Companies: 10,793     total market cap: $139.375 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Golub Capital
GBDC
#3851
Rank
$3.34 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$12.71
Share price
1.03%
Change (1 day)
-4.36%
Change (1 year)
๐Ÿ’ฐ Investment Asset Management
Categories
  1. Golub Capital
  2. Quarterly Reports (10-Q)
  3. Submitted on 2025-02-04

Golub Capital - 10-Q quarterly report FY


Text size:
false2025Q10001476765September 30http://fasb.org/us-gaap/2024#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2024#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2024#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2024#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2024#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2024#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2024#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2024#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2024#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2024#GrossInvestmentIncomeOperating0.0006944xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregbdc:componentiso4217:EURiso4217:GBPiso4217:CADiso4217:AUDgbdc:portfolioCompany00014767652024-10-012024-12-3100014767652025-02-040001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-3000014767652024-12-3100014767652024-09-3000014767652023-10-012024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012023-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012023-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012024-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-3100014767652023-10-012023-12-310001476765us-gaap:ForeignExchangeForwardMember2024-10-012024-12-310001476765us-gaap:ForeignExchangeForwardMember2023-10-012023-12-310001476765us-gaap:CommonStockMember2023-09-300001476765us-gaap:AdditionalPaidInCapitalMember2023-09-300001476765us-gaap:RetainedEarningsMember2023-09-3000014767652023-09-300001476765us-gaap:RetainedEarningsMember2023-10-012023-12-310001476765us-gaap:CommonStockMember2023-10-012023-12-310001476765us-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310001476765us-gaap:CommonStockMember2023-12-310001476765us-gaap:AdditionalPaidInCapitalMember2023-12-310001476765us-gaap:RetainedEarningsMember2023-12-3100014767652023-12-310001476765us-gaap:CommonStockMember2024-09-300001476765us-gaap:AdditionalPaidInCapitalMember2024-09-300001476765us-gaap:RetainedEarningsMember2024-09-300001476765us-gaap:RetainedEarningsMember2024-10-012024-12-310001476765us-gaap:CommonStockMember2024-10-012024-12-310001476765us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310001476765us-gaap:CommonStockMember2024-12-310001476765us-gaap:AdditionalPaidInCapitalMember2024-12-310001476765us-gaap:RetainedEarningsMember2024-12-310001476765us-gaap:InterestRateSwapMember2024-10-012024-12-310001476765us-gaap:InterestRateSwapMember2023-10-012023-12-310001476765PPW Aero Buyer, Inc., One stop 12024-12-310001476765PPW Aero Buyer, Inc., One stop 22024-12-310001476765PPW Aero Buyer, Inc., One stop 32024-12-310001476765PPW Aero Buyer, Inc., One stop 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765RJW Group Holdings, Inc., One stop 12024-12-310001476765RJW Group Holdings, Inc., One stop 22024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Accelya Lux Finco S.A.R.L., One stop2024-12-310001476765Arnott, LLC, One stop 12024-12-310001476765Arnott, LLC, One stop 22024-12-310001476765Collision SP Subco, LLC, One stop 12024-12-310001476765Collision SP Subco, LLC, One stop 22024-12-310001476765Collision SP Subco, LLC, One stop 32024-12-310001476765Covercraft Parent III, Inc., Senior secured 12024-12-310001476765Covercraft Parent III, Inc., Senior secured 22024-12-310001476765Covercraft Parent III, Inc., Senior secured 32024-12-310001476765North Haven Falcon Buyer, LLC, One stop 12024-12-310001476765North Haven Falcon Buyer, LLC, One stop 22024-12-310001476765OEConnection, LLC, One stop 12024-12-310001476765OEConnection, LLC, One stop 22024-12-310001476765OEConnection, LLC, One stop 32024-12-310001476765OEConnection, LLC, One stop 42024-12-310001476765Polk Acquisition Corp., Senior secured 12024-12-310001476765Polk Acquisition Corp., Senior secured 22024-12-310001476765Polk Acquisition Corp., Senior secured 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutoComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765CAP-KSI Holdings, LLC, One stop 12024-12-310001476765CAP-KSI Holdings, LLC, One stop 22024-12-310001476765CG Group Holdings, LLC, One stop 12024-12-310001476765CG Group Holdings, LLC, One stop 22024-12-310001476765Denali Midco 2, LLC, One stop 12024-12-310001476765Denali Midco 2, LLC, Second lien2024-12-310001476765Denali Midco 2, LLC, One stop 22024-12-310001476765Denali Midco 2, LLC, One stop 32024-12-310001476765Denali Midco 2, LLC, One stop 42024-12-310001476765Denali Midco 2, LLC, One stop 52024-12-310001476765Denali Midco 2, LLC, One stop 62024-12-310001476765Denali Midco 2, LLC, One stop 72024-12-310001476765Denali Midco 2, LLC, One stop 82024-12-310001476765Denali Midco 2, LLC, One stop 92024-12-310001476765Denali Midco 2, LLC, One stop 102024-12-310001476765Denali Midco 2, LLC, One stop 112024-12-310001476765Denali Midco 2, LLC, One stop 122024-12-310001476765Denali Midco 2, LLC, One stop 132024-12-310001476765Denali Midco 2, LLC, One stop 142024-12-310001476765Denali Midco 2, LLC, One stop 152024-12-310001476765Denali Midco 2, LLC, One stop 162024-12-310001476765Denali Midco 2, LLC, One stop 172024-12-310001476765Denali Midco 2, LLC, One stop 182024-12-310001476765Denali Midco 2, LLC, One stop 192024-12-310001476765High Bar Brands Operating, LLC, Senior secured 12024-12-310001476765High Bar Brands Operating, LLC, Senior secured 22024-12-310001476765High Bar Brands Operating, LLC, Senior secured 32024-12-310001476765High Bar Brands Operating, LLC, Senior secured 42024-12-310001476765JHCC Holdings LLC, One stop 12024-12-310001476765JHCC Holdings LLC, One stop 22024-12-310001476765JHCC Holdings LLC, One stop 32024-12-310001476765JHCC Holdings LLC, One stop 42024-12-310001476765JHCC Holdings LLC, One stop 52024-12-310001476765JHCC Holdings LLC, One stop 62024-12-310001476765JHCC Holdings LLC, One stop 72024-12-310001476765JHCC Holdings LLC, One stop 82024-12-310001476765JHCC Holdings LLC, One stop 92024-12-310001476765JHCC Holdings LLC, One stop 102024-12-310001476765MOP GM Holding, LLC, One stop 12024-12-310001476765MOP GM Holding, LLC, One stop 22024-12-310001476765MOP GM Holding, LLC, One stop 32024-12-310001476765MOP GM Holding, LLC, One stop 42024-12-310001476765MOP GM Holding, LLC, One stop 52024-12-310001476765MOP GM Holding, LLC, One stop 62024-12-310001476765MOP GM Holding, LLC, One stop 72024-12-310001476765MOP GM Holding, LLC, One stop 82024-12-310001476765MOP GM Holding, LLC, One stop 92024-12-310001476765MOP GM Holding, LLC, One stop 102024-12-310001476765MOP GM Holding, LLC, One stop 112024-12-310001476765MOP GM Holding, LLC, One stop 122024-12-310001476765MOP GM Holding, LLC, One stop 132024-12-310001476765MOP GM Holding, LLC, One stop 142024-12-310001476765MOP GM Holding, LLC, One stop 152024-12-310001476765National Express Wash Parent Holdco, LLC, One stop 12024-12-310001476765National Express Wash Parent Holdco, LLC, One stop 22024-12-310001476765National Express Wash Parent Holdco, LLC, One stop 32024-12-310001476765National Express Wash Parent Holdco, LLC, One stop 42024-12-310001476765POY Holdings, LLC, One stop 12024-12-310001476765POY Holdings, LLC, One stop 22024-12-310001476765POY Holdings, LLC, One stop 32024-12-310001476765POY Holdings, LLC, One stop 42024-12-310001476765POY Holdings, LLC, One stop 52024-12-310001476765POY Holdings, LLC, One stop 62024-12-310001476765POY Holdings, LLC, One stop 72024-12-310001476765POY Holdings, LLC, One stop 82024-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 12024-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 22024-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 32024-12-310001476765TWAS Holdings, LLC, One stop 12024-12-310001476765TWAS Holdings, LLC, One stop 22024-12-310001476765TWAS Holdings, LLC, One stop 32024-12-310001476765TWAS Holdings, LLC, One stop 42024-12-310001476765TWAS Holdings, LLC, One stop 52024-12-310001476765TWAS Holdings, LLC, One stop 62024-12-310001476765Yorkshire Parent, Inc., One stop 12024-12-310001476765Yorkshire Parent, Inc., One stop 22024-12-310001476765Yorkshire Parent, Inc., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Empyrean Solutions, LLC., One stop 12024-12-310001476765Empyrean Solutions, LLC., One stop 22024-12-310001476765Empyrean Solutions, LLC., One stop 32024-12-310001476765OSP Hamilton Purchaser, LLC., One stop 12024-12-310001476765OSP Hamilton Purchaser, LLC., One stop 22024-12-310001476765OSP Hamilton Purchaser, LLC., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BanksSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Financial Information Technologies, LLC., One stop 12024-12-310001476765Financial Information Technologies, LLC., One stop 22024-12-310001476765Financial Information Technologies, LLC., One stop 32024-12-310001476765Financial Information Technologies, LLC., One stop 42024-12-310001476765Financial Information Technologies, LLC., One stop 52024-12-310001476765Watermill Express, LLC., One stop 12024-12-310001476765Watermill Express, LLC., One stop 22024-12-310001476765Watermill Express, LLC., One stop 32024-12-310001476765Watermill Express, LLC., One stop 42024-12-310001476765Watermill Express, LLC., One stop 52024-12-310001476765Watermill Express, LLC., One stop 62024-12-310001476765Winebow Holdings, Inc.., One stop 12024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765BECO Holding Company, Inc., One stop 12024-12-310001476765BECO Holding Company, Inc., One stop 22024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BuildingProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765BlueMatrix Holdings, LLC., One stop 12024-12-310001476765BlueMatrix Holdings, LLC., One stop 22024-12-310001476765BlueMatrix Holdings, LLC., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CapitalMarketsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Inhance Technologies Holdings, LLC., One stop 12024-12-310001476765Inhance Technologies Holdings, LLC., One stop 22024-12-310001476765Inhance Technologies Holdings, LLC., One stop 32024-12-310001476765Inhance Technologies Holdings, LLC., One stop 42024-12-310001476765Krayden Holdings, Inc., Senior secured 12024-12-310001476765Krayden Holdings, Inc., Senior secured 22024-12-310001476765Krayden Holdings, Inc., Senior secured 32024-12-310001476765PHM NL SP Bidco B.V., One stop 12024-12-310001476765PHM NL SP Bidco B.V., One stop 22024-12-310001476765PHM NL SP Bidco B.V., One stop 32024-12-310001476765PHM NL SP Bidco B.V., One stop 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765BradyIFS Holdings, LLC., One stop 12024-12-310001476765BradyIFS Holdings, LLC., One stop 22024-12-310001476765CI (Quercus) Intermediate Holdings, LLC., One stop 12024-12-310001476765CI (Quercus) Intermediate Holdings, LLC., One stop 22024-12-310001476765CI (Quercus) Intermediate Holdings, LLC., One stop 32024-12-310001476765Encore Holdings, LLC., One stop 12024-12-310001476765Encore Holdings, LLC., One stop 22024-12-310001476765Encore Holdings, LLC., One stop 32024-12-310001476765Encore Holdings, LLC., One stop 42024-12-310001476765Encore Holdings, LLC., One stop 52024-12-310001476765FR Vision Holdings, Inc., One stop 12024-12-310001476765FR Vision Holdings, Inc., One stop 22024-12-310001476765FR Vision Holdings, Inc., One stop 32024-12-310001476765Kleinfelder Intermediate, LLC., One stop 12024-12-310001476765Kleinfelder Intermediate, LLC., One stop 22024-12-310001476765Kleinfelder Intermediate, LLC., One stop 32024-12-310001476765North Haven Stack Buyer, LLC, Second lien 12024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 12024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 22024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 32024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 42024-12-310001476765North Haven Stack Buyer, LLC, Second lien 22024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 52024-12-310001476765North Haven Stack Buyer, LLC, Second lien 32024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 62024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 72024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 82024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 92024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 102024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 112024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 122024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 132024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 142024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 152024-12-310001476765North Haven Stack Buyer, LLC, Second lien 42024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 162024-12-310001476765North Haven Stack Buyer, LLC, Senior secured 172024-12-310001476765Profile Products LLC., One stop 12024-12-310001476765Profile Products LLC., One stop 22024-12-310001476765Profile Products LLC., One stop 32024-12-310001476765Profile Products LLC., One stop 42024-12-310001476765PSC Parent, Inc.., One stop 12024-12-310001476765PSC Parent, Inc.., One stop 22024-12-310001476765PSC Parent, Inc.., One stop 32024-12-310001476765PSC Parent, Inc.., One stop 42024-12-310001476765PT Intermediate Holdings III, LLC., One stop 12024-12-310001476765PT Intermediate Holdings III, LLC., One stop 22024-12-310001476765Radwell Parent, LLC., One stop 12024-12-310001476765Radwell Parent, LLC., One stop 22024-12-310001476765Radwell Parent, LLC., One stop 32024-12-310001476765Radwell Parent, LLC., One stop 42024-12-310001476765Trinity Air Consultants Holdings Corporation., One stop 12024-12-310001476765Trinity Air Consultants Holdings Corporation., One stop 22024-12-310001476765Trinity Air Consultants Holdings Corporation., One stop 32024-12-310001476765Trinity Air Consultants Holdings Corporation., One stop 42024-12-310001476765Trinity Air Consultants Holdings Corporation., One stop 52024-12-310001476765WRE Holding Corp., One stop 12024-12-310001476765WRE Holding Corp., One stop 22024-12-310001476765WRE Holding Corp., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Lightning Finco Limited., One stop 12024-12-310001476765Lightning Finco Limited., One stop 22024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Consor Intermediate II, LLC., One stop 12024-12-310001476765Consor Intermediate II, LLC., One stop 22024-12-310001476765Consor Intermediate II, LLC., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ConstructionEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Chase Intermediate., One stop 12024-12-310001476765Chase Intermediate., One stop 22024-12-310001476765Chase Intermediate., One stop 32024-12-310001476765Fortis Solutions Group, LLC., One stop 12024-12-310001476765Fortis Solutions Group, LLC., One stop 22024-12-310001476765Fortis Solutions Group, LLC., One stop 32024-12-310001476765Fortis Solutions Group, LLC., One stop 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Any Hour, LLC., One stop 12024-12-310001476765Any Hour, LLC., One stop 22024-12-310001476765Any Hour, LLC., One stop 32024-12-310001476765Any Hour, LLC., One stop 42024-12-310001476765Apex Service Partners, LLC., One stop 12024-12-310001476765Apex Service Partners, LLC., One stop 22024-12-310001476765Apex Service Partners, LLC., One stop 32024-12-310001476765Apex Service Partners, LLC., One stop 42024-12-310001476765Certus Pest, Inc., One stop 12024-12-310001476765Certus Pest, Inc., One stop 22024-12-310001476765Certus Pest, Inc., One stop 32024-12-310001476765Certus Pest, Inc., One stop 42024-12-310001476765Certus Pest, Inc., One stop 52024-12-310001476765Certus Pest, Inc., One stop 62024-12-310001476765Certus Pest, Inc., One stop 72024-12-310001476765Certus Pest, Inc., One stop 82024-12-310001476765Certus Pest, Inc., One stop 92024-12-310001476765Certus Pest, Inc., One stop 102024-12-310001476765Certus Pest, Inc., One stop 112024-12-310001476765Certus Pest, Inc., One stop 122024-12-310001476765Certus Pest, Inc., One stop 132024-12-310001476765CHHJ Midco, LLC., Senior secured 12024-12-310001476765CHHJ Midco, LLC., Senior secured 22024-12-310001476765CHVAC Services Investment, LLC., One stop 12024-12-310001476765CHVAC Services Investment, LLC., One stop 22024-12-310001476765CHVAC Services Investment, LLC., One stop 32024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 12024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 22024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 32024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 42024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 52024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 62024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 72024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 82024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 92024-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 102024-12-310001476765EMS LINQ, LLC, One stop 12024-12-310001476765EMS LINQ, LLC, One stop 22024-12-310001476765Entomo Brands Acquisitions, Inc., Senior secured 12024-12-310001476765Entomo Brands Acquisitions, Inc., Senior secured 22024-12-310001476765Entomo Brands Acquisitions, Inc., Senior secured 32024-12-310001476765EWC Growth Partners LLC., One stop 12024-12-310001476765EWC Growth Partners LLC., One stop 22024-12-310001476765EWC Growth Partners LLC., One stop 32024-12-310001476765EWC Growth Partners LLC., One stop 42024-12-310001476765FPG Intermediate Holdco, LLC., One stop 12024-12-310001476765 FPG Intermediate Holdco, LLC., One stop 22024-12-310001476765 FPG Intermediate Holdco, LLC., One stop 32024-12-310001476765FSS Buyer LLC., One stop 12024-12-310001476765FSS Buyer LLC., One stop 22024-12-310001476765HS Spa Holdings, Inc., One stop 12024-12-310001476765HS Spa Holdings, Inc., One stop 22024-12-310001476765HS Spa Holdings, Inc., One stop 32024-12-310001476765Learn-it Systems, LLC., Senior secured 12024-12-310001476765Learn-it Systems, LLC., Senior secured 22024-12-310001476765Learn-it Systems, LLC., Senior secured 32024-12-310001476765Learn-it Systems, LLC., Senior secured 42024-12-310001476765Liminex, Inc., One stop 12024-12-310001476765Liminex, Inc., One stop 22024-12-310001476765Liminex, Inc., One stop 32024-12-310001476765Liminex, Inc., One stop 42024-12-310001476765Litera Bidco, LLC., One stop 12024-12-310001476765Litera Bidco, LLC., One stop 22024-12-310001476765Litera Bidco, LLC., One stop 32024-12-310001476765Litera Bidco, LLC., One stop 42024-12-310001476765Mario Purchaser, LLC., One stop 12024-12-310001476765Mario Purchaser, LLC., One stop 22024-12-310001476765Mario Purchaser, LLC., One stop 32024-12-310001476765Mario Purchaser, LLC., One stop 42024-12-310001476765Mario Purchaser, LLC., One stop 52024-12-310001476765NSG Buyer, Inc., One stop 12024-12-310001476765NSG Buyer, Inc., One stop 22024-12-310001476765NSG Buyer, Inc., One stop 32024-12-310001476765NSG Buyer, Inc., One stop 42024-12-310001476765PADI Holdco, Inc., One stop 12024-12-310001476765PADI Holdco, Inc., One stop 22024-12-310001476765PADI Holdco, Inc., One stop 32024-12-310001476765PADI Holdco, Inc., One stop 42024-12-310001476765PADI Holdco, Inc., One stop 52024-12-310001476765Provenance Buyer LLC, One stop 12024-12-310001476765Provenance Buyer LLC, One stop 22024-12-310001476765Provenance Buyer LLC, One stop 32024-12-310001476765RW AM Holdco LLC, One stop 12024-12-310001476765RW AM Holdco LLC, One stop 22024-12-310001476765Severin Acquisition, LLC, One stop 12024-12-310001476765Severin Acquisition, LLC, One stop 22024-12-310001476765Severin Acquisition, LLC, One stop 32024-12-310001476765Virginia Green Acquisition, LLC, One stop 12024-12-310001476765Virginia Green Acquisition, LLC, One stop 22024-12-310001476765Virginia Green Acquisition, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Avalara, Inc., One stop 12024-12-310001476765Avalara, Inc., One stop 22024-12-310001476765Baker Tilly Advisory Group, LP, One stop 12024-12-310001476765Baker Tilly Advisory Group, LP, One stop 22024-12-310001476765Baker Tilly Advisory Group, LP, One stop 32024-12-310001476765Banker's Toolbox, Inc., One stop 12024-12-310001476765Banker's Toolbox, Inc., One stop 22024-12-310001476765Ceres Groupe SAS & Ceres PikCo, One stop 12024-12-310001476765Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-12-310001476765Ceres Groupe SAS & Ceres PikCo, One stop 22024-12-310001476765Ceres Groupe SAS & Ceres PikCo, One stop 32024-12-310001476765Corsair Blade IV S.A R.L., One stop 12024-12-310001476765Corsair Blade IV S.A R.L., One stop 22024-12-310001476765Finastra USA, Inc., One stop 12024-12-310001476765Finastra USA, Inc., One stop 22024-12-310001476765Flash Topco, Inc., One stop 12024-12-310001476765Flash Topco, Inc., One stop 22024-12-310001476765Flash Topco, Inc., One stop 32024-12-310001476765Higginbotham Insurance Agency, Inc., One stop 12024-12-310001476765Higginbotham Insurance Agency, Inc., One stop 22024-12-310001476765Medlar Bidco Limited, One stop 12024-12-310001476765Medlar Bidco Limited, One stop 22024-12-310001476765Medlar Bidco Limited, One stop 32024-12-310001476765Wealth Enhancement Group, LLC, One stop 12024-12-310001476765Wealth Enhancement Group, LLC, One stop 22024-12-310001476765Wealth Enhancement Group, LLC, One stop 32024-12-310001476765Wealth Enhancement Group, LLC, One stop 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765NTI Connect, LLC, Senior secured2024-12-310001476765Power Grid Holdings, Inc., One stop 12024-12-310001476765Power Grid Holdings, Inc., One stop 22024-12-310001476765Wildcat TopCo, Inc., One stop 12024-12-310001476765Wildcat TopCo, Inc., One stop 22024-12-310001476765Wildcat TopCo, Inc., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765CST Holding Company, One stop 12024-12-310001476765CST Holding Company, One stop 22024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Mendocino Farms, LLC, One stop 12024-12-310001476765Mendocino Farms, LLC, One stop 22024-12-310001476765Mendocino Farms, LLC, One stop 32024-12-310001476765Mendocino Farms, LLC, One stop 42024-12-310001476765PDI TA Holdings, Inc., One stop 12024-12-310001476765PDI TA Holdings, Inc., One stop 22024-12-310001476765PDI TA Holdings, Inc., One stop 32024-12-310001476765Ruby Slipper Cafe LLC, The, One stop 12024-12-310001476765Ruby Slipper Cafe LLC, The, One stop 22024-12-310001476765Ruby Slipper Cafe LLC, The, One stop 32024-12-310001476765Ruby Slipper Cafe LLC, The, One stop 42024-12-310001476765Ruby Slipper Cafe LLC, The, One stop 52024-12-310001476765Wineshipping.com LLC, One stop 12024-12-310001476765Wineshipping.com LLC, One stop 22024-12-310001476765Wineshipping.com LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Blast Bidco Inc., One stop 12024-12-310001476765Blast Bidco Inc., One stop 22024-12-310001476765Borrower R365 Holdings, LLC, One stop 12024-12-310001476765Borrower R365 Holdings, LLC, One stop 22024-12-310001476765Borrower R365 Holdings, LLC, One stop 32024-12-310001476765Borrower R365 Holdings, LLC, One stop 42024-12-310001476765Eagle Family Foods Group, LLC, One stop 12024-12-310001476765Eagle Family Foods Group, LLC, One stop 22024-12-310001476765Kodiak Cakes, LLC, Senior secured 12024-12-310001476765Kodiak Cakes, LLC, Senior secured 22024-12-310001476765Louisiana Fish Fry Products, Ltd., One stop 12024-12-310001476765Louisiana Fish Fry Products, Ltd., One stop 22024-12-310001476765MAPF Holdings, Inc., One stop 12024-12-310001476765MAPF Holdings, Inc., One stop 22024-12-310001476765MAPF Holdings, Inc., One stop 32024-12-310001476765MAPF Holdings, Inc., One stop 42024-12-310001476765P&P Food Safety Holdings, Inc., One stop 12024-12-310001476765P&P Food Safety Holdings, Inc., One stop 22024-12-310001476765Wizard Bidco Limited, One stop 12024-12-310001476765Wizard Bidco Limited, One stop 22024-12-310001476765Wizard Bidco Limited, One stop 32024-12-310001476765Wizard Bidco Limited, One stop 42024-12-310001476765Wizard Bidco Limited, One stop 52024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Aspen Medical Products, LLC, One stop 12024-12-310001476765Aspen Medical Products, LLC, One stop 22024-12-310001476765Aspen Medical Products, LLC, One stop 32024-12-310001476765Baduhenna Bidco Limited, One stop 12024-12-310001476765Baduhenna Bidco Limited, One stop 22024-12-310001476765Baduhenna Bidco Limited, One stop 32024-12-310001476765Baduhenna Bidco Limited, One stop 42024-12-310001476765Baduhenna Bidco Limited, One stop 52024-12-310001476765Baduhenna Bidco Limited, One stop 62024-12-310001476765Belmont Instrument, LLC, One stop 12024-12-310001476765Belmont Instrument, LLC, One stop 22024-12-310001476765Blades Buyer, Inc., Senior secured 12024-12-310001476765Blades Buyer, Inc., Senior secured 22024-12-310001476765Blades Buyer, Inc., Senior secured 32024-12-310001476765Blades Buyer, Inc., Senior secured 42024-12-310001476765Blue River Pet Care, LLC, One stop 12024-12-310001476765Blue River Pet Care, LLC, One stop 22024-12-310001476765Blue River Pet Care, LLC, One stop 32024-12-310001476765Blue River Pet Care, LLC, One stop 42024-12-310001476765Blue River Pet Care, LLC, One stop 52024-12-310001476765Blue River Pet Care, LLC, One stop 62024-12-310001476765Blue River Pet Care, LLC, One stop 72024-12-310001476765Blue River Pet Care, LLC, One stop 82024-12-310001476765Blue River Pet Care, LLC, One stop 92024-12-310001476765Blue River Pet Care, LLC, One stop 102024-12-310001476765Blue River Pet Care, LLC, One stop 112024-12-310001476765Blue River Pet Care, LLC, One stop 122024-12-310001476765Blue River Pet Care, LLC, One stop 132024-12-310001476765CCSL Holdings, LLC, One stop 12024-12-310001476765CCSL Holdings, LLC, One stop 22024-12-310001476765CCSL Holdings, LLC, One stop 32024-12-310001476765CCSL Holdings, LLC, One stop 42024-12-310001476765CCSL Holdings, LLC, One stop 52024-12-310001476765CCSL Holdings, LLC, One stop 62024-12-310001476765CCSL Holdings, LLC, One stop 72024-12-310001476765CCSL Holdings, LLC, One stop 82024-12-310001476765CCSL Holdings, LLC, One stop 92024-12-310001476765CMI Parent Inc., One stop 12024-12-310001476765CMI Parent Inc., One stop 22024-12-310001476765CMI Parent Inc., Senior secured2024-12-310001476765CMI Parent Inc., One stop 32024-12-310001476765CMI Parent Inc., One stop 42024-12-310001476765HuFriedy Group Acquisition, LLC, One stop 12024-12-310001476765HuFriedy Group Acquisition, LLC, One stop 22024-12-310001476765HuFriedy Group Acquisition, LLC, One stop 32024-12-310001476765JHC Investment Intermediate Holdings, LLC, One stop 12024-12-310001476765JHC Investment Intermediate Holdings, LLC, One stop 22024-12-310001476765TIDI Legacy Products, Inc., One stop 12024-12-310001476765TIDI Legacy Products, Inc., One stop 22024-12-310001476765TIDI Legacy Products, Inc., One stop 32024-12-310001476765YI, LLC, One stop 12024-12-310001476765YI, LLC, One stop 22024-12-310001476765YI, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765AAH TOPCO, LLC, One stop 12024-12-310001476765AAH TOPCO, LLC, One stop 22024-12-310001476765AAH TOPCO, LLC, Subordinated debt2024-12-310001476765AAH TOPCO, LLC, One stop 32024-12-310001476765AAH TOPCO, LLC, One stop 42024-12-310001476765Active Day, Inc., One stop 12024-12-310001476765Active Day, Inc., One stop 22024-12-310001476765Active Day, Inc., One stop 32024-12-310001476765Active Day, Inc., One stop 42024-12-310001476765Active Day, Inc., One stop 52024-12-310001476765Active Day, Inc., One stop 62024-12-310001476765Active Day, Inc., One stop 72024-12-310001476765Active Day, Inc., One stop 82024-12-310001476765Active Day, Inc., One stop 92024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 12024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 22024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 32024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 42024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 52024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 62024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 72024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 82024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 92024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 102024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 112024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 122024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 132024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 142024-12-310001476765Acuity Eyecare Holdings, LLC, Senior secured2024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 152024-12-310001476765Acuity Eyecare Holdings, LLC, One stop 162024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52024-12-310001476765Bamboo US Bidco LLC, One stop 12024-12-310001476765Bamboo US Bidco LLC, One stop 22024-12-310001476765Bamboo US Bidco LLC, One stop 32024-12-310001476765Bamboo US Bidco LLC, One stop 42024-12-310001476765Bamboo US Bidco LLC, One stop 52024-12-310001476765Bamboo US Bidco LLC, One stop 62024-12-310001476765Community Care Partners, LLC, One stop2024-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 12024-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 22024-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 32024-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 42024-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 52024-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-12-310001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 52024-12-310001476765Encorevet Group LLC, One stop 12024-12-310001476765Encorevet Group LLC, One stop 22024-12-310001476765Encorevet Group LLC, One stop 32024-12-310001476765Encorevet Group LLC, One stop 42024-12-310001476765Encorevet Group LLC, One stop 52024-12-310001476765Encorevet Group LLC, One stop 62024-12-310001476765Encorevet Group LLC, One stop 72024-12-310001476765Encorevet Group LLC, One stop 82024-12-310001476765Encorevet Group LLC, One stop 92024-12-310001476765Encorevet Group LLC, One stop 102024-12-310001476765Encorevet Group LLC, One stop 112024-12-310001476765Encorevet Group LLC, One stop 122024-12-310001476765Encorevet Group LLC, One stop 132024-12-310001476765Encorevet Group LLC, One stop 142024-12-310001476765Encorevet Group LLC, One stop 152024-12-310001476765Encorevet Group LLC, One stop 162024-12-310001476765Encorevet Group LLC, One stop 172024-12-310001476765ERC Topco Holdings, LLC, One stop 12024-12-310001476765ERC Topco Holdings, LLC, One stop 22024-12-310001476765ERC Topco Holdings, LLC, One stop 32024-12-310001476765ERC Topco Holdings, LLC, One stop 42024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62024-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72024-12-310001476765Heartland Veterinary Partners LLC 12024-12-310001476765Heartland Veterinary Partners LLC 22024-12-310001476765Heartland Veterinary Partners LLC 32024-12-310001476765Klick Inc., Senior secured 12024-12-310001476765Klick Inc., Senior secured 22024-12-310001476765Klick Inc., Senior secured 32024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42024-12-310001476765Krueger-Gilbert Health Physics, LLC, One stop2024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62024-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72024-12-310001476765LOV Acquisition LLC, Senior secured 12024-12-310001476765LOV Acquisition LLC, Senior secured 22024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 12024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 22024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 32024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 42024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 52024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 62024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 72024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 82024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 12024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 22024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 32024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 42024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 52024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 62024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 72024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 82024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 92024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 102024-12-310001476765Pinnacle Treatment Centers, Inc., One stop 112024-12-310001476765Premise Health Holding Corp., One stop 12024-12-310001476765Premise Health Holding Corp., One stop 22024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 12024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 22024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 32024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 42024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 52024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 62024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 72024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 82024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 92024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 102024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 112024-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 122024-12-310001476765Suveto Buyer, LLC, One stop 12024-12-310001476765Suveto Buyer, LLC, One stop 22024-12-310001476765Suveto Buyer, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Amberfield Acquisition Co., One stop 12024-12-310001476765Amberfield Acquisition Co., One stop 22024-12-310001476765Amberfield Acquisition Co., One stop 32024-12-310001476765Color Intermediate, LLC, Senior secured2024-12-310001476765Connexin Software, Inc., One stop 12024-12-310001476765Connexin Software, Inc., One stop 22024-12-310001476765Crow River Buyer, Inc., One stop 12024-12-310001476765Crow River Buyer, Inc., One stop 22024-12-310001476765Crow River Buyer, Inc., One stop 32024-12-310001476765ESO Solution, Inc., One stop2024-12-310001476765ESO Solution, Inc., One stop 12024-12-310001476765ESO Solution, Inc., One stop 22024-12-310001476765GHX Ultimate Parent Corporation, One stop 12024-12-310001476765GHX Ultimate Parent Corporation, One stop 22024-12-310001476765HealthEdge Software, Inc., One stop 12024-12-310001476765HealthEdge Software, Inc., One stop 22024-12-310001476765HealthEdge Software, Inc., One stop 32024-12-310001476765Kona Buyer, LLC, One stop 12024-12-310001476765Kona Buyer, LLC, One stop 22024-12-310001476765Kona Buyer, LLC, One stop 32024-12-310001476765Kona Buyer, LLC, One stop 42024-12-310001476765Lacker Bidco Limited, One stop 12024-12-310001476765Lacker Bidco Limited, One stop 22024-12-310001476765Lacker Bidco Limited, One stop 32024-12-310001476765Neptune Holdings, Inc., One stop 12024-12-310001476765Neptune Holdings, Inc., One stop 22024-12-310001476765Netsmart Technologies, Inc., One stop 12024-12-310001476765Netsmart Technologies, Inc., One stop 22024-12-310001476765Netsmart Technologies, Inc., One stop 32024-12-310001476765Plasma Buyer LLC, One stop 12024-12-310001476765Plasma Buyer LLC, One stop 22024-12-310001476765Plasma Buyer LLC, One stop 32024-12-310001476765QF Holdings, Inc., One stop2024-12-310001476765Tebra Technologies, Inc., One stop 12024-12-310001476765Tebra Technologies, Inc., One stop 22024-12-310001476765Tebra Technologies, Inc., One stop 32024-12-310001476765Tebra Technologies, Inc., One stop 42024-12-310001476765Tebra Technologies, Inc., One stop 52024-12-310001476765Tebra Technologies, Inc., One stop 62024-12-310001476765Tebra Technologies, Inc., One stop 72024-12-310001476765Tebra Technologies, Inc., One stop 82024-12-310001476765Tebra Technologies, Inc., One stop 92024-12-310001476765Tebra Technologies, Inc., One stop 102024-12-310001476765Transaction Data Systems, Inc., One stop 12024-12-310001476765Transaction Data Systems, Inc., One stop 22024-12-310001476765Veranex, Inc., Senior secured 12024-12-310001476765Veranex, Inc., Senior secured 22024-12-310001476765Veranex, Inc., Senior secured 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareTechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Barteca Restaurants, LLC, One stop 12024-12-310001476765Barteca Restaurants, LLC, One stop 22024-12-310001476765Barteca Restaurants, LLC, One stop 32024-12-310001476765Barteca Restaurants, LLC, One stop 42024-12-310001476765BJH Holdings III Corp., One stop 12024-12-310001476765BJH Holdings III Corp., One stop 22024-12-310001476765BJH Holdings III Corp., One stop 32024-12-310001476765Cafe Rio Holding, Inc., One stop 12024-12-310001476765Cafe Rio Holding, Inc., One stop 22024-12-310001476765Cafe Rio Holding, Inc., One stop 32024-12-310001476765Cafe Rio Holding, Inc., One stop 42024-12-310001476765Cafe Rio Holding, Inc., One stop 52024-12-310001476765Cafe Rio Holding, Inc., One stop 62024-12-310001476765Cafe Rio Holding, Inc., One stop 72024-12-310001476765Cafe Rio Holding, Inc., One stop 82024-12-310001476765Cafe Rio Holding, Inc., One stop 92024-12-310001476765Cafe Rio Holding, Inc., One stop 102024-12-310001476765Cafe Rio Holding, Inc., One stop 112024-12-310001476765Cafe Rio Holding, Inc., One stop 122024-12-310001476765Cafe Rio Holding, Inc., One stop 132024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 12024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 22024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 32024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 42024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 52024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 62024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 72024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 82024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 92024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 102024-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 112024-12-310001476765ESN Venture Holdings, LLC, One stop 12024-12-310001476765ESN Venture Holdings, LLC, One stop 22024-12-310001476765ESN Venture Holdings, LLC, One stop 32024-12-310001476765ESN Venture Holdings, LLC, One stop 42024-12-310001476765ESN Venture Holdings, LLC, One stop 52024-12-310001476765ESN Venture Holdings, LLC, One stop 62024-12-310001476765ESN Venture Holdings, LLC, One stop 72024-12-310001476765ESN Venture Holdings, LLC, One stop 82024-12-310001476765Freddy's Frozen Custard LLC, One stop 12024-12-310001476765Freddy's Frozen Custard LLC, One stop 22024-12-310001476765GFP Atlantic Holdco 2, LLC, One stop 12024-12-310001476765GFP Atlantic Holdco 2, LLC, One stop 22024-12-310001476765Harri US LLC, One stop 12024-12-310001476765Harri US LLC, One stop 22024-12-310001476765Harri US LLC, One stop 32024-12-310001476765Harri US LLC, One stop 42024-12-310001476765Harri US LLC, One stop 52024-12-310001476765Health Buyer, LLC, Senior secured 12024-12-310001476765Health Buyer, LLC, Senior secured 22024-12-310001476765Health Buyer, LLC, Senior secured 32024-12-310001476765Health Buyer, LLC, Senior secured 42024-12-310001476765Health Buyer, LLC, Senior secured 52024-12-310001476765PB Group Holdings, LLC, One stop 12024-12-310001476765PB Group Holdings, LLC, One stop 22024-12-310001476765SDC Holdco, LLC, One stop 12024-12-310001476765SDC Holdco, LLC, Second lien2024-12-310001476765SDC Holdco, LLC, One stop 22024-12-310001476765SSRG Holdings, LLC, One stop 12024-12-310001476765SSRG Holdings, LLC, One stop 22024-12-310001476765SSRG Holdings, LLC, One stop 32024-12-310001476765SSRG