024	N/A	9	69		—		137
Harri US LLC+	Warrant	N/A	N/A		02/2025	N/A	10	—		—		—
Harri US LLC+	Warrant	N/A	N/A		06/2025	N/A	9	107		—		123
LMP TR Holdings, LLC	LLC units	N/A	N/A		05/2013	N/A	712	712		—		—
Patriot Acquireco, LLC+	LP units	N/A	N/A		09/2025	N/A	450	450		—		450
PB Group Holdings, LLC+	Preferred stock	N/A	N/A		08/2024	N/A	383	886		—		946
Rooster BidCo Limited+(8)(10)	LLC units	N/A	N/A		03/2025	N/A	1,258	1,301		0.1		1,925
Saguaro Buyer, LLC+	LP units	N/A	N/A		07/2025	N/A	—	250		—		266
SSRG Holdings, LLC+	Warrant	N/A	N/A		11/2019	N/A	46	493		—		515
								7,724		0.2		7,730
Insurance
Majesco+(25)	Warrant	N/A	9.00%	Non-Cash	09/2020	N/A	—	592		—		668
Majesco+	Preferred stock	N/A	N/A		09/2020	N/A	97	94		—		321
Oakbridge Insurance Agency LLC+	Preferred stock	N/A	N/A		11/2023	N/A	20	404		—		506
								1,090		—		1,495
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A	N/A		12/2021	N/A	25	26,216		0.5		21,278
Revalize, Inc.+	Preferred stock	N/A	N/A		12/2021	N/A	15	15,735		0.3		12,771
Revalize, Inc.+	LP units	N/A	N/A		12/2022	N/A	11	11,050		0.2		8,334
Revalize, Inc.+	LP units	N/A	N/A		04/2022	N/A	4	4,285		0.1		3,171
								57,286		1.1		45,554
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	LP interest	N/A	N/A		02/2020	N/A	804	2,398		0.2		8,624
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	LLC units	N/A	N/A		10/2020	N/A	211	931		0.1		2,262
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A		07/2021	N/A	48	407		—		519
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	LLC interest	N/A	N/A		08/2020	N/A	277	779		0.1		2,818
Critical Start, Inc.+	LLC units	N/A	N/A		05/2022	N/A	343	379		—		158
Kentik Technologies, Inc.+	LP units	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,944
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		11/2024	N/A	1	3		—		4
Netwrix Corporation+	Common stock	N/A	N/A		06/2022	N/A	7	19		—		18
Optimizely North America, Inc.+	LLC interest	N/A	N/A		10/2018	N/A	92	1,016		0.1		1,369

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Saturn Borrower Inc.+	LP interest	N/A	N/A		09/2020	N/A	520	$	470	—	%	$	607
								9,335		0.6		19,323
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,930
Movement Holdings, LLC+(8)(10)	LP units	N/A	N/A		03/2024	N/A	—	152		—		87
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		116
WBZ Investment, LLC+	LLC units	N/A	N/A		09/2018	N/A	56	96		—		80
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		65
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		58
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		24
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,362
Life Sciences Tools & Services
Celerion Buyer, Inc.+(25)	LLC interest	N/A	N/A		11/2022	N/A	1,302	1,096		—		727
Celerion Buyer, Inc.+	Common stock	N/A	N/A		11/2022	N/A	1,302	188		0.1		3,778
PAS Parent Inc.+	LLC units	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,914
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		342
								3,202		0.2		6,761
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,632		—		928
W3 Co.+	Common stock	N/A	N/A		01/2019	N/A	—	224		—		224
								1,856		—		1,152
Paper & Forest Products
Messenger, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	8	667		—		853
Messenger, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		853
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		472
Cobalt Buyer Sub, Inc.+(25)	LP interest	N/A	13.75%	Non-Cash	10/2021	N/A	11	18,419		0.5		18,854
Cobalt Buyer Sub, Inc.+	LP interest	N/A	N/A		10/2021	N/A	—	246		—		100
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	Preferred stock	N/A	N/A		12/2024	N/A	3,372	3,372		0.1		3,608
								22,644		0.6		23,034
Professional Services
Eclipse Buyer, Inc.+(25)	LP units	N/A	12.50%	Non-Cash	09/2024	N/A	—	1,824		0.1		1,853
Enboarder, Inc.+(8)	LLC units	N/A	N/A		01/2022	N/A	83	859		—		537
Filevine, Inc.+	LP interest	N/A	N/A		04/2022	N/A	362	2,867		0.2		6,388
Filevine, Inc.+	LP units	N/A	N/A		04/2022	N/A	54	224		—		843
Filevine, Inc.+	LLC units	N/A	N/A		05/2024	N/A	21	176		—		373
Net Health Acquisition Corp.+	LP interest	N/A	N/A		12/2017	N/A	14	1,684		0.1		2,417
Procure Acquireco, Inc.+	LP interest	N/A	N/A		12/2021	N/A	—	901		—		1,199
								8,535		0.4		13,610
Real Estate Management & Development
Inhabit IQ Inc.+	LP interest	N/A	N/A		01/2018	N/A	2	528		—		587
SC Landco Parent, LLC+	Common stock	N/A	N/A		09/2022	N/A	2	274		—		266
								802		—		853
Road & Rail
Internet Truckstop Group, LLC+	Warrant	N/A	N/A		04/2019	N/A	554	587		—		352

