______________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

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

For the Quarterly Period Ended December 31, 2020

OR

o         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 o 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  þ
Accelerated filer o
Non-accelerated filer  o
Smaller reporting company o
Emerging growth company o

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

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

As of February 8, 2021, the Registrant had 167,259,511 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 December 31, 2020 (unaudited) and September 30, 2020
3
Consolidated Statements of Operations for the three months ended December 31, 2020 (unaudited) and 2019 (unaudited)
4
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2020 (unaudited) and 2019 (unaudited)
4
Consolidated Statements of Cash Flows for the three months ended December 31, 2020 (unaudited) and 2019 (unaudited)
6
Consolidated Schedules of Investments as of December 31, 2020 (Unaudited) and September 30, 2020
10
Notes to Consolidated Financial Statements (unaudited)
89
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
127
Item 3. Quantitative and Qualitative Disclosures about Market Risk
153
Item 4. Controls and Procedures
154
Part II. Other Information
Item 1. Legal Proceedings
155
Item 1A. Risk Factors
155
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
155
Item 3. Defaults Upon Senior Securities
155
Item 4. Mine Safety Disclosures
155
Item 5. Other Information
155
Item 6. Exhibits
156

2

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

December 31, 2020 September 30, 2020
(unaudited)
Assets      
Investments, at fair value      
Non-controlled/non-affiliate company investments $ 4,430,239  $ 4,177,474 
Non-controlled affiliate company investments 58,211  42,000 
Controlled affiliate company investments 18,768  18,736 
Total investments, at fair value (amortized cost of $4,604,818 and $4,398,900, respectively) 4,507,218  4,238,210 
Cash and cash equivalents 26,500  24,569 
Foreign currencies (cost of $527 and $567, respectively) 527  567 
Restricted cash and cash equivalents
242,783  157,566 
Restricted foreign currencies (cost of $1,340 and $1,727, respectively) 1,355  1,728 
Cash collateral held at broker for forward currency contracts 5,420  3,320 
Interest receivable 18,628  17,263 
Receivable from investments sold —  259 
Other assets 137  802 
Total Assets $ 4,802,568  $ 4,444,284 
Liabilities      
Debt $ 2,332,563  $ 2,023,698 
Less unamortized debt issuance costs 10,822  5,896 
Debt less unamortized debt issuance costs 2,321,741  2,017,802 
Unrealized depreciation on forward currency contracts 4,956  1,064 
Interest payable 12,551  7,875 
Management and incentive fees payable 17,330  17,347 
Accounts payable and other liabilities 3,863  4,003 
Total Liabilities 2,360,441  2,048,091 
Commitments and Contingencies (Note 8)      
Net Assets      
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2020 and September 30, 2020 —  — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 167,259,511 and 167,259,511 shares issued and outstanding as of December 31, 2020 and September 30, 2020, respectively 167  167 
Paid in capital in excess of par 2,624,608  2,624,608 
Distributable earnings (losses)
(182,648) (228,582)
Total Net Assets 2,442,127  2,396,193 
Total Liabilities and Total Net Assets $ 4,802,568  $ 4,444,284 
Number of common shares outstanding 167,259,511  167,259,511 
Net asset value per common share $ 14.60  $ 14.33 