Holdings, LLC, One stop 42024-12-310001476765Super REGO, LLC, Subordinated debt2024-12-310001476765YE Brands Holding, LLC, One stop 12024-12-310001476765YE Brands Holding, LLC, One stop 22024-12-310001476765YE Brands Holding, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765WU Holdco, Inc., One stop 12024-12-310001476765WU Holdco, Inc., One stop 22024-12-310001476765WU Holdco, Inc., One stop 32024-12-310001476765WU Holdco, Inc., One stop 42024-12-310001476765WU Holdco, Inc., One stop 52024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HouseholdProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Arch Global CCT Holdings Corp., Senior secured 12024-12-310001476765Arch Global CCT Holdings Corp., Senior secured 22024-12-310001476765Arch Global CCT Holdings Corp., Senior secured 32024-12-310001476765Arch Global CCT Holdings Corp., Senior secured 42024-12-310001476765Dwyer Instruments, Inc., One stop 12024-12-310001476765Dwyer Instruments, Inc., One stop 22024-12-310001476765Dwyer Instruments, Inc., One stop 32024-12-310001476765Dwyer Instruments, Inc., One stop 42024-12-310001476765Dwyer Instruments, Inc., One stop 52024-12-310001476765Dwyer Instruments, Inc., One stop 62024-12-310001476765Dwyer Instruments, Inc., One stop 72024-12-310001476765Dwyer Instruments, Inc., One stop 82024-12-310001476765Dwyer Instruments, Inc., One stop 92024-12-310001476765Essential Services Holdings Corporation, One stop 12024-12-310001476765Essential Services Holdings Corporation, One stop 22024-12-310001476765Essential Services Holdings Corporation, One stop 32024-12-310001476765Excelitas Technologies Corp., One stop 12024-12-310001476765Excelitas Technologies Corp., One stop 22024-12-310001476765Excelitas Technologies Corp., One stop 32024-12-310001476765Excelitas Technologies Corp., One stop 42024-12-310001476765Excelitas Technologies Corp., One stop 52024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Accession Risk Management Group, Inc., One stop 12024-12-310001476765Accession Risk Management Group, Inc., One stop 22024-12-310001476765Accession Risk Management Group, Inc., One stop 32024-12-310001476765Accession Risk Management Group, Inc., One stop 42024-12-310001476765Accession Risk Management Group, Inc., One stop 52024-12-310001476765Accession Risk Management Group, Inc., One stop 62024-12-310001476765Accession Risk Management Group, Inc., One stop 72024-12-310001476765Accession Risk Management Group, Inc., One stop 82024-12-310001476765Alera Group, Inc., One stop 12024-12-310001476765Alera Group, Inc., One stop 22024-12-310001476765Alera Group, Inc., One stop 32024-12-310001476765Alera Group, Inc., One stop 42024-12-310001476765AMBA Buyer, Inc., One stop 12024-12-310001476765AMBA Buyer, Inc., One stop 22024-12-310001476765AMBA Buyer, Inc., One stop 32024-12-310001476765AMBA Buyer, Inc., One stop 42024-12-310001476765AMBA Buyer, Inc., One stop 52024-12-310001476765Ben Nevis Midco Limited, One stop 12024-12-310001476765Ben Nevis Midco Limited, One stop 22024-12-310001476765Ben Nevis Midco Limited, One stop 32024-12-310001476765Ben Nevis Midco Limited, One stop 42024-12-310001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 12024-12-310001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 22024-12-310001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 32024-12-310001476765Captive Resources Midco, LLC, One stop 12024-12-310001476765Captive Resources Midco, LLC, One stop 22024-12-310001476765Disco Parent, Inc., One stop 12024-12-310001476765Disco Parent, Inc., One stop 22024-12-310001476765Doxa Insurance Holdings LLC, One stop 12024-12-310001476765Doxa Insurance Holdings LLC, One stop 22024-12-310001476765Doxa Insurance Holdings LLC, One stop 32024-12-310001476765Doxa Insurance Holdings LLC, One stop 42024-12-310001476765Gimlet Bidco GMBH, One stop 12024-12-310001476765Gimlet Bidco GMBH, One stop 22024-12-310001476765Illumifin Corporation, One stop2024-12-310001476765Integrated Specialty Coverages, LLC, One stop 12024-12-310001476765Integrated Specialty Coverages, LLC, One stop 22024-12-310001476765Integrated Specialty Coverages, LLC, One stop 32024-12-310001476765Integrated Specialty Coverages, LLC, One stop 42024-12-310001476765Integrity Marketing Acquisition, LLC, One stop 12024-12-310001476765Integrity Marketing Acquisition, LLC, One stop 22024-12-310001476765Integrity Marketing Acquisition, LLC, One stop 32024-12-310001476765J.S. Held Holdings, LLC, One stop 12024-12-310001476765J.S. Held Holdings, LLC, One stop 22024-12-310001476765J.S. Held Holdings, LLC, One stop 32024-12-310001476765Keystone Agency Partners LLC, Senior secured 12024-12-310001476765Keystone Agency Partners LLC, Senior secured 22024-12-310001476765Keystone Agency Partners LLC, Senior secured 32024-12-310001476765Keystone Agency Partners LLC, Senior secured 42024-12-310001476765Keystone Agency Partners LLC, Senior secured 52024-12-310001476765Majesco, One stop 12024-12-310001476765Majesco, One stop 22024-12-310001476765MRH Trowe Germany GMBH, One stop2024-12-310001476765Oakbridge Insurance Agency LLC, One stop 12024-12-310001476765Oakbridge Insurance Agency LLC, One stop 22024-12-310001476765Oakbridge Insurance Agency LLC, One stop 32024-12-310001476765Pareto Health Intermediate Holdings, Inc., One stop 12024-12-310001476765Pareto Health Intermediate Holdings, Inc., One stop 22024-12-310001476765Pareto Health Intermediate Holdings, Inc., One stop 32024-12-310001476765Patriot Growth Insurance Services, LLC, One stop 12024-12-310001476765Patriot Growth Insurance Services, LLC, One stop 22024-12-310001476765Patriot Growth Insurance Services, LLC, One stop 32024-12-310001476765Patriot Growth Insurance Services, LLC, One stop 42024-12-310001476765People Corporation, One stop 12024-12-310001476765People Corporation, One stop 22024-12-310001476765People Corporation, One stop 32024-12-310001476765People Corporation, One stop 42024-12-310001476765People Corporation, One stop 52024-12-310001476765People Corporation, One stop 62024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InsuranceSectorsMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Revalize, Inc., One stop 12024-12-310001476765Revalize, Inc., One stop 22024-12-310001476765Revalize, Inc., One stop 32024-12-310001476765Revalize, Inc., One stop 42024-12-310001476765Revalize, Inc., One stop 52024-12-310001476765Revalize, Inc., One stop 62024-12-310001476765Revalize, Inc., One stop 72024-12-310001476765Revalize, Inc., One stop 82024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Acquia, Inc., One stop 12024-12-310001476765Acquia, Inc., One stop 22024-12-310001476765Acquia, Inc., One stop 32024-12-310001476765CivicPlus, LLC, One stop 12024-12-310001476765CivicPlus, LLC, One stop 22024-12-310001476765CivicPlus, LLC, One stop 32024-12-310001476765CivicPlus, LLC, One stop 42024-12-310001476765CivicPlus, LLC, One stop 52024-12-310001476765Critical Start, Inc., One stop 12024-12-310001476765Critical Start, Inc., One stop 22024-12-310001476765Critical Start, Inc., One stop 32024-12-310001476765Delinea Inc., One stop 12024-12-310001476765Delinea Inc., One stop 22024-12-310001476765Delinea Inc., One stop 32024-12-310001476765Delinea Inc., One stop 42024-12-310001476765Goldcup 31018 AB, One stop 12024-12-310001476765Goldcup 31018 AB, One stop 22024-12-310001476765Goldcup 31018 AB, One stop 32024-12-310001476765Kentik Technologies, Inc., Second lien 12024-12-310001476765Kentik Technologies, Inc., Second lien 22024-12-310001476765Netwrix Corporation, One stop 12024-12-310001476765Netwrix Corporation, One stop 22024-12-310001476765Netwrix Corporation, One stop 32024-12-310001476765Netwrix Corporation, One stop 42024-12-310001476765Optimizely North America, Inc., One stop 12024-12-310001476765Optimizely North America, Inc., One stop 22024-12-310001476765Optimizely North America, Inc., One stop 32024-12-310001476765Optimizely North America, Inc., One stop 42024-12-310001476765PDQ Intermediate, Inc., Subordinated debt2024-12-310001476765Recordxtechnologies, LLC, One stop 12024-12-310001476765Recordxtechnologies, LLC, One stop 22024-12-310001476765Recordxtechnologies, LLC, One stop 32024-12-310001476765Recordxtechnologies, LLC, One stop 42024-12-310001476765Recordxtechnologies, LLC, One stop 52024-12-310001476765ReliaQuest Holdings, LLC, One stop 12024-12-310001476765ReliaQuest Holdings, LLC, One stop 22024-12-310001476765ReliaQuest Holdings, LLC, One stop 32024-12-310001476765Saturn Borrower Inc., One stop 12024-12-310001476765Saturn Borrower Inc., One stop 22024-12-310001476765WPEngine, Inc., One stop 12024-12-310001476765WPEngine, Inc., One stop 22024-12-310001476765Zarya Holdco, Inc., One stop 12024-12-310001476765Zarya Holdco, Inc., One stop 22024-12-310001476765Zarya Holdco, Inc., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Crunch Holdings, LLC, One stop 12024-12-310001476765Crunch Holdings, LLC, One stop 22024-12-310001476765Movement Holdings, LLC, One stop 12024-12-310001476765Movement Holdings, LLC, One stop 22024-12-310001476765Movement Holdings, LLC, One stop 32024-12-310001476765WBZ Investment, LLC, One stop 12024-12-310001476765WBZ Investment, LLC, One stop 22024-12-310001476765WBZ Investment, LLC, One stop 32024-12-310001476765WBZ Investment, LLC, One stop 42024-12-310001476765WBZ Investment, LLC, One stop 52024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LeisureProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Celerion Buyer, Inc., One stop 12024-12-310001476765Celerion Buyer, Inc., One stop 22024-12-310001476765Celerion Buyer, Inc., One stop 32024-12-310001476765Celerion Buyer, Inc., One stop 42024-12-310001476765Graphpad Software, LLC, One stop 12024-12-310001476765Graphpad Software, LLC, One stop 22024-12-310001476765Graphpad Software, LLC, One stop 32024-12-310001476765PAS Parent Inc., One stop 12024-12-310001476765PAS Parent Inc. One stop 22024-12-310001476765PAS Parent Inc., One stop 32024-12-310001476765PAS Parent Inc., One stop 42024-12-310001476765Reaction Biology Corporation, One stop 12024-12-310001476765Reaction Biology Corporation, One stop 22024-12-310001476765Reaction Biology Corporation, One stop 32024-12-310001476765Reaction Biology Corporation, One stop 42024-12-310001476765Reaction Biology Corporation, One stop 52024-12-310001476765Unchained Labs, LLC, Senior secured 12024-12-310001476765Unchained Labs, LLC, Senior secured 22024-12-310001476765Unchained Labs, LLC, Senior secured 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765AI Titan Parent, Inc., One stop 12024-12-310001476765AI Titan Parent, Inc., One stop 22024-12-310001476765AI Titan Parent, Inc., One stop 32024-12-310001476765Blackbird Purchaser, Inc., One stop 12024-12-310001476765Blackbird Purchaser, Inc., One stop 22024-12-310001476765Blackbird Purchaser, Inc., One stop 32024-12-310001476765Chase Industries, Inc., Senior secured 12024-12-310001476765Chase Industries, Inc., Senior secured 22024-12-310001476765Chase Industries, Inc., Senior secured 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MachinerySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Project Nike Purchaser, LLC, One stop 12024-12-310001476765Project Nike Purchaser, LLC, One stop 22024-12-310001476765Project Nike Purchaser, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MarineSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Lotus Topco, Inc., One stop 12024-12-310001476765Lotus Topco, Inc., One stop 22024-12-310001476765Lotus Topco, Inc., One stop 32024-12-310001476765Triple Lift, Inc., One stop 12024-12-310001476765Triple Lift, Inc., One stop 22024-12-310001476765Triple Lift, Inc., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MediaSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Envernus, Inc., One stop 12024-12-310001476765Envernus, Inc., One stop 22024-12-310001476765Envernus, Inc., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Messenger, LLC, One stop 12024-12-310001476765Messenger, LLC, One stop 22024-12-310001476765Messenger, LLC, One stop 32024-12-310001476765Messenger, LLC, One stop 42024-12-310001476765Messenger, LLC, One stop 52024-12-310001476765Messenger, LLC, One stop 62024-12-310001476765Messenger, LLC, One stop 72024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PaperAndForestProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765IMPLUS Footcare, LLC, One stop 12024-12-310001476765IMPLUS Footcare, LLC, One stop 22024-12-310001476765IMPLUS Footcare, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PersonalProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765ACP Ulysses Buyer, Inc., One stop 12024-12-310001476765ACP Ulysses Buyer, Inc., One stop 22024-12-310001476765Amalthea Parent, Inc., One stop 12024-12-310001476765Amalthea Parent, Inc., One stop 22024-12-310001476765Apothecary Products, LLC, Senior secured 12024-12-310001476765Apothecary Products, LLC, Senior secured 22024-12-310001476765Caerus Midco 3 S.A.R.L., One stop 12024-12-310001476765Caerus Midco 3 S.A.R.L., One stop 22024-12-310001476765Caerus Midco 3 S.A.R.L., One stop 32024-12-310001476765Caerus Midco 3 S.A.R.L., One stop 42024-12-310001476765Caerus Midco 3 S.A.R.L., One stop 52024-12-310001476765Cobalt Buyer Sub, Inc., One stop 12024-12-310001476765Cobalt Buyer Sub, Inc., One stop 22024-12-310001476765Cobalt Buyer Sub, Inc., One stop 32024-12-310001476765Cobalt Buyer Sub, Inc., One stop 42024-12-310001476765Cobalt Buyer Sub, Inc., One stop 52024-12-310001476765Cobalt Buyer Sub, Inc., One stop 62024-12-310001476765Creek Parent, Inc., One stop 12024-12-310001476765Creek Parent, Inc., One stop 22024-12-310001476765Spark Bidco Limited, Senior secured 12024-12-310001476765Spark Bidco Limited, Senior secured 22024-12-310001476765Spark Bidco Limited, Senior secured 32024-12-310001476765Spark Bidco Limited, Senior secured 42024-12-310001476765Spark Bidco Limited, Senior secured 52024-12-310001476765Spark Bidco Limited, Senior secured 62024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765ALKU Intermediate Holdings, LLC, One stop 12024-12-310001476765ALKU Intermediate Holdings, LLC, One stop 22024-12-310001476765bswift, LLC, One stop2024-12-310001476765Citrin Cooperman Advisors LLC, One stop 12024-12-310001476765Citrin Cooperman Advisors LLC, One stop 22024-12-310001476765Citrin Cooperman Advisors LLC, One stop 32024-12-310001476765Citrin Cooperman Advisors LLC, One stop 42024-12-310001476765Citrin Cooperman Advisors LLC, One stop 52024-12-310001476765DISA Holdings Corp., Senior secured 12024-12-310001476765DISA Holdings Corp., Senior secured 22024-12-310001476765DISA Holdings Corp., One stop2024-12-310001476765DISA Holdings Corp., Senior secured 32024-12-310001476765DISA Holdings Corp., Subordinated debt2024-12-310001476765DISA Holdings Corp., Senior secured 42024-12-310001476765DISA Holdings Corp., Senior secured 52024-12-310001476765Eclipse Buyer, Inc., One stop 12024-12-310001476765Eclipse Buyer, Inc., One stop 22024-12-310001476765Eclipse Buyer, Inc., One stop 32024-12-310001476765Eliassen Group, LLC, One stop 12024-12-310001476765Eliassen Group, LLC, One stop 22024-12-310001476765Filevine, Inc., One stop 12024-12-310001476765Filevine, Inc., One stop 22024-12-310001476765IG Investments Holdings, LLC, One stop 12024-12-310001476765IG Investments Holdings, LLC, One stop 22024-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12024-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22024-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32024-12-310001476765PlanSource Holdings, Inc., One stop 12024-12-310001476765PlanSource Holdings, Inc., One stop 22024-12-310001476765PlanSource Holdings, Inc., One stop 32024-12-310001476765PlanSource Holdings, Inc., One stop 42024-12-310001476765Procure Acquireco, Inc., One stop 12024-12-310001476765Procure Acquireco, Inc., One stop 22024-12-310001476765Procure Acquireco, Inc., One stop 32024-12-310001476765Procure Acquireco, Inc., One stop 42024-12-310001476765Teaching Company, The, One stop 12024-12-310001476765Teaching Company, The, One stop 22024-12-310001476765Varicent Intermediate Holdings Corporation, One stop 12024-12-310001476765Varicent Intermediate Holdings Corporation, One stop 22024-12-310001476765Varicent Intermediate Holdings Corporation, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Inhabit IQ Inc., One stop 12024-12-310001476765Inhabit IQ Inc., One stop 22024-12-310001476765Inhabit IQ Inc., One stop 32024-12-310001476765Inhabit IQ Inc., One stop 42024-12-310001476765Inhabit IQ Inc., One stop 52024-12-310001476765Inhabit IQ Inc., One stop 62024-12-310001476765Inhabit IQ Inc., One stop 72024-12-310001476765Inhabit IQ Inc., One stop 82024-12-310001476765Inhabit IQ Inc., One stop 92024-12-310001476765Inhabit IQ Inc., One stop 102024-12-310001476765Inhabit IQ Inc., One stop 112024-12-310001476765Inhabit IQ Inc., One stop 122024-12-310001476765Inhabit IQ Inc., One stop 132024-12-310001476765MRI Software, LLC, One stop 12024-12-310001476765MRI Software, LLC, One stop 22024-12-310001476765MRI Software, LLC, One stop 32024-12-310001476765MRI Software, LLC, One stop 42024-12-310001476765RPL Bidco Limited, One stop 12024-12-310001476765RPL Bidco Limited, One stop 22024-12-310001476765RPL Bidco Limited, One stop 32024-12-310001476765RPL Bidco Limited, One stop 42024-12-310001476765RPL Bidco Limited, One stop 52024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Internet Truckstop Group, LLC, One stop 12024-12-310001476765Internet Truckstop Group, LLC, One stop 22024-12-310001476765Internet Truckstop Group, LLC, One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RoadRailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Anaplan, Inc., One stop 12024-12-310001476765Anaplan, Inc., One stop 22024-12-310001476765Anaplan, Inc., One stop 32024-12-310001476765Appfire Technologies, LLC, One stop 12024-12-310001476765Appfire Technologies, LLC, One stop 22024-12-310001476765Appfire Technologies, LLC, One stop 32024-12-310001476765Appfire Technologies, LLC, One stop 42024-12-310001476765Aras Corporation, One stop 12024-12-310001476765Aras Corporation, One stop 22024-12-310001476765Armstrong Bidco Limited, One stop 12024-12-310001476765Armstrong Bidco Limited, One stop 22024-12-310001476765Arrow Buyer, Inc., One stop 12024-12-310001476765Arrow Buyer, Inc., One stop 22024-12-310001476765Arrow Buyer, Inc., One stop 32024-12-310001476765Artifact Bidco, Inc., One stop 12024-12-310001476765Artifact Bidco, Inc., One stop 22024-12-310001476765Artifact Bidco, Inc., One stop 32024-12-310001476765Artifact Bidco, Inc., One stop 42024-12-310001476765Auvik Networks Inc., One stop 12024-12-310001476765Auvik Networks Inc., One stop 22024-12-310001476765Auvik Networks Inc., One stop 32024-12-310001476765Auvik Networks Inc., One stop 42024-12-310001476765Axiom Merger Sub Inc., One stop 12024-12-310001476765Axiom Merger Sub Inc., One stop 22024-12-310001476765Axiom Merger Sub Inc., One stop 32024-12-310001476765Axiom Merger Sub Inc., One stop 42024-12-310001476765Axiom Merger Sub Inc., One stop 52024-12-310001476765Axiom Merger Sub Inc., One stop 62024-12-310001476765Azul Systems, Inc., Senior secured 12024-12-310001476765Azul Systems, Inc., Senior secured 22024-12-310001476765Azurite Intermediate Holdings, Inc., One stop 12024-12-310001476765Azurite Intermediate Holdings, Inc., One stop 22024-12-310001476765Azurite Intermediate Holdings, Inc., One stop 32024-12-310001476765Baxter Planning Systems, LLC, One stop 12024-12-310001476765Baxter Planning Systems, LLC, One stop 22024-12-310001476765Baxter Planning Systems, LLC, One stop 32024-12-310001476765Bayshore Intermediate #2, L.P., One stop 12024-12-310001476765Bayshore Intermediate #2, L.P., One stop 22024-12-310001476765BestPass, Inc., One stop 12024-12-310001476765BestPass, Inc., One stop 22024-12-310001476765BestPass, Inc., One stop 32024-12-310001476765Bloomerang, LLC, One stop 12024-12-310001476765Bloomerang, LLC, One stop 22024-12-310001476765Bloomerang, LLC, One stop 32024-12-310001476765Bonterra LLC^, One stop2024-12-310001476765Bonterra LLC, One stop 12024-12-310001476765Bonterra LLC, One stop 22024-12-310001476765Bonterra LLC, One stop 32024-12-310001476765Bottomline Technologies, Inc., One stop 12024-12-310001476765Bottomline Technologies, Inc., One stop 22024-12-310001476765Bottomline Technologies, Inc., One stop 32024-12-310001476765Bullhorn, Inc., One stop 12024-12-310001476765Bullhorn, Inc., One stop 22024-12-310001476765Bullhorn, Inc., One stop 32024-12-310001476765Bullhorn, Inc., One stop 42024-12-310001476765Bullhorn, Inc., One stop 52024-12-310001476765Bullhorn, Inc., One stop 62024-12-310001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12024-12-310001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22024-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12024-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22024-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32024-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42024-12-310001476765Calabrio, Inc., One stop 12024-12-310001476765Calabrio, Inc., One stop 22024-12-310001476765Calabrio, Inc., One stop 32024-12-310001476765Camelia Bidco Limited, One stop 12024-12-310001476765Camelia Bidco Limited, One stop 22024-12-310001476765Camelia Bidco Limited, One stop 32024-12-310001476765Camelia Bidco Limited, One stop 42024-12-310001476765CB Buyer, Inc., One stop 12024-12-310001476765CB Buyer, Inc., One stop 22024-12-310001476765CB Buyer, Inc., One stop 32024-12-310001476765Coupa Holdings, LLC, One stop 12024-12-310001476765Coupa Holdings, LLC, One stop 22024-12-310001476765Coupa Holdings, LLC, One stop 32024-12-310001476765Crewline Buyer, Inc., One stop 12024-12-310001476765Crewline Buyer, Inc., One stop 22024-12-310001476765Daxko Acquisition Corporation, One stop 12024-12-310001476765Daxko Acquisition Corporation, One stop 22024-12-310001476765Daxko Acquisition Corporation, One stop 32024-12-310001476765Daxko Acquisition Corporation, One stop 42024-12-310001476765Daxko Acquisition Corporation, One stop 52024-12-310001476765Denali Bidco Limited, One stop 12024-12-310001476765Denali Bidco Limited, One stop 22024-12-310001476765Denali Bidco Limited, One stop 32024-12-310001476765Denali Bidco Limited, One stop 42024-12-310001476765Denali Bidco Limited, One stop 52024-12-310001476765Diligent Corporation, One stop 12024-12-310001476765Diligent Corporation, One stop 22024-12-310001476765Diligent Corporation, One stop 32024-12-310001476765Diligent Corporation, One stop 42024-12-310001476765Evergreen IX Borrower 2023, LLC, One stop 12024-12-310001476765Evergreen IX Borrower 2023, LLC, One stop 22024-12-310001476765Evergreen IX Borrower 2023, LLC, One stop 32024-12-310001476765FirstUp, Inc., One stop 12024-12-310001476765FirstUp, Inc., One stop 22024-12-310001476765FirstUp, Inc., One stop 32024-12-310001476765Gainsight, Inc., One stop 12024-12-310001476765Gainsight, Inc., One stop 22024-12-310001476765GS Acquisitionco, Inc., One stop 12024-12-310001476765GS Acquisitionco, Inc., One stop 22024-12-310001476765GS Acquisitionco, Inc., One stop 32024-12-310001476765GTIV, LLC, One stop 12024-12-310001476765GTIV, LLC, One stop 22024-12-310001476765GTY Technology Holdings, Inc., One stop 12024-12-310001476765GTY Technology Holdings, Inc., One stop 22024-12-310001476765GTY Technology Holdings, Inc., One stop 32024-12-310001476765GTY Technology Holdings, Inc., One stop 42024-12-310001476765GTY Technology Holdings, Inc., One stop 52024-12-310001476765GTY Technology Holdings, Inc., One stop 62024-12-310001476765Gurobi Optimization, LLC, One stop 12024-12-310001476765Gurobi Optimization, LLC, One stop 22024-12-310001476765Hornet Security Holding GMBH, One stop 12024-12-310001476765Hornet Security Holding GMBH, One stop 22024-12-310001476765Hornet Security Holding GMBH, One stop 32024-12-310001476765Hornet Security Holding GMBH, One stop 42024-12-310001476765Hyland Software, Inc., One stop 12024-12-310001476765Hyland Software, Inc., One stop 22024-12-310001476765Icefall Parent, Inc., One stop 12024-12-310001476765Icefall Parent, Inc., One stop 22024-12-310001476765ICIMS, Inc., One stop 12024-12-310001476765ICIMS, Inc., One stop 22024-12-310001476765IQN Holding Corp., One stop 12024-12-310001476765IQN Holding Corp., One stop 22024-12-310001476765Island Bidco AB, One stop 12024-12-310001476765Island Bidco AB, One stop 22024-12-310001476765Island Bidco AB, One stop 32024-12-310001476765Island Bidco AB, One stop 42024-12-310001476765Island Bidco AB, One stop 52024-12-310001476765Juvare, LLC, One stop 12024-12-310001476765Juvare, LLC, One stop 22024-12-310001476765Juvare, LLC, One stop 32024-12-310001476765Juvare, LLC, One stop 42024-12-310001476765Kaseya Inc., One stop 12024-12-310001476765Kaseya Inc., One stop 22024-12-310001476765Kaseya Inc., One stop 32024-12-310001476765Kaseya Inc., One stop 42024-12-310001476765LeadsOnline, LLC, One stop 12024-12-310001476765LeadsOnline, LLC, One stop 22024-12-310001476765LeadsOnline, LLC, One stop 32024-12-310001476765LeadsOnline, LLC, One stop 42024-12-310001476765Lighthouse Bidco GMBH, One stop 12024-12-310001476765Lighthouse Bidco GMBH, One stop 22024-12-310001476765Lighthouse Bidco GMBH, One stop 32024-12-310001476765LogicMonitor, Inc., One stop 12024-12-310001476765LogicMonitor, Inc., One stop 22024-12-310001476765Matrix42 Holding GMBH, One stop 12024-12-310001476765Matrix42 Holding GMBH, One stop 22024-12-310001476765Matrix42 Holding GMBH, One stop 32024-12-310001476765Matrix42 Holding GMBH, One stop 42024-12-310001476765Matrix42 Holding GMBH, One stop 52024-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC., One stop 12024-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC., One stop 22024-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC., One stop 32024-12-310001476765Metatiedot Bidco Oy & Metatiedot US, LLC., One stop 42024-12-310001476765Mindbody, Inc., One stop 12024-12-310001476765Mindbody, Inc., One stop 22024-12-310001476765Mindbody, Inc., One stop 32024-12-310001476765Ministry Brands Holdings LLC., One stop 12024-12-310001476765Ministry Brands Holdings LLC., One stop 22024-12-310001476765Ministry Brands Holdings LLC., One stop 32024-12-310001476765Navex TopCo, Inc., One stop 12024-12-310001476765Navex TopCo, Inc., One stop 22024-12-310001476765Naviga Inc., One stop 2024-12-310001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop2024-12-310001476765Panzura, LLC., One stop 2024-12-310001476765Personify, Inc., One stop 12024-12-310001476765Personify, Inc., One stop 22024-12-310001476765Personify, Inc., One stop 32024-12-310001476765Personify, Inc., One stop 42024-12-310001476765Pineapple German Bidco GMBH., One stop 12024-12-310001476765Pineapple German Bidco GMBH., One stop 22024-12-310001476765Pineapple German Bidco GMBH., One stop 32024-12-310001476765Pineapple German Bidco GMBH., One stop 42024-12-310001476765Pineapple German Bidco GMBH., One stop 52024-12-310001476765Pineapple German Bidco GMBH., One stop 62024-12-310001476765PING Identity Holding Corp., One stop 12024-12-310001476765PING Identity Holding Corp., One stop 22024-12-310001476765Pluralsight, LLC., One stop 12024-12-310001476765Pluralsight, LLC., One stop 22024-12-310001476765Pluralsight, LLC., One stop 32024-12-310001476765Pluralsight, LLC., One stop 42024-12-310001476765Pluralsight, LLC., One stop 52024-12-310001476765ProcessUnity Holdings, LLC, One stop 12024-12-310001476765ProcessUnity Holdings, LLC, One stop 22024-12-310001476765ProcessUnity Holdings, LLC, One stop 32024-12-310001476765ProcessUnity Holdings, LLC, One stop 42024-12-310001476765ProcessUnity Holdings, LLC, One stop 52024-12-310001476765QAD, Inc., One stop 12024-12-310001476765QAD, Inc., One stop 22024-12-310001476765Quant Buyer, Inc., One stop 12024-12-310001476765Quant Buyer, Inc., One stop 22024-12-310001476765Quant Buyer, Inc., One stop 32024-12-310001476765Quant Buyer, Inc., One stop 42024-12-310001476765Quant Buyer, Inc., One stop 52024-12-310001476765Rainforest Bidco Limited., One stop 12024-12-310001476765Rainforest Bidco Limited., One stop 22024-12-310001476765Rainforest Bidco Limited., One stop 32024-12-310001476765Rainforest Bidco Limited., One stop 42024-12-310001476765Riskonnect Parent, LLC., One stop 12024-12-310001476765Riskonnect Parent, LLC., One stop 22024-12-310001476765Riskonnect Parent, LLC., One stop 32024-12-310001476765Riskonnect Parent, LLC., One stop 42024-12-310001476765Riskonnect Parent, LLC., One stop 52024-12-310001476765Riskonnect Parent, LLC., One stop 62024-12-310001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12024-12-310001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22024-12-310001476765Rodeo Buyer Company & Absorb Software Inc., One stop 32024-12-310001476765SailPoint Technologies Holdings, Inc., One stop 12024-12-310001476765SailPoint Technologies Holdings, Inc., One stop 22024-12-310001476765Sapphire Bidco Oy., One stop 12024-12-310001476765Sapphire Bidco Oy., One stop 22024-12-310001476765Sapphire Bidco Oy., One stop 32024-12-310001476765Sonatype, Inc., One stop 12024-12-310001476765Sonatype, Inc., One stop 22024-12-310001476765Spartan Buyer Acquisition Co., One stop 12024-12-310001476765Spartan Buyer Acquisition Co., One stop 22024-12-310001476765Spartan Buyer Acquisition Co., One stop 32024-12-310001476765Telesoft Holdings LLC., One stop 12024-12-310001476765Telesoft Holdings LLC., One stop 22024-12-310001476765Telesoft Holdings LLC., One stop 32024-12-310001476765Templafy APS and Templafy, One stop 12024-12-310001476765Templafy APS and Templafy, LLC., One stop 22024-12-310001476765TI Intermediate Holdings, LLC, Senior secured 12024-12-310001476765TI Intermediate Holdings, LLC, Senior secured 22024-12-310001476765TI Intermediate Holdings, LLC, Senior secured 32024-12-310001476765TI Intermediate Holdings, LLC, Senior secured 42024-12-310001476765TI Intermediate Holdings, LLC, Senior secured 52024-12-310001476765TI Intermediate Holdings, LLC, Senior secured 62024-12-310001476765Togetherwork Holdings, LLC., One stop 12024-12-310001476765Togetherwork Holdings, LLC., One stop 22024-12-310001476765Togetherwork Holdings, LLC., One stop 32024-12-310001476765Transform Bidco Limited., One stop 12024-12-310001476765Transform Bidco Limited., One stop 22024-12-310001476765Transform Bidco Limited., One stop 32024-12-310001476765Transform Bidco Limited., One stop 42024-12-310001476765Transform Bidco Limited., One stop 52024-12-310001476765Vantage Bidco GMBH., One stop 12024-12-310001476765Vantage Bidco GMBH., One stop 22024-12-310001476765Varinem German Midco GMBH., One stop 12024-12-310001476765Varinem German Midco GMBH., One stop 22024-12-310001476765Vendavo, Inc., One stop 12024-12-310001476765Vendavo, Inc., One stop 22024-12-310001476765Vendavo, Inc., One stop 32024-12-310001476765Viper Bidco, Inc., One stop 12024-12-310001476765Viper Bidco, Inc., One stop 22024-12-310001476765Viper Bidco, Inc., One stop 32024-12-310001476765Viper Bidco, Inc., One stop 42024-12-310001476765WebPT, Inc., One stop 2024-12-310001476765Zendesk, Inc., One stop 12024-12-310001476765Zendesk, Inc., One stop 22024-12-310001476765Zendesk, Inc., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Ave Holdings III, Corp, One stop 12024-12-310001476765Ave Holdings III, Corp, One stop 22024-12-310001476765Ave Holdings III, Corp, One stop 32024-12-310001476765Ave Holdings III, Corp, One stop 42024-12-310001476765Biscuit Parent, LLC., One stop 12024-12-310001476765Biscuit Parent, LLC., One stop 22024-12-310001476765Biscuit Parent, LLC., One stop 32024-12-310001476765Cavender Stores L.P., Senior secured 2024-12-310001476765Consilio Midco Limited., One stop 12024-12-310001476765Consilio Midco Limited., One stop 22024-12-310001476765Consilio Midco Limited., One stop 32024-12-310001476765Consilio Midco Limited., One stop 42024-12-310001476765Consilio Midco Limited., One stop 52024-12-310001476765Consilio Midco Limited., One stop 62024-12-310001476765Consilio Midco Limited., One stop 72024-12-310001476765Consilio Midco Limited., One stop 82024-12-310001476765Consilio Midco Limited., One stop 92024-12-310001476765Consilio Midco Limited., One stop 102024-12-310001476765Consilio Midco Limited., One stop 112024-12-310001476765Consilio Midco Limited., One stop 122024-12-310001476765Consilio Midco Limited., One stop 132024-12-310001476765Consilio Midco Limited., One stop 142024-12-310001476765Consilio Midco Limited., One stop 152024-12-310001476765Consilio Midco Limited., One stop 162024-12-310001476765Consilio Midco Limited., One stop 172024-12-310001476765TI Intermediate Holdings, LLC., Senior secured 62024-12-310001476765CVP Holdco, Inc., One stop 22024-12-310001476765CVP Holdco, Inc., One stop 32024-12-310001476765Cycle Gear, Inc., One stop 2024-12-310001476765Metal Supermarkets US Buyer, LLC., One stop 12024-12-310001476765Metal Supermarkets US Buyer, LLC., One stop 22024-12-310001476765PetVet Care Centers LLC., One stop 12024-12-310001476765PetVet Care Centers LLC., One stop 22024-12-310001476765PetVet Care Centers LLC., One stop 32024-12-310001476765PPV Intermediate Holdings, LLC., One stop 12024-12-310001476765PPV Intermediate Holdings, LLC., One stop 22024-12-310001476765PPV Intermediate Holdings, LLC., One stop 32024-12-310001476765PPV Intermediate Holdings, LLC., One stop 42024-12-310001476765PPV Intermediate Holdings, LLC., One stop 52024-12-310001476765PPV Intermediate Holdings, LLC., One stop 62024-12-310001476765PPV Intermediate Holdings, LLC., One stop 72024-12-310001476765PPV Intermediate Holdings, LLC., One stop 82024-12-310001476765Radiance Borrower, LLC., One stop 12024-12-310001476765Radiance Borrower, LLC., One stop 22024-12-310001476765Salon Lofts Group, LLC., Senior secured 12024-12-310001476765Salon Lofts Group, LLC., Second lien 12024-12-310001476765Salon Lofts Group, LLC., Second lien 22024-12-310001476765Salon Lofts Group, LLC., Second lien 32024-12-310001476765Salon Lofts Group, LLC., Second lien 42024-12-310001476765Salon Lofts Group, LLC., Senior secured 22024-12-310001476765Salon Lofts Group, LLC., Second lien 62024-12-310001476765Salon Lofts Group, LLC., Senior secured 32024-12-310001476765Salon Lofts Group, LLC., Senior secured 42024-12-310001476765Salon Lofts Group, LLC., Senior secured 52024-12-310001476765Salon Lofts Group, LLC., Senior secured 62024-12-310001476765Salon Lofts Group, LLC., Senior secured 72024-12-310001476765Salon Lofts Group, LLC., Second lien 72024-12-310001476765Salon Lofts Group, LLC., Senior secured 82024-12-310001476765Salon Lofts Group, LLC., Senior secured 92024-12-310001476765Salon Lofts Group, LLC., Senior secured 102024-12-310001476765Salon Lofts Group, LLC., Senior secured 112024-12-310001476765Salon Lofts Group, LLC., Senior secured 122024-12-310001476765Salon Lofts Group, LLC., Senior secured 132024-12-310001476765Salon Lofts Group, LLC., Senior secured 142024-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12024-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22024-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32024-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42024-12-310001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 52024-12-310001476765Titan Fitness, LLC., One stop 12024-12-310001476765Titan Fitness, LLC., One stop 22024-12-310001476765Titan Fitness, LLC., One stop 32024-12-310001476765Vermont Aus Pty Ltd., One stop 12024-12-310001476765Vermont Aus Pty Ltd., One stop 22024-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12024-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22024-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32024-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Dollfus Mieg Company, Inc., One stop 12024-12-310001476765Dollfus Mieg Company, Inc., One stop 22024-12-310001476765Dollfus Mieg Company, Inc., One stop 32024-12-310001476765Elite Sportswear, L.P., Senior secured 12024-12-310001476765Elite Sportswear, L.P., Senior secured 22024-12-310001476765Elite Sportswear, L.P., Senior secured 32024-12-310001476765Elite Sportswear, L.P., Senior secured 42024-12-310001476765Elite Sportswear, L.P., Senior secured 52024-12-310001476765Elite Sportswear, L.P., Senior secured 62024-12-310001476765Elite Sportswear, L.P., Senior secured 72024-12-310001476765Elite Sportswear, L.P., Senior secured 82024-12-310001476765Georgica Pine Clothiers, LLC., One stop 12024-12-310001476765Georgica Pine Clothiers, LLC., One stop 22024-12-310001476765Georgica Pine Clothiers, LLC., One stop 32024-12-310001476765Georgica Pine Clothiers, LLC., One stop 42024-12-310001476765Georgica Pine Clothiers, LLC., One stop 52024-12-310001476765Georgica Pine Clothiers, LLC., One stop 62024-12-310001476765Shoes For Crews Global, LLC., Senior secured 12024-12-310001476765Shoes For Crews Global, LLC., Senior secured 22024-12-310001476765Shoes For Crews Global, LLC., Senior secured 32024-12-310001476765Shoes For Crews Global, LLC., Senior secured 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Marcone Yellowstone Buyer Inc., One stop 12024-12-310001476765Marcone Yellowstone Buyer Inc., One stop 22024-12-310001476765Marcone Yellowstone Buyer Inc., One stop 32024-12-310001476765Marcone Yellowstone Buyer Inc., One stop 42024-12-310001476765Marcone Yellowstone Buyer Inc., One stop 52024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765S.J. Electro Systems, LLC., Senior secured 12024-12-310001476765S.J. Electro Systems, LLC., Senior secured 22024-12-310001476765S.J. Electro Systems, LLC., Senior secured 32024-12-310001476765S.J. Electro Systems, LLC., Senior secured 42024-12-310001476765Vessco Midco Holdings, LLC., One stop 12024-12-310001476765Vessco Midco Holdings, LLC., One stop 22024-12-310001476765Vessco Midco Holdings, LLC., One stop 32024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:WaterUtilitiesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001476765PPW Aero Buyer, Inc., LP units2024-12-310001476765Tronair Parent, Inc., LLC units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765RJW Group Holdings, Inc., LP units2024-12-310001476765Arnott, LLC., LP units2024-12-310001476765Polk Acquisition Corp., LP interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765CAP-KSI Holdings, LLC., Preferred stock2024-12-310001476765CAP-KSI Holdings, LLC., LP units2024-12-310001476765CG Group Holdings, LLC., LP units2024-12-310001476765Go Car Wash Parent, Corp., Preferred stock2024-12-310001476765Go Car Wash Parent, Corp., Common stock2024-12-310001476765MOP GM Holding, LLC., LP units2024-12-310001476765MOP GM Holding, LLC., Preferred stock2024-12-310001476765National Express Wash Parent Holdco, LLC., LP units2024-12-310001476765POY Holdings, LLC., LLC units2024-12-310001476765Quick Quack Car Wash Holdings, LLC., LP units2024-12-310001476765Quick Quack Car Wash Holdings, LLC., LLC units2024-12-310001476765Yorkshire Parent, Inc., LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutomobilesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Cobepa BlueSky Aggregator, SCSp, LP units2024-12-310001476765Cobepa BlueSky Aggregator, SCSp, Preferred stock2024-12-310001476765Cobepa BlueSky Aggregator, SCSp, LP interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BiotechnologySectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765BECO Holding Company, Inc., Preferred stock2024-12-310001476765BECO Holding Company, Inc., LP interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BuildingProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Inhance Technologies Holdings, LLC, Preferred stock2024-12-310001476765Inhance Technologies Holdings, LLC, LLC units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765CI (Quercus) Intermediate Holdings, LLC, LP interest2024-12-310001476765FR Vision