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.+	LLC units	N/A			N/A		06/2022	N/A	962	$	1,254	0.1	%	$	1,675
Aras Corporation+(25)	LLC units	N/A			12.00%	Non-Cash	04/2021	N/A	1	2,212		0.1		2,435
Aras Corporation+	Common stock	N/A			N/A		04/2021	N/A	427	446		—		776
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		114
Auvik Networks Inc.+(8)(12)	LLC units	N/A			N/A		07/2021	N/A	37	405		—		584
Auvik Networks Inc.+(8)(12)	LP units	N/A			N/A		02/2023	N/A	4	46		—		66
Bayshore Intermediate #2, L.P.+	LLC units	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,482
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,037
Calabrio, Inc.+	Preferred stock	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	Preferred stock	N/A			N/A		07/2024	N/A	258	258		—		160
Cloudbees, Inc.+	LP interest	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,149
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,120
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		821
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,172
Denali Bidco Limited+(8)(10)	LP units	N/A			N/A		08/2023	N/A	431	312		—		732
Diligent Corporation+(25)	LP interest	N/A			10.50%	Non-Cash	04/2021	N/A	24	33,902		0.9		35,506
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		—		1,065
Energy Worldnet, LLC+(25)	Preferred stock	N/A			N/A		02/2025	N/A	50	52		—		54
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		242
FirstUp, Inc.+	LP units	N/A			N/A		03/2025	N/A	14	27		—		30
GS Acquisitionco, Inc.+(25)	LP interest	N/A			11.00%	Non-Cash	04/2021	N/A	35	50,596		1.3		52,892
GS Acquisitionco, Inc.+(25)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	6,447		0.2		6,572
GS Acquisitionco, Inc.+	Preferred stock	N/A			N/A		09/2021	N/A	1	363		—		341
GS Acquisitionco, Inc.+(25)	Preferred stock	SF +	10.50%	(i)	14.50%	Non-Cash	08/2023	N/A	—	139		—		138
GTY Technology Holdings, Inc.+	Common stock	N/A			N/A		07/2022	N/A	73	91		—		165
Gurobi Optimization, LLC+	LLC units	N/A			N/A		09/2024	N/A	—	709		—		775
Impartner, Inc.+	LP interest	N/A			N/A		10/2021	N/A	39	307		—		211
Kaseya Inc.+(25)	Preferred stock	SF +	10.75%	(i)	14.92%	Non-Cash	06/2022	N/A	2	3,700		0.1		3,635
Kaseya Inc.+	Common stock	N/A			N/A		06/2022	N/A	250	252		—		263
LogicMonitor, Inc.+	LLC units	N/A			N/A		12/2024	N/A	250	250		—		277
Menlo Ridgeview Co-Invest, LLC+(8)	LLC units	N/A			N/A		05/2025	N/A	931	954		—		996
Ministry Brands Holdings LLC+	Warrant	N/A			N/A		12/2021	N/A	799	774		—		613
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	LP interest	N/A			N/A		10/2019	N/A	6	17		—		17
Onit, Inc.+(25)	Common stock	N/A			N/A		09/2025	N/A	—	14		—		14
Panzura, LLC+	LLC units	N/A			N/A		03/2025	N/A	2	6		—		—
Personify, Inc.+	LLC interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,241
Pluralsight, LLC+	Common stock	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		3,512
QAD, Inc.+	LLC units	N/A			N/A		11/2021	N/A	1	1,186		—		1,004
QAD, Inc.+	LP interest	N/A			N/A		11/2021	N/A	68	134		—		279
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		161
RegEd Aquireco, LLC+	LLC units	N/A			N/A		07/2023	N/A	—	29		—		37
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(25)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	36,381		0.9		36,658