See Notes to Consolidated Financial Statements.
3

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 December 31,
   2020 2019
Investment income      
From non-controlled/non-affiliate company investments:      
Interest income $ 71,522  $ 75,859 
Dividend income 160  34 
Fee income 907  215 
Total investment income from non-controlled/non-affiliate company investments 72,589  76,108 
From non-controlled affiliate company investments:      
Interest income 1,475  244 
Total investment income from non-controlled affiliate company investments 1,475  244 
From controlled affiliate company investments:      
Interest income (18) 350 
Dividend income —  1,905 
Total investment income from controlled affiliate company investments (18) 2,255 
Total investment income 74,046  78,607 
Expenses      
Interest and other debt financing expenses 15,081  22,278 
Base management fee 15,224  15,206 
Incentive fee 2,004  5,904 
Professional fees 837  939 
Administrative service fee 1,602  1,402 
General and administrative expenses 291  147 
Total expenses 35,039  45,876 
Net investment income 39,007  32,731 
Net gain (loss) on investment transactions      
Net realized gain (loss) from:      
Non-controlled/non-affiliate company investments 4,125  2,656 
Non-controlled affiliate company investments (5,739) — 
Foreign currency transactions (778) (155)
Net realized gain (loss) on investment transactions (2,392) 2,501 
Net change in unrealized appreciation (depreciation) from:      
Non-controlled/non-affiliate company investments 54,069  17,472 
Non-controlled affiliate company investments 9,071  (427)
Controlled affiliate company investments (50) (829)
Translation of assets and liabilities in foreign currencies (1,374) (3,150)
Forward currency contracts (3,892) (1,250)
Net change in unrealized appreciation (depreciation) on investment transactions 57,824  11,816 
Net gain on investment transactions 55,432  14,317 
Net increase in net assets resulting from operations $ 94,439  $ 47,048 
Per Common Share Data      
Basic and diluted earnings per common share (Note 10) $ 0.56  $ 0.34 
Dividends and distributions declared per common share $ 0.29  $ 0.46 
Basic and diluted weighted average common shares outstanding (Note 10) 167,259,511  136,989,243 




See Notes to Consolidated Financial Statements.
4

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, 2019 132,658,200  $ 133  $ 2,310,610  $ (87,889) $ 2,222,854 
Net increase in net assets resulting from operations:
Net investment income —  —  —  32,731  32,731 
Net realized gain (loss) on investments and foreign currency transactions —  —  —  2,501  2,501 
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts —  —  —  11,816  11,816 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 1,149,409  20,229  —  20,230 
Distributions from distributable earnings —  —  —  (61,023) (61,023)
Total increase (decrease) for the period ended December 31, 2019 1,149,409  20,229  (13,975) 6,255 
Balance at December 31, 2019 133,807,609  $ 134  $ 2,330,839  $ (101,864) $ 2,229,109 
Balance at September 30, 2020 167,259,511  $ 167  $ 2,624,608  $ (228,582) $ 2,396,193 
Net increase in net assets resulting from operations:
Net investment income —  —  —  39,007  39,007 
Net realized gain (loss) on investments and foreign currency transactions —  —  —  (2,392) (2,392)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts —  —  —  57,824  57,824 
Distributions to stockholders:
Distributions from distributable earnings —  —  —  (48,505) (48,505)
Total increase (decrease) for the period ended December 31, 2020 —  —  —  45,934  45,934 
Balance at December 31, 2020 167,259,511  $ 167  $ 2,624,608  $ (182,648) $ 2,442,127 

See Notes to Consolidated Financial Statements.
5

TABLE OF CONTENTS

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

Three months ended December 31,
   2020 2019
Cash flows from operating activities      
Net increase (decrease) in net assets resulting from operations $ 94,439  $ 47,048 
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 1,204  571 
Accretion of discounts and amortization of premiums on investments 4,624  7,869 
Accretion of discounts on issued debt securities 471  295 
Net realized (gain) loss on investments 1,614  (2,656)
Net realized (gain) loss on foreign currency and other transactions 778  155 
Net change in unrealized (appreciation) depreciation on investments (63,090) (16,216)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies 1,374  3,150 
Net change in unrealized (appreciation) depreciation on forward currency contracts 3,892  1,250 
Proceeds from (fundings of) revolving loans, net 3,911  (239)
Fundings of investments (490,007) (296,814)
Proceeds from principal payments and sales of portfolio investments 278,665  154,305 
PIK interest (4,725) (1,633)
Changes in operating assets and liabilities:
Interest receivable (1,365) 2,283 
Cash collateral held at broker for forward currency contracts (2,100) (600)
Receivable from investments sold 259  — 
Other assets 665  83 
Interest payable 4,676  3,944 
Management and incentive fees payable (17) 8,012 
Accounts payable and other liabilities (140) (22,409)
Accrued trustee fees —  (192)
Net cash provided by (used in) operating activities (164,872) (111,794)
Cash flows from financing activities      
Borrowings on debt 797,389  331,966 
Repayments of debt (491,339) (193,946)
Capitalized debt issuance costs (6,130) (1,062)
Proceeds from other short-term borrowings —  64,769 
Distributions paid (33,846) (40,793)
Purchases of common stock under reinvestment plan (14,659) — 
Net cash (used in) provided by financing activities 251,415  160,934 
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies 86,543  49,140 
Effect of foreign currency exchange rates 192  (125)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period 184,430  84,208 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period $ 271,165  $ 133,223 
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest $ 8,731  $ 17,763 
Distributions declared during the period 48,505  61,023 
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan $ —  $ 20,230 
Proceeds from issuance of Class A-2-R GCIC 2018 Notes 38,500  — 
Redemptions of Class A-2 GCIC 2018 Notes (38,500) — 
See Notes to Consolidated Financial Statements.
6