Holdings, Inc., LP units2024-12-310001476765Franchise Brands plc, Common stock2024-12-310001476765North Haven Stack Buyer, LLC, LLC units2024-12-310001476765PT Intermediate Holdings III, LLC, LLC units2024-12-310001476765Radwell Parent, LLC, LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Chase Intermediate, LP units2024-12-310001476765CHHJ Midco, LLC, LLC units2024-12-310001476765CHVAC Services Investment, LLC, Common stock2024-12-310001476765DP Flores Holdings, LLC, LLC units2024-12-310001476765EMS LINQ, LLC, LP interest2024-12-310001476765EWC Growth Partners LLC, LLC interest2024-12-310001476765HS Spa Holdings, Inc., Common stock2024-12-310001476765Liminex, Inc., Common stock2024-12-310001476765NSG Buyer, Inc., LP units2024-12-310001476765PADI Holdco, Inc., LLC interest2024-12-310001476765Project Alpha Intermediate Holdings, Inc., Preferred stock2024-12-310001476765Project Alpha Intermediate Holdings, Inc., Common stock2024-12-310001476765Virginia Green Acquisition, LLC, LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Wildcat TopCo, Inc., LP units2024-12-310001476765Inventus Power, Inc., Preferred stock2024-12-310001476765Inventus Power, Inc., LLC units2024-12-310001476765Inventus Power, Inc., LP interest2024-12-310001476765Inventus Power, Inc., Common stock2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Hopdoddy Holdings, LLC, LLC units 12024-12-310001476765Hopdoddy Holdings, LLC, LLC units 22024-12-310001476765Mendocino Farms, LLC, Common stock2024-12-310001476765PDI TA Holdings, Inc., Preferred stock2024-12-310001476765Ruby Slipper Cafe LLC, The, LLC units2024-12-310001476765Ruby Slipper Cafe LLC, The, LLC interest 12024-12-310001476765Ruby Slipper Cafe LLC, The, LLC interest 22024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Borrower R365 Holdings, LLC, Preferred stock 12024-12-310001476765Borrower R365 Holdings, LLC, Preferred stock 22024-12-310001476765Borrower R365 Holdings, LLC, LLC units2024-12-310001476765Borrower R365 Holdings, LLC, Common stock2024-12-310001476765Borrower R365 Holdings, LLC, Preferred stock 32024-12-310001476765Borrower R365 Holdings, LLC, Preferred stock 42024-12-310001476765Borrower R365 Holdings, LLC, LP units2024-12-310001476765Borrower R365 Holdings, LLC, Preferred stock 52024-12-310001476765Kodiak Cakes, LLC, Common stock2024-12-310001476765Louisiana Fish Fry Products, Ltd., Common stock2024-12-310001476765Louisiana Fish Fry Products, Ltd., Preferred stock2024-12-310001476765P&P Food Safety Holdings, Inc., Preferred stock2024-12-310001476765P&P Food Safety Holdings, Inc., Common stock2024-12-310001476765Purfoods, LLC, LLC interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Aspen Medical Products, LLC, LP interest2024-12-310001476765Blue River Pet Care, LLC, Common stock2024-12-310001476765CCSL Holdings, LLC, LP interest2024-12-310001476765CMI Parent Inc., Common stock 12024-12-310001476765CMI Parent Inc., Common stock 22024-12-310001476765JHC Investment Intermediate Holdings, LLC, LLC units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Active Day, Inc., LLC interest2024-12-310001476765Acuity Eyecare Holdings, LLC, LLC interest2024-12-310001476765Acuity Eyecare Holdings, LLC, LLC units2024-12-310001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2024-12-310001476765ADCS Clinics Intermediate Holdings, LLC, Common stock2024-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2024-12-310001476765CRH Healthcare Purchaser, Inc., LP interest2024-12-310001476765DCA Investment Holding, LLC, Preferred stock2024-12-310001476765DCA Investment Holding, LLC, Common stock2024-12-310001476765Emerge Intermediate, Inc., LLC units 12024-12-310001476765Emerge Intermediate, Inc., LLC units 22024-12-310001476765Emerge Intermediate, Inc., LLC units 32024-12-310001476765Encorevet Group LLC, Preferred stock2024-12-310001476765Krueger-Gilbert Health Physics, LLC, Common stock2024-12-310001476765MWD Management, LLC & MWD Services, Inc., LLC interest2024-12-310001476765NDX Parent, LLC, Common stock2024-12-310001476765NDX Parent, LLC, Preferred stock2024-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., Common stock2024-12-310001476765Pinnacle Treatment Centers, Inc., LLC interest 12024-12-310001476765Pinnacle Treatment Centers, Inc., LLC interest 22024-12-310001476765Pyramid Healthcare Acquisition Corp., Common stock2024-12-310001476765Radiology Partners, Inc., LLC units2024-12-310001476765Radiology Partners, Inc., LLC interest2024-12-310001476765Sage Dental Management, LLC, LLC units 12024-12-310001476765Sage Dental Management, LLC, LLC units 22024-12-310001476765Suveto Buyer, LLC, Common stock2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Amberfield Acquisition Co., LLC units2024-12-310001476765Connexin Software, Inc., LLC interest2024-12-310001476765Connexin Software, Inc., LLC units2024-12-310001476765HSI Halo Acquisition, Inc., Preferred stock2024-12-310001476765HSI Halo Acquisition, Inc., LP interest2024-12-310001476765Symplr Software, Inc., Preferred stock 12024-12-310001476765Symplr Software, Inc., Preferred stock 22024-12-310001476765Symplr Software, Inc., Preferred stock 32024-12-310001476765Symplr Software, Inc., Preferred stock 42024-12-310001476765Symplr Software, Inc., LLC units2024-12-310001476765Symplr Software, Inc., Common stock2024-12-310001476765Tebra Technologies, Inc., LLC interest2024-12-310001476765Tebra Technologies, Inc., Warrant 12024-12-310001476765Tebra Technologies, Inc., Warrant 22024-12-310001476765Tebra Technologies, Inc., Preferred stock2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareTechnologySectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Cafe Rio Holding, Inc., Common stock2024-12-310001476765Freddy's Frozen Custard LLC, LP interest2024-12-310001476765Harri US LLC, LLC units2024-12-310001476765Harri US LLC, Preferred stock 12024-12-310001476765Harri US LLC, Warrant 12024-12-310001476765Harri US LLC, Preferred stock 22024-12-310001476765Harri US LLC, Warrant 22024-12-310001476765LMP TR Holdings, LLC, LLC units2024-12-310001476765PB Group Holdings, LLC, LP units2024-12-310001476765SSRG Holdings, LLC, LP interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Accession Risk Management Group, Inc., Preferred stock2024-12-310001476765Majesco, Preferred stock2024-12-310001476765Majesco, LP interest2024-12-310001476765Oakbridge Insurance Agency LLC, LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InsuranceSectorsMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Revalize, Inc., Preferred stock 12024-12-310001476765Revalize, Inc., Preferred stock 22024-12-310001476765Revalize, Inc., Preferred stock 32024-12-310001476765Revalize, Inc., Preferred stock 42024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Appriss Health Intermediate Holdings, Inc, Preferred stock2024-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12024-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22024-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32024-12-310001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2024-12-310001476765Critical Start, Inc., Common stock2024-12-310001476765Kentik Technologies, Inc., Preferred stock2024-12-310001476765Kentik Technologies, Inc., Warrant2024-12-310001476765Netwrix Corporation, LLC units2024-12-310001476765Optimizely North America, Inc., Common stock2024-12-310001476765Saturn Borrower Inc., LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ITServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Massage Envy, LLC, LLC interest2024-12-310001476765Movement Holdings, LLC, LLC units2024-12-310001476765WBZ Investment, LLC, LLC interest 12024-12-310001476765WBZ Investment, LLC, LLC interest 22024-12-310001476765WBZ Investment, LLC, LLC interest 32024-12-310001476765WBZ Investment, LLC, LLC interest 42024-12-310001476765WBZ Investment, LLC, LLC interest 52024-12-310001476765WBZ Investment, LLC, LLC interest 62024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LeisureProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Celerion Buyer, Inc., LP units 12024-12-310001476765Celerion Buyer, Inc., LP units 22024-12-310001476765PAS Parent Inc., LP interest2024-12-310001476765PAS Parent Inc., Preferred stock2024-12-310001476765Reaction Biology Corporation, LLC units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765W3 Co., LLC interest2024-12-310001476765W3 Co., Preferred stock2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Messenger, LLC, LLC units 12024-12-310001476765Messenger, LLC, LLC units 22024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PaperAndForestProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Amalthea Parent, Inc., LP interest2024-12-310001476765Cobalt Buyer Sub, Inc., Preferred stock 12024-12-310001476765Cobalt Buyer Sub, Inc., Preferred stock 22024-12-310001476765Cobalt Buyer Sub, Inc., Common stock2024-12-310001476765Creek Parent, Inc., LP interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PharmaceuticalsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Eclipse Buyer, Inc., Preferred stock2024-12-310001476765Enboarder, Inc., Preferred stock2024-12-310001476765Filevine, Inc., Preferred stock 12024-12-310001476765Filevine, Inc., Warrant2024-12-310001476765Filevine, Inc., Preferred stock 22024-12-310001476765Net Health Acquisition Corp., LP interest2024-12-310001476765Procure Acquireco, Inc., LP interest2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Inhabit IQ Inc., Common stock2024-12-310001476765SC Landco Parent, LLC, Common stock2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Internet Truckstop Group, LLC, LP interest2024-12-310001476765Anaplan, Inc., LP interest2024-12-310001476765Aras Corporation, Preferred stock2024-12-310001476765Aras Corporation, LP interest2024-12-310001476765Astute Holdings, Inc., LP interest2024-12-310001476765Auvik Networks Inc., Preferred stock 12024-12-310001476765Auvik Networks Inc., Preferred stock 22024-12-310001476765Bayshore Intermediate #2, L.P., Common stock2024-12-310001476765Calabrio, Inc., LP interest 12024-12-310001476765Calabrio, Inc., LP interest 22024-12-310001476765CB Buyer, Inc., LP units2024-12-310001476765Cloudbees, Inc., Preferred stock 12024-12-310001476765Cloudbees, Inc., Warrant2024-12-310001476765Cloudbees, Inc., Preferred stock 22024-12-310001476765Cynet Security Ltd., Preferred stock2024-12-310001476765Denali Bidco Limited, LP interest2024-12-310001476765Diligent Corporation, Preferred stock 12024-12-310001476765Diligent Corporation, Preferred stock 22024-12-310001476765FirstUp, Inc., Common stock2024-12-310001476765GS Acquisitionco, Inc., Preferred stock 12024-12-310001476765GS Acquisitionco, Inc., Preferred stock 22024-12-310001476765GS Acquisitionco, Inc., LP interest2024-12-310001476765GS Acquisitionco, Inc., Preferred stock 32024-12-310001476765GTY Technology Holdings, Inc., LP units2024-12-310001476765Gurobi Optimization, LLC, Common stock2024-12-310001476765Impartner, Inc., Preferred stock2024-12-310001476765Kaseya Inc., Preferred stock2024-12-310001476765Kaseya Inc., LP interest2024-12-310001476765LogicMonitor, Inc., LP interest2024-12-310001476765Ministry Brands Holdings LLC, LP interest2024-12-310001476765mParticle, Inc., Preferred stock2024-12-310001476765mParticle, Inc., Warrant2024-12-310001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2024-12-310001476765Onit, Inc., Preferred stock2024-12-310001476765Onit, Inc., Warrant2024-12-310001476765Panzura, LLC, LLC units2024-12-310001476765Personify, Inc., LP interest2024-12-310001476765Pluralsight, LLC, LLC units2024-12-310001476765QAD, Inc., Preferred stock2024-12-310001476765QAD, Inc., Common stock2024-12-310001476765RegEd Aquireco, LLC, LP interest 12024-12-310001476765RegEd Aquireco, LLC, Preferred stock2024-12-310001476765RegEd Aquireco, LLC, LP interest 22024-12-310001476765Riskonnect Parent, LLC, Preferred stock 12024-12-310001476765Riskonnect Parent, LLC, LP interest2024-12-310001476765Riskonnect Parent, LLC, Preferred stock 22024-12-310001476765Riskonnect Parent, LLC, Preferred stock 32024-12-310001476765SnapLogic, Inc., Preferred stock2024-12-310001476765SnapLogic, Inc., Warrant2024-12-310001476765Spartan Buyer Acquisition Co., Common stock2024-12-310001476765Spartan Buyer Acquisition Co., Preferred stock2024-12-310001476765Telesoft Holdings LLC, LP interest2024-12-310001476765Templafy APS and Templafy, LLC, Warrant2024-12-310001476765Togetherwork Holdings, LLC, Preferred stock2024-12-310001476765Zendesk, Inc., LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Ave Holdings III, Corp, Preferred stock2024-12-310001476765Ave Holdings III, Corp, LP units2024-12-310001476765Batteries Plus Holding Corporation, LP interest2024-12-310001476765Cycle Gear, Inc., LLC units2024-12-310001476765Cycle Gear, Inc., Preferred stock2024-12-310001476765Metal Supermarkets US Buyer, LLC, Preferred stock2024-12-310001476765Metal Supermarkets US Buyer, LLC, LLC units2024-12-310001476765Pet Holdings ULC, LP interest2024-12-310001476765Salon Lofts Group, LLC, LP units2024-12-310001476765Southern Veterinary Partners, LLC, LLC units 12024-12-310001476765Southern Veterinary Partners, LLC, LLC units 22024-12-310001476765Southern Veterinary Partners, LLC, LLC units 32024-12-310001476765Southern Veterinary Partners, LLC, LLC units 42024-12-310001476765Southern Veterinary Partners, LLC, LLC units 52024-12-310001476765Southern Veterinary Partners, LLC, LLC units 62024-12-310001476765Southern Veterinary Partners, LLC, LLC units 72024-12-310001476765Southern Veterinary Partners, LLC, LLC units 82024-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SpecialtyRetailSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Georgica Pine Clothiers, LLC, LLC interest2024-12-310001476765Georgica Pine Clothiers, LLC, Common stock2024-12-310001476765MakerSights, Inc., Preferred stock2024-12-310001476765Shoes For Crews Global, LLC, LLC units2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Abita Brewing Co., L.L.C., One stop 12024-12-310001476765Abita Brewing Co., L.L.C., Second lien2024-12-310001476765Abita Brewing Co., L.L.C., One stop 22024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Benetech, Inc., One stop 12024-12-310001476765Benetech, Inc., One stop 22024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765G & H Wire Company, Inc., One stop 12024-12-310001476765G & H Wire Company, Inc., One stop 22024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Bayside Opco, LLC, One stop 12024-12-310001476765Bayside Opco, LLC, Subordinated debt2024-12-310001476765Bayside Opco, LLC, One stop 22024-12-310001476765Bayside Opco, LLC, One stop 32024-12-310001476765Elite Dental Partners LLC, One stop 12024-12-310001476765Elite Dental Partners LLC, One stop 22024-12-310001476765Elite Dental Partners LLC, One stop 32024-12-310001476765Opening Day Borrower 111 LLC, One stop2024-12-310001476765SPF Borrower LLC, One stop 12024-12-310001476765SPF Borrower LLC, One stop 22024-12-310001476765SPF Borrower LLC, One stop 32024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Fleet Farm Group, LLC, Senior secured2024-12-310001476765Switchfly LLC, One stop2024-12-310001476765Imperial Optical Midco Inc., One stop 12024-12-310001476765Imperial Optical Midco Inc., One stop 22024-12-310001476765Imperial Optical Midco Inc., One stop 32024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2024-12-310001476765Abita Brewing Co., L.L.C., Warrant2024-12-310001476765G & H Wire Company, Inc., LLC units2024-12-310001476765Bayside Opco, LLC, LLC units2024-12-310001476765Elite Dental Partners LLC, LLC interest 12024-12-310001476765Elite Dental Partners LLC, LLC interest 22024-12-310001476765Elite Dental Partners LLC, LLC units2024-12-310001476765Opening Day Borrower 111 LLC, Preferred stock2024-12-310001476765Opening Day Borrower 111 LLC, LLC units2024-12-310001476765SPF Borrower LLC, LLC units2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Fleet Farm Group, LLC, LLC units2024-12-310001476765Switchfly LLC, LLC interest2024-12-310001476765Switchfly LLC, Preferred stock 2024-12-310001476765Switchfly LLC, LLC units2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001476765Imperial Optical Midco, Inc, LLC units2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001476765MMan Acquisition Co., One stop 12024-12-310001476765MMan Acquisition Co., One stop 22024-12-310001476765MMan Acquisition Co., One stop 32024-12-310001476765MMan Acquisition Co., One stop 42024-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMembergbdc:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001476765MMan Acquisition Co., Preferred stock2024-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001476765BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)2024-12-310001476765Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2024-12-310001476765Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)2024-12-310001476765Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)2024-12-310001476765Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)2024-12-310001476765Abita Brewing Co. LLC2024-09-300001476765Abita Brewing Co. LLC2024-10-012024-12-310001476765Abita Brewing Co. LLC2024-12-310001476765Bayside Opco, LLC2024-09-300001476765Bayside Opco, LLC2024-10-012024-12-310001476765Bayside Opco, LLC2024-12-310001476765Benetech, Inc.2024-09-300001476765Benetech, Inc.2024-10-012024-12-310001476765Benetech, Inc.2024-12-310001476765Elite Dental Partners LLC2024-09-300001476765Elite Dental Partners LLC2024-10-012024-12-310001476765Elite Dental Partners LLC2024-12-310001476765Fleet Farm Group LLC2024-09-300001476765Fleet Farm Group LLC2024-10-012024-12-310001476765Fleet Farm Group LLC2024-12-310001476765G & H Wire Company, Inc2024-09-300001476765G & H Wire Company, Inc2024-10-012024-12-310001476765G & H Wire Company, Inc2024-12-310001476765Imperial Optical Midco Inc.2024-09-300001476765Imperial Optical Midco Inc.2024-10-012024-12-310001476765Imperial Optical Midco Inc.2024-12-310001476765Opening Day Borrower 111 LLC2024-09-300001476765Opening Day Borrower 111 LLC2024-10-012024-12-310001476765Opening Day Borrower 111 LLC2024-12-310001476765SPF Borrower LLC2024-09-300001476765SPF Borrower LLC2024-10-012024-12-310001476765SPF Borrower LLC2024-12-310001476765Switchfly LLC 2024-09-300001476765Switchfly LLC 2024-10-012024-12-310001476765Switchfly LLC 2024-12-310001476765MMan Acquisition Co.2024-09-300001476765MMan Acquisition Co.2024-10-012024-12-310001476765MMan Acquisition Co.2024-12-310001476765PPW Aero Buyer, Inc., One stop 12024-09-300001476765PPW Aero Buyer, Inc., One stop 22024-09-300001476765PPW Aero Buyer, Inc., One stop 32024-09-300001476765PPW Aero Buyer, Inc., One stop 42024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Accelya Lux Finco S.A.R.L., One stop2024-09-300001476765Collision SP Subco, LLC, One stop 12024-09-300001476765Collision SP Subco, LLC, One stop 22024-09-300001476765Collision SP Subco, LLC, One stop 32024-09-300001476765Covercraft Parent III, Inc., Senior secured 12024-09-300001476765Covercraft Parent III, Inc., Senior secured 22024-09-300001476765Covercraft Parent III, Inc., Senior secured 32024-09-300001476765North Haven Falcon Buyer, LLC, One stop 12024-09-300001476765North Haven Falcon Buyer, LLC, One stop 22024-09-300001476765OEConnection, LLC, One stop 12024-09-300001476765OEConnection, LLC, One stop 22024-09-300001476765OEConnection, LLC, One stop 32024-09-300001476765Polk Acquisition Corp., Senior secured 12024-09-300001476765Polk Acquisition Corp., Senior secured 22024-09-300001476765Polk Acquisition Corp., Senior secured 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutoComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765CAP-KSI Holdings, LLC, One stop 12024-09-300001476765CAP-KSI Holdings, LLC, One stop 22024-09-300001476765CG Group Holdings, LLC, One stop 12024-09-300001476765CG Group Holdings, LLC, One stop 22024-09-300001476765Denali Midco 2, LLC, One stop 12024-09-300001476765Denali Midco 2, LLC, One stop 22024-09-300001476765Denali Midco 2, LLC, One stop 32024-09-300001476765Denali Midco 2, LLC, One stop 42024-09-300001476765Denali Midco 2, LLC, One stop 52024-09-300001476765Denali Midco 2, LLC, One stop 62024-09-300001476765Denali Midco 2, LLC, One stop 72024-09-300001476765Denali Midco 2, LLC, One stop 82024-09-300001476765Denali Midco 2, LLC, One stop 92024-09-300001476765Denali Midco 2, LLC, One stop 102024-09-300001476765Denali Midco 2, LLC, One stop 112024-09-300001476765Denali Midco 2, LLC, One stop 122024-09-300001476765Denali Midco 2, LLC, One stop 132024-09-300001476765Denali Midco 2, LLC, One stop 142024-09-300001476765Denali Midco 2, LLC, One stop 152024-09-300001476765Denali Midco 2, LLC, One stop 162024-09-300001476765Denali Midco 2, LLC, One stop 172024-09-300001476765Denali Midco 2, LLC, One stop 182024-09-300001476765Denali Midco 2, LLC, One stop 192024-09-300001476765High Bar Brands Operating, LLC, Senior secured 12024-09-300001476765High Bar Brands Operating, LLC, Senior secured 22024-09-300001476765High Bar Brands Operating, LLC, Senior secured 32024-09-300001476765High Bar Brands Operating, LLC, Senior secured 42024-09-300001476765JHCC Holdings LLC, One stop 12024-09-300001476765JHCC Holdings LLC, One stop 22024-09-300001476765JHCC Holdings LLC, One stop 32024-09-300001476765JHCC Holdings LLC, One stop 42024-09-300001476765JHCC Holdings LLC, One stop 52024-09-300001476765JHCC Holdings LLC, One stop 62024-09-300001476765JHCC Holdings LLC, One stop 72024-09-300001476765JHCC Holdings LLC, One stop 82024-09-300001476765JHCC Holdings LLC, One stop 92024-09-300001476765MOP GM Holding, LLC, One stop 12024-09-300001476765MOP GM Holding, LLC, One stop 22024-09-300001476765MOP GM Holding, LLC, One stop 32024-09-300001476765MOP GM Holding, LLC, One stop 42024-09-300001476765MOP GM Holding, LLC, One stop 52024-09-300001476765MOP GM Holding, LLC, One stop 62024-09-300001476765MOP GM Holding, LLC, One stop 72024-09-300001476765MOP GM Holding, LLC, One stop 82024-09-300001476765MOP GM Holding, LLC, One stop 92024-09-300001476765MOP GM Holding, LLC, One stop 102024-09-300001476765MOP GM Holding, LLC, One stop 112024-09-300001476765MOP GM Holding, LLC, One stop 122024-09-300001476765MOP GM Holding, LLC, One stop 132024-09-300001476765MOP GM Holding, LLC, One stop 142024-09-300001476765MOP GM Holding, LLC, One stop 152024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 12024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 22024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 32024-09-300001476765POY Holdings, LLC, One stop 12024-09-300001476765POY Holdings, LLC, One stop 22024-09-300001476765POY Holdings, LLC, One stop 32024-09-300001476765POY Holdings, LLC, One stop 42024-09-300001476765POY Holdings, LLC, One stop 52024-09-300001476765POY Holdings, LLC, One stop 62024-09-300001476765POY Holdings, LLC, One stop 72024-09-300001476765POY Holdings, LLC, One stop 82024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 12024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 22024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 32024-09-300001476765TWAS Holdings, LLC, One stop 12024-09-300001476765TWAS Holdings, LLC, One stop 22024-09-300001476765TWAS Holdings, LLC, One stop 32024-09-300001476765TWAS Holdings, LLC, One stop 42024-09-300001476765TWAS Holdings, LLC, One stop 52024-09-300001476765TWAS Holdings, LLC, One stop 62024-09-300001476765Yorkshire Parent, Inc., One stop 12024-09-300001476765Yorkshire Parent, Inc., One stop 22024-09-300001476765Yorkshire Parent, Inc., One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 12024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 22024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BanksSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Financial Information Technologies, LLC, One stop 12024-09-300001476765Financial Information Technologies, LLC, One stop 22024-09-300001476765Financial Information Technologies, LLC, One stop 32024-09-300001476765Financial Information Technologies, LLC, One stop 42024-09-300001476765Financial Information Technologies, LLC, One stop 52024-09-300001476765Watermill Express, LLC, One stop 12024-09-300001476765Watermill Express, LLC, One stop 22024-09-300001476765Watermill Express, LLC, One stop 32024-09-300001476765Watermill Express, LLC, One stop 42024-09-300001476765Watermill Express, LLC, One stop 52024-09-300001476765Watermill Express, LLC, One stop 62024-09-300001476765Winebow Holdings, Inc., One stop 2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765BECO Holding Company, Inc., One stop 12024-09-300001476765BECO Holding Company, Inc., One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BuildingProductsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765BlueMatrix Holdings, LLC, One stop 12024-09-300001476765BlueMatrix Holdings, LLC, One stop 22024-09-300001476765BlueMatrix Holdings, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CapitalMarketsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Inhance Technologies Holdings, LLC, One stop 12024-09-300001476765Inhance Technologies Holdings, LLC, One stop 22024-09-300001476765Inhance Technologies Holdings, LLC, One stop 32024-09-300001476765Inhance Technologies Holdings, LLC, One stop 42024-09-300001476765Krayden Holdings, Inc., Senior secured 12024-09-300001476765Krayden Holdings, Inc., Senior secured 22024-09-300001476765Krayden Holdings, Inc., Senior secured 32024-09-300001476765PHM NL SP Bidco B.V., One stop 12024-09-300001476765PHM NL SP Bidco B.V., One stop 22024-09-300001476765PHM NL SP Bidco B.V., One stop 32024-09-300001476765PHM NL SP Bidco B.V., One stop 42024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765BradyIFS Holdings, LLC, One stop 12024-09-300001476765BradyIFS Holdings, LLC, One stop 22024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 12024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 22024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 32024-09-300001476765Encore Holdings, LLC, One stop 12024-09-300001476765Encore Holdings, LLC, One stop 22024-09-300001476765Encore Holdings, LLC, One stop 32024-09-300001476765FR Vision Holdings, Inc., One stop 12024-09-300001476765FR Vision Holdings, Inc., One stop 22024-09-300001476765FR Vision Holdings, Inc., One stop 32024-09-300001476765Kleinfelder Intermediate, LLC, One stop 12024-09-300001476765Kleinfelder Intermediate, LLC, One stop 22024-09-300001476765Kleinfelder Intermediate, LLC, One stop 32024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 12024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 22024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 32024-09-300001476765North Haven Stack Buyer, LLC, Second lien 12024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 42024-09-300001476765North Haven Stack Buyer, LLC, Second lien 22024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 52024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 62024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 72024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 82024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 92024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 102024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 112024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 122024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 132024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 142024-09-300001476765North Haven Stack Buyer, LLC, Second lien 32024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 152024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 162024-09-300001476765Profile Products LLC, One stop 12024-09-300001476765Profile Products LLC, One stop 22024-09-300001476765Profile Products LLC, One stop 32024-09-300001476765Profile Products LLC, One stop 42024-09-300001476765PSC Parent, Inc., One stop 12024-09-300001476765PSC Parent, Inc., One stop 22024-09-300001476765PSC Parent, Inc., One stop 32024-09-300001476765PSC Parent, Inc., One stop 42024-09-300001476765PT Intermediate Holdings III, LLC, One stop 12024-09-300001476765PT Intermediate Holdings III, LLC, One stop 22024-09-300001476765Radwell Parent, LLC, One stop 12024-09-300001476765Radwell Parent, LLC, One stop 22024-09-300001476765Radwell Parent, LLC, One stop 32024-09-300001476765Radwell Parent, LLC, One stop 42024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 12024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 22024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 32024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 42024-09-300001476765WRE Holding Corp., One stop 12024-09-300001476765WRE Holding Corp., One stop 22024-09-300001476765WRE Holding Corp., One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Lightning Finco Limited, One stop 12024-09-300001476765Lightning Finco Limited, One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Consor Intermediate II, LLC, One stop 12024-09-300001476765Consor Intermediate II, LLC, One stop 22024-09-300001476765Consor Intermediate II, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ConstructionEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Chase Intermediate, One stop 12024-09-300001476765Chase Intermediate, One stop 22024-09-300001476765Chase Intermediate, One stop 32024-09-300001476765Fortis Solutions Group LLC, One stop 12024-09-300001476765Fortis Solutions Group LLC, One stop 22024-09-300001476765Fortis Solutions Group LLC, One stop 32024-09-300001476765Fortis Solutions Group LLC, One stop 42024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Any Hour, LLC, One stop 12024-09-300001476765Any Hour, LLC, One stop 22024-09-300001476765Any Hour, LLC, One stop 32024-09-300001476765Any Hour, LLC, One stop 42024-09-300001476765Apex Service Partners, LLC, One stop 12024-09-300001476765Apex Service Partners, LLC, One stop 22024-09-300001476765Apex Service Partners, LLC, One stop 32024-09-300001476765Apex Service Partners, LLC, One stop 42024-09-300001476765Certus Pest, Inc., One stop 12024-09-300001476765Certus Pest, Inc., One stop 22024-09-300001476765Certus Pest, Inc., One stop 32024-09-300001476765Certus Pest, Inc., One stop 42024-09-300001476765Certus Pest, Inc., One stop 52024-09-300001476765Certus Pest, Inc., One stop 62024-09-300001476765Certus Pest, Inc., One stop 72024-09-300001476765Certus Pest, Inc., One stop 82024-09-300001476765Certus Pest, Inc., One stop 92024-09-300001476765Certus Pest, Inc., One stop 102024-09-300001476765Certus Pest, Inc., One stop 112024-09-300001476765Certus Pest, Inc., One stop 122024-09-300001476765CHHJ Midco, LLC, Senior secured 12024-09-300001476765CHHJ Midco, LLC, Senior secured 22024-09-300001476765CHVAC Services Investment, LLC, One stop 12024-09-300001476765CHVAC Services Investment, LLC, One stop 22024-09-300001476765CHVAC Services Investment, LLC, One stop 32024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 12024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 22024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 32024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 42024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 52024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 62024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 72024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 82024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 92024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 102024-09-300001476765EMS LINQ, LLC, One stop 12024-09-300001476765EMS LINQ, LLC, One stop 22024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 12024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 22024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 32024-09-300001476765EWC Growth Partners LLC, One stop 12024-09-300001476765EWC Growth Partners LLC, One stop 22024-09-300001476765EWC Growth Partners LLC, One stop 32024-09-300001476765EWC Growth Partners LLC, One stop 42024-09-300001476765FPG Intermediate Holdco, LLC, One stop 12024-09-300001476765FPG Intermediate Holdco, LLC, One stop 22024-09-300001476765FPG Intermediate Holdco, LLC, One stop 32024-09-300001476765FSS Buyer LLC, One stop 12024-09-300001476765FSS Buyer LLC, One stop 22024-09-300001476765HS Spa Holdings, Inc., One stop 12024-09-300001476765HS Spa Holdings, Inc., One stop 22024-09-300001476765HS Spa Holdings, Inc., One stop 32024-09-300001476765Learn-it Systems, LLC, Senior secured 12024-09-300001476765Learn-it Systems, LLC, Senior secured 22024-09-300001476765Learn-it Systems, LLC, Senior secured 32024-09-300001476765Learn-it Systems, LLC, Senior secured 42024-09-300001476765Liminex, Inc., One stop 12024-09-300001476765Liminex, Inc., One stop 22024-09-300001476765Liminex, Inc., One stop 32024-09-300001476765Liminex, Inc., One stop 42024-09-300001476765Litera Bidco, LLC, One stop 12024-09-300001476765Litera Bidco, LLC, One stop 22024-09-300001476765Litera Bidco, LLC, One stop 32024-09-300001476765Litera Bidco, LLC, One stop 42024-09-300001476765Mario Purchaser, LLC, One stop 12024-09-300001476765Mario Purchaser, LLC, One stop 22024-09-300001476765Mario Purchaser, LLC, One stop 32024-09-300001476765Mario Purchaser, LLC, One stop 42024-09-300001476765Mario Purchaser, LLC, One stop 52024-09-300001476765NSG Buyer, Inc., One stop 12024-09-300001476765NSG Buyer, Inc., One stop 22024-09-300001476765NSG Buyer, Inc., One stop 32024-09-300001476765NSG Buyer, Inc., One stop 42024-09-300001476765PADI Holdco, Inc., One stop 12024-09-300001476765PADI Holdco, Inc., One stop 22024-09-300001476765PADI Holdco, Inc., One stop 32024-09-300001476765PADI Holdco, Inc., One stop 42024-09-300001476765PADI Holdco, Inc., One stop 52024-09-300001476765Provenance Buyer LLC, One stop 12024-09-300001476765Provenance Buyer LLC, One stop 22024-09-300001476765Provenance Buyer LLC, One stop 32024-09-300001476765RW AM Holdco LLC, One stop 12024-09-300001476765RW AM Holdco LLC, One stop 22024-09-300001476765Virginia Green Acquisition, LLC, One stop 12024-09-300001476765Virginia Green Acquisition, LLC, One stop 22024-09-300001476765Virginia Green Acquisition, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Avalara, Inc., One stop 12024-09-300001476765Avalara, Inc., One stop 22024-09-300001476765Baker Tilly Advisory Group, LP, One stop 12024-09-300001476765Baker Tilly Advisory Group, LP, One stop 22024-09-300001476765Baker Tilly Advisory Group, LP, One stop 32024-09-300001476765Banker's Toolbox, Inc., One stop 12024-09-300001476765Banker's Toolbox, Inc., One stop 22024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 12024-09-300001476765Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 22024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 32024-09-300001476765Finastra USA, Inc., One stop 12024-09-300001476765Finastra USA, Inc., One stop 22024-09-300001476765Flash Topco, Inc., One stop 12024-09-300001476765Flash Topco, Inc., One stop 22024-09-300001476765Flash Topco, Inc., One stop 32024-09-300001476765Higginbotham Insurance Agency, Inc., One stop 12024-09-300001476765Higginbotham Insurance Agency, Inc., One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765NTI Connect, LLC, Senior secured2024-09-300001476765Power Grid Holdings, Inc., One stop 12024-09-300001476765Power Grid Holdings, Inc., One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765CST Holding Company, One stop 12024-09-300001476765CST Holding Company, One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Mendocino Farms, LLC, One stop 1 2024-09-300001476765Mendocino Farms, LLC, One stop 22024-09-300001476765Mendocino Farms, LLC, One stop 32024-09-300001476765Mendocino Farms, LLC, One stop 42024-09-300001476765PDI TA Holdings, Inc., One stop 12024-09-300001476765PDI TA Holdings, Inc., One stop 22024-09-300001476765PDI TA Holdings, Inc., One stop 32024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 12024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 22024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 32024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 42024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 52024-09-300001476765Wineshipping.com LLC, One stop 12024-09-300001476765Wineshipping.com LLC, One stop 22024-09-300001476765Wineshipping.com LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Blast Bidco Inc., One stop 12024-09-300001476765Blast Bidco Inc., One stop 22024-09-300001476765Borrower R365 Holdings, LLC, One stop 12024-09-300001476765Borrower R365 Holdings, LLC, One stop 22024-09-300001476765Borrower R365 Holdings, LLC, One stop 32024-09-300001476765Borrower R365 Holdings, LLC, One stop 42024-09-300001476765Eagle Family Foods Group, LLC, One stop 12024-09-300001476765Eagle Family Foods Group, LLC, One stop 22024-09-300001476765Kodiak Cakes, LLC, Senior secured 12024-09-300001476765Kodiak Cakes, LLC, Senior secured 22024-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 12024-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 22024-09-300001476765MAPF Holdings, Inc., One stop 12024-09-300001476765MAPF Holdings, Inc., One stop 22024-09-300001476765MAPF Holdings, Inc., One stop 32024-09-300001476765MAPF Holdings, Inc., One stop 42024-09-300001476765P&P Food Safety Holdings, Inc., One stop 12024-09-300001476765P&P Food Safety Holdings, Inc., One stop 22024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 12024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 22024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 32024-09-300001476765Whitebridge Pet Brands, LLC, One stop 12024-09-300001476765Whitebridge Pet Brands, LLC, One stop 22024-09-300001476765Wizard Bidco Limited, One stop 12024-09-300001476765Wizard Bidco Limited, One stop 22024-09-300001476765Wizard Bidco Limited, One stop 32024-09-300001476765Wizard Bidco Limited, One stop 42024-09-300001476765Wizard Bidco Limited, One stop 52024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodProductsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Aspen Medical Products, LLC, One stop 12024-09-300001476765Aspen Medical Products, LLC, One stop 22024-09-300001476765Aspen Medical Products, LLC, One stop 32024-09-300001476765Baduhenna Bidco Limited, One stop 12024-09-300001476765Baduhenna Bidco Limited, One stop 22024-09-300001476765Baduhenna Bidco Limited, One stop 32024-09-300001476765Baduhenna Bidco Limited, One stop 42024-09-300001476765Baduhenna Bidco Limited, One stop 52024-09-300001476765Baduhenna Bidco Limited, One stop 62024-09-300001476765Belmont Instrument, LLC, One stop 12024-09-300001476765Belmont Instrument, LLC, One stop 22024-09-300001476765Blades Buyer, Inc., Senior secured 12024-09-300001476765Blades Buyer, Inc., Senior secured 22024-09-300001476765Blades Buyer, Inc., Senior secured 32024-09-300001476765Blades Buyer, Inc., Senior secured 42024-09-300001476765Blue River Pet Care, LLC, One stop 12024-09-300001476765Blue River Pet Care, LLC, One stop 22024-09-300001476765Blue River Pet Care, LLC, One stop 32024-09-300001476765Blue River Pet Care, LLC, One stop 42024-09-300001476765Blue River Pet Care, LLC, One stop 52024-09-300001476765Blue River Pet Care, LLC, One stop 62024-09-300001476765Blue River Pet Care, LLC, One stop 72024-09-300001476765Blue River Pet Care, LLC, One stop 82024-09-300001476765Blue River Pet Care, LLC, One stop 92024-09-300001476765Blue River Pet Care, LLC, One stop 102024-09-300001476765CCSL Holdings, LLC, One stop 12024-09-300001476765CCSL Holdings, LLC, One stop 22024-09-300001476765CCSL Holdings, LLC, One stop 32024-09-300001476765CCSL Holdings, LLC, One stop 42024-09-300001476765CCSL Holdings, LLC, One stop 52024-09-300001476765CCSL Holdings, LLC, One stop 62024-09-300001476765CCSL Holdings, LLC, One stop 72024-09-300001476765CCSL Holdings, LLC, One stop 