______________________________________________________________________________________________________
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.
3

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)
Three months ended 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 —  — 
Total investment income from non-controlled affiliate company investments 935  228  2,410  472 
From controlled affiliate company investments:      
Interest income —  (16) 350 
Dividend income —  —  —  1,905 
Total investment income from controlled affiliate company investments —  (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.
4

TABLE OF CONTENTS
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)

Common Stock Paid in Capital in Excess of Par Distributable Earnings (Losses) Total Net Assets
Shares Par Amount
Balance at September 30, 2019 132,658,200  $ 133  $ 2,310,610  $ (87,889) $ 2,222,854 
Net increase (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  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  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  14,193  —  14,194 
Distributions from distributable earnings —  —  —  (97,010) (97,010)
Total increase for the six months ended March 31, 2021 972,196  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  14,193  —  14,194 
Distributions from distributable earnings —  —  —  (48,505) (48,505)
Total increase for the three months ended March 31, 2021 972,196  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.
5

TABLE OF CONTENTS

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 (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.
8

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  
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   —  — 
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  
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)