TABLE OF CONTENTS

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

The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of December 31,
2020 2019
Cash and cash equivalents $ 26,500  $ 18,914 
Foreign currencies (cost of $527 and $512, respectively) 527  512 
Restricted cash and cash equivalents 242,783  112,353 
Restricted foreign currencies (cost of $1,340 and $1,444, respectively) 1,355  1,444 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows
$ 271,165  $ 133,223 
See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.


See Notes to Consolidated Financial Statements.
7

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 2020
(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 and Defense                          
NTS Technical Systems*#~^ Senior loan   L + 5.50% (c)   6.50%   06/2023   $ 40,477  $ 40,070  1.6 % $ 39,870
NTS Technical Systems~ Second lien   L + 9.75% (c)   10.75%   12/2023   4,589  4,502  0.2 4,497
NTS Technical Systems(5) Senior loan   L + 5.50%   N/A(6)   06/2023   —  (48) (61)
NTS Technical Systems(5) Senior loan   L + 5.50%   N/A(6)   06/2023   —  (76) (81)
Tronair Parent, Inc.+ Senior loan   L + 4.75% (e)   5.75%   09/2023   716  710  638
Tronair Parent, Inc. Senior loan   L + 4.50% (c)   4.71%   09/2021   160  159  154
Whitcraft LLC*#+~ One stop   L + 6.00% (c)   7.00%   04/2023   63,735  64,087  2.5 59,912
Whitcraft LLC(5) One stop   L + 6.00%   N/A(6)   04/2023   —  (2) (18)
109,677  109,402  4.3 104,911
Airlines
Aurora Lux Finco S.A.R.L.(8)(13) One stop   L + 5.75% (c)   6.75%   12/2026   993  971  893
Auto Components                          
Polk Acquisition Corp.*# Senior loan   L + 6.50% (a)   3.50% cash/4.00% PIK   12/2023   18,167  18,011  0.7 17,077
Polk Acquisition Corp. Senior loan   L + 6.50% (a)   3.50% cash/4.00% PIK   12/2023   108  106  100
Polk Acquisition Corp. Senior loan   L + 6.50% (a)   3.50% cash/4.00% PIK   12/2023   18  16  4
Power Stop, LLC+~ Senior loan   L + 4.50% (a)   4.65%   10/2025   2,835  2,886  0.1 2,835
     21,128  21,019  0.8 20,016
Automobiles                          
JHCC Holdings LLC One stop   L + 5.50% (c)   6.50%   09/2025   15,591  15,347  0.6 15,591
JHCC Holdings LLC One stop   L + 5.50% (c)   6.50%   09/2025   78  76  78
JHCC Holdings LLC One stop   L + 5.50% (c)(f)   7.10%   09/2025   55  54  55
MOP GM Holding, LLC+~ One stop   L + 5.75% (c)   6.75%   11/2026   24,404  24,104  1.0 24,160
MOP GM Holding, LLC One stop   L + 5.75% (c)(f)   6.85%   11/2026   130  128  128
MOP GM Holding, LLC(5) One stop   L + 5.75%   N/A(6)   11/2026   —  (56) (45)
Quick Quack Car Wash Holdings, LLC*# One stop   L + 6.50% (a)   7.50%   10/2024   13,050  13,069  0.5 12,919
Quick Quack Car Wash Holdings, LLC# One stop   L + 6.50% (a)   7.50%   04/2023   2,355  2,327  0.1 2,331
Quick Quack Car Wash Holdings, LLC One stop   L + 6.50% (a)   7.50%   10/2024   2,199  2,103  0.1 2,101
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50% (a)   7.50%   04/2023   2,057  2,103  0.1 2,036
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50% (a)   7.50%   04/2023   1,375  1,405  0.1 1,361
Quick Quack Car Wash Holdings, LLC* One stop   L + 6.50% (a)   7.50%   10/2024   1,120  1,163  1,108
Quick Quack Car Wash Holdings, LLC(5) One stop   L + 6.50%   N/A(6)   04/2023   —  —  (2)
TWAS Holdings, LLC+ One stop   L + 6.75% (a)   7.75%   12/2026   31,111  30,722  1.3 30,800
TWAS Holdings, LLC(5) One stop   L + 6.75%   N/A(6)   12/2026   —  (4) (4)
TWAS Holdings, LLC(5) One stop   L + 6.75%   N/A(6)   12/2026   —  (90) (80)
93,525  92,451  3.8 92,537