82024-09-300001476765CCSL Holdings, LLC, One stop 92024-09-300001476765CMI Parent Inc., One stop 12024-09-300001476765CMI Parent Inc., One stop 22024-09-300001476765CMI Parent Inc., Senior secured 2024-09-300001476765CMI Parent Inc., One stop 32024-09-300001476765CMI Parent Inc., One stop 42024-09-300001476765G & H Wire Company, Inc., One stop 12024-09-300001476765G & H Wire Company, Inc., One stop 22024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 12024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 22024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 32024-09-300001476765JHC Investment Intermediate Holdings, LLC, One stop 12024-09-300001476765JHC Investment Intermediate Holdings, LLC, One stop 22024-09-300001476765TIDI Legacy Products, Inc., One stop 12024-09-300001476765TIDI Legacy Products, Inc., One stop 22024-09-300001476765TIDI Legacy Products, Inc., One stop 32024-09-300001476765YI, LLC, One stop 12024-09-300001476765YI, LLC, One stop 22024-09-300001476765YI, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765AAH TOPCO, LLC , One stop 12024-09-300001476765AAH TOPCO, LLC, One stop 22024-09-300001476765AAH TOPCO, LLC, Subordinated debt2024-09-300001476765AAH TOPCO, LLC, One stop 32024-09-300001476765AAH TOPCO, LLC, One stop 42024-09-300001476765Active Day, Inc., One stop 12024-09-300001476765Active Day, Inc., One stop 22024-09-300001476765Active Day, Inc., One stop 32024-09-300001476765Active Day, Inc., One stop 42024-09-300001476765Active Day, Inc., One stop 52024-09-300001476765Active Day, Inc., One stop 62024-09-300001476765Active Day, Inc., One stop 72024-09-300001476765Active Day, Inc., One stop 82024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 12024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 22024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 32024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 42024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 52024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 62024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 72024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 82024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 92024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 102024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 112024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 122024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 132024-09-300001476765Acuity Eyecare Holdings, LLC, Senior secured2024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 142024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 152024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 162024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52024-09-300001476765Bamboo US Bidco LLC, One stop 12024-09-300001476765Bamboo US Bidco LLC, One stop 22024-09-300001476765Bamboo US Bidco LLC, One stop 32024-09-300001476765Bamboo US Bidco LLC, One stop 42024-09-300001476765Community Care Partners, LLC, One stop2024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 12024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 22024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 32024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 42024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 52024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., Senior secured2024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-09-300001476765Encorevet Group LLC, One stop 12024-09-300001476765Encorevet Group LLC, One stop 22024-09-300001476765Encorevet Group LLC, One stop 32024-09-300001476765Encorevet Group LLC, One stop 42024-09-300001476765Encorevet Group LLC, One stop 52024-09-300001476765Encorevet Group LLC, One stop 62024-09-300001476765Encorevet Group LLC, One stop 72024-09-300001476765Encorevet Group LLC, One stop 82024-09-300001476765Encorevet Group LLC, One stop 92024-09-300001476765Encorevet Group LLC, One stop 102024-09-300001476765Encorevet Group LLC, One stop 112024-09-300001476765Encorevet Group LLC, One stop 122024-09-300001476765Encorevet Group LLC, One stop 132024-09-300001476765Encorevet Group LLC, One stop 142024-09-300001476765Encorevet Group LLC, One stop 152024-09-300001476765Encorevet Group LLC, One stop 162024-09-300001476765Encorevet Group LLC, One stop 172024-09-300001476765ERC Topco Holdings, LLC, One stop 12024-09-300001476765ERC Topco Holdings, LLC, One stop 22024-09-300001476765ERC Topco Holdings, LLC, One stop 32024-09-300001476765ERC Topco Holdings, LLC, One stop 42024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 12024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 22024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 32024-09-300001476765Klick Inc., Senior secured 12024-09-300001476765Klick Inc., Senior secured 22024-09-300001476765Klick Inc., Senior secured 32024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72024-09-300001476765Krueger-Gilbert Health Physics, LLC, One stop2024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 12024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 22024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 32024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 42024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 52024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 62024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 72024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 82024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 12024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 22024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 32024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 42024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 52024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 62024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 72024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 82024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 92024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 102024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 112024-09-300001476765Premise Health Holding Corp., One stop 12024-09-300001476765Premise Health Holding Corp., One stop 22024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 12024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 22024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 32024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 42024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 52024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 62024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 72024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 82024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 92024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 102024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 112024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 122024-09-300001476765Suveto Buyer, LLC, One stop 12024-09-300001476765Suveto Buyer, LLC, One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Alegeus Technologies Holdings Corp., Senior secured2024-09-300001476765Amberfield Acquisition Co., One stop 12024-09-300001476765Amberfield Acquisition Co., One stop 22024-09-300001476765Amberfield Acquisition Co., One stop 32024-09-300001476765Color Intermediate, LLC, Senior secured2024-09-300001476765Connexin Software, Inc., One stop 12024-09-300001476765Connexin Software, Inc., One stop 22024-09-300001476765Crow River Buyer, Inc., One stop 12024-09-300001476765Crow River Buyer, Inc., One stop 22024-09-300001476765ESO Solution, Inc., One stop 12024-09-300001476765ESO Solution, Inc., One stop 22024-09-300001476765ESO Solution, Inc., One stop 32024-09-300001476765HealthEdge Software, Inc., One stop 12024-09-300001476765HealthEdge Software, Inc., One stop 22024-09-300001476765HealthEdge Software, Inc., One stop 32024-09-300001476765Kona Buyer, LLC, One stop 12024-09-300001476765Kona Buyer, LLC, One stop 22024-09-300001476765Kona Buyer, LLC, One stop 32024-09-300001476765Kona Buyer, LLC, One stop 42024-09-300001476765Lacker Bidco Limited, One stop 12024-09-300001476765Lacker Bidco Limited, One stop 22024-09-300001476765Lacker Bidco Limited, One stop 32024-09-300001476765Neptune Holdings, Inc., One stop 12024-09-300001476765Neptune Holdings, Inc., One stop 22024-09-300001476765Netsmart Technologies, Inc., One stop 12024-09-300001476765Netsmart Technologies, Inc., One stop 22024-09-300001476765Netsmart Technologies, Inc., One stop 32024-09-300001476765Plasma Buyer LLC, One stop 12024-09-300001476765Plasma Buyer LLC, One stop 22024-09-300001476765Plasma Buyer LLC, One stop 32024-09-300001476765QF Holdings, Inc., One stop2024-09-300001476765Tebra Technologies, Inc., One stop 12024-09-300001476765Tebra Technologies, Inc., One stop 22024-09-300001476765Tebra Technologies, Inc., One stop 32024-09-300001476765Tebra Technologies, Inc., One stop 42024-09-300001476765Tebra Technologies, Inc., One stop 52024-09-300001476765Tebra Technologies, Inc., One stop 62024-09-300001476765Tebra Technologies, Inc., One stop 72024-09-300001476765Tebra Technologies, Inc., One stop 82024-09-300001476765Tebra Technologies, Inc., One stop 92024-09-300001476765Tebra Technologies, Inc., One stop 102024-09-300001476765Transaction Data Systems, Inc., One stop 12024-09-300001476765Transaction Data Systems, Inc., One stop 22024-09-300001476765Veranex, Inc., Senior secured 12024-09-300001476765Veranex, Inc., Senior secured 22024-09-300001476765Veranex, Inc., Senior secured 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareTechnologySectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Barteca Restaurants, LLC, One stop 12024-09-300001476765Barteca Restaurants, LLC, One stop 22024-09-300001476765Barteca Restaurants, LLC, One stop 32024-09-300001476765Barteca Restaurants, LLC, One stop 42024-09-300001476765BJH Holdings III Corp., One stop 12024-09-300001476765BJH Holdings III Corp., One stop 22024-09-300001476765Cafe Rio Holding, Inc., One stop 12024-09-300001476765Cafe Rio Holding, Inc., One stop 22024-09-300001476765Cafe Rio Holding, Inc., One stop 32024-09-300001476765Cafe Rio Holding, Inc., One stop 42024-09-300001476765Cafe Rio Holding, Inc., One stop 52024-09-300001476765Cafe Rio Holding, Inc., One stop 62024-09-300001476765Cafe Rio Holding, Inc., One stop 72024-09-300001476765Cafe Rio Holding, Inc., One stop 82024-09-300001476765Cafe Rio Holding, Inc., One stop 92024-09-300001476765Cafe Rio Holding, Inc., One stop 102024-09-300001476765Cafe Rio Holding, Inc., One stop 112024-09-300001476765Cafe Rio Holding, Inc., One stop 122024-09-300001476765Cafe Rio Holding, Inc., One stop 132024-09-300001476765Davidson Hotel Company, LLC, One stop 12024-09-300001476765Davidson Hotel Company, LLC, One stop 22024-09-300001476765Davidson Hotel Company, LLC, One stop 32024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 12024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 22024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 32024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 42024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 52024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 62024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 72024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 82024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 92024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 102024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 112024-09-300001476765ESN Venture Holdings, LLC, One stop 12024-09-300001476765ESN Venture Holdings, LLC, One stop 22024-09-300001476765ESN Venture Holdings, LLC, One stop 32024-09-300001476765ESN Venture Holdings, LLC, One stop 42024-09-300001476765ESN Venture Holdings, LLC, One stop 52024-09-300001476765ESN Venture Holdings, LLC, One stop 62024-09-300001476765ESN Venture Holdings, LLC, One stop 72024-09-300001476765Freddy's Frozen Custard LLC, One stop 12024-09-300001476765Freddy's Frozen Custard LLC, One stop 22024-09-300001476765GFP Atlantic Holdco 2, LLC, One stop 12024-09-300001476765GFP Atlantic Holdco 2, LLC, One stop 22024-09-300001476765Harri US LLC, One stop 12024-09-300001476765Harri US LLC, One stop 22024-09-300001476765Harri US LLC, One stop 32024-09-300001476765Harri US LLC, One stop 42024-09-300001476765Harri US LLC, One stop 5 2024-09-300001476765Health Buyer, LLC, Senior secured 12024-09-300001476765Health Buyer, LLC, Senior secured 22024-09-300001476765Health Buyer, LLC, Senior secured 32024-09-300001476765Health Buyer, LLC, Senior secured 42024-09-300001476765Health Buyer, LLC, Senior secured 52024-09-300001476765PB Group Holdings, LLC, One stop 12024-09-300001476765PB Group Holdings, LLC, One stop 22024-09-300001476765SDC Holdco, LLC, One stop 12024-09-300001476765SDC Holdco, LLC, Second lien2024-09-300001476765SDC Holdco, LLC, One stop 22024-09-300001476765SSRG Holdings, LLC, One stop 12024-09-300001476765SSRG Holdings, LLC, One stop 22024-09-300001476765SSRG Holdings, LLC, One stop 32024-09-300001476765SSRG Holdings, LLC, One stop 42024-09-300001476765Super REGO, LLC, Subordinated debt2024-09-300001476765YE Brands Holding, LLC, One stop 12024-09-300001476765YE Brands Holding, LLC, One stop 22024-09-300001476765YE Brands Holding, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765WU Holdco, Inc., One stop 12024-09-300001476765WU Holdco, Inc., One stop 22024-09-300001476765WU Holdco, Inc., One stop 32024-09-300001476765WU Holdco, Inc., One stop 42024-09-300001476765WU Holdco, Inc., One stop 52024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HouseholdProductsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 12024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 22024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 32024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 42024-09-300001476765Dwyer Instruments, Inc., One stop 12024-09-300001476765Dwyer Instruments, Inc., One stop 22024-09-300001476765Dwyer Instruments, Inc., One stop 32024-09-300001476765Dwyer Instruments, Inc., One stop 42024-09-300001476765Dwyer Instruments, Inc., One stop 52024-09-300001476765Essential Services Holdings Corporation, One stop 12024-09-300001476765Essential Services Holdings Corporation, One stop 22024-09-300001476765Essential Services Holdings Corporation, One stop 32024-09-300001476765Excelitas Technologies Corp., One stop 12024-09-300001476765Excelitas Technologies Corp., One stop 22024-09-300001476765Excelitas Technologies Corp., One stop 32024-09-300001476765Excelitas Technologies Corp., One stop 42024-09-300001476765Excelitas Technologies Corp., One stop 52024-09-300001476765Specialty Measurement Bidco Limited, One stop 12024-09-300001476765Specialty Measurement Bidco Limited, One stop 22024-09-300001476765Specialty Measurement Bidco Limited, One stop 32024-09-300001476765Specialty Measurement Bidco Limited, One stop 42024-09-300001476765Specialty Measurement Bidco Limited, One stop 52024-09-300001476765Specialty Measurement Bidco Limited, One stop 62024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Accession Risk Management Group, Inc., One stop 12024-09-300001476765Accession Risk Management Group, Inc., One stop 22024-09-300001476765Accession Risk Management Group, Inc., One stop 32024-09-300001476765Accession Risk Management Group, Inc., One stop 42024-09-300001476765Accession Risk Management Group, Inc., One stop 52024-09-300001476765Accession Risk Management Group, Inc., One stop 62024-09-300001476765Accession Risk Management Group, Inc., One stop 72024-09-300001476765Accession Risk Management Group, Inc., One stop 82024-09-300001476765Alera Group, Inc., One stop 12024-09-300001476765Alera Group, Inc., One stop 22024-09-300001476765Alera Group, Inc., One stop 32024-09-300001476765Alera Group, Inc., One stop 42024-09-300001476765AMBA Buyer, Inc., One stop 12024-09-300001476765AMBA Buyer, Inc., One stop 22024-09-300001476765AMBA Buyer, Inc., One stop 32024-09-300001476765AMBA Buyer, Inc., One stop 42024-09-300001476765AMBA Buyer, Inc., One stop 52024-09-300001476765Ben Nevis Midco Limited, One stop 12024-09-300001476765Ben Nevis Midco Limited, One stop 22024-09-300001476765Ben Nevis Midco Limited, One stop 32024-09-300001476765Ben Nevis Midco Limited, One stop 42024-09-300001476765Captive Resources Midco, LLC, One stop 12024-09-300001476765Captive Resources Midco, LLC, One stop 22024-09-300001476765Disco Parent, Inc., One stop 12024-09-300001476765Disco Parent, Inc., One stop 22024-09-300001476765Doxa Insurance Holdings LLC, One stop 12024-09-300001476765Doxa Insurance Holdings LLC, One stop 22024-09-300001476765Doxa Insurance Holdings LLC, One stop 32024-09-300001476765Doxa Insurance Holdings LLC, One stop 42024-09-300001476765Gimlet Bidco GMBH, One stop 12024-09-300001476765Gimlet Bidco GMBH, One stop 22024-09-300001476765Illumifin Corporation, One stop2024-09-300001476765Integrated Specialty Coverages, LLC, One stop 12024-09-300001476765Integrated Specialty Coverages, LLC, One stop 22024-09-300001476765Integrated Specialty Coverages, LLC, One stop 32024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 12024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 22024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 32024-09-300001476765J.S. Held Holdings, LLC, One stop 12024-09-300001476765J.S. Held Holdings, LLC, One stop 22024-09-300001476765J.S. Held Holdings, LLC, One stop 32024-09-300001476765J.S. Held Holdings, LLC, One stop 42024-09-300001476765J.S. Held Holdings, LLC, One stop 52024-09-300001476765J.S. Held Holdings, LLC, One stop 62024-09-300001476765Keystone Agency Partners LLC, Senior secured 12024-09-300001476765Keystone Agency Partners LLC, Senior secured 22024-09-300001476765Keystone Agency Partners LLC, Senior secured 32024-09-300001476765Keystone Agency Partners LLC, Senior secured 42024-09-300001476765Keystone Agency Partners LLC, Senior secured 52024-09-300001476765Majesco, One stop 12024-09-300001476765Majesco, One stop 22024-09-300001476765MRH Trowe Germany GMBH, One stop2024-09-300001476765Norvax, LLC, Senior secured 12024-09-300001476765Norvax, LLC, Senior secured 22024-09-300001476765Oakbridge Insurance Agency LLC, One stop 12024-09-300001476765Oakbridge Insurance Agency LLC, One stop 22024-09-300001476765Oakbridge Insurance Agency LLC, One stop 32024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 12024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 22024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 32024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 12024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 22024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 32024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 42024-09-300001476765People Corporation, One stop 12024-09-300001476765People Corporation, One stop 22024-09-300001476765People Corporation, One stop 32024-09-300001476765People Corporation, One stop 42024-09-300001476765People Corporation, One stop 52024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InsuranceSectorsMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Revalize, Inc., One stop 12024-09-300001476765Revalize, Inc., One stop 22024-09-300001476765Revalize, Inc., One stop 32024-09-300001476765Revalize, Inc., One stop 42024-09-300001476765Revalize, Inc., One stop 52024-09-300001476765Revalize, Inc., One stop 62024-09-300001476765Revalize, Inc., One stop 72024-09-300001476765Revalize, Inc., One stop 82024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Acquia, Inc., One stop 12024-09-300001476765Acquia, Inc., One stop 22024-09-300001476765Acquia, Inc., One stop 32024-09-300001476765CivicPlus, LLC, One stop 12024-09-300001476765CivicPlus, LLC, One stop 22024-09-300001476765CivicPlus, LLC, One stop 32024-09-300001476765CivicPlus, LLC, One stop 42024-09-300001476765CivicPlus, LLC, One stop 52024-09-300001476765Critical Start, Inc., One stop 12024-09-300001476765Critical Start, Inc., One stop 22024-09-300001476765Critical Start, Inc., One stop 32024-09-300001476765Delinea Inc., One stop 12024-09-300001476765Delinea Inc., One stop 22024-09-300001476765Delinea Inc., One stop 32024-09-300001476765Delinea Inc., One stop 42024-09-300001476765Goldcup 31018 AB, One stop 12024-09-300001476765Goldcup 31018 AB, One stop 22024-09-300001476765Goldcup 31018 AB, One stop 32024-09-300001476765Netwrix Corporation, One stop 12024-09-300001476765Netwrix Corporation, One stop 22024-09-300001476765Netwrix Corporation, One stop 32024-09-300001476765Optimizely North America, Inc., One stop 12024-09-300001476765Optimizely North America, Inc., One stop 22024-09-300001476765Optimizely North America, Inc., One stop 32024-09-300001476765Optimizely North America, Inc., One stop 42024-09-300001476765Optimizely North America, Inc., One stop 52024-09-300001476765PDQ Intermediate, Inc., Subordinated debt2024-09-300001476765Recordxtechnologies, LLC, One stop 12024-09-300001476765Recordxtechnologies, LLC, One stop 22024-09-300001476765Recordxtechnologies, LLC, One stop 32024-09-300001476765Recordxtechnologies, LLC, One stop 42024-09-300001476765Recordxtechnologies, LLC, One stop 52024-09-300001476765ReliaQuest Holdings, LLC, One stop 12024-09-300001476765ReliaQuest Holdings, LLC, One stop 22024-09-300001476765ReliaQuest Holdings, LLC, One stop 32024-09-300001476765Saturn Borrower Inc., One stop 12024-09-300001476765Saturn Borrower Inc., One stop 22024-09-300001476765WPEngine, Inc., One stop 12024-09-300001476765WPEngine, Inc., One stop 22024-09-300001476765Zarya Holdco, Inc., One stop 12024-09-300001476765Zarya Holdco, Inc., One stop 22024-09-300001476765Zarya Holdco, Inc., One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Crunch Holdings, LLC, One stop 12024-09-300001476765Crunch Holdings, LLC, One stop 22024-09-300001476765Movement Holdings, LLC, One stop 12024-09-300001476765Movement Holdings, LLC, One stop 22024-09-300001476765Movement Holdings, LLC, One stop 32024-09-300001476765WBZ Investment, LLC, One stop 12024-09-300001476765WBZ Investment, LLC, One stop 22024-09-300001476765WBZ Investment, LLC, One stop 32024-09-300001476765WBZ Investment, LLC, One stop 42024-09-300001476765WBZ Investment, LLC, One stop 52024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LeisureProductsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Celerion Buyer, Inc., One stop 12024-09-300001476765Celerion Buyer, Inc., One stop 22024-09-300001476765Celerion Buyer, Inc., One stop 32024-09-300001476765Graphpad Software, LLC, One stop 12024-09-300001476765Graphpad Software, LLC, One stop 22024-09-300001476765Graphpad Software, LLC, One stop 32024-09-300001476765PAS Parent Inc., One stop 12024-09-300001476765PAS Parent Inc. One stop 22024-09-300001476765PAS Parent Inc., One stop 32024-09-300001476765PAS Parent Inc., One stop 42024-09-300001476765Reaction Biology Corporation, One stop 12024-09-300001476765Reaction Biology Corporation, One stop 22024-09-300001476765Reaction Biology Corporation, One stop 32024-09-300001476765Reaction Biology Corporation, One stop 42024-09-300001476765Unchained Labs, LLC, Senior secured 12024-09-300001476765Unchained Labs, LLC, Senior secured 22024-09-300001476765Unchained Labs, LLC, Senior secured 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765AI Titan Parent, Inc., One stop 12024-09-300001476765AI Titan Parent, Inc., One stop 22024-09-300001476765AI Titan Parent, Inc., One stop 32024-09-300001476765Blackbird Purchaser, Inc., One stop 12024-09-300001476765Blackbird Purchaser, Inc., One stop 22024-09-300001476765Blackbird Purchaser, Inc., One stop 32024-09-300001476765Chase Industries, Inc., Senior secured 12024-09-300001476765Chase Industries, Inc., Senior secured 22024-09-300001476765Chase Industries, Inc., Senior secured 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MachinerySectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Project Nike Purchaser, LLC, One stop 12024-09-300001476765Project Nike Purchaser, LLC, One stop 22024-09-300001476765Project Nike Purchaser, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MarineSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Lotus Topco, Inc., One stop 12024-09-300001476765Lotus Topco, Inc., One stop 22024-09-300001476765Lotus Topco, Inc., One stop 32024-09-300001476765Triple Lift, Inc., One stop 12024-09-300001476765Triple Lift, Inc., One stop 22024-09-300001476765Triple Lift, Inc., One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MediaSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Fleet Farm Group, LLC, One stop2024-09-3000014767653ES Innovation, Inc., One stop 12024-09-3000014767653ES Innovation, Inc., One stop 22024-09-300001476765Envernus, Inc., One stop 12024-09-300001476765Envernus, Inc., One stop 22024-09-300001476765Envernus, Inc., One stop 32024-09-300001476765Project Power Buyer, LLC, One stop 12024-09-300001476765Project Power Buyer, LLC, One stop 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Messenger, LLC, One stop 12024-09-300001476765Messenger, LLC, One stop 22024-09-300001476765Messenger, LLC, One stop32024-09-300001476765Messenger, LLC, One stop 42024-09-300001476765Messenger, LLC, One stop 52024-09-300001476765Messenger, LLC, One stop 62024-09-300001476765Messenger, LLC, One stop 72024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PaperAndForestProductsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765IMPLUS Footcare, LLC, One stop 12024-09-300001476765IMPLUS Footcare, LLC, One stop 22024-09-300001476765IMPLUS Footcare, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PersonalProductsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765ACP Ulysses Buyer, Inc., One stop 12024-09-300001476765ACP Ulysses Buyer, Inc., One stop 22024-09-300001476765Amalthea Parent, Inc., One stop 12024-09-300001476765Amalthea Parent, Inc., One stop 22024-09-300001476765Apothecary Products, LLC, Senior secured 12024-09-300001476765Apothecary Products, LLC, Senior secured 22024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 12024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 22024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 32024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 42024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 52024-09-300001476765Cobalt Buyer Sub, Inc., One stop 12024-09-300001476765Cobalt Buyer Sub, Inc., One stop 22024-09-300001476765Cobalt Buyer Sub, Inc., One stop 32024-09-300001476765Cobalt Buyer Sub, Inc., One stop 42024-09-300001476765Cobalt Buyer Sub, Inc., One stop 52024-09-300001476765Cobalt Buyer Sub, Inc., One stop 62024-09-300001476765Spark Bidco Limited, Senior secured 12024-09-300001476765Spark Bidco Limited, Senior secured 22024-09-300001476765Spark Bidco Limited, Senior secured 32024-09-300001476765Spark Bidco Limited, Senior secured 42024-09-300001476765Spark Bidco Limited, Senior secured 52024-09-300001476765Spark Bidco Limited, Senior secured 62024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765ALKU Intermediate Holdings, LLC, One stop 12024-09-300001476765ALKU Intermediate Holdings, LLC, One stop 22024-09-300001476765bswift, LLC, One stop2024-09-300001476765Citrin Cooperman Advisors LLC, One stop 12024-09-300001476765Citrin Cooperman Advisors LLC, One stop 22024-09-300001476765Citrin Cooperman Advisors LLC, One stop 32024-09-300001476765Citrin Cooperman Advisors LLC, One stop 42024-09-300001476765Citrin Cooperman Advisors LLC, One stop 52024-09-300001476765DISA Holdings Corp., Senior secured 12024-09-300001476765DISA Holdings Corp., Senior secured 22024-09-300001476765DISA Holdings Corp., One stop2024-09-300001476765DISA Holdings Corp., Senior secured 32024-09-300001476765DISA Holdings Corp., Subordinated debt2024-09-300001476765DISA Holdings Corp., Senior secured 42024-09-300001476765DISA Holdings Corp., Senior secured 52024-09-300001476765Eclipse Buyer, Inc., One stop 12024-09-300001476765Eclipse Buyer, Inc., One stop 22024-09-300001476765Eclipse Buyer, Inc., One stop 32024-09-300001476765Eliassen Group, LLC, One stop 12024-09-300001476765Eliassen Group, LLC, One stop 22024-09-300001476765Filevine, Inc., One stop 12024-09-300001476765Filevine, Inc., One stop 22024-09-300001476765IG Investments Holdings, LLC, One stop 12024-09-300001476765IG Investments Holdings, LLC, One stop 22024-09-300001476765IG Investments Holdings, LLC, One stop 32024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32024-09-300001476765PlanSource Holdings, Inc., One stop 12024-09-300001476765PlanSource Holdings, Inc., One stop 22024-09-300001476765PlanSource Holdings, Inc., One stop 32024-09-300001476765PlanSource Holdings, Inc., One stop 42024-09-300001476765Procure Acquireco, Inc., One stop 12024-09-300001476765Procure Acquireco, Inc., One stop 22024-09-300001476765Procure Acquireco, Inc., One stop 32024-09-300001476765Teaching Company, The, One stop 12024-09-300001476765Teaching Company, The, One stop 22024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 12024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 22024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Inhabit IQ Inc., One stop 12024-09-300001476765Inhabit IQ Inc., One stop 22024-09-300001476765Inhabit IQ Inc., One stop 32024-09-300001476765Inhabit IQ Inc., One stop 42024-09-300001476765Inhabit IQ Inc., One stop 52024-09-300001476765Inhabit IQ Inc., One stop 62024-09-300001476765Inhabit IQ Inc., One stop 72024-09-300001476765Inhabit IQ Inc., One stop 82024-09-300001476765Inhabit IQ Inc., One stop 92024-09-300001476765Inhabit IQ Inc., One stop 102024-09-300001476765Inhabit IQ Inc., One stop 112024-09-300001476765Inhabit IQ Inc., One stop 122024-09-300001476765Inhabit IQ Inc., One stop 132024-09-300001476765MRI Software, LLC, One stop 12024-09-300001476765MRI Software, LLC, One stop 22024-09-300001476765MRI Software, LLC, One stop 32024-09-300001476765MRI Software, LLC, One stop 42024-09-300001476765MRI Software, LLC, One stop 52024-09-300001476765RPL Bidco Limited, One stop 12024-09-300001476765RPL Bidco Limited, One stop 22024-09-300001476765RPL Bidco Limited, One stop 32024-09-300001476765RPL Bidco Limited, One stop 42024-09-300001476765RPL Bidco Limited, One stop 52024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Internet Truckstop Group, LLC, One stop 12024-09-300001476765Internet Truckstop Group, LLC, One stop 22024-09-300001476765Internet Truckstop Group, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RoadRailSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Anaplan, Inc., One stop 12024-09-300001476765Anaplan, Inc., One stop 22024-09-300001476765Anaplan, Inc., One stop 32024-09-300001476765Appfire Technologies, LLC, One stop 12024-09-300001476765Appfire Technologies, LLC, One stop 22024-09-300001476765Appfire Technologies, LLC, One stop 32024-09-300001476765Appfire Technologies, LLC, One stop 42024-09-300001476765Aras Corporation, One stop 12024-09-300001476765Aras Corporation, One stop 22024-09-300001476765Armstrong Bidco Limited, One stop 12024-09-300001476765Armstrong Bidco Limited, One stop 22024-09-300001476765Arrow Buyer, Inc., One stop 12024-09-300001476765Arrow Buyer, Inc., One stop 22024-09-300001476765Arrow Buyer, Inc., One stop 32024-09-300001476765Artifact Bidco, Inc., One stop 12024-09-300001476765Artifact Bidco, Inc., One stop 22024-09-300001476765Artifact Bidco, Inc., One stop 32024-09-300001476765Artifact Bidco, Inc., One stop 42024-09-300001476765Auvik Networks Inc., One stop 12024-09-300001476765Auvik Networks Inc., One stop 22024-09-300001476765Auvik Networks Inc., One stop 32024-09-300001476765Auvik Networks Inc., One stop 42024-09-300001476765Axiom Merger Sub Inc., One stop 12024-09-300001476765Axiom Merger Sub Inc., One stop 22024-09-300001476765Axiom Merger Sub Inc., One stop 32024-09-300001476765Axiom Merger Sub Inc., One stop 42024-09-300001476765Axiom Merger Sub Inc., One stop 52024-09-300001476765Axiom Merger Sub Inc., One stop 62024-09-300001476765Azul Systems, Inc., Senior secured 12024-09-300001476765Azul Systems, Inc., Senior secured 22024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 12024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 22024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 32024-09-300001476765Baxter Planning Systems, LLC, One stop 12024-09-300001476765Baxter Planning Systems, LLC, One stop 22024-09-300001476765Baxter Planning Systems, LLC, One stop 32024-09-300001476765Bayshore Intermediate #2, L.P., One stop 12024-09-300001476765Bayshore Intermediate #2, L.P., One stop 22024-09-300001476765BestPass, Inc., One stop 12024-09-300001476765BestPass, Inc., One stop 22024-09-300001476765BestPass, Inc., One stop 32024-09-300001476765Bloomerang, LLC, One stop 12024-09-300001476765Bloomerang, LLC, One stop 22024-09-300001476765Bloomerang, LLC, One stop 32024-09-300001476765Bonterra LLC, One stop 12024-09-300001476765Bonterra LLC, One stop 22024-09-300001476765Bonterra LLC, One stop 32024-09-300001476765Bonterra LLC, One stop 42024-09-300001476765Bottomline Technologies, Inc., One stop 12024-09-300001476765Bottomline Technologies, Inc., One stop 22024-09-300001476765Bottomline Technologies, Inc., One stop 32024-09-300001476765Bullhorn, Inc., One stop 12024-09-300001476765Bullhorn, Inc., One stop 22024-09-300001476765Bullhorn, Inc., One stop 32024-09-300001476765Bullhorn, Inc., One stop 42024-09-300001476765Bullhorn, Inc., One stop 52024-09-300001476765Bullhorn, Inc., One stop 62024-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12024-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42024-09-300001476765Calabrio, Inc., One stop 12024-09-300001476765Calabrio, Inc., One stop 22024-09-300001476765Calabrio, Inc., One stop 32024-09-300001476765Camelia Bidco Limited, One stop 12024-09-300001476765Camelia Bidco Limited, One stop 22024-09-300001476765Camelia Bidco Limited, One stop 32024-09-300001476765Camelia Bidco Limited, One stop 42024-09-300001476765CB Buyer, Inc., One stop 12024-09-300001476765CB Buyer, Inc., One stop 22024-09-300001476765CB Buyer, Inc., One stop 32024-09-300001476765Coupa Holdings, LLC, One stop 12024-09-300001476765Coupa Holdings, LLC, One stop 22024-09-300001476765Coupa Holdings, LLC, One stop 32024-09-300001476765Crewline Buyer, Inc., One stop 12024-09-300001476765Crewline Buyer, Inc., One stop 22024-09-300001476765Daxko Acquisition Corporation, One stop 12024-09-300001476765Daxko Acquisition Corporation, One stop 22024-09-300001476765Daxko Acquisition Corporation, One stop 32024-09-300001476765Daxko Acquisition Corporation, One stop 42024-09-300001476765Daxko Acquisition Corporation, One stop 52024-09-300001476765Denali Bidco Limited, One stop 12024-09-300001476765Denali Bidco Limited, One stop 22024-09-300001476765Denali Bidco Limited, One stop 32024-09-300001476765Denali Bidco Limited, One stop 42024-09-300001476765Denali Bidco Limited, One stop 52024-09-300001476765Diligent Corporation, One stop 12024-09-300001476765Diligent Corporation, One stop 22024-09-300001476765Diligent Corporation, One stop 32024-09-300001476765Diligent Corporation, One stop 42024-09-300001476765Dragon UK Bidco Limited, One stop 12024-09-300001476765Dragon UK Bidco Limited, One stop 22024-09-300001476765Dragon UK Bidco Limited, One stop 32024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 12024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 22024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 32024-09-300001476765FirstUp, Inc., One stop 12024-09-300001476765FirstUp, Inc., One stop 22024-09-300001476765FirstUp, Inc., One stop 32024-09-300001476765Gainsight, Inc., One stop 12024-09-300001476765Gainsight, Inc., One stop 22024-09-300001476765GS Acquisitionco, Inc., One stop 12024-09-300001476765GS Acquisitionco, Inc., One stop 22024-09-300001476765GS Acquisitionco, Inc., One stop 32024-09-300001476765GTIV, LLC, One stop 12024-09-300001476765GTIV, LLC, One stop 22024-09-300001476765GTY Technology Holdings, Inc., One stop 12024-09-300001476765GTY Technology Holdings, Inc., One stop 22024-09-300001476765GTY Technology Holdings, Inc., One stop 32024-09-300001476765GTY Technology Holdings, Inc., One stop 42024-09-300001476765GTY Technology Holdings, Inc., One stop 52024-09-300001476765GTY Technology Holdings, Inc., One stop 62024-09-300001476765Gurobi Optimization, LLC, One stop 12024-09-300001476765Gurobi Optimization, LLC, One stop 22024-09-300001476765Hornet Security Holding GMBH, One stop 12024-09-300001476765Hornet Security Holding GMBH, One stop 22024-09-300001476765Hornet Security Holding GMBH, One stop 32024-09-300001476765Hornet Security Holding GMBH, One stop 42024-09-300001476765Hyland Software, Inc., One stop 12024-09-300001476765Hyland Software, Inc., One stop 22024-09-300001476765Icefall Parent, Inc., One stop 12024-09-300001476765Icefall Parent, Inc., One stop 22024-09-300001476765ICIMS, Inc., One stop 12024-09-300001476765ICIMS, Inc., One stop 22024-09-300001476765ICIMS, Inc., One stop 32024-09-300001476765IQN Holding Corp., One stop 12024-09-300001476765IQN Holding Corp., One stop 22024-09-300001476765Island Bidco AB, One stop 12024-09-300001476765Island Bidco AB, One stop 22024-09-300001476765Island Bidco AB, One stop 32024-09-300001476765Island Bidco AB, One stop 42024-09-300001476765Island Bidco AB, One stop 52024-09-300001476765Juvare, LLC, One stop 12024-09-300001476765Juvare, LLC, One stop 22024-09-300001476765Juvare, LLC, One stop 32024-09-300001476765Juvare, LLC, One stop 42024-09-300001476765Kaseya Inc., One stop 12024-09-300001476765Kaseya Inc., One stop 22024-09-300001476765Kaseya Inc., One stop 32024-09-300001476765Kaseya Inc., One stop 42024-09-300001476765LeadsOnline, LLC, One stop 12024-09-300001476765LeadsOnline, LLC, One stop 22024-09-300001476765LeadsOnline, LLC, One stop 32024-09-300001476765LeadsOnline, LLC, One stop 42024-09-300001476765Matrix42 Holding GMBH, One stop 12024-09-300001476765Matrix42 Holding GMBH, One stop 22024-09-300001476765Matrix42 Holding GMBH, One stop 32024-09-300001476765Matrix42 Holding GMBH, One stop 42024-09-300001476765Matrix42 Holding GMBH, One stop 52024-09-300001476765Mindbody, Inc., One stop 12024-09-300001476765Mindbody, Inc., One stop 22024-09-300001476765Mindbody, Inc., One stop 32024-09-300001476765Ministry Brands Holdings LLC, One stop 12024-09-300001476765Ministry Brands Holdings LLC, One stop 22024-09-300001476765Ministry Brands Holdings LLC, One stop 32024-09-300001476765Navex TopCo, Inc., One stop 12024-09-300001476765Navex TopCo, Inc., One stop 22024-09-300001476765Naviga Inc., Senior secured2024-09-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop2024-09-300001476765Panzura, LLC, One stop2024-09-300001476765Personify, Inc., One stop 12024-09-300001476765Personify, Inc., One stop 22024-09-300001476765Personify, Inc., One stop 32024-09-300001476765Pineapple German Bidco GMBH, One stop 12024-09-300001476765Pineapple German Bidco GMBH, One stop 22024-09-300001476765Pineapple German Bidco GMBH, One stop 32024-09-300001476765PING Identity Holding Corp., One stop 12024-09-300001476765PING Identity Holding Corp., One stop 22024-09-300001476765Pluralsight, LLC, One stop 12024-09-300001476765Pluralsight, LLC, One stop 22024-09-300001476765Pluralsight, LLC, One stop 32024-09-300001476765Pluralsight, LLC, One stop 42024-09-300001476765Pluralsight, LLC, One stop 52024-09-300001476765ProcessUnity Holdings, LLC, One stop 12024-09-300001476765ProcessUnity Holdings, LLC, One stop 22024-09-300001476765ProcessUnity Holdings, LLC, One stop 32024-09-300001476765ProcessUnity Holdings, LLC, One stop 42024-09-300001476765QAD, Inc., One stop 12024-09-300001476765QAD, Inc., One stop 22024-09-300001476765Quant Buyer, Inc., One stop 12024-09-300001476765Quant Buyer, Inc., One stop 22024-09-300001476765Quant Buyer, Inc., One stop 