______________________________________________________________________________________________________
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 March 31, 2021

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 May 10, 2021, the Registrant had 168,231,707 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, 2021 (unaudited) and September 30, 2020
3
Consolidated Statements of Operations for the three and six months ended March 31, 2021 (unaudited) and 2020 (unaudited)
4
Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2021 (unaudited) and 2020 (unaudited)
5
Consolidated Statements of Cash Flows for the six months ended March 31, 2021 (unaudited) and 2020 (unaudited)
6
Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and September 30, 2020
10
Notes to Consolidated Financial Statements (unaudited)
90
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
131
Item 3. Quantitative and Qualitative Disclosures about Market Risk
157
Item 4. Controls and Procedures
158
Part II. Other Information
Item 1. Legal Proceedings
159
Item 1A. Risk Factors
159
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
159
Item 3. Defaults Upon Senior Securities
159
Item 4. Mine Safety Disclosures
159
Item 5. Other Information
159
Item 6. Exhibits
160

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

March 31, 2021 September 30, 2020
(unaudited)
Assets      
Investments, at fair value      
Non-controlled/non-affiliate company investments $ 4,315,911  $ 4,177,474 
Non-controlled affiliate company investments 61,650  42,000 
Controlled affiliate company investments 17,700  18,736 
Total investments, at fair value (amortized cost of $4,444,401 and $4,398,900, respectively) 4,395,261  4,238,210 
Cash and cash equivalents 75,919  24,569 
Foreign currencies (cost of $1,184 and $567, respectively) 1,185  567 
Restricted cash and cash equivalents
106,105  157,566 
Restricted foreign currencies (cost of $789 and $1,727, respectively) 873  1,728 
Cash collateral held at broker for forward currency contracts 6,960  3,320 
Interest receivable 18,386  17,263 
Receivable from investments sold —  259 
Other assets 599  802 
Total Assets $ 4,605,288  $ 4,444,284 
Liabilities      
Debt $ 2,086,204  $ 2,023,698 
Less unamortized debt issuance costs 18,437  5,896 
Debt less unamortized debt issuance costs 2,067,767  2,017,802 
Unrealized depreciation on forward currency contracts 3,835  1,064 
Interest payable 13,376  7,875 
Management and incentive fees payable 15,998  17,347 
Accounts payable and other liabilities 5,181  4,003 
Total Liabilities 2,106,157  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 March 31, 2021 and September 30, 2020 —  — 
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 168,231,707 and 167,259,511 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively 168  167 
Paid in capital in excess of par 2,638,801  2,624,608 
Distributable earnings (losses)
(139,838) (228,582)
Total Net Assets 2,499,131  2,396,193 
Total Liabilities and Total Net Assets $ 4,605,288  $ 4,444,284 
Number of common shares outstanding 168,231,707  167,259,511 
Net asset value per common share $ 14.86  $ 14.33 


See Notes to Consolidated Financial Statements.
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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,
   2021 2020 2021 2020
Investment income      
From non-controlled/non-affiliate company investments:      
Interest income $ 74,076  $ 74,593  $ 145,598  $ 150,452 
Dividend income 35  146  195  180 
Fee income 1,153  157  2,060  372 
Total investment income from non-controlled/non-affiliate company investments 75,264  74,896  147,853  151,004 
From non-controlled affiliate company investments:      
Interest income 928  228  2,403  472 
Dividend income 7  —  7  — 
Total investment income from non-controlled affiliate company investments 935  228  2,410  472 
From controlled affiliate company investments:      
Interest income 2  —  (16) 350 
Dividend income —  —  —  1,905 
Total investment income from controlled affiliate company investments 2  —  (16) 2,255 
Total investment income 76,201  75,124  150,247  153,731 
Expenses      
Interest and other debt financing expenses 16,190  21,550  31,271  43,828 
Base management fee 15,082  14,858  30,306  30,064 
Incentive fee 942  3,847  2,946  9,751 
Professional fees 1,201  1,045  2,038  1,984 
Administrative service fee 2,000  1,446  3,602  2,848 
General and administrative expenses 478  432  769  579 
Total expenses 35,893  43,178  70,932  89,054 
Net investment income 40,308  31,946  79,315  64,677 
Net gain (loss) on investment transactions      
Net realized gain (loss) from:      
Non-controlled/non-affiliate company investments 1,171  235  5,296  2,891 
Non-controlled affiliate company investments —  (8,038) (5,739) (8,038)
Controlled affiliate company investments —  (4,036) —  (4,036)
Foreign currency transactions (1,117) 169  (1,895) 14 
Net realized gain (loss) on investment transactions 54  (11,670) (2,338) (9,169)
Net change in unrealized appreciation (depreciation) from:      
Non-controlled/non-affiliate company investments 46,499  (258,248) 100,568  (240,776)
Non-controlled affiliate company investments 3,002  549  12,073  122 
Controlled affiliate company investments (1,041) 2,537  (1,091) 1,708 
Translation of assets and liabilities in foreign currencies 1,372  3,626  (2) 476 
Forward currency contracts 1,121  2,296  (2,771) 1,046 
Net change in unrealized appreciation (depreciation) on investment transactions 50,953  (249,240) 108,777  (237,424)
Net gain (loss) on investment transactions 51,007  (260,910) 106,439  (246,593)
Net increase (decrease) in net assets resulting from operations $ 91,315  $ (228,964) $ 185,754  $ (181,916)
Per Common Share Data      
Basic and diluted earnings (loss) per common share (Note 10) $ 0.55  $ (1.66) $ 1.11  $ (1.32)
Dividends and distributions declared per common share $ 0.29  $ 0.33  $ 0.58  $ 0.79 
Basic and diluted weighted average common shares outstanding (Note 10) 167,281,115  138,150,198  167,270,194  137,566,569 

See Notes to Consolidated Financial Statements.
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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 (decrease) in net assets resulting from operations
Net investment income —  —  —  64,677  64,677 
Net realized gain (loss) on investments and foreign currency transactions —  —  —  (9,169) (9,169)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts —  —  —  (237,424) (237,424)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 1,149,409  1  20,229  —  20,230 
Distributions from distributable earnings —  —  —  (105,180) (105,180)
Total increase (decrease) for the six months ended March 31, 2020 1,149,409  1  20,229  (287,096) (266,866)
Balance at March 31, 2020 133,807,609  $ 134  $ 2,330,839  $ (374,985) $ 1,955,988 
Balance at December 31, 2019 133,807,609  $ 134  $ 2,330,839  $ (101,864) $ 2,229,109 
Net increase (decrease) in net assets resulting from operations:
Net investment income —  —  —  31,946  31,946 
Net realized gain (loss) on investments and foreign currency transactions —  —  —  (11,670) (11,670)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts —  —  —  (249,240) (249,240)
Distributions to stockholders:
Distributions from distributable earnings —  —  —  (44,157) (44,157)
Total increase (decrease) for the three months ended March 31, 2020 —  —  —  (273,121) (273,121)
Balance at March 31, 2020 133,807,609  $ 134  $ 2,330,839  $ (374,985) $ 1,955,988 
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 —  —  —  79,315  79,315 
Net realized gain (loss) on investments and foreign currency transactions —  —  —  (2,338) (2,338)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts —  —  —  108,777  108,777 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 972,196  1  14,193  —  14,194 
Distributions from distributable earnings —  —  —  (97,010) (97,010)
Total increase for the six months ended March 31, 2021 972,196  1  14,193  88,744  102,938 
Balance at March 31, 2021 168,231,707  $ 168  $ 2,638,801  $ (139,838) $ 2,499,131 
Balance at December 31, 2020 167,259,511  $ 167  $ 2,624,608  $ (182,648) $ 2,442,127 
Net increase in net assets resulting from operations:
Net investment income —  —  —  40,308  40,308 
Net realized gain (loss) on investments and foreign currency transactions —  —  —  54  54 
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward currency contracts —  —  —  50,953  50,953 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan 972,196  1  14,193  —  14,194 
Distributions from distributable earnings —  —  —  (48,505) (48,505)
Total increase for the three months ended March 31, 2021 972,196  1  14,193  42,810  57,004 
Balance at March 31, 2021 168,231,707  $ 168  $ 2,638,801  $ (139,838) $ 2,499,131 

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

Six months ended March 31,
   2021 2020
Cash flows from operating activities      
Net increase (decrease) in net assets resulting from operations $ 185,754  $ (181,916)
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 3,340  1,304 
Accretion of discounts and amortization of premiums on investments 7,826  15,896 
Accretion of discounts on issued debt securities 959  630 
Net realized (gain) loss on investments 443  9,183 
Net realized (gain) loss on foreign currency transactions 1,895  (14)
Net change in unrealized (appreciation) depreciation on investments (111,550) 238,946 
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies 2  (476)
Net change in unrealized (appreciation) depreciation on forward currency contracts 2,771  (1,046)
Proceeds from (fundings of) revolving loans, net 7,248  (31,054)
Fundings of investments (678,530) (498,841)
Proceeds from principal payments and sales of portfolio investments 626,183  445,227 
PIK interest (8,671) (4,648)
Purchase of SLF and GCIC SLF minority interests, net of cash acquired (Note 1)(1)
—  4,944 
Changes in operating assets and liabilities:
Interest receivable (1,123) 2,374 
Cash collateral held at broker for forward currency contracts (3,640) (1,100)
Receivable from investments sold 259  — 
Other assets 203  82 
Interest payable 5,501  (554)
Management and incentive fees payable (1,349) 5,616 
Accounts payable and other liabilities 1,178  (23,423)
Accrued trustee fees —  (207)
Net cash provided by (used in) operating activities 38,699  (19,077)
Cash flows from financing activities      
Borrowings on debt 2,284,027  694,931 
Repayments of debt (2,224,546) (553,438)
Capitalized debt issuance costs (15,881) (2,502)
Proceeds from other short-term borrowings —  64,769 
Repayments on other short-term borrowings —  (65,017)
Distributions paid (68,156) (70,916)
Purchases of common stock under dividend reinvestment plan (14,659) (14,034)
Net cash (used in) provided by financing activities (39,215) 53,793 
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies (516) 34,716 
Effect of foreign currency exchange rates 168  220 
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 $ 184,082  $ 119,144 
See Notes to Consolidated Financial Statements.
6

TABLE OF CONTENTS

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

Six months ended March 31,
   2021 2020
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest $ 21,472  $ 39,162 
Distributions declared during the period 97,010  105,180 
Supplemental disclosure of non-cash operating and financing activities:
Stock issued in connection with dividend reinvestment plan $ 14,194  $ 20,230 
Noncash assets acquired in consolidation of SLF and GCIC SLF (Note 1) —  185,101 
Noncash liabilities assumed in consolidation of SLF and GCIC SLF (Note 1) —  (85,236)
Dissolution of existing SLF and GCIC SLF LLC equity interests —  (119,077)
Proceeds from issuance of Class A-2-R GCIC 2018 Notes 38,500  — 
Redemptions of Class A-2 GCIC 2018 Notes (38,500) — 
(1) Represents $17,011 paid in cash to RGA and Aurora (as defined in Note 1), net of cash acquired due to the consolidation of SLF and GCIC SLF of $21,955.
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 March 31,
2021 2020
Cash and cash equivalents $ 75,919  $ 23,705 
Foreign currencies (cost of $1,184 and $654, respectively) 1,185  654 
Restricted cash and cash equivalents 106,105  92,736 
Restricted foreign currencies (cost of $789 and $2,049, respectively) 873  2,049 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows
$ 184,082  $ 119,144 
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)
March 31, 2021
(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   $ 40,375  $ 40,070  1.6 % $ 40,375
NTS Technical Systems~ Second lien   L + 9.75% (b)   10.75%   12/2023   4,589  4,510  0.2 4,589
NTS Technical Systems+(5) Senior loan   L + 5.50%   N/A(6)   06/2023   —  (38) — —
NTS Technical Systems+(5) Senior loan   L + 5.50%   N/A(6)   06/2023   —  (68) — —
Tronair Parent, Inc.+ Senior loan   L + 4.75% (e)   5.75%   09/2023   714  709  — 636
Tronair Parent, Inc.+ Senior loan   L + 4.50% (c)   4.70%   09/2021   160  159  — 156
Whitcraft LLC*#+~ One stop   L + 6.00% (c)   7.00%   04/2023   63,576  63,888  2.5 61,031
Whitcraft LLC+(5) One stop   L + 6.00%   N/A(6)   04/2023   —  (2) — (12)
109,414  109,228  4.3 106,775
Airlines
Aurora Lux Finco S.A.R.L.+(8)(13) One stop   L + 6.00% (c)   7.00%   12/2026   990  970  — 921
Auto Components                          
Polk Acquisition Corp.*#+ Senior loan   L + 6.50% (a)   3.50% cash/4.00% PIK   12/2023   18,302  18,169  0.7 17,936
Polk Acquisition Corp.+ Senior loan   L + 6.50% (a)   3.50% cash/4.00% PIK   12/2023   108  106  — 106
Polk Acquisition Corp.+ Senior loan   L + 6.50% (a)(c)   3.50% cash/4.00% PIK   12/2023   30  28  — 26
Power Stop, LLC+~ Senior loan   L + 4.50% (a)   4.61%   10/2025   2,828  2,876  0.1 2,828
     21,268  21,179  0.8 20,896
Automobiles                          
JHCC Holdings LLC One stop   L + 5.50% (c)   6.50%   09/2025   15,551  15,321  0.6 15,551
JHCC Holdings LLC+ One stop   L + 5.50% (c)(f)   6.99%   09/2025   128  126  — 128
JHCC Holdings LLC+ One stop   P + 4.50% (c)(f)   7.37%   09/2025   34  33  — 34
MOP GM Holding, LLC*+~^ One stop   L + 5.75% (c)   6.75%   11/2026   24,343  24,057  1.0 24,343
MOP GM Holding, LLC+ One stop   L + 5.75% (c)   6.75%   11/2026   130  128  — 130
MOP GM Holding, LLC+(5) One stop   L + 5.75%   N/A(6)   11/2026   —  (53) — —
Quick Quack Car Wash Holdings, LLC*# One stop   L + 6.50% (c)   7.50%   10/2024   13,017  13,033  0.5 13,017
Quick Quack Car Wash Holdings, LLC#+ One stop   L + 6.50% (c)   7.50%   10/2024   2,348  2,325  0.1 2,348
Quick Quack Car Wash Holdings, LLC+ One stop   L + 6.50% (c)   7.50%   10/2024   2,199  2,113  0.1 2,199
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50% (c)   7.50%   10/2024   2,051  2,093  0.1 2,051
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50% (c)   7.50%   10/2024   1,371  1,399  0.1 1,371
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50% (c)   7.50%   10/2024   1,117  1,156  0.1 1,117
Quick Quack Car Wash Holdings, LLC+ One stop   L + 6.50% (c)   7.50%   10/2024   30  30  — 30
TWAS Holdings, LLC+ One stop   L + 6.75% (c)   7.75%   12/2026   31,033  30,661  1.2 31,033
TWAS Holdings, LLC+ One stop   L + 6.75% (c)   7.75%   12/2026   383  296  — 383
TWAS Holdings, LLC+(5) One stop   L + 6.75%   N/A(6)   12/2026   —  (4) — —
93,735  92,714  3.8 93,735

See Notes to Consolidated Financial Statements.
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TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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.+ One stop   L + 7.25% (c)   8.25%   04/2024   $ 6,913  $ 6,905  0.3 % $ 6,774 
Abita Brewing Co., L.L.C.+ Second lien   L + 8.00% (c)   9.00%   04/2024   3,247  3,234  0.1 2,435 
Abita Brewing Co., L.L.C.+ One stop   L + 7.25%   N/A(6)   04/2024   —  —  — — 
Fintech Midco, LLC*# One stop   L + 5.00% (c)   6.00%   08/2024   24,287  24,588  1.0 24,287 
Fintech Midco, LLC#+ One stop   L + 5.00% (c)   6.00%   08/2024   1,124  1,158  — 1,124 
Fintech Midco, LLC+(5) One stop   L + 5.00%   N/A(6)   08/2024   —  (1) — — 
35,571  35,884  1.4 34,620 
Biotechnology
BIO18 Borrower, LLC# One stop   L + 4.75% (a)(c)   5.75%   11/2024   11,019  11,052  0.4 11,019 
BIO18 Borrower, LLC*#+ One stop   L + 4.75% (a)   5.75%   11/2024   3,943  3,913  0.2 3,943 
BIO18 Borrower, LLC+ One stop   L + 4.75% (a)   5.75%   11/2024   210  210  — 210 
BIO18 Borrower, LLC+ One stop   L + 4.75%   N/A(6)   11/2024   —  —  — — 
15,172  15,175  0.6 15,172 
Building Products
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)   5.50%   03/2024   4,170  4,171  0.2 4,170 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   1,249  1,277  0.1 1,249 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (d)(f)   5.50%   03/2024   909  921  — 909 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   436  448  — 436 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   278  281  — 278 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.51%   03/2024   217  217  — 217 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   116  116  — 116 
7,375  7,431  0.3 7,375 
Chemicals
Inhance Technologies Holdings LLC#+ One stop   L + 6.00% (c)   7.00%   07/2024   12,637  12,742  0.5 12,406 
Inhance Technologies Holdings LLC+ One stop   L + 6.00% (c)   7.00%   07/2024   1,920  1,910  0.1 1,885 
Inhance Technologies Holdings LLC+ One stop   L + 6.00% (c)   7.00%   07/2024   80  80  — 76 
14,637  14,732  0.6 14,367 
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^ One stop   L + 5.75% (a)   6.75%   02/2024   47,885  48,410  1.9 47,885 
Bazaarvoice, Inc.+ One stop   L + 5.75% (c)   6.75%   02/2024   21,041  20,850  0.9 21,041 
Bazaarvoice, Inc.+(5) One stop   L + 5.75%   N/A(6)   02/2024   —  (3) — — 
EGD Security Systems, LLC*#+^ One stop   L + 5.65% (c)   6.65%   06/2023   30,092  30,385  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   843  837  — 843 
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  660  — 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   140  139  — 140 
EGD Security Systems, LLC+(5) One stop   L + 5.65%   N/A(6)   06/2023   —  (18) — — 

See Notes to Consolidated Financial Statements.
9
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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   L + 6.00% (i)   7.00%   11/2025   $ 11,331  $ 11,518  0.5 % $ 11,904 
Hydraulic Authority III Limited+(8)(9)(10) One stop   N/A   11.00% PIK   11/2028   221  224  — 241 
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   29,625  29,276  1.2 28,440 
Radwell International, LLC+ Senior loan   L + 4.75% (c)   5.75%   12/2026   2,100  2,059  0.1 2,058 
Radwell International, LLC+ Senior loan   L + 4.75% (c)   5.75%   12/2026   239  234  — 229 
Radwell International, LLC+ Senior loan   L + 4.75% (c)   5.75%   12/2026   8  8  — 8 
WRE Holding Corp.*# Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   2,264  2,293  0.1 2,264 
WRE Holding Corp.+^ Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   934  957  — 934 
WRE Holding Corp.+ Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   686  686  — 686 
WRE Holding Corp.+ Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   406  406  — 406 
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% (c)   6.25%   01/2023   16  17  — 16 
WRE Holding Corp.+ Senior loan   L + 5.25%   N/A(6)   01/2023   —  7  — — 
151,098  151,557  6.0 150,448 


See Notes to Consolidated Financial Statements.
10
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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% (c)   6.00%   07/2022   $ 32,693  $ 32,852  1.3 % $ 32,693 
Reladyne, Inc.+~ Senior loan   L + 5.00% (c)   6.00%   07/2022   3,465  3,507  0.1 3,465 
Reladyne, Inc.+ Senior loan   L + 5.00% (c)   6.00%   07/2022   3,386  3,359  0.1 3,386 
Reladyne, Inc.+ Senior loan   L + 5.00% (c)   6.00%   07/2022   2,743  2,776  0.1 2,743 
Reladyne, Inc.*#+ Senior loan   L + 5.00% (c)   6.00%   07/2022   1,875  1,898  0.1 1,875 
Reladyne, Inc.#+~ Senior loan   L + 5.00% (c)   6.00%   07/2022   1,617  1,636  0.1 1,617 
Reladyne, Inc.#+ Senior loan   L + 5.00% (c)   6.00%   07/2022   1,538  1,568  0.1 1,538 
Reladyne, Inc.#+~ Senior loan   L + 5.00% (c)   6.00%   07/2022   736  746  — 736 
48,053  48,342  1.9 48,053 
Containers and Packaging
AmerCareRoyal LLC+ Senior loan   L + 5.00% (a)   6.00%   11/2025   818  811  — 818 
AmerCareRoyal LLC+ Senior loan   L + 5.00% (a)   6.00%   11/2025   169  167  — 169 
AmerCareRoyal LLC+ Senior loan   L + 5.00% (a)   6.00%   11/2025   152  150  — 152 
AmerCareRoyal LLC+(5) Senior loan   L + 5.00%   N/A(6)   11/2025   —  (2) — — 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   2,418  2,375  0.1 2,370 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   1,578  1,567  0.1 1,546 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   628  623  — 615 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   604  600  — 592 
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   14,670  14,770  0.6 15,105 
Plano Molding Company, LLC+ One stop   L + 9.00% (c)   8.50% cash/1.50% PIK   05/2022   1,187  1,180  0.1 1,223 
  22,224  22,241  0.9 22,589 
Distributors
PetroChoice Holdings, Inc.#^ Senior loan   L + 5.00% (c)   6.00%   08/2022   3,258  3,264  0.1 3,137 
Diversified Consumer Services
Certus Pest, Inc.+ One stop   L + 5.25% (c)   6.25%   02/2026   1,102  1,091  0.1 1,091 
Certus Pest, Inc.+(5) One stop   L + 5.25%   N/A(6)   02/2026   —  —  — (1)
Certus Pest, Inc.+(5) One stop   L + 5.25%   N/A(6)   02/2026   —  (59) — (61)
Certus Pest, Inc.+(5) One stop   L + 5.25%   N/A(6)   02/2026   —  —  — (61)
CHHJ Franchising, LLC+ Senior loan   L + 5.00% (c)   6.00%   01/2026   2,765  2,738  0.1 2,737 
CHHJ Franchising, LLC+ Senior loan   P + 4.00% (f)   7.25%   01/2026   5  5  — 5 
EWC Growth Partners LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   03/2026   917  902  — 834 
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)   3.50% cash/4.50% PIK   04/2023   10,584  10,375  0.4 8,996 
Learn-it Systems, LLC+ Senior loan   L + 4.50% (c)   5.50%   03/2025   2,535  2,579  0.1 2,535 
Learn-it Systems, LLC+ Senior loan   L + 4.50% (c)   5.50%   03/2025   660  658  — 660 
Learn-it Systems, LLC+ Senior loan   L + 4.50% (b)   5.50%   03/2025   20  20  — 20 
Liminex, Inc.~ One stop   L + 7.25% (c)   8.25%   11/2026   25,399  24,945  1.0 25,399 
Liminex, Inc.+(5) One stop   L + 7.25%   N/A(6)   11/2026   —  (2) — — 
Litera Bidco LLC+^ One stop   L + 5.75% (a)   6.75%   05/2026   3,731  3,749  0.2 3,644 
Litera Bidco LLC+ One stop   L + 6.00% (a)   7.00%   05/2026   2,965  2,928  0.1 2,928 
Litera Bidco LLC+ One stop   L + 5.50% (a)   6.50%   05/2026   699  722  — 683 

See Notes to Consolidated Financial Statements.
11
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services - (continued)
Litera Bidco LLC+ One stop   L + 5.50% (a)   6.50%   05/2026   $ 699  $ 722  — % $ 683 
Litera Bidco LLC+(5) One stop   L + 5.75%   N/A(6)   05/2025   —  —  — (2)
PADI Holdco, Inc. One stop   L + 7.25% (c)   6.75% cash/1.50% PIK   04/2024   21,677  21,828  0.8 18,421 
PADI Holdco, Inc.+~(8)(9) One stop   E + 5.75% (g)   4.25% cash/1.50% PIK   04/2024   20,656  20,884  0.7 17,672 
PADI Holdco, Inc.~ One stop   L + 7.25% (c)   6.75% cash/1.50% PIK   04/2024   806  800  — 684 
PADI Holdco, Inc.+ One stop   L + 7.25% (c)   6.75% cash/1.50% PIK   04/2024   166  165  — 141 
PADI Holdco, Inc.+ One stop   L + 7.25% (c)   6.75% cash/1.50% PIK   04/2023   60  60  — 28 
95,494  95,157  3.5 87,079 
Diversified Financial Services
Higginbotham Insurance Agency, Inc.+ One stop   L + 5.75% (a)   6.50%   11/2026   3,614  3,563  0.1 3,614 
Higginbotham Insurance Agency, Inc.+(5) One stop   L + 5.75%   N/A(6)   11/2026   —  (7) — — 
Sovos Compliance*+^ One stop   L + 4.75% (a)   5.75%   04/2024   19,614  20,081  0.8 19,614 
Sovos Compliance+ Second lien   N/A   12.00% PIK   04/2025   9,497  9,713  0.4 9,497 
Sovos Compliance+ One stop   L + 4.75% (a)   5.75%   04/2024   4,322  4,248  0.2 4,322 
Sovos Compliance+ One stop   L + 4.75% (c)   5.75%   04/2024   2,890  2,832  0.1 2,890 
Sovos Compliance+ One stop   N/A   12.00% PIK   04/2025   2,482  2,420  0.1 2,482 
Sovos Compliance+ One stop   L + 4.75% (c)   5.75%   04/2024   2,216  2,197  0.1 2,216 
Sovos Compliance*# One stop   L + 4.75% (a)   5.75%   04/2024   1,903  1,949  0.1 1,903 
Sovos Compliance+ Second lien   N/A   12.00% PIK   04/2025   1,298  1,332  — 1,298 
Sovos Compliance*# One stop   L + 4.75% (a)   5.75%   04/2024   768  787  — 768 
Sovos Compliance+ One stop   L + 4.75% (a)   5.75%   04/2024   85  84  — 85 
Sovos Compliance+(5) One stop   L + 4.75% (a)   5.75%   04/2024   —  (1) — — 
48,689  49,198  1.9 48,689 


See Notes to Consolidated Financial Statements.
12
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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%   09/2021   $ 6,880  $ 6,880  0.3 % $ 6,880 
Electronic Equipment, Instruments & Components
CST Buyer Company#+ One stop   L + 6.00% (d)   7.00%   10/2025   20,528  20,292  0.8 20,528 
CST Buyer Company+~ One stop   L + 6.00% (c)   7.00%   10/2025   10,189  10,090  0.4 10,189 
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   658  648  0.1 652 
ES Acquisition LLC+ Senior loan   L + 5.00% (c)   6.00%   11/2025   140  138  — 138 
ES Acquisition LLC+ Senior loan   L + 5.00% (c)   6.00%   11/2025   95  95  — 94 
ES Acquisition LLC Senior loan   L + 5.50% (c)   6.50%   11/2025   89  86  — 90 
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)(f)   6.42%   11/2025   43  41  — 41 
ES Acquisition LLC+ Second lien   L + 5.00% (c)   6.00%   11/2025   36  35  — 35 
ES Acquisition LLC+(5) Senior loan   L + 5.00%   N/A(6)   11/2025   —  (1) — (1)
Watchfire Enterprises, Inc. Second lien   L + 8.00% (a)   9.00%   10/2021   9,435  9,418  0.4 9,435 
41,259  40,888  1.7 41,247 


See Notes to Consolidated Financial Statements.
13
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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   $ 18,514  $ 18,679  0.8 % $ 18,514 
Cafe Rio Holding, Inc.+ One stop   L + 5.50% (c)   6.50%   09/2023   2,688  2,686  0.1 2,688 
Cafe Rio Holding, Inc.#+ One stop   L + 5.50% (c)   6.50%   09/2023   2,236  2,295  0.1 2,236 
Cafe Rio Holding, Inc.*# One stop   L + 5.50% (c)   6.50%   09/2023   1,420  1,457  0.1 1,420 
Cafe Rio Holding, Inc.#+ One stop   L + 5.50% (c)   6.50%   09/2023   1,254  1,287  0.1 1,254 
Cafe Rio Holding, Inc.+ One stop   L + 5.50% (c)   6.50%   09/2023   180  180  — 180 
Cafe Rio Holding, Inc.+ One stop   L + 5.50%   N/A(6)   09/2023   —  —  — — 
Captain D's, LLC#+ Senior loan   L + 4.50% (b)   5.50%   12/2023   13,688  13,725  0.5 13,688 
Captain D's, LLC~ Senior loan   L + 4.50% (b)   5.50%   12/2023   2,160  2,129  0.1 2,160 
Captain D's, LLC+ Senior loan   L + 4.50%   N/A(6)   12/2023   —  —  — — 
Feeders Supply Company, LLC#+ One stop   L + 6.00% (a)   7.00%   04/2023   9,074  9,007  0.4 9,074 
Feeders Supply Company, LLC+ Subordinated debt   N/A   12.50% cash/7.00% PIK   10/2023   158  158  — 158 
Feeders Supply Company, LLC+ One stop   L + 6.00% (a)   7.00%   04/2023   10  10  — 10 
FWR Holding Corporation#+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   10,411  10,397  0.4 9,578 
FWR Holding Corporation#+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   1,821  1,869  0.1 1,675 
FWR Holding Corporation#+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   1,151  1,181  0.1 1,059 
FWR Holding Corporation+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   364  373  — 336 
FWR Holding Corporation+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   274  273  — 252 
FWR Holding Corporation#+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   272  279  — 250 
FWR Holding Corporation+ One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   131  131  — 121 
FWR Holding Corporation+(5) One stop   L + 7.00%   N/A(6)   08/2023   —  —  — (10)
FWR Holding Corporation+ One stop   L + 5.50%   N/A(6)   08/2023   —  —  — — 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   848  867  — 848 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   667  682  — 667 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   654  652  — 654 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   322  321  — 322 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   322  320  — 322 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   159  159  — 159 
Mendocino Farms, LLC+ One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   96  96  — 96 
Mendocino Farms, LLC+(5) One stop   L + 8.50%   N/A(6)   06/2023   —  (2) — — 
NBC Intermediate, LLC+~^ Senior loan   L + 6.00% (d)   7.00%   09/2023   18,490  18,326  0.7 18,490 
NBC Intermediate, LLC#+ Senior loan   L + 6.00% (a)   7.00%   09/2023   9,657  9,627  0.4 9,657 
NBC Intermediate, LLC*#+ Senior loan   L + 6.00% (a)   7.00%   09/2023   5,047  5,058  0.2 5,047 
NBC Intermediate, LLC#+ Senior loan   L + 6.00% (a)   7.00%   09/2023   4,301  4,337  0.2 4,301 
NBC Intermediate, LLC#(8) Senior loan   L + 6.00% (a)   7.00%   09/2023   667  661  — 667 
NBC Intermediate, LLC+ Senior loan   L + 6.00%   N/A(6)   09/2023   —  —  — — 
Ruby Slipper Cafe LLC, The*+ One stop   L + 8.50% (c)   8.50% cash/1.00% PIK   01/2023   2,046  2,040  0.1 1,821 
Ruby Slipper Cafe LLC, The+ One stop   L + 8.50% (c)   8.50% cash/1.00% PIK   01/2023   414  424  — 369 
Ruby Slipper Cafe LLC, The+ One stop   L + 8.50% (c)   8.50% cash/1.00% PIK   01/2023   30  30  — 27 
Wetzel's Pretzels, LLC*# One stop   L + 7.25% (c)   7.75% cash/0.50% PIK   09/2021   16,902  16,967  0.6 16,057 
Wetzel's Pretzels, LLC+ One stop   L + 7.25% (c)   7.75% cash/0.50% PIK   09/2021   100  101  — 96 
Wood Fired Holding Corp.*# One stop   L + 7.75% (c)   6.75% cash/2.00% PIK   12/2023   14,163  14,338  0.6 14,021 
Wood Fired Holding Corp.+ One stop   L + 7.75% (c)   6.75% cash/2.00% PIK   12/2023   701  701  — 694 
Wood Fired Holding Corp.+ One stop   L + 7.75% (c)   6.75% cash/2.00% PIK   12/2023   202  201  — 200 
141,594  142,022  5.6 139,158 


See Notes to Consolidated Financial Statements.
14
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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
FCID Merger Sub, Inc.*~ One stop   L + 6.00% (c)   7.00%   12/2026   $ 13,694  $ 13,500  0.5 % $ 13,694 
FCID Merger Sub, Inc.+(5) One stop   L + 6.00%   N/A(6)   12/2026   —  (1) — — 
FCID Merger Sub, Inc.+(5) One stop   L + 6.00%   N/A(6)   12/2026   —  (41) — — 
Flavor Producers, LLC#~ Senior loan   L + 5.75% (c)(d)   5.75% cash/1.00% PIK   12/2023   5,006  4,916  0.2 4,605 
Flavor Producers, LLC+(5) Senior loan   L + 5.75%   N/A(6)   12/2022   —  (3) — (2)
MAPF Holdings, Inc.*#+~^ One stop   L + 6.00% (c)   7.00%   12/2026   29,386  29,107  1.2 29,386 
MAPF Holdings, Inc.+(5) One stop   L + 6.00%   N/A(6)   12/2026   —  (43) — — 
MAPF Holdings, Inc.+(5) One stop   L + 6.00%   N/A(6)   12/2026   —  (3) — — 
Purfoods, LLC+ One stop   N/A   7.00% PIK   05/2026   76  80  — 76 
48,162  47,512  1.9 47,759 


See Notes to Consolidated Financial Statements.
15
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Equipment & Supplies
Aspen Medical Products, LLC+~ One stop   L + 5.00% (c)   6.00%   06/2025   $ 4,115  $ 4,177  0.2 % $ 4,115 
Aspen Medical Products, LLC+ One stop   L + 5.00% (c)   6.00%   06/2025   263  261  — 263 
Aspen Medical Products, LLC+ One stop   L + 5.00%   N/A(6)   06/2025   —  —  — — 
Belmont Instrument, LLC+^ Senior loan   L + 4.75% (c)   5.75%   12/2023   5,230  5,193  0.2 5,230 
Blades Buyer, Inc.+~^ Senior loan   L + 4.75% (c)   5.75%   08/2025   6,602  6,588  0.3 6,602 
Blades Buyer, Inc.+ Senior loan   L + 4.75%   N/A(6)   08/2025   —  —  — — 
Blades Buyer, Inc.+(5) Senior loan   L + 4.75%   N/A(6)   08/2025   —  (19) — — 
Blue River Pet Care, LLC#+ One stop   L + 5.00% (a)   5.11%   07/2026   27,551  27,600  1.1 27,551 
Blue River Pet Care, LLC+ One stop   L + 5.00% (a)   5.11%   07/2026   5,343  5,261  0.2 5,343 
Blue River Pet Care, LLC+ One stop   L + 5.00% (a)   5.11%   08/2025   114  112  — 114 
CCSL Holdings, LLC*+ One stop   L + 5.75% (d)   6.75%   12/2026   15,634  15,446  0.6 15,634 
CCSL Holdings, LLC+(5) One stop   L + 5.75%   N/A(6)   12/2026   —  (2) — — 
CCSL Holdings, LLC+(5) One stop   L + 5.75%   N/A(6)   12/2026   —  (60) — — 
CMI Parent Inc.+^ Senior loan   L + 4.25% (c)   5.25%   08/2025   6,599  6,715  0.3 6,599 
CMI Parent Inc.+(5) Senior loan   L + 4.25%   N/A(6)   08/2025   —  (2) — — 
Flexan, LLC+^ One stop   L + 5.25% (c)   6.25%   02/2022   8,405  8,378  0.3 8,405 
Flexan, LLC*# One stop   L + 5.25% (c)   6.25%   02/2022   3,256  3,245  0.1 3,256 
Flexan, LLC+ One stop   L + 5.25% (c)   6.25%   02/2022   2,335  2,327  0.1 2,335 
Flexan, LLC#+ One stop   L + 5.25% (c)   6.25%   02/2022   1,532  1,527  0.1 1,532 
Flexan, LLC+(5) One stop   L + 5.25%   N/A(6)   02/2022   —  (3) — — 
G & H Wire Company, Inc.#^ One stop   L + 7.75% (a)   8.00% cash/0.75% PIK   09/2023   11,145  11,105  0.4 10,923 
G & H Wire Company, Inc.+ One stop   L + 7.75% (a)   8.75%   09/2022   —  —  — — 
Joerns Healthcare, LLC*+ One stop   L + 6.00% (c)   7.00%   08/2024   1,872  1,831  0.1 1,834 
Joerns Healthcare, LLC*+ One stop   L + 6.00% (c)   7.00%   08/2024   1,800  1,775  0.1 1,764 
Katena Holdings, Inc.#+ One stop   L + 6.50% (c)   7.50%   06/2021   12,662  12,683  0.6 12,662 
Katena Holdings, Inc.#+ One stop   L + 6.50% (c)   7.50%   06/2021   1,237  1,239  0.1 1,237 
Katena Holdings, Inc.+ One stop   L + 6.50% (c)   7.50%   06/2021   925  924  — 925 
Katena Holdings, Inc.#+ One stop   L + 6.50% (c)   7.50%   06/2021   847  848  — 847 
Katena Holdings, Inc.+ One stop   L + 6.50% (c)   7.50%   06/2021   200  200  — 200 
Lombart Brothers, Inc.*#+~ One stop   L + 8.25% (c)   8.25% cash/1.00% PIK   04/2023   28,862  29,060  1.1 27,707 
Lombart Brothers, Inc.#+(8) One stop   L + 8.25% (c)   8.25% cash/1.00% PIK   04/2023   3,108  3,132  0.1 2,983 
Lombart Brothers, Inc.+ One stop   L + 8.25% (a)   8.25% cash/1.00% PIK   04/2023   280  280  — 270 
Lombart Brothers, Inc.+ One stop   L + 8.25% (a)   8.25% cash/1.00% PIK   04/2023   50  49  — 48 
Orthotics Holdings, Inc.*# One stop   L + 6.00% (d)   7.00%   06/2021   7,698  7,697  0.3 7,544 
Orthotics Holdings, Inc.*# One stop   L + 19.00% (c)   7.00% cash/13.00% PIK   06/2021   4,104  4,102  0.2 3,775 
Orthotics Holdings, Inc.*# One stop   L + 6.00% (d)   7.00%   06/2021   1,262  1,261  — 1,236 
Orthotics Holdings, Inc.*# One stop   L + 19.00% (c)   7.00% cash/13.00% PIK   06/2021   672  672  — 619 
Orthotics Holdings, Inc.+ One stop   L + 6.00%   N/A(6)   06/2021   —  —  — — 
163,703  163,602  6.5 161,553 


See Notes to Consolidated Financial Statements.
16
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Providers & Services
Active Day, Inc.#+ One stop   L + 6.00% (c)   7.00%   12/2021   $ 23,917  $ 24,056  0.9 % $ 21,525 
Active Day, Inc.#+ One stop   L + 6.00% (c)   7.00%   12/2021   1,846  1,858  0.1 1,661 
Active Day, Inc.*# One stop   L + 6.00% (c)   7.00%   12/2021   1,190  1,196  0.1 1,071 
Active Day, Inc.+ One stop   L + 6.00% (c)   7.00%   12/2021   947  960  — 853 
Active Day, Inc.+ One stop   L + 6.00% (c)   7.00%   12/2021   836  834  — 752 
Active Day, Inc.*# One stop   L + 6.00% (c)   7.00%   12/2021   823  826  — 739 
Active Day, Inc.+(5) One stop   L + 6.00% (c)   7.00%   12/2021   2  2  — (8)
Active Day, Inc.+ One stop   L + 6.00% (c)   7.00%   12/2021   —  —  — — 
Acuity Eyecare Holdings, LLC+ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   7,184  7,208  0.3 6,841 
Acuity Eyecare Holdings, LLC#+ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   6,082  6,132  0.2 5,791 
Acuity Eyecare Holdings, LLC+~ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   5,645  5,735  0.2 5,374 
Acuity Eyecare Holdings, LLC+~ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   3,292  3,381  0.1 3,135 
Acuity Eyecare Holdings, LLC+ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   796  814  — 759 
Acuity Eyecare Holdings, LLC+ One stop   L + 13.00% (a)(c)   7.25% cash/6.75% PIK   03/2024   352  350  — 377 
Acuity Eyecare Holdings, LLC+ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   294  292  — 280 
Acuity Eyecare Holdings, LLC+ One stop   L + 13.00% (c)   7.25% cash/6.75% PIK   03/2024   154  153  — 165 
Acuity Eyecare Holdings, LLC+ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   152  150  — 144 
Acuity Eyecare Holdings, LLC+(5) One stop   L + 6.25% (c)   7.25%   03/2024   1  (1) — 16 
ADCS Clinics Intermediate Holdings, LLC*#+ One stop   L + 5.75% (c)(d)   6.75%   05/2022   41,655  41,943  1.7 41,655 
ADCS Clinics Intermediate Holdings, LLC*# One stop   L + 5.75% (c)   6.75%   05/2022   208  211  — 208 
ADCS Clinics Intermediate Holdings, LLC+ One stop   L + 5.75% (d)   6.75%   05/2022   190  190  — 190 
ADCS Clinics Intermediate Holdings, LLC*+ One stop   L + 5.75% (c)(d)   6.75%   05/2022   162  163  — 162 
ADCS Clinics Intermediate Holdings, LLC*# One stop   L + 5.75% (c)   6.75%   05/2022   62  62  — 62 
Advanced Pain Management Holdings, Inc.+(7) Senior loan   L + 5.00% (c)   6.25%   07/2021   11,433  6,860  — 199 
Advanced Pain Management Holdings, Inc.+(7) Senior loan   L + 8.50% (c)   9.75%   07/2021   4,082  7  — — 
Advanced Pain Management Holdings, Inc.+(7) Senior loan   L + 5.00% (c)   6.25%   07/2021   782  469  — 14 
Advanced Pain Management Holdings, Inc.+(5)(7) Senior loan   L + 5.00% (c)   6.25%   07/2021   347  (21) — 4 
Agilitas USA, Inc.*# One stop   L + 7.75% (c)   8.75%   04/2022   6,647  6,669  0.3 6,647 
Agilitas USA, Inc.+ One stop   L + 7.75% (c)   8.75%   04/2022   100  100  — 100 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop   L + 6.00% (c)   7.00%   03/2027   3,996  3,936  0.2 3,936 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ One stop   L + 10.50% (c)   11.50%   03/2028   1,586  1,562  0.1 1,562 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) One stop   L + 6.00%   N/A(6)   03/2027   —  (2) — (1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) One stop   L + 6.00%   N/A(6)   03/2027   —  (47) — (48)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) One stop   L + 10.50%   N/A(6)   03/2028   —  (6) — (6)
CRH Healthcare Purchaser, Inc.*~ Senior loan   L + 4.50% (c)   5.50%   12/2024   19,502  19,553  0.8 19,502 
CRH Healthcare Purchaser, Inc.+ Senior loan   L + 4.50% (c)   5.50%   12/2024   4,174  4,163  0.2 4,174 
CRH Healthcare Purchaser, Inc.+(5) Senior loan   L + 4.50%   N/A(6)   12/2024   —  (1) — — 
Deca Dental Management LLC*#+ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   05/2022   11,323  11,400  0.5 11,323 
Deca Dental Management LLC#~ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   05/2022   1,379  1,389  0.1 1,379 
Deca Dental Management LLC+~ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   05/2022   994  1,001  0.1 994 

See Notes to Consolidated Financial Statements.
17
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Providers & Services - (continued)
Deca Dental Management LLC+ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   05/2022   $ 738  $ 745  — % $ 738 
Deca Dental Management LLC+ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   05/2022   102  101  — 102 
Deca Dental Management LLC+ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   05/2022   2  —  — 2 
Emerge Intermediate, Inc.*# One stop   L + 8.50% (c)   7.00% cash/2.50% PIK   05/2024   19,037  18,813  0.7 17,895 
Emerge Intermediate, Inc.+(5) One stop   L + 8.50%   N/A(6)   05/2024   —  (2) — (18)
Encorevet Group LLC+ One stop   L + 5.25% (c)   6.25%   11/2024   708  699  — 708 
Encorevet Group LLC+ Senior loan   L + 5.25% (c)   6.25%   11/2024   248  246  — 248 
Encorevet Group LLC+ Senior loan   L + 5.25% (c)   6.25%   11/2024   111  111  — 111 
Encorevet Group LLC+ Senior loan   L + 5.25% (c)   6.25%   11/2024   69  69  — 69 
Encorevet Group LLC+ Senior loan   L + 5.25% (c)   6.25%   11/2024   58  57  — 58 
Encorevet Group LLC+ Senior loan   L + 5.25% (c)   6.25%   11/2024   10  10  — 10 
Encorevet Group LLC+ Senior loan   L + 5.25%   N/A(6)   11/2024   —  —  — — 
Eyecare Services Partners Holdings LLC+ One stop   L + 6.25% (c)   7.25%   05/2023   18,137  18,216  0.7 16,323 
Eyecare Services Partners Holdings LLC*+ One stop   L + 6.25% (c)   7.25%   05/2023   7,956  8,060  0.3 7,160 
Eyecare Services Partners Holdings LLC*# One stop   L + 6.25% (c)   7.25%   05/2023   6,968  7,062  0.3 6,270 
Eyecare Services Partners Holdings LLC+ One stop   L + 6.25% (c)   7.25%   05/2023   5,128  5,145  0.2 4,614 
Eyecare Services Partners Holdings LLC*+ One stop   L + 6.25% (c)   7.25%   05/2023   2,379  2,411  0.1 2,141 
Eyecare Services Partners Holdings LLC*+ One stop   L + 6.25% (c)   7.25%   05/2023   1,527  1,548  0.1 1,374 
Eyecare Services Partners Holdings LLC*# One stop   L + 6.25% (c)   7.25%   05/2023   1,129  1,144  — 1,016 
Eyecare Services Partners Holdings LLC*# One stop   L + 6.25% (c)   7.25%   05/2023   994  1,008  — 895 
Eyecare Services Partners Holdings LLC*+ One stop   L + 6.25% (c)   7.25%   05/2023   642  649  — 578 
Eyecare Services Partners Holdings LLC+ One stop   L + 6.25% (c)   7.25%   05/2023   400  399  — 360 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(12) One stop   L + 4.50% (m)   4.98%   03/2027   11,772  11,673  0.5 12,527 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) One stop   L + 4.50% (m)   4.94%   03/2027   133  131  — 144 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) One stop   L + 5.00% (c)   5.20%   03/2027   20  19  — 21 
Klick Inc.+(8)(12) Senior loan   L + 4.50% (c)   5.50%   03/2028   10,124  10,023  0.4 10,023 
Klick Inc.+(8)(12) Senior loan   L + 4.50% (c)   5.50%   03/2026   27  25  — 25 
Krueger-Gilbert Health Physics, LLC+~ Senior loan   L + 5.25% (c)   6.25%   05/2025   2,347  2,336  0.1 2,347 
Krueger-Gilbert Health Physics, LLC+ Senior loan   L + 5.25% (c)   6.25%   05/2025   1,173  1,172  — 1,173 
Krueger-Gilbert Health Physics, LLC+ Senior loan   L + 5.25% (c)   6.25%   05/2025   1,108  1,142  — 1,108 
Krueger-Gilbert Health Physics, LLC+ Senior loan   L + 5.25% (c)   6.25%   05/2025   50  50  — 50 
MD Now Holdings, Inc.#+ One stop   L + 5.00% (c)   6.00%   08/2024   14,470  14,605  0.6 14,470 
MD Now Holdings, Inc.+ One stop   L + 5.00% (c)   6.00%   08/2024   622  622  — 622 
MD Now Holdings, Inc.+(5) One stop   L + 5.00%   N/A(6)   08/2024   —  (1) — — 
Midwest Veterinary Partners, LLC+ One stop   L + 5.75% (c)   6.75%   07/2025   11,360  11,213  0.5 11,360 
Midwest Veterinary Partners, LLC+ One stop   L + 5.75% (c)   6.75%   07/2025   9,757  9,627  0.4 9,757 
Midwest Veterinary Partners, LLC^ One stop   L + 5.75% (c)   6.75%   07/2025   4,252  4,195  0.2 4,252 
Midwest Veterinary Partners, LLC+ One stop   L + 5.75% (c)   6.75%   07/2025   4,120  4,090  0.2 4,120 
Midwest Veterinary Partners, LLC#+ One stop   L + 5.75% (c)   6.75%   07/2025   1,020  1,012  — 1,020 
Midwest Veterinary Partners, LLC+ One stop   L + 5.75% (c)   6.75%   07/2025   150  150  — 150 
MWD Management, LLC & MWD Services, Inc.#+ One stop   L + 5.50% (c)   6.50%   06/2023   9,333  9,292  0.4 9,333 
MWD Management, LLC & MWD Services, Inc.# One stop   L + 5.50% (c)   6.50%   06/2023   4,494  4,549  0.2 4,494 
MWD Management, LLC & MWD Services, Inc.+(5) One stop   L + 5.50%   N/A(6)   06/2022   —  (1) — — 