See Notes to Consolidated Financial Statements.
8

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Beverages
Abita Brewing Co., L.L.C.(7) One stop   L + 7.25% (c)   8.25%   04/2021   $ 9,982  $ 9,969  0.4 % $ 8,485 
Abita Brewing Co., L.L.C.(7) One stop   L + 7.25% (c)   8.25%   04/2021   40  39  34 
Fintech Midco, LLC*# One stop   L + 5.00% (c)   6.00%   08/2024   24,349  24,671  1.0 24,349 
Fintech Midco, LLC# One stop   L + 5.00% (c)   6.00%   08/2024   1,128  1,163  1,128 
Fintech Midco, LLC(5) One stop   L + 5.00%   N/A(6)   08/2024   —  (1) — 
35,499  35,841  1.4 33,996 
Biotechnology
BIO18 Borrower, LLC One stop   L + 4.75% (a)   5.75%   11/2024   11,047  11,081  0.4 11,047 
BIO18 Borrower, LLC*# One stop   L + 4.75% (a)   5.75%   11/2024   3,953  3,921  0.2 3,953 
BIO18 Borrower, LLC One stop   L + 4.75% (a)   5.75%   11/2024   210  210  210 
BIO18 Borrower, LLC(5) One stop   L + 4.75%   N/A(6)   11/2024   —  (1) — 
15,210  15,211  0.6 15,210 
Building Products
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (b)(c)(f)   5.50%   03/2024   4,181  4,181  0.2 4,097 
Jensen Hughes, Inc. Senior loan   L + 4.50% (a)(b)(c)(f)   5.50%   03/2024   1,252  1,283  0.1 1,223 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (b)(c)(d)(f)   5.50%   03/2024   911  924  893 
Jensen Hughes, Inc. Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   438  450  429 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (b)(c)(f)   5.50%   03/2024   279  282  273 
Jensen Hughes, Inc. Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   218  218  214 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   116  116  114 
7,395  7,454  0.3 7,243 
Chemicals
Inhance Technologies Holdings LLC# One stop   L + 6.00% (c)   7.00%   07/2024   12,671  12,782  0.5 12,207 
Inhance Technologies Holdings LLC One stop   L + 6.00% (c)   7.00%   07/2024   1,925  1,913  0.1 1,854 
Inhance Technologies Holdings LLC One stop   L + 6.00% (c)   7.00%   07/2024   80  80  72 
14,676  14,775  0.6 14,133 
Commercial Services & Supplies
EGD Security Systems, LLC*#^ One stop   L + 5.65% (c)   6.65%   06/2023   30,092  30,418  1.2 30,092 
EGD Security Systems, LLC* One stop   L + 5.65% (c)   6.65%   06/2023   1,258  1,257  0.1 1,258 
EGD Security Systems, LLC One stop   L + 5.65% (c)   6.65%   06/2023   767  760  767 
EGD Security Systems, LLC# One stop   L + 5.65% (c)   6.65%   06/2023   644  661  644 
EGD Security Systems, LLC# One stop   L + 5.65% (c)   6.65%   06/2023   575  572  575 
EGD Security Systems, LLC One stop   L + 5.65% (c)   6.65%   06/2023   40  39  40 
EGD Security Systems, LLC(5) One stop   L + 5.65%   N/A(6)   06/2023   —  (28) — 
Bazaarvoice, Inc.*#+~^ One stop   L + 5.75% (c)   6.75%   02/2024   48,006  48,576  2.0 47,526 
Bazaarvoice, Inc.+ One stop   L + 5.75% (c)   6.75%   02/2024   21,094  20,886  0.9 20,883 
Bazaarvoice, Inc.(5) One stop   L + 5.75%   N/A(6)   02/2024   —  (3) (4)
Hydraulic Authority III Limited~(8)(9)(10) One stop   L + 6.00% (h)   7.00%   11/2025   11,709  11,907  0.5 12,198 
See Notes to Consolidated Financial Statements.
9