32024-09-300001476765Quant Buyer, Inc., One stop 42024-09-300001476765Quant Buyer, Inc., One stop 52024-09-300001476765Rainforest Bidco Limited, One stop 12024-09-300001476765Rainforest Bidco Limited, One stop 22024-09-300001476765Rainforest Bidco Limited, One stop 32024-09-300001476765Rainforest Bidco Limited, One stop 42024-09-300001476765Riskonnect Parent, LLC, One stop 12024-09-300001476765Riskonnect Parent, LLC, One stop 22024-09-300001476765Riskonnect Parent, LLC, One stop 32024-09-300001476765Riskonnect Parent, LLC, One stop 42024-09-300001476765Riskonnect Parent, LLC, One stop 52024-09-300001476765Riskonnect Parent, LLC, One stop 62024-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12024-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22024-09-300001476765SailPoint Technologies Holdings, Inc., One stop 12024-09-300001476765SailPoint Technologies Holdings, Inc., One stop 22024-09-300001476765Sapphire Bidco Oy, One stop 12024-09-300001476765Sapphire Bidco Oy, One stop 22024-09-300001476765Sapphire Bidco Oy, One stop 32024-09-300001476765Sonatype, Inc., One stop 12024-09-300001476765Sonatype, Inc., One stop 22024-09-300001476765Sonatype, Inc., One stop 32024-09-300001476765Spartan Buyer Acquisition Co., One stop 12024-09-300001476765Spartan Buyer Acquisition Co., One stop 22024-09-300001476765Spartan Buyer Acquisition Co., One stop 32024-09-300001476765Telesoft Holdings LLC, One stop 12024-09-300001476765Telesoft Holdings LLC, One stop 22024-09-300001476765Telesoft Holdings LLC, One stop 32024-09-300001476765Templafy APS and Templafy, LLC, One stop 12024-09-300001476765Templafy APS and Templafy, LLC, One stop 22024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 12024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 22024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 32024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 42024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 52024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 62024-09-300001476765Togetherwork Holdings, LLC, One stop 12024-09-300001476765Togetherwork Holdings, LLC, One stop 22024-09-300001476765Togetherwork Holdings, LLC, One stop 32024-09-300001476765Transform Bidco Limited, One stop 12024-09-300001476765Transform Bidco Limited, One stop 22024-09-300001476765Transform Bidco Limited, One stop 32024-09-300001476765Vantage Bidco GMBH, One stop 12024-09-300001476765Vantage Bidco GMBH, One stop 22024-09-300001476765Varinem German Midco GMBH, One stop 12024-09-300001476765Varinem German Midco GMBH, One stop 22024-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 12024-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 22024-09-300001476765Vendavo, Inc., One stop 12024-09-300001476765Vendavo, Inc., One stop 22024-09-300001476765Vendavo, Inc., One stop 32024-09-300001476765WebPT, Inc., One stop2024-09-300001476765Workforce Software, LLC, One stop 12024-09-300001476765Workforce Software, LLC, One stop 22024-09-300001476765Workforce Software, LLC, One stop 32024-09-300001476765Workforce Software, LLC, One stop 42024-09-300001476765Workforce Software, LLC, One stop 52024-09-300001476765Zendesk, Inc., One stop 12024-09-300001476765Zendesk, Inc., One stop 22024-09-300001476765Zendesk, Inc., One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Ave Holdings III, Corp, One stop 12024-09-300001476765Ave Holdings III, Corp, One stop 22024-09-300001476765Ave Holdings III, Corp, One stop 32024-09-300001476765Ave Holdings III, Corp, One stop 42024-09-300001476765Biscuit Parent, LLC, One stop 12024-09-300001476765Biscuit Parent, LLC, One stop 22024-09-300001476765Cavender Stores L.P. Senior Secured2024-09-300001476765Consilio Midco Limited, One stop 12024-09-300001476765Consilio Midco Limited, One stop 22024-09-300001476765Consilio Midco Limited, One stop 32024-09-300001476765Consilio Midco Limited, One stop 42024-09-300001476765Consilio Midco Limited, One stop 52024-09-300001476765Consilio Midco Limited, One stop 62024-09-300001476765Consilio Midco Limited, One stop 72024-09-300001476765Consilio Midco Limited, One stop 82024-09-300001476765Consilio Midco Limited, One stop 92024-09-300001476765Consilio Midco Limited, One stop 102024-09-300001476765Consilio Midco Limited, One stop 112024-09-300001476765Consilio Midco Limited, One stop 122024-09-300001476765Consilio Midco Limited, One stop 132024-09-300001476765Consilio Midco Limited, One stop 142024-09-300001476765Consilio Midco Limited, One stop 152024-09-300001476765Consilio Midco Limited, One stop 162024-09-300001476765Consilio Midco Limited, One stop 172024-09-300001476765CVP Holdco, Inc., One stop 12024-09-300001476765CVP Holdco, Inc., One stop 22024-09-300001476765CVP Holdco, Inc., One stop 32024-09-300001476765Cycle Gear, Inc., One stop2024-09-300001476765PetVet Care Centers LLC, One stop 12024-09-300001476765PetVet Care Centers LLC, One stop 22024-09-300001476765PetVet Care Centers LLC, One stop 32024-09-300001476765PPV Intermediate Holdings, LLC, One stop 12024-09-300001476765PPV Intermediate Holdings, LLC, One stop 22024-09-300001476765PPV Intermediate Holdings, LLC, One stop 32024-09-300001476765PPV Intermediate Holdings, LLC, One stop 42024-09-300001476765PPV Intermediate Holdings, LLC, One stop 52024-09-300001476765PPV Intermediate Holdings, LLC, One stop 62024-09-300001476765PPV Intermediate Holdings, LLC, One stop 72024-09-300001476765PPV Intermediate Holdings, LLC, One stop 82024-09-300001476765Radiance Borrower, LLC, One stop 12024-09-300001476765Radiance Borrower, LLC, One stop 22024-09-300001476765Salon Lofts Group, LLC, Senior secured 12024-09-300001476765Salon Lofts Group, LLC, Second lien 12024-09-300001476765Salon Lofts Group, LLC, Second lien 22024-09-300001476765Salon Lofts Group, LLC, Second lien 32024-09-300001476765Salon Lofts Group, LLC, Senior secured 22024-09-300001476765Salon Lofts Group, LLC, Second lien 42024-09-300001476765Salon Lofts Group, LLC, Senior secured 32024-09-300001476765Salon Lofts Group, LLC, Senior secured 42024-09-300001476765Salon Lofts Group, LLC, Senior secured 52024-09-300001476765Salon Lofts Group, LLC, Senior secured 62024-09-300001476765Salon Lofts Group, LLC, Second lien 52024-09-300001476765Salon Lofts Group, LLC, Senior secured 72024-09-300001476765Salon Lofts Group, LLC, Senior secured 82024-09-300001476765Salon Lofts Group, LLC, Senior secured 92024-09-300001476765Salon Lofts Group, LLC, Senior secured 102024-09-300001476765Salon Lofts Group, LLC, Senior secured 112024-09-300001476765Salon Lofts Group, LLC, Senior secured 122024-09-300001476765Salon Lofts Group, LLC, Senior secured 132024-09-300001476765Salon Lofts Group, LLC, Second lien 62024-09-300001476765Salon Lofts Group, LLC, Senior secured 142024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42024-09-300001476765Titan Fitness, LLC, One stop 12024-09-300001476765Titan Fitness, LLC, One stop 22024-09-300001476765Titan Fitness, LLC, One stop 32024-09-300001476765Vermont Aus Pty Ltd, One stop 12024-09-300001476765Vermont Aus Pty Ltd, One stop 22024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Dollfus Mieg Company, Inc., One stop 12024-09-300001476765Dollfus Mieg Company, Inc., One stop 22024-09-300001476765Dollfus Mieg Company, Inc, One stop 32024-09-300001476765Elite Sportswear, L.P., Senior secured 12024-09-300001476765Elite Sportswear, L.P., Senior secured 22024-09-300001476765Elite Sportswear, L.P., Senior secured 32024-09-300001476765Elite Sportswear, L.P., Senior secured 42024-09-300001476765Elite Sportswear, L.P., Senior secured 52024-09-300001476765Elite Sportswear, L.P., Senior secured 62024-09-300001476765Elite Sportswear, L.P., Senior secured 72024-09-300001476765Elite Sportswear, L.P., Senior secured 82024-09-300001476765Georgica Pine Clothiers, LLC, One stop 12024-09-300001476765Georgica Pine Clothiers, LLC, One stop 22024-09-300001476765Georgica Pine Clothiers, LLC, One stop 32024-09-300001476765Georgica Pine Clothiers, LLC, One stop 42024-09-300001476765Georgica Pine Clothiers, LLC, One stop 52024-09-300001476765Georgica Pine Clothiers, LLC, One stop 62024-09-300001476765Shoes For Crews Global, LLC, Senior secured 12024-09-300001476765Shoes For Crews Global, LLC, Senior secured 22024-09-300001476765Shoes For Crews Global, LLC, Senior secured 32024-09-300001476765Shoes For Crews Global, LLC, Senior secured 42024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 12024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 22024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 32024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 42024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 52024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765S.J. Electro Systems, LLC, Senior secured 12024-09-300001476765S.J. Electro Systems, LLC, Senior secured 22024-09-300001476765S.J. Electro Systems, LLC, Senior secured 32024-09-300001476765S.J. Electro Systems, LLC, Senior secured 42024-09-300001476765Vessco Midco Holdings, LLC, One stop 12024-09-300001476765Vessco Midco Holdings, LLC, One stop 22024-09-300001476765Vessco Midco Holdings, LLC, One stop 32024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:WaterUtilitiesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-09-300001476765PPW Aero Buyer, Inc., LP units2024-09-300001476765Tronair Parent, Inc., LLC units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Polk Acquisition Corp., LP Interest2024-09-300001476765CAP-KSI Holdings, LLC, Preferred stock2024-09-300001476765CAP-KSI Holdings, LLC, LP units2024-09-300001476765CG Group Holdings, LLC, LP units2024-09-300001476765Go Car Wash Parent, Corp., Preferred stock2024-09-300001476765Go Car Wash Parent, Corp., Common stock2024-09-300001476765MOP GM Holding, LLC, LP units2024-09-300001476765MOP GM Holding, LLC, Preferred stock2024-09-300001476765National Express Wash Parent Holdco, LLC, LP units2024-09-300001476765POY Holdings, LLC, LLC units2024-09-300001476765Quick Quack Car Wash Holdings, LLC, LP units2024-09-300001476765Quick Quack Car Wash Holdings, LLC, LLC units2024-09-300001476765Yorkshire Parent, Inc., LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:AutomobilesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP units2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, Preferred stock2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP Interest2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BiotechnologySectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765BECO Holding Company, Inc., Preferred stock2024-09-300001476765BECO Holding Company, Inc., LP Interest2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BuildingProductsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Inhance Technologies Holdings LLC, Preferred stock2024-09-300001476765Inhance Technologies Holdings LLC, LLC units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, LP Interest2024-09-300001476765FR Vision Holdings, Inc., LP units2024-09-300001476765Franchise Brands plc, Common stock2024-09-300001476765North Haven Stack Buyer, LLC, LLC units2024-09-300001476765PT Intermediate Holdings III, LLC, LLC units2024-09-300001476765Radwell Parent, LLC, LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Chase Intermediate, LP units2024-09-300001476765CHHJ Midco, LLC, LLC units2024-09-300001476765CHVAC Services Investment, LLC, Common Stock2024-09-300001476765DP Flores Holdings, LLC, LLC units2024-09-300001476765EMS LINQ, LLC, LP Interest2024-09-300001476765EWC Growth Partners LLC, LLC interest2024-09-300001476765HS Spa Holdings, Inc., Common stock2024-09-300001476765Liminex, Inc., Common stock2024-09-300001476765NSG Buyer, Inc., LP units2024-09-300001476765PADI Holdco, Inc., LLC interest2024-09-300001476765Project Alpha Intermediate Holdings, Inc., Preferred stock2024-09-300001476765Project Alpha Intermediate Holdings, Inc., Common stock2024-09-300001476765Virginia Green Acquisition, LLC, LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Inventus Power, Inc., Preferred stock2024-09-300001476765Inventus Power, Inc., LLC units2024-09-300001476765Inventus Power, Inc., LP Interest2024-09-300001476765Inventus Power, Inc., Common stock2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Hopdoddy Holdings, LLC, LLC units 12024-09-300001476765Hopdoddy Holdings, LLC, LLC units 22024-09-300001476765Mendocino Farms, LLC, Common stock2024-09-300001476765PDI TA Holdings, Inc, Preferred stock2024-09-300001476765Ruby Slipper Cafe LLC, The, LLC units2024-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 12024-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 12024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 22024-09-300001476765Borrower R365 Holdings, LLC, LLC units2024-09-300001476765Borrower R365 Holdings, LLC, Common stock2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 32024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 42024-09-300001476765Borrower R365 Holdings, LLC, LP units2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 52024-09-300001476765Kodiak Cakes, LLC, Common stock2024-09-300001476765Louisiana Fish Fry Products, Ltd., Common stock2024-09-300001476765Louisiana Fish Fry Products, Ltd., Preferred stock2024-09-300001476765P&P Food Safety Holdings, Inc., Preferred stock2024-09-300001476765P&P Food Safety Holdings, Inc., Common stock2024-09-300001476765Purfoods, LLC, LLC interest2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodProductsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Aspen Medical Products, LLC, LP interest2024-09-300001476765Blue River Pet Care, LLC, Common stock2024-09-300001476765CCSL Holdings, LLC, LP interest2024-09-300001476765CMI Parent Inc., Common stock 12024-09-300001476765CMI Parent Inc., Common stock 22024-09-300001476765G & H Wire Company, Inc., LLC interest2024-09-300001476765JHC Investment Intermediate Holdings, LLC, LLC units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Active Day, Inc., LLC interest2024-09-300001476765Acuity Eyecare Holdings, LLC, LLC interest2024-09-300001476765Acuity Eyecare Holdings, LLC, LLC units2024-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2024-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Common stock2024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2024-09-300001476765CRH Healthcare Purchaser, Inc., LP interest2024-09-300001476765DCA Investment Holding, LLC, Preferred stock2024-09-300001476765DCA Investment Holding, LLC, Common stock2024-09-300001476765Emerge Intermediate, Inc., LLC units 12024-09-300001476765Emerge Intermediate, Inc., LLC units 22024-09-300001476765Emerge Intermediate, Inc., LLC units 32024-09-300001476765Encorevet Group LLC, Preferred stock2024-09-300001476765Krueger-Gilbert Health Physics, LLC, Common stock2024-09-300001476765Midwest Veterinary Partners, LLC, Preferred stock 12024-09-300001476765Midwest Veterinary Partners, LLC, Warrant2024-09-300001476765Midwest Veterinary Partners, LLC, Preferred stock 22024-09-300001476765MWD Management, LLC & MWD Services, Inc., LLC interest2024-09-300001476765NDX Parent, LLC, Common stock2024-09-300001476765NDX Parent, LLC, Preferred stock2024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., Common stock2024-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 12024-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 22024-09-300001476765Pyramid Healthcare Acquisition Corp, Common Stock2024-09-300001476765Radiology Partners, Inc., LLC units2024-09-300001476765Radiology Partners, Inc., LLC interest2024-09-300001476765Sage Dental Management, LLC, LLC units 12024-09-300001476765Sage Dental Management, LLC, LLC units 22024-09-300001476765Suveto Buyer, LLC, Common stock2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Amberfield Acquisition Co., LLC units2024-09-300001476765Connexin Software, Inc., LLC interest2024-09-300001476765Connexin Software, Inc., LLC units2024-09-300001476765HSI Halo Acquisition, Inc., Preferred stock2024-09-300001476765HSI Halo Acquisition, Inc., LP interest2024-09-300001476765Symplr Software, Inc., Preferred stock 12024-09-300001476765Symplr Software, Inc., Preferred stock 22024-09-300001476765Symplr Software, Inc., Preferred stock 32024-09-300001476765Symplr Software, Inc., Preferred stock 42024-09-300001476765Symplr Software, Inc., LLC units2024-09-300001476765Symplr Software, Inc., Common stock2024-09-300001476765Tebra Technologies, Inc., LLC interest2024-09-300001476765Tebra Technologies, Inc., Warrant 12024-09-300001476765Tebra Technologies, Inc., Warrant 22024-09-300001476765Tebra Technologies, Inc., Preferred stock2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareTechnologySectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Cafe Rio Holding, Inc. Common stock2024-09-300001476765Freddy's Frozen Custard LLC, LP interest2024-09-300001476765Harri US LLC, LLC units2024-09-300001476765Harri US LLC, Preferred stock 12024-09-300001476765Harri US LLC, Warrant 12024-09-300001476765Harri US LLC, Preferred stock 22024-09-300001476765Harri US LLC, Warrant 22024-09-300001476765LMP TR Holdings, LLC, LLC units2024-09-300001476765PB Group Holdings, LLC, LP units2024-09-300001476765SSRG Holdings, LLC, LP interest2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Accession Risk Management Group, Inc., Preferred stock2024-09-300001476765Majesco, Preferred stock2024-09-300001476765Majesco, LP interest2024-09-300001476765Oakbridge Insurance Agency LLC, LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InsuranceSectorsMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Revalize, Inc., Preferred stock 12024-09-300001476765Revalize, Inc., Preferred stock 22024-09-300001476765Revalize, Inc., Preferred stock 32024-09-300001476765Revalize, Inc., Preferred stock 42024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Appriss Health Intermediate Holdings, Inc, Preferred stock2024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2024-09-300001476765Critical Start, Inc., Common stock2024-09-300001476765Kentik Technologies, Inc., Preferred stock2024-09-300001476765Netwrix Corporation, LLC units2024-09-300001476765Optimizely North America, Inc., Common stock2024-09-300001476765Saturn Borrower Inc., LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ITServicesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Massage Envy, LLC, LLC interest2024-09-300001476765Movement Holdings, LLC, LLC units2024-09-300001476765WBZ Investment, LLC, LLC interest 12024-09-300001476765WBZ Investment, LLC, LLC interest 22024-09-300001476765WBZ Investment, LLC, LLC interest 32024-09-300001476765WBZ Investment, LLC, LLC interest 42024-09-300001476765WBZ Investment, LLC, LLC interest 52024-09-300001476765WBZ Investment, LLC, LLC interest 62024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LeisureProductsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Celerion Buyer, Inc., LP units 12024-09-300001476765Celerion Buyer, Inc., LP units 22024-09-300001476765PAS Parent Inc., LP interest2024-09-300001476765PAS Parent Inc., Preferred stock2024-09-300001476765Reaction Biology Corporation, LLC units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765W3 Co., LLC interest2024-09-300001476765W3 Co., Preferred stock2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Messenger, LLC, LLC units 12024-09-300001476765Messenger, LLC, LLC units 22024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PaperAndForestProductsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Amalthea Parent, Inc., LP interest2024-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 12024-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 22024-09-300001476765Cobalt Buyer Sub, Inc., Common stock2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PharmaceuticalsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Eclipse Buyer, Inc., Preferred stock2024-09-300001476765Enboarder, Inc., Preferred stock2024-09-300001476765Filevine, Inc., Preferred stock 12024-09-300001476765Filevine, Inc., Warrant2024-09-300001476765Filevine, Inc., Preferred stock 22024-09-300001476765Net Health Acquisition Corp., LP interest2024-09-300001476765Procure Acquireco, Inc., LP interest2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Inhabit IQ Inc., Common stock2024-09-300001476765SC Landco Parent, LLC, Common stock2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Internet Truckstop Group, LLC, LP interest2024-09-300001476765Anaplan, Inc., LP interest2024-09-300001476765Aras Corporation, Preferred stock2024-09-300001476765Aras Corporation, LP interest2024-09-300001476765Astute Holdings, Inc., LP interest2024-09-300001476765Auvik Networks Inc., Preferred stock 12024-09-300001476765Auvik Networks Inc., Preferred stock 22024-09-300001476765Bayshore Intermediate #2, L.P., Common stock2024-09-300001476765Calabrio, Inc., LP interest 12024-09-300001476765Calabrio, Inc., LP interest 22024-09-300001476765CB Buyer, Inc., LP Units 2024-09-300001476765Cloudbees, Inc., Preferred stock 12024-09-300001476765Cloudbees, Inc., Warrant2024-09-300001476765Cloudbees ., Preferred stock 22024-09-300001476765Cynet Security Ltd., Preferred stock2024-09-300001476765Denali Bidco Limited, LP interest2024-09-300001476765Diligent Corporation, Preferred stock 12024-09-300001476765Diligent Corporation, Preferred stock 22024-09-300001476765FirstUp, Inc. Common stock 2024-09-300001476765GS Acquisitionco, Inc., Preferred stock 12024-09-300001476765GS Acquisitionco, Inc., Preferred stock 22024-09-300001476765GS Acquisitionco, Inc., LP interest2024-09-300001476765GS Acquisitionco, Inc., Preferred stock 32024-09-300001476765GTY Technology Holdings, Inc., LP units2024-09-300001476765Gurobi Optimization, LLC, Common stock2024-09-300001476765Impartner, Inc., Preferred stock2024-09-300001476765Kaseya Inc., Preferred stock2024-09-300001476765Kaseya Inc., LP interest2024-09-300001476765Ministry Brands Holdings LLC, LP interest2024-09-300001476765mParticle, Inc., Preferred stock2024-09-300001476765mParticle, Inc., Warrant2024-09-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2024-09-300001476765Onit, Inc., Preferred stock2024-09-300001476765Onit, Inc., Warrant2024-09-300001476765Panzura, LLC, LLC Units2024-09-300001476765Personify, Inc., LP interest2024-09-300001476765Pluralsight, LLC, LLC units2024-09-300001476765QAD, Inc., Preferred stock2024-09-300001476765QAD, Inc., Common stock2024-09-300001476765RegEd Aquireco, LLC, LP interest 12024-09-300001476765RegEd Aquireco, LLC, Preferred stock2024-09-300001476765RegEd Aquireco, LLC, LP interest 22024-09-300001476765Riskonnect Parent, LLC, Preferred stock 12024-09-300001476765Riskonnect Parent, LLC, LP interest2024-09-300001476765Riskonnect Parent, LLC, Preferred stock 22024-09-300001476765Riskonnect Parent, LLC, Preferred stock 32024-09-300001476765SnapLogic, Inc., Preferred stock2024-09-300001476765SnapLogic, Inc., Warrant2024-09-300001476765Spartan Buyer Acquisition Co., Common stock2024-09-300001476765Spartan Buyer Acquisition Co., Preferred stock2024-09-300001476765Telesoft Holdings LLC, LP interest2024-09-300001476765Templafy APS and Templafy, LLC, Warrant2024-09-300001476765Togetherwork Holdings, LLC, Preferred stock2024-09-300001476765Workforce Software, LLC, Common stock 12024-09-300001476765Workforce Software, LLC, Common stock 22024-09-300001476765Zendesk, Inc., LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Ave Holdings III, Corp, Preferred stock2024-09-300001476765Ave Holdings III, Corp, LP units2024-09-300001476765Batteries Plus Holding Corporation, LP interest2024-09-300001476765Cycle Gear, Inc., LLC units2024-09-300001476765Cycle Gear, Inc., Preferred stock2024-09-300001476765Pet Holdings ULC, LP interest2024-09-300001476765Salon Lofts Group, LLC, LP units2024-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 12024-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 22024-09-300001476765Southern Veterinary Partners, LLC, LLC interest2024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SpecialtyRetailSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Georgica Pine Clothiers, LLC, LLC interest2024-09-300001476765Georgica Pine Clothiers, LLC, Common stock2024-09-300001476765MakerSights, Inc., Preferred stock2024-09-300001476765Shoes For Crews Global, LLC, LLC units2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Abita Brewing Co., L.L.C., One stop 12024-09-300001476765Abita Brewing Co., L.L.C., Second lien2024-09-300001476765Abita Brewing Co., L.L.C., One stop 22024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Benetech, Inc., One stop 12024-09-300001476765Benetech, Inc., One stop 22024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Bayside Opco, LLC, One stop 12024-09-300001476765Bayside Opco, LLC, Subordinated debt2024-09-300001476765Bayside Opco, LLC, One stop 22024-09-300001476765Bayside Opco, LLC, One stop 32024-09-300001476765Elite Dental Partners LLC, One stop 12024-09-300001476765Elite Dental Partners LLC, One stop 22024-09-300001476765Elite Dental Partners LLC, One stop 32024-09-300001476765Opening Day Borrower 111 LLC, One stop 12024-09-300001476765Opening Day Borrower 111 LLC, One stop 22024-09-300001476765SPF Borrower LLC, One stop 12024-09-300001476765SPF Borrower LLC, One stop 22024-09-300001476765SPF Borrower LLC, One stop 32024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Switchfly LLC, One stop 2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Imperial Optical Midco Inc, One stop 12024-09-300001476765Imperial Optical Midco Inc, One stop 22024-09-300001476765Imperial Optical Midco Inc, One stop 32024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2024-09-300001476765Abita Brewing Co., L.L.C., Warrant2024-09-300001476765Bayside Opco, LLC, LLC units2024-09-300001476765Elite Dental Partners LLC, LLC interest 12024-09-300001476765Elite Dental Partners LLC, LLC interest 22024-09-300001476765Elite Dental Partners LLC, LLC units2024-09-300001476765Opening Day Borrower 111 LLC, Preferred stock2024-09-300001476765Opening Day Borrower 111 LLC, LLC units2024-09-300001476765SPF Borrower LLC, LLC units2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Switchfly LLC, LLC interest2024-09-300001476765Switchfly LLC, Preferred stock 2024-09-300001476765Switchfly LLC, LLC units2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001476765Imperial Optical Midco, Inc, LLC units2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-09-300001476765MMan Acquisition Co., One stop 12024-09-300001476765MMan Acquisition Co., One stop 22024-09-300001476765MMan Acquisition Co., One stop 32024-09-300001476765MMan Acquisition Co., One stop 42024-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMembergbdc:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001476765MMan Acquisition Co., Preferred stock2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-09-300001476765BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)2024-09-300001476765Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2024-09-300001476765Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional Share Class (CUSIP 61747C707)2024-09-300001476765Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)2024-09-300001476765Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)2024-09-300001476765Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)2024-09-300001476765gbdc:NonQualifyingAssetMembergbdc:AssetConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765Abita Brewing Co. LLC2023-09-300001476765Abita Brewing Co. LLC2023-10-012024-09-300001476765Bayside Opco, LLC2023-09-300001476765Bayside Opco, LLC2023-10-012024-09-300001476765Benetech, Inc. 2023-09-300001476765Benetech, Inc. 2023-10-012024-09-300001476765Benetech, Inc. 2024-09-300001476765Elite Dental Partners LLC2023-09-300001476765Elite Dental Partners LLC2023-10-012024-09-300001476765Imperial Optical Midco Inc.2023-09-300001476765Imperial Optical Midco Inc.2023-10-012024-09-300001476765Opening Day Borrower 111 LLC2023-09-300001476765Opening Day Borrower 111 LLC2023-10-012024-09-300001476765Rubio's Restaurants, Inc.2023-09-300001476765Rubio's Restaurants, Inc.2023-10-012024-09-300001476765Rubio's Restaurants, Inc.2024-09-300001476765Sloan Company, Inc.2023-09-300001476765Sloan Company, Inc.2023-10-012024-09-300001476765Sloan Company, Inc.2024-09-300001476765Switchfly LLC 2023-09-300001476765Switchfly LLC 2023-10-012024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-09-300001476765MMan Acquisition Co.2023-09-300001476765MMan Acquisition Co.2023-10-012024-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012024-09-3000014767652024-08-0200014767652023-10-0600014767652023-10-062023-10-060001476765gbdc:EquityDistributionAgreementPlan2021Member2023-10-012023-12-310001476765gbdc:EquityDistributionAgreementPlan2023Member2024-10-012024-12-310001476765gbdc:EquityDistributionAgreementPlan2023Member2023-10-012023-12-310001476765gbdc:EquityDistributionAgreementPlan2021Member2024-10-012024-12-310001476765us-gaap:RelatedPartyMember2024-01-152024-01-150001476765us-gaap:RelatedPartyMember2024-01-162024-01-160001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementIncentiveFeeCapMember2024-01-152024-01-150001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementIncentiveFeeCapMember2024-01-162024-01-160001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementMember2023-06-302023-06-300001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementMember2023-07-012023-07-010001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementMember2023-07-010001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementMember2024-01-162024-01-160001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCumulativePreIncentiveFeeNetInvestmentIncomeMember2024-10-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementIncomeIncentiveFeeMember2024-10-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementIncomeIncentiveFeeMember2023-10-012023-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentManagementAgreementIncentiveRateQuarterlyHurdleRateMember2024-10-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentManagementAgreementQuarterlyIncentiveRateCriteriaNotMetMember2023-10-012024-03-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpMember2023-10-012024-03-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentManagementAgreementIncentiveRateQuarterlyCatchUpThresholdMember2023-10-012024-03-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCumulativePreIncentiveFeeNetInvestmentIncomeMember2023-10-012024-03-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentManagementAgreementQuarterlyIncentiveRateCriteriaNotMetMember2024-04-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpMember2024-04-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCumulativePreIncentiveFeeNetInvestmentIncomeMember2024-04-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCapitalGainIncentiveFeeBaseMember2024-10-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCumulativePreIncentiveFeeNetInvestmentIncomeMember2023-10-012023-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCapitalGainIncentiveFeeMember2023-10-012023-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementCapitalGainIncentiveFeeMember2024-10-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:AdministrationAgreementMember2024-12-310001476765us-gaap:RelatedPartyMembergbdc:AdministrationAgreementMember2024-09-300001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementMember2024-10-012024-12-310001476765us-gaap:RelatedPartyMembergbdc:InvestmentAdvisoryAgreementMember2023-10-012023-12-310001476765us-gaap:RelatedPartyMembergbdc:ExpensesPaidMember2024-12-310001476765us-gaap:RelatedPartyMembergbdc:ExpensesPaidMember2024-09-300001476765us-gaap:RelatedPartyMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001476765us-gaap:RelatedPartyMemberus-gaap:RevolvingCreditFacilityMember2023-09-300001476765us-gaap:RelatedPartyMemberus-gaap:RevolvingCreditFacilityMember2024-06-030001476765gbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765gbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765gbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765gbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765gbdc:DebtSecuritiesSecondLienMember2024-12-310001476765gbdc:DebtSecuritiesSecondLienMember2024-09-300001476765us-gaap:SubordinatedDebtMember2024-12-310001476765us-gaap:SubordinatedDebtMember2024-09-300001476765us-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:EquitySecuritiesMember2024-09-300001476765gbdc:USMidAtlanticMember2024-12-310001476765gbdc:USMidAtlanticMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:USMidAtlanticMember2024-09-300001476765gbdc:USMidAtlanticMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:MidwestRegionMember2024-12-310001476765us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:MidwestRegionMember2024-09-300001476765us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:WestRegionMember2024-12-310001476765us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:WestRegionMember2024-09-300001476765us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:SoutheastRegionMember2024-12-310001476765us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:SoutheastRegionMember2024-09-300001476765us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:SouthwestRegionMember2024-12-310001476765us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:SouthwestRegionMember2024-09-300001476765us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:NortheastRegionMember2024-12-310001476765us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:NortheastRegionMember2024-09-300001476765us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:CA2024-12-310001476765country:CAus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:CA2024-09-300001476765country:CAus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:GB2024-12-310001476765country:GBus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:GB2024-09-300001476765country:GBus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:AU2024-12-310001476765country:AUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:AU2024-09-300001476765country:AUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:LU2024-12-310001476765country:LUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:LU2024-09-300001476765country:LUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:NL2024-12-310001476765country:NLus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:NL2024-09-300001476765country:NLus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:FI2024-12-310001476765country:FIus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:FI2024-09-300001476765country:FIus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:SE2024-12-310001476765country:SEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:SE2024-09-300001476765country:SEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:IL2024-12-310001476765country:ILus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:IL2024-09-300001476765country:ILus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:DK2024-12-310001476765country:DKus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:DK2024-09-300001476765country:DKus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:DE2024-12-310001476765country:DEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:DE2024-09-300001476765country:DEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:FR2024-12-310001476765country:FRus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:FR2024-09-300001476765country:FRus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765country:JE2024-12-310001476765country:JEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765country:JE2024-09-300001476765country:JEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:USMidAtlanticMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:USMidAtlanticMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:CAus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:CAus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:GBus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:GBus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:AUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:AUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:LUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:LUus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:NLus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:NLus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:FIus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:FIus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:SEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:SEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:ILus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:ILus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:DKus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:DKus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:DEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:DEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:FRus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:FRus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765country:JEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765country:JEus-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:GeographicConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:AerospaceAndDefenseSectorMember2024-12-310001476765gbdc:AerospaceAndDefenseSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:AerospaceAndDefenseSectorMember2024-09-300001476765gbdc:AerospaceAndDefenseSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:AirFreightAndLogisticsSectorMember2024-12-310001476765gbdc:AirFreightAndLogisticsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:AirFreightAndLogisticsSectorMember2024-09-300001476765gbdc:AirFreightAndLogisticsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:AirlinesSectorMember2024-12-310001476765gbdc:AirlinesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:AirlinesSectorMember2024-09-300001476765gbdc:AirlinesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:AutoComponentsSectorMember2024-12-310001476765gbdc:AutoComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:AutoComponentsSectorMember2024-09-300001476765gbdc:AutoComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:AutomobilesSectorMember2024-12-310001476765gbdc:AutomobilesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:AutomobilesSectorMember2024-09-300001476765gbdc:AutomobilesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:BanksSectorMember2024-12-310001476765gbdc:BanksSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:BanksSectorMember2024-09-300001476765gbdc:BanksSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:BeveragesSectorMember2024-12-310001476765gbdc:BeveragesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:BeveragesSectorMember2024-09-300001476765gbdc:BeveragesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:BiotechnologySectorMember2024-12-310001476765gbdc:BiotechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:BiotechnologySectorMember2024-09-300001476765gbdc:BiotechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:BuildingProductsSectorMember2024-12-310001476765gbdc:BuildingProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:BuildingProductsSectorMember2024-09-300001476765gbdc:BuildingProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:CapitalMarketsSectorMember2024-12-310001476765gbdc:CapitalMarketsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:CapitalMarketsSectorMember2024-09-300001476765gbdc:CapitalMarketsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:ChemicalsSectorMember2024-12-310001476765us-gaap:ChemicalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