See Notes to Consolidated Financial Statements.
18
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Providers & Services - (continued)
NVA Holdings, Inc.~ Senior loan   L + 3.50% (a)   3.63%   02/2026   $ 2,840  $ 2,817  0.1 % $ 2,840 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   19,249  17,574  0.5 12,741 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   2,234  1,897  0.1 1,479 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   2,116  1,922  0.1 1,401 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   1,602  1,361  — 1,061 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   1,416  1,202  — 937 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   1,232  1,047  — 816 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   960  815  — 635 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   832  706  — 551 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   513  436  — 340 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)(f)   7.25%   05/2022   291  266  — 193 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   97  89  — 64 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   88  81  — 58 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   69  63  — 46 
Oliver Street Dermatology Holdings, LLC+(7) One stop   L + 6.25% (c)   7.25%   05/2022   64  58  — 42 
Pinnacle Treatment Centers, Inc.# One stop   L + 5.75% (c)   6.75%   1/1/2023   19,030  19,083  0.8 19,030 
Pinnacle Treatment Centers, Inc.* One stop   L + 5.75% (c)   6.75%   1/1/2023   7,612  7,569  0.3 7,612 
Pinnacle Treatment Centers, Inc.#+ One stop   L + 5.75% (c)   6.75%   01/2023   1,563  1,565  0.1 1,563 
Pinnacle Treatment Centers, Inc.^ One stop   L + 5.75% (c)   6.75%   01/2023   706  710  — 706 
Pinnacle Treatment Centers, Inc.+ One stop   L + 5.75% (c)   6.75%   01/2023   186  187  — 186 
Pinnacle Treatment Centers, Inc.+^ One stop   L + 5.75% (c)   6.75%   01/2023   106  107  — 106 
Pinnacle Treatment Centers, Inc.+ One stop   L + 5.75% (c)   6.75%   01/2023   38  37  — 38 
Pinnacle Treatment Centers, Inc.+ One stop   L + 5.75%   N/A(6)   01/2023   —  —  — — 
Pinnacle Treatment Centers, Inc.+ One stop   L + 5.75%   N/A(6)   01/2023   —  —  — — 
PPT Management Holdings, LLC+ One stop   L + 8.50% (c)   7.00% cash/2.50% PIK   12/2022   25,170  24,166  0.9 22,646 
PPT Management Holdings, LLC+ One stop   L + 8.50% (c)   7.00% cash/2.50% PIK   12/2022   306  295  — 274 
PPT Management Holdings, LLC+ One stop   L + 8.50% (c)   7.00% cash/2.50% PIK   12/2022   180  175  — 162 
PPT Management Holdings, LLC+ One stop   L + 8.50% (c)   7.00% cash/2.50% PIK   12/2022   88  74  — 80 
PPT Management Holdings, LLC+(5) One stop   L + 8.50% (c)   7.00% cash/2.50% PIK   12/2022   18  (1) — (24)
Pyramid Healthcare, Inc.*+ One stop   L + 6.50% (c)   7.50%   08/2022   13,743  13,638  0.5 13,743 
Pyramid Healthcare, Inc.+ One stop   L + 6.50% (c)   7.50%   08/2022   423  420  — 423 
Pyramid Healthcare, Inc.+ One stop   L + 6.50% (c)   7.50%   08/2022   306  303  — 306 
Pyramid Healthcare, Inc.+ One stop   L + 6.50% (c)   7.50%   08/2022   266  264  — 266 
Pyramid Healthcare, Inc.+ One stop   L + 6.50% (c)   7.50%   8/1/2022   103  102  — 103 
Pyramid Healthcare, Inc.+ One stop   L + 6.50% (c)   7.50%   08/2022   41  41  — 41 
Pyramid Healthcare, Inc.+(5) One stop   L + 6.50%   N/A(6)   08/2022   —  (5) — — 
Riverchase MSO, LLC*# Senior loan   L + 6.75% (a)   6.75% cash/1.00% PIK   10/2022   9,623  9,697  0.4 9,623 
Riverchase MSO, LLC+ Senior loan   P + 5.75% (f)   8.00% cash/1.00% PIK   10/2022   130  130  — 130 
RXH Buyer Corporation*#+ One stop   L + 5.75% (c)   6.75%   09/2022   27,380  27,411  1.1 27,380 
RXH Buyer Corporation*# One stop   L + 5.75% (c)   6.75%   09/2022   3,099  3,103  0.1 3,099 
RXH Buyer Corporation+(5) One stop   L + 5.75%   N/A(6)   09/2022   —  (1) — — 
Summit Behavioral Healthcare, LLC*#+ Senior loan   L + 5.00% (c)   6.00%   10/2023   29,492  29,226  1.2 29,492 
Summit Behavioral Healthcare, LLC+ Senior loan   L + 5.00% (c)   6.00%   10/2023   905  878  — 905 

See Notes to Consolidated Financial Statements.
19
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Providers & Services - (continued)
Summit Behavioral Healthcare, LLC+ Senior loan   L + 5.00% (c)   6.00%   10/2023   $ 100  $ 97  — % $ 100 
Veterinary Specialists of North America, LLC*#+ Senior loan   L + 4.25% (a)   4.36%   04/2025   41,442  42,699  1.7 41,442 
Veterinary Specialists of North America, LLC+ Senior loan   L + 4.25% (a)   4.36%   04/2025   11,784  11,780  0.5 11,784 
Veterinary Specialists of North America, LLC#+ Senior loan   L + 4.25% (a)   4.36%   04/2025   2,857  2,839  0.1 2,857 
Veterinary Specialists of North America, LLC*+ Senior loan   L + 4.25% (a)   4.36%   04/2025   1,437  1,483  0.1 1,437 
Veterinary Specialists of North America, LLC+(5) Senior loan   L + 4.25%   N/A(6)   04/2025   —  (2) — — 
WHCG Management, LLC*#+ Senior loan   L + 4.75% (d)   5.75%   03/2023   15,984  16,058  0.6 15,825 
WHCG Management, LLC+ Senior loan   L + 4.75% (d)   5.75%   03/2023   5,598  5,569  0.2 5,542 
WHCG Management, LLC+ Senior loan   L + 4.75% (d)   5.75%   03/2023   1,973  1,968  0.1 1,953 
WHCG Management, LLC+ Senior loan   L + 4.75% (d)   5.75%   03/2023   336  334  — 333 
WHCG Management, LLC+ Senior loan   L + 4.75% (d)   5.75%   03/2023   196  197  — 194 
WHCG Management, LLC+(5) Senior loan   L + 4.75%   N/A(6)   3/1/2023   —  (73) — (74)
570,634  558,419  21.3 531,668 

See Notes to Consolidated Financial Statements.
20
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Technology
Connexin Software, Inc.+~ One stop   L + 8.50% (a)   9.50%   02/2024   $ 7,550  $ 7,607  0.3 % $ 7,550 
Connexin Software, Inc.+ One stop   L + 8.50%   N/A(6)   02/2024   —  —  — — 
HealthcareSource HR, Inc.*# One stop   L + 6.25% (c)   7.25%   05/2023   33,563  33,589  1.3 33,563 
HealthcareSource HR, Inc.+(5) One stop   L + 6.25%   N/A(6)   05/2023   —  (1) — — 
HealthEdge Software, Inc. One stop   L + 6.25% (c)   7.25%   04/2026   2,000  1,962  0.1 2,000 
HealthEdge Software, Inc.+ One stop   L + 6.25% (c)   7.25%   04/2026   1,008  1,008  0.1 1,008 
HealthEdge Software, Inc.+ One stop   L + 6.25% (c)   7.25%   04/2026   225  223  — 225 
HealthEdge Software, Inc.+ One stop   L + 6.25% (c)   7.25%   04/2026   19  18  — 19 
HSI Halo Acquisition, Inc.+~ One stop   L + 5.75% (c)   6.75%   08/2026   6,281  6,246  0.3 6,281 
HSI Halo Acquisition, Inc.+ One stop   L + 5.75% (c)   6.75%   08/2026   1,972  1,953  0.1 1,972 
HSI Halo Acquisition, Inc.+ One stop   L + 5.75% (c)   6.75%   08/2026   645  639  — 645 
HSI Halo Acquisition, Inc.+ One stop   L + 5.75% (a)   6.75%   09/2025   13  12  — 13 
HSI Halo Acquisition, Inc.+(5) One stop   L + 5.75%   N/A(6)   08/2026   —  (13) — — 
Kareo, Inc.+ One stop   L + 9.00% (a)   10.00%   06/2022   10,273  10,354  0.4 10,375 
Kareo, Inc. One stop   L + 9.00% (a)   10.00%   06/2022   1,506  1,450  0.1 1,521 
Kareo, Inc.+ One stop   L + 9.00% (a)   10.00%   06/2022   941  951  — 951 
Kareo, Inc.+ One stop   L + 9.00% (a)   10.00%   06/2022   753  761  — 761 
Kareo, Inc.+ One stop   L + 9.00% (a)   10.00%   06/2022   80  81  — 80 
Nextech Holdings, LLC^ One stop   L + 5.50% (c)   5.71%   06/2025   3,991  4,052  0.2 3,912 
Nextech Holdings, LLC+ One stop   L + 5.50% (b)   5.65%   06/2025   1,947  1,933  0.1 1,908 
Nextech Holdings, LLC+(5) One stop   L + 5.50%   N/A(6)   06/2025   —  (3) — (12)
Nextech Holdings, LLC+(5) One stop   L + 5.50%   N/A(6)   06/2025   —  (3) — (8)
Qgenda Intermediate Holdings, LLC^ One stop   L + 5.50% (c)   6.50%   06/2025   15,199  15,199  0.6 15,199 
Qgenda Intermediate Holdings, LLC#+ One stop   L + 5.50% (c)   6.50%   06/2025   12,380  12,266  0.5 12,380 
Qgenda Intermediate Holdings, LLC# One stop   L + 5.50% (c)   6.50%   06/2025   988  988  — 988 
Qgenda Intermediate Holdings, LLC+ One stop   L + 5.50%   N/A(6)   06/2025   —  —  — — 
Transaction Data Systems, Inc.*#+~^ One stop   L + 5.75% (c)   6.75%   02/2026   83,051  82,504  3.3 83,051 
Transaction Data Systems, Inc.+ One stop   L + 5.75% (a)(c)   6.75%   02/2026   108  105  — 108 
Verisys Corporation*# One stop   L + 8.25% (c)   8.75% cash/0.50% PIK   01/2023   8,471  8,554  0.3 8,302 
Verisys Corporation+ One stop   L + 8.25% (c)   8.75% cash/0.50% PIK   01/2023   40  40  — 40 
193,004  192,475  7.7 192,832 


See Notes to Consolidated Financial Statements.
21
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.#+^ One stop   L + 5.25% (a)   6.25%   08/2025   $ 44,270  $ 45,476  1.8 $ 44,270 
BJH Holdings III Corp.+(5) One stop   L + 5.25%   N/A(6)   08/2025   —  (6) — — 
CR Fitness Holdings, LLC+~ Senior loan   L + 4.25% (a)   5.25%   07/2025   1,989  1,999  0.1 1,909 
CR Fitness Holdings, LLC+ Senior loan   L + 4.25% (a)   5.25%   07/2025   267  262  — 233 
CR Fitness Holdings, LLC+ Senior loan   L + 4.25% (a)(c)   5.25%   07/2025   74  74  — 72 
Davidson Hotel Company, LLC+ One stop   L + 6.75% (a)(c)   6.25% cash/1.50% PIK   07/2024   7,034  6,984  0.2 4,924 
Davidson Hotel Company, LLC+ One stop   L + 6.75% (a)(c)   6.25% cash/1.50% PIK   07/2024   1,080  1,077  — 756 
Davidson Hotel Company, LLC+(5) One stop   L + 6.75%   N/A(6)   07/2024   —  —  — (30)
Davidson Hotel Company, LLC+(5) One stop   L + 6.75%   N/A(6)   07/2024   —  (17) — — 
EOS Fitness Opco Holdings, LLC*# One stop   L + 5.75% (c)   6.75%   01/2025   8,631  8,722  0.3 8,113 
EOS Fitness Opco Holdings, LLC+ One stop   L + 5.75% (c)   6.75%   01/2025   909  918  — 854 
EOS Fitness Opco Holdings, LLC+ One stop   L + 5.75% (c)   6.75%   01/2025   120  120  — 112 
Freddy's Frozen Custard LLC~ One stop   L + 6.00% (c)   7.00%   03/2027   9,694  9,598  0.4 9,597 
Freddy's Frozen Custard LLC+ One stop   L + 6.00% (c)   7.00%   03/2027   14  13  — 13 
Self Esteem Brands, LLC*#+^ Senior loan   L + 4.25% (a)   5.25%   02/2022   45,608  45,841  1.8 45,608 
Self Esteem Brands, LLC+ Senior loan   P + 3.25% (f)   6.50%   02/2022   2,339  2,336  0.1 2,339 
SSRG Holdings, LLC One stop   L + 5.25% (c)   6.25%   11/2025   913  899  — 913 
SSRG Holdings, LLC+ One stop   L + 5.25% (c)   6.25%   11/2025   55  54  — 55 
Sunshine Sub, LLC#~ One stop   L + 5.25% (c)   6.25%   05/2024   12,833  12,919  0.5 12,447 
Sunshine Sub, LLC#+ One stop   L + 5.25% (c)   6.25%   05/2024   5,626  5,784  0.2 5,456 
Sunshine Sub, LLC+(5) One stop   L + 5.25%   N/A(6)   05/2024   —  (1) — (6)
Tropical Smoothie Cafe Holdings, LLC*# Senior loan   L + 5.25% (a)(c)(d)   6.25%   09/2026   16,791  16,638  0.7 16,791 
Tropical Smoothie Cafe Holdings, LLC+(5) Senior loan   L + 5.25%   N/A(6)   09/2026   —  (1) — — 
Velvet Taco Holdings, Inc.~ One stop   L + 8.00% (c)   8.00% cash/1.00% PIK   03/2026   1,781  1,762  0.1 1,638 
Velvet Taco Holdings, Inc.+ One stop   L + 11.00% (c)   8.00% cash/4.00% PIK   03/2026   91  91  — 91 
Velvet Taco Holdings, Inc.+ One stop   L + 7.00%   N/A(6)   03/2026   —  —  — — 
160,119  161,542  6.2 156,155 
Household Durables
Groundworks LLC^ Senior loan   L + 5.00% (c)   6.00%   01/2026   4,686  4,619  0.2 4,686 
Groundworks LLC+ Senior loan   L + 5.00% (c)   6.00%   01/2026   324  307  — 324 
Groundworks LLC+ Senior loan   L + 5.00% (c)   6.00%   01/2026   84  82  — 84 
Groundworks LLC+(5) Senior loan   L + 5.00%   N/A(6)   01/2026   —  (1) — — 
Groundworks LLC+(5)(8) Senior loan   L + 5.00%   N/A(6)   01/2026   —  (27) — — 
5,094  4,980  0.2 5,094 

See Notes to Consolidated Financial Statements.
22
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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)
Household Products
WU Holdco, Inc. #^ One stop   L + 5.25% (c)   6.25%   03/2026   $ 3,411  $ 3,479  0.2 % $ 3,411 
WU Holdco, Inc. + One stop   L + 5.25% (c)   6.25%   03/2026   390  390  — 390 
WU Holdco, Inc. + One stop   L + 5.25% (c)   5.45%   03/2025   16  16  — 14 
3,817  3,885  0.2 3,815 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+^ Senior loan   L + 4.75% (a)   4.86%   04/2026   4,177  4,210  0.2 4,177 
Arch Global CCT Holdings Corp.+ Senior loan   L + 4.75%   N/A(6)   04/2025   —  —  — — 
Arch Global CCT Holdings Corp.+ Senior loan   L + 4.75%   N/A(6)   04/2026   —  —  — — 
Madison Safety & Flow LLC^ Senior loan   L + 4.00% (a)   4.10%   03/2025   484  484  — 484 
Madison Safety & Flow LLC+ Senior loan   L + 4.00%   N/A(6)   03/2025   —  —  — — 
Specialty Measurement Bidco Limited~(8)(9)(10) One stop   E+ 6.25% (g)   7.25%   11/2027   7,969  7,757  0.3 7,844 
Specialty Measurement Bidco Limited~(8)(10) One stop   L + 6.25% (c)   7.25%   11/2027   7,961  7,753  0.3 7,961 
Specialty Measurement Bidco Limited+(5)(8)(9)(10) One stop   L + 6.25%   N/A(6)   11/2027   —  (51) — — 
20,591  20,153  0.8 20,466 


See Notes to Consolidated Financial Statements.
23
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Insurance
Captive Resources Midco, LLC*#+~^ One stop   L + 5.75% (a)   6.75%   05/2025   $ 52,136  $ 52,305  2.1 % $ 52,136 
Captive Resources Midco, LLC# One stop   L + 5.75% (a)   6.75%   05/2025   1,432  1,421  0.1 1,432 
Captive Resources Midco, LLC+(5) One stop   L + 5.75%   N/A(6)   05/2025   —  (15) — — 
High Street Insurance Partners, Inc.+ Senior loan   L + 6.50% (a)(c)(d)   7.50%   12/2025   1,129  1,104  0.1 1,112 
High Street Insurance Partners, Inc.+ Senior loan   L + 6.50% (a)(c)   7.50%   12/2025   109  95  — 95 
Integrity Marketing Acquisition, LLC^ Senior loan   L + 5.75% (c)   6.75%   08/2025   2,458  2,459  0.1 2,421 
Integrity Marketing Acquisition, LLC+ Senior loan   L + 5.75% (c)(d)   6.75%   08/2025   786  782  — 774 
Integrity Marketing Acquisition, LLC+ Senior loan   L + 5.75% (c)(d)   6.75%   08/2025   475  473  — 468 
Integrity Marketing Acquisition, LLC+ Senior loan   L + 5.75% (c)   6.75%   08/2025   248  246  — 244 
Integrity Marketing Acquisition, LLC+ Senior loan   L + 5.75%   N/A(6)   08/2025   —  —  — — 
Integrity Marketing Acquisition, LLC+(5) Senior loan   L + 5.75%   N/A(6)   08/2025   —  (22) — (23)
J.S. Held Holdings, LLC#+^ One stop   L + 6.00% (c)   7.00%   07/2025   6,442  6,411  0.3 6,379 
J.S. Held Holdings, LLC+ One stop   P + 5.00% (f)   8.25%   07/2025   160  155  — 156 
J.S. Held Holdings, LLC+(5) One stop   L + 6.00%   N/A(6)   07/2025   —  —  — (1)
J.S. Held Holdings, LLC+(5) One stop   L + 6.00%   N/A(6)   07/2025   —  (22) — (15)
Majesco+ One stop   L + 7.75% (c)   8.75%   09/2027   14,464  14,210  0.6 14,464 
Majesco+(5) One stop   L + 7.75%   N/A(6)   09/2026   —  (3) — — 
Orchid Underwriters Agency, LLC^ Senior loan   L + 4.50% (c)   5.50%   12/2024   4,103  4,149  0.2 4,103 
Orchid Underwriters Agency, LLC+ Senior loan   L + 4.50% (c)   5.50%   12/2024   541  541  — 541 
Orchid Underwriters Agency, LLC+ Senior loan   L + 4.25%   N/A(6)   12/2024   —  —  — — 
People Corporation~(8)(9)(14) One stop   L + 6.25% (m)   7.25%   02/2028   14,951  14,694  0.6 14,824 
People Corporation+(8)(9)(14) One stop   L + 6.25% (m)   7.25%   02/2028   682  640  — 591 
People Corporation+(5)(8)(9)(14) One stop   L + 6.25%   N/A(6)   02/2027   —  (2) — (2)
RSC Acquisition, Inc.*#+^ One stop   L + 5.50% (c)   6.50%   10/2026   26,030  25,576  1.0 26,030 
RSC Acquisition, Inc.+ One stop   L + 5.50% (b)(c)   6.50%   10/2026   2,518  2,426  0.1 2,518 
RSC Acquisition, Inc.+(5) One stop   L + 5.50%   N/A(6)   10/2026   —  (1) — — 
RSC Acquisition, Inc.+(5) One stop   L + 5.50%   N/A(6)   10/2026   —  (151) — — 
Sunstar Insurance Group, LLC+ Senior loan   L + 5.75% (c)   6.75%   10/2026   627  616  — 621 
Sunstar Insurance Group, LLC+ Senior loan   L + 5.75% (c)   6.75%   10/2026   307  299  — 303 
Sunstar Insurance Group, LLC+ Senior loan   L + 5.50%   N/A(6)   10/2026   —  —  — — 
129,598  128,386  5.2 129,171 
Internet & Catalog Retail
AutoQuotes, LLC+ One stop   L + 6.00% (c)   7.00%   11/2024   9,863  9,983  0.4 9,863 
AutoQuotes, LLC+ One stop   L + 6.00%   N/A(6)   11/2024   —  —  — — 
9,863  9,983  0.4 9,863 

See Notes to Consolidated Financial Statements.
24
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
IT Services
Acquia, Inc.+~ One stop   L + 7.00% (c)   8.00%   10/2025   $ 7,118  $ 7,063  0.3 % $ 7,118 
Acquia, Inc.+ One stop   L + 7.00% (c)   8.00%   10/2025   4  4  — 4 
Appriss Holdings, Inc.+~^ One stop   L + 5.50% (c)   5.70%   05/2026   24,842  25,488  1.0 24,842 
Appriss Holdings, Inc.+(5) One stop   L + 5.50%   N/A(6)   05/2025   —  (3) — — 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop   L + 7.50% (c)   8.50% cash/1.00% PIK   08/2025   4,638  4,477  0.2 4,742 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ One stop   L + 7.50%   N/A(6)   08/2025   —  —  — 1 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+(5) One stop   L + 7.50%   N/A(6)   08/2025   —  (13) — — 
Centrify Corporation+ One stop   L + 6.00% (c)   7.00%   03/2028   16,833  16,583  0.6 16,623 
Centrify Corporation+(5) One stop   L + 6.00%   N/A(6)   03/2027   —  (2) — (2)
Episerver, Inc.+~(8)(9) One stop   E+ 6.00% (g)   6.00%   10/2024   20,436  20,709  0.9 21,319 
Episerver, Inc.#^ One stop   L + 5.75% (d)   6.75%   10/2024   12,124  12,289  0.5 12,263 
Episerver, Inc.+(5) One stop   L + 5.75%   N/A(6)   10/2024   —  (2) — 4 
Gamma Technologies, LLC*#+^ One stop   L + 4.75% (c)   5.75%   06/2024   47,092  47,368  1.9 47,092 
Gamma Technologies, LLC+ One stop   L + 4.75%   N/A(6)   06/2024   —  —  — — 
Infinisource, Inc.~^ One stop   L + 4.50% (c)   5.50%   10/2026   29,034  28,647  1.2 29,034 
Infinisource, Inc.+(8) One stop   L + 4.50% (c)   5.50%   10/2026   284  281  — 284 
Infinisource, Inc.+ One stop   L + 4.50% (c)   5.50%   10/2026   110  109  — 110 
Infinisource, Inc.+(5) One stop   L + 4.50%   N/A(6)   10/2026   —  (1) — — 
Maverick Bidco Inc.*#+~ One stop   L + 6.25% (c)   7.25%   04/2023   48,301  48,402  1.9 48,301 
Maverick Bidco Inc.+ One stop   L + 6.25% (c)   7.25%   04/2023   3,629  3,553  0.1 3,629 
Maverick Bidco Inc.*#(8) One stop   L + 6.25% (c)   7.25%   04/2023   3,167  3,210  0.1 3,167 
Maverick Bidco Inc.+ One stop   L + 6.25% (c)   7.25%   04/2023   2,807  2,751  0.1 2,807 
Maverick Bidco Inc.^ One stop   L + 6.25% (c)   7.25%   04/2023   1,684  1,633  0.1 1,684 
Maverick Bidco Inc.+(5) One stop   L + 6.25%   N/A(6)   04/2023   —  (1) — — 
Maverick Bidco Inc.+(5) One stop   L + 6.25%   N/A(6)   04/2023   —  (95) — — 
PCS Intermediate II Holdings, LLC~(8) One stop   L + 5.25% (c)   6.25%   01/2026   14,420  14,304  0.6 14,420 
PCS Intermediate II Holdings, LLC+(5) One stop   L + 5.25%   N/A(6)   01/2026   —  (1) — — 
Recordxtechnologies, LLC+ One stop   L + 5.50% (c)   6.50%   12/2025   740  732  — 725 
Recordxtechnologies, LLC+ One stop   L + 5.50% (c)   6.50%   12/2025   115  114  — 112 
Recordxtechnologies, LLC+ One stop   L + 5.50% (c)   6.50%   12/2025   42  41  — 40 
Red Dawn SEI Buyer, Inc.+~(8)(9) Senior loan   L + 4.50% (j)   5.50%   11/2025   24,008  23,777  1.0 24,284 
Red Dawn SEI Buyer, Inc.^ Senior loan   L + 4.25% (d)   5.25%   11/2025   748  741  — 745 
Red Dawn SEI Buyer, Inc.+ Senior loan   L + 4.25% (d)   5.25%   11/2025   133  132  — 132 
Red Dawn SEI Buyer, Inc.+ Senior loan   L + 4.25% (a)   5.25%   11/2025   13  12  — 13 
Red Dawn SEI Buyer, Inc.+(5) Senior loan   L + 4.50%   N/A(6)   11/2025   —  (54) — 33 
262,322  262,248  10.5 263,526 


See Notes to Consolidated Financial Statements.
25
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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)
Leisure Products
WBZ Investment LLC#+ One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   $ 8,553  $ 8,604  0.3 % $ 7,955 
WBZ Investment LLC+ One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   1,226  1,218  0.1 1,140 
WBZ Investment LLC+ One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   852  876  — 792 
WBZ Investment LLC+ One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   435  449  — 405 
WBZ Investment LLC+ One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   80  81  — 76 
11,146  11,228  0.4 10,368 
Life Sciences Tools & Services
Pace Analytical Services, LLC*#+ One stop   L + 5.50% (c)   6.50%   04/2024   29,485  29,524  1.2 29,485 
Pace Analytical Services, LLC+ One stop   L + 5.75% (c)   6.75%   04/2024   7,010  6,923  0.3 7,010 
Pace Analytical Services, LLC+ One stop   L + 5.75% (c)   6.75%   04/2024   3,523  3,423  0.1 3,523 
Pace Analytical Services, LLC#^ One stop   L + 5.75% (c)   6.75%   04/2024   2,741  2,747  0.1 2,741 
Pace Analytical Services, LLC*# One stop   L + 5.50% (c)   6.50%   04/2024   1,643  1,666  0.1 1,643 
Pace Analytical Services, LLC*# One stop   L + 5.50% (c)   6.50%   04/2024   1,511  1,517  0.1 1,511 
Pace Analytical Services, LLC*# One stop   L + 5.50% (c)   6.50%   04/2024   1,257  1,257  0.1 1,257 
Pace Analytical Services, LLC^ One stop   L + 5.75% (c)   6.75%   04/2024   1,216  1,233  — 1,216 
Pace Analytical Services, LLC One stop   L + 5.75% (c)   6.75%   04/2024   988  971  — 988 
Pace Analytical Services, LLC*# One stop   L + 5.50% (c)   6.50%   04/2024   674  675  — 674 
Pace Analytical Services, LLC*# One stop   L + 5.50% (c)   6.50%   04/2024   557  564  — 557 
Pace Analytical Services, LLC* One stop   L + 5.50% (c)   6.50%   04/2024   187  189  — 187 
Pace Analytical Services, LLC+(5) One stop   L + 5.75%   N/A(6)   04/2024   —  (2) — — 
50,792  50,687  2.0 50,792 
Machinery
Bad Boy Mowers Acquisition, LLC+(8) Senior loan   L + 4.50% (c)   5.25%   03/2028   2,039  2,034  0.1 2,034 
Blackbird Purchaser, Inc. *+~^ Senior loan   L + 4.50% (c)(f)   4.70%   04/2026   15,920  16,167  0.6 15,760 
Blackbird Purchaser, Inc. + Senior loan   L + 4.50% (c)   4.70%   04/2024   28  28  — 26 
Chase Industries, Inc.+~ Senior loan   L + 7.00% (d)   6.50% cash/1.50% PIK   05/2025   12,059  12,166  0.5 10,385 
Chase Industries, Inc.+ Senior loan   L + 7.00% (d)   6.50% cash/1.50% PIK   05/2025   985  1,016  — 849 
Chase Industries, Inc.+ Senior loan   L + 7.00% (d)   6.50% cash/1.50% PIK   05/2023   238  240  — 208 
Time Manufacturing Acquisition, LLC~ Senior loan   L + 5.00% (b)(c)   6.00%   02/2023   715  714  — 718 
31,984  32,365  1.2 29,980 
Marine
Veson Nautical LLC#^ One stop   L + 5.00% (c)   6.00%   11/2025   9,668  9,579  0.4 9,668 
Veson Nautical LLC+(5) One stop   L + 5.00%   N/A(6)   11/2025   —  (1) — — 
9,668  9,578  0.4 9,668 

See Notes to Consolidated Financial Statements.
26
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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)
Multiline Retail
Mills Fleet Farm Group LLC*#+~^ One stop   L + 6.00% (c)   7.00%   10/2024   $ 46,488  $ 46,386  1.9 % $ 46,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12) One stop   L + 5.75% (c)   6.75%   05/2025   13,690  13,908  0.5 13,690 
3ES Innovation, Inc.+(5)(8)(12) One stop   L + 5.75%   N/A(6)   05/2025   —  (1) — — 
Drilling Info Holdings, Inc.*#+~ Senior loan   L + 4.25% (a)   4.36%   07/2025   36,611  37,043  1.5 36,532 
Drilling Info Holdings, Inc.~ Senior loan   L + 4.50% (a)   4.61%   07/2025   17,254  16,871  0.7 17,385 
Drilling Info Holdings, Inc.+ Senior loan   L + 4.25% (a)   4.36%   07/2023   80  78  — 78 
Drilling Info Holdings, Inc.+ Senior loan   L + 4.50% (a)   4.61%   07/2023   34  32  — 34 
Drilling Info Holdings, Inc.+(5) Senior loan   L + 4.25%   N/A(6)   07/2025   —  (5) — (2)
Project Power Buyer, LLC*#^ One stop   L + 6.25% (c)   7.25%   05/2026   15,703  15,837  0.6 15,703 
Project Power Buyer, LLC+(5) One stop   L + 6.25%   N/A(6)   05/2025   —  (1) — — 
83,372  83,762  3.3 83,420 
Paper & Forest Products
Messenger, LLC+~ One stop   L + 6.00% (c)(f)   7.00%   08/2023   8,967  9,027  0.4 8,967 
Messenger, LLC+ One stop   L + 6.00%   N/A(6)   08/2023   —  —  — — 
8,967  9,027  0.4 8,967 

See Notes to Consolidated Financial Statements.
27
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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)
Personal Products
IMPLUS Footwear, LLC+~ One stop   L + 7.75% (c)   8.75%   04/2024   $ 30,820  $ 31,170  1.1 % $ 27,737 
IMPLUS Footwear, LLC+~ One stop   L + 7.75% (c)   8.75%   04/2024   5,263  5,324  0.2 4,737 
IMPLUS Footwear, LLC*+ One stop   L + 7.75% (c)   8.75%   04/2024   759  779  — 683 
36,842  37,273  1.3 33,157 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+^ Senior loan   L + 5.00% (c)   6.00%   02/2026   13,144  13,036  0.5 13,144 
Amalthea Parent, Inc.+(8)(12) One stop   L + 5.25% (b)   6.25%   03/2027   22,357  22,134  0.9 22,134 
Amalthea Parent, Inc.+(5)(8)(12) One stop   L + 5.25%   N/A(6)   03/2027   —  (3) — (3)
Amalthea Parent, Inc.+(5)(8)(12) One stop   L + 5.25%   N/A(6)   03/2027   —  (50) — (50)
Apothecary Products, LLC+ Senior loan   L + 4.25% (a)   5.25%   07/2023   2,904  2,990  0.1 2,904 
Apothecary Products, LLC+ Senior loan   L + 4.25% (d)   5.25%   07/2023   78  78  — 78 
BIOVT, LLC*#^ One stop   L + 5.75% (a)   6.75%   07/2022   32,636  32,436  1.3 32,636 
BIOVT, LLC#^ One stop   L + 5.75% (a)   6.75%   07/2022   1,983  1,970  0.1 1,983 
BIOVT, LLC* One stop   L + 5.75% (a)   6.75%   07/2022   1,862  1,850  0.1 1,862 
BIOVT, LLC+ One stop   L + 5.75% (c)   6.75%   07/2022   200  198  — 200 
75,164  74,639  3.0 74,888 
Professional Services
Brandmuscle, Inc.# Senior loan   L + 4.75% (c)   5.75%   12/2021   7,665  7,676  0.3 7,663 
Brandmuscle, Inc.# Senior loan   L + 5.00% (c)   6.00%   12/2021   1,068  1,076  — 1,069 
Brandmuscle, Inc.+ Senior loan   L + 4.75%   N/A(6)   12/2021   —  —  — — 
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan   L + 4.25% (c)   5.25%   06/2022   9,161  9,221  0.4 8,978 
DISA Holdings Acquisition Subsidiary Corp.+(5) Senior loan   L + 4.25%   N/A(6)   06/2022   —  —  — (29)
Net Health Acquisition Corp.+ One stop   L + 5.75% (c)   6.75%   12/2025   13,437  13,305  0.5 13,303 
Net Health Acquisition Corp.*# One stop   L + 5.75% (c)   6.75%   12/2025   8,510  8,536  0.3 8,425 
Net Health Acquisition Corp.~^ One stop   L + 5.75% (c)   6.75%   12/2025   6,810  6,862  0.3 6,742 
Net Health Acquisition Corp.+ One stop   L + 5.75% (c)   6.75%   12/2025   4,302  4,243  0.2 4,259 
Net Health Acquisition Corp.*# One stop   L + 5.75% (c)   6.75%   12/2025   1,189  1,193  — 1,177 
Net Health Acquisition Corp.+(5) One stop   L + 5.75%   N/A(6)   12/2025   —  (3) — (3)
Nexus Brands Group, Inc.*# One stop   L + 6.00% (c)   7.00%   11/2023   9,330  9,408  0.4 9,330 
Nexus Brands Group, Inc.+~(8)(9) One stop   L + 6.00% (i)   7.00%   11/2023   7,109  7,208  0.3 7,797 
Nexus Brands Group, Inc.#+ One stop   L + 6.00% (c)   7.00%   11/2023   1,976  2,031  0.1 1,976 
Nexus Brands Group, Inc.#~ One stop   L + 6.00% (c)   7.00%   11/2023   1,429  1,469  0.1 1,429 
Nexus Brands Group, Inc.+(8)(9) One stop   L + 6.00% (i)   7.00%   11/2023   822  821  — 849 
Nexus Brands Group, Inc.~ One stop   L + 6.00% (c)   7.00%   11/2023   761  756  — 761 
Nexus Brands Group, Inc.+ One stop   L + 6.00% (c)   7.00%   11/2023   516  516  — 516 
Nexus Brands Group, Inc.+ One stop   L + 6.00% (c)   7.00%   11/2023   85  84  — 85 
Nexus Brands Group, Inc.+ One stop   L + 6.00% (c)   7.00%   11/2023   54  53  — 54 
Nexus Brands Group, Inc.+ One stop   L + 6.00% (a)(c)   7.00%   11/2023   40  41  — 40 
Nexus Brands Group, Inc.+(8)(9) One stop   L + 6.00% (h)   7.00%   11/2023   14  14  — 14 
Nexus Brands Group, Inc.+ One stop   L + 6.00%   N/A(6)   11/2023   —  —  — — 
PlanSource Holdings, Inc. +~ One stop   L + 6.25% (d)   7.25%   04/2025   11,416  11,528  0.5 11,416 
PlanSource Holdings, Inc. +(5) One stop   L + 6.25%   N/A(6)   04/2025   —  (1) — — 
Teaching Company, The*#+ One stop   L + 4.75% (c)(d)   5.75%   07/2023   17,743  17,889  0.7 17,743 
Teaching Company, The+ One stop   L + 4.75%   N/A(6)   07/2023   —  —  — — 
103,437  103,926  4.1 103,594 


See Notes to Consolidated Financial Statements.
28
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Real Estate Management & Development
MRI Software LLC*+^ One stop   L + 5.50% (d)   6.50%   02/2026   $ 14,526  $ 14,409  0.6 % $ 14,526 
MRI Software LLC+ One stop   L + 5.50% (d)   6.50%   02/2026   1,851  1,810  0.1 1,851 
MRI Software LLC+ One stop   L + 5.50% (c)   6.50%   02/2026   14  11  — 14 
MRI Software LLC+ One stop   L + 5.50%   N/A(6)   02/2026   —  —  — — 
MRI Software LLC+(5) One stop   L + 5.50%   N/A(6)   02/2026   —  (2) — — 
MRI Software LLC+(5) One stop   L + 5.50%   N/A(6)   02/2026   —  (7) — — 
Property Brands, Inc.# One stop   L + 6.00% (d)   7.00%   01/2024   19,742  19,906  0.8 19,742 
Property Brands, Inc.~^ One stop   L + 6.00% (d)   7.00%   01/2024   13,598  13,410  0.6 13,598 
Property Brands, Inc.*# One stop   L + 6.00% (d)   7.00%   01/2024   6,618  6,711  0.3 6,618 
Property Brands, Inc.~^ One stop   L + 6.00% (d)   7.00%   01/2024   3,226  3,315  0.1 3,226 
Property Brands, Inc.#+ One stop   L + 6.00% (d)   7.00%   01/2024   1,417  1,454  0.1 1,417 
Property Brands, Inc.#+ One stop   L + 6.00% (d)   7.00%   01/2024   1,200  1,231  — 1,200 
Property Brands, Inc.#+ One stop   L + 6.00% (d)   7.00%   01/2024   1,182  1,215  — 1,182 
Property Brands, Inc.+ One stop   L + 6.00% (d)   7.00%   01/2024   946  940  — 946 
Property Brands, Inc.+ One stop   L + 6.00% (d)   7.00%   01/2024   499  512  — 499 
Property Brands, Inc.+ One stop   L + 6.00% (d)   7.00%   01/2024   200  199  — 200 
65,019  65,114  2.6  65,019 
Road & Rail
Internet Truckstop Group LLC*# One stop   L + 5.75% (c)   6.75%   04/2025   22,473  22,930  0.9 22,192 
Internet Truckstop Group LLC+ One stop   L + 5.75% (c)   6.75%   04/2025   9,838  9,692  0.4 9,715 
Internet Truckstop Group LLC+(5) One stop   L + 5.75%   N/A(6)   03/2027   —  (2) — (4)
32,311  32,620  1.3 31,903 


See Notes to Consolidated Financial Statements.
29
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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
Accela, Inc.*#+ One stop   L + 4.93% (a)   4.25% cash/1.68% PIK   09/2023   $ 4,517  $ 4,516  0.2 % $ 4,488 
Accela, Inc.+(5) One stop   L + 7.00%   N/A(6)   09/2023   —  —  — (1)
Appfire Technologies, LLC+ One stop   L + 5.00% (c)   6.00%   03/2027   14,609  14,464  0.6 14,463 
Appfire Technologies, LLC+(5) One stop   L + 5.00%   N/A(6)   03/2027   —  (1) — (2)
Appfire Technologies, LLC+(5) One stop   L + 5.00%   N/A(6)   03/2027   —  (107) — (108)
Apptio, Inc. +~ One stop   L + 7.25% (d)   8.25%   01/2025   57,010  57,639  2.3 57,010 
Apptio, Inc. + One stop   L + 7.25% (d)   8.25%   01/2025   76  75  — 76 
Astute Holdings, Inc. + One stop   L + 6.50% (c)   7.50%   04/2025   10,772  10,892  0.5 10,772 
Astute Holdings, Inc. + One stop   L + 6.50% (c)   7.50%   04/2025   2,754  2,746  0.1 2,754 
Astute Holdings, Inc. +(5) One stop   L + 6.50%   N/A(6)   04/2025   —  (1) — — 
Axiom Merger Sub Inc.+~^ One stop   L + 5.25% (c)(d)   6.25%   04/2026   5,817  5,866  0.3 5,856 
Axiom Merger Sub Inc.+~(8)(9) One stop   E + 5.50% (g)   5.50%   04/2026   2,398  2,417  0.1 2,513 
Axiom Merger Sub Inc.+ One stop   L + 5.25% (d)   6.25%   04/2026   30  29  — 30 
Bearcat Buyer, Inc.+~ Senior loan   L + 4.25% (c)   5.25%   07/2026   2,914  2,934  0.1 2,839 
Bearcat Buyer, Inc.+ Senior loan   L + 4.25% (c)   5.25%   07/2026   520  519  — 507 
Bearcat Buyer, Inc.~ Senior loan   L + 4.25% (c)   5.25%   07/2026   308  305  — 300 
Bearcat Buyer, Inc.+ Senior loan   L + 4.25%   N/A(6)   07/2024   —  —  — — 
Bullhorn, Inc.*#+~^ One stop   L + 5.75% (c)   6.75%   09/2026   66,963  65,914  2.7 67,282 
Bullhorn, Inc.+(8)(9) One stop   L + 6.00% (i)   6.09%   09/2026   11,948  11,756  0.5 13,330 
Bullhorn, Inc.+(8)(9) One stop   E + 5.75% (g)   5.75%   09/2026   4,798  4,720  0.2 5,067 
Bullhorn, Inc.+ One stop   L + 5.75% (c)   6.75%   09/2026   97  96  — 98 
Bullhorn, Inc.+ One stop   L + 5.75% (c)   6.75%   09/2026   78  76  — 78 
Bullhorn, Inc.+(5) One stop   L + 5.75%   N/A(6)   09/2026   —  (4) — 1 
Bullhorn, Inc.+(5) One stop   L + 5.75%   N/A(6)   09/2026   —  (3) — 1 
Calabrio, Inc. +~ One stop   L + 6.50% (c)   7.50%   06/2025   24,880  24,892  1.0 24,880 
Calabrio, Inc. + One stop   L + 6.50%   N/A(6)   06/2025   —  1  — — 
Clearwater Analytics, LLC+ One stop   L + 6.25% (c)   7.25%   10/2025   17,354  17,195  0.7 17,354 
Clearwater Analytics, LLC*#+ One stop   L + 6.25% (c)   7.25%   10/2025   14,242  14,197  0.6 14,242 
Clearwater Analytics, LLC* One stop   L + 6.25% (c)   7.25%   10/2025   6,010  6,009  0.3 6,010 
Clearwater Analytics, LLC+ One stop   L + 6.25% (c)   7.25%   10/2025   985  971  — 985 
Clearwater Analytics, LLC+(5) One stop   L + 6.25%   N/A(6)   10/2025   —  (4) — — 
Cloudbees, Inc.+ One stop   L + 9.00% (a)   9.50% cash/0.50% PIK   05/2023   4,225  4,253  0.2 4,225 
Cloudbees, Inc. One stop   L + 9.00% (a)   9.50% cash/0.50% PIK   05/2023   2,781  2,714  0.1 2,781 
Cloudbees, Inc.+ One stop   L + 9.00% (a)   9.50% cash/0.50% PIK   05/2023   1,473  1,472  0.1 1,473 
Cloudbees, Inc.+ One stop   L + 8.50%   N/A(6)   05/2023   —  —  — — 
Confluence Technologies, Inc.*~^ One stop   L + 5.50% (a)   6.50%   03/2024   44,775  44,576  1.8 44,775 
Confluence Technologies, Inc.+(5) One stop   L + 5.50%   N/A(6)   03/2024   —  (1) — — 
Convercent, Inc. One stop   L + 9.00% (c)   8.25% cash/2.75% PIK   12/2024   2,835  2,773  0.1 2,947 
Convercent, Inc.+ Subordinated debt   N/A   4.00%   03/2021   138  138  — 283 
Convercent, Inc.+ One stop   L + 9.00% (c)   8.25% cash/2.75% PIK   12/2024   20  20  — 21 

See Notes to Consolidated Financial Statements.
30
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Convercent, Inc.+ One stop   L + 9.00% (c)   8.25% cash/2.75% PIK   12/2024   $ 20  $ 20  — % $ 21 
Convercent, Inc.+ One stop   L + 9.00%   N/A(6)   12/2024   —  —  — — 
Daxko Acquisition Corporation*#^ One stop   L + 6.00% (c)   7.00%   09/2023   25,548  25,613  1.0 25,548 
Daxko Acquisition Corporation+ One stop   L + 6.00%   N/A(6)   09/2023   —  —  — — 
Digital Guardian, Inc.+ One stop   L + 9.50% (c)   7.50% cash/3.00% PIK   06/2023   8,868  9,097  0.4 9,483 
Digital Guardian, Inc.+ Subordinated debt   N/A   8.00% PIK   06/2023   9  8  — 9 
Digital Guardian, Inc.+ One stop   L + 8.00%   N/A(6)   06/2023   —  —  — 2 
Diligent Corporation*#+~^ One stop   L + 6.25% (c)   7.25%   08/2025   87,615  87,899  3.5 88,371 
Diligent Corporation+ One stop   L + 6.25%   N/A(6)   08/2025   —  —  — 3 
GS Acquisitionco, Inc.*#+~^ One stop   L + 5.75% (d)   6.75%   05/2024   53,774  54,112  2.2 53,774 
GS Acquisitionco, Inc.*# One stop   L + 5.75% (d)   6.75%   05/2024   12,691  12,951  0.5 12,691 
GS Acquisitionco, Inc.#+ One stop   L + 5.75% (d)   6.75%   05/2024   3,270  3,338  0.1 3,270 
GS Acquisitionco, Inc.+~ One stop   L + 5.75% (d)   6.75%   05/2024   3,017  3,080  0.1 3,017 
GS Acquisitionco, Inc.#+ One stop   L + 5.75% (d)   6.75%   05/2024   1,889  1,928  0.1 1,889 
GS Acquisitionco, Inc.+ One stop   L + 5.75% (d)   6.75%   05/2024   118  116  — 118 
GS Acquisitionco, Inc.+ One stop   L + 5.75% (d)   6.75%   05/2024   74  74  — 74 
GS Acquisitionco, Inc.+ One stop   L + 5.75% (d)   6.75%   05/2024   37  37  — 37 
ICIMS, Inc.+~ One stop   L + 6.50% (c)   7.50%   09/2024   14,355  14,603  0.6 14,355 
ICIMS, Inc.+~ One stop   L + 6.50% (c)   7.50%   09/2024   4,501  4,488  0.2 4,501 
ICIMS, Inc.~ One stop   L + 6.50% (c)   7.50%   09/2024   2,706  2,682  0.1 2,706 
ICIMS, Inc.+ One stop   L + 6.50% (c)   7.50%   09/2024   88  88  — 88 
Impartner, Inc. One stop   L + 9.50% (c)   9.30% cash/2.00% PIK   08/2025   2,946  2,914  0.1 3,055 
Impartner, Inc.+(5) One stop   L + 9.50%   N/A(6)   08/2025   —  (3) — 17 
Impartner, Inc.+ One stop   L + 9.50%   N/A(6)   08/2025   —  —  — — 
Infogix, Inc.*# One stop   L + 6.00% (c)   7.00%   04/2024   7,142  7,254  0.3 7,142 
Infogix, Inc.*^ One stop   L + 6.00% (c)   7.00%   04/2024   1,101  1,116  — 1,101 
Infogix, Inc.+ One stop   L + 6.00% (c)   7.00%   04/2024   90  90  — 90 
Instructure, Inc.~ One stop   L + 7.00% (c)   8.00%   03/2026   16,264  15,725  0.7 16,264 
Integral Ad Science, Inc.+~ One stop   L + 7.25% (c)   6.00% cash/1.25% PIK   07/2024   15,951  16,113  0.6 15,951 
Integral Ad Science, Inc.+(5) One stop   L + 6.00%   N/A(6)   07/2023   —  (1) — (2)
Integration Appliance, Inc.*+~ One stop   L + 7.25% (c)   8.25%   08/2023   68,336  68,981  2.7 68,336 
Integration Appliance, Inc.+ One stop   L + 7.25% (c)   8.25%   08/2023   487  484  — 487 
Invoice Cloud, Inc.+ One stop   L + 6.50% (c)   4.25% cash/3.25% PIK   02/2024   6,632  6,664  0.3 6,632 
Invoice Cloud, Inc.+ One stop   L + 6.50% (c)   4.25% cash/3.25% PIK   02/2024   2,222  2,222  0.1 2,222 
Invoice Cloud, Inc.+ One stop   L + 6.00%   N/A(6)   02/2024   —  —  — — 
Juvare, LLC* One stop   L + 5.75% (c)   6.75%   10/2026   7,526  7,439  0.3 7,526 
Juvare, LLC+ One stop   P + 4.75% (f)   8.00%   10/2026   954  933  — 954 
Juvare, LLC+(5) One stop   L + 5.75%   N/A(6)   04/2026   —  (1) — — 
Kaseya Traverse Inc+~ One stop   L + 7.00% (c)   5.00% cash/3.00% PIK   05/2025   37,498  38,306  1.5 37,498 
Kaseya Traverse Inc+ One stop   L + 7.00% (c)   5.00% cash/3.00% PIK   05/2025   3,868  3,878  0.2 3,868 
Kaseya Traverse Inc+ One stop   L + 7.00% (c)   5.00% cash/3.00% PIK   05/2025   647  629  — 647 
Kaseya Traverse Inc+ One stop   L + 6.50% (b)   7.50%   05/2025   89  88  — 87 
Mindbody, Inc.+~ One stop   L + 8.50% (c)   8.00% cash/1.50% PIK   02/2025   48,960  49,657  2.0 48,960 