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Commercial Services & Supplies - (continued)
Hydraulic Authority III Limited(8)(9)(10) One stop   N/A   11.00% PIK   11/2028   $ 222  $ 225  % $ 239 
Hydraulic Authority III Limited(5)(8)(9)(10) One stop   L + 6.00%   N/A(6)   11/2025   —  —  (6)
PT Intermediate Holdings III, LLC+~^ One stop   L + 5.50% (c)   6.50%   10/2025   29,700  29,331  1.2 28,512 
WRE Holding Corp.*# Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   2,270  2,302  0.1 2,270 
WRE Holding Corp.^ Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   938  962  938 
WRE Holding Corp. Senior loan   L + 5.25% (c)   6.25%   01/2023   688  687  688 
WRE Holding Corp. Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   407  407  407 
WRE Holding Corp. Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   23  23  23 
WRE Holding Corp. Senior loan   L + 5.25% (a)(c)   6.25%   01/2023   16  17  16 
WRE Holding Corp. Senior loan   L + 5.25%   N/A(6)   01/2023   —  — 
148,449  149,007  6.0 147,066 

See Notes to Consolidated Financial Statements.
10

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Construction & Engineering
Reladyne, Inc.*#^ Senior loan   L + 5.00% (d)   6.00%   07/2022   $ 32,778  $ 32,967  1.4 % $ 32,778 
Reladyne, Inc.~ Senior loan   L + 5.00% (d)   6.00%   07/2022   3,473  3,524  0.1 3,473 
Reladyne, Inc.+ Senior loan   L + 5.00% (a)   6.00%   07/2022   3,386  3,354  0.1 3,386 
Reladyne, Inc. Senior loan   L + 5.00% (c)(d)   6.00%   07/2022   2,750  2,789  0.1 2,750 
Reladyne, Inc.*# Senior loan   L + 5.00% (d)   6.00%   07/2022   1,880  1,908  0.1 1,880 
Reladyne, Inc.#~ Senior loan   L + 5.00% (d)   6.00%   07/2022   1,621  1,645  0.1 1,621 
Reladyne, Inc.# Senior loan   L + 5.00% (d)   6.00%   07/2022   1,541  1,578  0.1 1,541 
Reladyne, Inc.#~ Senior loan   L + 5.00% (d)   6.00%   07/2022   738  749  738 
48,167  48,514  2.0 48,167 
Containers and Packaging
AmerCareRoyal LLC+ Senior loan   L + 5.00% (a)   6.00%   11/2025   820  813  820 
AmerCareRoyal LLC+(8) Senior loan   L + 5.00% (a)   6.00%   11/2025   152  151  152 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   2,424  2,377  0.1 2,376 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   1,582  1,570  0.1 1,550 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   630  625  617 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   605  600  594 
Fortis Solutions Group LLC(5) Senior loan   L + 5.00%   N/A(6)   12/2023   —  —  (1)
Plano Molding Company, LLC+ One stop   L + 9.00% (c)   8.50% cash/1.50% PIK   05/2022   14,653  14,617  0.5 12,454 
Plano Molding Company, LLC One stop   L + 9.00% (c)   8.50% cash/1.50% PIK   05/2022   1,186  1,177  0.1 1,186 
  22,052  21,930  0.8 19,748 
Distributors
PetroChoice Holdings, Inc.#^ Senior loan   L + 5.00% (c)   6.00%   08/2022   3,267  3,273  0.1 3,104 
Diversified Consumer Services
EWC Growth Partners LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   03/2026   914  899  832 