:ChemicalsSectorMember2024-09-300001476765us-gaap:ChemicalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:CommercialServicesAndSuppliesSectorMember2024-12-310001476765gbdc:CommercialServicesAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:CommercialServicesAndSuppliesSectorMember2024-09-300001476765gbdc:CommercialServicesAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:CommunicationsEquipmentSectorMember2024-12-310001476765gbdc:CommunicationsEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:CommunicationsEquipmentSectorMember2024-09-300001476765gbdc:CommunicationsEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:ConstructionAndEngineeringSectorMember2024-12-310001476765gbdc:ConstructionAndEngineeringSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:ConstructionAndEngineeringSectorMember2024-09-300001476765gbdc:ConstructionAndEngineeringSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:ContainerAndPackagingSectorMember2024-12-310001476765us-gaap:ContainerAndPackagingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:ContainerAndPackagingSectorMember2024-09-300001476765us-gaap:ContainerAndPackagingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:DiversifiedConsumerServicesSectorMember2024-12-310001476765gbdc:DiversifiedConsumerServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:DiversifiedConsumerServicesSectorMember2024-09-300001476765gbdc:DiversifiedConsumerServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:DiversifiedFinancialServicesSectorMember2024-12-310001476765gbdc:DiversifiedFinancialServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:DiversifiedFinancialServicesSectorMember2024-09-300001476765gbdc:DiversifiedFinancialServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:DiversifiedTelecommunicationServicesSectorMember2024-12-310001476765gbdc:DiversifiedTelecommunicationServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:DiversifiedTelecommunicationServicesSectorMember2024-09-300001476765gbdc:DiversifiedTelecommunicationServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:ElectricalEquipmentSectorMember2024-12-310001476765gbdc:ElectricalEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:ElectricalEquipmentSectorMember2024-09-300001476765gbdc:ElectricalEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001476765gbdc:ElectronicEquipmentInstrumentsAndComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-09-300001476765gbdc:ElectronicEquipmentInstrumentsAndComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:EnergyEquipmentAndServicesSectorMember2024-12-310001476765gbdc:EnergyEquipmentAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:EnergyEquipmentAndServicesSectorMember2024-09-300001476765gbdc:EnergyEquipmentAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:FoodAndStaplesRetailingSectorMember2024-12-310001476765gbdc:FoodAndStaplesRetailingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:FoodAndStaplesRetailingSectorMember2024-09-300001476765gbdc:FoodAndStaplesRetailingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:FoodProductsSectorMember2024-12-310001476765gbdc:FoodProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:FoodProductsSectorMember2024-09-300001476765gbdc:FoodProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:HealthcareEquipmentAndSuppliesSectorMember2024-12-310001476765gbdc:HealthcareEquipmentAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:HealthcareEquipmentAndSuppliesSectorMember2024-09-300001476765gbdc:HealthcareEquipmentAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMember2024-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMember2024-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:HealthcareTechnologySectorMember2024-12-310001476765gbdc:HealthcareTechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:HealthcareTechnologySectorMember2024-09-300001476765gbdc:HealthcareTechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:HotelsRestaurantsAndLeisureSectorMember2024-12-310001476765gbdc:HotelsRestaurantsAndLeisureSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:HotelsRestaurantsAndLeisureSectorMember2024-09-300001476765gbdc:HotelsRestaurantsAndLeisureSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:HouseholdProductsSectorMember2024-12-310001476765gbdc:HouseholdProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:HouseholdProductsSectorMember2024-09-300001476765gbdc:HouseholdProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:IndustrialConglomeratesSectorMember2024-12-310001476765gbdc:IndustrialConglomeratesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:IndustrialConglomeratesSectorMember2024-09-300001476765gbdc:IndustrialConglomeratesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:InsuranceSectorMember2024-12-310001476765us-gaap:InsuranceSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:InsuranceSectorMember2024-09-300001476765us-gaap:InsuranceSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:InternetAndDirestMarketingRetailSectorMember2024-12-310001476765gbdc:InternetAndDirestMarketingRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:InternetAndDirestMarketingRetailSectorMember2024-09-300001476765gbdc:InternetAndDirestMarketingRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:ITServicesSectorMember2024-12-310001476765gbdc:ITServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:ITServicesSectorMember2024-09-300001476765gbdc:ITServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:LeisureProductsSectorMember2024-12-310001476765gbdc:LeisureProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:LeisureProductsSectorMember2024-09-300001476765gbdc:LeisureProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:LifeSciencesToolsAndServicesSectorMember2024-12-310001476765gbdc:LifeSciencesToolsAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:LifeSciencesToolsAndServicesSectorMember2024-09-300001476765gbdc:LifeSciencesToolsAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:MachinerySectorMember2024-12-310001476765gbdc:MachinerySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:MachinerySectorMember2024-09-300001476765gbdc:MachinerySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:MarineSectorMember2024-12-310001476765gbdc:MarineSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:MarineSectorMember2024-09-300001476765gbdc:MarineSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:MediaSectorMember2024-12-310001476765gbdc:MediaSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:MediaSectorMember2024-09-300001476765gbdc:MediaSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:MultilineRetailSectorMember2024-12-310001476765gbdc:MultilineRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:MultilineRetailSectorMember2024-09-300001476765gbdc:MultilineRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:OilGasConsumableFuelsSectorMember2024-12-310001476765gbdc:OilGasConsumableFuelsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:OilGasConsumableFuelsSectorMember2024-09-300001476765gbdc:OilGasConsumableFuelsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:PaperAndForestProductsSectorMember2024-12-310001476765gbdc:PaperAndForestProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:PaperAndForestProductsSectorMember2024-09-300001476765gbdc:PaperAndForestProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:PersonalProductsSectorMember2024-12-310001476765gbdc:PersonalProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:PersonalProductsSectorMember2024-09-300001476765gbdc:PersonalProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:PharmaceuticalsSectorMember2024-12-310001476765gbdc:PharmaceuticalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:PharmaceuticalsSectorMember2024-09-300001476765gbdc:PharmaceuticalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:ProfessionalServicesSectorMember2024-12-310001476765gbdc:ProfessionalServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:ProfessionalServicesSectorMember2024-09-300001476765gbdc:ProfessionalServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765us-gaap:RealEstateSectorMember2024-12-310001476765us-gaap:RealEstateSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765us-gaap:RealEstateSectorMember2024-09-300001476765us-gaap:RealEstateSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:RoadAndRailSectorMember2024-12-310001476765gbdc:RoadAndRailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:RoadAndRailSectorMember2024-09-300001476765gbdc:RoadAndRailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:SoftwareSectorMember2024-12-310001476765gbdc:SoftwareSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:SoftwareSectorMember2024-09-300001476765gbdc:SoftwareSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:SpecialtyRetailSectorMember2024-12-310001476765gbdc:SpecialtyRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:SpecialtyRetailSectorMember2024-09-300001476765gbdc:SpecialtyRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:TextilesApparelAndLuxuryGoodsSectorMember2024-12-310001476765gbdc:TextilesApparelAndLuxuryGoodsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:TextilesApparelAndLuxuryGoodsSectorMember2024-09-300001476765gbdc:TextilesApparelAndLuxuryGoodsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:TradingCompaniesAndDistributorsSectorMember2024-12-310001476765gbdc:TradingCompaniesAndDistributorsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:TradingCompaniesAndDistributorsSectorMember2024-09-300001476765gbdc:TradingCompaniesAndDistributorsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:WaterUtilitiesSectorMember2024-12-310001476765gbdc:WaterUtilitiesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:WaterUtilitiesSectorMember2024-09-300001476765gbdc:WaterUtilitiesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2024-10-012024-12-310001476765gbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtAmortizedCostMember2023-10-012024-09-300001476765gbdc:AerospaceAndDefenseSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:AerospaceAndDefenseSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:AirFreightAndLogisticsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:AirFreightAndLogisticsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:AirlinesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:AirlinesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:AutoComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:AutoComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:AutomobilesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:AutomobilesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:BanksSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:BanksSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:BeveragesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:BeveragesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:BiotechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:BiotechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:BuildingProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:BuildingProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:CapitalMarketsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:CapitalMarketsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:ChemicalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:ChemicalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:CommercialServicesAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:CommercialServicesAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:CommunicationsEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:CommunicationsEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:ConstructionAndEngineeringSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:ConstructionAndEngineeringSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:ContainerAndPackagingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:ContainerAndPackagingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:DiversifiedConsumerServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:DiversifiedConsumerServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:DiversifiedFinancialServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:DiversifiedFinancialServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:DiversifiedTelecommunicationServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:DiversifiedTelecommunicationServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:ElectricalEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:ElectricalEquipmentSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:ElectronicEquipmentInstrumentsAndComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:ElectronicEquipmentInstrumentsAndComponentsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:EnergyEquipmentAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:EnergyEquipmentAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:FoodAndStaplesRetailingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:FoodAndStaplesRetailingSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:FoodProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:FoodProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:HealthcareEquipmentAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:HealthcareEquipmentAndSuppliesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:HealthcareTechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:HealthcareTechnologySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:HotelsRestaurantsAndLeisureSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:HotelsRestaurantsAndLeisureSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:HouseholdProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:HouseholdProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:IndustrialConglomeratesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:IndustrialConglomeratesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:InsuranceSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:InsuranceSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:InternetAndDirestMarketingRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:InternetAndDirestMarketingRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:ITServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:ITServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:LeisureProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:LeisureProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:LifeSciencesToolsAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:LifeSciencesToolsAndServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:MachinerySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:MachinerySectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:MarineSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:MarineSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:MediaSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:MediaSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:MultilineRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:MultilineRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:OilGasConsumableFuelsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:OilGasConsumableFuelsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:PaperAndForestProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:PaperAndForestProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:PersonalProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:PersonalProductsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:PharmaceuticalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:PharmaceuticalsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:ProfessionalServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:ProfessionalServicesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765us-gaap:RealEstateSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765us-gaap:RealEstateSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:RoadAndRailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:RoadAndRailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:SoftwareSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:SoftwareSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:SpecialtyRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:SpecialtyRetailSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:TextilesApparelAndLuxuryGoodsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:TextilesApparelAndLuxuryGoodsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:TradingCompaniesAndDistributorsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:TradingCompaniesAndDistributorsSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:WaterUtilitiesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:WaterUtilitiesSectorMembergbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765gbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012024-12-310001476765gbdc:IndustryConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2023-10-012024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/20252024-12-310001476765Macquarie Bank Limited, Settlement Date 2/27/20252024-12-310001476765Macquarie Bank Limited, Settlement Date 3/17/20252024-12-310001476765Macquarie Bank Limited, Settlement Date 3/31/2025 2024-12-310001476765Macquarie Bank Limited, Settlement Date 7/18/2025 2024-12-310001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 12024-12-310001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 22024-12-310001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 32024-12-310001476765Macquarie Bank Limited, Settlement Date 7/30/2025 2024-12-310001476765Macquarie Bank Limited, Settlement Date 1/30/20262024-12-310001476765Macquarie Bank Limited, Settlement Date 2/2/20262024-12-310001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 12024-12-310001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 22024-12-310001476765Macquarie Bank Limited, Settlement Date 5/12/20272024-12-310001476765Macquarie Bank Limited, Settlement Date 5/27/20272024-12-310001476765Macquarie Bank Limited2024-12-310001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 12024-12-310001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 22024-12-310001476765SMBC Capital Markets, Settlement Date 2/2/20262024-12-310001476765SMBC Capital Markets, Settlement Date 2/5/20262024-12-310001476765SMBC Capital Markets2024-12-310001476765Macquarie Bank Limited, Settlement Date 11/12/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 12/9/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 12/23/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 2/27/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 3/17/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 3/31/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 7/18/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 12024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 22024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 32024-09-300001476765Macquarie Bank Limited, Settlement Date 7/30/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 1/30/20262024-09-300001476765Macquarie Bank Limited, Settlement Date 2/2/20262024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 12024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 22024-09-300001476765Macquarie Bank Limited2024-09-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 12024-09-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 22024-09-300001476765SMBC Capital Markets, Settlement Date 2/2/20262024-09-300001476765SMBC Capital Markets, Settlement Date 2/5/20262024-09-300001476765SMBC Capital Markets, Inc.2024-09-300001476765gbdc:DebtInstrumentTrancheOneMembergbdc:NotesDue2028Memberus-gaap:InterestRateSwapMember2023-12-050001476765gbdc:DebtInstrumentTrancheTwoMembergbdc:NotesDue2028Memberus-gaap:InterestRateSwapMember2023-12-050001476765gbdc:DebtInstrumentTrancheOneMembergbdc:NotesDue2029Memberus-gaap:InterestRateSwapMember2024-02-010001476765gbdc:DebtInstrumentTrancheTwoMembergbdc:NotesDue2029Memberus-gaap:InterestRateSwapMember2024-02-010001476765SMBC Capital Markets, Inc., Maturing November 5, 2028 12024-12-310001476765SMBC Capital Markets, Inc., Maturing November 5, 2028 22024-12-310001476765SMBC Capital Markets, Inc., Maturing June 15, 2029 12024-12-310001476765SMBC Capital Markets, Inc.2024-12-310001476765Macquarie Bank Limited, Maturing June 15, 2029 22024-12-310001476765Macquarie Bank Limited, Maturing June 15, 2029 12024-12-310001476765SMBC Capital Markets, Inc., Maturing November 5, 2028 12024-09-300001476765SMBC Capital Markets, Inc., Maturing November 5, 2028 22024-09-300001476765SMBC Capital Markets, Inc., Maturing June 15, 20292024-09-300001476765gbdc:NotesDue2028Memberus-gaap:LongTermDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001476765gbdc:NotesDue2028Memberus-gaap:LongTermDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001476765gbdc:NotesDue2029Memberus-gaap:LongTermDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001476765gbdc:NotesDue2029Memberus-gaap:LongTermDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001476765gbdc:MacquarieBankLimitedMember2024-12-310001476765gbdc:SMBCCapitalMarketsInc.Member2024-12-310001476765gbdc:MacquarieBankLimitedMember2024-09-300001476765gbdc:SMBCCapitalMarketsInc.Member2024-09-300001476765us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-12-310001476765us-gaap:DebtSecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel1Member2024-12-310001476765us-gaap:FairValueInputsLevel2Member2024-12-310001476765us-gaap:FairValueInputsLevel3Member2024-12-310001476765us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-09-300001476765us-gaap:DebtSecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel1Member2024-09-300001476765us-gaap:FairValueInputsLevel2Member2024-09-300001476765us-gaap:FairValueInputsLevel3Member2024-09-300001476765us-gaap:FairValueInputsLevel3Member2024-10-012024-12-310001476765us-gaap:FairValueInputsLevel3Member2023-10-012023-12-310001476765gbdc:UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMember2024-10-012024-12-310001476765gbdc:UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:DebtSecuritiesMember2024-10-012024-12-310001476765gbdc:UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:EquitySecuritiesMember2024-10-012024-12-310001476765gbdc:UnrealizedGainLossForeignCurrencyTransactionBeforeTaxMember2024-10-012024-12-310001476765gbdc:UnrealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:DebtSecuritiesMember2024-10-012024-12-310001476765gbdc:UnrealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:EquitySecuritiesMember2024-10-012024-12-310001476765gbdc:RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMember2024-10-012024-12-310001476765gbdc:RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:DebtSecuritiesMember2024-10-012024-12-310001476765gbdc:RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:EquitySecuritiesMember2024-10-012024-12-310001476765gbdc:RealizedGainLossForeignCurrencyTransactionBeforeTaxMember2024-10-012024-12-310001476765gbdc:RealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:DebtSecuritiesMember2024-10-012024-12-310001476765gbdc:RealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:EquitySecuritiesMember2024-10-012024-12-310001476765us-gaap:DebtSecuritiesMember2024-10-012024-12-310001476765us-gaap:EquitySecuritiesMember2024-10-012024-12-310001476765gbdc:GrossInvestmentIncomeOperatingMember2024-10-012024-12-310001476765gbdc:GrossInvestmentIncomeOperatingMemberus-gaap:DebtSecuritiesMember2024-10-012024-12-310001476765gbdc:GrossInvestmentIncomeOperatingMemberus-gaap:EquitySecuritiesMember2024-10-012024-12-310001476765us-gaap:DebtSecuritiesMember2023-09-300001476765us-gaap:EquitySecuritiesMember2023-09-300001476765gbdc:UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMember2023-10-012023-12-310001476765gbdc:UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:DebtSecuritiesMember2023-10-012023-12-310001476765gbdc:UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:EquitySecuritiesMember2023-10-012023-12-310001476765gbdc:UnrealizedGainLossForeignCurrencyTransactionBeforeTaxMember2023-10-012023-12-310001476765gbdc:UnrealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:DebtSecuritiesMember2023-10-012023-12-310001476765gbdc:UnrealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:EquitySecuritiesMember2023-10-012023-12-310001476765gbdc:RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMember2023-10-012023-12-310001476765gbdc:RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:DebtSecuritiesMember2023-10-012023-12-310001476765gbdc:RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxMemberus-gaap:EquitySecuritiesMember2023-10-012023-12-310001476765gbdc:RealizedGainLossForeignCurrencyTransactionBeforeTaxMember2023-10-012023-12-310001476765gbdc:RealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:DebtSecuritiesMember2023-10-012023-12-310001476765gbdc:RealizedGainLossForeignCurrencyTransactionBeforeTaxMemberus-gaap:EquitySecuritiesMember2023-10-012023-12-310001476765us-gaap:DebtSecuritiesMember2023-10-012023-12-310001476765us-gaap:EquitySecuritiesMember2023-10-012023-12-310001476765gbdc:GrossInvestmentIncomeOperatingMember2023-10-012023-12-310001476765gbdc:GrossInvestmentIncomeOperatingMemberus-gaap:DebtSecuritiesMember2023-10-012023-12-310001476765gbdc:GrossInvestmentIncomeOperatingMemberus-gaap:EquitySecuritiesMember2023-10-012023-12-310001476765us-gaap:DebtSecuritiesMember2023-12-310001476765us-gaap:EquitySecuritiesMember2023-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MinimumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MaximumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationYieldAnalysisApproachMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MinimumMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MaximumMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationBrokerDealerBidsOrQuotesMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MinimumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MaximumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationMarketComparableCompanyMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationMarketComparableCompanyMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembergbdc:DebtSecuritiesOneStopLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationMarketComparableCompanyMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001476765us-gaap:FairValueInputsLevel3Membergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MinimumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MaximumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MinimumMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MaximumMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationBrokerDealerBidsOrQuotesMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MinimumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:MaximumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:MeasurementInputMarketInterestRateMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationMarketComparableCompanyMembergbdc:DebtSecuritiesSeniorSecuredLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationMarketComparableCompanyMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembergbdc:DebtSecuritiesOneStopLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Membergbdc:ValuationMarketComparableCompanyMembergbdc:DebtSecuritiesSubordinatedDebtAndSecondLienLoanMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-09-300001476765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-09-3000014767652019-02-050001476765gbdc:DebtSecuritization2024Member2024-10-012024-12-310001476765gbdc:DebtSecuritization2024Member2024-11-180001476765gbdc:AAAAAAClassA1R2024NotesMembergbdc:DebtSecuritization2024Member2024-11-180001476765gbdc:AAAAAAClassA1R2024NotesMembergbdc:DebtSecuritization2024Member2024-11-182024-11-180001476765gbdc:AAAClassA2RR2024NotesMembergbdc:DebtSecuritization2024Member2024-11-180001476765gbdc:AAAClassA2RR2024NotesMembergbdc:DebtSecuritization2024Member2024-11-182024-11-180001476765gbdc:AAClassBR2024NotesMembergbdc:DebtSecuritization2024Member2024-11-180001476765gbdc:AAClassBR2024NotesMembergbdc:DebtSecuritization2024Member2024-11-182024-11-180001476765gbdc:AClassCR2024NotesMembergbdc:DebtSecuritization2024Member2024-11-180001476765gbdc:AClassCR2024NotesMembergbdc:DebtSecuritization2024Member2024-11-182024-11-180001476765gbdc:DebtSecuritization2024Memberus-gaap:SubordinatedDebtMember2024-11-180001476765gbdc:DebtSecuritization2024Member2024-12-310001476765gbdc:AAAAAAClassA1R2024NotesMembergbdc:DebtSecuritization2024Memberus-gaap:SeniorNotesMember2024-12-310001476765gbdc:AAAClassA2RR2024NotesMembergbdc:DebtSecuritization2024Memberus-gaap:SeniorNotesMember2024-12-310001476765gbdc:AAAAAAClassA1R2024NotesMembergbdc:DebtSecuritization2024Memberus-gaap:SeniorNotesMember2024-10-012024-12-310001476765gbdc:AAAClassA2RR2024NotesMembergbdc:DebtSecuritization2024Memberus-gaap:SeniorNotesMember2024-10-012024-12-310001476765gbdc:DebtSecuritization2018Member2024-10-012024-12-310001476765gbdc:DebtSecuritization2018Member2018-11-160001476765gbdc:AAAAAAClassA2018NotesMembergbdc:DebtSecuritization2018Member2018-11-160001476765gbdc:AAAAAAClassA2018NotesMembergbdc:DebtSecuritization2018Member2018-11-162018-11-160001476765gbdc:AAClassB2018NotesMembergbdc:DebtSecuritization2018Member2018-11-160001476765gbdc:AAClassB2018NotesMembergbdc:DebtSecuritization2018Member2018-11-162018-11-160001476765gbdc:AClassC12018NotesMembergbdc:DebtSecuritization2018Member2018-11-160001476765gbdc:AClassC12018NotesMembergbdc:DebtSecuritization2018Member2018-11-162018-11-160001476765gbdc:AClassC22018NotesMembergbdc:DebtSecuritization2018Member2018-11-160001476765gbdc:AClassC22018NotesMembergbdc:DebtSecuritization2018Member2018-11-162018-11-160001476765gbdc:BBBClassD2018NotesMembergbdc:DebtSecuritization2018Member2018-11-160001476765gbdc:BBBClassD2018NotesMembergbdc:DebtSecuritization2018Member2018-11-162018-11-160001476765gbdc:DebtSecuritization2018Memberus-gaap:SubordinatedDebtMember2018-11-160001476765gbdc:DebtSecuritization2018Member2024-09-300001476765gbdc:DebtSecuritization2018Member2023-10-012023-12-310001476765gbdc:GCIC2018DebtSecuritizationMember2024-10-012024-12-310001476765gbdc:GCIC2018DebtSecuritizationMember2019-09-160001476765gbdc:AAAAAAClassA1GCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2018-12-130001476765gbdc:AAAClassA2GCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2018-12-130001476765gbdc:AAClassB1GCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2018-12-130001476765gbdc:ClassB2GCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2018-12-130001476765gbdc:ClassCGCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2018-12-130001476765gbdc:ClassDGCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2018-12-130001476765gbdc:GCIC2018DebtSecuritizationMemberus-gaap:SubordinatedDebtMember2018-12-130001476765gbdc:ClassA2GCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2020-12-210001476765gbdc:ClassA2RGCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2020-12-212020-12-210001476765gbdc:ClassA2GCIC2018NotesMembergbdc:GCIC2018DebtSecuritizationMember2020-12-212020-12-210001476765gbdc:GCIC2018DebtSecuritizationMember2024-09-300001476765gbdc:GCIC2018DebtSecuritizationMember2023-10-012023-12-310001476765gbdc:GBDC32021DebtSecuritizationMember2024-10-012024-12-310001476765gbdc:GBDC32021DebtSecuritizationMember2024-06-030001476765gbdc:AAAClassA2021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-030001476765gbdc:AAAClassA2021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:AAClassB2021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-030001476765gbdc:AAClassB2021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:AClassC12021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-030001476765gbdc:AClassC12021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:AClassC22021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-030001476765gbdc:BBBClassD2021NotesMembergbdc:GBDC32021DebtSecuritizationMember2024-06-030001476765gbdc:Secured2021NotesMembergbdc:GBDC32021DebtSecuritizationMembersrt:MaximumMember2024-06-032024-06-030001476765gbdc:GBDC32021DebtSecuritizationMemberus-gaap:SubordinatedDebtMember2024-06-030001476765gbdc:GBDC32021DebtSecuritizationMember2024-09-300001476765gbdc:GBDC32021DebtSecuritizationMember2023-10-012023-12-310001476765gbdc:GBDC32022DebtSecuritizationMember2024-10-012024-12-310001476765gbdc:GBDC32022DebtSecuritizationMember2024-06-030001476765gbdc:ClassASeniorSecuredFloatingRateNotesMembergbdc:GBDC32022DebtSecuritizationMember2024-06-030001476765gbdc:ClassASeniorSecuredFloatingRateNotesMembergbdc:GBDC32022DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:GBDC32022DebtSecuritizationMemberus-gaap:SubordinatedDebtMember2024-06-030001476765gbdc:GBDC32022DebtSecuritizationMember2024-06-032024-09-300001476765gbdc:GBDC32022DebtSecuritizationMember2024-12-310001476765gbdc:GBDC32022DebtSecuritizationMember2024-09-300001476765gbdc:GBDC32022DebtSecuritizationMember2023-10-012023-12-310001476765gbdc:GBDC32022DebtSecuritizationMemberus-gaap:SeniorNotesMember2024-12-310001476765gbdc:GBDC32022DebtSecuritizationMemberus-gaap:SeniorNotesMember2024-10-012024-12-310001476765gbdc:GBDC320222DebtSecuritizationMember2024-10-012024-12-310001476765gbdc:GBDC320222DebtSecuritizationMember2024-06-030001476765gbdc:AAAClassASeniorSecuredFloatingRateNotesDue2034Membergbdc:GBDC320222DebtSecuritizationMember2024-06-030001476765gbdc:AAAClassASeniorSecuredFloatingRateNotesDue2034Membergbdc:GBDC320222DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:AAClassBSeniorSecuredFloatingRateNotesDue2034Membergbdc:GBDC320222DebtSecuritizationMember2024-06-030001476765gbdc:AAClassBSeniorSecuredFloatingRateNotesDue2034Membergbdc:GBDC320222DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:AAAClassASeniorSecuredFloatingRateLoansDue2034Membergbdc:GBDC320222DebtSecuritizationMember2024-06-030001476765gbdc:AAAClassASeniorSecuredFloatingRateLoansDue2034Membergbdc:GBDC320222DebtSecuritizationMember2024-06-032024-06-030001476765gbdc:GBDC320222DebtSecuritizationMemberus-gaap:SubordinatedDebtMember2024-06-030001476765gbdc:GBDC320222DebtSecuritizationMember2024-09-300001476765gbdc:GBDC320222DebtSecuritizationMember2023-10-012023-12-310001476765gbdc:GBDC3DBCreditFacilityMember2024-10-012024-12-310001476765gbdc:GBDC3DBCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001476765gbdc:GBDC3DBCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2024-10-012024-12-310001476765gbdc:GBDC3DBCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2024-12-310001476765gbdc:GBDC3DBCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembergbdc:CanadianOvernightRepoRateAverageMember2024-10-012024-12-310001476765gbdc:GBDC3DBCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-300001476765gbdc:GBDC3DBCreditFacilityMember2023-10-012023-12-310001476765gbdc:CreditFacilityJPMMember2024-10-012024-12-310001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-050001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-060001476765gbdc:JPMCreditFacilityMemberus-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2024-08-060001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MinimumMember2024-08-062024-08-060001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MaximumMember2024-08-062024-08-060001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2022-09-132022-09-130001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2022-09-132022-09-130001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-03-172023-03-170001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-08-062024-08-060001476765gbdc:JPMCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-300001476765gbdc:JPMCreditFacilityMemberus-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2024-12-310001476765gbdc:JPMCreditFacilityMemberus-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2024-09-300001476765gbdc:JPMCreditFacilityMember2024-10-012024-12-310001476765gbdc:JPMCreditFacilityMember2023-10-012023-12-310001476765gbdc:NotesDue2024Member2024-10-012024-12-310001476765gbdc:NotesDue2024Member2020-10-020001476765gbdc:NotesDue2024Member2021-10-150001476765gbdc:NotesDue2024Member2024-04-082024-04-080001476765gbdc:NotesDue2024Member2023-10-012023-12-310001476765gbdc:Notes2026Member2024-10-012024-12-310001476765gbdc:NotesDue2026Member2021-02-240001476765gbdc:NotesDue2026Member2021-10-130001476765gbdc:NotesDue2026Member2024-12-310001476765gbdc:NotesDue2026Member2024-09-300001476765gbdc:NotesDue2026Member2021-02-242021-02-240001476765gbdc:NotesDue2026Member2024-10-012024-12-310001476765gbdc:NotesDue2026Member2023-10-012023-12-310001476765gbdc:Notes2027Member2024-10-012024-12-310001476765gbdc:NotesDue2027Member2021-08-030001476765gbdc:NotesDue2027Member2024-12-310001476765gbdc:NotesDue2027Member2024-09-300001476765gbdc:NotesDue2027Member2021-08-032021-08-030001476765gbdc:NotesDue2027Member2024-10-012024-12-310001476765gbdc:NotesDue2027Member2023-10-012023-12-310001476765gbdc:NotesDue2028Member2024-10-012024-12-310001476765gbdc:NotesDue2028Member2023-12-050001476765gbdc:NotesDue2028Member2024-09-300001476765gbdc:NotesDue2028Member2024-12-310001476765gbdc:NotesDue2028Member2023-12-052023-12-050001476765gbdc:NotesDue2028Memberus-gaap:InterestRateSwapMember2023-12-050001476765gbdc:NotesDue2028Memberus-gaap:InterestRateSwapMember2024-04-110001476765gbdc:NotesDue2028Member2023-10-012023-12-310001476765gbdc:NotesDue2029Member2024-10-012024-12-310001476765gbdc:NotesDue2029Member2024-02-010001476765gbdc:NotesDue2029Member2024-12-030001476765gbdc:NotesDue2029Member2024-12-310001476765gbdc:NotesDue2029Member2024-09-300001476765gbdc:NotesDue2029Member2024-02-012024-02-010001476765gbdc:DebtInstrumentTrancheOneMembergbdc:NotesDue2029Memberus-gaap:InterestRateSwapMember2024-12-030001476765gbdc:DebtInstrumentTrancheTwoMembergbdc:NotesDue2029Memberus-gaap:InterestRateSwapMember2024-12-030001476765gbdc:NotesDue2029Memberus-gaap:InterestRateSwapMember2024-02-010001476765gbdc:NotesDue2029Member2023-10-012023-12-310001476765gbdc:AdviserRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001476765gbdc:AdviserRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-06-100001476765gbdc:AdviserRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-06-110001476765gbdc:AdviserRevolverMemberus-gaap:LineOfCreditMember2024-09-300001476765gbdc:AdviserRevolverMemberus-gaap:LineOfCreditMember2024-12-310001476765gbdc:AdviserRevolverMember2024-10-012024-12-310001476765gbdc:AdviserRevolverMember2023-10-012023-12-310001476765gbdc:OtherShortTermBorrowingsMember2024-10-012024-12-310001476765gbdc:OtherShortTermBorrowingsMember2023-10-012023-12-310001476765gbdc:JPMCreditFacilityMember2024-12-310001476765gbdc:UndrawnRevolverMember2024-12-310001476765gbdc:UndrawnRevolverMember2024-09-300001476765gbdc:DividendReinvestmentPlanDRIPMember2024-10-012024-12-310001476765gbdc:DividendReinvestmentPlanDRIPMember2023-10-012023-12-310001476765gbdc:NotesDue2024Member2023-12-310001476765gbdc:NotesDue2026Member2023-12-310001476765gbdc:NotesDue2027Member2023-12-310001476765gbdc:NotesDue2028Member2023-12-310001476765gbdc:NotesDue2029Member2023-12-3100014767652019-02-060001476765gbdc:O2025M21DividendsMember2024-10-012024-12-310001476765gbdc:O2025M22DividendsMember2024-10-012024-12-310001476765gbdc:O2025M3DividendsMember2024-10-012024-12-310001476765gbdc:O2024M31DividendsMember2023-10-012023-12-310001476765gbdc:O2024M32DividendsMember2023-10-012023-12-310001476765us-gaap:SubsequentEventMember2025-02-032025-02-03