See Notes to Consolidated Financial Statements.
31
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Mindbody, Inc.+(5) One stop   L + 8.00%   N/A(6)   02/2025   $ —  $ (1) — % $ (4)
Ministry Brands, LLC+^ Senior loan   L + 4.00% (a)   5.00%   12/2022   1,438  1,451  0.1 1,438 
Ministry Brands, LLC+^ Senior loan   L + 4.00% (a)   5.00%   12/2022   823  830  — 823 
Ministry Brands, LLC+ Senior loan   L + 4.00% (a)   5.00%   12/2022   375  384  — 375 
mParticle, Inc. One stop   L + 9.75% (c)   7.50% cash/3.25% PIK   09/2025   3,209  3,159  0.1 3,209 
mParticle, Inc.+ One stop   L + 9.75% (c)   7.50% cash/3.25% PIK   09/2025   30  30  — 30 
Namely, Inc.+~ One stop   L + 7.50% (c)   8.25% cash/1.25% PIK   06/2024   3,602  3,454  0.1 3,602 
Namely, Inc.+ One stop   L + 7.50% (c)   8.25% cash/1.25% PIK   06/2024   2,046  1,934  0.1 2,046 
Namely, Inc.+ One stop   L + 7.50% (a)   8.25% cash/1.25% PIK   06/2024   70  70  — 70 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ One stop   L + 7.75% (c)   7.50% cash/1.75% PIK   10/2024   2,158  2,143  0.1 2,274 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ One stop   L + 7.75%   N/A(6)   10/2024   —  —  — 1 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ One stop   L + 7.75%   N/A(6)   10/2024   —  —  — 4 
PDI TA Holdings, Inc. One stop   L + 4.50% (c)   5.50%   10/2024   8,559  8,420  0.3 8,559 
PDI TA Holdings, Inc. Second lien   L + 8.50% (c)   9.50%   10/2025   3,424  3,351  0.1 3,424 
Personify, Inc.*+^ One stop   L + 5.75% (c)   6.75%   09/2024   15,177  15,403  0.6 15,177 
Personify, Inc.+ One stop   L + 5.75% (c)   6.75%   09/2024   9,010  8,926  0.4 9,010 
Personify, Inc.+ One stop   L + 5.75% (c)   6.75%   09/2024   60  61  — 60 
RegEd Aquireco, LLC^ Senior loan   L + 4.25% (a)   5.25%   12/2024   11,358  11,357  0.4 10,790 
RegEd Aquireco, LLC+ Senior loan   P + 3.25% (a)(f)   5.95%   12/2024   152  151  — 136 
Saturn Borrower Inc.+~ One stop   L + 6.50% (c)   7.50%   09/2026   20,282  19,717  0.8 19,675 
Saturn Borrower Inc.+(5) One stop   L + 6.50%   N/A(6)   09/2026   —  (3) — (3)
SnapLogic, Inc. One stop   L + 8.75% (c)   5.75% cash/5.50% PIK   09/2024   6,150  6,091  0.2 6,150 
SnapLogic, Inc.+ One stop   L + 8.75% (c)   5.75% cash/5.50% PIK   09/2024   62  62  — 62 
SnapLogic, Inc.+ One stop   L + 8.75%   N/A(6)   09/2024   —  —  — — 
Sontatype, Inc.+ One stop   L + 6.75% (c)   7.75%   12/2025   851  844  — 851 
Sontatype, Inc.+(5) One stop   L + 6.75%   N/A(6)   12/2025   —  (2) — — 
Spartan Buyer Acquisition Co.+~ One stop   L + 6.50% (c)   7.50%   12/2026   31,836  31,460  1.3 31,836 
Spartan Buyer Acquisition Co.+(5) One stop   L + 6.50%   N/A(6)   12/2026   —  (3) — — 
Telesoft Holdings LLC^ One stop   L + 5.75% (b)   6.75%   12/2025   900  884  — 900 
Telesoft Holdings LLC+(5) One stop   L + 5.75%   N/A(6)   12/2025   —  (2) — — 
TI Intermediate Holdings, LLC+^ Senior loan   L + 4.50% (a)   4.61%   12/2024   3,499  3,551  0.1 3,495 
TI Intermediate Holdings, LLC+ Senior loan   L + 4.50% (a)   5.50%   12/2024   924  903  — 944 
TI Intermediate Holdings, LLC+ Senior loan   L + 4.50% (a)   4.61%   12/2024   7  6  — 7 
TI Intermediate Holdings, LLC+(5) Senior loan   L + 4.50%   N/A(6)   12/2024   —  (10) — 9 
Togetherwork Holdings, LLC*# One stop   L + 6.25% (a)   7.25%   03/2025   15,484  15,573  0.6 15,330 
Togetherwork Holdings, LLC One stop   L + 6.25% (a)   7.25%   03/2025   6,999  6,864  0.3 6,929 
Togetherwork Holdings, LLC~^ One stop   L + 6.25% (a)   7.25%   03/2025   1,794  1,846  0.1 1,776 
Togetherwork Holdings, LLC#+ One stop   L + 6.25% (a)   7.25%   03/2025   1,741  1,788  0.1 1,725 
Togetherwork Holdings, LLC*# One stop   L + 6.25% (a)   7.25%   03/2025   1,697  1,745  0.1 1,681 
Togetherwork Holdings, LLC#^ One stop   L + 6.25% (a)   7.25%   03/2025   1,639  1,664  0.1 1,623 
Togetherwork Holdings, LLC*^ One stop   L + 6.25% (a)   7.25%   03/2025   1,580  1,626  0.1 1,564 
Togetherwork Holdings, LLC#+ One stop   L + 6.25% (a)   7.25%   03/2025   1,474  1,513  0.1 1,459 
Togetherwork Holdings, LLC*# One stop   L + 6.25% (a)   7.25%   03/2025   1,206  1,220  0.1 1,195 

See Notes to Consolidated Financial Statements.
32
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Software - (continued)
Togetherwork Holdings, LLC#+ One stop   L + 6.25% (a)   7.25%   03/2025   $ 665  $ 682  — % $ 658 
Togetherwork Holdings, LLC+ One stop   L + 6.25% (a)   7.25%   03/2025   460  454  — 455 
Togetherwork Holdings, LLC^ One stop   L + 6.25% (a)   7.25%   03/2025   445  440  — 440 
Togetherwork Holdings, LLC+ One stop   L + 6.25% (a)   7.25%   03/2024   140  138  — 138 
Togetherwork Holdings, LLC+ One stop   L + 6.25% (a)   7.25%   03/2025   64  66  — 63 
Togetherwork Holdings, LLC+~ One stop   L + 6.25% (a)   7.25%   03/2025   59  61  — 58 
Transact Holdings, Inc.+~ Senior loan   L + 4.75% (a)   4.86%   04/2026   3,064  3,103  0.1 3,040 
Trintech, Inc.*#^ One stop   L + 6.00% (c)   7.00%   12/2023   22,285  22,571  0.9 22,285 
Trintech, Inc.#+^ One stop   L + 6.00% (c)   7.00%   12/2023   9,239  9,396  0.4 9,239 
Trintech, Inc.+ One stop   L + 6.00% (c)   7.00%   12/2023   300  301  — 300 
Vector CS Midco Limited & Cloudsense Ltd.+~(8)(9)(10) One stop   N/A   3.70% cash/3.55% PIK   05/2024   8,005  8,106  0.3 8,492 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10) One stop   L + 8.05% (i)   4.50% cash/3.55% PIK   05/2024   134  133  — 138 
Vendavo, Inc.*#+~ One stop   L + 6.50% (b)(c)   7.50%   10/2022   35,188  35,160  1.4 35,188 
Vendavo, Inc.+(5) One stop   L + 6.50%   N/A(6)   10/2022   —  (2) — — 
Workforce Software, LLC+~ One stop   L + 6.50% (c)   7.50%   07/2025   27,333  27,961  1.1 27,333 
Workforce Software, LLC+(5) One stop   L + 6.50%   N/A(6)   07/2025   —  (2) — — 
1,011,617  1,013,704  40.6 1,014,181 


See Notes to Consolidated Financial Statements.
33
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC One stop   L + 6.50% (d)   7.50%   09/2025   $ 5,885  $ 5,808  0.2 % $ 5,885 
2nd Ave. LLC+ One stop   L + 6.50% (d)   7.50%   09/2025   50  50  — 50 
Batteries Plus Holding Corporation#+ One stop   L + 6.75% (a)   7.75%   07/2022   21,921  22,048  0.9 21,921 
Batteries Plus Holding Corporation+ One stop   P + 5.75% (f)   9.00%   07/2022   34  32  — 34 
Boot Barn, Inc.#+~ Senior loan   L + 4.50% (c)   5.50%   06/2023   16,778  16,882  0.7 16,778 
Cycle Gear, Inc.#+^ One stop   L + 5.00% (c)   6.00%   01/2024   21,416  21,708  0.9 21,416 
Imperial Optical Midco Inc.+~ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   3,638  3,676  0.2 3,638 
Imperial Optical Midco Inc.*+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   2,837  2,820  0.1 2,837 
Imperial Optical Midco Inc.#+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   1,929  1,967  0.1 1,929 
Imperial Optical Midco Inc.#+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   1,256  1,281  0.1 1,256 
Imperial Optical Midco Inc.*+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   1,143  1,166  0.1 1,143 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   332  330  — 332 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   273  269  — 273 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   242  240  — 242 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   191  190  — 191 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   170  168  — 170 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   167  165  — 167 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   163  161  — 163 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   140  138  — 140 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   135  134  — 135 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   130  130  — 130 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   129  127  — 129 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   108  106  — 108 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   107  105  — 107 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   101  99  — 101 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   97  96  — 97 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   83  83  — 83 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   80  79  — 80 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   76  76  — 76 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   69  68  — 69 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   69  68  — 69 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   66  65  — 66 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   64  64  — 64 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   63  63  — 63 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   62  62  — 62 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   61  60  — 61 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   60  59  — 60 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   55  55  — 55 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   43  42  — 43 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   41  41  — 41 

See Notes to Consolidated Financial Statements.
34
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   $ 36  $ 36  — % $ 36 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   35  35  — 35 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   28  28  — 28 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   28  27  — 28 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   27  27  — 27 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   26  25  — 26 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   24  24  — 24 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   23  23  — 23 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   21  21  — 21 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   20  19  — 20 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   19  19  — 19 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   19  19  — 19 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   19  19  — 19 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   17  17  — 17 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   13  13  — 13 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   13  13  — 13 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   11  11  — 11 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   11  11  — 11 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   10  10  — 10 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   9  9  — 9 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   9  9  — 9 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   8  8  — 8 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   7  7  — 7 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   6  6  — 6 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   5  5  — 5 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   5  5  — 5 
Imperial Optical Midco Inc.+ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   3  3  — 3 
Imperial Optical Midco Inc.+ One stop   L + 6.25%   N/A(6)   08/2023   —  —  — — 
Imperial Optical Midco Inc.+(5) One stop   L + 6.25%   N/A(6)   08/2023   —  (22) — — 
Jet Equipment & Tools Ltd.+~(8)(9)(12) One stop   L + 5.25% (l)(m)   6.25%   11/2024   17,897  18,141  0.8 18,740 
Jet Equipment & Tools Ltd.*#(8)(12) One stop   L + 5.25% (a)   6.25%   11/2024   12,301  12,512  0.5 12,289 
Jet Equipment & Tools Ltd.+(8)(9)(12) One stop   L + 5.50% (l)   6.50%   11/2024   5,233  5,187  0.2 5,533 
Jet Equipment & Tools Ltd.#(8)(12)^ One stop   L + 5.25% (a)   6.25%   11/2024   4,284  4,347  0.2 4,279 
Jet Equipment & Tools Ltd.(8)(12)^ One stop   L + 5.25% (a)   6.25%   11/2024   1,573  1,562  0.1 1,572 
Jet Equipment & Tools Ltd.+(5)(8)(9)(12) One stop   L + 5.25%   N/A(6)   11/2024   —  (1) — — 
Pet Holdings ULC*#+(8)(12) One stop   L + 5.50% (c)   6.50%   07/2022   46,852  47,425  1.9 46,852 
Pet Holdings ULC*#+(8)(12) One stop   L + 5.50% (c)   6.50%   07/2022   239  240  — 239 

See Notes to Consolidated Financial Statements.
35
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail -. (continued)
Pet Holdings ULC+(5)(8)(12) One stop   L + 5.50%   N/A(6)   07/2022   $ —  $ (1) — % $ — 
PetPeople Enterprises, LLC#+ One stop   L + 5.75% (d)   6.75%   09/2023   5,325  5,365  0.2 5,325 
PetPeople Enterprises, LLC#+ One stop   L + 5.75% (d)   6.75%   09/2023   1,808  1,829  0.1 1,808 
PetPeople Enterprises, LLC+ One stop   L + 5.75% (d)   6.75%   09/2023   20  21  — 20 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   4,896  4,896  0.2 4,896 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   1,161  1,148  0.1 1,161 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   1,070  1,058  — 1,070 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   1,032  1,020  — 1,032 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   1,005  1,005  — 1,005 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   929  918  — 929 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   774  765  — 774 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   735  727  — 735 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   600  600  — 600 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   529  523  — 529 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   433  418  — 433 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00% (a)   8.00%   05/2023   129  127  — 129 
PPV Intermediate Holdings II, LLC+ One stop   N/A   7.90% PIK   05/2023   24  24  — 24 
PPV Intermediate Holdings II, LLC+ One stop   L + 7.00%   N/A(6)   05/2023   —  —  — — 
PPV Intermediate Holdings II, LLC+(5) One stop   L + 7.00%   N/A(6)   05/2023   —  (38) — — 
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop   L + 5.50% (c)   6.50%   10/2024   7,248  7,260  0.3 7,248 
Sola Franchise, LLC and Sola Salon Studios, LLC#+ One stop   L + 5.50% (c)   6.50%   10/2024   1,700  1,750  0.1 1,700 
Sola Franchise, LLC and Sola Salon Studios, LLC+ One stop   L + 5.50%   N/A(6)   10/2024   —  —  — — 
Titan Fitness, LLC*#+ One stop   L + 6.75% (b)(c)   5.75% cash/2.00% PIK   02/2025   30,293  30,586  1.1 27,253 
Titan Fitness, LLC+ One stop   L + 6.75% (b)(c)   5.75% cash/2.00% PIK   02/2025   1,890  1,873  0.1 1,700 
Titan Fitness, LLC+ One stop   L + 6.75% (b)(c)   5.75% cash/2.00% PIK   02/2025   476  472  — 426 
Vermont Aus Pty Ltd+~(8)(9)(11) One stop   L + 4.75% (k)   4.84%   12/2024   2,199  2,216  0.1 2,421 
Vermont Aus Pty Ltd+(8)(9)(11) One stop   L + 4.75% (k)   4.84%   12/2024   81  82  — 96 
233,452  235,265  9.3 231,534 


See Notes to Consolidated Financial Statements.
36
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^ One stop   L + 6.00% (c)   7.00%   03/2023   $ 22,356  $ 22,453  0.9 % $ 22,356 
Agility Recovery Solutions Inc.+ One stop   L + 6.00% (c)   7.00%   03/2023   902  900  — 902 
23,258  23,353  0.9 23,258 
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   9,699  9,612  0.3 6,304 
Elite Sportswear, L.P.+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   3,899  3,865  0.1 2,534 
Elite Sportswear, L.P.+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   2,006  1,989  0.1 1,304 
Elite Sportswear, L.P.+ Senior loan   L + 5.25% (c)   1.00% cash/5.25% PIK   12/2021   1,208  1,198  — 777 
Elite Sportswear, L.P.*+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   665  661  — 433 
Elite Sportswear, L.P.+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   305  302  — 198 
Elite Sportswear, L.P.*+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   291  290  — 190 
Elite Sportswear, L.P.+ Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   42  42  — 28 
Georgica Pine Clothiers, LLC#+ One stop   L + 5.50% (d)   6.50%   11/2023   10,346  10,423  0.4 9,540 
Georgica Pine Clothiers, LLC*# One stop   L + 5.50% (d)   6.50%   11/2023   6,488  6,540  0.2 5,982 
Georgica Pine Clothiers, LLC+ One stop   L + 5.50% (d)   6.50%   11/2023   1,004  997  — 926 
Georgica Pine Clothiers, LLC#+ One stop   L + 5.50% (d)   6.50%   11/2023   902  911  — 832 
Georgica Pine Clothiers, LLC*# One stop   L + 5.50% (d)   6.50%   11/2023   633  640  — 584 
Georgica Pine Clothiers, LLC+ One stop   L + 5.50% (d)   6.50%   11/2023   230  230  — 212 
SHO Holding I Corporation+~ Senior loan   L + 5.25% (c)   6.25%   04/2024   4,024  4,010  0.2 3,622 
SHO Holding I Corporation+~ Senior loan   L + 5.23% (c)   6.23%   04/2024   67  67  — 60 
SHO Holding I Corporation+ Senior loan   L + 4.00% (c)   5.00%   04/2024   21  20  — 21 
SHO Holding I Corporation+(5) Senior loan   L + 5.00%   N/A(6)   04/2024   —  (1) — (8)
SHO Holding I Corporation+ Senior loan   L + 4.00% (c)   5.00%   04/2024   —  —  — — 
SHO Holding I Corporation+ Senior loan   L + 5.23% (c)   6.23%   04/2024   —  —  — — 
41,830  41,796  1.3 33,539 
Total non-controlled/non-affiliate company debt investments $ 4,288,965  $ 4,280,770  168.6 % $ 4,213,799 


See Notes to Consolidated Financial Statements.
37
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Investments (15)(16)
Aerospace and Defense
NTS Technical Systems+ Common Stock   N/A   N/A   N/A   2  $ 1,506  0.1 % $ 946 
NTS Technical Systems+ Common Stock   N/A   N/A   N/A   —  256  — 466 
NTS Technical Systems+ LLC units   N/A   N/A   N/A   —  128  — 267 
Whitcraft LLC+ LLC units   N/A   N/A   N/A   11  2,285  0.1 2,815 
4,175  0.2 4,494 
Auto Components
Polk Acquisition Corp.+ LLC units   N/A   N/A   N/A   5  314  — 261 
Automobiles
MOP GM Holding, LLC+ LP units   N/A   N/A   N/A   —  323  — 352 
Quick Quack Car Wash Holdings, LLC Preferred stock   N/A   N/A   N/A   —  508  — 499 
831  — 851 
Beverages
Abita Brewing Co., L.L.C.+ Common Stock   N/A   N/A   N/A   210  —  — 138 
Biotechnology
BIO18 Borrower, LLC+(17) Preferred stock   N/A   N/A   N/A   591  1,190  0.1 1,965 
Building Products
Brooks Equipment Company, LLC+ Preferred stock   N/A   N/A   N/A   10  1,021  0.1 2,265 
Chemicals
Inhance Technologies Holdings LLC+ LLC units   N/A   N/A   N/A   —  124  — 95 
Commercial Services & Supplies
Hydraulic Authority III Limited+(8)(9)(10) LLC units   N/A   N/A   N/A   284  384  — 394 
Hydraulic Authority III Limited+(8)(9)(10) LLC units   N/A   N/A   N/A   6  43  — — 
427  — 394 
Construction & Engineering
Reladyne, Inc.+ LP interest   N/A   N/A   N/A   —  931  0.1 1,022 
Diversified Consumer Services
CHHJ Franchising, LLC+ Common Stock   N/A   N/A   N/A   19  193  — 193 
EWC Growth Partners LLC LP interest   N/A   N/A   N/A   —  12  — 1 
Liminex, Inc.+ LP units   N/A   N/A   N/A   14  496  — 535 
PADI Holdco, Inc.+ LLC interest   N/A   N/A   N/A   1  969  — 155 
Spear Education, LLC+ Common Stock   N/A   N/A   N/A   —  7  — 22 
Spear Education, LLC+ LLC units   N/A   N/A   N/A   1  1  — — 
1,678  — 906 
Electronic Equipment, Instruments & Components
ES Acquisition LLC+ Preferred stock   N/A   N/A   N/A   —  15  — 30 
Inventus Power, Inc.+ Common Stock   N/A   N/A   N/A   —  372  — 258 
Inventus Power, Inc.+ LLC units   N/A   N/A   N/A   —  88  — 160 
Inventus Power, Inc.+ LP interest   N/A   N/A   N/A   —  20  — 40 
Inventus Power, Inc.+ Preferred stock   N/A   N/A   N/A   —  —  — — 
495  — 488 


See Notes to Consolidated Financial Statements.
38
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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
Benihana, Inc.+ LLC units   N/A   N/A   N/A   43  $ 699  — % $ 115 
Cafe Rio Holding, Inc.+ LLC units   N/A   N/A   N/A   5  603  — 880 
Captain D's, LLC+ LLC interest   N/A   N/A   N/A   158  156  — 509 
Feeders Supply Company, LLC+ Common Stock   N/A   N/A   N/A   4  400  — 346 
Feeders Supply Company, LLC+ Preferred stock   N/A   N/A   N/A   —  —  — — 
Hopdoddy Holdings, LLC+ LLC units   N/A   N/A   N/A   44  217  — 80 
Hopdoddy Holdings, LLC+ LLC units   N/A   N/A   N/A   20  61  — 23 
Mendocino Farms, LLC+ LLC interest   N/A   N/A   N/A   168  770  0.1 1,134 
Ruby Slipper Cafe LLC, The+ LP interest   N/A   N/A   N/A   31  373  — 70 
Ruby Slipper Cafe LLC, The+ LP interest   N/A   N/A   N/A   2  20  — 17 
Wetzel's Pretzels, LLC+ Common Stock   N/A   N/A   N/A   —  416  — 185 
Wood Fired Holding Corp.+ LLC units   N/A   N/A   N/A   437  444  — 350 
Wood Fired Holding Corp.+ Preferred stock   N/A   N/A   N/A   437  —  — — 
4,159  0.1 3,709 
Food Products
C. J. Foods, Inc.+ Preferred stock   N/A   N/A   N/A   —  75  — 599 
FCID Merger Sub, Inc.+ LLC units   N/A   N/A   N/A   3  325  — 325 
Purfoods, LLC+ Preferred stock   N/A   N/A   N/A   —  926  0.3 5,867 
1,326  0.3 6,791 
Health Care Equipment & Supplies
Aspen Medical Products, LLC+ LP interest   N/A   N/A   N/A   —  77  — 118 
Blue River Pet Care, LLC+ Common Stock   N/A   N/A   N/A   —  76  — 109 
CCSL Holdings, LLC+ Preferred stock   N/A   N/A   N/A   —  312  — 312 
CMI Parent Inc.+ Common Stock   N/A   N/A   N/A   —  240  — 262 
CMI Parent Inc.+ Warrant   N/A   N/A   N/A   3  3  — — 
Flexan, LLC+ LLC units   N/A   N/A   N/A   —  137  — 231 
Flexan, LLC+ LLC units   N/A   N/A   N/A   1  —  — 35 
G & H Wire Company, Inc.+ Common Stock   N/A   N/A   N/A   335  269  — 86 
Joerns Healthcare, LLC*+ LLC units   N/A   N/A   N/A   432  4,329  0.1 2,569 
Katena Holdings, Inc.+ LLC units   N/A   N/A   N/A   —  573  0.1 339 
Lombart Brothers, Inc.+ LLC units   N/A   N/A   N/A   1  440  — 182 
6,456  0.2 4,243 


See Notes to Consolidated Financial Statements.
39
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Providers & Services
Active Day, Inc.+ LLC interest   N/A   N/A   N/A   2  $ 1,098  — % $ 268 
Acuity Eyecare Holdings, LLC+ LLC interest   N/A   N/A   N/A   1,158  1,334  0.1 2,219 
ADCS Clinics Intermediate Holdings, LLC+ LLC interest   N/A   N/A   N/A   2  1,119  0.1 1,071 
ADCS Clinics Intermediate Holdings, LLC+ Preferred stock   N/A   N/A   N/A   —  6  — — 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ Common Stock   N/A   N/A   N/A   104  104  — 104 
CRH Healthcare Purchaser, Inc.+(17) LLC units   N/A   N/A   N/A   429  326  0.1 901 
DCA Investment Holding, LLC LLC interest   N/A   N/A   N/A   13,890  1,619  0.1 2,141 
DCA Investment Holding, LLC LLC units   N/A   N/A   N/A   140  218  — 209 
Deca Dental Management LLC+ LLC units   N/A   N/A   N/A   1,008  1,278  0.1 1,322 
Emerge Intermediate, Inc.+ Common Stock   N/A   N/A   N/A   —  648  — 46 
Emerge Intermediate, Inc.+ Common Stock   N/A   N/A   N/A   —  61  — 42 
Emerge Intermediate, Inc.+ Common Stock   N/A   N/A   N/A   9  4  — — 
Encore GC Acquisition, LLC+ Common Stock   N/A   N/A   N/A   26  272  — 278 
Encore GC Acquisition, LLC+ LLC units   N/A   N/A   N/A   26  52  — — 
Encorevet Group LLC+ Common Stock   N/A   N/A   N/A   —  15  — 21 
Encorevet Group LLC+ LLC units   N/A   N/A   N/A   —  6  — 8 
Eyecare Services Partners Holdings LLC+ LLC units   N/A   N/A   N/A   —  262  — 3 
Eyecare Services Partners Holdings LLC+ LLC units   N/A   N/A   N/A   —  1  — — 
Krueger-Gilbert Health Physics, LLC+ Common Stock   N/A   N/A   N/A   168  187  — 191 
MD Now Holdings, Inc.+ Common Stock   N/A   N/A   N/A   15  153  — 195 
Midwest Veterinary Partners, LLC+ Warrant   N/A   N/A   N/A   —  29  — 33 
Midwest Veterinary Partners, LLC+ Warrant   N/A   N/A   N/A   6  —  — 68 
MWD Management, LLC & MWD Services, Inc.+ Warrant   N/A   N/A   N/A   412  335  — 409 
Oliver Street Dermatology Holdings, LLC+ Common Stock   N/A   N/A   N/A   452  234  — — 
Pentec Acquisition Sub, Inc.+ Preferred stock   N/A   N/A   N/A   1  116  — 193 
Pinnacle Treatment Centers, Inc.+ LP units   N/A   N/A   N/A   —  528  — 656 
Pinnacle Treatment Centers, Inc.+ Preferred stock   N/A   N/A   N/A   4  74  — 649 
Radiology Partners, Inc.+ LLC units   N/A   N/A   N/A   11  68  — 63 
Radiology Partners, Inc.+ Common Stock   N/A   N/A   N/A   43  55  — 250 
RXH Buyer Corporation+ LLC units   N/A   N/A   N/A   11  973  0.1 1,357 
Sage Dental Management, LLC+ LLC units   N/A   N/A   N/A   —  249  — — 
Sage Dental Management, LLC+ LLC units   N/A   N/A   N/A   3  3  — — 
SSH Corporation+ LP interest   N/A   N/A   N/A   —  40  — 114 
Summit Behavioral Healthcare, LLC+ LLC units   N/A   N/A   N/A   2  98  — 203 
Summit Behavioral Healthcare, LLC+ LLC units   N/A   N/A   N/A   2  —  — 14 
WHCG Management, LLC+ LLC interest   N/A   N/A   N/A   —  414  — 582 
11,979  0.6 13,610 


See Notes to Consolidated Financial Statements.
40
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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 Care Technology
Caliper Software, Inc.+ LLC units   N/A   N/A   N/A   2  $ 2,734  0.2 % $ 3,405 
Caliper Software, Inc.+ Common Stock   N/A   N/A   N/A   2  1,427  0.1 1,516 
Caliper Software, Inc.+ LLC units   N/A   N/A   N/A   221  283  0.1 1,093 
Caliper Software, Inc.+ Preferred stock   N/A   N/A   N/A   —  64  — 68 
Caliper Software, Inc.+ LP interest   N/A   N/A   N/A   —  37  — 49 
Connexin Software, Inc.+ LLC interest   N/A   N/A   N/A   153  192  — 297 
HealthcareSource HR, Inc.+ LLC units   N/A   N/A   N/A   —  621  — 727 
HSI Halo Acquisition, Inc.+ LLC units   N/A   N/A   N/A   —  288  — 250 
HSI Halo Acquisition, Inc.+ LLC units   N/A   N/A   N/A   —  —  — — 
Kareo, Inc.+ LLC units   N/A   N/A   N/A   52  162  — 2 
Kareo, Inc.+ LLC units   N/A   N/A   N/A   13  49  — 65 
Kareo, Inc.+ LLC interest   N/A   N/A   N/A   2  8  — 16 
Verisys Corporation+ Preferred stock   N/A   N/A   N/A   579  712  — 296 
6,577  0.4 7,784 
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+ Common Stock   N/A   N/A   N/A   206  205  — 206 
LMP TR Holdings, LLC LLC units   N/A   N/A   N/A   712  712  — 405 
SSRG Holdings, LLC LP interest   N/A   N/A   N/A   6  61  — 58 
Tropical Smoothie Cafe Holdings, LLC+(17) LLC interest   N/A   N/A   N/A   5  550  0.1 699 
1,528  0.1 1,368 
Household Durables
Groundworks LLC+ Common Stock   N/A   N/A   N/A   —  155  — 338 
Insurance
Captive Resources Midco, LLC+ LLC units   N/A   N/A   N/A   425  —  — 471 
Majesco+ Common Stock   N/A   N/A   N/A   —  264  — 276 
Majesco+ Common Stock   N/A   N/A   N/A   59  —  — 110 
Orchid Underwriters Agency, LLC+(17) Common Stock   N/A   N/A   N/A   92  103  — 82 
367  — 939 

See Notes to Consolidated Financial Statements.
41
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
IT Services
Appriss Holdings, Inc.+ Preferred stock   N/A   N/A   N/A   —  $ 174  — % $ 194 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ LLC units   N/A   N/A   N/A   587  462  0.1 1,624 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Preferred stock   N/A   N/A   N/A   154  423  — 426 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ Warrant   N/A   N/A   N/A   202  159  — 470 
Episerver, Inc.+ LLC interest   N/A   N/A   N/A   75  807  — 682 
Maverick Bidco Inc.+ Preferred stock   N/A   N/A   N/A   2  723  0.1 2,309 
PCS Intermediate II Holdings, LLC+ Preferred stock   N/A   N/A   N/A   37  367  — 470 
Red Dawn SEI Buyer, Inc.+ Warrant   N/A   N/A   N/A   13  13  — 16 
3,128  0.2 6,191 
Leisure Products
Massage Envy, LLC+ LLC interest   N/A   N/A   N/A   749  210  — 869 
WBZ Investment LLC+ LP interest   N/A   N/A   N/A   67  117  — 65 
WBZ Investment LLC+ Preferred stock   N/A   N/A   N/A   46  80  — 45 
WBZ Investment LLC+ Warrant   N/A   N/A   N/A   38  65  — 36 
WBZ Investment LLC+ LLC units   N/A   N/A   N/A   33  58  — 32 
WBZ Investment LLC+ LLC units   N/A   N/A   N/A   15  24  — 13 
WBZ Investment LLC+ Preferred stock   N/A   N/A   N/A   2  2  — 2 
556  — 1,062 
Life Sciences Tools & Services
Pace Analytical Services, LLC+ LP interest   N/A   N/A   N/A   6  700  0.1 1,056 
Oil, Gas and Consumable Fuels
W3 Co.+ LLC interest   N/A   N/A   N/A   3  1,633  0.1 2,394 
W3 Co.+ LLC units   N/A   N/A   N/A   —  224  — 266 
1,857  0.1 2,660 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12) Common Stock   N/A   N/A   N/A   502  502  — 502 
BIOVT, LLC+ LLC interest   N/A   N/A   N/A   —  1,223  0.1 2,223 
1,725  0.1 2,725 


See Notes to Consolidated Financial Statements.
42
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)


Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.+ LLC interest   N/A   N/A   N/A   —  $ 335  — % $ 337 
DISA Holdings Acquisition Subsidiary Corp.+ Preferred stock   N/A   N/A   N/A   —  154  — 320 
Net Health Acquisition Corp.+ LLC units   N/A   N/A   N/A   13  1,509  0.1 1,687 
Nexus Brands Group, Inc.+ LLC interest   N/A   N/A   N/A   —  547  — 786 
Vitalyst, LLC+ Preferred stock   N/A   N/A   N/A   —  61  — 61 
Vitalyst, LLC+ Common Stock   N/A   N/A   N/A   1  7  — — 
2,613  0.1 3,191 
Real Estate Management & Development
Property Brands, Inc.+ Preferred stock   N/A   N/A   N/A   62  434  — 531 
Road & Rail
Internet Truckstop Group LLC+ LP interest   N/A   N/A   N/A   408  447  — 418 

See Notes to Consolidated Financial Statements.
43
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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
Accela, Inc.+ Preferred stock   N/A   N/A   N/A   670  $ 418  — % $ 130 
Astute Holdings, Inc. + LP interest   N/A   N/A   N/A   —  294 — 570
Calabrio, Inc. + Preferred stock   N/A   N/A   N/A   26  205 — 388
Cloudbees, Inc.+ LP interest   N/A   N/A   N/A   72  466 — 452
Cloudbees, Inc.+ LLC interest   N/A   N/A   N/A   131  247 — 530
Confluence Technologies, Inc.+ LLC interest   N/A   N/A   N/A   3  412 — 539
Convercent, Inc. Warrant   N/A   N/A   N/A   325  63 — 214
Digital Guardian, Inc.+ LP interest   N/A   N/A   N/A   356  434 — 478
Digital Guardian, Inc.+ Preferred stock   N/A   N/A   N/A   122  225 — 360
Digital Guardian, Inc.+ LLC units   N/A   N/A   N/A   74  142 — 218
Digital Guardian, Inc.+ Preferred stock   N/A   N/A   N/A   67  123 — 201
Digital Guardian, Inc.+ Warrant   N/A   N/A   N/A   124  33 — 92
Diligent Corporation+ LLC units   N/A   N/A   N/A   415  912 0.1 2,496 
GS Acquisitionco, Inc.+ LLC interest   N/A   N/A   N/A   2  291 0.1 944
MetricStream, Inc.+ Warrant   N/A   N/A   N/A   168  263 — 201
mParticle, Inc. LLC units   N/A   N/A   N/A   26  10 — 134
Namely, Inc.+ LP units   N/A   N/A   N/A   47  314 — 309
Namely, Inc.+ Preferred stock   N/A   N/A   N/A   17  28 — 24
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ LLC units   N/A   N/A   N/A   4  9 — 19
Personify, Inc.+ LP interest   N/A   N/A   N/A   716  942 0.1 1,109 
Pride Midco, Inc.+(17) LLC units   N/A   N/A   N/A   2  2,594  0.1 3,047 
Project Alpha Intermediate Holding, Inc.+ Warrant   N/A   N/A   N/A   —  964 0.1 1,217 
Project Alpha Intermediate Holding, Inc.+ Common Stock   N/A   N/A   N/A   202  329 0.1 1,008 
RegEd Aquireco, LLC+ Preferred stock   N/A   N/A   N/A   —  331 — 168
RegEd Aquireco, LLC+ Common Stock   N/A   N/A   N/A   3  21 — 0
Saturn Borrower Inc.+ LP units   N/A   N/A   N/A   328  328 — 327
SnapLogic, Inc. LLC units   N/A   N/A   N/A   278  695 0.1 1,518 
SnapLogic, Inc. LLC units   N/A   N/A   N/A   69  27 — 263 
Spartan Buyer Acquisition Co.+ LLC units   N/A   N/A   N/A   1  535 — 535
Telesoft Holdings LLC+ Common Stock   N/A   N/A   N/A   6  6 — 5
Vendavo, Inc.+ LLC units   N/A   N/A   N/A   1,017  1017 0.1 2,178 
Workforce Software, LLC+ LLC units   N/A   N/A   N/A   —  973  0.1 900 
Xmatters, Inc. and Alarmpoint, Inc.+ LP interest   N/A   N/A   N/A   474  494 — 712
Xmatters, Inc. and Alarmpoint, Inc.+ LLC units   N/A   N/A   N/A   84  64 — 41
Xmatters, Inc. and Alarmpoint, Inc.+ LLC units   N/A   N/A   N/A   20  26 — 29
14,235  0.9 21,356 


See Notes to Consolidated Financial Statements.
44
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Specialty Retail
2nd Ave. LLC+ LLC units   N/A   N/A   N/A   653  $ 653  — % $ 658 
Batteries Plus Holding Corporation+ LP interest   N/A   N/A   N/A   10  1,287  0.1 1,374 
Cycle Gear, Inc.+ LLC units   N/A   N/A   N/A   27  462  0.1 1,582 
Imperial Optical Midco Inc.+ Preferred stock   N/A   N/A   N/A   —  122  — 133 
Imperial Optical Midco Inc.+ LP units   N/A   N/A   N/A   —  46  — 49 
Jet Equipment & Tools Ltd.+(8)(9)(12) LLC interest   N/A   N/A   N/A   1  948  0.1 2,649 
Pet Holdings ULC+(8)(12) Common Stock   N/A   N/A   N/A   677  483  — 273 
PPV Intermediate Holdings II, LLC+ LLC units   N/A   N/A   N/A   325  315  — 506 
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest   N/A   N/A   N/A   6  682  — 673 
Sola Franchise, LLC and Sola Salon Studios, LLC+ LLC interest   N/A   N/A   N/A   2  138  — 135 
Southern Veterinary Partners, LLC+ LLC units   N/A   N/A   N/A   —  717  — 975 
Southern Veterinary Partners, LLC+ LLC interest   N/A   N/A   N/A   148  188  0.1 1,499 
6,041  0.4 10,506 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+ LLC interest   N/A   N/A   N/A   97 604 — 509
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P.+ LLC units   N/A   N/A   N/A   —  165  — — 
Georgica Pine Clothiers, LLC+ Common Stock   N/A   N/A   N/A   20  239  — 110 
Georgica Pine Clothiers, LLC+ LLC units   N/A   N/A   N/A   —  —  — — 
R.G. Barry Corporation+ LLC units   N/A   N/A   N/A   —  161  — 136 
565  — 246 
Total non-controlled/non-affiliate company equity investments $ 76,638  4.1 % $ 102,112 
Total non-controlled/non-affiliate company investments $ 4,288,965  $ 4,357,408  172.7 % $ 4,315,911 


See Notes to Consolidated Financial Statements.
45
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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(18)
Debt investments
Beverages
Uinta Brewing Company+(7) One stop   L + 4.00% (a)   5.00%   08/2021   $ 962  $ 923  — % $ 54 
Uinta Brewing Company+(7) One stop   L + 4.00% (a)   5.00%   08/2021   523  518  — 350 
1,485  1,441  — 404 
Consumer Finance
Paradigm DKD Group, LLC+(7) Senior loan   L + 6.25% (c)   7.50%   05/2022   3,212  2,093  0.1 2,532 
Paradigm DKD Group, LLC+(5)(7) Senior loan   L + 6.25% (c)   7.50%   05/2022   —  (142) — 4 
3,212  1,951  0.1 2,536 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7) One stop   L + 8.50% (c)   9.50%   04/2023   4,708  4,074  0.2 3,652 
Sloan Company, Inc., The+ One stop   L + 8.50% (c)   9.50%   04/2023   684  684  — 684 
Sloan Company, Inc., The+(7) One stop   L + 8.50% (c)   9.50%   04/2023   312  272  — 242 
5,704  5,030  0.2 4,578 
Energy, Equipment & Services
Benetech, Inc.+ One stop   L + 6.00% (a)   7.25%   08/2023   3,903  3,903  0.1 2,342 
Benetech, Inc.+ One stop   L + 6.00% (a)   7.25%   08/2023   626  626  — 142 
4,529  4,529  0.1 2,484 
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Senior loan   L + 8.00% (c)   9.25%   12/2024   13,026  12,701  0.5 12,635 
Rubio's Restaurants, Inc.+(5) Senior loan   L + 8.00%   N/A(6)   12/2024   —  (18) — (42)
13,026  12,683  0.5 12,593 
Healthcare Providers and Services
Dental Holdings Corporation*#+ One stop   L + 6.00% (b)   7.00%   03/2023   11,453  11,467  0.5 11,453 
Dental Holdings Corporation+ One stop   P + 4.75% (b)(c)(f)   7.57%   03/2023   277  277  — 277 
Elite Dental Partners LLC+ One stop   L + 5.25% (c)   6.25%   06/2023   11,281  11,345  0.4 10,942 
Elite Dental Partners LLC+ One stop   L + 5.25%   N/A(6)   06/2023   —  —  — — 
23,011  23,089  0.9 22,672 
Software
Switchfly LLC+ One stop   L + 5.00% (c)   6.00%   10/2023   5,990  5,850  0.2 4,971 
Switchfly LLC+ One stop   L + 5.00% (c)   6.00%   10/2023   500  489  — 415 
Switchfly LLC+ One stop   L + 5.00% (c)   6.00%   10/2023   38  37  — 32 
Switchfly LLC+(5) One stop   L + 8.50% (c)   9.50%   10/2023   2  2  — (9)
6,530  6,378  0.2 5,409 
Total non-controlled/affiliate debt investments $ 57,497  $ 55,101  2.0  % $ 50,676 
Equity investments(15)(16)
Beverages
Uinta Brewing Company LLC units   N/A   N/A   N/A   153 $ 16  — % $ — 
Consumer Finance
Paradigm DKD Group, LLC LLC interest   N/A   N/A   N/A   354  115  — 7 
Paradigm DKD Group, LLC Preferred stock   N/A   N/A   N/A   71  —  — — 
Paradigm DKD Group, LLC Preferred stock   N/A   N/A   N/A   2,004  —  — — 
115  —  7 

See Notes to Consolidated Financial Statements.
46
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(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)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+ LLC units   N/A   N/A   N/A   —  $ 152  — % $ — 
Sloan Company, Inc., The+ LLC interest   N/A   N/A   N/A   3  14  — — 
Sloan Company, Inc., The+ Preferred stock   N/A   N/A   N/A   —  41  — — 
207  — — 
Energy, Equipment & Services
Benetech, Inc.+ LLC interest   N/A   N/A   N/A   58  —  — — 
Benetech, Inc.+ LLC interest   N/A   N/A   N/A   58  —  — — 
—  — — 
Food and Staples Retailing
Rubio's Restaurants, Inc.+ Warrant   N/A   N/A   N/A   2,779  2,276  0.1 2,275 
Rubio's Restaurants, Inc.+ Preferred stock   N/A   N/A   N/A   886  182  — 240 
Rubio's Restaurants, Inc.+ LP units   N/A   N/A   N/A   536  110  — 145 
Rubio's Restaurants, Inc.+ Common Stock   N/A   N/A   N/A   89  6  — 7 
Rubio's Restaurants, Inc.+ LP units   N/A   N/A   N/A   52  3  — 4 
Rubio's Restaurants, Inc.+ Common Stock   N/A   N/A   N/A   21  —  — — 
Rubio's Restaurants, Inc.+ LLC units   N/A   N/A   N/A   21  —  — — 
Rubio's Restaurants, Inc.+ Preferred stock   N/A   N/A   N/A   42  —  — — 
Rubio's Restaurants, Inc.+ Preferred stock   N/A   N/A   N/A   18  —  — — 
Rubio's Restaurants, Inc.+ Common Stock   N/A   N/A   N/A   18  —  — — 
Rubio's Restaurants, Inc.+ Common Stock   N/A   N/A   N/A   89  —  — — 
2,577  0.1 2,671 
Healthcare Providers and Services
Dental Holdings Corporation*#+ LP interest   N/A   N/A   N/A   —  390  0.1 1,489 
Elite Dental Partners LLC Warrant   N/A   N/A   N/A   —  2,902  0.1 3,134 
Elite Dental Partners LLC Warrant   N/A   N/A   N/A   —  1,251  — 1,395 
Elite Dental Partners LLC LLC units   N/A   N/A   N/A   —  —  — 125 
4,543  0.2 6,143 
Software
Switchfly LLC+ LLC interest   N/A   N/A   N/A   3,419  2,320  0.1 2,153 
Total non-controlled/affiliate equity investments $ 9,778  0.4 % $ 10,974 
Total non-controlled/affiliate investments $ 57,497  $ 64,879  2.4 % $ 61,650 

See Notes to Consolidated Financial Statements.
47
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized Cost Percentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(19)
Debt Investments
IT Services
MMan Acquisition Co.*+(7) One stop   L + 10.00% (c)   10.00% PIK   08/2023   $ 22,527  $ 19,718  0.6 % $ 15,892 
MMan Acquisition Co.+ One stop   L + 8.00% (e)   8.00% PIK   08/2023   1,468  1,468  0.1 1,468 
23,995  21,186  0.7 17,360 
Total controlled affiliate debt investments $ 23,995  $ 21,186  0.7 % $ 17,360 
Equity Investments (15)(16)
IT Services
MMan Acquisition Co.*+ Common Stock   N/A   N/A   N/A   —  $ 928  — % $ 340 
928  — 340 
Total controlled affiliate equity investments $ 928  — % $ 340 
Total controlled affiliate investments $ 23,995  $ 22,114  0.7 % $ 17,700 
Total investments $ 4,370,457  $ 4,444,401  175.8 % $ 4,395,261 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 0.02%(20) 61,002  2.4 % 61,002 
Total money market funds $ 61,002  2.4 % $ 61,002 
Total Investments and Money Market Funds $ 4,505,403  178.2 % $ 4,456,263 


See Notes to Consolidated Financial Statements.
48
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)

*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the 2020 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).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (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 London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars or U.K. pound sterling (“GBP”), Euro Interbank Offered Rate (“EURIBOR” or “E”) or Prime (“P”) and which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of March 31, 2021. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of March 31, 2021, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2021, as the loan may have priced or repriced based on an index rate prior to March 31, 2021.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.11% as of March 31, 2021.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.13% as of March 31, 2021.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.19% as of March 31, 2021.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.21% as of March 31, 2021.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.28% as of March 31, 2021.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of March 31, 2021.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.55% as of March 31, 2021.
(h) Denotes that all or a portion of the loan was indexed to the 30-day GBP LIBOR, which was 0.05% as of March 31, 2021.
(i) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.09% as of March 31, 2021.
(j) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.11% as of March 31, 2021.
(k) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.09%, as of March 31, 2021.
(l) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers' Acceptance Rate, which was 0.41%, as of March 31, 2021.
(m) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers' Acceptance Rate, which was 0.44%, as of March 31, 2021.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2021.
(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 value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of March 31, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of March 31, 2021, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not 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, 2021, total non-qualifying assets at fair value represented 7.1% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(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 Andorra.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.
49
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2021
(In thousands)
(18)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, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of March 31, 2021 Interest, dividend and fee income
Benetech, Inc.
$ 2,672  $ 157  $ (402) $ 57  $ —  $ 2,484  $ 174 
Dental Holdings Corporation
9,320  1,021  —  2,878  —  13,219  475 
Elite Dental Partners LLC 15,368  33  (64) 259  —  15,596  387 
Paradigm DKD Group, LLC 2,460  1,055  (1,065) 93  —  2,543  7 
Rubio's Restaurants, Inc(c)
—  28,757  (16,450) 8,696  (5,739) 15,264  1,109 
Sloan Company, Inc., The
4,365  310  (277) 180  —  4,578  33 
Switchfly LLC
7,229  229  104  —  7,562  226 
Uinta Brewing Company
586  177  (165) (194) —  404  (1)
Total Non-Controlled Affiliates
$ 42,000  $ 31,739  $ (18,423) $ 12,073  $ (5,739) $ 61,650  $ 2,410 

(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“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 may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c)
During the three months ended December 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(19)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, 2021 were as follows:
Portfolio Company
Fair value as of September 30, 2020
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of March 31, 2021 Interest, dividend and fee income
MMan Acquisition Co. $ 18,736  $ 3,635  $ (3,580) $ (1,091) $ —  $ 17,700  $ (16)
Total Controlled Affiliates
$ 18,736  $ 3,635  $ (3,580) $ (1,091) $ —  $ 17,700  $ (16)

(a)
Gross additions may 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 may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(20)The rate shown is the annualized seven-day yield as of March 31, 2021.