EWC Growth Partners LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   03/2026   30  29  27 
EWC Growth Partners LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   03/2026   18  18  16 
Excelligence Learning Corporation# One stop   L + 7.00% (c)   8.00%   04/2023   10,466  10,233  0.3 8,373 
Learn-it Systems, LLC Senior loan   L + 5.00% (c)   5.00% cash/0.50% PIK   03/2025   2,542  2,588  0.1 2,542 
Learn-it Systems, LLC Senior loan   L + 5.00% (c)   5.50%   03/2025   608  607  608 
Learn-it Systems, LLC Senior loan   L + 4.50%   N/A(6)   03/2025   —  —  — 
Liminex, Inc.~ One stop   L + 7.25% (a)   8.25%   11/2026   25,462  24,988  1.0 25,207 
Liminex, Inc.(5) One stop   L + 7.25%   N/A(6)   11/2026   —  (2) (2)
Litera Bidco LLC+^ One stop   L + 5.25% (a)   6.25%   05/2026   3,740  3,760  0.2 3,568 
Litera Bidco LLC+ One stop   L + 6.00% (c)   7.00%   05/2026   1,307  1,291  0.1 1,291 
Litera Bidco LLC One stop   L + 5.25% (a)   5.40%   05/2026   701  725  669 
Litera Bidco LLC One stop   L + 5.25% (a)   6.25%   05/2026   701  725  669 
Litera Bidco LLC(5) One stop   L + 5.25%   N/A(6)   05/2025   —  —  (2)
PADI Holdco, Inc.*# One stop   L + 8.75% (c)   8.25% cash/1.50% PIK   04/2024   21,686  21,859  0.8 18,429 
PADI Holdco, Inc.+~(8)(9) One stop   E + 5.75% (g)   4.25% cash/1.50% PIK   04/2024   20,634  20,892  0.8 18,343 
PADI Holdco, Inc.~ One stop   L + 7.25% (c)   6.75% cash/1.50% PIK   04/2024   803  797  682 
PADI Holdco, Inc. One stop   L + 7.25% (a)   6.75% cash/1.50% PIK   04/2023   180  179  146 
PADI Holdco, Inc. One stop   L + 8.75% (c)   8.25% cash/1.50% PIK   04/2024   166  165  141 
89,958  89,753  3.3 81,539 
See Notes to Consolidated Financial Statements.
11

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Financial Services
Higginbotham Insurance Agency, Inc.+ One stop   L + 5.75% (c)   6.50%   11/2026   $ 3,614  $ 3,561  0.1 % $ 3,560 
Higginbotham Insurance Agency, Inc.(5) One stop   L + 5.75%   N/A(6)   11/2026   —  (8) (8)
Institutional Shareholder Services* Senior loan   L + 4.50% (c)   4.75%   03/2026   18,727  19,096  0.8 18,727 
Institutional Shareholder Services Senior loan   L + 4.50% (c)   4.74%   03/2024   190  187  190 
Sovos Compliance*+^ One stop   L + 4.75% (a)   5.75%   04/2024   19,614  20,117  0.8 19,614 
Sovos Compliance Second lien   N/A   12.00% PIK   04/2025   9,221  9,448  0.4 9,221 
Sovos Compliance+ One stop   L + 4.75% (a)   5.75%   04/2024   4,322  4,242  0.2 4,322 
Sovos Compliance*# One stop   L + 4.75% (a)   5.75%   04/2024   1,903  1,952  0.1 1,903 
Sovos Compliance Second lien   N/A   12.00% PIK   04/2025   1,260  1,296  1,260 
Sovos Compliance*# One stop   L + 4.75% (a)   5.75%   04/2024   768  789  768 
Sovos Compliance One stop   L + 4.75% (a)   5.75%   04/2024   96  95  96 
Sovos Compliance One stop   L + 4.75% (a)   5.75%   04/2024   85  84  85 
Sovos Compliance(5) One stop   L + 4.75%   N/A(6)   04/2024   —  (21) — 
59,800  60,838  2.4 59,738 