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

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

For the Quarterly Period Ended December 31, 2024

OR

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

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-2326940
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes þ No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
☑
Accelerated filer
☐
Non-accelerated filer 
☐
Smaller reporting company
☐
Emerging growth company ☐

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

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

As of February 4, 2025, the Registrant had 265,498,597 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of December 31, 2024 (unaudited) and September 30, 2024
Consolidated Statements of Operations for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)
Consolidated Statements of Cash Flows for the three months ended December 31, 2024 (unaudited) and 2023 (unaudited)
Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and September 30, 2024
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits

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

December 31, 2024September 30, 2024
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$8,424,975 $8,011,824 
Non-controlled affiliate company investments248,019 211,382 
Controlled affiliate company investments12,237 12,205 
Total investments, at fair value (amortized cost of $8,755,566 and $8,302,913, respectively)
8,685,231 8,235,411 
Cash and cash equivalents103,508 123,120 
Foreign currencies (cost of $6,825 and $7,973, respectively)
6,769 8,044 
Restricted cash and cash equivalents
110,597 227,152 
Restricted foreign currencies (cost of $0 and $1,219, respectively)
— 1,236 
Interest receivable73,296 74,036 
Net unrealized appreciation on derivatives12,486 29,490 
Other assets16,899 5,267 
Total Assets$9,008,786 $8,703,756 
Liabilities    
Debt$4,919,258 $4,624,791 
Less unamortized debt issuance costs(28,694)(25,361)
Debt less unamortized debt issuance costs4,890,564 4,599,430 
Net unrealized depreciation on derivatives2,906 — 
Interest payable51,518 45,701 
Management and incentive fees payable38,823 33,619 
Accrued trustee fees123 178 
Accounts payable and other liabilities7,308 10,299 
Total Liabilities4,991,242 4,689,227 
Commitments and Contingencies (Note 8)
    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2024 and September 30, 2024
— — 
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 265,498,597 and 264,277,128 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively
265 264 
Paid in capital in excess of par4,185,811 4,167,258 
Distributable earnings (losses)
(168,532)(152,993)
Total Net Assets4,017,544 4,014,529 
Total Liabilities and Total Net Assets$9,008,786 $8,703,756 
Number of common shares outstanding265,498,597 264,277,128 
Net asset value per common share$15.13 $15.19 

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

Three months ended December 31,
  20242023
Investment income
From non-controlled/non-affiliate company investments:
Interest income$198,361 $147,532 
Payment-in-kind interest income10,565 10,909 
Dividend income8,487 4,375 
Fee income555 365 
Total investment income from non-controlled/non-affiliate company investments217,968 163,181 
From non-controlled affiliate company investments:
Interest income2,243 647 
Payment-in-kind interest income332 788 
Fee income31 48 
Total investment income from non-controlled affiliate company investments2,606 1,483 
From controlled affiliate company investments:
Interest income— — 
Payment-in-kind interest income119 102 
Fee income7 4 
Total investment income from controlled affiliate company investments126 106 
Total investment income220,700 164,770 
Expenses
Interest and other debt financing expenses79,643 41,560 
Base management fee21,581 13,956 
Incentive fee18,058 21,285 
Professional fees1,840 1,308 
Administrative service fee2,902 2,245 
General and administrative expenses561 381 
Total expenses124,585 80,735 
Net investment income - before tax96,115 84,035 
Excise and income tax(475)500 
Net investment income - after tax96,590 83,535 
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments(25,356)909 
Foreign currency transactions(3,705)187 
Forward currency contracts1,206 — 
Net realized gain (loss) on investment transactions (27,855)1,096 
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments40,085 3,047 
Non-controlled affiliate company investments3,622 (12,225)
Controlled affiliate company investments(86)(126)
Translation of assets and liabilities in foreign currencies(22,973)6,187 
Forward currency contracts 21,927 (5,715)
Net change in unrealized appreciation (depreciation) on investment transactions 42,575 (8,832)
Net gain (loss) on investment transactions 14,720 (7,736)
Net realized gain (loss) on extinguishment of debt(48)— 
(Provision) benefit for taxes on unrealized appreciation on investments52 (23)
Net increase (decrease) in net assets resulting from operations$111,314 $75,776 
Per Common Share Data
Basic and diluted earnings per common share (Note 10)
$0.42 $0.45 
Dividends and distributions declared per common share$0.48 $0.44 
Basic and diluted weighted average common shares outstanding (Note 10)
264,343,512 169,650,233 

See Notes to Consolidated Financial Statements.
4
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2023
169,594,742 $170 $2,646,912 $(99,204)$2,547,878 
Net increase (decrease) in net assets resulting from operations
Net investment income after taxes— — — 83,535 83,535 
Net realized gain (loss) on investment transactions— — — 1,096 1,096 
Net change in unrealized appreciation (depreciation) on investment transactions— — — (8,832)(8,832)
(Provision) benefit for taxes on unrealized appreciation on investments— — — (23)(23)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan991,053 1 14,885 — 14,886 
Distributions from distributable earnings— — — (74,622)(74,622)
Total increase (decrease) for the three months ended December 31, 2023
991,053 1 14,885 1,154 16,040 
Balance at December 31, 2023
170,585,795 $171 $2,661,797 $(98,050)$2,563,918 
Balance at September 30, 2024
264,277,128 $264 $4,167,258 $(152,993)$4,014,529 
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 96,590 96,590 
Net realized gain (loss) on investment transactions— — — (27,855)(27,855)
Net realized gain (loss) on extinguishment of debt— — — (48)(48)
Net change in unrealized appreciation (depreciation) on investment transactions— — — 42,575 42,575 
(Provision) benefit for taxes on unrealized appreciation on investments— — — 52 52 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan1,221,469 1 18,553 — 18,554 
Distributions from distributable earnings— — — (126,853)(126,853)
Total increase (decrease) for the three months ended December 31, 2024
1,221,469 1 18,553 (15,539)3,015 
Balance at December 31, 2024
265,498,597 $265 $4,185,811 $(168,532)$4,017,544 
See Notes to Consolidated Financial Statements.
5

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

Three months ended December 31,
  20242023
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$111,314 $75,776 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs2,645 2,109 
Accretion of discounts and amortization of premiums on investments(569)(3,673)
Accretion of discounts and amortization of premiums on issued debt securities863 41 
Net realized (gain) loss on investments25,356 (909)
Net realized (gain) loss on foreign currency transactions3,705 (187)
Net realized (gain) loss on forward currency contracts(1,206)— 
Net realized (gain) loss on extinguishment of debt48 — 
Net change in unrealized (appreciation) depreciation on investments(43,621)9,304 
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies22,973 (6,187)
Net change in unrealized (appreciation) depreciation on interest rate swap4,662 (301)
Net change in unrealized (appreciation) depreciation on forward currency contracts(21,927)5,715 
Proceeds from (fundings of) revolving loans, net(2,169)(235)
Fundings of investments(909,514)(73,242)
Proceeds from principal payments and sales of portfolio investments450,173 179,411 
Proceeds from settlements of forward currency contracts4,100 — 
Payment-in-kind interest capitalized(13,211)(13,715)
Non-cash dividends capitalized(7,264)(4,251)
Proceeds from non-cash dividends1,824 — 
Changes in operating assets and liabilities:
Interest receivable740 3,560 
Other assets(11,632)(12,390)
Interest payable5,817 1,834 
Management and incentive fees payable5,204 (36)
Accrued trustee fees(55)(100)
Accounts payable and other liabilities(2,991)1,105 
Net cash provided by (used in) operating activities(374,735)163,629 
Cash flows from financing activities    
Borrowings on debt3,390,158 563,746 
Repayments of debt(3,037,745)(629,508)
Capitalized debt issuance costs(5,978)(5,314)
Distributions paid(108,299)(59,736)
Net cash provided by (used in) financing activities238,136 (130,812)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies(136,599)32,817 
Effect of foreign currency exchange rates(2,079)396 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period359,552 140,206 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$220,874 $173,419 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest$69,118 $37,576 
Distributions declared for the period126,853 74,622 
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan$18,554 $14,886 