See Notes to Consolidated Financial Statements.
50
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 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*#~^ One stop   L + 6.00%
(c)
  7.00%   06/2021   $ 25,330  $ 25,312  1.0 % $ 25,330
NTS Technical Systems~^ One stop   L + 6.00%
(c)
  7.00%   06/2021   4,150  4,147  0.2 4,150
NTS Technical Systems(5) One stop   L + 6.00%  
N/A(6)
  06/2021   —  (17) — —
Tronair Parent, Inc.+ Senior loan   L + 4.75%
(c)
  5.75%   09/2023   718  711  — 638
Tronair Parent, Inc. Senior loan   L + 4.50%
(c)(f)
  4.73%   09/2021   160  159  — 152
Whitcraft LLC*#+~ One stop   L + 6.00%
(c)
  7.00%   04/2023   63,896  64,289  2.5 58,785
Whitcraft LLC One stop   L + 6.00%
(c)
  7.00%   04/2023   120  118  — 96
94,374  94,719  3.7 89,151
Airlines
Aurora Lux Finco S.A.R.L.!(8)(13)
One stop   L + 6.00%
(c)
  7.00%   12/2026   995  973  — 896
Auto Components                          
Polk Acquisition Corp.*# Senior loan   L + 6.50%
(a)
  3.50% cash/4.00% PIK   12/2023   18,042  17,859  0.7 16,599
Polk Acquisition Corp. Senior loan   L + 6.50%
(a)
  3.50% cash/4.00% PIK   12/2023   106  104  — 98
Polk Acquisition Corp. Senior loan   L + 6.50%
(a)
  3.50% cash/4.00% PIK   12/2023   22  21  — 10
Power Stop, LLC+~ Senior loan   L + 4.50%
(a)
  4.65%   10/2025   2,842  2,896  0.1 2,785
     21,012  20,880  0.8 19,492
Automobiles                          
Grease Monkey International, LLC*#+ Senior loan   L + 5.00%
(c)
  6.00%   11/2022   8,672  8,733  0.4 8,672
Grease Monkey International, LLC!~ Senior loan   L + 5.00%
(c)
  6.00%   11/2022   2,370  2,437  0.1 2,370
Grease Monkey International, LLC#~ Senior loan   L + 5.00%
(c)
  6.00%   11/2022   1,203  1,238  0.1 1,203
Grease Monkey International, LLC+~ Senior loan   L + 5.00%
(c)
  6.00%   11/2022   1,089  1,119  — 1,089
Grease Monkey International, LLC Senior loan   L + 5.00%
(c)
  6.00%   11/2022   995  997  — 995
Grease Monkey International, LLC Senior loan   L + 5.00%  
N/A(6)
  11/2022   —  1  — —
Grease Monkey International, LLC Senior loan   L + 5.00%  
N/A(6)
  11/2022   —  —  — —
JHCC Holdings LLC One stop   L + 5.50%
(c)
  6.50%   09/2025   15,630  15,373  0.7 15,630
JHCC Holdings LLC One stop   L + 5.50%
(c)
  6.50%   09/2025   79  76  — 79
JHCC Holdings LLC One stop   P + 4.50%
(c)(f)
  7.55%   09/2025   31  30  — 31
Quick Quack Car Wash Holdings, LLC*# One stop   L + 6.50%
(d)
  7.50%   04/2023   13,084  13,176  0.5 13,084
Quick Quack Car Wash Holdings, LLC# One stop   L + 6.50%
(c)(d)
  7.50%   04/2023   2,360  2,343  0.1 2,360
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50%
(d)
  7.50%   04/2023   2,062  2,124  0.1 2,062
Quick Quack Car Wash Holdings, LLC*+ One stop   L + 6.50%
(d)
  7.50%   04/2023   1,378  1,420  0.1 1,378
Quick Quack Car Wash Holdings, LLC* One stop   L + 6.50%
(d)
  7.50%   04/2023   1,122  1,176  — 1,122
Quick Quack Car Wash Holdings, LLC One stop   L + 6.50%  
N/A(6)
  04/2023   —  1  — —
50,075  50,244  2.1 50,075


See Notes to Consolidated Financial Statements.
51
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 + 8.00% (c)   9.00%   04/2021   $ 9,983  $ 9,992  0.4 % $ 8,485 
Abita Brewing Co., L.L.C.(7) One stop   L + 8.00% (c)   9.00%   04/2021   40  40  — 34 
Fintech Midco, LLC*#! One stop   L + 5.00% (a)   6.00%   08/2024   24,411  24,756  1.0 23,679 
Fintech Midco, LLC# One stop   L + 5.00% (a)   6.00%   08/2024   1,131  1,168  — 1,096 
Fintech Midco, LLC(5) One stop   L + 5.00%   N/A(6)   08/2024   —  (1) — (6)
35,565  35,955  1.4 33,288 
Biotechnology
BIO18 Borrower, LLC! One stop   L + 5.25% (c)   6.25%   11/2024   11,075  11,111  0.4 11,075 
BIO18 Borrower, LLC*# One stop   L + 5.25% (c)   6.25%   11/2024   3,963  3,928  0.2 3,963 
BIO18 Borrower, LLC One stop   L + 5.25% (c)   6.25%   11/2024   210  210  — 210 
BIO18 Borrower, LLC(5) One stop   L + 5.25%   N/A(6)   11/2024   —  (1) — — 
15,248  15,248  0.6 15,248 
Building Products
Brooks Equipment Company, LLC*#^ One stop   L + 5.00% (c)   6.00%   05/2021   23,722  23,640  1.0 23,722 
Brooks Equipment Company, LLC(5) One stop   L + 5.00%   N/A(6)   05/2021   —  (9) — — 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   4,191  4,191  0.2 4,066 
Jensen Hughes, Inc. Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   1,065  1,098  — 1,021 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   913  927  0.1 886 
Jensen Hughes, Inc. Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   439  453  — 426 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   279  283  — 271 
Jensen Hughes, Inc. Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   218  218  — 212 
Jensen Hughes, Inc.+ Senior loan   L + 4.50% (c)(f)   5.50%   03/2024   117  117  — 113 
30,944  30,918  1.3 30,717 
Chemicals
Inhance Technologies Holdings LLC# One stop   L + 6.00% (c)   7.00%   07/2024   12,703  12,822  0.5 12,005 
Inhance Technologies Holdings LLC One stop   L + 6.00% (c)   7.00%   07/2024   1,929  1,917  0.1 1,824 
Inhance Technologies Holdings LLC One stop   L + 6.00% (c)   7.00%   07/2024   80  80  — 68 
14,712  14,819  0.6 13,897 
Commercial Services & Supplies
Bazaarvoice, Inc.*#+~^ One stop L + 5.75% (a)(c) 6.75% 02/2024 48,127  48,873  2.0 48,127 
Bazaarvoice, Inc. One stop L + 5.75% (c) 6.75% 02/2024 300  297  — 300 
EGD Security Systems, LLC*#^ One stop   L + 5.65% (c)   6.65%   06/2023   30,092  30,453  1.3 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   644  663  — 644 
EGD Security Systems, LLC# One stop   L + 5.65% (c)   6.65%   06/2023   575  571  — 575 
EGD Security Systems, LLC One stop   L + 5.65% (c)   6.65%   06/2023   70  69  — 70 
EGD Security Systems, LLC(5) One stop   L + 5.65%   N/A(6)   06/2023   —  (38) — — 
Hydraulic Authority III Limited~(8)(9)(10) One stop   L + 6.00% (h)(i)   7.00%   11/2025   12,277  12,484  0.5 12,344 
Hydraulic Authority III Limited(8)(9)(10) One stop   N/A   11.00% PIK   11/2028   199  203  — 204 
Hydraulic Authority III Limited(8)(9)(10) One stop   L + 6.00% (d)   7.00%   11/2025   33  32  — 36 

See Notes to Consolidated Financial Statements.
52
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
MSHC, Inc.+ Senior loan   L + 4.25% (c)(f)   5.25%   12/2024   $ 343  $ 340  — % $ 343 
MSHC, Inc. Senior loan   L + 4.25% (a)(f)   5.25%   12/2024   9  9  — 9 
PT Intermediate Holdings III, LLC+~^ One stop   L + 5.50% (c)   6.50%   10/2025   29,776  29,385  1.2 27,988 
WRE Holding Corp.*# Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   2,276  2,312  0.1 2,276 
WRE Holding Corp.^ Senior loan   L + 5.25% (b)(c)   6.25%   01/2023   940  967  0.1 940 
WRE Holding Corp. Senior loan   L + 5.25% (c)   6.25%   01/2023   688  687  — 688 
WRE Holding Corp. Senior loan   L + 5.25% (c)   6.25%   01/2023   408  408  — 408 
WRE Holding Corp. Senior loan   L + 5.25% (c)   6.25%   01/2023   23  23  — 23 
WRE Holding Corp. Senior loan   L + 5.25% (c)   6.25%   01/2023   14  13  — 14 
WRE Holding Corp. Senior loan   L + 5.25%   N/A(6)   01/2023   —  9  — — 
128,052  129,017  5.3 126,339 


See Notes to Consolidated Financial Statements.
53
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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% (c)   6.09%   07/2022   $ 32,863  $ 33,081  1.3 % $ 32,206 
Reladyne, Inc.~ Senior loan   L + 5.00% (c)   6.09%   07/2022   3,482  3,541  0.1 3,412 
Reladyne, Inc. Senior loan   L + 5.00% (c)   6.06%   07/2022   2,754  2,800  0.1 2,699 
Reladyne, Inc.# Senior loan   L + 5.00% (c)   6.09%   07/2022   1,885  1,916  0.1 1,847 
Reladyne, Inc.#~ Senior loan   L + 5.00% (c)   6.09%   07/2022   1,624  1,652  0.1 1,592 
Reladyne, Inc.# Senior loan   L + 5.00% (c)   6.09%   07/2022   1,545  1,587  0.1 1,514 
Reladyne, Inc.#~ Senior loan   L + 5.00% (c)   6.09%   07/2022   742  753  — 726 
44,895  45,330  1.8 43,996 
Containers & Packaging
AmerCareRoyal LLC+ Senior loan   L + 5.00% (a)   6.00%   11/2025   822  815  0.1 806 
AmerCareRoyal LLC+(8) Senior loan   L + 5.00% (a)   6.00%   11/2025   152  151  — 149 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   1,586  1,573  0.1 1,586 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   632  626  — 632 
Fortis Solutions Group LLC+ Senior loan   L + 5.00% (a)   6.00%   12/2023   607  602  — 607 
Fortis Solutions Group LLC Senior loan   L + 5.00%   N/A(6)   12/2023   —  —  — — 
Plano Molding Company, LLC+ One stop   L + 9.00% (c)   8.50% cash/1.50% PIK   05/2022   14,634  14,585  0.5 11,707 
Plano Molding Company, LLC One stop   L + 9.00% (c)   8.50% cash/1.50% PIK   05/2022   1,182  1,171  — 1,182 
19,615  19,523  0.7 16,669 
Distributors
PetroChoice Holdings, Inc.#^ Senior loan   L + 5.00% (c)   6.00%   08/2022   3,276  3,282  0.1 3,046 
Diversified Consumer Services
EWC Growth Partners LLC One stop   L + 5.50% (c)   6.50%   03/2026   914  897  0.1 795 
EWC Growth Partners LLC One stop   L + 5.50% (c)   6.50%   03/2026   30  29  — 26 
EWC Growth Partners LLC One stop   L + 5.50% (c)   6.50%   03/2026   18  18  — 15 
Excelligence Learning Corporation# One stop   L + 7.00% (c)   8.00%   04/2023   10,347  10,088  0.3 7,760 
Learn-it Systems, LLC! Senior loan   L + 5.00% (c)   5.00% cash/0.50% PIK   03/2025   2,545  2,594  0.1 2,494 
Learn-it Systems, LLC Senior loan   L + 5.00% (c)   5.00% cash/0.50% PIK   03/2025   345  344  — 338 

See Notes to Consolidated Financial Statements.
54
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 Consumer Services - (continued)
Learn-it Systems, LLC Senior loan   L + 5.00% (c)   N/A(6)   03/2025   $ —  $ —  — % $ — 
Litera Bidco LLC+^ One stop   L + 5.25% (a)   6.25%   05/2026   3,749  3,771  0.2 3,749 
Litera Bidco LLC One stop   L + 5.25% (a)   6.25%   05/2026   702 728 — 702
Litera Bidco LLC One stop   L + 5.25% (a)   6.25%   05/2026   702  728  — 702 
Litera Bidco LLC One stop   L + 5.25% (a)   6.25%   05/2025   16  15  — 16 
PADI Holdco, Inc.*# One stop   L + 5.75% (c)   6.75%   04/2024   21,763  21,958  0.8 18,498 
PADI Holdco, Inc.+~(8)(9) One stop   E + 5.75% (g)   5.75%   04/2024   20,675  20,964  0.7 17,608 
PADI Holdco, Inc.~ One stop   L + 5.75% (c)   6.75%   04/2024   801  795  — 681 
PADI Holdco, Inc. One stop   L + 5.75% (c)   6.75%   04/2023   298  298  — 254 
PADI Holdco, Inc. One stop   L + 5.75% (c)   6.75%   04/2024   166  164  — 141 
63,071  63,391  2.2 53,779 
Diversified Financial Services
Institutional Shareholder Services*! Senior loan   L + 4.50% (c)   4.72%   03/2026   18,775  19,161  0.8 18,775 
Institutional Shareholder Services Senior loan   L + 4.50% (c)   4.72%   03/2024   150  147  — 150 
Sovos Compliance*+^ One stop   L + 4.75% (a)   5.75%   04/2024   19,614  20,156  0.8 19,221 
Sovos Compliance! Second lien   N/A   12.00% PIK   04/2025   8,947  9,187  0.4 8,947 
Sovos Compliance One stop   L + 4.75% (a)   5.75%   04/2024   4,322  4,236  0.2 4,235 
Sovos Compliance*# One stop   L + 4.75% (a)   5.75%   04/2024   1,903  1,956  0.1 1,864 
Sovos Compliance Second lien   N/A   12.00% PIK   04/2025   1,222  1,261  — 1,222 
Sovos Compliance*# One stop   L + 4.75% (a)   5.75%   04/2024   768  789  — 752 
Sovos Compliance One stop   L + 4.75% (a)   5.75%   04/2024   85  83  — 83 
Sovos Compliance(5) One stop   L + 4.75%   N/A(6)   04/2024   —  (1) — (4)
Sovos Compliance(5) One stop   L + 4.75%   N/A(6)   04/2024   —  (22) — (22)
55,786  56,953  2.3 55,223 


See Notes to Consolidated Financial Statements.
55
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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   $ 13,228  $ 13,311  0.6 % $ 13,228 
Arcos, LLC One stop   L + 5.00%   N/A(6)   02/2021   —  —  — — 
13,228  13,311  0.6 13,228 
Electronic Equipment, Instruments & Components
CST Buyer Company+~ One stop   L + 5.25% (a)   6.25%   10/2025   10,189  10,106  0.4 10,189 
CST Buyer Company One stop   L + 5.25%   N/A(6)   10/2025   —  —  — — 
ES Acquisition LLC Senior loan   L + 5.00% (c)   6.00%   11/2025   662  650  — 660 
ES Acquisition, LLC Senior loan   L + 5.50% (c)   6.50%   11/2025   89  87  — 91 
ES Acquisition, LLC Senior loan   L + 5.00% (d)   6.22%   11/2025   47  46  — 47 
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  36  — 36 
ES Acquisition LLC(5) Senior loan   L + 5.00%   N/A(6)   11/2025   —  (1) — — 
Inventus Power, Inc.*+ One stop   L + 5.50% (a)   6.50%   04/2021   14,352  13,988  0.6 14,352 
Inventus Power, Inc.(5) One stop   L + 5.50%   N/A(6)   04/2021   —  (16) — — 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc+~ Senior loan   L + 4.00% (a)   4.15%   07/2025   23,638  23,862  1.0 23,165 
Pasternack Enterprises, Inc. and Fairview Microwave, Inc(5) Senior loan   L + 4.00%   N/A(6)   07/2023   —  —  — (2)
Watchfire Enterprises, Inc. Second lien   L + 8.00% (a)   9.00%   10/2021   9,435  9,402  0.4 9,435 
58,493  58,204  2.4 58,018 


See Notes to Consolidated Financial Statements.
56
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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   $ 18,610  $ 18,806  0.8 % $ 18,237 
Cafe Rio Holding, Inc. One stop   L + 5.50% (c)   6.50%   09/2023   2,420  2,419  0.1 2,354 
Cafe Rio Holding, Inc.# One stop   L + 5.50% (c)   6.50%   09/2023   2,248  2,320  0.1 2,203 
Cafe Rio Holding, Inc.*# One stop   L + 5.50% (c)   6.50%   09/2023   1,427  1,472  0.1 1,399 
Cafe Rio Holding, Inc.# One stop   L + 5.50% (c)   6.50%   09/2023   1,260  1,300  0.1 1,235 
Cafe Rio Holding, Inc. One stop   L + 5.50% (c)   6.50%   09/2023   181  181  — 178 
Cafe Rio Holding, Inc.(5) One stop   L + 5.50%   N/A(6)   09/2023   —  —  — (6)
Captain D's, LLC# Senior loan   L + 4.50% (c)   5.50%   12/2023   13,962  14,006  0.6 13,962 
Captain D's, LLC Senior loan   L + 4.50% (c)   5.50%   12/2023   120  121  — 120 
Feeders Supply Company, LLC# One stop   L + 5.75% (a)   6.75%   04/2021   8,564  8,619  0.4 8,564 
Feeders Supply Company, LLC Subordinated debt   N/A   12.50% cash/7.00% PIK   04/2021   153  154  — 153 
Feeders Supply Company, LLC One stop   L + 5.75%   N/A(6)   04/2021   —  —  — — 
FWR Holding Corporation# One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   10,385  10,368  0.4 9,867 
FWR Holding Corporation# One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   1,816  1,874  0.1 1,726 
FWR Holding Corporation# One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   1,148  1,185  0.1 1,091 
FWR Holding Corporation# One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   364  373  — 346 
FWR Holding Corporation One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   274  273  — 260 
FWR Holding Corporation# One stop   L + 7.00% (c)   6.50% cash/1.50% PIK   08/2023   272  279  — 259 
FWR Holding Corporation One stop   L + 7.00% (c)(d)   6.50% cash/1.50% PIK   08/2023   131  130  — 125 
FWR Holding Corporation(5) One stop   L + 5.50%   N/A(6)   08/2023   —  —  — (6)
FWR Holding Corporation One stop   L + 5.50%   N/A(6)   08/2023   —  —  — — 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   820  843  — 820 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   645  663  — 645 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   633  630  — 633 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   311  310  — 311 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   311  309  — 311 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   153  153  — 153 
Mendocino Farms, LLC One stop   L + 8.50% (a)   2.00% cash/7.50% PIK   06/2023   93  93  — 93 
Mendocino Farms, LLC(5) One stop   L + 8.50%   N/A(6)   06/2023   —  (2) — — 
NBC Intermediate, LLC Senior loan   L + 4.25% (c)   5.25%   09/2023   4,589  4,579  0.2 4,589 
NBC Intermediate, LLC*# Senior loan   L + 4.25% (c)   5.25%   09/2023   2,309  2,337  0.1 2,309 
NBC Intermediate, LLC# Senior loan   L + 4.25% (a)(c)   5.25%   09/2023   1,963  2,019  0.1 1,963 
NBC Intermediate, LLC# Senior loan   L + 4.25% (a)   5.25%   09/2023   667  662  — 667 
NBC Intermediate, LLC Senior loan   L + 4.25%   N/A(6)   09/2023   —  —  — — 
Rubio's Restaurants, Inc.(7) Senior loan   L + 11.50% (c)   8.75% cash/4.00% PIK   04/2021   17,898  17,678  0.4 10,004 
Rubio's Restaurants, Inc.(5)(7) Senior loan   L + 11.50% (a)(c)   8.75% cash/4.00% PIK   04/2021   71  68  — (5)
Ruby Slipper Cafe LLC, The* One stop   L + 8.50% (c)   8.50% cash/1.00% PIK   01/2023   2,046  2,039  0.1 1,801 
Ruby Slipper Cafe LLC, The One stop   L + 8.50% (c)   8.50% cash/1.00% PIK   01/2023   414  427  — 365 
Ruby Slipper Cafe LLC, The One stop   L + 8.50% (c)   8.50% cash/1.00% PIK   01/2023   30  30  — 27 
Wetzel's Pretzels, LLC*# One stop   L + 7.25% (c)   7.75% cash/0.50% PIK   09/2021   16,955  17,094  0.7 16,107 
Wetzel's Pretzels, LLC One stop   L + 7.25% (c)   7.75% cash/0.50% PIK   09/2021   100  101  — 96 
Wood Fired Holding Corp.*# One stop   L + 7.75% (c)   6.75% cash/2.00% PIK   12/2023   14,103  14,310  0.5 12,970 
Wood Fired Holding Corp. One stop   L + 7.75% (c)   6.75% cash/2.00% PIK   12/2023   698  698  — 642 
Wood Fired Holding Corp. One stop   L + 7.75% (c)   6.75% cash/2.00% PIK   12/2023   200  199  — 184 
128,344  129,120  4.9 116,752 


See Notes to Consolidated Financial Statements.
57
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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 Products
Flavor Producers, LLC#~ Senior loan   L + 5.75% (c)   5.75% cash/1.00% PIK   12/2023   $ 5,006  $ 4,898  0.2 % $ 4,605 
Flavor Producers, LLC(5) Senior loan   L + 5.75% (c)   5.75% cash/1.00% PIK   12/2022   4  (1) — — 
Global ID Corporation*#+^ One stop   L + 6.50% (c)   6.72%   11/2025   19,197  18,995  0.8 18,910 
Global ID Corporation(5) One stop   L + 6.50%   N/A(6)   11/2025   —  (2) — (1)
Global ID Corporation(5) One stop   L + 6.50%   N/A(6)   11/2025   —  (4) — (5)
Mid-America Pet Food, L.L.C.*#^ One stop   L + 5.50% (b)   6.50%   12/2021   22,120  22,385  0.9 22,120 
Mid-America Pet Food, L.L.C. One stop   L + 5.50%   N/A(6)   12/2021   —  —  — — 
Purfoods, LLC One stop   N/A   7.00% PIK   05/2026   76  80  — 76 
Teasdale Quality Foods, Inc. Senior loan   L + 5.25% (a)   6.25%   04/2021   3,798  3,769  0.2 3,722 
Teasdale Quality Foods, Inc. Senior loan   L + 5.25% (a)   6.25%   04/2021   3,071  3,048  0.1 3,010 
Teasdale Quality Foods, Inc. Senior loan   L + 5.25% (a)   6.25%   04/2021   494  491  — 485 
Teasdale Quality Foods, Inc. Senior loan   L + 5.25% (a)   6.25%   04/2021   370  366  — 362 
Teasdale Quality Foods, Inc.+ Senior loan   L + 5.25% (a)   6.25%   04/2021   251  251  — 246 
Teasdale Quality Foods, Inc. Senior loan   L + 5.25% (a)   6.25%   04/2021   184  182  — 180 
54,571  54,458  2.2 53,710 


See Notes to Consolidated Financial Statements.
58
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Health Care Technology
Caliper Software, Inc.#!~^ One stop L + 5.50% (c) 5.72% 11/2025 $ 27,934  $ 28,374  1.1 % $ 26,785 
Caliper Software, Inc. One stop L + 6.00% (c) 6.23% 11/2025 1,503  1,473  0.1 1,474 
Caliper Software, Inc.(5) One stop L + 5.50% N/A(6) 11/2023 —  1  — (10)
Connexin Software, Inc.!~ One stop   L + 8.50% (a)   9.50%   02/2024   7,550  7,617  0.3 7,550 
Connexin Software, Inc. One stop   L + 8.50%   N/A(6)   02/2024   —  —  — — 
HealthcareSource HR, Inc.*# One stop   L + 6.25% (c)   7.25%   05/2023   33,662  33,692  1.4 33,662 
HealthcareSource HR, Inc.(5) One stop   L + 6.25%   N/A(6)   05/2023   —  (1) — — 
HealthEdge Software, Inc. One stop   L + 6.25% (a)   7.25%   04/2026   2,000  1,959  0.1 2,000 
HealthEdge Software, Inc. One stop   L + 6.25% (a)   7.25%   04/2026   151  148  — 151 
HealthEdge Software, Inc.(5) One stop   L + 6.25%   N/A(6)   04/2026   —  (1) — — 
HSI Halo Acquisition, Inc.+~ One stop   L + 5.75% (c)   6.75%   08/2026   6,330  6,289  0.3 6,266 
HSI Halo Acquisition, Inc. One stop   L + 5.75% (c)   6.75%   08/2026   648  642  — 641 
HSI Halo Acquisition, Inc. One stop   P + 4.75% (f)   8.00%   09/2025   35  34  — 35 
Imprivata, Inc.*#^ Senior loan   L + 4.00% (c)   5.00%   10/2023   9,163  9,345  0.4 9,163 
Imprivata, Inc.(5) Senior loan   L + 4.00%   N/A(6)   10/2023   —  (1) — — 
Kareo, Inc. One stop   L + 9.00% (a)   10.00%   06/2022   10,273  10,387  0.4 10,360 
Kareo, Inc.! One stop   L + 9.00% (a)   10.00%   06/2022   941  955  — 949 
Kareo, Inc. One stop   L + 9.00% (a)   10.00%   06/2022   753  765  — 759 
Kareo, Inc. One stop   P + 8.00% (f)   11.25%   06/2022   80  80  — 80 
Netsmart Technologies, Inc.(5) Senior loan   L + 4.75%   N/A(6)   04/2021   —  (1) — (2)
Nextech Holdings, LLC^ One stop   L + 5.50% (c)   5.76%   06/2025   4,012  4,078  0.2 3,851 
Nextech Holdings, LLC One stop   L + 5.50% (c)   5.76%   06/2025   1,957  1,941  0.1 1,878 
Nextech Holdings, LLC One stop   L + 5.50% (c)   5.76%   06/2025   500  497  — 476 
Nextech Holdings, LLC(5) One stop   L + 5.50%   N/A(6)   06/2025   —  (3) — (16)
Qgenda Intermediate Holdings, LLC^ One stop   L + 4.75% (c)   5.75%   06/2025   15,277  15,296  0.6 15,277 
Qgenda Intermediate Holdings, LLC~ One stop   L + 4.75% (c)   5.75%   06/2025   993  984  — 993 
Qgenda Intermediate Holdings, LLC(5) One stop   L + 4.75%   N/A(6)   06/2025   —  (2) — — 
Transaction Data Systems, Inc.*#+!~^ One stop   L + 5.25% (c)   6.25%   06/2021   83,477  84,279  3.5 82,644 
Transaction Data Systems, Inc. One stop   L + 5.25% (c)   6.25%   06/2021   300  301  — 296 
Verisys Corporation*# One stop   L + 8.25% (c)   8.75% cash/0.50% PIK   01/2023   8,494  8,599  0.4 8,324 
Verisys Corporation One stop   L + 8.25% (c)   8.75% cash/0.50% PIK   01/2023   40  40  — 40 
216,073  217,767  8.9 213,626 


See Notes to Consolidated Financial Statements.
59
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+~ One stop   L + 5.25% (c)   6.45%   06/2025   $ 4,532  $ 4,600  0.2 % $ 4,487 
Aspen Medical Products, LLC One stop   L + 5.25%   N/A(6)   06/2025   —  —  — — 
Belmont Instrument, LLC+^ Senior loan   L + 4.75% (c)   4.97%   12/2023   5,257  5,212  0.2 5,257 
Blades Buyer, Inc.~^ Senior loan   L + 4.50% (c)   5.50%   08/2025   3,820  3,838  0.2 3,820 
Blades Buyer, Inc. Senior loan   L + 4.50% (d)   5.50%   08/2025   976  970  — 976 
Blades Buyer, Inc. Senior loan   L + 4.50%   N/A(6)   08/2025   —  —  — — 
Blue River Pet Care, LLC#+ One stop   L + 5.00% (a)   5.15%   07/2026   27,690  27,744  1.2 27,690 
Blue River Pet Care, LLC One stop   L + 5.00% (a)   5.15%   07/2026   2,756  2,666  0.1 2,756 
Blue River Pet Care, LLC(5) One stop   L + 5.00%   N/A(6)   08/2025   —  (4) — — 
CMI Parent Inc.#+^ Senior loan   L + 4.25% (c)   5.25%   08/2025   6,634  6,760  0.3 6,434 
CMI Parent Inc.(5) Senior loan   L + 4.25%   N/A(6)   08/2025   —  (2) — (10)
Flexan, LLC+^ One stop   L + 5.25% (c)   6.25%   02/2022   8,450  8,401  0.4 8,450 
Flexan, LLC*# One stop   L + 5.25% (c)   6.25%   02/2022   3,273  3,254  0.1 3,273 
Flexan, LLC+ One stop   L + 5.25% (c)   6.25%   02/2022   2,347  2,334  0.1 2,347 
Flexan, LLC# One stop   L + 5.25% (c)   6.25%   02/2022   1,540  1,531  0.1 1,540 
Flexan, LLC(5) One stop   L + 5.25%   N/A(6)   02/2022   —  (6) — — 
G & H Wire Company, Inc.# One stop   L + 5.75% (a)   6.75%   09/2023   11,149  11,149  0.4 10,481 
G & H Wire Company, Inc. One stop   L + 5.75% (a)   6.75%   09/2022   140  140  — 132 
Joerns Healthcare, LLC* One stop   L + 6.00% (c)   7.00%   08/2024   1,873  1,827  0.1 1,833 
Joerns Healthcare, LLC* One stop   L + 6.00% (c)   7.00%   08/2024   1,800  1,771  0.1 1,764 
Katena Holdings, Inc.# One stop   L + 6.50% (c)   7.50%   06/2021   12,728  12,797  0.5 12,474 
Katena Holdings, Inc.# One stop   L + 6.50% (c)   7.50%   06/2021   1,244  1,250  0.1 1,218 
Katena Holdings, Inc.+ One stop   L + 6.50% (c)   7.50%   06/2021   930  925  — 911 
Katena Holdings, Inc.# One stop   L + 6.50% (c)   7.50%   06/2021   851  855  — 834 
Katena Holdings, Inc. One stop   L + 6.50% (c)   7.50%   06/2021   200  201  — 196 
Lombart Brothers, Inc.*#~ One stop   L + 6.25% (c)   7.25%   04/2023   28,950  29,267  1.1 27,503 
Lombart Brothers, Inc.#(8) One stop   L + 6.25% (c)   7.25%   04/2023   3,117  3,153  0.1 2,961 
Lombart Brothers, Inc. One stop   L + 6.25% (a)   7.25%   04/2023   280  280  — 266 
Lombart Brothers, Inc.(8) One stop   L + 6.25% (a)   7.25%   04/2023   50  49  — 46 
ONsite Mammography, LLC~ One stop   L + 7.00% (c)   8.00%   11/2023   7,650  7,687  0.3 7,496 
ONsite Mammography, LLC One stop   L + 7.00% (c)   8.00%   11/2023   100  102  — 98 
ONsite Mammography, LLC One stop   L + 7.00% (c)   8.00%   11/2023   29  28  — 28 
Orthotics Holdings, Inc.*# One stop   L + 6.00% (e)   7.00%   06/2021   7,760  7,760  0.3 7,604 
Orthotics Holdings, Inc.*# One stop   L + 16.00% (c)   7.00% cash/10.00% PIK   06/2021   3,894  3,894  0.2 3,621 
Orthotics Holdings, Inc.*#(8) One stop   L + 6.00% (c)   7.00%   06/2021   1,272  1,272  0.1 1,246 
Orthotics Holdings, Inc.*#(8) One stop   L + 16.00% (c)   7.00% cash/10.00% PIK   06/2021   638  639  — 593 
Orthotics Holdings, Inc. One stop   L + 6.00%   N/A(6)   06/2021   —  —  — — 
SLMP, LLC#^ One stop   L + 6.00% (c)   7.00%   05/2023   11,764  11,841  0.5 11,764 
SLMP, LLC#^ One stop   L + 6.00% (c)   7.00%   05/2023   5,664  5,844  0.2 5,664 
SLMP, LLC One stop   L + 6.00% (c)   7.00%   05/2023   1,473  1,473  0.1 1,473 
SLMP, LLC Subordinated debt   N/A   7.50% PIK   05/2027   237  242  — 237 
SLMP, LLC(5) One stop   L + 6.00%   N/A(6)   05/2023   —  (1) — — 
171,068  171,743  7.0 167,463 


See Notes to Consolidated Financial Statements.
60
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Healthcare Providers & Services
Active Day, Inc.# One stop   L + 6.50% (c)   7.50%   12/2021   $ 24,567  $ 24,757  0.9 % $ 20,883 
Active Day, Inc.# One stop   L + 6.50% (c)   7.50%   12/2021   1,896  1,912  0.1 1,611 
Active Day, Inc.*# One stop   L + 6.50% (c)   7.50%   12/2021   1,222  1,233  0.1 1,038 
Active Day, Inc. One stop   L + 6.50% (c)   7.50%   12/2021   973  995  — 827 
Active Day, Inc. One stop   L + 6.50% (c)   7.50%   12/2021   859  854  — 730 
Active Day, Inc.*# One stop   L + 6.50% (c)   7.50%   12/2021   843  851  — 717 
Active Day, Inc. One stop   L + 6.50% (c)   7.50%   12/2021   102  102  — 86 
Active Day, Inc. One stop   L + 6.50% (c)   N/A(6)   12/2021   —  —  — — 
Acuity Eyecare Holdings, LLC One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   7,148  7,178  0.3 7,112 
Acuity Eyecare Holdings, LLC# One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   6,021  6,087  0.3 5,991 
Acuity Eyecare Holdings, LLC~ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   5,616  5,722  0.2 5,588 
Acuity Eyecare Holdings, LLC~ One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   3,260  3,362  0.1 3,243 
Acuity Eyecare Holdings, LLC One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   793  814  — 789 
Acuity Eyecare Holdings, LLC One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   258  256  — 257 
Acuity Eyecare Holdings, LLC One stop   L + 8.25% (c)   7.25% cash/2.00% PIK   03/2024   150  149  — 150 
Acuity Eyecare Holdings, LLC One stop   L + 11.00% (c)   7.25% cash/4.75% PIK   03/2024   42  42  — 45 
Acuity Eyecare Holdings, LLC(5) One stop   L + 8.25% (c)   7.25%   03/2024   1  (5) — (3)
ADCS Clinics Intermediate Holdings, LLC*#! One stop   L + 5.75% (c)(d)(f)   6.75%   05/2022   41,873  42,287  1.7 40,618 
ADCS Clinics Intermediate Holdings, LLC*# One stop   L + 5.75% (c)(d)   6.75%   05/2022   210  212  — 204 
ADCS Clinics Intermediate Holdings, LLC One stop   L + 5.75% (d)   6.75%   05/2022   200  199  — 194 
ADCS Clinics Intermediate Holdings, LLC* One stop   L + 5.75% (c)(d)   6.75%   05/2022   162  165  — 158 
ADCS Clinics Intermediate Holdings, LLC*# One stop   L + 5.75% (c)(d)   6.75%   05/2022   61  62  — 59 
Advanced Pain Management Holdings, Inc.(7) Senior loan   L + 5.00% (b)   6.25%   11/2020   11,433  6,860  — 261 
Advanced Pain Management Holdings, Inc.(7) Senior loan   L + 8.50% (b)   9.75%   11/2020   4,082  7  — — 
Advanced Pain Management Holdings, Inc.(7) Senior loan   L + 5.00% (b)   6.25%   11/2020   782  469  — 18 
Advanced Pain Management Holdings, Inc.(5)(7) Senior loan   L + 5.00% (b)   6.25%   11/2020   355  (17) — 12 
Agilitas USA, Inc.*# One stop   L + 6.25% (c)   7.25%   04/2022   9,252  9,287  0.4 8,790 
Agilitas USA, Inc. One stop   L + 6.25% (c)   7.25%   04/2022   100  100  — 96 
CRH Healthcare Purchaser, Inc.+~ Senior loan   L + 4.50% (c)   4.72%   12/2024   13,046  13,206  0.6 13,046 
CRH Healthcare Purchaser, Inc.(5) Senior loan   L + 4.50%   N/A(6)   12/2024   —  (1) — — 
CRH Healthcare Purchaser, Inc.(5) Senior loan   L + 4.50%   N/A(6)   12/2024   —  (2) — — 
DCA Investment Holding, LLC*#+ One stop   L + 5.25% (c)   6.25%   07/2021   31,405  31,611  1.3 30,778 
DCA Investment Holding, LLC*#+!~ One stop   L + 5.25% (c)   6.25%   07/2021   27,210  27,463  1.1 26,668 
DCA Investment Holding, LLC*# One stop   L + 5.25% (c)   6.25%   07/2021   8,318  8,425  0.3 8,152 
DCA Investment Holding, LLC~ One stop   L + 5.25% (c)   6.25%   07/2021   4,034  4,106  0.2 3,953 
DCA Investment Holding, LLC# One stop   L + 5.25% (c)   6.25%   07/2021   3,669  3,736  0.2 3,595 
DCA Investment Holding, LLC One stop   L + 5.25% (c)   6.25%   07/2021   2,737  2,734  0.1 2,681 
DCA Investment Holding, LLC*# One stop   L + 5.25% (c)   6.25%   07/2021   2,512  2,558  0.1 2,462 
DCA Investment Holding, LLC# One stop   L + 5.25% (c)   6.25%   07/2021   1,249  1,262  0.1 1,225 
DCA Investment Holding, LLC*~ One stop   L + 5.25% (c)   6.25%   07/2021   296  299  — 290 

See Notes to Consolidated Financial Statements.
61
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Health Care Providers & Services - (continued)
DCA Investment Holding, LLC*~ One stop   L + 5.25% (c)   6.25%   07/2021   $ 92  $ 93  — % $ 90 
Deca Dental Management LLC*# One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   12/2021   11,269  11,395  0.5 11,269 
Deca Dental Management LLC#~ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   12/2021   1,376  1,392  0.1 1,376 
Deca Dental Management LLC+~ One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   12/2021   992  1,004  0.1 992 
Deca Dental Management LLC One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   12/2021   736  749  — 736 
Deca Dental Management LLC One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   12/2021   100  100  — 100 
Deca Dental Management LLC(5) One stop   L + 7.50% (c)   7.00% cash/1.50% PIK   12/2021   2  (2) — 2 
Encorevet Group LLC Senior loan   L + 5.00% (c)   6.00%   11/2024   249  247  — 249 
Encorevet Group LLC Senior loan   L + 5.00% (c)   6.00%   11/2024   112  112  — 112 
Encorevet Group LLC Senior loan   L + 5.00% (c)   6.00%   11/2024   58  57  — 58 
Encorevet Group LLC Senior loan   L + 5.00% (c)   6.00%   11/2024   10  10  — 10 
Encorevet Group LLC Senior loan   L + 5.00%   N/A(6)   11/2024   —  —  — — 
Encorevet Group LLC(5) Senior loan   L + 5.00%   N/A(6)   11/2024   —  (1) — — 
ERG Buyer, LLC*# One stop   L + 5.50% (c)   6.50%   05/2024   19,133  19,084  0.6 15,307 
ERG Buyer, LLC One stop   P + 4.50% (f)   7.75%   05/2024   300  296  — 240 
Eyecare Services Partners Holdings LLC+ One stop   L + 6.25% (c)   7.25%   05/2023   18,229  18,320  0.7 17,318 
Eyecare Services Partners Holdings LLC* One stop   L + 6.25% (c)   7.25%   05/2023   7,996  8,123  0.3 7,596 
Eyecare Services Partners Holdings LLC*# One stop   L + 6.25% (c)   7.25%   05/2023   7,003  7,120  0.3 6,653 
Eyecare Services Partners Holdings LLC One stop   L + 6.25% (c)   7.25%   05/2023   5,153  5,175  0.2 4,896 
Eyecare Services Partners Holdings LLC*+ One stop   L + 6.25% (c)   7.25%   05/2023   2,391  2,431  0.1 2,272 
Eyecare Services Partners Holdings LLC* One stop   L + 6.25% (c)   7.25%   05/2023   1,535  1,560  0.1 1,458 
Eyecare Services Partners Holdings LLC*# One stop   L + 6.25% (c)   7.25%   05/2023   1,134  1,154  0.1 1,077 
Eyecare Services Partners Holdings LLC*# One stop   L + 6.25% (c)   7.25%   05/2023   999  1,016  — 950 
Eyecare Services Partners Holdings LLC*+ One stop   L + 6.25% (c)   7.25%   05/2023   646  654  — 613 
Eyecare Services Partners Holdings LLC One stop   L + 6.25% (c)   7.25%   05/2023   400  398  — 380 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.~(8)(9)(14) One stop   L + 5.50% (k)   6.06%   03/2027   11,832  11,723  0.5 11,296 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(14) One stop   L + 5.50% (k)   6.01%   03/2027   96  93  — 91 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(14) One stop   L + 5.50% (c)   6.50%   03/2027   20  19  — 18 
Krueger-Gilbert Health Physics, LLC!~ Senior loan   L + 5.25% (a)   6.25%   05/2025   2,359  2,347  0.1 2,359 
Krueger-Gilbert Health Physics, LLC! Senior loan   L + 5.25% (a)   6.25%   05/2025   1,113  1,151  0.1 1,113 
Krueger-Gilbert Health Physics, LLC Senior loan   L + 5.25% (a)   6.25%   05/2025   920  918  — 920 
Krueger-Gilbert Health Physics, LLC Senior loan   L + 5.25% (a)   6.25%   05/2025   50  50  — 50 
MD Now Holdings, Inc.+! One stop   L + 5.25% (c)   6.25%   08/2024   14,544  14,699  0.6 14,252 
MD Now Holdings, Inc. One stop   L + 5.25% (c)   6.25%   08/2024   622  622  — 610 
MD Now Holdings, Inc.(5) One stop   L + 5.25%   N/A(6)   08/2024   —  (1) — (6)
Midwest Veterinary Partners, LLC^ One stop   L + 5.75% (c)   6.75%   07/2025   4,274  4,209  0.2 4,220 
Midwest Veterinary Partners, LLC One stop   L + 5.75% (c)(d)   6.75%   07/2025   4,120  4,086  0.2 4,069 
Midwest Veterinary Partners, LLC One stop   L + 6.50% (c)   7.50%   07/2025   2,510  2,347  0.1 2,369 
Midwest Veterinary Partners, LLC# One stop   L + 5.75% (c)   6.75%   07/2025   1,025  1,017  0.1 1,012 

See Notes to Consolidated Financial Statements.
62
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Health Care Providers & Services - (continued)
Midwest Veterinary Partners, LLC One stop   P + 4.75% (c)(f)   8.00%   07/2025   $ 200  $ 200  — % $ 198 
MWD Management, LLC & MWD Services, Inc.#+ One stop   L + 5.25% (c)   6.25%   06/2023   7,016  7,005  0.3 6,945 
MWD Management, LLC & MWD Services, Inc.# One stop   L + 5.25% (c)   6.25%   06/2023   4,517  4,596  0.2 4,472 
MWD Management, LLC & MWD Services, Inc.(5) One stop   L + 5.25%   N/A(6)   06/2022   —  (1) — (2)
NVA Holdings, Inc.~ Senior loan   L + 3.50% (a)   3.69%   02/2026   2,914  2,887  0.1 2,914 
Oliver Street Dermatology Holdings, LLC#(7) One stop   L + 6.25% (c)   7.25%   05/2022   19,296  17,670  0.4 10,448 
Oliver Street Dermatology Holdings, LLC*#(7) One stop   L + 6.25% (c)   7.25%   05/2022   2,239  1,913  0.1 1,213 
Oliver Street Dermatology Holdings, LLC(7) One stop   L + 6.25% (c)   7.25%   05/2022   2,122  1,933  0.1 1,149 
Oliver Street Dermatology Holdings, LLC(7) One stop   L + 6.25% (c)   7.25%   05/2022   1,606  1,372  — 869 
Oliver Street Dermatology Holdings, LLC*(7) One stop   L + 6.25% (c)   7.25%   05/2022   1,419  1,212  — 768 
Oliver Street Dermatology Holdings, LLC*(7) One stop   L + 6.25% (c)   7.25%   05/2022   1,235  1,055  — 669 
Oliver Street Dermatology Holdings, LLC(7) One stop   L + 6.25% (c)   7.25%   05/2022   962  822  — 521 
Oliver Street Dermatology Holdings, LLC*(7) One stop   L + 6.25% (c)   7.25%   05/2022   834  712  — 451 
Oliver Street Dermatology Holdings, LLC(7) One stop   L + 6.25% (c)   7.25%   05/2022   514  439  — 278 
Oliver Street Dermatology Holdings, LLC(7) One stop   L + 6.25% (c)(f)   7.25%   05/2022   291  267  — 158 
Oliver Street Dermatology Holdings, LLC#(7) One stop   L + 6.25% (c)   7.25%   05/2022   98  89  — 52 
Oliver Street Dermatology Holdings, LLC*#(7) One stop   L + 6.25% (c)   7.25%   05/2022   88  81  — 48 
Oliver Street Dermatology Holdings, LLC#(7) One stop   L + 6.25% (c)   7.25%   05/2022   70  63  — 38 
Oliver Street Dermatology Holdings, LLC#(7) One stop   L + 6.25% (c)   7.25%   05/2022   64  59  — 34 
Pinnacle Treatment Centers, Inc.# One stop   L + 6.25% (c)   7.25%   1/1/2023   19,130  19,257  0.8 19,130 
Pinnacle Treatment Centers, Inc.* One stop   L + 6.25% (c)   7.25%   1/1/2023   7,793  7,735  0.3 7,793 
Pinnacle Treatment Centers, Inc.# One stop   L + 6.25% (c)   7.25%   01/2023   1,571  1,575  0.1 1,571 
Pinnacle Treatment Centers, Inc.^ One stop   L + 6.25% (c)   7.25%   01/2023   709  715  — 709 
Pinnacle Treatment Centers, Inc. One stop   L + 6.25% (c)   7.25%   01/2023   186  188  — 186 
Pinnacle Treatment Centers, Inc.^ One stop   L + 6.25% (c)   7.25%   01/2023   108  108  — 108 
Pinnacle Treatment Centers, Inc. One stop   L + 6.25% (c)   7.25%   01/2023   38  37  — 38 
Pinnacle Treatment Centers, Inc. One stop   L + 6.25%   N/A(6)   01/2023   —  —  — — 
Pinnacle Treatment Centers, Inc. One stop   L + 6.25%   N/A(6)   01/2023   —  —  — — 
PPT Management Holdings, LLC+ One stop   L + 8.50% (c)(d)   7.08% cash/2.50% PIK   12/2022   25,002  23,695  0.9 20,993 
PPT Management Holdings, LLC One stop   L + 8.50% (c)(d)   7.08% cash/2.50% PIK   12/2022   304  291  — 254 
PPT Management Holdings, LLC One stop   L + 8.50% (c)(d)   7.08% cash/2.50% PIK   12/2022   180  172  — 150 
PPT Management Holdings, LLC One stop   L + 8.50% (c)(d)   7.08% cash/2.50% PIK   12/2022   88  77  — 74 
PPT Management Holdings, LLC(5) One stop   L + 8.50% (b)   7.00% cash/2.50% PIK   12/2022   18  (6) — (48)
Pyramid Healthcare, Inc.*+ One stop   L + 6.50% (c)   7.50%   08/2022   14,982  14,840  0.6 14,982 
Pyramid Healthcare, Inc. One stop   L + 6.50% (c)   7.50%   08/2022   461  457  — 461 
Pyramid Healthcare, Inc. One stop   L + 6.50% (c)   7.50%   08/2022   333  330  — 333 
Pyramid Healthcare, Inc. One stop   L + 6.50% (c)   7.50%   08/2022   290  288  — 290 
Pyramid Healthcare, Inc. One stop   L + 6.50% (c)   7.50%   08/2022   112  111  — 112 
Pyramid Healthcare, Inc. One stop   L + 6.50% (c)   7.50%   08/2022   45  44  — 45 
Pyramid Healthcare, Inc.(5) One stop   L + 6.50%   N/A(6)   08/2022   —  (8) — — 
Riverchase MSO, LLC*# Senior loan   L + 6.75% (c)   6.75% cash/1.00% PIK   10/2022   9,624  9,722  0.4 9,432 
Riverchase MSO, LLC Senior loan   L + 6.75% (c)   6.75% cash/1.00% PIK   10/2022   130  130  — 128 