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Riskonnect Parent, LLC+	Preferred stock	N/A			N/A		11/2021	N/A	1,382	$	1,414	0.1	%	$	1,393
Riskonnect Parent, LLC+(25)	LP units	SF +	10.50%	(i)	14.70%	Non-Cash	07/2022	N/A	—	1,067		—		1,074
Riskonnect Parent, LLC+(25)	LLC units	N/A			10.50%	Non-Cash	06/2024	N/A	—	56		—		61
Rokt Inc.+	LLC units	N/A			N/A		01/2025	N/A	20	683		—		763
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,007
SnapLogic, Inc.+	Common stock	N/A			N/A		09/2019	N/A	131	162		—		517
Spartan Buyer Acquisition Co.+	LP units	N/A			N/A		12/2020	N/A	1	794		—		412
Spartan Buyer Acquisition Co.+	LP units	N/A			N/A		12/2022	N/A	—	110		—		136
StrongDM, Inc.+	Preferred stock	N/A			N/A		05/2025	N/A	424	2,257		0.1		2,349
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		120
Templafy APS and Templafy, LLC+(8)(18)	Preferred stock	N/A			N/A		07/2022	N/A	—	82		—		21
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		0.1		1,376
Transform Bidco Limited+(8)(10)	LP units	N/A			N/A		04/2025	N/A	2,349	2,349		0.1		2,432
Tricentis Operations Holdings, Inc.+	Preferred stock	N/A			N/A		02/2025	N/A	40	40		—		44
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		648
										171,971		4.6		181,374
Specialty Retail
Ave Holdings III, Corp+(25)	Preferred stock	N/A			11.50%	Non-Cash	02/2022	N/A	15	20,613		0.4		15,226
Ave Holdings III, Corp+	Preferred stock	N/A			N/A		02/2022	N/A	2	1,737		—		157
Batteries Plus Holding Corporation+	LP interest	N/A			N/A		07/2016	N/A	10	1,287		0.1		1,399
Cycle Gear, Inc.+	LLC units	N/A			N/A		02/2016	N/A	2,002	481		—		356
Cycle Gear, Inc.+	Warrant	N/A			N/A		01/2023	N/A	75	75		—		160
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC units	N/A			N/A		12/2024	N/A	3	347		—		370
Metal Supermarkets US Buyer, LLC+(8)(12)	Preferred stock	N/A			N/A		12/2024	N/A	1	—		—		29
Salon Lofts Group, LLC+	Preferred stock	N/A			N/A		08/2022	N/A	—	137		—		111
VSG Acquisition Corp. and Sherrill, Inc.+	LP interest	N/A			N/A		04/2022	N/A	—	57		—		92
										24,734		0.5		17,900
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(25)	LLC interest	N/A			N/A		11/2015	N/A	20	239		—		292
Georgica Pine Clothiers, LLC+	Common stock	N/A			N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Common stock	N/A			N/A		06/2021	N/A	56	265		—		101
Shoes For Crews Global, LLC+	LLC units	N/A			N/A		06/2024	N/A	2	1,083		—		1,366
										1,587		—		1,761

Total non-controlled/non-affiliate company equity investments										453,851		12.2		485,008

Total non-controlled/non-affiliate company investments										8,428,025		212.5		8,463,764

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Cost		Percentage of Net Assets		Fair Value (4)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)	One stop	SF +	1.00%	(i)	5.00%	PIK			06/2027	$	7,589	$	7,071	0.1	%	$	2,732
Abita Brewing Co., L.L.C.+(7)(26)	Second lien	SF +	1.00%	(i)	5.00%	PIK			06/2027	5,224		3,725		—		210
Abita Brewing Co., L.L.C.+(26)	One stop	SF +	1.00%	(i)	5.13%	PIK			06/2027	2,748		2,748		0.1		2,274
										15,561		13,544		0.2		5,216
Energy, Equipment & Services
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.00%	PIK			08/2027	4,991		3,623		0.1		1,997
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.00%	PIK			08/2027	1,105		732		—		92
										6,096		4,355		0.1		2,089
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)	One stop	SF +	6.00%	(i)	5.35%	cash/	5.00%	PIK	11/2029	2,847		2,847		0.1		2,847
G & H Wire Company, Inc.+	One stop				N/A(6)				11/2029	—		—		—		—
										2,847		2,847		0.1		2,847
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.40%				06/2026	12,729		12,703		0.3		12,729
Bayside Opco, LLC+(26)	Subordinated debt	SF +	10.00%	(i)	14.15%	PIK			06/2026	5,832		5,659		0.1		5,832
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.40%				06/2026	4,503		4,450		0.1		4,503
Bayside Opco, LLC+	One stop				N/A(6)				06/2026	—		—		—		—
Elite Dental Partners LLC+(7)(26)	One stop	SF +	5.25%	(i)	9.40%	PIK			09/2026	18,393		13,029		0.1		4,414
Elite Dental Partners LLC+(7)(26)	One stop	SF +	12.00%	(i)	16.15%	PIK			09/2026	11,500		7,226		0.1		3,335
Elite Dental Partners LLC+(26)	One stop	SF +	5.25%	(i)	9.40%	PIK			09/2026	1,982		1,982		0.1		1,982
Elite Dental Partners LLC+(26)	One stop	SF +	5.25%	(i)	9.40%	PIK			09/2026	961		961		—		961
Opening Day Borrower 111 LLC+(26)	One stop	SF +	6.25%	(i)	10.71%	PIK			05/2027	4,675		4,675		0.1		4,675
SPF Borrower LLC+(26)	One stop	SF +	6.25%	(i)	8.40%	cash/	2.00%	PIK	02/2028	16,191		16,191		0.4		16,191
SPF Borrower LLC+(26)	One stop	SF +	9.50%	(i)	13.65%	PIK			02/2028	8,625		8,625		0.2		8,625
SPF Borrower LLC+	One stop				N/A(6)				02/2028	—		—		—		—
										85,391		75,501		1.5		63,247
Life Sciences Tools & Services
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	8.75%	PIK			03/2029	2,923		2,923		0.1		2,777
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	8.75%	PIK			03/2029	839		839		—		839
										3,762		3,762		0.1		3,616
Multiline Retail
Fleet Farm Group, LLC+(26)	Senior secured	SF +	5.50%	(i)	9.81%	PIK			12/2026	5,405		5,405		0.1		5,242
Fleet Farm Group, LLC+	One stop	SF +	5.50%	(i)	9.70%				12/2026	3,245		3,245		0.1		3,180
										8,650		8,650		0.2		8,422
Personal Products
IMPLUS Footcare, LLC+(26)	One stop	SF +	6.00%	(i)	10.31%	PIK			10/2028	8,288		7,738		0.2		7,708
IMPLUS Footcare, LLC+(26)	One stop	SF +	6.00%	(i)	10.01%	PIK			10/2028	3,761		3,761		0.1		3,678
										12,049		11,499		0.3		11,386
Software
Switchfly LLC+(26)	One stop	N/A			1.00%	PIK			11/2027	1,830		1,830		—		1,651

Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(i)	5.00%				06/2029	45,065		41,693		1.0		40,107
Chestnut Optical Midco, Inc.+(5)	One stop				N/A(6)				06/2029	—		—		—		(309)
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(i)	5.00%				06/2029	2,817		2,817		—		1,164
										47,882		44,510		1.0		40,962

Total non-controlled/affiliate company debt investments										184,068		166,498		3.5		139,436

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(23)(24)
Beverages
Abita Brewing Co., L.L.C.+	LP interest	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—

Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	LP units	N/A	N/A	11/2024	N/A	159	3,810		0.1		3,223

Healthcare Providers & Services
Bayside Opco, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	2,592		0.3		10,922
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LP units	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	LP units	N/A	N/A	09/2024	N/A	181	21,172		0.5		18,561
Opening Day Borrower 111 LLC+	LP units	N/A	N/A	04/2023	N/A	181	7,836		—		—
SPF Borrower LLC+	Preferred stock	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,653
							45,099		1.1		42,136
Life Sciences Tools & Services
Reaction Biology Corporation+	LLC units	N/A	N/A	03/2025	N/A	139	4,980		0.1		3,643

Multiline Retail
Fleet Farm Group, LLC	Preferred stock	N/A	N/A	12/2024	N/A	129	23,874		0.6		24,821

Personal Products
IMPLUS Footcare, LLC+	LLC units	N/A	N/A	07/2025	N/A	8,288	12,388		0.3		12,383

Software
Switchfly LLC+	Preferred stock	N/A	N/A	09/2018	N/A	98,370	2,321		—		486
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.2		6,002
Switchfly LLC+	Preferred stock	N/A	N/A	03/2022	N/A	950	950		—		643
							8,646		0.2		7,131
Specialty Retail
Chestnut Optical Midco, Inc.+	LP units	N/A	N/A	06/2024	N/A	189	53,764		1.5		60,990

Total non-controlled/affiliate company equity investments							152,561		3.9		154,327

Total non-controlled/affiliate company investments							319,059		7.4		293,763

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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 Date	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)	One stop	N/A	8.00%	PIK		03/2026	$	2,137	$	2,137	0.1	%	$	2,030
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,209		1,209		—		1,209
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,300		1,300		—		1,300
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	376		376		—		376
Total controlled affiliate company debt investments							5,022		5,022		0.1		4,915

Equity investments(23)(24)
IT Services
MMan Acquisition Co.+	LP units	N/A	N/A		09/2024	N/A	—		7,832		0.2		6,947

Total controlled affiliate equity investments									7,832		0.2		6,947

Total controlled affiliate company investments									12,854		0.3		11,862

Total investments									$	8,759,938	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		1.8		70,563
Total money market funds									93,656		2.4		93,656
Total investments and money market funds									$	8,853,594	222.6	%	$	8,863,045

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

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.

(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.