See Notes to Consolidated Financial Statements.
12

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(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)
Electric Utilities
Arcos, LLC#^ One stop   L + 5.00% (c)   6.00%   02/2021   $ 11,368  $ 11,395  0.5 % $ 11,368 
Arcos, LLC One stop   L + 5.00%   N/A(6)   02/2021   —  —  — 
11,368  11,395  0.5 11,368 
Electronic Equipment, Instruments & Components
CST Buyer Company+ One stop   L + 6.00% (d)   7.00%   10/2025   20,580  20,331  0.8 20,374 
CST Buyer Company+~ One stop   L + 6.00% (a)   7.00%   10/2025   10,189  10,084  0.4 10,087 
CST Buyer Company One stop   L + 6.00%   N/A(6)   10/2025   —  —  — 
ES Acquisition LLC Senior loan   L + 5.00% (c)   6.00%   11/2025   660  649  659 
ES Acquisition LLC Senior loan   L + 5.00% (c)   6.00%   11/2025   140  138  139 
ES Acquisition, LLC Senior loan   L + 5.50% (c)   6.50%   11/2025   89  86  91 
ES Acquisition, LLC Senior loan   L + 5.00% (c)   6.00%   11/2025   46  46  46 
ES Acquisition LLC Senior loan   L + 5.00% (c)   6.00%   11/2025   45  44  45 
ES Acquisition LLC Second lien   L + 5.00% (c)   6.00%   11/2025   36  35  36 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~ Senior loan   L + 4.00% (a)   4.15%   07/2025   23,578  23,790  1.0 23,342 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Senior loan   L + 4.00%   N/A(6)   07/2023   —  —  — 
Inventus Power, Inc.*#+ One stop   L + 5.50% (a)   6.50%   04/2021   14,303  14,099  0.6 14,303 
Inventus Power, Inc.(5) One stop   L + 5.50%   N/A(6)   04/2021   —  (9) — 
Watchfire Enterprises, Inc. Second lien   L + 8.00% (a)   9.00%   10/2021   9,435  9,410  0.4 9,435 
79,101  78,703  3.2 78,557 

See Notes to Consolidated Financial Statements.
13

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2020
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Cafe Rio Holding, Inc.*# One stop   L + 5.50% (c)   6.50%   09/2023   $ 18,562  $ 18,743  0.8 % $ 18,562 
Cafe Rio Holding, Inc. One stop   L + 5.50% (c)   6.50%   09/2023   2,415  2,414  0.1 2,415 
Cafe Rio Holding, Inc.# One stop   L + 5.50% (c)   6.50%   09/2023   2,243  2,308  0.1 2,243 
Cafe Rio Holding, Inc.*# One stop   L + 5.50% (c)   6.50%   09/2023   1,423  1,465  0.1 1,423 
Cafe Rio Holding, Inc.# One stop   L + 5.50% (c)   6.50%   09/2023   1,257  1,293  1,257 
Cafe Rio Holding, Inc. One stop   L + 5.50% (c)   6.50%   09/2023   181  181  181 
Cafe Rio Holding, Inc. One stop   L + 5.50%   N/A(6)   09/2023   —  —  — 
Captain D's, LLC# Senior loan   L + 4.50% (c)   5.50%   12/2023   13,688  13,729  0.6 13,688 
Captain D's, LLC Senior loan   L + 4.50% (c)   5.50%   12/2023   120  121  120 
Feeders Supply Company, LLC#+ One stop   L + 6.00% (a)   7.00%   04/2023   9,101  9,049  0.4 9,101 
Feeders Supply Company, LLC Subordinated debt   N/A   12.50% cash/7.00% PIK   04/2021