See Notes to Consolidated Financial Statements.
63
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Health Care Providers & Services - (continued)
RXH Buyer Corporation*#! One stop   L + 5.75% (c)   6.75%   09/2021   $ 27,525  $ 27,705  1.2 % $ 27,525 
RXH Buyer Corporation*# One stop   L + 5.75% (c)   6.75%   09/2021   3,116  3,136  0.1 3,116 
RXH Buyer Corporation One stop   L + 5.75%   N/A(6)   09/2021   —  1  — — 
Summit Behavioral Healthcare, LLC# Senior loan   L + 4.75% (c)   5.75%   10/2023   20,597  20,372  0.9 20,597 
Summit Behavioral Healthcare, LLC Senior loan   L + 4.75% (c)   5.75%   10/2023   430  431  — 430 
Summit Behavioral Healthcare, LLC Senior loan   L + 4.75% (c)   5.75%   10/2023   160  156  — 160 
Veterinary Specialists of North America, LLC*#! Senior loan   L + 4.50% (a)   4.65%   04/2025   41,653  43,066  1.7 41,653 
Veterinary Specialists of North America, LLC Senior loan   L + 4.50% (a)   4.65%   04/2025   10,262  10,258  0.4 10,262 
Veterinary Specialists of North America, LLC# Senior loan   L + 4.50% (a)   4.65%   04/2025   2,871  2,851  0.1 2,871 
Veterinary Specialists of North America, LLC* Senior loan   L + 4.50% (a)   4.65%   04/2025   1,445  1,496  0.1 1,445 
Veterinary Specialists of North America, LLC Senior loan   L + 4.50% (a)   4.65%   04/2025   835  832  — 835 
WHCG Management, LLC*# Senior loan   L + 4.50% (d)   5.50%   03/2023   16,067  16,161  0.7 16,067 
WHCG Management, LLC Senior loan   L + 4.50% (d)   5.50%   03/2023   5,627  5,590  0.2 5,627 
WHCG Management, LLC Senior loan   L + 4.50% (d)   5.50%   03/2023   1,983  1,978  0.1 1,983 
WHCG Management, LLC Senior loan   L + 4.50% (d)   5.50%   03/2023   338  336  — 338 
WHCG Management, LLC Senior loan   L + 4.50% (d)   5.50%   03/2023   116  118  — 116 
599,751  589,723  22.9 549,440 


See Notes to Consolidated Financial Statements.
64
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.+~ One stop   L + 5.50% (c)   6.50%   08/2025   $ 45,936  $ 47,269  1.9 $ 45,936 
BJH Holdings III Corp.(5) One stop   L + 5.50%   N/A(6)   08/2025   —  (7) — 0
CR Fitness Holdings, LLC+~ Senior loan   L + 4.25% (a)   5.25%   07/2025   1,999  2,011  0.1 1,839 
CR Fitness Holdings, LLC Senior loan   L + 4.25% (a)   5.25%   07/2025   268  263  — 201 
CR Fitness Holdings, LLC Senior loan   L + 4.25% (a)(c)   5.25%   07/2025   74  74  — 68 
Davidson Hotel Company, LLC+ One stop   L + 6.75% (a)(c)   6.25% cash/1.50% PIK   07/2024   6,981  6,923  0.2 4,887 
Davidson Hotel Company, LLC One stop   L + 6.75% (a)(c)   6.25% cash/1.50% PIK   07/2024   1,073  1,068  — 751 
Davidson Hotel Company, LLC(5) One stop   L + 6.75%   N/A(6)   07/2024   —  (2) — (30)
Davidson Hotel Company, LLC(5) One stop   L + 6.75%   N/A(6)   07/2024   —  (19) — — 
EOS Fitness Opco Holdings, LLC*# One stop   L + 5.25% (c)   6.25%   01/2025   8,675  8,789  0.3 7,981 
EOS Fitness Opco Holdings, LLC One stop   L + 5.25% (c)   6.25%   01/2025   914  925  — 840 
EOS Fitness Opco Holdings, LLC One stop   L + 5.25% (c)   6.25%   01/2025   120  120  — 110 
Planet Fit Indy 10 LLC+ One stop   L + 5.25% (c)   6.25%   07/2025   17,386  17,173  0.7 15,647 
Planet Fit Indy 10 LLC# One stop   L + 5.25% (c)   6.25%   07/2025   2,319  2,369  0.1 2,088 
Planet Fit Indy 10 LLC# One stop   L + 5.25% (c)   6.25%   07/2025   1,259  1,242  0.1 1,133 
Planet Fit Indy 10 LLC One stop   L + 5.25% (c)   6.25%   07/2025   200  199  — 180 
Self Esteem Brands, LLC*# Senior loan   L + 4.25% (c)   5.25%   02/2022   45,841  46,193  1.8 44,007 
Self Esteem Brands, LLC Senior loan   P + 3.25% (f)   6.50%   02/2022   2,338  2,335  0.1 2,245 
SSRG Holdings, LLC One stop   L + 5.25% (a)   6.25%   11/2025   918  902  0.1 891 
SSRG Holdings, LLC One stop   L + 5.25% (a)(c)   6.25%   11/2025   75  74  — 73 
Sunshine Sub, LLC#~ One stop   L + 5.25% (a)   6.25%   05/2024   12,925  13,024  0.5 12,149 
Sunshine Sub, LLC# One stop   L + 5.25% (a)   6.25%   05/2024   5,654  5,838  0.2 5,315 
Sunshine Sub, LLC One stop   L + 5.25% (a)   6.25%   05/2024   20  19  — 8 
Tropical Smoothie Cafe Holdings, LLC Senior loan   L + 5.50% (a)(c)   6.50%   09/2026   17,374  17,202  0.7 17,200 
Tropical Smoothie Cafe Holdings, LLC(5) Senior loan   L + 5.50%   N/A(6)   09/2026   —  (1) — (1)
Velvet Taco Holdings, Inc.~ One stop   L + 7.00% (e)   8.00%   03/2026   1,769  1,753  0.1 1,522 
Velvet Taco Holdings, Inc. One stop   L + 7.00%   N/A(6)   03/2026   —  —  — — 
Velvet Taco Holdings, Inc.(5) One stop   L + 7.00%   N/A(6)   03/2026   —  (1) — — 
174,118  175,735  6.9 165,040 
Household Durables
Groundworks LLC^ Senior loan   L + 7.00% (a)   8.00%   01/2026   4,709  4,657  0.2 4,709 
Groundworks LLC Senior loan   L + 7.00% (a)   8.00%   01/2026   84  83  — 84 
Groundworks LLC Senior loan   L + 7.00%   N/A(6)   01/2026   —  —  — — 
4,793  4,740  0.2 4,793 
Household Products
WU Holdco, Inc. #^ One stop   L + 5.25% (c)   6.25%   03/2026   3,427  3,504  0.2 3,427 
WU Holdco, Inc. One stop   L + 5.25% (c)   6.25%   03/2026   392  392  — 392 
WU Holdco, Inc. (5) One stop   L + 5.25%   N/A(6)   03/2025   —  —  — (2)
3,819  3,896  0.2 3,817 


See Notes to Consolidated Financial Statements.
65
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#^ Senior loan   L + 4.75% (c)   4.97%   04/2026   $ 4,162  $ 4,197  0.2 % $ 4,080 
Arch Global CCT Holdings Corp.(5) Senior loan   L + 4.75%   N/A(6)   04/2025   —  —  — (2)
Arch Global CCT Holdings Corp.(5) Senior loan   L + 4.75%   N/A(6)   04/2026   —  —  — (1)
Madison Safety & Flow LLC^ Senior loan   L + 4.50% (a)   4.66%   03/2025   495  494  — 490 
Madison Safety & Flow LLC Senior loan   L + 4.50%   N/A(6)   03/2025   —  —  — — 
4,657  4,691  0.2 4,567 
Insurance
Captive Resources Midco, LLC*#+~^ One stop   L + 6.00% (a)   7.00%   05/2025   55,016  55,162  2.3 55,016 
Captive Resources Midco, LLC# One stop   L + 6.00% (a)   7.00%   05/2025   1,440  1,427  0.1 1,440 
Captive Resources Midco, LLC(5) One stop   L + 6.00%   N/A(6)   05/2025   —  (18) — — 
High Street Insurance Partners, Inc.+ Senior loan   L + 6.25% (c)   7.25%   12/2025   873  851  — 851 
High Street Insurance Partners, Inc.(5) Senior loan   L + 6.25%   N/A(6)   12/2025   —  (7) — (7)
Integrity Marketing Acquisition, LLC^ Senior loan   L + 5.50% (c)   6.50%   08/2025   2,471  2,471  0.1 2,421 
Integrity Marketing Acquisition, LLC Senior loan   L + 5.50% (c)(d)   6.64%   08/2025   789  786  — 774 
Integrity Marketing Acquisition, LLC Senior loan   L + 5.50% (c)   6.50%   08/2025   478  475  — 468 
Integrity Marketing Acquisition, LLC Senior loan   L + 5.50% (c)(d)   6.50%   08/2025   243  242  — 238 
Integrity Marketing Acquisition, LLC Senior loan   L + 5.75%   N/A(6)   08/2025   —  —  — — 
J.S. Held Holdings, LLC#^ One stop   L + 6.00% (c)   7.00%   07/2025   4,780  4,768  0.2 4,780 
J.S. Held Holdings, LLC One stop   P + 5.00% (f)   8.25%   07/2025   52  46  — 52 
J.S. Held Holdings, LLC(5) One stop   L + 6.00%   N/A(6)   07/2025   —  (15) — — 
Majesco One stop   L + 7.75% (c)   8.75%   09/2027   12,334  12,089  0.5 12,149 
Majesco(5) Senior loan   L + 7.75%   N/A(6)   09/2026   —  (3) — (2)
Orchid Underwriters Agency, LLC^ Senior loan   L + 4.25% (c)   5.25%   12/2024   4,124  4,176  0.2 4,124 
Orchid Underwriters Agency, LLC Senior loan   L + 4.25%   N/A(6)   12/2024   —  —  — — 
Orchid Underwriters Agency, LLC(5) Senior loan   L + 4.25%   N/A(6)   12/2024   —  (1) — — 
RSC Acquisition, Inc.+~^ One stop   L + 5.50% (b)(c)   6.50%   10/2026   26,056  25,564  1.1 25,275 
RSC Acquisition, Inc. One stop   L + 5.50% (c)   6.50%   10/2026   998  958  — 968 
RSC Acquisition, Inc.(5) One stop   L + 5.50%   N/A(6)   10/2026   —  (1) — (2)
RSC Acquisition, Inc.(5) One stop   L + 5.50%   N/A(6)   10/2026   —  (2) — (3)
RSC Acquisition, Inc.(5) One stop   L + 5.50%   N/A(6)   10/2026   —  (226) — (170)
109,654  108,742  4.5 108,372 
Internet and Catalog Retail
AutoQuotes, LLC! One stop   L + 6.00% (c)   7.00%   11/2024   9,888  10,023  0.4 9,393 
AutoQuotes, LLC One stop   L + 6.00% (c)   7.00%   11/2024   100  100  — 96 
9,988  10,123  0.4 9,489 


See Notes to Consolidated Financial Statements.
66
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
IT Services
Acquia, Inc.!~ One stop   L + 7.00% (c)   8.00%   10/2025   $ 7,118  $ 7,057  0.3 % $ 7,118 
Acquia, Inc. One stop   L + 7.00%   N/A(6)   10/2025   —  —  — — 
Appriss Holdings, Inc.#+~^ One stop   L + 5.50% (a)(c)(d)   5.75%   06/2026   24,968  25,674  1.0 24,470 
Appriss Holdings, Inc. One stop   L + 5.50% (a)   5.65%   06/2025   202  198  — 194 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc. One stop   L + 7.50% (a)   8.50% cash/1.00% PIK   08/2025   4,622  4,444  0.2 4,529 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. One stop   L + 7.50%   N/A(6)   08/2025   —  —  — — 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5) One stop   L + 7.50%   N/A(6)   08/2025   —  (3) — (3)
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5) One stop   L + 7.50%   N/A(6)   08/2025   —  (14) — (14)
Centrify Corporation*# One stop   L + 8.25% (c)   9.25%   08/2024   23,239  23,279  1.0 22,774 
Centrify Corporation One stop   P + 7.25% (f)   10.50%   08/2024   200  202  — 196 
E2open, LLC*#+!~^ One stop   L + 5.75% (c)   6.75%   11/2024   85,904  86,773  3.5 84,184 
E2open, LLC(5) One stop   L + 5.75%   N/A(6)   11/2024   —  (5) — (10)
Episerver, Inc.!~(8)(9) One stop   L + 6.00% (d)   6.00%   10/2024   20,541  20,852  0.9 20,471 
Episerver, Inc.#^ One stop   L + 5.75% (c)(d)   6.75%   10/2024   12,186  12,374  0.5 11,820 
Episerver, Inc.(5) One stop   L + 5.75%   N/A(6)   10/2024   —  (2) — (12)
Gamma Technologies, LLC*#!^ One stop   L + 5.00% (c)   6.00%   06/2024   47,091  47,412  1.9 46,620 
Gamma Technologies, LLC(5) One stop   L + 5.00%   N/A(6)   06/2024   —  (1) — (2)
Infinisource, Inc.~^ One stop   L + 4.50% (c)   5.50%   10/2026   29,180  28,757  1.2 29,180 
Infinisource, Inc. One stop   L + 4.50% (c)   5.50%   10/2026   154  151  — 154 
Infinisource, Inc. One stop   L + 4.50% (c)   5.50%   10/2026   111  110  — 111 
Infinisource, Inc.(5) One stop   L + 4.50%   N/A(6)   10/2026   —  (1) — — 
Maverick Bidco Inc.*#!~ One stop   L + 6.25% (c)   7.25%   04/2023   39,462  39,684  1.7 39,462 
Maverick Bidco Inc.*# One stop   L + 6.25% (c)   7.25%   04/2023   3,183  3,237  0.1 3,183 
Maverick Bidco Inc. One stop   L + 6.25% (c)   7.25%   04/2023   2,821  2,751  0.1 2,821 
Maverick Bidco Inc.^ One stop   L + 6.25% (c)   7.25%   04/2023   1,693  1,629  0.1 1,693 
Maverick Bidco Inc. One stop   L + 6.25% (c)   7.25%   04/2023   202  199  — 202 
PCS Intermediate II Holdings, LLC~ One stop   L + 5.25% (c)   6.25%   01/2026   14,493  14,364  0.6 14,493 
PCS Intermediate II Holdings, LLC(5) One stop   L + 5.50%   N/A(6)   01/2026   —  (1) — — 
Recordxtechnologies, LLC+ One stop   L + 5.50% (c)   6.50%   12/2025   743  735  — 714 
Recordxtechnologies, LLC One stop   L + 5.50% (c)   6.50%   12/2025   42  41  — 39 
Recordxtechnologies, LLC(5) One stop   L + 5.50%   N/A(6)   12/2025   —  (1) — (7)
Red Dawn SEI Buyer, Inc.^ Senior loan   L + 4.25% (c)   5.25%   11/2025   752  744  — 752 
Red Dawn SEI Buyer, Inc.(5) Senior loan   L + 4.25%   N/A(6)   11/2025   —  (1) — — 
Red Dawn SEI Buyer, Inc.(5) Senior loan   L + 4.25%   N/A(6)   11/2025   —  (1) — — 
Velocity Technology Solutions, Inc.*# One stop   L + 6.00% (c)   7.00%   12/2023   18,276  18,556  0.8 18,276 
Velocity Technology Solutions, Inc. One stop   L + 6.00% (c)   7.00%   12/2023   50  49  — 50 
337,233  339,242  13.9 333,458 
Leisure Products
WBZ Investment LLC# One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   8,467  8,525  0.3 7,620 
WBZ Investment LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   1,213  1,205  0.1 1,091 
WBZ Investment LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   843  871  — 758 
WBZ Investment LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   431  445  — 388 
WBZ Investment LLC One stop   L + 7.50% (c)   6.50% cash/2.00% PIK   09/2024   80  80  — 70 
11,034  11,126  0.4 9,927 


See Notes to Consolidated Financial Statements.
67
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Life Sciences Tools & Services
Pace Analytical Services, LLC*#! One stop   L + 5.75% (c)   6.75%   04/2024   $ 29,639  $ 29,717  1.2 $ 29,343 
Pace Analytical Services, LLC One stop   L + 5.75% (c)   6.75%   04/2024   7,046  6,943  0.3 6,975 
Pace Analytical Services, LLC#^ One stop   L + 5.75% (c)   6.75%   04/2024   2,756  2,768  0.1 2,729 
Pace Analytical Services, LLC*# One stop   L + 5.75% (c)   6.75%   04/2024   1,652  1,685  0.1 1,635 
Pace Analytical Services, LLC*# One stop   L + 5.75% (c)   6.75%   04/2024   1,518  1,529  0.1 1,504 
Pace Analytical Services, LLC*# One stop   L + 5.75% (c)   6.75%   04/2024   1,264  1,264  0.1 1,252 
Pace Analytical Services, LLC#^ One stop   L + 5.75% (c)   6.75%   04/2024   1,222  1,246  0.1 1,210 
Pace Analytical Services, LLC One stop   L + 5.75% (c)   6.75%   04/2024   993  971  — 983 
Pace Analytical Services, LLC*# One stop   L + 5.75% (c)   6.75%   04/2024   678  680  — 670 
Pace Analytical Services, LLC*# One stop   L + 5.75% (c)   6.75%   04/2024   559  570  — 554 
Pace Analytical Services, LLC* One stop   L + 5.75% (c)   6.75%   04/2024   188  191  — 186 
Pace Analytical Services, LLC(5) One stop   L + 5.75%   N/A(6)   04/2024   —  (3) — (4)
Pace Analytical Services, LLC(5) One stop   L + 5.75%   N/A(6)   04/2024   —  (116) — (80)
47,515  47,445  2.0 46,957 
Machinery
Blackbird Purchaser, Inc. *+~^ Senior loan   L + 4.25% (c)(f)   4.47%   04/2026   15,524  15,796  0.6 15,059 
Blackbird Purchaser, Inc. (5) Senior loan   L + 4.25%   N/A(6)   04/2024   —  (1) — (6)
Blackbird Purchaser, Inc. (5) Senior loan   L + 4.25%   N/A(6)   04/2026   —  20  — (14)
Chase Industries, Inc.+~ Senior loan   L + 5.50% (d)   6.50%   05/2025   12,059  12,180  0.4 9,620 
Chase Industries, Inc. Senior loan   L + 7.00% (d)   6.50% cash/1.50% PIK   05/2025   985  1,020  0.1 786 
Chase Industries, Inc. Senior loan   L + 7.00% (d)   6.50% cash/1.50% PIK   05/2023   354  358  — 282 
28,922  29,373  1.1 25,727 
Multiline Retail
Mills Fleet Farm Group LLC*#+!~^ One stop   L + 6.25% (d)   7.25%   10/2024   46,488  46,372  1.9 46,488 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.+~(8)(12) One stop   L + 5.75% (c)   6.75%   05/2025   13,761  14,004  0.5 13,072 
3ES Innovation, Inc.(5)(8)(12) One stop   L + 5.75%   N/A(6)   05/2025   —  (2) — (10)
Drilling Info Holdings, Inc.*#+~ Senior loan   L + 4.25% (a)   4.40%   07/2025   36,577  37,062  1.5 35,030 
Drilling Info Holdings, Inc.~ Senior loan   L + 4.50% (a)   4.65%   07/2025   17,342  16,915  0.7 16,790 
Drilling Info Holdings, Inc. Senior loan   L + 4.25% (a)   4.40%   07/2023   120  118  — 112 
Drilling Info Holdings, Inc. Senior loan   L + 4.50% (a)   4.65%   07/2023   52  49  — 49 
Drilling Info Holdings, Inc.(5) Senior loan   L + 4.25%   N/A(6)   07/2025   —  (6) — (43)
Project Power Buyer, LLC#+^ One stop   L + 6.25% (c)   7.25%   05/2026   15,782  15,929  0.7 15,625 
Project Power Buyer, LLC(5) One stop   L + 6.25%   N/A(6)   05/2025   —  (1) — (2)
83,634  84,068  3.4 80,623 
Paper & Forest Products
Messenger, LLC+~ One stop   L + 6.50% (c)(f)   7.50%   08/2023   9,053  9,126  0.4 8,601 
Messenger, LLC(5) One stop   L + 6.50%   N/A(6)   08/2023   —  —  — (4)
9,053  9,126  0.4 8,597 


See Notes to Consolidated Financial Statements.
68
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Personal Products
IMPLUS Footwear, LLC+~ One stop   L + 7.75% (c)   8.75%   04/2024   $ 30,973  $ 31,376  1.2 % $ 27,876 
IMPLUS Footwear, LLC+~ One stop   L + 7.75% (c)   8.75%   04/2024   5,290  5,358  0.2 4,761 
IMPLUS Footwear, LLC* One stop   L + 7.75% (c)   8.75%   04/2024   763  786  — 686 
37,026  37,520  1.4 33,323 
Pharmaceuticals
ACP Ulysses Buyer, Inc.+!^ Senior loan   L + 5.00% (c)   6.00%   02/2026   13,210  13,091  0.6 13,210 
Apothecary Products, LLC+ Senior loan   L + 4.50% (c)   5.50%   07/2023   2,904  3,009  0.1 2,846 
Apothecary Products, LLC(5) Senior loan   L + 4.50%   N/A(6)   07/2023   —  —  — (16)
BIOVT, LLC*#^ One stop   L + 5.75% (a)   6.75%   01/2021   34,128  34,262  1.4 34,128 
BIOVT, LLC#^ One stop   L + 5.75% (a)   6.75%   01/2021   2,073  2,091  0.1 2,073 
BIOVT, LLC* One stop   L + 5.75% (a)   6.75%   01/2021   1,946  1,963  0.1 1,946 
BIOVT, LLC One stop   L + 5.75%   N/A(6)   01/2021   —  —  — — 
BIOVT, LLC One stop   L + 5.75%   N/A(6)   01/2021   —  —  — — 
54,261  54,416  2.3 54,187 
Professional Services
Brandmuscle, Inc. Senior loan   L + 4.75% (c)   5.75%   12/2021   8,115  8,111  0.3 7,708 
Brandmuscle, Inc.# Senior loan   L + 5.00% (c)   6.00%   12/2021   1,126  1,140  — 1,073 
Brandmuscle, Inc.(5) Senior loan   L + 4.75%   N/A(6)   12/2021   —  —  — (4)
DISA Holdings Acquisition Subsidiary Corp.+~ Senior loan   L + 4.25% (c)   5.34%   06/2022   9,814  9,891  0.4 8,930 
DISA Holdings Acquisition Subsidiary Corp. Senior loan   L + 4.25% (a)   5.25%   06/2022   1,448  1,448  0.1 1,319 
DISA Holdings Acquisition Subsidiary Corp. Senior loan   L + 4.25%   N/A(6)   06/2022   —  3  — — 
Net Health Acquisition Corp.*# One stop   L + 5.50% (c)   6.50%   12/2023   8,554  8,656  0.3 8,554 
Net Health Acquisition Corp.~^ One stop   L + 5.50% (c)   6.50%   12/2023   6,845  6,964  0.3 6,845 
Net Health Acquisition Corp.*# One stop   L + 5.50% (c)   6.50%   12/2023   1,195  1,210  — 1,195 
Net Health Acquisition Corp.(5) One stop   L + 5.50%   N/A(6)   12/2023   —  (2) — — 
Nexus Brands Group, Inc.*# One stop   L + 6.00% (c)   7.00%   11/2023   9,378  9,471  0.4 8,909 
Nexus Brands Group, Inc.+~(8)(9) One stop   L + 6.00% (h)   7.00%   11/2023   7,145  7,263  0.3 6,980 
Nexus Brands Group, Inc.# One stop   L + 6.00% (c)   7.00%   11/2023   1,987  2,050  0.1 1,887 
Nexus Brands Group, Inc.#~ One stop   L + 6.00% (c)   7.00%   11/2023   1,437  1,483  0.1 1,365 
Nexus Brands Group, Inc.~ One stop   L + 6.00% (c)   7.00%   11/2023   765  759  — 727 
Nexus Brands Group, Inc. One stop   L + 6.00% (c)   7.00%   11/2023   20  21  — 10 
Nexus Brands Group, Inc.(5)(8)(9) One stop   L + 6.00%   N/A(6)   11/2023   —  —  — (4)
Nexus Brands Group, Inc.(5)(8)(9) One stop   L + 6.00%   N/A(6)   11/2023   —  (1) — — 
Nexus Brands Group, Inc.(5) One stop   L + 6.00%   N/A(6)   11/2023   —  (1) — — 
PlanSource Holdings, Inc. !~ One stop   L + 6.25% (b)   7.25%   04/2025   11,416  11,542  0.5 11,416 
PlanSource Holdings, Inc. (5) One stop   L + 6.25%   N/A(6)   04/2025   —  (1) — — 
Teaching Company, The*# One stop   L + 4.75% (c)(d)   5.75%   07/2023   17,832  18,009  0.7 17,832 
Teaching Company, The One stop   L + 4.75% (d)   5.75%   07/2023   30  30  — 30 
87,107  88,046  3.5 84,772 


See Notes to Consolidated Financial Statements.
69
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Real Estate Management & Development
Property Brands, Inc.# One stop   L + 5.75% (c)   6.75%   01/2024   $ 19,845  $ 20,037  0.8 % $ 18,852 
Property Brands, Inc.~^ One stop   L + 5.75% (c)   6.75%   01/2024   13,666  13,551  0.5 12,984 
Property Brands, Inc.*# One stop   L + 5.75% (c)   6.75%   01/2024   6,653  6,761  0.3 6,319 
Property Brands, Inc.~^ One stop   L + 5.75% (c)   6.75%   01/2024   3,243  3,348  0.1 3,081 
Property Brands, Inc. One stop   L + 5.75% (c)   6.75%   01/2024   1,424  1,469  0.1 1,353 
Property Brands, Inc.# One stop   L + 5.75% (c)   6.75%   01/2024   1,205  1,243  0.1 1,145 
Property Brands, Inc. One stop   L + 5.75% (c)   6.75%   01/2024   1,189  1,227  — 1,129 
Property Brands, Inc. One stop   L + 5.75% (c)   6.75%   01/2024   950  944  — 903 
Property Brands, Inc. One stop   L + 5.75% (c)   6.75%   01/2024   501  517  — 477 
Property Brands, Inc. One stop   L + 5.75% (c)   6.75%   01/2024   200 199 — 190
Property Brands, Inc.(5) One stop   L + 5.75%   N/A(6)   01/2024   —  (2) — (175)
MRI Software LLC~^ One stop   L + 5.50% (c)   6.50%   02/2026   14,579  14,450  0.6 14,215 
MRI Software LLC One stop   L + 5.50% (c)   6.50%   02/2026   1,710  1,667  0.1 1,667 
MRI Software LLC(5) One stop   L + 5.50%   N/A(6)   02/2026   —  (2) — (7)
MRI Software LLC(5) One stop   L + 5.50%   N/A(6)   02/2026   —  —  — (2)
MRI Software LLC(5) One stop   L + 5.50%   N/A(6)   02/2026   —  (3) — (9)
65,165  65,406  2.6 62,122 
Road & Rail
Internet Truckstop Group LLC*#! One stop   L + 5.50% (c)   6.50%   04/2025   22,587  23,165  0.9 22,587 
Internet Truckstop Group LLC(5) One stop   L + 5.50%   N/A(6)   04/2025   —  (2) — — 
22,587  23,163  0.9 22,587 


See Notes to Consolidated Financial Statements.
70
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Software
Accela, Inc.*# One stop   L + 4.91% (a)   4.25% cash/1.66% PIK   09/2023   $ 4,479  $ 4,479  0.2 % $ 4,411 
Accela, Inc.(5) One stop   L + 7.00%   N/A(6)   09/2023   —  —  — (2)
Apptio, Inc. !~ One stop   L + 7.25% (d)   8.25%   01/2025   57,009  57,722  2.4 57,009 
Apptio, Inc. (5) One stop   L + 7.25%   N/A(6)   01/2025   —  (1) — — 
Astute Holdings, Inc. ! One stop   L + 6.50% (c)   7.50%   04/2025   10,816  10,951  0.5 10,816 
Astute Holdings, Inc. One stop   L + 6.50% (c)   7.50%   04/2025   2,768  2,759  0.1 2,768 
Astute Holdings, Inc. (5) One stop   L + 6.50%   N/A(6)   04/2025   —  (1) — — 
Axiom Merger Sub Inc.!~^ One stop   L + 5.25% (c)   6.47%   04/2026   5,847  5,900  0.3 5,847 
Axiom Merger Sub Inc.+~(8)(9) One stop   E + 5.50% (g)   5.50%   04/2026   2,411  2,432  0.1 2,492 
Axiom Merger Sub Inc. One stop   L + 5.25% (d)   6.25%   04/2026   30  29  — 30 
Bearcat Buyer, Inc.+~ Senior loan   L + 4.25% (c)   5.25%   07/2026   2,928  2,950  0.1 2,928 
Bearcat Buyer, Inc.~ Senior loan   L + 4.25% (c)   5.25%   07/2026   309  307  — 309 
Bearcat Buyer, Inc. Senior loan   L + 4.25% (c)   5.25%   07/2026   165  166  — 165 
Bearcat Buyer, Inc. Senior loan   L + 4.25%   N/A(6)   07/2024   —  —  — — 
Bullhorn, Inc.*#+~^ One stop   L + 5.75% (c)   6.75%   09/2026   67,302  66,135  2.8 66,294 
Bullhorn, Inc.(8)(9) One stop   L + 6.00% (h)   6.06%   09/2026   12,008  11,796  0.5 12,230 
Bullhorn, Inc.(8)(9) One stop   L + 5.75% (c)   5.75%   09/2026   4,822  4,736  0.2 4,951 
Bullhorn, Inc. One stop   L + 5.75% (c)(f)   6.75%   09/2026   98  96  — 96 
Bullhorn, Inc. One stop   L + 5.75% (c)   6.75%   09/2026   78  77  — 77 
Bullhorn, Inc.(5) One stop   L + 5.75%   N/A(6)   09/2026   —  (4) — (4)
Bullhorn, Inc.(5) One stop   L + 5.75%   N/A(6)   09/2026   —  (4) — (3)
Calabrio, Inc. !~ One stop   L + 6.50% (c)   7.50%   06/2025   24,880  24,894  1.0 24,880 
Calabrio, Inc. One stop   L + 6.50% (a)   7.50%   06/2025   72  72  — 72 
Clearwater Analytics, LLC*# One stop   L + 5.50% (c)   6.50%   09/2022   14,242  14,256  0.6 14,242 
Clearwater Analytics, LLC* One stop   L + 5.50% (c)   6.50%   09/2022   6,040  6,071  0.3 6,040 
Clearwater Analytics, LLC+ One stop   L + 5.50% (c)   6.50%   09/2022   990  976  — 990 
Clearwater Analytics, LLC(5) One stop   L + 5.50%   N/A(6)   09/2022   —  (3) — — 
Cloudbees, Inc. One stop   L + 9.00% (a)   9.50% cash/0.50% PIK   05/2023   4,215  4,248  0.2 4,215 
Cloudbees, Inc. One stop   L + 9.00% (a)   9.50% cash/0.50% PIK   05/2023   2,774  2,692  0.1 2,774 
Cloudbees, Inc. One stop   L + 9.00% (a)   9.50% cash/0.50% PIK   05/2023   1,469  1,480  0.1 1,469 
Cloudbees, Inc. One stop   L + 8.50%   N/A(6)   05/2023   —  —  — — 
Confluence Technologies, Inc.+~^ One stop   L + 5.75% (a)   6.75%   03/2024   45,004  44,768  1.9 44,554 
Confluence Technologies, Inc. One stop   L + 5.75% (a)   6.75%   03/2024   28  27  — 25 
Convercent, Inc. One stop   L + 9.00% (c)   8.25% cash/2.75% PIK   12/2024   2,795  2,725  0.1 2,831 
Convercent, Inc. Subordinated debt   N/A   4.00%   11/2020   138  138  — 176 
Convercent, Inc. One stop   L + 9.00% (c)   N/A(6)   12/2024   —  —  — — 
Convercent, Inc. One stop   L + 9.00%   N/A(6)   12/2024   —  —  — — 
Daxko Acquisition Corporation*#^ One stop   L + 6.00% (c)   7.00%   09/2023   25,681  25,759  1.1 25,681 
Daxko Acquisition Corporation One stop   L + 6.00%   N/A(6)   09/2023   —  —  — — 
Digital Guardian, Inc.! One stop   L + 9.50% (c)   7.50% cash/3.00% PIK   06/2023   8,731  9,013  0.4 9,040 

See Notes to Consolidated Financial Statements.
71
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Software - (continued)
Digital Guardian, Inc. Subordinated debt   N/A   8.00% PIK   06/2023   $ 9  $ 7  — % $ 9 
Digital Guardian, Inc. One stop   L + 5.00%   N/A(6)   06/2023   —  —  — 2 
Diligent Corporation*#+!~^ One stop   L + 6.25% (c)   7.25%   08/2025   88,058  88,673  3.6 85,856 
Diligent Corporation(5) One stop   L + 6.25%   N/A(6)   08/2025   —  1  — (8)
GS Acquisitionco, Inc.*#+!~^ One stop   L + 5.75% (d)   6.75%   05/2024   54,048  54,440  2.3 54,048 
GS Acquisitionco, Inc.*# One stop   L + 5.75% (c)   6.75%   05/2024   12,756  13,056  0.5 12,756 
GS Acquisitionco, Inc.# One stop   L + 5.75% (d)   6.75%   05/2024   3,286  3,364  0.1 3,286 
GS Acquisitionco, Inc.+~ One stop   L + 5.75% (c)   6.75%   05/2024   3,033  3,104  0.1 3,033 
GS Acquisitionco, Inc.# One stop   L + 5.75% (c)   6.75%   05/2024   1,899  1,944  0.1 1,899 
GS Acquisitionco, Inc. One stop   L + 5.75% (c)(d)   6.75%   05/2024   186  183  — 186 
GS Acquisitionco, Inc. One stop   L + 5.75% (d)   6.75%   05/2024   75  75  — 75 
GS Acquisitionco, Inc. One stop   L + 5.75% (d)   6.75%   05/2024   37  37  — 37 
ICIMS, Inc.!~ One stop   L + 6.50% (c)   7.50%   09/2024   14,355  14,548  0.6 14,355 
ICIMS, Inc.!~ One stop   L + 6.50% (c)   7.50%   09/2024   4,501  4,576  0.2 4,501 
ICIMS, Inc.(5) One stop   L + 6.50%   N/A(6)   09/2024   —  (1) — — 
Impartner, Inc. Senior loan   L + 9.50% (c)   9.30% cash/2.00% PIK   08/2025   2,916  2,880  0.1 3,001 
Impartner, Inc.(5) Senior loan   L + 9.50%   N/A(6)   08/2025   —  (3) — 14 
Impartner, Inc. Senior loan   L + 9.50%   N/A(6)   08/2025   —  —  — — 
Infogix, Inc.*# One stop   L + 7.00% (c)   8.00%   04/2024   7,178  7,309  0.3 7,178 
Infogix, Inc.*^ One stop   L + 7.00% (c)   8.00%   04/2024   1,107  1,124  — 1,107 
Infogix, Inc. One stop   L + 7.00% (c)   8.00%   04/2024   90  90  — 90 
Integral Ad Science, Inc.!~ One stop   L + 7.25% (c)   7.00% cash/1.25% PIK   07/2024   15,882  16,069  0.7 15,882 
Integral Ad Science, Inc.(5) One stop   L + 6.00%   N/A(6)   07/2023   —  (3) — (4)
Integration Appliance, Inc.*!~ One stop   L + 7.25% (d)   8.25%   08/2023   68,335  69,117  2.9 68,335 
Integration Appliance, Inc. One stop   L + 7.25% (d)   8.25%   08/2023   487  483  — 487 
Invoice Cloud, Inc.! One stop   L + 6.50% (c)   4.25% cash/3.25% PIK   02/2024   6,520  6,559  0.3 6,390 
Invoice Cloud, Inc. One stop   L + 6.50% (c)   4.25% cash/3.25% PIK   02/2024   2,187  2,186  0.1 2,138 
Invoice Cloud, Inc.(5) One stop   L + 6.00%   N/A(6)   02/2024   —  —  — (2)
Kaseya Traverse Inc!~ One stop   L + 7.00% (c)   5.09% cash/3.00% PIK   05/2025   36,070  37,033  1.5 36,070 
Kaseya Traverse Inc One stop   L + 7.00% (c)(d)   5.06% cash/3.00% PIK   05/2025   738  755  — 738 
Kaseya Traverse Inc One stop   L + 6.50% (c)   7.50%   05/2025   89  88  — 86 
Kaseya Traverse Inc(5) One stop   L + 7.00%   N/A(6)   05/2025   —  (1) — — 
Mindbody, Inc.!~ One stop   L + 8.50% (c)   8.00% cash/1.50% PIK   02/2025   48,593  49,379  1.9 45,678 
Mindbody, Inc.(5) One stop   L + 8.00%   N/A(6)   02/2025   —  (1) — (18)
Ministry Brands, LLC^ Senior loan   L + 4.00% (b)   5.00%   12/2022   1,446  1,462  0.1 1,359 
Ministry Brands, LLC^ Senior loan   L + 4.00% (b)   5.00%   12/2022   827  837  — 777 
Ministry Brands, LLC Senior loan   L + 4.00% (b)   5.00%   12/2022   377  388  — 354 
mParticle, Inc. One stop   L + 9.75% (c)   7.50% cash/3.25% PIK   09/2025   3,157  3,101  0.1 3,115 
mParticle, Inc. One stop   L + 9.75%   N/A(6)   09/2025   —  —  — — 
Namely, Inc.!~ One stop   L + 7.50% (c)   8.25% cash/1.25% PIK   06/2024   3,580  3,614  0.1 3,507 
Namely, Inc. One stop   L + 7.50% (c)   8.25% cash/1.25% PIK   06/2024   2,033  2,019  0.1 1,992 
Namely, Inc. One stop   L + 7.50% (a)   8.25% cash/1.25% PIK   06/2024   70  70  — 68 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH! One stop   P + 6.75% (f)   8.25% cash/1.75% PIK   10/2024   2,139  2,121  0.1 2,249 

See Notes to Consolidated Financial Statements.
72
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Software - (continued)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop   L + 7.75%   N/A(6)   10/2024   $ —  $ —  — % $ 1 
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH One stop   L + 7.75%   N/A(6)   10/2024   —  —  — 4 
Personify, Inc.*+^ One stop   L + 5.25% (c)   6.25%   09/2024   15,457  15,712  0.6 15,457 
Personify, Inc. One stop   L + 5.25% (c)   6.25%   09/2024   60  61  — 60 
RegEd Aquireco, LLC^ Senior loan   L + 4.25% (a)   5.25%   12/2024   11,416  11,413  0.4 10,731 
RegEd Aquireco, LLC Senior loan   L + 4.25% (a)(f)   5.08%   12/2024   132  131  — 112 
RegEd Aquireco, LLC(5) Senior loan   L + 4.25%   N/A(6)   12/2024   —  (4) — — 
Saturn Borrower Inc. Senior loan   L + 6.50% (c)   7.50%   09/2026   16,324  15,836  0.7 15,834 
Saturn Borrower Inc.(5) Senior loan   L + 6.50%   N/A(6)   09/2026   —  (3) — (3)
SnapLogic, Inc. One stop   L + 8.75% (c)   5.75% cash/5.50% PIK   09/2024   5,978  5,911  0.3 5,978 
SnapLogic, Inc. One stop   L + 8.75% (c)   5.75% cash/5.50% PIK   09/2024   61  61  — 61 
SnapLogic, Inc. One stop   L + 8.75%   N/A(6)   09/2024   —  —  — — 
Sontatype, Inc.! One stop   L + 6.75% (d)   7.75%   12/2025   851  843  — 851 
Sontatype, Inc.(5) One stop   L + 6.75%   N/A(6)   12/2025   —  (2) — — 
Telesoft Holdings LLC^ One stop   L + 5.75% (a)   6.75%   12/2025   905  887  — 905 
Telesoft Holdings LLC(5) One stop   L + 5.75%   N/A(6)   12/2025   —  (2) — — 
TI Intermediate Holdings, LLC^ Senior loan   L + 4.50% (a)   4.65%   12/2024   3,517  3,575  0.1 3,517 
TI Intermediate Holdings, LLC Senior loan   L + 4.50% (a)   4.65%   12/2024   42  42  — 42 
Togetherwork Holdings, LLC*# One stop   L + 5.75% (a)   6.75%   03/2025   15,564  15,706  0.6 15,408 
Togetherwork Holdings, LLC~^ One stop   L + 5.75% (a)   6.75%   03/2025   1,803  1,865  0.1 1,786 
Togetherwork Holdings, LLC One stop   L + 5.75% (a)   6.75%   03/2025   1,750  1,807  0.1 1,733 
Togetherwork Holdings, LLC*# One stop   L + 5.75% (a)   6.75%   03/2025   1,706  1,764  0.1 1,689 
Togetherwork Holdings, LLC~^ One stop   L + 5.75% (a)   6.75%   03/2025   1,648  1,680  0.1 1,631 
Togetherwork Holdings, LLC*^ One stop   L + 5.75% (a)   6.75%   03/2025   1,588  1,643  0.1 1,573 
Togetherwork Holdings, LLC One stop   L + 5.75% (a)   6.75%   03/2025   1,481  1,530  0.1 1,466 
Togetherwork Holdings, LLC*# One stop   L + 5.75% (a)   6.75%   03/2025   1,213  1,231  0.1 1,201 
Togetherwork Holdings, LLC One stop   L + 5.75% (a)   6.75%   03/2025   668  690  — 662 
Togetherwork Holdings, LLC^ One stop   L + 5.75% (a)   6.75%   03/2025   447  443  — 443 
Togetherwork Holdings, LLC One stop   L + 5.75% (a)   6.75%   03/2024   300  298  — 298 
Togetherwork Holdings, LLC One stop   L + 5.75% (a)   6.75%   03/2025   64  66  — 64 
Togetherwork Holdings, LLC~ One stop   L + 5.75% (a)   6.75%   03/2025   59  61  — 59 
Transact Holdings, Inc.+~ Senior loan   L + 4.75% (a)   4.90%   04/2026   3,079  3,121  0.1 2,912 
Trintech, Inc.*#^ One stop   L + 6.00% (c)   7.00%   12/2023   22,400  22,738  0.9 22,400 
Trintech, Inc.#!^ One stop   L + 6.00% (c)   7.00%   12/2023   9,287  9,473  0.4 9,287 
Trintech, Inc. One stop   L + 6.00% (c)   7.00%   12/2023   300  301  — 300 
True Commerce, Inc.*#^ One stop   L + 5.75% (c)   6.75%   11/2023   14,598  14,861  0.6 14,598 
True Commerce, Inc.+(8)(9) One stop   L + 5.75% (c)   6.75%   11/2023   2,575  2,665  0.1 2,677 
True Commerce, Inc.#(8) One stop   L + 5.75% (c)   6.75%   11/2023   909  941  — 909 
True Commerce, Inc. One stop   L + 5.75%   N/A(6)   11/2023   —  —  — — 
Upserve, Inc.!~ One stop   L + 8.00% (e)   9.00%   07/2023   6,141  6,193  0.3 6,018 
Upserve, Inc. One stop   L + 8.00% (e)   9.00%   07/2023   1,451  1,496  0.1 1,422 
Upserve, Inc.(5) One stop   L + 8.00%   N/A(6)   07/2023   —  —  — (2)
Vector CS Midco Limited & Cloudsense Ltd.!~(8)(9)(10) One stop   N/A   4.50% cash/3.55% PIK   05/2024   7,859  7,986  0.3 7,980 

See Notes to Consolidated Financial Statements.
73
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Software - (continued)
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10) One stop   L + 7.25% (h)   5.30% cash/2.75% PIK   05/2024   $ 132  $ 132  — % $ 130 
Vendavo, Inc.*!~ One stop   L + 6.50% (c)   7.50%   10/2022   35,368  35,329  1.5 35,368 
Vendavo, Inc. One stop   P + 5.25% (f)   8.50%   10/2022   631  629  — 631 
Workforce Software, LLC!~ One stop   L + 6.50% (c)   7.50%   07/2025   27,195  27,895  1.1 27,195 
Workforce Software, LLC(5) One stop   L + 6.50%   N/A(6)   07/2025   —  (2) — — 
909,152  915,327  37.6 901,417 


See Notes to Consolidated Financial Statements.
74
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Specialty Retail
2nd Ave. LLC One stop   L + 5.50% (d)   6.50%   09/2025   $ 5,915  $ 5,829  0.2 % $ 5,560 
2nd Ave. LLC One stop   L + 5.50% (d)   6.56%   09/2025   50  50  — 47 
Batteries Plus Holding Corporation# One stop   L + 6.75% (a)   7.75%   07/2022   21,921  22,098  0.9 21,921 
Batteries Plus Holding Corporation(5) One stop   L + 6.75%   N/A(6)   07/2022   —  (1) — — 
Boot Barn, Inc.#+~ Senior loan   L + 4.50% (c)   5.50%   06/2023   16,777  16,904  0.7 16,777 
Cycle Gear, Inc.#+^ One stop   L + 5.00% (c)   6.00%   01/2024   23,834  24,042  1.0 23,834 
DTLR, Inc.*#+ One stop   L + 8.50% (b)(c)   7.50% cash/2.00% PIK   08/2022   41,457  41,896  1.7 41,457 
Imperial Optical Midco Inc.~ One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   3,620  3,666  0.2 3,620 
Imperial Optical Midco Inc.* One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   2,822  2,803  0.1 2,822 
Imperial Optical Midco Inc.# One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   1,918  1,965  0.1 1,918 
Imperial Optical Midco Inc.# One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   1,249  1,279  0.1 1,249 
Imperial Optical Midco Inc.* One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   1,137  1,165  0.1 1,137 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   330  328  — 330 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   240  238  — 240 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   190  189  — 190 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   134  133  — 134 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   130  129  — 130 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   96  96  — 96 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   83  82  — 83 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   42  42  — 42 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   41  41  — 41 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   24  23  — 24 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   21  21  — 21 
Imperial Optical Midco Inc. One stop   L + 8.25% (a)   7.25% cash/2.00% PIK   08/2023   11  11  — 11 
Imperial Optical Midco Inc. One stop   L + 6.25%   N/A(6)   08/2023   —  —  — — 
Imperial Optical Midco Inc.(5) One stop   L + 8.25%   N/A(6)   08/2023   —  (3) — — 
Jet Equipment & Tools Ltd.+~(8)(9)(12) One stop   L + 5.25% (a)   6.25%   11/2024   17,988  18,266  0.8 17,781 
Jet Equipment & Tools Ltd.*#(8)(12) One stop   L + 5.25% (a)   6.25%   11/2024   12,364  12,604  0.5 12,364 
Jet Equipment & Tools Ltd.#(8)(12)^ One stop   L + 5.25% (a)   6.25%   11/2024   4,306  4,377  0.2 4,306 
Jet Equipment & Tools Ltd.(8)(12)^ One stop   L + 5.25% (a)   6.25%   11/2024   1,581  1,569  0.1 1,581 
Jet Equipment & Tools Ltd.(5)(8)(9)(12) One stop   L + 5.25%   N/A(6)   11/2024   —  (1) — — 
Pet Holdings ULC*#+!(8)(12) One stop   L + 5.50% (c)   6.50%   07/2022   46,638  47,449  2.0 46,638 
Pet Holdings ULC*#+(8)(12) One stop   L + 5.50% (c)   6.50%   07/2022   240  242  — 240 
Pet Holdings ULC(5)(8)(12) One stop   L + 5.50%   N/A(6)   07/2022   —  (1) — — 
Pet Supplies Plus, LLC*+^ Senior loan   L + 4.50% (c)   5.50%   12/2024   14,181  14,415  0.6 14,181 
Pet Supplies Plus, LLC(5) Senior loan   L + 4.50%   N/A(6)   12/2023   —  (1) — — 
PetPeople Enterprises, LLC# One stop   L + 5.75% (c)   6.75%   09/2023   5,352  5,401  0.2 5,191 
PetPeople Enterprises, LLC# One stop   L + 5.75% (c)(d)   6.84%   09/2023   1,817  1,843  0.1 1,763 
PetPeople Enterprises, LLC One stop   L + 5.75% (c)(d)   6.92%   09/2023   40  41  — 38 
PPV Intermediate Holdings II, LLC One stop   L + 6.00% (a)(c)(d)   7.46%   05/2023   4,921  4,921  0.2 4,859 

See Notes to Consolidated Financial Statements.
75
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Specialty Retail - (continued)
PPV Intermediate Holdings II, LLC One stop   L + 6.00% (a)   7.00%   05/2023   $ 1,010  $ 1,010  — % $ 997 
PPV Intermediate Holdings II, LLC One stop   L + 6.00% (a)   7.00%   05/2023   603  603  — 596 
PPV Intermediate Holdings II, LLC One stop   L + 6.00% (a)   7.00%   05/2023   435  417  — 429 
PPV Intermediate Holdings II, LLC One stop   L + 6.00% (a)   7.00%   05/2023   129  127  — 128 
PPV Intermediate Holdings II, LLC One stop   L + 6.00% (d)(f)   7.69%   05/2023   94  94  — 92 
PPV Intermediate Holdings II, LLC One stop   N/A   7.90% PIK   05/2023   24  24  — 24 
PPV Intermediate Holdings II, LLC(5) One stop   L + 6.00%   N/A(6)   05/2023   —  (135) — (120)
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop   L + 5.50% (c)   6.50%   10/2024   6,963  6,979  0.3 6,824 
Sola Franchise, LLC and Sola Salon Studios, LLC# One stop   L + 5.50% (c)   6.50%   10/2024   1,708  1,765  0.1 1,674 
Sola Franchise, LLC and Sola Salon Studios, LLC One stop   L + 5.50% (c)(f)   7.09%   10/2024   86  85  — 84 
Sola Franchise, LLC and Sola Salon Studios, LLC(5) One stop   L + 5.50%   N/A(6)   10/2024   —  (1) — — 
Southern Veterinary Partners, LLC*#^ One stop   L + 6.00% (a)   7.00%   05/2025   26,592  27,499  1.1 27,123 
Southern Veterinary Partners, LLC One stop   L + 6.00% (a)   7.00%   05/2025   210  208  — 214 
Southern Veterinary Partners, LLC One stop   L + 6.00% (a)   7.00%   05/2025   191  189  — 195 
Southern Veterinary Partners, LLC One stop   L + 6.00% (c)   7.00%   05/2025   181  179  — 184 
Southern Veterinary Partners, LLC One stop   L + 6.00% (c)(d)   7.00%   05/2023   170  169  — 170 
Southern Veterinary Partners, LLC One stop   L + 6.00% (c)   7.00%   05/2025   163  161  — 166 
Southern Veterinary Partners, LLC One stop   L + 6.00% (c)   7.00%   05/2025   142  140  — 144 
Southern Veterinary Partners, LLC One stop   L + 6.00% (d)   7.00%   05/2025   140  138  — 143 
Southern Veterinary Partners, LLC One stop   L + 6.00% (d)   7.00%   05/2025   128  127  — 131 
Southern Veterinary Partners, LLC One stop   L + 6.00% (a)   7.00%   05/2025   125  124  — 128 
Southern Veterinary Partners, LLC# One stop   L + 6.00% (a)   7.00%   05/2025   120  119  — 123 
Southern Veterinary Partners, LLC# One stop   L + 6.00% (a)   7.00%   05/2025   119  118  — 121 
Southern Veterinary Partners, LLC One stop   L + 6.00% (d)   7.00%   05/2025   118  117  — 120 
Southern Veterinary Partners, LLC# One stop   L + 6.00% (a)   7.00%   05/2025   113  112  — 115 
Southern Veterinary Partners, LLC# One stop   L + 6.00% (a)   7.00%   05/2025   111  110  — 113 
Southern Veterinary Partners, LLC One stop   L + 6.00% (d)   7.00%   05/2025   4  2  — 4 
Southern Veterinary Partners, LLC(5) One stop   L + 6.00%   N/A(6)   05/2025   —  (12) — 23 
Titan Fitness, LLC*#+ One stop   L + 4.75% (b)(c)   5.75%   02/2025   30,317  30,759  1.1 26,679 
Titan Fitness, LLC One stop   L + 4.75% (c)   5.75%   02/2025   1,894  1,881  0.1 1,667 
Titan Fitness, LLC One stop   L + 4.75% (c)   5.75%   02/2025   474  472  — 414 
Titan Fitness, LLC(5) One stop   L + 4.75%   N/A(6)   02/2025   —  (1) — — 
Vermont Aus Pty Ltd!~(8)(9)(11) One stop   L + 4.75% (j)   4.89%   12/2024   2,199  2,219  0.1 2,282 
Vermont Aus Pty Ltd(8)(9)(11) One stop   L + 4.75% (j)   4.89%   12/2024   81  82  — 91 
306,114  310,031  12.6 301,704 


See Notes to Consolidated Financial Statements.
76
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.*#^ One stop   L + 6.00% (c)   7.00%   03/2023   $ 22,442  $ 22,566  0.9 % $ 21,994 
Agility Recovery Solutions Inc. One stop   L + 6.00% (c)   7.00%   03/2023   902  899  0.1 882 
23,344  23,465  1.0 22,876 
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P. Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   9,446  9,298  0.3 8,029 
Elite Sportswear, L.P. Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   3,798  3,740  0.1 3,228 
Elite Sportswear, L.P. Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   1,954  1,924  0.1 1,661 
Elite Sportswear, L.P. Senior loan   L + 6.25% (b)(c)   7.25%   12/2021   1,167  1,149  0.1 988 
Elite Sportswear, L.P.* Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   648  640  — 551 
Elite Sportswear, L.P. Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   297  292  — 252 
Elite Sportswear, L.P.* Senior loan   L + 6.25% (c)   2.00% cash/5.25% PIK   12/2021   283  279  — 241 
Elite Sportswear, L.P. Senior loan   L + 6.25% (b)(c)   2.00% cash/5.25% PIK   12/2021   40  40  — 34 
Georgica Pine Clothiers, LLC# One stop   L + 5.50% (c)(d)   6.50%   11/2023   10,324  10,427  0.4 9,497 
Georgica Pine Clothiers, LLC*# One stop   L + 5.50% (d)   6.50%   11/2023   6,504  6,574  0.3 5,983 
Georgica Pine Clothiers, LLC+ One stop   L + 5.50% (d)   6.50%   11/2023   1,006  998  — 926 
Georgica Pine Clothiers, LLC# One stop   L + 5.50% (d)   6.50%   11/2023   906  915  — 833 
Georgica Pine Clothiers, LLC*# One stop   L + 5.50% (d)   6.50%   11/2023   635  644  — 584 
Georgica Pine Clothiers, LLC One stop   L + 5.50% (c)(d)   6.50%   11/2023   236  235  — 216 
Protective Industrial Products, Inc.+ Senior loan   L + 4.50% (c)   5.50%   01/2024   993  984  0.1 993 
SHO Holding I Corporation!~ Senior loan   L + 5.25% (c)   4.00% cash/2.25% PIK   04/2024   4,035  4,015  0.2 3,631 
SHO Holding I Corporation Senior loan   L + 4.00% (a)(c)(d)   5.00%   04/2024   50  49  — 50 
SHO Holding I Corporation Senior loan   L + 5.23% (c)   4.00% cash/2.23% PIK   04/2024   20  20  — 19 
SHO Holding I Corporation(5) Senior loan   L + 5.00%   N/A(6)   04/2024   —  (1) — (10)
SHO Holding I Corporation Senior loan   L + 4.50% (c)(d)   N/A(6)   04/2024   —  —  — — 
SHO Holding I Corporation Senior loan   L + 5.23% (b)(c)   N/A(6)   04/2024   —  —  — — 
42,342  42,222  1.6 37,706 
Total non-controlled/non-affiliate company debt investments $ 4,237,154  $ 4,249,853  170.8  % $ 4,092,602 


See Notes to Consolidated Financial Statements.
77
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Equity Investments (15)(16)
Aerospace & Defense
NTS Technical Systems Common Stock   N/A   N/A   N/A   2  $ 1,506  0.1 % $ 637 
NTS Technical Systems Preferred stock   N/A   N/A   N/A   —  256  — 430 
NTS Technical Systems Preferred stock   N/A   N/A   N/A   —  128  — 245 
Whitcraft LLC Common Stock   N/A   N/A   N/A   11  2,285  0.1 2,598 
4,175  0.2 3,910 
Auto Components
Polk Acquisition Corp. LP interest   N/A   N/A   N/A   5  314  — 26 
Automobiles
Grease Monkey International, LLC LLC units   N/A   N/A   N/A   803  1,304  0.1 2,457 
Quick Quack Car Wash Holdings, LLC LLC units   N/A   N/A   N/A   —  508  — 440 
1,812  0.1 2,897 
Biotechnology
BIO18 Borrower, LLC(17) LLC units   N/A   N/A   N/A   591  1,190  0.1 1,654 
Building Products
Brooks Equipment Company, LLC Common Stock   N/A   N/A   N/A   10  1,021  0.1 2,107 
Chemicals
Inhance Technologies Holdings LLC LLC units   N/A   N/A   N/A   —  124  — 51 
Commercial Services & Supplies
Hydraulic Authority III Limited(8)(9)(10) Preferred stock   N/A   N/A   N/A   284  384  — 341 
Hydraulic Authority III Limited(8)(9)(10) Common Stock   N/A   N/A   N/A   6  43  — — 
427  — 341 
Construction & Engineering
Reladyne, Inc. LP units   N/A   N/A   N/A   1  931  — 896 
Diversified Consumer Services
EWC Growth Partners LLC LLC interest   N/A   N/A   N/A   —  12  — 1 
PADI Holdco, Inc.(17) LLC units   N/A   N/A   N/A   1  969  — 231 
Spear Education, LLC LLC units   N/A   N/A   N/A   —  7  — 30 
Spear Education, LLC LLC units   N/A   N/A   N/A   1  1  — 25 
989  — 287 
Electronic Equipment, Instruments & Components
ES Acquisition LLC LP interest   N/A   N/A   N/A   —  15  — 26 
Inventus Power, Inc. Preferred stock   N/A   N/A   N/A   1  372  — 119 
Inventus Power, Inc. LLC units   N/A   N/A   N/A   —  88  — 153 
Inventus Power, Inc. Preferred stock   N/A   N/A   N/A   —  20  — 42 
Inventus Power, Inc. Common Stock   N/A   N/A   N/A   1  —  — — 
495  — 340 


See Notes to Consolidated Financial Statements.
78
TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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
Benihana, Inc. LLC unit   N/A   N/A   N/A   43  $ 699  — % $ 55 
Cafe Rio Holding, Inc. Common Stock   N/A   N/A   N/A   5  603  — 765 
Captain D's, LLC LLC interest   N/A   N/A   N/A   158  156  — 355 
Feeders Supply Company, LLC Preferred stock   N/A   N/A   N/A   4  400  — 349 
Feeders Supply Company, LLC LLC units   N/A   N/A   N/A   —  —  — — 
Hopdoddy Holdings, LLC LLC units   N/A   N/A   N/A   44  217  — 82 
Hopdoddy Holdings, LLC LLC units   N/A   N/A   N/A   20  61  — 23 
Mendocino Farms, LLC Common Stock   N/A   N/A   N/A   169  770  0.1 817 
Rubio's Restaurants, Inc. Preferred stock   N/A   N/A   N/A   2  945  — — 
Ruby Slipper Cafe LLC, The LLC units   N/A   N/A   N/A   31  373  — 72 
Ruby Slipper Cafe LLC, The LP units   N/A   N/A   N/A   2  20  — 12 
Wetzel's Pretzels, LLC Common Stock   N/A   N/A   N/A   —  416  — 185 
Wood Fired Holding Corp. LLC units   N/A   N/A   N/A   437  444  — 147 
Wood Fired Holding Corp. LLC units   N/A   N/A   N/A   437  —  — — 
5,104  0.1 2,862 
Food Products
C. J. Foods, Inc. Preferred stock   N/A   N/A   N/A   —  75  — 563 
Global ID Corporation LLC interest   N/A   N/A   N/A   5  603  0.1 801 
Purfoods, LLC LLC interest   N/A   N/A   N/A   379  926  0.2 5,346 
1,604  0.3 6,710 
Health Care Technology
Connexin Software, Inc. LLC interest   N/A   N/A   N/A   154  192  — 206 
Caliper Software, Inc. Preferred stock N/A N/A N/A 3  2,734  0.1 2,954 
Caliper Software, Inc. Common Stock N/A N/A N/A 221  283  — 594 
Caliper Software, Inc. Preferred stock N/A N/A N/A —  37  — 47 
HealthcareSource HR, Inc. LLC interest   N/A   N/A   N/A   —  621  0.1 680 
HSI Halo Acquisition, Inc. Preferred stock   N/A   N/A   N/A   —  288  — 253 
HSI Halo Acquisition, Inc. Common Stock   N/A   N/A   N/A   —  —  — — 
Kareo, Inc. Warrant   N/A   N/A   N/A   53  162  — 9 
Kareo, Inc. Preferred stock   N/A   N/A   N/A   1  8  — 12 
Kareo, Inc. Warrant   N/A   N/A   N/A   5  6  — 18 
Surgical Information Systems, LLC Common Stock   N/A   N/A   N/A   4  414  — 413 
Verisys Corporation LLC interest   N/A   N/A   N/A   579  712  — 354 
5,457  0.2 5,540 















See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Healthcare Equipment and Supplies
Aspen Medical Products, LLC Common Stock   N/A   N/A   N/A   —  $ 77  — % $ 68 
Blue River Pet Care, LLC LLC units   N/A   N/A   N/A   —  76  — 88 
CMI Parent Inc. LLC units   N/A   N/A   N/A   —  240  — 245 
CMI Parent Inc. LLC units   N/A   N/A   N/A   2  3  — — 
Flexan, LLC LLC units   N/A   N/A   N/A   —  137  — 198 
Flexan, LLC LLC interest   N/A   N/A   N/A   1  —  — — 
G & H Wire Company, Inc. LLC interest   N/A   N/A   N/A   336  269  — 91 
Joerns Healthcare, LLC* Common Stock   N/A   N/A   N/A   432  4,329  0.1 2,501 
Katena Holdings, Inc. LLC units   N/A   N/A   N/A   1  573  — 324 
Lombart Brothers, Inc. Common Stock   N/A   N/A   N/A   1  440  — — 
SLMP, LLC LLC interest   N/A   N/A   N/A   668  789  0.1 1,296 
6,933  0.2 4,811 


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Healthcare Providers and Services
Active Day, Inc. LLC interest   N/A   N/A   N/A   1  $ 1,099  — % $ 372 
Acuity Eyecare Holdings, LLC LLC interest   N/A   N/A   N/A   1,158  1,334  0.1 1,358 
ADCS Clinics Intermediate Holdings, LLC Preferred stock   N/A   N/A   N/A   1  1,119  — 589 
ADCS Clinics Intermediate Holdings, LLC Common Stock   N/A   N/A   N/A   0 6  — — 
CRH Healthcare Purchaser, Inc. LP interest   N/A   N/A   N/A   429  469  — 715 
DCA Investment Holding, LLC LLC units   N/A   N/A   N/A   13,890  1,619  0.1 1,886 
DCA Investment Holding, LLC LLC units   N/A   N/A   N/A   140  218  — — 
Deca Dental Management LLC LLC units   N/A   N/A   N/A   1,008  1,278  — 393 
Encore GC Acquisition, LLC LLC units   N/A   N/A   N/A   26  272  — 300 
Encore GC Acquisition, LLC LLC units   N/A   N/A   N/A   26  52  — 77 
Encorevet Group LLC Preferred stock   N/A   N/A   N/A   —  15  — 13 
ERG Buyer, LLC LLC units   N/A   N/A   N/A   1  661  — 31 
ERG Buyer, LLC LLC units   N/A   N/A   N/A   8  4  — — 
Eyecare Services Partners Holdings LLC LLC units   N/A   N/A   N/A   —  262  — — 
Eyecare Services Partners Holdings LLC LLC units   N/A   N/A   N/A   —  1  — — 
IntegraMed America, Inc. LLC interest   N/A   N/A   N/A   —  417  — — 
Krueger-Gilbert Health Physics, LLC LLC interest   N/A   N/A   N/A   155  172  — 168 
MD Now Holdings, Inc. LLC units   N/A   N/A   N/A   15  153  — 169 
Midwest Veterinary Partners, LLC LLC units   N/A   N/A   N/A   —  29  — 32 
Midwest Veterinary Partners, LLC LLC units   N/A   N/A   N/A   6  —  — 17 
MWD Management, LLC & MWD Services, Inc. LLC interest   N/A   N/A   N/A   412  335  — 300 
Oliver Street Dermatology Holdings, LLC LLC units   N/A   N/A   N/A   452  234  — — 
Pentec Acquisition Sub, Inc. Preferred stock   N/A   N/A   N/A   1  116  — 159 
Pinnacle Treatment Centers, Inc. Preferred stock   N/A   N/A   N/A   —  528  0.1 631 
Pinnacle Treatment Centers, Inc. LLC units   N/A   N/A   N/A   5  74  — 390 
Radiology Partners, Inc. LLC units   N/A   N/A   N/A   11  68  — 59 
Radiology Partners, Inc. LLC units   N/A   N/A   N/A   43  55  — 233 
RXH Buyer Corporation LP interest   N/A   N/A   N/A   11  973  0.1 1,117 
Sage Dental Management, LLC LLC units   N/A   N/A   N/A   —  249  — — 
Sage Dental Management, LLC LLC units   N/A   N/A   N/A   3  3  — — 
SSH Corporation Common Stock   N/A   N/A   N/A   —  40  — 118 
Summit Behavioral Healthcare, LLC(17) LLC interest   N/A   N/A   N/A   2  98  — 156 
Summit Behavioral Healthcare, LLC(17) LLC interest   N/A   N/A   N/A   2  —  — — 
WHCG Management, LLC LLC interest   N/A   N/A   N/A   1  414  — 515 
12,367  0.4 9,798 
Hotels, Restaurants & Leisure
LMP TR Holdings, LLC LLC units   N/A   N/A   N/A   712  712  — 97 
SSRG Holdings, LLC LLC units   N/A   N/A   N/A   6  61  — 35 
Tropical Smoothie Cafe Holdings, LLC(17) LP units   N/A   N/A   N/A   5  550  — 550 
1,323  — 682 

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Household Durables
Groundworks LLC LLC units   N/A   N/A   N/A   —  $ 155  — % $ 206 
Insurance
Captive Resources Midco, LLC(17) LLC units   N/A   N/A   N/A   425  —  — 432 
Majesco LP units   N/A   N/A   N/A   —  264  — 264 
Majesco LP units   N/A   N/A   N/A   59  —  — — 
Orchid Underwriters Agency, LLC LP interest   N/A   N/A   N/A   92  103  — 88 
367  — 784 
IT Services
Appriss Holdings, Inc. Preferred stock   N/A   N/A   N/A   —  174  — 179 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Preferred stock   N/A   N/A   N/A   587  462  0.1 1,652 
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc. Warrant   N/A   N/A   N/A   202  159  — 410 
Centrify Corporation LP interest   N/A   N/A   N/A   1  691  — 372 
Centrify Corporation LP interest   N/A   N/A   N/A   263  —  — — 
Episerver, Inc. LLC units   N/A   N/A   N/A   76  807  — 488 
Maverick Bidco Inc. LLC units   N/A   N/A   N/A   2  723  0.1 804 
PCS Intermediate II Holdings, LLC LLC units   N/A   N/A   N/A   37  367  — 388 
Red Dawn SEI Buyer, Inc. LP interest   N/A   N/A   N/A   13  13  — 13 
3,396  0.2 4,306 
Leisure Products
Massage Envy, LLC LLC interest   N/A   N/A   N/A   749  210  0.1 1,236 
WBZ Investment LLC LLC interest   N/A   N/A   N/A   68  117  — 76 
WBZ Investment LLC LLC interest   N/A   N/A   N/A   46  80  — 52 
WBZ Investment LLC LLC interest   N/A   N/A   N/A   38  65  — 43 
WBZ Investment LLC LLC interest   N/A   N/A   N/A   33  58  — 37 
WBZ Investment LLC LLC interest   N/A   N/A   N/A   14  24  — 16 
WBZ Investment LLC LLC interest   N/A   N/A   N/A   1  2  — 2 
556  0.1 1,462 
Life Sciences Tools & Services
Pace Analytical Services, LLC LLC units   N/A   N/A   N/A   6  700  — 914 
Oil, Gas and Consumable Fuels
W3 Co. LLC units   N/A   N/A   N/A   3  1,632  0.1 1,946 
W3 Co. Preferred stock   N/A   N/A   N/A   —  224  — 242 
1,856  0.1 2,188 
Pharmaceuticals
BIOVT, LLC LLC units   N/A   N/A   N/A   —  1,223  0.1 1,863 


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Professional Services
Brandmuscle, Inc. LLC interest   N/A   N/A   N/A   —  $ 335  — % $ 217 
DISA Holdings Acquisition Subsidiary Corp. Common Stock   N/A   N/A   N/A   —  154  — 290 
Net Health Acquisition Corp. LP interest   N/A   N/A   N/A   13  1,440  0.1 1,333 
Nexus Brands Group, Inc. LP interest   N/A   N/A   N/A   —  547  — 459 
Vitalyst, LLC Preferred stock   N/A   N/A   N/A   —  61  — 45 
Vitalyst, LLC Common Stock   N/A   N/A   N/A   1  7  — — 
2,544  0.1 2,344 
Real Estate Management & Development
Property Brands, Inc. LLC units   N/A   N/A   N/A   63  766  — 989 
Road & Rail
Internet Truckstop Group LLC LP interest   N/A   N/A   N/A   408  447  — 364 
Software
Accela, Inc. LLC units   N/A   N/A   N/A   670 418 — 73
Astute Holdings, Inc. LP interest   N/A   N/A   N/A   —  294 — 531
Calabrio, Inc. Common Stock   N/A   N/A   N/A   26 205 — 344
Cloudbees, Inc. Preferred stock   N/A   N/A   N/A   71 466 — 378
Cloudbees, Inc. Warrant   N/A   N/A   N/A   131 247 — 307
Confluence Technologies, Inc. LLC interest   N/A   N/A   N/A   3 412 — 561
Convercent, Inc. Warrant   N/A   N/A   N/A   325 63 — 140
Digital Guardian, Inc. Preferred stock   N/A   N/A   N/A   356  434  — 309
Digital Guardian, Inc. Warrant   N/A   N/A   N/A   122 225 — 211
Digital Guardian, Inc. Preferred stock   N/A   N/A   N/A   74 142 — 128
Digital Guardian, Inc. Preferred stock   N/A   N/A   N/A   67  123  — 139
Digital Guardian, Inc. Warrant   N/A   N/A   N/A   12 33 — 50
Diligent Corporation(17) Preferred stock   N/A   N/A   N/A   414  912  0.1 1,811 
GS Acquisitionco, Inc. LP interest   N/A   N/A   N/A   2 291 — 604
MetricStream, Inc. Warrant   N/A   N/A   N/A   168 263 — 179
mParticle, Inc. Warrant   N/A   N/A   N/A   26  10  92
Namely, Inc. Warrant   N/A   N/A   N/A   17 28 — 27
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH Warrant   N/A   N/A   N/A   4 9 — 24
Personify, Inc. LLC units   N/A   N/A   N/A   639 828 0.1 960
Pride Midco, Inc. Preferred stock   N/A   N/A   N/A   2  2,594  0.1 2,907 
Project Alpha Intermediate Holding, Inc. Common Stock   N/A   N/A   N/A   1  964  0.1 1,165 
Project Alpha Intermediate Holding, Inc. Common Stock   N/A   N/A   N/A   202  329  — 1,009 
Project Silverback Holdings Corp. Preferred stock   N/A   N/A   N/A   3  6  — — 
RegEd Aquireco, LLC LP interest   N/A   N/A   N/A   —  316 — 154
RegEd Aquireco, LLC LP interest   N/A   N/A   N/A   3  21  — — 
Saturn Borrower Inc. LP units   N/A   N/A   N/A   328  328  — 328
SnapLogic, Inc. Preferred stock   N/A   N/A   N/A   278  695  0.1 1,030 
SnapLogic, Inc. Warrant   N/A   N/A   N/A   69  27  — 180
Telesoft Holdings LLC LP interest   N/A   N/A   N/A   6  6  — 6

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Software - (continued)
Vendavo, Inc. Preferred stock   N/A   N/A   N/A   1,017  $ 1,017  0.1 % $ 1,528 
Workforce Software, LLC Common Stock   N/A   N/A   N/A   —  973 — 306
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock   N/A   N/A   N/A   474 494 0.1 643
Xmatters, Inc. and Alarmpoint, Inc. Warrant   N/A   N/A   N/A   84 64 — 29
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock   N/A   N/A   N/A   20 26 — 26
13,263  0.7 16,179 


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Specialty Retail
2nd Ave. LLC LP interest   N/A   N/A   N/A   653  $ 653  — % $ 561 
Batteries Plus Holding Corporation LP interest   N/A   N/A   N/A   10  1,287  0.1 1,245 
Cycle Gear, Inc. LLC units   N/A   N/A   N/A   27  462 — 775
DTLR, Inc. LLC interest   N/A   N/A   N/A   4 411 0.1 1,233 
Imperial Optical Midco Inc. Preferred stock   N/A   N/A   N/A   —  122  — 123 
Jet Equipment & Tools Ltd.(8)(9)(12) LLC units   N/A   N/A   N/A   1  947  0.1 1,919 
Paper Source, Inc. Common Stock   N/A   N/A   N/A   8  1,387  — — 
Pet Holdings ULC(8)(12) LP interest   N/A   N/A   N/A   677  483  — 221 
Pet Supplies Plus, LLC(17) LLC units   N/A   N/A   N/A   144 181 — 424
PPV Intermediate Holdings II, LLC LLC interest   N/A   N/A   N/A   241  231  — 332 
Sola Franchise, LLC and Sola Salon Studios, LLC LLC units   N/A   N/A   N/A   4 496 — 465
Sola Franchise, LLC and Sola Salon Studios, LLC LLC units   N/A   N/A   N/A   1 101 — 88
Southern Veterinary Partners, LLC LLC units   N/A   N/A   N/A   1 717 — 930
Southern Veterinary Partners, LLC LLC units   N/A   N/A   N/A   148 188 0.1 1,097 
7,666  0.4 9,413 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc. LLC units   N/A   N/A   N/A   97 604 — 721
Textiles, Apparel & Luxury Goods
Elite Sportswear, L.P. LLC interest   N/A   N/A   N/A   —  165  — — 
Georgica Pine Clothiers, LLC(17) LLC interest   N/A   N/A   N/A   20 239 — 118
Georgica Pine Clothiers, LLC(17) LLC units   N/A   N/A   N/A   —  —  — — 
R.G. Barry Corporation Preferred stock   N/A   N/A   N/A   —  161 — 109
565  — 227 
Total non-controlled/non-affiliate company equity investments $ 78,374  3.4 % $ 84,872 
Total non-controlled/non-affiliate company investments $ 4,237,154  $ 4,328,227  174.2 % $ 4,177,474 



















See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Non-controlled/affiliate company investments(18)
Debt investments
Beverages
Uinta Brewing Company(7) One stop   L + 4.00% (a)   5.00%   08/2021   $ 962  $ 925  — % $ 210 
Uinta Brewing Company(7) One stop   L + 4.00% (a)   5.00%   08/2021   508  503  — 376 
1,470  1,428  — 586 
Consumer Finance
Paradigm DKD Group, LLC(7) Senior loan   L + 6.25% (c)   7.50%   05/2022   3,228  2,103  0.1 2,449 
Paradigm DKD Group, LLC(5)(7) Senior loan   L + 6.25% (c)   N/A(6)   05/2022   —  (142) — 3 
3,228  1,961  0.1 2,452 
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The(7) One stop   L + 8.50% (c)   9.50%   04/2023   4,708  4,074  0.2 3,483 
Sloan Company, Inc., The One stop   L + 8.50% (c)   9.50%   04/2023   651  651  — 651 
Sloan Company, Inc., The(7) One stop   L + 8.50% (c)   9.50%   04/2023   312  272  — 231 
5,671  4,997  0.2 4,365 
Energy, Equipment & Services
Benetech, Inc.+ One stop   L + 6.00% (a)   7.25%   08/2023   4,044  4,044  0.1 2,426 
Benetech, Inc. One stop   L + 6.00% (a)(f)   7.36%   08/2023   730  730  — 246 
4,774  4,774  0.1 2,672 
Healthcare Providers and Services
Dental Holdings Corporation*#(7) One stop   L + 6.00% (c)   7.00%   03/2023   10,661  10,614  0.3 8,847 
Dental Holdings Corporation One stop   L + 6.00% (a)(c)   7.00%   03/2023   112  112  — 112 
Elite Dental Partners LLC One stop   L + 5.25% (c)   2.00% cash/4.25% PIK   06/2023   11,338  11,376  0.5 10,997 
Elite Dental Partners LLC One stop   L + 5.25%   N/A(6)   06/2023   —  —  — — 
22,111  22,102  0.8 19,956 
Software
Switchfly LLC One stop   L + 5.00% (c)   6.00%   10/1/2023   5,807  5,641  0.2 4,762 
Switchfly LLC One stop   L + 5.00% (c)   6.00%   10/1/2023   485  471  — 398 
Switchfly LLC One stop   L + 5.00% (b)(c)   6.00%   10/1/2023   36 36 — 30
Switchfly LLC(5) One stop   L + 8.50% (c)   9.50%   10/1/2023   2  2  — (21)
6,330  6,150  0.2 5,169 
Total non-controlled/affiliate debt investments $ 43,584  $ 41,412  1.4 % $ 35,200 
Equity Investments(15)(16)
Beverages
Uinta Brewing Company Common Stock   N/A   N/A   N/A   153 $ 17  — % $ — 
Consumer Finance
Paradigm DKD Group, LLC+ LLC units   N/A   N/A   N/A   354  115  — 8 
Paradigm DKD Group, LLC+ LLC units   N/A   N/A   N/A   71  —  — — 
Paradigm DKD Group, LLC+ LLC units   N/A   N/A   N/A   2,004  —  — — 
115 — 8

See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 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)
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The LLC units   N/A   N/A   N/A   —  $ 152  — % $ — 
Sloan Company, Inc., The LLC units   N/A   N/A   N/A   2  14  — — 
Sloan Company, Inc., The LLC units   N/A   N/A   N/A   —  40  — — 
206  — — 
Energy, Equipment & Services
Benetech, Inc. LLC interest   N/A   N/A   N/A   59  —  — — 
Benetech, Inc. LLC interest   N/A   N/A   N/A   59  —  — — 
—  — — 
Healthcare Providers and Services
Dental Holdings Corporation*# Common Stock   N/A   N/A   N/A   —  390  — 361 
Elite Dental Partners LLC Preferred stock   N/A   N/A   N/A   —  2,902  0.1 2,902 
Elite Dental Partners LLC LLC units   N/A   N/A   N/A   —  1,250  0.1 1,250 
Elite Dental Partners LLC LLC units   N/A   N/A   N/A   —  —  — 219 
4,542  0.2 4,732 
Software
Switchfly LLC LLC units   N/A   N/A   N/A   3,418  2,320  0.1 2,060 
Total non-controlled/affiliate equity investments $ 7,200  0.3 % $ 6,800 
Total non-controlled/affiliate investments $ 43,584  $ 48,612  1.7 % $ 42,000 
Controlled affiliate company investments(19)
Debt Investments
IT Services
MMan Acquisition Co.*(7) One stop   N/A   10.00% PIK   08/2023   $ 22,527  $ 19,774  0.7 % $ 16,853 
MMan Acquisition Co.(7) One stop   L + 8.00%   8.00% PIK   08/2023   1,358  1,358  0.1 1,358 
23,885  21,132  0.8 18,211 
Total controlled affiliate debt investments $ 23,885  $ 21,132  0.8 % $ 18,211 
Equity Investments(15)(16)
IT Services
MMan Acquisition Co.*+ Common stocks   N/A   N/A   N/A   —  $ 929  — % $ 525 
Total controlled affiliate investments $ 23,885  $ 22,061  0.8 % $ 18,736 
Total investments $ 4,304,623  $ 4,398,900  176.7 % $ 4,238,210 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
0.03%(20)
37,205  1.6 % 37,205 
Total money market funds $ 37,205  1.6 % $ 37,205 
Total Investments and Money Market Funds $ 4,436,105  178.3 % $ 4,275,415 


See Notes to Consolidated Financial Statements.
87
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*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the 2020 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the loan collateralizes the WF Credit Facility (as defined in Note 7).
!
Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 7).
~
Denotes that all or a portion of the loan collateralizes the MS Credit Facility II (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 LIBOR denominated in U.S. dollars or GBP, EURIBOR, or Prime which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of September 30, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 30, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2020 , as the loan may have priced or repriced based on an index rate prior to September 30, 2020.
(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.15% as of September 30, 2020.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.19% as of September 30, 2020.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.23% as of September 30, 2020.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.26% as of September 30, 2020.
(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.36% as of September 30, 2020.
(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2020.
(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.50% as of September 30, 2020.
(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.06% as of September 30, 2020.
(i) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.09% as of September 30, 2020.
(j) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.14%, as of September 30, 2020.
(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.51%, as of September 30, 2020.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2020.
(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 value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2020, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not 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, 2020, total non-qualifying assets at fair value represented 4.7% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
(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 Andorra.
(15) Equity investments are non-income producing securities unless otherwise noted.
(16) Ownership of certain equity investments occurs through a holding company or partnership.
(17) The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.
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(18)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions(l)
Gross Reductions(m)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of September 30, 2020 Interest, dividend and fee income
Benetech, Inc.
$ 3,747  $ 1,049  $ (1,066) $ (1,058) $ —  $ 2,672  $ 639 
Dental Holdings Corporation (n)
—  17,771  (4,257) (946) (3,248) 9,320  292 
Elite Dental Partners LLC (p)
—  51,406  (30,254) 770  (6,554) 15,368  1,307 
Paradigm DKD Group, LLC(o)
—  3,371  (1,323) 412  —  2,460  (40)
Sloan Company, Inc., The (n)
—  18,483  (11,395) 2,067  (4,790) 4,365  (11)
Switchfly LLC
7,783  639  (95) (1,098) —  7,229  387 
Uinta Brewing Company
1,045  2,072  (1,762) (769) —  586  2 
Total Non-Controlled Affiliates
$ 12,575  $ 94,791  $ (50,152) $ (622) $ (14,592) $ 42,000  $ 2,576 

(l)
Gross additions may 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.
(m)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(n)
During the three months ended March 31, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(o)
During the three months ended June 30, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(p)
During the three months ended September 30, 2020, the Company's ownership increased to over five percent of the portfolio company's voting securities.
(19)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2020 were as follows:
Portfolio Company
Fair value as of September 30, 2019
Gross Additions(q)
Gross Reductions(r)
Net change in unrealized gain (loss) Net realized gain (loss) Fair value as of September 30, 2020 Interest, dividend and fee income
MMan Acquisition Co.(s)
$ —  $ 31,433  $ (11,842) $ (855) $ —  $ 18,736  $ (86)
Senior Loan Fund LLC(t)
74,386  —  (74,838) 496  (44) —  — 
GCIC Senior Loan Fund LLC(u)
49,258  —  (48,613) 3,347  (3,992) —  1,905 
Total Controlled Affiliates
$ 123,644  $ 31,433  $ (135,293) $ 2,988  $ (4,036) $ 18,736  $ 1,819 

(q)
Gross additions may 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.
(r)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reductions in cost basis due to the Purchase Agreement (defined in Note 1), the amortization of premiums and the exchange of one or more existing securities for one or more new.
(s)
During the three months ended December 31, 2019, the Company's ownership increased to over twenty-five percent of the portfolio company's voting securities.
(t)
Prior to the closing of the transactions contemplated by the Purchase Agreement (defined in Note 1) on January 1, 2020, together with RGA Reinsurance Company (“RGA”), the Company co-invested through Senior Loan Fund (“SLF”). SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect to SLF were approved by the SLF investment committee consisting of two representatives of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). Therefore, although the Company owned more than 25% of the voting securities of SLF, the Company did not have sole control over significant actions of SLF for purposes of the 1940 Act or otherwise.
(u)
Prior to the closing of the transactions contemplated by the Purchase Agreement (defined in Note 1) on January 1, 2020, together with Aurora National Life Assurance Company (“Aurora”), the Company co-invested through GCIC Senior Loan Fund (“GCIC SLF”), following the acquisition of GCIC SLF in the merger with GCIC (described in Note 1). GCIC SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect to GCIC SLF were approved by the GCIC SLF investment committee consisting of two representatives of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). Therefore, although the Company owned more than 25% of the voting securities of GCIC SLF, the Company did not have sole control over significant actions of GCIC SLF for purposes of the 1940 Act or otherwise.
(20)The rate shown is the annualized seven-day yield as of September 30, 2020.


See Notes to Consolidated Financial Statements.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 1. Organization

Golub Capital BDC, Inc. (“GBDC” and, collectively with its subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company. GBDC has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, GBDC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Investment Advisory Agreement (defined below) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the “Merger”). Upon consummation of the Merger, the Company entered into the Third Amended and Restated Investment Advisory Agreement dated as of September 16, 2019 with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement replaced the Second Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of August 4, 2014 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.

On January 1, 2020 the Company entered into a purchase agreement (the “Purchase Agreement”) with RGA Reinsurance Company (“RGA”), Aurora National Life Assurance Company (“Aurora”), Senior Loan Fund (“SLF”), and GCIC Senior Loan Fund LLC (“GCIC SLF”). Pursuant to the Purchase Agreement, RGA and Aurora (together the “Transferors”) agreed to sell their limited liability company (“LLC”) equity interests in SLF and GCIC SLF, respectively, to the Company, effective as of January 1, 2020. As a result of the Purchase Agreement, on January 1, 2020, SLF and GCIC SLF became wholly-owned subsidiaries of the Company and the capital commitments of the Transferors to SLF and GCIC SLF were terminated.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2020, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments:  The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

Use of estimates:  The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation:  As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries Golub Capital BDC CLO 2014 LLC (“2014 Issuer”), Golub Capital BDC CLO III Depositor LLC (“2018 CLO Depositor”), Golub Capital BDC CLO III LLC (“2018 Issuer”), Golub Capital BDC Funding LLC (“Funding”), Golub Capital BDC Funding II LLC (“Funding II”), Golub Capital BDC Holdings, LLC (“BDC Holdings”), GC SBIC IV, L.P. (“SBIC IV”), GC SBIC V, L.P. (“SBIC V”), GC SBIC VI, L.P. (“SBIC VI”), GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”), Golub Capital BDC CLO 4 LLC (“2020 Issuer”), Golub Capital BDC CLO 4 Depositor LLC (“2020 CLO Depositor”), GCIC Funding II LLC (“GCIC Funding II”), SLF, Senior Loan Fund II LLC (“SLF II”), GCIC SLF and GCIC Senior Loan Fund II LLC (“GCIC SLF II”). Prior to January 1, 2020, the Company did not consolidate its non-controlling interests in SLF, SLF II, GCIC SLF and GCIC SLF II (collectively, the “Senior Loan Funds” or “SLFs”). See further description of the Company’s previous investments in the SLFs in Note 4. Investments.

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including BDC Holdings, 2018 Issuer, 2020 Issuer, Funding, Funding II, GCIC Funding, GCIC Holdings, GCIC 2018 Issuer and GCIC Funding II that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).

Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Restricted cash and cash equivalents and restricted foreign currencies:  Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. In addition, restricted cash and cash equivalents and restricted foreign currencies include amounts held within the Company’s small business investment company (“SBIC”) subsidiaries. The amounts held within the SBICs are generally restricted to the originations of new loans by the SBICs and the payment of U.S. Small Business Administration (“SBA”) debentures and related interest expense.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)cash and cash equivalents, restricted cash and cash equivalents, fair value of investments, interest receivable, and other assets and liabilities—at the spot exchange rate on the last business day of the period; and

(2)purchases and sales of investments, income and expenses—at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Fluctuations arising from the translation of assets other than investments and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable.

The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.

Refer to Note 5 for more information regarding the forward currency contracts.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Revenue recognition:

Investments and related investment income:  Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments.

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and six months ended March 31, 2021, interest income included $5,520 and $10,126, respectively, of accretion of discounts. For the three and six months ended March 31, 2020, interest income included $4,573 and $8,541, respectively, of accretion of discounts. For the three and six months ended March 31, 2021, the Company received loan origination fees of $4,390 and $13,055, respectively. For the three and six months ended March 31, 2020, the Company received loan origination fees of $2,530 and $6,825, respectively.

For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2021, the Company capitalized PIK interest of $3,946 and $8,671, respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2020, the Company capitalized PIK interest of $3,015 and $4,648, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned. For the three and six months ended March 31, 2021, fee income included $695 and $1,416, respectively, of prepayment premiums, which fees are non-recurring. For the three and six months ended March 31, 2020, fee income included $0 and $63, respectively, of prepayment premiums, which fees are non-recurring.

For the three and six months ended March 31, 2021, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $76,510 and $150,483, respectively. For the three and six months ended March 31, 2020, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $83,599 and $169,222, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from LLC and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three and six months ended March 31, 2021, the Company recorded dividend income of $42 and $202, respectively, and return of capital distributions of $0 and $0, respectively. For the three and six months ended March 31, 2020, excluding the Company's investment in LLC equity interests in the SLFs, the Company recorded dividend income of $146 and $180, respectively, and return of capital distributions, excluding the Company's investment in LLC equity interests in the SLFs, of $0 and $0, respectively. For the three and six months ended March 31, 2020, the Company recorded dividend income of $0 and $1,905, respectively, and return of capital distributions of $0 and $4,375, respectively, from the Company's investment in LLC equity interests in the SLFs.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Consolidated Statements of Operations.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $43,307 and $69,315 as of March 31, 2021 and September 30, 2020, respectively.

Purchase accounting: The Merger was accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “purchase accounting.” Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As GCIC did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC through their ultimate disposition. Amortization expense of purchase premium for the three and six months ended March 31, 2021, was $8,722 and $17,952, respectively. Amortization expense of purchase premium for the three and six months ended March 31, 2020, was $12,600 and $24,437, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC.

The Company's purchase of the equity interests in the Senior Loan Funds was accounted for under the asset acquisition method of accounting in accordance with ASC Topic 805. As of January 1, 2020, the Company allocated the cost to acquire the net assets of the Senior Loans Funds to the assets acquired and liabilities assumed based on the relative fair values of identifiable assets and liabilities. The total consideration transferred by the Company to acquire the Senior Loans Funds was $140,124, which was comprised of $17,011 paid to RGA and Aurora for their minority interests in the Senior Loan Funds and the derecognition of the Company's existing carrying cost of the investments in the Senior Loans Funds, as of January 1, 2020, of $123,113. As of January 1, 2020, the fair value of the net assets of the Senior Loan Funds was $136,088, which resulted in a $4,036 purchase premium that the Company recognized as realized loss in the Consolidated Statements of Operations for the three and six months ended March 31, 2020.

Income taxes:  The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. No U.S. deferral excise tax was incurred for each of the six months ended March 31, 2021 and 2020.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2021. The Company's tax returns for the 2017 through 2019 tax years remain subject to examination by U.S. federal and most state tax authorities.

Dividends and distributions:  Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The Company can purchase shares in the open market in connection with the obligations under the plan, and in particular, if the Company’s shares are trading at a significant discount to net asset value (“NAV”) and the Company is otherwise permitted under applicable law to purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.

In the event the market price per share of the Company’s common stock on the date of a distribution exceeds the most recently computed NAV per share of the common stock, the Company will issue shares of common stock to participants in the DRIP at the greater of the most recently computed NAV per share of common stock or 95% of the current market price per share of common stock (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share of common stock).

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board most recently reapproved the Program in August 2020 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Prior to August 6, 2019, the Program permitted up to $75,000 in repurchases. The Company did not make any repurchases of its common stock during each of the three and six months ended March 31, 2021 and March 31, 2020.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2021 and September 30, 2020, the
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Company had deferred debt issuance costs of $18,437 and $5,896, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2021, was $2,136 and $3,340, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2020, was $733 and $1,304, respectively.

Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board approved the Investment Advisory Agreement on July 11, 2019. The Board noted that the terms of the Investment Advisory Agreement did not change the calculation of the Capital Gain Incentive Fee or the management or incentive fee rates and that the changes, as compared to the Prior Investment Advisory Agreement, consisted of revisions to (i) exclude the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the income incentive fee payable and the calculation of the cumulative incentive fee cap under the Investment Advisory Agreement and (ii) convert the cumulative incentive fee cap into a per share calculation. At a meeting of the Company's stockholders held on September 4, 2019, the Company's stockholders voted to the approve the Investment Advisory Agreement, which was entered into and effective as of September 16, 2019, the closing of the Merger. The Board most recently reapproved the Investment Advisory Agreement in May 2021. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of average adjusted gross assets at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 20.0% of the Company’s Cumulative Pre-Incentive Fee Net Income (as defined below).

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). The Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement, converts the cumulative incentive fee cap from an aggregate basis calculation to a per share calculation. Under the Prior Investment Advisory Agreement, the Incentive Fee would not be paid at any time if, after such payment, the cumulative incentive fees paid to date would be greater than 20.0% of the Company's Cumulative Pre-Incentive Fee Net Income since April 13, 2010. Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 20.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).

The income and capital gains incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts, the income component (the “Income Incentive Fee”) and the capital gains component (the “Capital Gain Incentive Fee” and, together with the Income Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.

For the three and six months ended March 31, 2021, the Income Incentive Fee incurred was $942 and $2,946, respectively. For the three and six months ended March 31, 2020, the Income Incentive Fee incurred was $3,847 and $9,751, respectively.

The Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement, excludes the impact of purchase accounting resulting from a merger, including the Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC common stock in the Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.
The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the 1.375% base management fee annual rate.

The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter; and
•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.

The Capital Gain Incentive Fee equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Capital Gain Incentive Fee is calculated in the same manner under the Investment Advisory Agreement as under the Prior Investment Advisory Agreement. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under either the Prior Investment Advisory Agreement or Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of the actual Capital Gain
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and six months ended March 31, 2021 and 2020, the Company did not accrue a capital gain incentive fee. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of March 31, 2021 and September 30, 2020, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of March 31, 2021 and September 30, 2020, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement or the Prior Investment Advisory Agreement, as applicable, is calculated in arrears at the end of each calendar year.

Administration Agreement:  Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

Included in accounts payable and other liabilities is $2,000 and $1,576 as of March 31, 2021 and September 30, 2020, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions:  The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.

Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2021, were $1,475 and $3,102, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2020, were $1,605 and $3,290, respectively.

As of March 31, 2021 and September 30, 2020, included in accounts payable and other liabilities were $2,123 and $1,627, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of March 31, 2021 and September 30, 2020 permits the Company to borrow a maximum of $100,000 and expires on June 21, 2022. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

As of March 31, 2021, an affiliate of the Investment Adviser held $25,000 of the Company's 2024 Unsecured Notes (discussed in Note 7).

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 4. Investments

Investments as of March 31, 2021 and September 30, 2020 consisted of the following:
As of March 31, 2021 As of September 30, 2020
   Principal Amortized
Cost 		Fair
Value 		Principal Amortized
Cost 		Fair
Value
Senior secured $ 712,207  $ 701,990  $ 683,532  $ 683,735  $ 676,285  $ 640,213 
One stop 3,626,419  3,623,170  3,567,140  3,600,711  3,615,685  3,485,585 
Second lien 31,526  31,593  30,713  19,640  19,886  19,640 
Subordinated debt 305  304  450  537  541  575 
Equity N/A 87,344  113,426  N/A 86,503  92,197 
Total $ 4,370,457  $ 4,444,401  $ 4,395,261  $ 4,304,623  $ 4,398,900  $ 4,238,210 


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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of March 31, 2021 As of September 30, 2020
Amortized Cost:            
United States            
Mid-Atlantic $ 881,751  19.8  % $ 887,138  20.2  %
Midwest 830,321  18.7  805,618  18.3 
West 783,033  17.6  709,961  16.1 
Southeast 991,918  22.3  1,052,544  23.9 
Southwest 429,810  9.7  478,702  10.9 
Northeast 323,897  7.3  328,627  7.5 
Canada 149,204  3.4  99,937  2.3 
United Kingdom 35,867  0.8  21,264  0.5 
Australia 2,298  0.1  2,301  0.0  *
Luxembourg 970  0.0  * 973  0.0  *
Andorra 15,332  0.3  11,835  0.3 
Total $ 4,444,401  100.0  % $ 4,398,900  100.0  %
Fair Value:            
United States            
Mid-Atlantic $ 863,719  19.7  % $ 861,772  20.3  %
Midwest 825,977  18.8  779,271  18.4 
West 774,544  17.6  677,712  16.0 
Southeast 977,857  22.2  1,014,912  23.9 
Southwest 424,802  9.7  456,111  10.8 
Northeast 321,104  7.3  314,611  7.4 
Canada 151,439  3.4  98,112  2.3 
United Kingdom 36,968  0.8  21,035  0.5 
Australia 2,517  0.1  2,373  0.1 
Luxembourg 921  0.0  * 896  0.0  *
Andorra 15,413  0.4  11,405  0.3 
Total $ 4,395,261  100.0  % $ 4,238,210  100.0  %
* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as of March 31, 2021 and September 30, 2020 were as follows:
As of March 31, 2021 As of September 30, 2020
Amortized Cost:            
Aerospace and Defense $ 113,403  2.6  % $ 98,894  2.2  %
Airlines 970  0.0  * 973  0.0  *
Auto Components 21,493  0.5  21,194  0.5 
Automobiles 93,545  2.1  52,056  1.2 
Beverages 37,341  0.8  37,400  0.9 
Biotechnology 16,365  0.4  16,438  0.4 
Building Products 8,452  0.2  31,939  0.7 
Chemicals 14,856  0.3  14,943  0.3 
Commercial Services and Supplies 151,984  3.4  129,444  2.9 
Construction & Engineering 49,273  1.1  46,261  1.1 
Consumer Finance 2,066  0.1  2,076  0.0  *
Containers and Packaging 22,241  0.5  19,523  0.4 
Distributors 3,264  0.1  3,282  0.1 
Diversified Consumer Services 96,835  2.2  64,380  1.5 
Diversified Financial Services 49,198  1.1  56,953  1.3 
Electric Utilities 6,880  0.2  13,311  0.3 
Electronic Equipment, Instruments and Components 46,620  1.0  63,902  1.5 
Energy Equipment and Services 4,529  0.1  4,774  0.1 
Food and Staples Retailing 161,441  3.6  134,224  3.1 
Food Products 48,838  1.1  56,062  1.3 
Healthcare Equipment and Supplies 170,058  3.8  178,676  4.1 
Healthcare Providers and Services 598,030  13.5  628,734  14.3 
Health Care Technology 199,052  4.5  223,224  5.1 
Hotels, Restaurants and Leisure 163,070  3.7  177,058  4.0 
Household Durables 5,135  0.1  4,895  0.1 
Household Products 3,885  0.1  3,896  0.1 
Industrial Conglomerates 20,153  0.5  4,691  0.1 
Insurance 128,753  2.9  109,109  2.5 
Internet and Catalog Retail 9,983  0.2  10,123  0.2 
IT Services 287,490  6.5  364,699  8.3 
Leisure Products 11,784  0.3  11,682  0.3 
Life Sciences Tools & Services 51,387  1.2  48,145  1.1 
Machinery 32,365  0.7  29,373  0.6 
Marine 9,578  0.2  —  0.0 
Multiline Retail 46,386  1.0  46,372  1.1 
Oil, Gas and Consumable Fuels 85,619  1.9  85,924  2.0 
Paper and Forest Products 9,027  0.2  9,126  0.2 
Personal Products 37,273  0.8  37,520  0.8 
Pharmaceuticals 76,364  1.7  55,639  1.3 
Professional Services 106,539  2.4  90,590  2.0 
Real Estate Management and Development 65,548  1.5  66,172  1.5 
Road and Rail 33,067  0.7  23,610  0.5 
Software 1,036,637  23.3  937,060  21.3 
Specialty Retail 241,306  5.4  317,697  7.2 
Technology Hardware, Storage and Peripherals 23,957  0.5  24,069  0.5 
Textiles, Apparel and Luxury Goods 42,361  1.0  42,787  1.0 
Total $ 4,444,401  100.0  % $ 4,398,900  100.0  %
* Represents an amount less than 0.1%.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

As of March 31, 2021 As of September 30, 2020
Fair Value:            
Aerospace and Defense $ 111,269  2.5  % $ 93,061  2.2  %
Airlines 921  0.0  * 896  0.0  *
Auto Components 21,157  0.5  19,518  0.5 
Automobiles 94,586  2.1  52,972  1.2 
Beverages 35,162  0.8  33,874  0.9 
Biotechnology 17,137  0.4  16,902  0.4 
Building Products 9,640  0.2  32,824  0.7 
Chemicals 14,462  0.3  13,948  0.3 
Commercial Services and Supplies 150,842  3.4  126,680  2.9 
Construction & Engineering 49,075  1.1  44,892  1.1 
Consumer Finance 2,543  0.1  2,460  0.0  *
Containers and Packaging 22,589  0.5  16,669  0.4 
Distributors 3,137  0.1  3,046  0.1 
Diversified Consumer Services 87,985  2.0  54,066  1.5 
Diversified Financial Services 48,689  1.1  55,223  1.3 
Electric Utilities 6,880  0.2  13,228  0.3 
Electronic Equipment, Instruments and Components 46,313  1.0  62,723  1.5 
Energy Equipment and Services 2,484  0.1  2,672  0.1 
Food and Staples Retailing 158,131  3.6  119,614  3.1 
Food Products 54,550  1.2  60,420  1.3 
Healthcare Equipment and Supplies 165,796  3.8  172,274  4.1 
Healthcare Providers and Services 574,093  13.1  583,926  14.3 
Health Care Technology 200,616  4.6  219,166  5.1 
Hotels, Restaurants and Leisure 157,523  3.6  165,722  4.0 
Household Durables 5,432  0.1  4,999  0.1 
Household Products 3,815  0.1  3,817  0.1 
Industrial Conglomerates 20,466  0.5  4,567  0.1 
Insurance 130,110  3.0  109,156  2.5 
Internet and Catalog Retail 9,863  0.2  9,489  0.2 
IT Services 287,417  6.5  356,500  8.3 
Leisure Products 11,430  0.3  11,389  0.3 
Life Sciences Tools & Services 51,848  1.2  47,871  1.1 
Machinery 29,980  0.7  25,727  0.6 
Marine 9,668  0.2  —  0.0 
Multiline Retail 46,488  1.1  46,488  1.1 
Oil, Gas and Consumable Fuels 86,080  2.0  82,811  2.0 
Paper and Forest Products 8,967  0.2  8,597  0.2 
Personal Products 33,157  0.7  33,323  0.8 
Pharmaceuticals 77,613  1.8  56,050  1.3 
Professional Services 106,785  2.4  87,116  2.0 
Real Estate Management and Development 65,550  1.5  63,111  1.5 
Road and Rail 32,321  0.7  22,951  0.5 
Software 1,043,099  23.7  924,825  21.3 
Specialty Retail 242,040  5.5  311,117  7.2 
Technology Hardware, Storage and Peripherals 23,767  0.5  23,597  0.5 
Textiles, Apparel and Luxury Goods 33,785  0.8  37,933  1.0 
Total $ 4,395,261  100.0  % $ 4,238,210  100.0  %
* Represents an amount less than 0.1%.



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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Senior Loan Fund LLC:

Effective January 1, 2020, the Company purchased the remaining equity interests in SLF from RGA and consolidated SLF's assets and liabilities into the Company's financial statements and notes. Prior to January 1, 2020, the Company co-invested with RGA in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of SLF were approved by the SLF investment committee consisting of two representatives of each of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by SLF were measured at fair value using the same valuation methodologies as described in Note 6.

For the three months ended December 31, 2019, the Company did not receive dividend income from the LLC equity interests in SLF.
See below for certain summarized financial information for SLF for the three months ended December 31, 2019:
Three months ended December 31,
   2019
Selected Statement of Operations Information:   
Interest income $ 2,800 
Total investment income 2,800 
Interest and other debt financing expense 634 
Administrative service fee 61 
Other expenses (15)
Total expenses 680 
Net investment income 2,120 
Net realized gain (loss) on investments — 
Net change in unrealized appreciation (depreciation) on investments (1,603)
Net increase in members' equity $ 517 

GCIC Senior Loan Fund LLC:

Effective January 1, 2020, the Company purchased the remaining equity interests in GCIC SLF from Aurora and consolidated GCIC SLF's assets and liabilities into the Company's financial statements and notes. Following the acquisition of GCIC SLF in the Merger, the Company co-invested with Aurora, a wholly-owned subsidiary of RGA Reinsurance Company, in senior secured loans through GCIC SLF, an unconsolidated Delaware LLC. The Company acquired the investment in GCIC SLF through its acquisition of GCIC on September 16, 2019. GCIC SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of GCIC SLF were approved by the GCIC SLF investment committee consisting of two representatives of each of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). GCIC SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by GCIC SLF were measured at fair value by GCIC SLF using the same valuation methodologies as described in Note 6.

For the three months ended December 31, 2019, the Company earned $1,905 of dividend income from the LLC equity interest in GCIC SLF.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
See below for certain summarized financial information for GCIC SLF for the three months ended December 31, 2019:
Selected Statement of Operations Information:
Interest income $ 2,081 
Total investment income 2,081 
Interest and other debt financing expenses 512 
Administrative service fee 45 
Other expenses (24)
Total expenses 533 
Net investment income 1,548 
Net change in unrealized appreciation (depreciation) on investments
(108)
Net increase in members' equity $ 1,440 

Note 5. Forward Currency Contracts

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies.

The outstanding forward currency contracts as of March 31, 2021 and September 30, 2020 were as follows:
As of March 31, 2021
Counterparty Currency to be sold Currency to be purchased Settlement date Unrealized appreciation ($) Unrealized depreciation ($)
Macquarie Bank Limited £ 8,925  GBP $ 11,219  USD 2/28/2023 $ —  $ (1,104)
Macquarie Bank Limited £ 3,780  GBP $ 4,804  USD 3/27/2023 —  (415)
Macquarie Bank Limited € 6,760  EUR $ 8,044  USD 4/28/2023 —  (146)
Macquarie Bank Limited € 9,300  EUR $ 10,861  USD 4/29/2022 —  (38)
Macquarie Bank Limited £ 10,058  GBP $ 12,706  USD 7/17/2023 —  (1,191)
Macquarie Bank Limited £ 2,228  GBP $ 2,903  USD 4/28/2023 45  — 
Macquarie Bank Limited $ 18,425  CAD $ 13,783  USD 10/30/2023 —  (812)
Macquarie Bank Limited € 13,960  EUR $ 16,735  USD 4/28/2023 —  (174)
$ 45  $ (3,880)

As of September 30, 2020
Counterparty Currency to be sold Currency to be purchased Settlement date Unrealized appreciation ($) Unrealized depreciation ($)
Macquarie Bank Limited £ 8,925  GBP $ 11,219  USD 2/28/2023 $ —  $ (361)
Macquarie Bank Limited £ 3,780  GBP $ 4,804  USD 3/27/2023 —  (101)
Macquarie Bank Limited € 6,760  EUR $ 8,044  USD 4/28/2023 —  (187)
Macquarie Bank Limited € 9,300  EUR $ 10,861  USD 4/29/2022 —  (60)
Macquarie Bank Limited £ 10,058  GBP $ 12,706  USD 7/17/2023 —  (355)
$ —  $ (1,064)

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held at broker for forward currency contracts or cash collateral received from broker for forward currency contracts. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2021 and September 30, 2020.
As of March 31, 2021
Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank Limited Foreign exchange $ 45  $ (3,880) $ (3,835) $ 3,835  $ — 

As of September 30, 2020
Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank Limited Foreign exchange $ —  $ (1,064) $ (1,064) $ 1,064  $ — 

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions for the three and six months ended March 31, 2021 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category Three months ended March 31, Six months ended March 31,
2021 2020 2021 2020
Foreign exchange $ —  $ —  $ —  $ — 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category Three months ended March 31, Six months ended March 31,
2021 2020 2021 2020
Foreign exchange $ 1,121  $ 2,296  $ (2,771) $ 1,046 

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and six months ended March 31, 2021:
Average U.S. Dollar notional outstanding Three months ended March 31, Six months ended March 31,
2021 2020 2021 2020
Forward currency contracts $ 81,055  $ 34,928  $ 76,097  $ 32,449 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. On February 6, 2020, the Investment Adviser claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2021 and 2020. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
market quotations subject to review by an independent valuation firm. All investments as of March 31, 2021 and September 30, 2020, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

When determining fair value of Level 3 debt and equity investments, the Company takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company bases its valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2021 and September 30, 2020:
As of March 31, 2021 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total
Assets, at fair value:            
Debt investments(1)
$ —  $ —  $ 4,281,835  $ 4,281,835 
Equity investments(1)
—  —  113,426  113,426 
Money market funds(1)(2)
61,002  —  —  61,002 
Forward currency contracts —  45  —  45 
Total assets, at fair value: $ 61,002  $ 45  $ 4,395,261  $ 4,456,308 
Liabilities at fair value:
Forward currency contracts $ —  $ (3,880) $ —  $ (3,880)
Total liabilities, at fair value: $ —  $ (3,880) $ —  $ (3,880)

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of September 30, 2020 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total
Assets, at fair value:            
Debt investments(1)
$ —  $ —  $ 4,146,013  $ 4,146,013 
Equity investments(1)
—  —  92,197  92,197 
Money market funds(1)(2)
37,205  —  —  37,205 
Total assets, at fair value: $ 37,205  $ —  $ 4,238,210  $ 4,275,415 
Liabilities at fair value:
Forward currency contracts $ —  $ (1,064) $ —  $ (1,064)
Total liabilities, at fair value: $ —  $ (1,064) $ —  $ (1,064)

(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in cash and cash equivalents, restricted cash and cash equivalents, foreign currencies and restricted foreign currencies on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2021, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2021 was $15,376 and $52,312, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2020, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2020 was $(271,617) and $(261,076), respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2021 and 2020:

For the six months ended March 31, 2021
   Debt
Investments 		Equity
Investments 		Total
Investments
Fair value, beginning of period $ 4,146,013  $ 92,197  $ 4,238,210 
Net change in unrealized appreciation (depreciation) on investments 91,161  20,389  111,550 
Realized gain (loss) on investments (5,391) 4,948  (443)
Funding of (proceeds from) revolving loans, net (7,248) —  (7,248)
Fundings of investments 668,320  10,210  678,530 
PIK interest 8,671  —  8,671 
Proceeds from principal payments and sales of portfolio investments (611,865) (14,318) (626,183)
Accretion of discounts and amortization of premiums (7,826) —  (7,826)
Fair value, end of period $ 4,281,835  $ 113,426  $ 4,395,261 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the six months ended March 31, 2020
   Debt
Investments 		Equity
Investments 		Total
Investments
Fair value, beginning of period $ 4,083,298  $ 85,990  $ 4,169,288 
Net change in unrealized appreciation (depreciation) on investments (226,168) (16,622) (242,790)
Realized gain (loss) on investments (7,069) 1,922  (5,147)
Funding of (proceeds from) revolving loans, net 31,054  —  31,054 
Fundings of investments 493,587  5,254  498,841 
PIK interest 4,648  —  4,648 
Proceeds from principal payments and sales of portfolio investments (433,041) (7,811) (440,852)
Accretion of discounts and amortization of premiums (15,896) —  (15,896)
Transfers in (1)
207,691  3,378  211,069 
Fair value, end of period $ 4,138,104  $ 72,111  $ 4,210,215 

(1) Transfers in represent debt and equity investments acquired in the Purchase Agreement.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2021 and September 30, 2020.
    
Quantitative information about Level 3 Fair Value Measurements
Fair value as of March 31, 2021 Valuation Techniques Unobservable Input
Range (Weighted Average) (1)
Assets:            
Senior secured loans(2)
$ 676,420  Market rate approach Market interest rate 3.6% - 12.5% (6.0%)
      Market comparable companies EBITDA multiples 6.0x - 20.0x (13.1x)
6,895  Market comparable Broker/dealer bids or quotes N/A
217  Collateral analysis Recovery rate 1.6%
One stop loans(3)(4)
$ 3,567,140  Market rate approach Market interest rate 4.8% - 23.3% (7.8%)
   Market comparable companies EBITDA multiples 4.5x - 30.0x (15.2x)
         Revenue multiples 2.0x - 14.0x (6.9x)
Subordinated debt and second lien loans(5)(6)
$ 31,163  Market rate approach Market interest rate 6.3% - 19.5% (10.5%)
      Market comparable companies EBITDA multiples 6.5x - 21.0x (14.5x)
         Revenue multiples 4.3x -12.0x (11.8x)
Equity(7)
$ 113,426  Market comparable companies EBITDA multiples 4.5x - 26.2x (14.8x)
         Revenue multiples 2.0x - 14.0x (6.9x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$14,300 of loans at fair value were valued using the market comparable companies approach only.
(3)$53,082 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,083,865 and $483,275 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5) $2,435 of loans at fair value were valued using the market comparable companies approach only
(6)The Company valued $30,871 and $292 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All subordinated debt and second lien loans were also valued using the market rate approach.
(7)The Company valued $97,238 and $16,188 of equity investments using EBITDA and revenue multiples, respectively.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2020 Valuation Techniques Unobservable Input
Range
(Weighted Average)(1)
Assets:            
Senior secured loans(2)
$ 637,012  Market rate approach Market interest rate 3.7% - 21.5% (6.9%)
      Market comparable companies EBITDA multiples 4.4x - 20.0x (12.4x)
2,910  Market comparable Broker/dealer bids or quotes N/A
291  Collateral analysis Recovery rate 2.2%
One stop loans(3)(4)
$ 3,485,585  Market rate approach Market interest rate 1.0% - 27.8% (8.2%)
   Market comparable companies EBITDA multiples 4.5x - 27.0x (13.7x)
         Revenue multiples 1.5x - 16.2x (5.8x)
Subordinated debt and second lien loans(5)
$ 20,215  Market rate approach Market interest rate 6.0% - 19.5% (10.6%)
      Market comparable companies EBITDA multiples 8.5x - 21.3x (15.3x)
Revenue multiples 4.0x -8.5x (8.3x)
Equity(6)
$ 92,197  Market comparable companies EBITDA multiples 4.5x - 24.5x (14.1x)
         Revenue multiples 1.5x - 16.2x (6.7x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$12,488 of loans at fair value were valued using the market comparable companies approach only.
(3)$39,207 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,055,404 and $430,181 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $20,030 and $185 of second lien and subordinated debt loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.
(6)The Company valued $79,783 and $12,414 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may have been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. Fair value of the Company’s debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of March 31, 2021 and September 30, 2020.

As of March 31, 2021 As of September 30, 2020
   Carrying Value Fair Value Carrying Value Fair Value
Debt $ 2,086,204  $ 2,097,280  $ 2,023,698  $ 2,032,457 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.  The Company currently intends to target a GAAP debt-to-equity ratio between 0.85 to 1.15x. On September 13, 2011, the Company received exemptive relief from the SEC allowing it to modify the asset coverage requirement to exclude the SBA debentures from its asset coverage calculation. As such, the Company’s ratio of total consolidated assets to outstanding indebtedness could be less than the applicable asset coverage requirement under the 1940 Act. This provides the Company with increased investment flexibility but also increases its risks related to leverage. As of March 31, 2021, the Company’s asset coverage for borrowed amounts was 224.8% (excluding the SBA debentures).

Debt Securitizations:

On June 5, 2014, the Company completed a $402,569 term debt securitization (“2014 Debt Securitization”). The notes (“2014 Notes”) offered in the 2014 Debt Securitization were issued by the 2014 Issuer and are secured by a diversified portfolio of senior secured and second lien loans held by the 2014 Issuer. The 2014 Debt Securitization initially consisted of $191,000 of Aaa/AAA Class A-1 2014 Notes, $20,000 of Aaa/AAA Class A-2 2014 Notes and $35,000 of Aa2/AA Class B 2014 Notes. In partial consideration for the loans transferred to the 2014 Issuer as part of the 2014 Debt Securitization, the Company received and retained $37,500 of Class C 2014 Notes and $119,069 of LLC equity interests in the 2014 Issuer. On March 23, 2018, the Company and the 2014 Issuer amended the 2014 Debt Securitization to, among other things, (a) refinance the issued Class A-1 2014 Notes by redeeming in full the $191,000 of Class A-1 2014 Notes and issuing new Class A-1-R 2014 Notes in an aggregate principal amount of $191,000 that bear interest at a rate of three-month LIBOR plus 0.95%, which is a decrease from the rate of three-month LIBOR plus 1.75% of the previously outstanding Class A-1 2014 Notes, (b) refinance the Class A-2 2014 Notes by redeeming in full the $20,000 of Class A-2 2014 Notes and issuing new Class A-2-R 2014 Notes in an aggregate principal amount of $20,000 that bear interest at a rate of three-month LIBOR plus 0.95%, which is a decrease from the rate of three-month LIBOR plus 1.95% of the previously outstanding Class A-2 2014 Notes, (c) refinance the Class B 2014 Notes by redeeming in full the $35,000 of Class B 2014 Notes and issuing new Class B-R 2014 Notes in an aggregate principal amount of $35,000 that bear interest at a rate of three-month LIBOR plus 1.40%, which is a decrease from the rate of three-month LIBOR plus 2.50% of the previously outstanding Class B 2014 Notes, (d) refinance the Class C 2014 Notes by redeeming in full the $37,500 of Class C 2014 Notes and issuing new Class C-R 2014 Notes in an aggregate principal amount of $37,500 that bear interest at a rate of three-month LIBOR plus 1.55%, which is a decrease from the rate of three-month LIBOR plus 3.50% of the previously outstanding Class C 2014 Notes. The Class C-R 2014 Notes were retained by the Company.

Through April 28, 2018, all principal collections received on the underlying collateral could have been used by the 2014 Issuer to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the 2014 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2014 Debt Securitization.

On August 26, 2020, in connection with a new term debt securitization, the 2014 Issuer redeemed the outstanding 2014 Notes pursuant to the terms of the indenture governing such 2014 Notes. Following such redemption, the agreements governed the 2014 Debt Securitization were terminated. The 2014 Notes would have otherwise matured on April 25, 2026.

The pool of loans in the 2014 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2014 Debt Securitization was based on three-month LIBOR. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2014 Debt Securitization were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ —  $ 797  $ —  $ 1,763 
Cash paid for interest expense $ —  $ 945  $ —  $ 2,027 
Annualized average stated interest rate N/A 3.0  % N/A 3.1  %
Average outstanding balance $ —  $ 107,402  $ —  $ 114,487 

On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at the three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at the three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at the three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at the three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at the three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2021 and September 30, 2020, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of March 31, 2021 and September 30, 2020, there were 85 and 89 portfolio companies, respectively, with a total fair value of $571,394 and $557,484, respectively, securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2021 based on the last interest rate reset was 0.2%. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 1,898  $ 3,600  $ 3,846  $ 7,430 
Amortization of debt issuance costs 104  105  210  211 
Total interest and other debt financing expenses $ 2,002  $ 3,705  $ 4,056  $ 7,641 
Cash paid for interest expense $ 1,936  $ 3,759  $ 3,928  $ 7,799 
Annualized average stated interest rate 1.9  % 3.5  % 1.9  % 3.6  %
Average outstanding balance $ 408,200  $ 408,200  $ 408,200  $ 408,200 

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of March 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:
Description Class A 2018 Notes Class B 2018 Notes Class C-1 2018 Notes
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $327,000 $61,200 $20,000
Fitch Rating "AAA" "NR" "NR"
S&P Rating "AAA" "AA" "A"
Interest Rate LIBOR + 1.48% LIBOR + 2.10% LIBOR + 2.80%

Effective September 16, 2019, the Company assumed, as a result of the Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bear interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2021 and September 30, 2020, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the GCIC 2018 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization. The GCIC 2018 Notes are scheduled to mature on January 20, 2031, and the Subordinated GCIC 2018 Notes are scheduled to mature on December 13, 2118.

Two loan sale agreements govern the GCIC 2018 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the GCIC 2018 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the GCIC 2018 Debt Securitization, the Company agreed to directly or indirectly through the GCIC 2018 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer.

As of March 31, 2021 and September 30, 2020, there were 101 and 109 portfolio companies, respectively, with a total fair value of $872,904 and $859,600, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2021 based on the last interest rate reset was 0.2%. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 2,435  $ 4,767  $ 5,068  $ 9,650 
Accretion of discounts on notes issued 444  335  892  630 
Amortization of debt issuance costs 13  —  13  — 
Total interest and other debt financing expenses $ 2,892  $ 5,102  $ 5,973  $ 10,280 
Cash paid for interest expense 2,318  $ 5,224  5,381  10,655 
Annualized average stated interest rate 1.8  % 3.5  % 1.9  % 3.5  %
Average outstanding balance $ 546,500  $ 546,500  $ 546,500  $ 546,500 

As of March 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:
Description Class A-1 GCIC 2018 Notes Class A-2-R GCIC 2018 Notes Class B-1 GCIC 2018 Notes
Type Senior Secured Floating Rate Senior Secured Fixed Rate Senior Secured Floating Rate
Amount Outstanding $490,000 $38,500 $18,000
Fitch’s Rating "AAA" "NR" "NR"
S&P Rating "AAA" "AAA" "AA"
Interest Rate LIBOR + 1.48% 2.50% LIBOR + 2.25%

On August 26, 2020, the Company completed a $330,355 term debt securitization, of which $297,355 was funded at closing (the “2020 Debt Securitization”). The notes offered in the 2020 Debt Securitization (the “2020 Notes”) were issued by the 2020 Issuer, a subsidiary of 2020 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2020 Notes consist of approximately $137,500 of AAA Class A-1 2020 Notes, which bear interest at the three-month LIBOR plus 2.35%; $10,500 of AAA Class A-2 2020 Notes, which bear interest at the three-month LIBOR plus 2.75%; $21,000 of AA Class B 2020 Notes which bear interest at the three-month LIBOR plus 3.20%; up to $33,000 A Class C 2020 Notes, which remained unfunded upon closing of the transactions and, if funded, will bear interest at the three-month LIBOR plus a spread set in connection with the funding date but which in no event will be greater than 3.65%; and approximately $108,355 of Subordinated 2020 Notes, which do not bear interest. The Company is permitted, subject to certain conditions, to request a one-time funding of the Class C 2020 Notes, which will not be deemed an additional issuance of notes, but would cause the Class C 2020 Notes to be additional debt of the Company. As a part of the 2020 Debt Securitization, the Company also entered into a credit agreement (the “Credit Agreement”) upon closing of the transactions pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Lenders”) committed to make $20,000 of AAA Class A-1-L loans to the Company (the “2020 Loans”). The 2020 Loans bear interest at the three-month LIBOR plus 2.35% and were fully drawn upon closing of the transactions. Any Lender may elect to convert all or a portion of the Class A-1-L Loans held by such Lender into Class A-1 2020 Notes upon written notice to the Company in accordance to the Credit Agreement. The Class A-1 2020 Notes, the Class A-2 2020 Notes and the Class B 2020 Notes were issued through a private placement. The Class C 2020 Notes and the Subordinated 2020 Notes were retained by the Company and the Company remains the sole owner of the equity of the 2020 Issuer. The Class A-1, Class A-2 and Class B 2020 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as debt of the Company. As of March 31, 2021 and September 30, 2020, the Subordinated 2020 Notes were eliminated in consolidation.
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Through November 5, 2022, all principal collections received on the underlying collateral may be used by the 2020 Issuer to purchase new collateral under the direction of GC Advisors, in its capacity as collateral manager of the 2020 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2020 Debt Securitization. The 2020 Notes, other than the Subordinated 2020 Notes, are due November 5, 2032. The 2020 Loans are scheduled to mature and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on November 5, 2032. The Subordinated 2020 Notes are due in 2120.

Two loan sale agreements govern the 2020 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the 2020 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the 2020 Debt Securitization, the Company agreed to directly or indirectly through the 2020 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2020 Issuer.

As of March 31, 2021 and September 30, 2020, there were 67 and 70 portfolio companies with a total fair value of $293,026 and $286,744, respectively, securing the 2020 Notes. The pool of loans in the 2020 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2020 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of March 31, 2021 based on the last interest rate reset was 0.2%. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2020 Debt Securitization were as follows:
Three months ended March 31, Six months ended March 31,
2021 2020 2021 2020
Stated interest expense $ 1,263  $ —  $ 2,559  $ — 
Amortization of debt issuance costs 186  —  376  — 
Total interest and other debt financing expenses $ 1,449  $ —  $ 2,935  $ — 
Cash paid for interest expense 2,295  —  2,295  — 
Annualized average stated interest rate 2.7  % N/A 2.7  % N/A
Average outstanding balance $ 189,000  $ —  $ 189,000  $ — 

As of March 31, 2021, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 2020 Notes, Class A-2 2020 Notes, Class B 2020 Notes and the Class A-1-L Loans were as follows:

Description Class A-1 2020 Notes Class A-2 2020 Notes Class B 2020 Notes Class A-1-L Loans
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $137,500 $10,500 $21,000 $20,000
Fitch’s Rating "AAA" "NR" "NR" "NR"
S&P Rating "AAA" "AAA" "AA" "AAA"
Interest Rate LIBOR + 2.35% LIBOR + 2.75% LIBOR + 3.20% LIBOR + 2.35%


The Investment Adviser served as collateral manager to the 2014 Issuer and serves as the collateral manager to the 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement and Prior Investment Advisory Agreement, as applicable, are reduced by an amount equal to the total aggregate fees paid
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
to the Investment Adviser by the 2014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer for rendering such collateral management services.

As part of each of the 2014 Debt Securitization, the 2018 Debt Securitization, GCIC 2018 Debt Securitization and the 2020 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2014 Issuer, the 2018 Issuer, the GCIC 2018 Issuer or the 2020 Issuer, as applicable, and to purchase or otherwise acquire the Subordinated 2010 Notes, the LLC equity interests in the 2014 Issuer, the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes, as applicable. As of March 31, 2021, the 2018 Notes, the GCIC 2018 Notes and the 2020 Notes (other than the Subordinated 2018 Notes, the GCIC Subordinated 2018 Notes and the Subordinated 2020 Notes) were the secured obligations of the 2018 Issuer, GCIC 2018 Issuer and the 2020 Issuer, respectively, and indentures governing each of the 2018 Notes, GCIC 2018 Notes and the 2020 Notes include customary covenants and events of default.

SBA Debentures: On August 24, 2010, SBIC IV received approval for a license from the SBA to operate as an SBIC. On December 5, 2012, SBIC V received a license from the SBA to operate as an SBIC. On January 10, 2017, SBIC VI received a license from the SBA to operate as an SBIC. On November 4, 2020, SBIC IV surrendered its license to operate as a SBIC. SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they invest as well as the structures of those investments.

The licenses allow the SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to issuance of a capital commitment by the SBA and customary procedures. These debentures are non-recourse to the Company, have interest payable semiannually and a ten-year maturity. The interest rate is fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities.

Under present SBIC regulations, the maximum amount of SBA-guaranteed debentures issued by multiple licensees under common management is $350,000 and the maximum amount issued by a single SBIC licensee is $175,000. As of March 31, 2021, SBIC IV, SBIC V and SBIC VI had $0, $0 and $97,000, respectively, of outstanding SBA-guaranteed debentures that mature between September 2027 and March 2031. As of September 30, 2020, SBIC IV, SBIC V and SBIC VI had $0, $151,750 and $66,000, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150,000 and $175,000, respectively. Through March 31, 2021, SBIC IV and SBIC V have repaid $150,000 and $175,000 of outstanding debentures, respectively, and these commitments have effectively been terminated. As of March 31, 2021 and September 30, 2020, SBIC VI had $65,000 and $29,000, respectively, of undrawn debenture commitments, of which $33,000 and $29,000, respectively, were available to be drawn, subject to SBA regulatory requirements.

The interest rate on the outstanding debentures as of March 31, 2021 is fixed at an average annualized interest rate of 2.3% . For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SBA debentures were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 1,254  $ 2,375  $ 2,933  $ 4,818 
Amortization of debt issuance costs 1,139  310  1,469  591 
Total interest and other debt financing expenses $ 2,393  $ 2,685  $ 4,402  $ 5,409 
Cash paid for interest expense $ 3,347  $ 4,826  $ 3,347  $ 4,826 
Annualized average stated interest rate 2.7  % 3.2  % 2.9  % 3.2  %
Average outstanding balance $ 190,069  $ 302,098  $ 205,600  $ 301,983 

Revolving Credit Facilities:
On February 1, 2019, Funding II entered into a credit facility as amended, (the “MS Credit Facility II”) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On September 6, 2019, the Company entered into an amendment to the MS Credit Facility II to increase borrowing capacity to $300,000. On October 11, 2019, the Company entered into an amendment to increase the borrowing capacity under the MS Credit Facility II from $300,000 to $500,000 until the earlier of (i) the closing date of a debt securitization transaction mutually agreed to by the Company and Morgan Stanley or (ii) March 31, 2020 after which the borrowing capacity under the MS Credit Facility II will revert to $200,000. On March 20, 2020, the Company entered into an amendment that changed the date under which the borrowing capacity reverts from $500,000 to $200,000 to June 30, 2020 from March 31, 2020. On June 18, 2020, the Company entered into an amendment that increased the borrowing capacity through the full term of the MS Credit Facility II from $200,000 to $400,000. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000. On February 23, 2021, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $175,000 to $75,000. As of March 31, 2021, the MS Credit Facility II allows Funding II to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions.
The period from February 1, 2019 until May 3, 2021 is referred to as the revolving period and during such revolving period, Funding II may request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020, during the Revolving Period, the MS Credit Facility II bears interest at the applicable base rate plus 2.45%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II will reset to the applicable base rate plus 2.95% for the remaining term of the MS Credit Facility II. The revolving period will continue through May 3, 2021 unless there is an earlier termination or event of default. The base rate under the MS Credit Facility II is (i) the one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) the one-month EURIBOR with respect to any advances denominated in euros, and (iii) the one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II is May 1, 2024. The MS Credit Facility II is subject to a non-usage fee of 0.50% per annum subsequent to a ramp-up period as defined in the credit agreement.
The MS Credit Facility II is secured by all of the assets held by Funding II. Both the Company and Funding II have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit Facility II will be subject to the leverage restrictions contained in the 1940 Act.
As of March 31, 2021 and September 30, 2020, the Company had outstanding debt under the MS Credit Facility II of $50,192 and $313,292, respectively.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 1,176  $ 3,420  $ 2,719  $ 6,735 
Facility fees 113  90  257  262 
Amortization of debt issuance costs 67  318  264  503 
Total interest and other debt financing expenses $ 1,356  $ 3,828  $ 3,240  $ 7,500 
Cash paid for interest expense and facility fees $ 1,721  $ 3,543  $ 3,816  $ 5,704 
Annualized average stated interest rate 3.2  % 3.4  % 2.9  % 3.6  %
Average outstanding balance $ 149,877  $ 398,793  $ 189,689  $ 371,123 
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Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Effective September 16, 2019, the Company assumed, as a result of the Merger, a senior secured revolving credit facility (as amended, the “WF Credit Facility”) with GCIC Funding as the borrower and with Wells Fargo Bank, N.A. as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent. On February 12, 2021, all outstanding borrowings under the WF Credit Facility were repaid following which the WF Credit Facility was terminated. Prior to its termination, the WF Credit Facility allowed GCIC Funding to borrow up to $300,000 at any one time outstanding, subject to leverage and borrowing base restrictions. The stated maturity on the WF Credit Facility was March 21, 2024, with a reinvestment period that would have expired on March 20, 2021. The WF Credit Facility bore interest at one-month LIBOR plus 2.00%. A non-usage fee rate between 0.50% and 1.75% per annum was payable depending on the size of the unused portion of the WF Credit Facility.

The WF Credit Facility was collateralized by all of the assets held by GCIC Funding, and GBDC pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, to secure the obligations of GBDC as the transferor and servicer under the WF Credit Facility. Both GBDC and GCIC Funding made customary representations and warranties and were required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the WF Credit Facility were subject to the asset coverage requirements contained in the 1940 Act.

The Company transferred certain loans and debt securities it originated or acquired from time to time to GCIC Funding through a purchase and sale agreement and caused GCIC Funding to originate or acquire loans, consistent with the Company’s investment objectives.

As of September 30, 2020, the Company had outstanding debt under the WF Credit Facility of $199,554.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the WF Credit Facility were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 536  $ 1,940  $ 996  $ 4,322 
Facility fees 45  96  323  162 
Total interest and other debt financing expenses $ 581  $ 2,036  $ 1,319  $ 4,484 
Cash paid for interest expense $ 874  $ 2,207  $ 1,614  $ 4,586 
Annualized average stated interest rate 2.2  % 3.4  % 2.2  % 3.6  %
Average outstanding balance $ 100,517  $ 229,150  $ 91,099  $ 238,698 

Effective September 16, 2019, the Company assumed as a result of the Merger a senior secured revolving credit facility (as amended, the “DB Credit Facility”) with GCIC Funding II as the borrower and with Deutsche Bank AG, New York branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. Prior to its termination, the DB Credit Facility allowed GCIC Funding II to borrow up to $250,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

The DB Credit Facility bore interest at the applicable base rate plus 1.90% per annum. The base rate under the DB Credit Facility was (i) the three-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars and (iv) the three-month LIBOR with respect to any other advances. A non-usage fee of 0.25% per annum was payable on the undrawn amount under the DB Credit Facility, and an additional fee based on unfunded commitments of the lenders was payable if borrowings under the DB Credit Facility did not exceed a minimum utilization percentage threshold. In addition, a syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25%
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
of the aggregate commitments on each day. The reinvestment period of the DB Credit Facility would have expired on December 31, 2021 and the DB Credit Facility would have matured on December 31, 2024.

The DB Credit Facility was secured by all of the assets held by GCIC Funding II. GCIC Funding II made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, were subject to the leverage restrictions contained in the 1940 Act.

The Company transferred certain loans and debt securities it originated or acquired from time to time to GCIC Funding II through a purchase and sale agreement and caused GCIC Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

As of September 30, 2020, the Company had outstanding debt under the DB Credit Facility of $153,524.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:

Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ —  $ 1,915  $ 73  $ 4,443 
Facility fees —  173  14  173 
Total interest and other debt financing expenses $ —  $ 2,088  $ 87  $ 4,616 
Cash paid for interest expense $ —  $ 2,156  $ 840  $ 4,808 
Annualized average stated interest rate N/A 3.4  % 2.2  % 3.8  %
Average outstanding balance $ —  $ 226,221  $ 6,642  $ 236,089 

On February 11, 2021, the Company entered into a senior secured revolving credit facility (the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders party thereto. Under the JPM Credit Facility, the lenders have agreed to extend credit to the Company in an initial aggregate amount of up to $475,000 in U.S. dollars and certain agreed upon foreign currencies with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $237,500 of additional commitments. The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility. The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the JPM Credit Facility are subject to compliance with a borrowing base test. Interest under the JPM Credit Facility for (i) loans for which the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the “Combined Debt Amount,”) is payable at the greater of (a) the prime rate as last quoted by The Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the “alternate base rate”) plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loans for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%. The Company will pay a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company also will be required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility will mature on February 11, 2026, and require mandatory prepayment of interest and principal upon certain events during the term-out period.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

As of March 31, 2021, the Company did not have any outstanding debt or letters of credit under the JPM Credit Facility.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the JPM Credit Facility were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 251  $ —  $ 251  $ — 
Facility fees 192  —  192  — 
Amortization of debt issuance costs 150  —  150  — 
Total interest and other debt financing expenses $ 593  $ —  $ 593  $ — 
Cash paid for interest expense $ 251  $ —  $ 251  $ — 
Annualized average stated interest rate 1.9  % N/A 1.9  % N/A
Average outstanding balance $ 53,811  $ —  $ 26,610  $ — 

Effective January 1, 2020, the Company assumed, as a result of the Purchase Agreement, a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Wells Fargo Bank, N.A. On June 29, 2020, the SLF Credit Facility was repaid in full and subsequently terminated. Prior to the facility's termination, the reinvestment period of the SLF Credit Facility expired on August 29, 2018 and the maximum commitment was equal to advances outstanding due to leverage and borrowing base restrictions. The stated maturity date of the SLF Credit Facility was August 30, 2022.

The SLF Credit Facility bore interest at one-month LIBOR plus 2.05%, depending on the composition of the collateral asset portfolio, per annum.

The SLF Credit Facility was collateralized by all of the assets held by SLF II, and SLF had committed to provide a minimum of $12,500 of unencumbered liquidity. SLF had made customary representations and warranties and was required to comply with various covenants and reporting requirements.

There was no outstanding balance under the SLF Credit Facility as of March 31, 2021 and September 30, 2020.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the SLF Credit Facility were as follows:

Three months ended March 31, Six months ended March 31,
2021 2020 2021 2020
Stated interest expense $ —  $ 286  $ —  $ 286 
Cash paid for interest expense —  226  $ —  226 
Annualized average stated interest rate N/A 3.5  % N/A 3.5  %
Average outstanding balance $ —  $ 32,448  $ —  $ 16,136 

Effective January 1, 2020, the Company assumed, as a result of the Purchase Agreement, a senior secured revolving credit facility (as amended, the “GCIC SLF Credit Facility”) with Wells Fargo Bank, N.A. On June 29, 2020, the GCIC SLF Credit Facility was repaid in full and subsequently terminated. Prior to the facility's termination, the reinvestment period of the GCIC SLF Credit Facility expired on September 27, 2018 and the maximum commitment
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
was equal to advances outstanding due to leverage and borrowing base restrictions. The stated maturity date of the GCIC SLF Credit Facility was September 28, 2022.

The GCIC SLF Credit Facility bore interest at one-month LIBOR plus 2.05% per annum, depending on the composition of the collateral asset portfolio. The GCIC SLF Credit Facility was collateralized by all of the assets held by GCIC SLF II and GCIC SLF had committed to provide a minimum of $7,500 of unencumbered liquidity. GCIC SLF had made customary representations and warranties and was required to comply with various covenants and reporting requirements.

There was no outstanding balance under the GCIC SLF Credit Facility as of March 31, 2021 and September 30, 2020.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the GCIC SLF Credit Facility were as follows:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ —  $ 295  $ —  $ 295 
Cash paid for interest expense —  237  —  237 
Annualized average stated interest rate N/A 3.5  % N/A 3.5  %
Average outstanding balance $ —  $ 33,571  $ —  $ 16,694 

2024 Unsecured Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Unsecured Notes”). The 2024 Unsecured Notes bear interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Unsecured Notes mature on April 15, 2024.

The 2024 Unsecured Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2024 Unsecured Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2024 Unsecured Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 Unsecured Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2024 Unsecured Notes to be redeemed through March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Unsecured Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2024 Unsecured Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Unsecured Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the 2024 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2024 Unsecured Notes.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2024 Unsecured Notes were as follows:
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 3,375  $ —  $ 6,713  $ — 
Accretion of discounts on notes issued 22  —  45  — 
Amortization of debt issuance costs 389  —  770  — 
Total interest and other debt financing expenses $ 3,786  $ —  $ 7,528  $ — 
Cash paid for interest expense —  —  —  — 
Annualized average stated interest rate 3.4  % N/A 3.4  % N/A
Average outstanding balance $ 400,000  $ —  $ 397,802  $ — 

2026 Unsecured Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Unsecured Notes”). The 2026 Unsecured Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Unsecured Notes mature on August 24, 2026.

The 2026 Unsecured Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Unsecured Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2026 Unsecured Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Unsecured Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Unsecured Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2026 Unsecured Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the Notes), the redemption price for the 2026 Unsecured Notes will be equal to 100% of the principal amount of the 2026 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Unsecured Notes.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest and facility fees, average interest rates and average outstanding balances for the 2026 Unsecured Notes were as follows:
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ 1,028  $ —  $ 1,028  $ — 
Accretion of discounts on notes issued 22  —  22  — 
Amortization of debt issuance costs 88  —  88  — 
Total interest and other debt financing expenses $ 1,138  $ —  $ 1,138  $ — 
Cash paid for interest expense —  —  —  — 
Annualized average stated interest rate 2.6  % N/A 2.6  % N/A
Average outstanding balance $ 160,000  $ —  $ 79,121  $ — 

Revolver: On June 21, 2019, the Company and the Investment Adviser amended the Adviser Revolver to and among other things, (a) increase the maximum credit limit to $40,000, and (b) change the expiration date to June 21, 2022. On October 28, 2019, the Company entered into an amendment to the Adviser Revolver to increase the borrowing capacity under the Adviser Revolver from $40,000 to $100,000. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate, which was 0.1% as of March 31, 2021. As of March 31, 2021 and September 30, 2020, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Adviser Revolver were as follows:

Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ —  $ 13  $ —  $ 22 
Cash paid for interest expense $ —  $ —  $ —  $ 18 
Annualized average stated interest rate N/A 1.5  % N/A 1.6  %
Average outstanding balance $ —  $ 3,461  $ —  $ 2,732 

Other Short-Term Borrowings:  Borrowings with original maturities of less than one year are classified as short-term.  The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements.  Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition.

As of March 31, 2021 and September 30, 2020, the Company had no short-term borrowings. For the three and six months ended March 31, 2021 and 2020, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for short term borrowings were as follows:

Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Stated interest expense $ —  $ 715  $ —  $ 1,533 
Cash paid for interest expense $ —  $ 1,533  $ —  $ 1,533 
Annualized average stated interest rate N/A 4.8  % N/A 4.9  %
Average outstanding balance $ —  $ 59,876  $ —  $ 61,807 

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2020, reported within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies was $1,064 and $0, respectively.

For the three and six months ended March 31, 2021, the average total debt outstanding (including the debt under the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the 2020 Debt Securitization, the SBA Debentures, the MS Credit Facility II, the WF Credit Facility, the DB Credit Facility, the JPM Credit Facility, the 2024 Unsecured Notes, the 2026 Unsecured Notes and the Adviser Revolver) was $2,197,975 and $2,140,263, respectively. For the three and six months ended March 31, 2020, the average total debt outstanding (including the debt under the 2014 Debt Securitization, the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the SBA Debentures, the MS Credit Facility II, WF Credit Facility, DB Credit Facility, SLF Credit Facility, GCIC SLF Credit Facility, Adviser Revolver and Other Short-Term Borrowings) was $2,347,720 and $2,314,448, respectively.

For the three and six months ended March 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company's total debt was 3.0% and 2.9%, respectively. For the three and six months ended March 31, 2020, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on the Company's total debt was 3.7% and 3.6%, respectively.

A summary of the Company’s maturity requirements for borrowings as of March 31, 2021 is as follows:
Payments Due by Period
   Total Less Than
1 Year 		1 – 3 Years 3 – 5 Years More Than
5 Years
2018 Debt Securitization $ 408,200  $ —  $ —  $ —  $ 408,200 
2018 GCIC Debt Securitization(1)
543,270  —  —  —  543,270 
2020 Debt Securitization 189,000  —  —  —  189,000 
SBA Debentures 97,000  —  —  —  97,000 
MS Credit Facility II 50,192  —  —  50,192  — 
2024 Unsecured Notes(2)
399,725  —  —  399,725  — 
2026 Unsecured Notes(2)
398,817  —  —  —  398,817 
Total borrowings $ 2,086,204  $ —  $ —  $ 449,917  $ 1,636,287 

(1) Represents principal outstanding less unaccreted discount recognized on the assumption of the 2018 GCIC Debt Securitization in the Merger.
(2) Represents principal outstanding less unaccreted original issue discount.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 8. Commitments and Contingencies

Commitments: As of March 31, 2021, the Company had outstanding commitments to fund investments totaling $205,334, including $44,698 of commitments on undrawn revolvers. As of September 30, 2020, the Company had outstanding commitments to fund investments totaling $141,795, including $41,644 of commitments on undrawn revolvers.

Indemnifications:  In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.
Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts as of March 31, 2021 and September 30, 2020. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk:  Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Legal proceedings:  In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.

Note 9. Financial Highlights

The financial highlights for the Company are as follows:
Six months ended March 31,
Per share data:(1)
2021 2020
Net asset value at beginning of period $ 14.33  $ 16.76 
Net increase in net assets as a result of issuance of DRIP shares(2)
—  ^ 0.01 
Distributions declared:
From net investment income (0.58) (0.71)
From capital gains —  (0.08)
Net investment income 0.47  0.48 
Net realized gain (loss) on investment transactions (0.01) (0.07)
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.65  (1.77)
Net asset value at end of period $ 14.86  $ 14.62 
Per share market value at end of period $ 14.62  $ 12.56 
Total return based on market value(4)
14.90  % (29.80) %
Number of common shares outstanding 168,231,707  133,807,609 

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights: 2021 2020
Ratio of net investment income to average net assets*
6.54  % 5.81  %
Ratio of total expenses to average net assets(5)*
5.73  % 7.57  %
Ratio of incentive fees to average net assets 0.12  % 0.44  %
Ratio of expenses (without incentive fees) to average net assets*
5.61  % 7.13  %
Total return based on average net asset value(6)*
15.32  % (16.35) %
Net assets at end of period $ 2,499,131  $ 1,955,988 
Average debt outstanding $ 2,140,263  $ 2,314,448 
Average debt outstanding per share $ 12.72  $ 17.30 
Portfolio turnover*
28.50  % 25.59  %
Asset coverage ratio(7)
224.80  % 193.69  %
Asset coverage ratio per unit(8)
$ 2,248  $ 1,937 
Average market value per unit:(9)
2026 Unsecured Notes $ 987  N/A
2024 Unsecured Notes 1,022  N/A
2014 Debt Securitization N/A N/A
2018 Debt Securitization N/A N/A
2018 GCIC Debt Securitization N/A N/A
2020 Debt Securitization N/A N/A
SBA Debentures N/A N/A
MS Credit Facility II N/A N/A
WF Credit Facility N/A N/A
DB Credit Facility N/A N/A
JPM Credit Facility N/A N/A
Adviser Revolver N/A N/A

* Annualized for periods less than one year.
^ Represents an amount less than $0.01    
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Net increase in net assets as a result of issuance of shares related to shares issued through the DRIP.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Expenses, other than incentive fees, are annualized for a period less than one year.
(6)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2026 Unsecured Notes and the 2024 Unsecured Notes. The average market value per unit calculated for the 2026 Unsecured Notes and the 2024 Unsecured Notes is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.

Note 10. Earnings (Loss) Per Share

The following information sets forth the computation of the net increase/(decrease) in net assets per share resulting from operations for the three and six months ended March 31, 2021 and 2020:
Three months ended March 31, Six months ended March 31,
   2021 2020 2021 2020
Earnings (loss) available to stockholders $ 91,315  $ (228,964) $ 185,754  $ (181,916)
Basic and diluted weighted average shares outstanding(1)
167,281,115  138,150,198  167,270,194  137,566,569 
Basic and diluted earnings (loss) per share $ 0.55  $ (1.66) $ 1.11  $ (1.32)


(1)The weighted average shares of the Company's common stock outstanding used in computing basic and diluted earnings (loss) per share for the three and six months ended March 31, 2020 has been adjusted retroactively by a factor of approximately 1.03% to recognize the bonus element associated with rights to acquire shares of the Company's common stock that were issued to stockholders of record as of April 8, 2020.

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended March 31, 2021 and 2020:

Date Declared Record Date Payment Date Amount
Per Share 		Cash
Distribution 		DRIP Shares
Issued 		DRIP Shares
Value
For the six months ended March 31, 2021
11/20/2020 12/11/2020 12/30/2020 $ 0.29  $ 33,846  —  $ 14,659 
(1)
02/05/2021 03/05/2021 03/30/2021 $ 0.29  $ 34,311  972,196  $ 14,194 
For the six months ended March 31, 2020            
11/22/2019 12/12/2019 12/30/2019 $ 0.46 
(2)
$ 40,793  1,149,409  $ 20,230 
02/04/2020 03/06/2020 03/27/2020 $ 0.33  $ 30,123  —  $ 14,034 
(3)

(1)In accordance with the Company's DRIP, 1,034,149 shares of the Company's stock were purchased in the open market at an average price of $14.18 and were issued to stockholders of the Company participating in DRIP.
(2)Includes a special distribution of $0.13 per share.
(3)In accordance with the Company's DRIP, 1,125,098 shares of the Company's stock were purchased in the open market at an average price of $12.47 and were issued to stockholders of the Company participating in DRIP.

Note 12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

On April 13, 2021, the Company entered into an amendment on MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
On May 7, 2021, the Company's board of directors declared a quarterly distribution of $0.29 per share, which is payable on June 29, 2021 to holders of record as of June 11, 2021.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the coronavirus (“COVID-19”) pandemic;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital and our use of borrowed funds to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors, including the COVID-19 pandemic;
•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of the COVID-19 pandemic;
•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
•the ability of GC Advisors to continue to effectively manage our business due to the disruptions caused by the COVID-19 pandemic;
•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
•general price and volume fluctuations in the stock markets;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
•the effect of changes to tax legislation and our tax position.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2020.

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We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. This quarterly report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

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Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code.

Our shares are currently listed on The Nasdaq Global Select Market under the symbol “GBDC”.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $35.0 billion in capital under management as of March 31, 2021, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was approved by our board of directors in May 2021. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $10.0 million to $75.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $75.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which may increase our risk of losing part or all of our investment.

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As of March 31, 2021 and September 30, 2020, our portfolio at fair value was comprised of the following:
As of March 31, 2021 As of September 30, 2020
Investment Type Investments at
 Fair Value
(In thousands) 		Percentage of
Total
Investments 		Investments at
 Fair Value
(In thousands) 		Percentage of
Total
Investments
Senior secured $ 683,532  15.5  % $ 640,213  15.1  %
One stop 3,567,140  81.2  3,485,585  82.2 
Second lien 30,713  0.7  19,640  0.5 
Subordinated debt 450  0.0  * 575  0.0  *
Equity 113,426  2.6  92,197  2.2 
Total $ 4,395,261  100.0  % $ 4,238,210  100.0  %


* Represents an amount less than 0.1%.
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans or recurring revenue loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2021 and September 30, 2020, one stop loans included $483.3 million and $430.2 million, respectively, of late stage lending loans at fair value.

As of March 31, 2021 and September 30, 2020, we had debt and equity investments in 256 and 254 portfolio companies, respectively.

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The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the total return based on our average net asset value, and the total return based on the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:
For the three months ended For the six months ended
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
Weighted average income yield (1)*
7.5% 7.4% 7.8% 7.5% 7.9%
Weighted average investment income yield (2)*
8.0% 7.9% 8.2% 8.0% 8.3%
Total return based on average net asset value (3)*
15.1% 15.5% (31.2)% 15.3% (16.3)%
Total return based on market value (4)
7.6% 9.0% (30.1)% 9.0% (29.8)%


* Annualized for periods of less than one year.
(1)Represents income from interest and fees, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2)Represents income from interest, fees and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.
(3)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

Expenses:  Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
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•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;
•expenses related to unsuccessful portfolio acquisition efforts;
•offerings of our common stock and other securities;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•all costs of registration and listing our shares on any securities exchange;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
•costs of preparing and filing reports or other documents required by the SEC or other regulators;
•costs of any reports, proxy statements or other notices to stockholders, including printing costs;
•costs associated with individual or group stockholders;
•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
•proxy voting expenses; and
•all other expenses incurred by us or the Administrator in connection with administering our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Prior to the redemption of the 2014 Notes (as defined in Note 7 of our consolidated financial statements) and termination of the documents governing the 2014 Debt Securitization (as defined in Note 7 of our consolidated financial statements) on August 26, 2020, GC Advisors served as collateral manager for Golub Capital BDC 2014-LLC, or the 2014 Issuer, our wholly-owned subsidiary, under a collateral management agreement, or the 2014 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2014 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2014 Collateral Management Agreement, the term ‘‘collection period’’ referred to a quarterly period running from the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for Golub Capital BDC CLO III LLC, or the 2018 Issuer, under a collateral management agreement, or the 2018 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.

GC Advisors, as collateral manager for Golub Capital Investment Corporation CLO II LLC, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement, is entitled
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to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

GC Advisors, as collateral manager for Golub Capital BDC CLO 4 LLC, or the 2020 Issuer, under a collateral management agreement, or the 2020 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2020 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2020 Collateral Management Agreement, the term “collection period” generally refers to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Collateral management fees were paid directly by the 2014 Issuer and are paid directly by the 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer to GC Advisors and are offset against the management fees payable under the Investment Advisory Agreement. In addition, the 2014 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring and subsequent amendments to the initial structuring of the 2014 Debt Securitization. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and placement fees for its services in connection with the structuring of the 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GCIC 2018 Issuer as part of our acquisition of GCIC (as defined in the “GCIC Acquisition” section below), the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization (as defined in Note 7 of our consolidated financial statements). The 2020 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the structuring of the 2020 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Term debt securitizations are also known as collateralized loan obligations, or CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer and 2020 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization and 2020 Debt Securitization, and collectively the Debt Securitizations, as applicable.

We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.

GCIC Acquisition

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, or Merger Sub, GC Advisors, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, or the Initial Merger, with GCIC as the surviving company and immediately following the Initial Merger, GCIC was then merged with and into us, the Initial Merger and subsequent merger referred to as the Merger, with us as the surviving company.

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC’s common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.

SLF and GCIC SLF Purchase Agreement

On January 1, 2020, we entered into a purchase agreement, or the Purchase Agreement, with RGA Reinsurance Company, or RGA, Aurora National Life Assurance Company, a wholly-owned subsidiary of RGA, or Aurora and, together with RGA, the Transferors, Senior Loan Fund LLC, or SLF, and GCIC Senior Loan Fund LLC, or GCIC SLF and, together with SLF, the Senior Loan Funds. Prior to entering into the Purchase Agreement, the Transferors
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owned 12.5% of the limited liability company, or LLC, equity interests in each Senior Loan Fund, while we owned the remaining 87.5% of the LLC equity interests in each Senior Loan Fund. Pursuant to the Purchase Agreement, RGA and Aurora agreed to sell their LLC equity interests in each Senior Loan Fund to us, effective as of January 1, 2020. As consideration for the purchase of the LLC equity interests, we paid each Transferor an amount, in cash, equal to the net asset value of such Transferor's Senior Loan Fund LLC equity interests as of December 31, 2019, or the Net Asset Value, along with interest on such Net Asset Value accrued from the date of the Purchase Agreement through, but excluding, the payment date at a rate equal to the short-term applicable federal rate. In February 2020, we paid an aggregate of $17.0 million to the Transferors to acquire their respective LLC interests in the Senior Loan Funds.

As a result of the Purchase Agreement, on January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries. In addition, our capital commitments and those of the Transferors were terminated. As wholly-owned subsidiaries, the assets, liabilities, income and expenses of the Senior Loan Funds were consolidated into our financial statements and notes thereto for periods ending on or after January 1, 2020, and are included for purposes of determining our asset coverage ratio.

Rights Offering

On May 15, 2020, we completed a transferable rights offering, or the Rights Offering. We issued to stockholders of record on April 8, 2020 one transferable right for each four shares of our common stock held on the record date. Each holder of rights was entitled to subscribe for one share of common stock for every right held at a subscription price of $9.17 per share. On May 15, 2020, we issued a total of 33,451,902 shares. Net proceeds after deducting the dealer manager fees and other offering expenses were approximately $300.4 million. 3,191,448 shares were purchased in the rights offering by affiliates of GC Advisors.

COVID-19 Pandemic

The rapid spread of COVID-19, which was identified as a global pandemic by the World Health Organization in 2020, resulted in governmental authorities imposing restrictions on travel and the temporary closure of many corporate offices, retail stores, restaurants, healthcare facilities, fitness clubs and manufacturing facilities and factories in affected jurisdictions. While several countries, as well as certain states in the United States, have lifted or reduced certain travel restrictions, business closures and other quarantine measures and recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. In early 2021, COVID-19 vaccines started to be administered to high-risk adults and essential workers across the United States and eligibility to receive the vaccine has since expanded to all adults in most states. Although we believe the growing number of vaccinated adults is promising for continued reductions of travel restrictions and other quarantine measures, we are unable to predict the duration of business and supply chain disruptions, the extent to which COVID-19 will continue to affect our portfolio companies’ operating results or the impact COVID-19 may have on our results of operations and financial condition.

We continue to experience reversal of the unrealized depreciation recognized during the three months ended March 31, 2020 as portfolio companies generally performed better than expected, especially those in COVID-impacted sub-sectors, and private equity sponsors have generally stepped up to support their portfolio companies. We and GC Advisors continue to monitor the rapidly evolving situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and future recommendations from such authorities may further impact our business operations and financial results. Due to the resurgence of COVID-19 and the threat of new variants of COVID-19, we remain cautious and concerned about the on-going impacts to the U.S. economy from COVID-19, but the positive trends identified above contributed to strong financial results for the three months ended March 31, 2021.

Recent Developments

On April 13, 2021, we entered into an amendment on MS Credit Facility II (as defined in Note 7 of our consolidated financial statements) to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026.

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On May 7, 2021, our board of directors declared a quarterly distribution of $0.29 per share, which is payable on June 29, 2021 to holders of record as of June 11, 2021.

Consolidated Results of Operations

In accordance with SEC Release No. 33-10890 permitting early adoption of certain amendments to Item 303 of Regulation S-K, we have elected the option to present our financial results for the quarter ended March 31, 2021 compared to the quarter ended December 31, 2020. We believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity. For this interim report, we have also presented our analysis for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020 as has been our normal course of reporting. For future reports, we intend to present our analysis for the reporting quarter compared to the immediately preceding quarter. Our Quarterly Report on Form 10-Q for the period ended December 31, 2020, includes our financial results for the three months ended December 31, 2020.

Consolidated operating results for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020 are as follows:

Three months ended, Variances Variances Six months ended, Variances
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021
 vs.
December 31, 2020 		March 31, 2021
vs.
 March 31, 2020 		March 31, 2021 March 31, 2020 2021 vs. 2020
   (In thousands) (In thousands)
Interest income $ 78,208  $ 77,603  $ 82,848  $ 605  $ (4,640) $ 155,811  $ 167,170  $ (11,359)
Accretion of discounts and amortization of premiums 5,520  4,606  4,573  914  947  10,126  8,541  1,585 
GCIC acquisition purchase premium amortization (8,722) (9,230) (12,600) 508  3,878  (17,952) (24,437) 6,485 
Dividend income from LLC equity interests in SLF and GCIC SLF(1)
—  —  —  —  —  —  1,905  (1,905)
Dividend income 42  160  146  (118) (104) 202  180  22 
Fee income 1,153  907  157  246  996  2,060  372  1,688 
Total investment income 76,201  74,046  75,124  2,155  1,077  150,247  153,731  (3,484)
Total expenses 35,893  35,039  43,178  854  (7,285) 70,932  89,054  (18,122)
Net investment income (loss) 40,308  39,007  31,946  1,301  8,362  79,315  64,677  14,638 
Net realized gain (loss) on investment transactions 74  (2,313) (9,360) 2,387  9,434  (2,239) (6,819) 4,580 
Net realized gain (loss) on investment transactions due to purchase premium (20) (79) (2,310) 59  2,290  (99) (2,350) 2,251 
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium 42,211  48,515  (264,150) (6,304) 306,361  90,726  (264,211) 354,937 
Net change in unrealized appreciation on investment transactions due to purchase premium 8,742  9,309  14,910  (567) (6,168) 18,051  26,787  (8,736)
Net gain (loss) on investment transactions 51,007  55,432  (260,910) (4,425) 311,917  106,439  (246,593) 353,032 
Net increase (decrease) in net assets resulting from operations $ 91,315  $ 94,439  $ (228,964) $ (3,124) $ 320,279  $ 185,754  $ (181,916) $ 367,670 
Average earning debt investments, at fair value(2)
$ 4,309,836  $ 4,182,748  $ 4,308,834  $ 127,088  $ 1,002  $ 4,231,369  $ 4,234,014  $ (2,645)

(1)For periods ending on or after January 1, 2020, the assets and liabilities of SLF and GCIC SLF are consolidated into our financial statements and notes thereto.
(2)Does not include our investments in LLC equity interests in SLF and GCIC SLF.

Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly and year-to-date comparisons of net income may not be meaningful.

On September 16, 2019, we completed our acquisition of GCIC. The acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC’s
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stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC assets acquired by us pro-rata based on their relative fair value. Immediately following the acquisition of GCIC, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.

As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium and the accrual for the capital gain incentive fee (including the portion of such accrual that is not payable under the Investment Advisory Agreement) from net investment income calculated in accordance with GAAP;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income/(Loss)” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended, Six months ended,
March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
   (In thousands) (In thousands)
Net investment income $ 40,308  $ 39,007  $ 31,946  $ 79,315  $ 64,677 
Add: GCIC acquisition purchase premium amortization 8,722  9,230  12,600  17,952  24,437 
Adjusted net investment income $ 49,030  $ 48,237  $ 44,546  $ 97,267  $ 89,114 
Net gain (loss) on investment transactions $ 51,007  $ 55,432  $ (260,910) $ 106,439  $ (246,593)
Add: Realized loss on investment transactions due to purchase premium 20  79  2,310  99  2,350 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (8,742) (9,309) (14,910) (18,051) (26,787)
Adjusted net realized and unrealized gain/(loss) $ 42,285  $ 46,202  $ (273,510) $ 88,487  $ (271,030)
Net increase (decrease) in net assets resulting from operations $ 91,315  $ 94,439  $ (228,964) $ 185,754  $ (181,916)
Add: GCIC acquisition purchase premium amortization 8,722  9,230  12,600  17,952  24,437 
Add: Realized loss on investment transactions due to purchase premium 20  79  2,310  99  2,350 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (8,742) (9,309) (14,910) (18,051) (26,787)
Adjusted net income/(loss) $ 91,315  $ 94,439  $ (228,964) $ 185,754  $ (181,916)

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations.

Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.
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Investment Income

Investment income increased from the three months ended December 31, 2020 to the three months ended March 31, 2021 by $2.2 million, primarily due to an increase in the average earning debt investments balance of $127.1 million and the acceleration of accretion of discounts as a result of investment payoffs during the quarter.

Investment income increased from the three months ended March 31, 2020 to the three months ended March 31, 2021 by $1.1 million primarily due to a reduction of GCIC acquisition purchase price premium amortization, an increase in accretion of discounts due to investment payoffs and an increase in fee income, partially offset by a reduction of interest income due to a decrease in LIBOR. Investment income decreased from the six months ended March 31, 2020 to the six months ended March 31, 2021 by $3.5 million primarily due to a decrease in LIBOR and the slight decrease in the average earning debt investments balance, partially offset by a reduction of GCIC acquisition purchase price premium amortization. As of March 31, 2020, 3-month LIBOR was 1.5% compared to 0.2% as of March 31, 2021.

The annualized income yield by debt security type for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020 was as follows:
Three months ended, Six months ended,
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
Senior secured 6.0% 6.5% 6.6% 6.3% 6.8%
One stop 7.7% 7.6% 7.9% 7.7% 8.0%
Second lien 10.6% 10.9% 11.3% 10.9% 11.3%
Subordinated debt 10.6% 10.7% 16.9% 10.6% 13.8%

Income yields on senior secured loans decreased for the three months ended March 31, 2021 as compared to the three months ended December 31, 2020 primarily due to a portfolio company returning to accrual status resulting in the recognition of accrued interest in interest income during the three months ended December 31, 2020. Income yields on one stop loans slightly increased for the three months ended March 31, 2021 as compared to the three months ended December 31, 2020 primarily due to an increase in amendment and restructuring fees.

Income yields on one stop and senior secured loans decreased for the three and six months ended March 31, 2021 as compared to the three and six months ended March 31, 2020 primarily due to a decrease in the average LIBOR for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020. Our loan portfolio is insulated from a drop in LIBOR below approximately 1.0% as over 90.0% of the loan portfolio at fair value is subject to a LIBOR floor. As of March 31, 2021, the weighted average LIBOR floor of our loans at fair value was 1.01%.

As of March 31, 2021, we have seven second lien investments and three subordinated debt investments as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.

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Expenses

The following table summarizes our expenses for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:

Three months ended, Variances Variances Six months ended, Variances
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021
 vs.
December 31, 2020 		March 31, 2021
vs.
 March 31, 2020 		March 31, 2021 March 31, 2020 2021 vs. 2020
   (In thousands) (In thousands)
Interest and other debt financing expenses $ 14,054  $ 13,877  $ 20,817  $ 177  $ (6,763) $ 27,931  $ 42,524  $ (14,593)
Amortization of debt issuance costs 2,136  1,204  733  932  1,403  3,340  1,304  2,036 
Base management fee 15,082  15,224  14,858  (142) 224  30,306  30,064  242 
Income incentive fee 942  2,004  3,847  (1,062) (2,905) 2,946  9,751  (6,805)
Capital gain incentive fee —  —  —  —  —  —  —  — 
Professional fees 1,201  837  1,045  364  156  2,038  1,984  54 
Administrative service fee 2,000  1,602  1,446  398  554  3,602  2,848  754 
General and administrative expenses 478  291  432  187  46  769  579  190 
Total expenses $ 35,893  $ 35,039  $ 43,178  $ 854  $ (7,285) $ 70,932  $ 89,054  $ (18,122)
Average debt outstanding $ 2,197,975  $ 2,086,099  $ 2,347,720  $ 111,876  $ (149,745) $ 2,140,263  $ 2,314,448  $ (174,185)

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $1.1 million from the three months ended December 31, 2020 to the three months ended March 31, 2021 primarily due to the acceleration of amortization of deferred issuance costs related to the early redemption of U.S. Small Business Administration, or SBA, debentures at GC SBIC V, L.P., or SBIC V, and GC SBIC VI, L.P., or SBIC VI.

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020 by $5.4 million and $12.6 million, respectively, primarily due to a decrease in LIBOR on our floating rate facilities and a decrease in average debt outstanding, partially offset by the acceleration of amortization of deferred issuance costs for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020. For more information about our outstanding borrowings for the three and six months ended March 31, 2021 and 2020, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three and six months ended March 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 3.0% and 2.9%, respectively. For the three and six months ended March 31, 2020, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 3.7% and 3.6%, respectively. For the three months ended December 31, 2020, the effective average annualized interest rate on our total debt was 2.9%.

The decrease for the three and six months ended March 31, 2021 compared to the three and six months ended March 31, 2020 was primarily due to a lower average LIBOR, partially offset by the issuance of the 2024 Unsecured Notes (as defined in Note 7 of our consolidated financial statements) and the 2026 Unsecured Notes (as defined in Note 7 of our consolidated financial statements) that bear interest at a fixed rate of 3.375% and 2.500%, respectively.

The increase from the three months ended December 31, 2020 to the three months ended March 31, 2021 was primarily due to the acceleration of deferred issuance costs related to the early redemption of SBA Debentures at SBIC V and SBIC VI.

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Management Fee

The base management fee slightly decreased from the three months ended December 31, 2020 to the three months ended March 31, 2021 as a result of a slight decrease in average adjusted gross assets.

The base management fee slightly increased from the three and six months ended March 31, 2020 to the three and six months ended March 31, 2021 as a result of a slight increase in average adjusted gross assets from 2020 to 2021.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.

The Income Incentive Fee decreased by $1.1 million from the three months ended December 31, 2020 to the three months ended March 31, 2021 primarily due to a lower rate of return on the value of our net assets driven by an increase in our net asset value due to continued reversal of unrealized depreciation recognized due to the immediate impacts of COVID during the three months ended March 31, 2020. The Income Incentive Fee decreased by $2.9 million from the three months ended March 31, 2020 to the three months ended March 31, 2021 and by $6.8 million from the six months ended March 31, 2020 to the six months ended March 31, 2021 primarily due to an increase in our average net asset value as a result of the Rights Offering, partially offset by an increase in Pre-Incentive Fee Net Investment Income (as defined in Note 3 of our consolidated financial statements). As we remain in the “catch-up” provision of the calculation of the Income Incentive Fee, an increase in net investment income causes a corresponding increase in the Income Incentive Fee until we are fully through the catch-up. For the three and six months ended March 31, 2021, while still not fully through the “catch-up” provision of the Income Incentive Fee calculation, the Income Incentive Fee as a percentage of the Pre-Incentive Fee Net Investment Income decreased to 2.3% and 3.6%, respectively, compared to 10.7% and 13.1%, respectively, for the three and six months ended March 31, 2020. For the three months ended December 31, 2020, the Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 4.9%.

For each of the six months ended March 31, 2021 and 2020, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. There was no capital gain incentive fee accrual calculated in accordance with GAAP as of March 31, 2021 and September 30, 2020. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” section below.

Professional Fees, Administrative Service Fee, and General and Administrative Expenses

In total, professional fees, the administrative service fee, and general and administrative expenses increased from the three months ended December 31, 2020 to the three months ended March 31, 2021 primarily due to an increase in the administrative service fee due to higher compensation costs at the Investment Adviser that were allocated to us pursuant to the Administration Agreement. In total, professional fees, the administrative service fee, and general and administrative expenses increased from the three and six months ended March 31, 2020 to the three and six months ended March 31, 2021 primarily due to an increase in the administrative service fee driven by higher compensation costs.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2021, were $1.5 million and $3.1 million, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2020, were $1.6 million and $3.3 million, respectively. For the three months ended December 31, 2020, $1.6 million of expenses were reimbursed to the Administrator.

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As of March 31, 2021 and September 30, 2020, included in accounts payable and other liabilities were $2.1 million and $1.6 million, respectively, for expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:
Three months ended, Variances Variances Six months ended, Variances
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021
 vs.
December 31, 2020 		March 31, 2021
vs.
 March 31, 2020 		March 31, 2021 March 31, 2020 2021 vs. 2020
   (In thousands) (In thousands)
Net realized gain (loss) on investments $ 1,171  $ (1,614) $ (11,839) $ 2,785  $ 13,010  $ (443) $ (9,183) $ 8,740 
Foreign currency transactions (1,117) (778) 169  (339) (1,286) (1,895) 14  (1,909)
Net realized gain (loss) on investment transactions $ 54  $ (2,392) $ (11,670) $ 2,446  $ 11,724  $ (2,338) $ (9,169) $ 6,831 
Unrealized appreciation on investments 59,081  74,714  7,828  (15,633) 51,253  124,403  14,612  109,791 
Unrealized (depreciation) on investments (10,621) (11,624) (267,026) 1,003  256,405  (12,853) (257,401) 244,548 
Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF(1)
—  —  4,036  —  (4,036) —  3,843  (3,843)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies 1,372  (1,374) 3,626  2,746  (2,254) (2) 476  (478)
Unrealized appreciation (depreciation) on forward currency contracts 1,121  (3,892) 2,296  5,013  (1,175) (2,771) 1,046  (3,817)
Net change in unrealized appreciation (depreciation) on investment transactions $ 50,953  $ 57,824  $ (249,240) $ (6,871) $ 300,193  $ 108,777  $ (237,424) $ 346,201 

(1)Unrealized appreciation (depreciation) on investments in SLF and GCIC SLF includes our investments in LLC equity interests in SLF and GCIC SLF. The investment in GCIC SLF was acquired by us in the Merger. On January 1, 2020, SLF and GCIC SLF became our wholly-owned subsidiaries and the assets and liabilities of the Senior Loan Funds were consolidated into us.
During the three months ended March 31, 2021, we had a net realized gain of $0.1 million, primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies, offset by the write-off of a portfolio company and net realized losses from foreign currency transactions primarily related to repayment of non-U.S. dollar dominated debt. During the three months ended December 31, 2020, we had a net realized loss of $2.4 million primarily due to recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies. During the six months ended March 31, 2021, we had a net realized loss of $2.3 million, primarily attributable to recognized realized losses on the restructure, sale, or write-off on multiple portfolio companies and losses recognized due to the repayment of non-U.S. dollar dominated debt, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended March 31, 2020, we had a net realized loss on investments and foreign currency transactions of $11.7 million primarily due to a $4.0 million realized loss recognized as a result of the consolidation of SLF and GCIC SLF with the remaining net loss of $7.7 million primarily attributable to legal debt forgiveness on two loans that were restructured in March 2020. The $4.0 million realized loss that resulted from the consolidation of SLF and GCIC SLF was offset with a corresponding reversal of the unrealized depreciation on our investments in the LLC equity interests of SLF and GCIC SLF. For the six months ended March 31, 2020, we had a net realized loss of $9.2 million primarily attributable to the net realized losses incurred during the three months ended March 31, 2020, partially offset by net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended March 31, 2021, we had $59.1 million in unrealized appreciation on 209 portfolio company investments, which was offset by $10.6 million in unrealized depreciation on 71 portfolio company investments. For the six months ended March 31, 2021, we had $124.4 million in unrealized appreciation on 222 portfolio company investments, which was offset by $12.9 million in unrealized depreciation on 58 portfolio company investments. Unrealized appreciation for the three and six months ended March 31, 2021 primarily
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resulted from better than expected performance of our portfolio companies and continued reversal of depreciation recognized during the three months ended March 31, 2020 due to the COVID-19 pandemic. Unrealized depreciation for the three and six months ended March 31, 2021 primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments during the three and six months ended March 31, 2021.

For the three months ended December 31, 2020, we had $74.7 million in unrealized appreciation on 193 portfolio company investments, which was offset by $11.6 million in unrealized depreciation on 75 portfolio company investments.

For the three months ended March 31, 2020, we had $7.8 million in unrealized appreciation on 29 portfolio company investments, which was offset by $267.0 million in unrealized depreciation on 240 portfolio company investments. For the six months ended March 31, 2020 we had $14.6 million in unrealized appreciation on 35 portfolio company investments, which was offset by $257.4 million in unrealized depreciation on 236 portfolio company investments. Unrealized depreciation for the three and six months ended March 31, 2020 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to the immediate adverse economic effects of the COVID-19 pandemic, the uncertainty surrounding its long-term impact and increases in the spread between the yields realized on risk-free and higher risk securities.

Liquidity and Capital Resources

For the six months ended March 31, 2021, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $0.5 million. During the period, cash provided by operating activities was $38.7 million, primarily as a result of the proceeds from principal payments and sales of portfolio investments of $626.2 million and net investment income of $79.3 million, offset by fundings of portfolio investments of $678.5 million. Lastly, cash used in financing activities was $39.2 million, primarily driven by repayments of debt of $2,224.5 million, distributions paid of $68.2 million, and purchases of common stock under the DRIP of $14.7 million, partially offset by borrowings on debt of $2,284.0 million.

For the six months ended March 31, 2020, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $34.7 million. During the period, cash used in operating activities was $19.1 million, primarily as a result of fundings of portfolio investments of $498.8 million, partially offset by the proceeds from principal payments and sales of portfolio investments of $445.2 million and net investment income of $64.7 million. Lastly, cash provided by financing activities was $53.8 million, primarily driven by borrowings on debt of $694.9 million that were partially offset by repayments of debt of $553.4 million, distributions paid of $70.9 million, and purchases of common stock under the DRIP of $14.0 million.

As of March 31, 2021 and September 30, 2020, we had cash and cash equivalents of $75.9 million and $24.6 million, respectively. In addition, we had foreign currencies of $1.2 million and $0.6 million as of March 31, 2021 and September 30, 2020, respectively, restricted cash and cash equivalents of $106.1 million and $157.6 million as of March 31, 2021 and September 30, 2020, respectively, and restricted foreign currencies of $0.9 million and $1.7 million as of March 31, 2021 and September 30, 2020, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

This “Liquidity and Capital Resources” section should be read in conjunction with the “COVID-19 Developments" section above.

Revolving Debt Facilities

MS Credit Facility II - As of March 31, 2021 and September 30, 2020, we had $50.2 million and $313.3 million outstanding under the MS Credit Facility II (as defined in Note 7 of our consolidated financial statements), respectively. As of March 31, 2021, the MS Credit Facility II allowed Golub Capital BDC Funding II LLC, or Funding II, as amended, to borrow up to $75.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2021 and September 30, 2020, subject to leverage and borrowing base
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restrictions, we had approximately $24.8 million and $86.7 million of remaining commitments, respectively, and $24.8 million and $8.0 million of availability, respectively, on the MS Credit Facility II.

WF Credit Facility - On February 12, 2021, we repaid all outstanding borrowings under the WF Credit Facility (as defined in Note 7 of our consolidated financial statements), following which the WF Credit Facility was terminated. As of September 30, 2020, we had outstanding debt under the WF Credit Facility of $199.6 million. Prior to termination, the WF Credit Facility allowed GCIC Funding LLC, or GCIC Funding, to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions.

DB Credit Facility - As of September 30, 2020, we had outstanding debt under the DB Credit Facility (as defined in Note 7 of our consolidated financial statements) of $153.5 million. On October 9, 2020, all outstanding borrowings under the DB Credit Facility were repaid following which the DB Credit Facility was terminated. As of September 30, 2020, subject to leverage and borrowing base restrictions, we had approximately $96.5 million of remaining commitments and $82.7 million of availability on the DB Credit Facility.

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which allowed us to borrow up to $475.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2021, we had no outstanding debt under the JPM Credit Facility. As of March 31, 2021, subject to leverage and borrowing base restrictions, we had $475.0 million of remaining commitments and $475.0 million of availability on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of March 31, 2021. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of each of March 31, 2021 and September 30, 2020, we had no amounts outstanding on the Adviser Revolver.

Debt Securitizations

2014 Debt Securitization - On August 26, 2020, in conjunction with the 2020 Debt Securitization, the 2014 Notes were redeemed and following such redemption, the agreements governing the 2014 Debt Securitization were terminated.

2018 Debt Securitization - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as our debt and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of March 31, 2021 and September 30, 2020, we had outstanding debt under the 2018 Debt Securitization of $408.2 million and $408.2 million, respectively.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of March 31, 2021 and September 30, 2020 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of March 31, 2021 and September 30, 2020, we had outstanding debt under the GCIC 2018 Debt Securitization of $543.3 million and $542.4 million, respectively.

2020 Debt Securitization - On August 26, 2020, we completed the 2020 Debt Securitization. The Class A-1, Class A-2, and Class B Notes are included in the March 31, 2021 and September 30, 2020 Consolidated Statements of Financial Condition as our debt. As of March 31, 2021 and September 30, 2020, the Class C 2020 Notes and the Subordinated 2020 Notes were eliminated in consolidation. As of March 31, 2021 and September 30, 2020, we had outstanding debt under the 2020 Debt Securitization of $189.0 million and $189.0 million, respectively.

Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention rules adopted pursuant to Section 941 of Dodd-Frank, as a business development company, we sought and received no action relief from the SEC to ensure we could engage in CLO financings in which assets are transferred through GC Advisors.
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SBA Debentures

Under present small business investment company, or SBIC, regulations, the maximum amount of debentures guaranteed by the SBA, issued by multiple licensees under common management is $350.0 million and the maximum amount issued by a single SBIC licensee is $175.0 million. As of March 31, 2021, GC SBIC IV, L.P., or SBIC IV, SBIC V and SBIC VI, had $0, $0, and $97.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between September 2027 and March 2031. As of September 30, 2020, SBIC IV, SBIC V and SBIC VI, had $0.0, $151.8 million and $66.0 million, respectively, of outstanding SBA-guaranteed debentures that mature between March 2024 and March 2030. The original amount of debentures committed to SBIC IV and SBIC V by the SBA were $150.0 million and $175.0 million, respectively. Through March 31, 2021, SBIC IV and SBIC V have repaid $150.0 million and $175.0 million of outstanding debentures, respectively, and these commitments have effectively been terminated. In November 2020, upon approval by the SBA, we surrendered and terminated our license to operate SBIC IV as an SBIC. As of March 31, 2021, a request is pending with SBA to surrender and terminate our license to operate SBIC V as an SBIC. As of March 31, 2021 and September 30, 2020, SBIC VI had $65.0 million and $29.0 million, respectively, of undrawn debenture commitments, of which $33.0 million and $29.0 million, respectively, were available to be drawn, subject to SBA regulatory requirements.

2024 Unsecured Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Unsecured Notes, all of which remained outstanding as our debt as of March 31, 2021.

2026 Unsecured Notes

On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Unsecured Notes, all of which remained outstanding as our debt as of March 31, 2021.

As of March 31, 2021, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.15x.

On September 13, 2011, we received exemptive relief from the SEC allowing us to modify the asset coverage requirement to exclude the SBA debentures from our asset coverage calculation. As such, our ratio of total consolidated assets to outstanding indebtedness may be less than 150%. This provides us with increased investment flexibility but also increases our risks related to leverage. As of March 31, 2021, our asset coverage for borrowed amounts was 224.8% (excluding the SBA debentures).

In August 2020, our board of directors reapproved a share repurchase program, or the Program, which allows us
to repurchase up to $150.0 million of our outstanding common stock on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market
prices, through open market transactions, including block transactions. We did not make any repurchases of our common stock during the six months ended March 31, 2021 and 2020.

As of March 31, 2021 and September 30, 2020, we had outstanding commitments to fund investments totaling $205.3 million and $141.8 million, respectively. As of March 31, 2021, total commitments of $205.3 million included $44.7 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. As of March 31, 2021, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under our Adviser Revolver and ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

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Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also may not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

Portfolio Composition, Investment Activity and Yield

As of March 31, 2021 and September 30, 2020, we had investments in 256 and 254 portfolio companies, respectively, with a total fair value of $4.4 billion and $4.2 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:


Three months ended, Six months ended,
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
   (In thousands) Percentage (In thousands) Percentage (In thousands) Percentage (In thousands) Percentage (In thousands) Percentage
Senior secured $ 57,002  24.3  % $ 116,773  22.2  % $ 55,848  33.4% $ 173,775  22.8% $ 67,458  15.4%
One stop 176,477  75.2  396,147  75.2  108,886  65.2 572,624  75.2 366,215  83.6
Second lien —  —  8,013  1.5  —  — 8,013  1.1 —  —
Subordinated debt —  —  —  —  — — —  — 138  0.0 *
Equity 1,224  0.5  5,907  1.1  2,291  1.4 7,131  0.9 4,306  1.0
Total new investment commitments $ 234,703  100.0  % $ 526,840  100.0  % $ 167,025  100.0  % $ 761,543  100.0  % $ 438,117  100.0  %


For the six months ended March 31, 2021, we had approximately $626.2 million in proceeds from principal payments and sales of portfolio investments.

For the six months ended March 31, 2020, we had approximately $445.2 million in proceeds from principal payments and sales of portfolio investments.

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The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:

As of March 31, 2021(1)
As of September 30, 2020(2)
   Principal Amortized
Cost 		Fair
Value 		Principal Amortized
Cost 		Fair
Value
   (In thousands) (In thousands)
Senior secured:                  
Performing $ 692,351  $ 692,724  $ 680,779  $ 645,886  $ 649,259  $ 627,471 
Non-accrual(3)
19,856  9,266  2,753  37,849  27,026  12,742 
One stop:                  
Performing 3,566,624  3,570,148  3,526,586  3,518,814  3,540,446  3,429,012 
Non-accrual(3)
59,795  53,022  40,554  81,897  75,239  56,573 
Second lien:                  
Performing 31,526  31,593  30,713  19,640  19,886  19,640 
Non-accrual(3)
—  —  —  —  —  — 
Subordinated debt:                  
Performing 305  304  450  537  541  575 
Non-accrual(3)
—  —  —  —  —  — 
Equity N/A 87,344  113,426  N/A 86,503  92,197 
Total $ 4,370,457  $ 4,444,401  $ 4,395,261  $ 4,304,623  $ 4,398,900  $ 4,238,210 

(1)As of March 31, 2021, $606.0 million and $569.5 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(2)As of September 30, 2020, $488.1 million and $454.9 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
As of March 31, 2021, we had loans in six portfolio companies on non-accrual status, and non-accrual
investments as a percentage of total debt investments at cost and fair value were 1.4% and 1.0%, respectively. 
As of September 30, 2020, we had loans in nine portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.4% and 1.7%, respectively. As of March 31, 2021 and September 30, 2020, the fair value of our debt investments as a percentage of the outstanding principal value was 98.0% and 96.3%, respectively.

The following table shows the weighted average rate, spread over LIBOR of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended March 31, 2021, the three months ended December 31, 2020, the three months ended March 31, 2020 and the six months ended March 31, 2021 and 2020:
For the three months ended For the six months ended
   March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
Weighted average rate of new investment fundings 6.6% 7.1% 7.1% 7.0% 7.3%
Weighted average spread over LIBOR of new floating rate investment fundings 5.5% 6.1% 5.2% 5.9% 5.4%
Weighted average fees of new investment fundings 1.2% 1.3% 1.1% 1.3% 1.3%
Weighted average rate of sales and payoffs of portfolio investments 6.5% 7.1% 7.7% 6.8% 7.7%


As of March 31, 2021, 94.0% and 94.1% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2020, 91.2%
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and 91.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
As of March 31, 2021 and September 30, 2020, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $35.2 million and $31.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:
 
Internal Performance Ratings
Rating   Definition
5   Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4   Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3   Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2   Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1   Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.

GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2021 and September 30, 2020:
As of March 31, 2021 As of September 30, 2020
Internal
Performance
Rating 		Investments
at Fair Value
(In thousands) 		Percentage of
Total
Investments 		Investments
at Fair Value
(In thousands) 		Percentage of
Total
Investments
5 $ 666,953  15.2% $ 257,409  6.1%
4 3,151,460  71.7 3,085,610  72.8
3 528,272  12.0 836,560  19.7
2 47,955  1.1 57,754  1.4
1 621  0.0* 877  0.0*
Total $ 4,395,261  100.0% $ 4,238,210  100.0%


* Represents an amount less than 0.1%.

Distributions

We intend to make quarterly distributions to our stockholders as determined by our board of directors. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, the asset coverage requirements applicable to us as a business development company under the 1940 Act could limit our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse U.S. federal income tax consequences, including the possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations can differ from net investment income and realized gains recognized for financial reporting purposes. Differences are permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions could be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders could be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, our stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our dividend reinvestment plan. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

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Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

•Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”

•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

•GC Advisors served as collateral manager to the 2014 Issuer under the 2014 Collateral Management Agreement and serves as collateral manager to the 2018 Issuer, the GCIC 2018 Issuer and the 2020 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, and the 2020 Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.

•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.

•During the first calendar quarter of 2021, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, did not make any purchases of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2020, the Trust, purchased approximately $54.7 million, or 4,103,225 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital.

•On September 16, 2019, we completed our acquisition of GCIC pursuant to the Merger Agreement.

•On January 1, 2020, we purchased the equity interests held by RGA and Aurora in the Senior Loans Funds pursuant to the Purchase Agreement.

•In the transferable rights offering completed on May 15, 2020, 3,191,448 shares of our common stock were purchased by affiliates of GC Advisors.

•On October 2, 2020, an affiliate of GC Advisors purchased $40.0 million of the 2024 Unsecured Notes. On October 8, 2020, the affiliate sold $15.0 million of the 2024 Unsecured Notes to an unaffiliated party.

GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC 3, Inc., an unlisted business development company that primarily focuses on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacity for Golub Capital BDC 3, Inc. If GC Advisors and its affiliates determine that an investment is appropriate for us and for Golub Capital BDC
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3, Inc., and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the General Corporation Law of the State of Delaware.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our board of directors under our valuation policy and process.

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.

Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for credit monitoring. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The audit committee of our board of directors reviews these preliminary valuations. At least once annually the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith.

Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

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We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2021 and 2020. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of March 31, 2021 and September 30, 2020, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), all investments were valued using Level 3 inputs of the fair value hierarchy.

When determining fair value of Level 3 debt and equity investments, we may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA may include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, we will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.
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In addition, for certain debt investments, we may base our valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize significantly less than the value at which such investment had previously been recorded.

Our investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

Valuation of Other Financial Assets and Liabilities

Fair value of our debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans and record these fees as fee income when received. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from LLC and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in our Consolidated Statements of Operations.

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is
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paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $43.3 million and $69.3 million as of March 31, 2021 and September 30, 2020, respectively.

Income taxes: We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For each of the three and six months ended March 31, 2021 and 2020, we did not incur any U.S federal excise tax.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification may result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to the floating LIBOR are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of March 31, 2021 and September 30, 2020, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.01%. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization and the Class A-1, A-1-L, A-2 and B 2020 Notes as issued as part of the 2020 Debt Securitization. The MS Credit Facility II has a floating interest rate provision primarily based on one-month LIBOR plus 2.45%. Finally, the JPM Credit Facility has a floating interest rate provision primarily based on one-month LIBOR plus a spread that ranges from 1.75% to 1.875%. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of March 31, 2021 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest rates Increase (decrease) in
interest income 		Increase (decrease) in
interest expense 		Net increase
(decrease) in
 investment income
(In thousands)
Down 25 basis points $ (608) $ (2,880) $ 2,272 
Up 50 basis points 1,215  5,761  (4,546)
Up 100 basis points 10,040  11,522  (1,482)
Up 150 basis points 30,976  17,282  13,694 
Up 200 basis points 52,021  23,043  28,978 

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2021, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the MS Credit Facility II, the JPM Credit Facility, Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.


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Item 4. Controls and Procedures.

As of March 31, 2021 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

158

Part II - Other Information

Item 1: Legal Proceedings.

We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and Golub Capital LLC do not believe it is currently subject to any material legal proceedings.

Item 1A: Risk Factors.

There have been no material changes during the six months ended March 31, 2021 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2020.


Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.
159

Item 6: Exhibits.

EXHIBIT INDEX
     
Number   Description
1.1
Underwriting Agreement, dated as of February 17, 2021, by and between Golub Capital BDC, Inc., and GC Advisors LLC and Golub Capital LLC, as Administrator, and SMBC Nikko Securities America, Inc., and J.P. Morgan Securities LLC, as Representatives, and U.S. Bank National Association, as trustee. (Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 18, 2021).
4.1
Indenture, dated as of October 2, 2020, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
4.2
First Supplemental Indenture, dated as of October 2, 2020, relating to the 3.375% Notes due 2024, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
4.3
Form of 3.375% Notes due 2024. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
4.4
Second Supplemental Indenture, dated as of February 24, 2021, related to the 2.500% Notes due 2026, by and between Golub Capital BDC, Inc. and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 24, 2021).
Senior Secured Revolving Credit Agreement, dated as of February 11, 2021, by and among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 12, 2021).
Sixth Amendment to Loan and Servicing Agreement, dated as of January 15, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer, and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00794), filed on February 8, 2021).
Seventh Amendment to Loan and Servicing Agreement, dated as of January 29, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 3, 2021).
Eight Amendment to Loan and Servicing Agreement, dated as of April 13, 2021, among Golub Capital BDC Funding II LLC, as borrower, Golub Capital BDC, Inc., as servicer and as the originator, Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley Bank, N.A., as lender. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on April 19, 2021).
  Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
   Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

_________________
* Filed herewith
160

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Golub Capital BDC, Inc.
Dated: May 10, 2021 By /s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Dated: May 10, 2021 By /s/ Ross A. Teune
Ross A. Teune
Chief Financial Officer
(Principal Accounting and Financial Officer)

161

Exhibit 31.1

Certification of Chief Executive Officer
of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)


I, David B. Golub, Chief Executive Officer, certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Golub Capital BDC, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.




Date:     May 10, 2021

/s/ David B. Golub                        
David B. Golub
Chief Executive Officer
(Principal Executive Officer)



Exhibit 31.2

Certification of Chief Financial Officer
of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)


I, Ross A. Teune, Chief Financial Officer, certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Golub Capital BDC, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date:    May 10, 2021

/s/ Ross A. Teune                        
Ross A. Teune
Chief Financial Officer
(Principal Financial Officer)



Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Golub Capital BDC, Inc. (the “Company”), for the quarterly period ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, David B. Golub and Ross A. Teune, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

  (2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.


Date: May 10, 2021 /s/ David B. Golub                     
 
David B. Golub
Chief Executive Officer
   
  /s/ Ross A. Teune                    
 
Ross A. Teune
Chief Financial Officer