See Notes to Consolidated Financial Statements.
6


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





The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of
December 31, 2024September 30, 2024
Cash and cash equivalents$103,508 $123,120 
Foreign currencies (cost of $6,825 and $7,973, respectively)
6,769 8,044 
Restricted cash and cash equivalents110,597 227,152 
Restricted foreign currencies (cost of $0 and $1,219, respectively)
— 1,236 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)
$220,874 $359,552 
(1) 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
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*One stopSF +6.50%(i)10.93%02/2029$34,289 $34,055 0.9%$34,804 
PPW Aero Buyer, Inc.+One stopSF +5.50%(i)9.83%02/20294,744 4,713 0.14,744 
PPW Aero Buyer, Inc.+(5)One stopSF +5.50%N/A(6)02/2029— (79)—— 
PPW Aero Buyer, Inc.+One stopSF +6.50%(a)(h)(i)11.85%02/202952 51 —52 
39,085 38,740 1.039,600 
Air Freight & Logistics
RJW Group Holdings, Inc.+One stopSF +5.25%(i)9.58%11/203146,415 45,496 1.145,486 
RJW Group Holdings, Inc.+(5)One stopSF +5.25%N/A(6)11/2031— (34)—(34)
46,415 45,462 1.145,452 
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(26)One stopSF +7.00%(i)7.43% cash/4.00%PIK12/20268,903 8,795 0.28,725
Auto Components                
Arnott, LLC+One stopSF +4.75%(i)9.08%11/20304,772 4,725 0.14,724 
Arnott, LLC+(5)One stopSF +4.75%N/A(6)11/2030— (8)—(8)
Collision SP Subco, LLC+One stopSF +5.50%(i)10.09%01/2030884 874 —884 
Collision SP Subco, LLC+One stopSF +5.50%(i)(j)10.12%01/2030259 254 —259 
Collision SP Subco, LLC+One stopSF +5.50%(i)10.09%01/203014 13 —14 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)9.22%08/20276,809 6,763 0.26,537 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)9.24%08/20271,378 1,357 —1,322 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)9.08%08/2027186 182 —178 
North Haven Falcon Buyer, LLC+(26)One stopSF +8.00%(i)7.51% cash/5.00%PIK05/20279,223 8,538 0.27,378 
North Haven Falcon Buyer, LLC+(26)One stopSF +8.00%(i)7.49% cash/5.00%PIK05/20271,544 1,429 —1,235 
OEConnection, LLC*One stopSF +5.00%(h)9.36%04/203110,263 10,219 0.310,263 
OEConnection, LLC+(5)One stopSF +5.00%N/A(6)04/2031— (34)—— 
OEConnection, LLC+(5)One stopSF +5.00%N/A(6)04/2031— (8)—— 
OEConnection, LLC+(5)One stopSF +5.00%N/A(6)04/2031— (8)—— 
Polk Acquisition Corp.+(26)Senior securedSF +7.50%(h)9.71% cash/2.25%PIK03/202518,658 18,514 0.518,658 
Polk Acquisition Corp.+(26)Senior securedSF +7.50%(h)9.71% cash/2.25%PIK03/2025110 110 —110 
Polk Acquisition Corp.+(26)Senior securedSF +7.50%(h)9.71% cash/2.25%PIK03/2025140 140 —140 
54,240 53,060 1.351,694 
Automobiles                
CAP-KSI Holdings, LLC+One stopSF +5.25%(i)9.58%06/20306,568 6,477 0.26,568 
CAP-KSI Holdings, LLC+One stopSF +5.25%(h)9.61%06/2030182 168 —182 
CG Group Holdings, LLC*+(26)One stopSF +8.75%(i)11.08% cash/2.00%PIK07/202746,033 45,834 1.246,033 
CG Group Holdings, LLC+(26)One stopSF +8.75%(h)11.11% cash/2.00%PIK07/2026708 702 —708 
Denali Midco 2, LLC*One stopSF +5.25%(h)9.61%12/202838,258 38,014 1.038,258 
Denali Midco 2, LLC+(26)Second lienN/A13.00%PIK12/202910,501 10,404 0.310,501 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20288,917 9,071 0.28,917 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20272,668 2,715 0.12,668 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,621 1,649 0.11,621 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,540 1,567 0.11,540 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,344 1,368 —1,344 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,293 1,277 —1,293 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,108 1,104 —1,108 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,075 1,072 —1,075 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/20281,075 1,072 —1,075 

See Notes to Consolidated Financial Statements.
8
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/2028$887 $885 —%$887 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.59%12/2028572 570 —572 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/2028403 398 —403 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/2028348 344 —348 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/2028294 291 —294 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/2028292 282 —292 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/2028173 171 —173 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.61%12/202887 85 —87 
Denali Midco 2, LLC+(5)One stopSF +5.25%N/A(6)12/2028— (5)—— 
High Bar Brands Operating, LLC+Senior securedSF +5.00%(i)9.33%12/20291,433 1,429 0.11,433 
High Bar Brands Operating, LLC+Senior securedSF +5.00%(i)9.33%12/2029298 297 —298 
High Bar Brands Operating, LLC+Senior securedSF +5.00%(i)9.33%12/2029254 250 —254 
High Bar Brands Operating, LLC+(5)Senior securedSF +5.25%N/A(6)12/2029— (1)—— 
JHCC Holdings LLC*+One stopSF +5.25%(i)9.58%09/202717,844 17,769 0.517,844 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/20276,336 6,316 0.26,336 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/20275,166 5,242 0.15,166 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/20274,938 4,940 0.14,938 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/20272,785 2,804 0.12,785 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/20271,655 1,642 —1,655 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/2027732 728 —732 
JHCC Holdings LLC+One stopSF +5.25%(i)9.58%09/2027693 691 —693 
JHCC Holdings LLC+One stopP + 4.25%(a)11.75%09/2027100 99 —100 
JHCC Holdings LLC+(5)One stopSF +5.25%N/A(6)09/2027— (36)—— 
MOP GM Holding, LLC^*+One stopSF +5.75%(i)10.23%11/202632,803 32,774 0.832,803 
MOP GM Holding, LLC+One stopSF +5.75%(j)10.33%11/20263,855 3,848 0.13,855 
MOP GM Holding, LLC*+One stopSF +5.75%(j)11.09%11/20263,608 3,589 0.13,608 
MOP GM Holding, LLC^*One stopSF +5.75%(j)11.09%11/20263,527 3,507 0.13,527 
MOP GM Holding, LLC^*One stopSF +5.75%(i)10.23%11/20262,614 2,600 0.12,614 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/20262,156 2,144 0.12,156 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/20261,987 1,971 —1,987 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.23%11/2026723 719 —723 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.23%11/2026531 529 —531 
MOP GM Holding, LLC+One stopSF +5.75%(i)(j)10.35%11/2026400 397 —400 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/2026267 265 —267 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.23%11/2026202 202 —202 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/202689 88 —89 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.23%11/202688 88 —88 
MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (30)—— 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(i)(j)9.84%07/20297,924 7,879 0.27,924 
National Express Wash Parent Holdco, LLC+One stopSF +6.00%(j)10.63%07/20291,671 1,657 —1,679 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(j)9.86%07/2029386 379 —386 
National Express Wash Parent Holdco, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (2)—— 
POY Holdings, LLC^*+One stopSF +5.50%(i)9.98%11/202728,416 28,670 0.728,416 
POY Holdings, LLC+One stopSF +5.50%(i)9.98%11/20273,694 3,750 0.13,694 
POY Holdings, LLC*+One stopSF +5.50%(i)9.98%11/20271,308 1,307 —1,308 
POY Holdings, LLC+One stopSF +5.50%(i)10.24%11/2027871 870 —871 
POY Holdings, LLC+One stopSF +5.50%(i)9.98%11/2027649 649 —649 
POY Holdings, LLC+One stopSF +5.50%(i)9.98%11/2027290 290 —290 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (2)—— 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (26)—— 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.11%06/20314,189 4,157 0.14,189 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.12%06/203193 86 —93 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (3)—— 

See Notes to Consolidated Financial Statements.
9
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
TWAS Holdings, LLC*One stopSF +6.75%(h)11.21%12/2026$46,683 $46,515 1.2%$46,683 
TWAS Holdings, LLC*+One stopSF +6.75%(h)11.21%12/202641,699 41,657 1.041,699 
TWAS Holdings, LLC*One stopSF +6.75%(h)11.21%12/202610,826 10,815 0.310,826 
TWAS Holdings, LLC+One stopSF +6.75%(h)11.21%12/20268,267 8,317 0.28,267 
TWAS Holdings, LLC+One stopSF +6.75%(h)11.21%12/20265,250 5,283 0.15,250 
TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (5)—— 
Yorkshire Parent, Inc.+One stopSF +6.00%(i)10.33%12/20292,629 2,664 0.12,629 
Yorkshire Parent, Inc.+One stopSF +6.00%(i)10.52%12/2029214 213 —214 
Yorkshire Parent, Inc.+One stopSF +6.00%(i)10.33%12/202914 14 —14 
386,104 385,510 9.6386,112 
Banks
Empyrean Solutions, LLC+One stopSF +4.75%(i)9.08%11/20319,283 9,237 0.29,236 
Empyrean Solutions, LLC+(5)One stopSF +4.75%N/A(6)11/2031— (7)—(7)
Empyrean Solutions, LLC+(5)One stopSF +4.75%N/A(6)11/2031— (18)—(19)
OSP Hamilton Purchaser, LLC+One stopSF +5.25%(i)9.84%12/20291,740 1,764 0.11,740 
OSP Hamilton Purchaser, LLC+One stopSF +5.25%(i)9.84%12/2029330 325 —330 
OSP Hamilton Purchaser, LLC+One stopSF +5.25%(i)9.84%12/202934 33 —34 
11,387 11,334 0.311,314 
Beverages
Financial Information Technologies, LLC*One stopSF +5.25%(i)9.58%06/203034,539 34,471 0.934,539 
Financial Information Technologies, LLC+(26)One stopN/A14.00%PIK06/203120,606 20,474 0.521,224 
Financial Information Technologies, LLC+One stopSF +5.25%N/A(6)06/2030— — —— 
Financial Information Technologies, LLC+One stopSF +5.25%(i)9.58%06/20302,215 2,212 0.12,215 
Financial Information Technologies, LLC+(5)One stopSF +5.25%N/A(6)06/2030— (1)—— 
Watermill Express, LLC^*One stopSF +5.25%(i)9.73%07/20293,055 3,039 0.13,071 
Watermill Express, LLC+One stopSF +5.25%(i)9.73%07/2029295 294 —297 
Watermill Express, LLC+One stopSF +5.25%(h)(i)9.81%07/2029209 205 —209 
Watermill Express, LLC+One stopSF +5.25%(i)9.73%07/2029737 732 —742 
Watermill Express, LLC+One stopSF +5.25%(i)9.77%07/2029369 368 —371 
Watermill Express, LLC+One stopSF +4.75%(i)9.23%07/2029580 568 —580 
Winebow Holdings, Inc.*One stopSF +6.25%(h)10.71%12/20279,327 9,188 0.28,488 
71,932 71,550 1.871,736 
Building Products
BECO Holding Company, Inc.*+One stopSF +5.25%(i)9.73%11/202840,893 41,487 1.040,893 
BECO Holding Company, Inc.+(5)One stopSF +5.25%N/A(6)11/2027— (2)—— 
40,893 41,485 1.040,893 
Capital Markets
BlueMatrix Holdings, LLC+One stopSF +5.25%(i)9.58%01/20312,533 2,556 0.12,533 
BlueMatrix Holdings, LLC+One stopSF +5.25%N/A(6)01/2031— — —— 
BlueMatrix Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2031— (7)—— 
2,533 2,549 0.12,533 
Chemicals
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)7.24% cash/4.00%PIK06/202515,285 13,800 0.312,534 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)7.24% cash/4.00%PIK06/202513,880 13,348 0.311,382 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)7.24% cash/4.00%PIK06/20252,700 2,591 0.12,213 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)7.24% cash/4.00%PIK06/2025317 300 —257 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)9.11%03/20299,815 9,724 0.29,815 
Krayden Holdings, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2029— (31)—— 
Krayden Holdings, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2029— (45)—— 

See Notes to Consolidated Financial Statements.
10
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PHM NL SP Bidco B.V.+(8)(9)(14)(26)One stopE + 6.75%(d)6.91% cash/3.00%PIK09/2028$47,511 $50,243 1.1%$45,135 
PHM NL SP Bidco B.V.+(8)(14)(26)One stopSF +6.75%(g)8.31% cash/3.00%PIK09/202819,993 19,252 0.518,993 
PHM NL SP Bidco B.V.+(8)(9)(14)(26)One stopSN +6.75%(f)8.45% cash/3.00%PIK09/202810,918 11,042 0.310,372 
PHM NL SP Bidco B.V.+(8)(9)(14)(26)One stopE + 6.75%(d)6.40% cash/3.00%PIK09/20285,033 5,215 0.14,786 
125,452 125,439 2.9115,487 
Commercial Services & Supplies
BradyIFS Holdings, LLC^+One stopSF +5.00%(i)9.52%10/20295,209 5,278 0.15,209 
BradyIFS Holdings, LLC+One stopSF +5.00%(i)9.40%10/202933 32 —33 
CI (Quercus) Intermediate Holdings, LLC*+One stopSF +5.00%(i)9.33%06/203128,778 28,463 0.728,778 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(h)9.36%06/203153 35 —53 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.33%06/2031669 621 —669 
Encore Holdings, LLC+One stopSF +5.25%(i)9.68%11/20284,552 4,493 0.14,564 
Encore Holdings, LLC+One stopSF +5.25%(i)9.68%11/2028905 893 —907 
Encore Holdings, LLC+One stopSF +5.00%(i)9.33%11/20281,498 1,491 —1,498 
Encore Holdings, LLC+One stopSF +4.75%(i)9.08%11/20285,975 5,917 0.25,914 
Encore Holdings, LLC+(5)One stopSF +4.75%N/A(6)11/2028— (21)—(43)
FR Vision Holdings, Inc.+One stopSF +5.50%(h)(i)10.12%01/20311,067 1,064 —1,067 
FR Vision Holdings, Inc.+One stopSF +5.50%(i)10.08%01/2031145 144 —145 
FR Vision Holdings, Inc.+One stopSF +5.50%N/A(6)01/2030— — —— 
Kleinfelder Intermediate, LLC+One stopSF +5.00%(h)9.36%09/20304,077 3,981 0.14,077 
Kleinfelder Intermediate, LLC+One stopP + 4.00%(a)11.50%09/2028120 113 —120 
Kleinfelder Intermediate, LLC+(5)One stopSF +5.00%N/A(6)09/2030— (5)—— 
North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/20281,510 1,498 0.11,513 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.33%07/2027158 157 —158 
North Haven Stack Buyer, LLC*+Senior securedSF +5.25%(i)9.76%07/20271,560 1,546 0.11,564 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.46%07/2027518 494 —518 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.58%07/2027284 281 —284 
North Haven Stack Buyer, LLC+(5)Second lienN/AN/A(6)01/2028— (14)—— 
North Haven Stack Buyer, LLC*Senior securedSF +5.25%(i)9.84%07/202712,254 12,241 0.312,283 
North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/20282,293 2,274 0.12,299 
North Haven Stack Buyer, LLC*+Senior securedSF +5.25%(i)9.58%07/20271,477 1,469 0.11,481 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.58%07/20271,415 1,407 0.11,418 
North Haven Stack Buyer, LLC*Senior securedSF +5.25%(i)9.84%07/20274,128 4,116 0.14,138 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.84%07/20271,367 1,363 —1,371 
North Haven Stack Buyer, LLC*Senior securedSF +5.25%(i)9.84%07/20271,362 1,358 —1,365 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.77%07/2027200 199 —200 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.84%07/2027100 99 —100 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.70%07/2027443 435 —443 
North Haven Stack Buyer, LLC*+Senior securedSF +5.25%(i)9.58%07/20272,276 2,264 0.12,281 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.58%07/2027483 480 —485 
North Haven Stack Buyer, LLC+(5)(26)Second lienN/AN/A(6)01/2028— (5)—2 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.33%07/2027908 902 —908 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.33%07/2027687 683 —687 
Profile Products LLC+One stopSF +5.50%(j)10.04%11/20279,029 8,957 0.28,848 
Profile Products LLC+(8)One stopSF +5.50%(j)10.04%11/20271,830 1,808 —1,793 
Profile Products LLC+One stopP + 4.50%(a)12.00%11/202726 24 —24 
Profile Products LLC+(5)One stopSF +5.75%N/A(6)11/2027— (1)—(2)
PSC Parent, Inc.*+One stopSF +5.25%(h)9.76%04/20315,492 5,482 0.25,492 
PSC Parent, Inc.+One stopSF +5.25%(a)(h)9.97%04/2030476 469 —476 
PSC Parent, Inc.+(5)One stopSF +5.25%N/A(6)04/2031— (6)—— 
PSC Parent, Inc.+One stopSF +5.25%(h)9.61%04/2031915 911 —915 
PT Intermediate Holdings III, LLC+(26)One stopSF +5.00%(i)7.58% cash/1.75%PIK04/203012,289 12,315 0.312,289 

See Notes to Consolidated Financial Statements.
11
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PT Intermediate Holdings III, LLC+(5)One stopSF +4.75%N/A(6)04/2030$— $(1)—%$— 
Radwell Parent, LLC^*One stopSF +5.50%(i)9.83%03/202934,202 33,899 0.933,859 
Radwell Parent, LLC*+One stopSF +5.50%(i)9.83%03/202932,874 32,923 0.832,546 
Radwell Parent, LLC+One stopSF +5.50%(i)9.83%03/2029248 202 —235 
Radwell Parent, LLC+(5)One stopSF +5.50%N/A(6)03/2029— (1)—(7)
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)9.76%06/20282,632 2,612 0.12,638 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)10.01%06/2028530 530 —531 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%N/A(6)06/2028— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)9.78%06/2028494 493 —495 
Trinity Air Consultants Holdings Corporation+One stopSF +4.50%N/A(6)06/2028— — —— 
WRE Holding Corp.*One stopSF +5.00%(j)9.25%07/203116,473 16,320 0.416,473 
WRE Holding Corp.+One stopSF +5.00%(j)9.52%07/20311,355 1,334 —1,355 
WRE Holding Corp.+(5)One stopSF +5.00%N/A(6)07/2030— (22)—— 
205,369 203,994 5.1204,449 
Communications Equipment
Lightning Finco Limited+(8)(10)One stopSF +5.25%(g)9.99%09/202814,802 14,778 0.414,802 
Lightning Finco Limited+(8)(9)(10)One stopE + 5.25%(d)7.83%09/20281,573 1,744 —1,573 
16,375 16,522 0.416,375 
Construction & Engineering
Consor Intermediate II, LLC*One stopSF +4.50%(i)8.83%05/20314,040 4,051 0.14,040 
Consor Intermediate II, LLC+(5)One stopSF +4.50%N/A(6)05/2031— (17)—— 
Consor Intermediate II, LLC+(5)One stopSF +4.50%N/A(6)05/2031— (3)—— 
4,040 4,031 0.14,040 
Containers & Packaging
Chase Intermediate*+One stopSF +4.75%(i)9.34%10/202849,205 49,881 1.349,205 
Chase Intermediate+(5)One stopSF +4.75%N/A(6)10/2028— (2)—— 
Chase Intermediate+One stopSF +4.75%(i)9.22%10/2028935 930 —935 
Fortis Solutions Group, LLC^*+One stopSF +5.50%(i)9.93%10/202851,400 51,049 1.351,400 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.93%10/2028595 500 —595 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.93%10/2028141 79 —141 
Fortis Solutions Group, LLC+One stopSF +5.50%(a)(i)10.32%10/2027212 204 —212 
 102,488 102,641 2.6102,488 
Diversified Consumer Services
Any Hour, LLC*One stopSF +5.00%(i)9.33%05/20309,043 8,982 0.28,862 
Any Hour, LLC+(26)One stopN/A13.00%PIK05/20312,971 2,922 0.12,942 
Any Hour, LLC+One stopSF +5.00%(i)9.45%05/2030455 442 —436 
Any Hour, LLC+One stopSF +5.00%(i)9.33%05/2030256 238 —203 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.51%10/20304,423 4,494 0.14,423 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.50%10/20304,026 3,959 0.14,026 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.51%10/20301,052 1,039 —1,052 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.51%10/202954 53 —54 
Certus Pest, Inc.*One stopSF +5.25%(i)9.73%08/20271,730 1,711 0.11,722 
Certus Pest, Inc.*One stopSF +5.25%(i)9.73%08/20271,659 1,635 0.11,651 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.73%08/20271,197 1,193 —1,191 
Certus Pest, Inc.*One stopSF +5.25%(i)9.73%08/20271,182 1,172 —1,176 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.73%08/2027820 812 —816 
Certus Pest, Inc.*One stopSF +5.25%(i)9.73%08/2027723 708 —719 
Certus Pest, Inc.+One stopSF +5.25%(i)9.73%08/2027704 700 —701 
Certus Pest, Inc.*+One stopSF +5.25%(i)9.73%08/2027416 412 —413 
Certus Pest, Inc.+One stopSF +5.25%(i)9.73%08/2027260 255 —259 

See Notes to Consolidated Financial Statements.
12
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Certus Pest, Inc.+One stopSF +5.25%(i)9.73%08/2027$142 $135 —%$142 
Certus Pest, Inc.+One stopSF +5.25%(i)9.73%08/202760 58 —60 
Certus Pest, Inc.+One stopSF +5.25%N/A(6)08/2027— — —— 
Certus Pest, Inc.+(5)One stopSF +5.25%N/A(6)08/2027— (60)—(61)
CHHJ Midco, LLC*+Senior securedSF +5.00%(i)9.48%01/20263,722 3,716 0.13,722 
CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— 
CHVAC Services Investment, LLC*+One stopSF +5.00%(i)9.33%05/20304,317 4,254 0.14,317 
CHVAC Services Investment, LLC+One stopSF +5.00%(i)9.33%05/2030718 690 —718 
CHVAC Services Investment, LLC+(5)One stopSF +5.00%N/A(6)05/2030— (3)—— 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.99%07/20272,394 2,383 0.12,394 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.99%07/20272,333 2,317 0.12,333 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.99%07/20271,529 1,520 0.11,529 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(i)10.17%07/20271,380 1,378 —1,380 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.99%07/20271,152 1,144 —1,152 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.98%07/20271,080 1,074 —1,080 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(i)10.14%07/20271,045 1,043 —1,045 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(i)10.15%07/2027919 918 —919 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.99%07/2027694 689 —694 
COP Hometown Acquisitions, Inc.+(5)Senior securedSF +5.25%N/A(6)07/2027— (2)—— 
EMS LINQ, LLC^+One stopSF +6.25%(i)10.86%12/202713,835 13,866 0.413,835 
EMS LINQ, LLC+One stopSF +6.25%(i)10.81%12/2027120 119 —120 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.98%07/20294,378 4,381 0.14,378 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.98%07/20291,263 1,242 —1,263 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.98%07/202930 29 —30 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.48%03/20261,082 1,082 —1,061 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.48%03/2026922 920 —904 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.48%03/2026102 102 —100 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.48%03/202638 38 —36 
FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(i)(j)5.69% cash/5.75%PIK03/202722,431 21,652 0.417,945 
FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(i)5.70% cash/5.75%PIK03/2027553 553 —553 
FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(h)(i)(j)5.46% cash/5.75%PIK03/202740 40 —40 
FSS Buyer LLC+One stopSF +5.00%(h)9.36%08/20287,647 7,633 0.27,647 
FSS Buyer LLC+One stopSF +5.00%N/A(6)08/2027— — —— 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.76%06/202911,521 11,502 0.311,521 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.88%06/2029338 336 —338 
HS Spa Holdings, Inc.+One stopSF +5.25%(a)(h)10.06%06/202842 40 —42 
Learn-it Systems, LLC+(26)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/20263,372 3,366 0.13,372 
Learn-it Systems, LLC+(26)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/20261,986 1,980 —1,986 
Learn-it Systems, LLC+(26)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/2026846 842 —846 
Learn-it Systems, LLC+Senior securedSF +5.25%N/A(6)09/2026— — —— 
Liminex, Inc.+One stopSF +7.25%(h)11.71%11/202635,650 35,618 0.935,650 
Liminex, Inc.+One stopSF +7.25%(h)11.71%11/202623,516 23,452 0.623,516 
Liminex, Inc.^+One stopSF +7.25%(h)11.71%11/202620,321 20,642 0.520,321 
Liminex, Inc.+One stopSF +7.25%(h)11.71%11/202615,953 15,786 0.415,953 
Litera Bidco, LLC*One stopSF +5.00%(h)9.36%05/20285,188 5,199 0.25,188 
Litera Bidco, LLC+One stopSF +5.00%(h)9.36%05/20281,058 1,052 —1,058 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (2)—— 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (1)—— 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.21%04/202911,354 11,302 0.311,014 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.21%04/20295,228 5,254 0.15,071 
Mario Purchaser, LLC+(26)One stopSF +10.75%(h)15.21%PIK04/20324,607 4,625 0.14,561 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.21%04/2029455 416 —318 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.21%04/202844 43 —40 

See Notes to Consolidated Financial Statements.
13
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
NSG Buyer, Inc. *+One stopSF +6.50%(h)10.96%11/2029$34,243 $34,182 0.9%$34,501 
NSG Buyer, Inc. +One stopSF +5.75%(h)10.11%11/20292,728 2,722 0.12,728 
NSG Buyer, Inc. +(5)One stopSF +6.50%N/A(6)11/2028— (1)—— 
NSG Buyer, Inc. +(5)One stopSF +5.75%N/A(6)11/2029— (1)—— 
PADI Holdco, Inc.*One stopSF +6.25%(i)10.91%01/202721,298 21,105 0.621,191 
PADI Holdco, Inc.+(8)(9)One stopE + 6.25%(c)9.15%01/202718,667 20,385 0.518,573 
PADI Holdco, Inc.+One stopSF +6.25%(i)11.00%01/2027821 813 —816 
PADI Holdco, Inc.+One stopSF +6.25%(i)10.83%01/2027170 168 —169 
PADI Holdco, Inc.+One stopSF +6.25%(i)11.01%01/202795 93 —94 
Provenance Buyer LLC*One stopSF +5.50%(h)9.96%06/202720,742 20,579 0.519,912 
Provenance Buyer LLC*One stopSF +5.50%(h)9.96%06/202713,974 13,916 0.313,415 
Provenance Buyer LLC+One stopSF +5.50%(h)9.95%06/2027200 197 —190 
RW AM Holdco LLC+One stopSF +5.25%(i)9.68%04/202826,301 25,643 0.623,671 
RW AM Holdco LLC+(5)One stopSF +5.25%N/A(6)04/2028— (13)—(30)
Severin Acquisition, LLC+(26)One stopSF +5.00%(h)7.11% cash/2.25%PIK10/203135,391 35,052 0.935,391 
Severin Acquisition, LLC+(5)One stopSF +4.75%N/A(6)10/2031— (43)—— 
Severin Acquisition, LLC+(5)One stopSF +4.75%N/A(6)10/2031— (36)—— 
Virginia Green Acquisition, LLC+One stopSF +5.25%(j)9.53%12/20302,409 2,448 0.12,409 
Virginia Green Acquisition, LLC+One stopSF +5.25%(j)9.56%12/2030121 120 —121 
Virginia Green Acquisition, LLC+One stopSF +5.25%N/A(6)12/2029— — —— 
423,536 422,419 10.3413,928 
Diversified Financial Services
Avalara, Inc.+One stopSF +6.25%(i)10.58%10/202818,170 18,099 0.518,170 
Avalara, Inc.+(5)One stopSF +7.25%N/A(6)10/2028— (2)—— 
Baker Tilly Advisory Group, LP+One stopSF +4.75%(h)9.11%06/20313,292 3,248 0.13,292 
Baker Tilly Advisory Group, LP+(5)One stopSF +5.00%N/A(6)06/2030— (9)—— 
Baker Tilly Advisory Group, LP+(5)One stopSF +5.00%N/A(6)06/2031— (3)—— 
Banker's Toolbox, Inc.*+One stopSF +4.50%(i)8.83%07/202720,517 20,473 0.520,517 
Banker's Toolbox, Inc.+One stopSF +4.50%N/A(6)07/2027— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%(d)8.84%07/203115,420 15,964 0.415,420 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)Subordinated debtE + 8.00%(c)(d)3.59% cash/8.00%PIK07/20321,852 1,917 —1,852 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Corsair Blade IV S.A R.L.+(8)(13)One stopSF +5.50%(g)9.81%12/20303,623 3,623 0.13,587 
Corsair Blade IV S.A R.L.+(8)(9)(13)One stopSN +5.50%(f)10.20%12/20301,086 854 —818 
Finastra USA, Inc.+One stopSF +7.25%(i)11.65%09/20295,360 5,283 0.15,386 
Finastra USA, Inc.+One stopSF +7.25%(i)11.65%09/202962 61 —62 
Flash Topco, Inc.+One stopSF +6.00%(i)10.69%10/202817,050 16,836 0.416,922 
Flash Topco, Inc.+One stopSF +6.00%(i)10.40%10/20283,403 3,386 0.13,369 
Flash Topco, Inc.+One stopSF +6.50%(i)10.83%10/202892 89 —92 
Higginbotham Insurance Agency, Inc.+One stopSF +4.50%(h)8.86%11/20288,073 8,106 0.28,073 
Higginbotham Insurance Agency, Inc.+One stopSF +4.75%(h)9.11%11/2028366 363 —366 
Medlar Bidco Limited+(8)(9)(21)One stopSN +5.00%N/A(6)01/2032— — —— 
Medlar Bidco Limited+(8)(9)(21)One stopSN +5.00%N/A(6)01/2032— — —— 
Medlar Bidco Limited+(5)(8)(9)(21)One stopSN +5.00%N/A(6)01/2032— — —(59)
Wealth Enhancement Group, LLC+One stopSF +5.00%(i)9.57%10/20283,988 3,982 0.13,968 
Wealth Enhancement Group, LLC+One stopSF +5.00%(i)9.57%10/20282,876 2,871 0.12,861 
Wealth Enhancement Group, LLC+(5)One stopSF +5.00%N/A(6)10/2028— (2)—(3)
Wealth Enhancement Group, LLC+(5)One stopSF +5.00%N/A(6)10/2028— (21)—(21)
105,230 105,118 2.6104,672 


See Notes to Consolidated Financial Statements.
14
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC*Senior securedSF +5.00%(i)9.48%07/2027$1,529 $1,523 —%$1,529 
Electrical Equipment
Power Grid Holdings, Inc.+One stopSF +4.75%(i)9.08%12/20301,421 1,405 —1,421 
Power Grid Holdings, Inc.+(5)One stopSF +4.75%N/A(6)12/2030— (2)—— 
Wildcat TopCo, Inc.+One stopSF +5.00%(h)9.36%11/203123,478 23,248 0.623,243 
Wildcat TopCo, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (41)—(42)
Wildcat TopCo, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (21)—(21)
24,899 24,589 0.624,601 
Electronic Equipment, Instruments & Components
CST Holding CompanyOne stopSF +5.00%(h)9.46%11/202833,976 33,094 0.833,976 
CST Holding Company+(5)One stopSF +5.00%N/A(6)11/2028— (3)—— 
33,976 33,091 0.833,976 

Food & Staples Retailing
Mendocino Farms, LLC+One stopSF +5.50%(h)9.86%03/2030998 995 —998 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.86%03/203056 55 —56 
Mendocino Farms, LLC+One stopSF +5.50%N/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(h)9.86%03/2030112 111 —112 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)10.09%02/20311,141 1,137 0.11,141 
PDI TA Holdings, Inc.+One stopSF +5.50%N/A(6)02/2031— — —— 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)10.00%02/2031148 146 —148 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)11.98%07/20252,299 2,293 0.12,299 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)11.98%07/2025514 512 —514 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)11.98%07/2025339 338 —339 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)11.98%07/2025190 190 —190 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)11.98%07/2025— — —— 
Wineshipping.com LLC+One stopSF +5.75%(j)10.74%10/20279,648 9,519 0.28,587 
Wineshipping.com LLC+One stopSF +5.75%(j)10.45%10/2027264 259 —235 
Wineshipping.com LLC+One stopSF +5.75%(a)(i)(j)10.59%10/2027146 142 —128 
15,855 15,697 0.414,747 


See Notes to Consolidated Financial Statements.
15
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Blast Bidco Inc.+One stopSF +6.00%(i)10.33%10/2030$4,893 $4,834 0.1%$4,893 
Blast Bidco Inc.+(5)One stopSF +6.00%N/A(6)10/2029— (6)—— 
Borrower R365 Holdings, LLC^+One stopSF +6.00%(i)10.48%06/202718,823 18,812 0.518,823 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.48%06/20271,556 1,546 0.11,556 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.48%06/2027231 231 —231 
Borrower R365 Holdings, LLC+(5)One stopSF +6.00%N/A(6)06/2027— (1)—— 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)9.59%08/203013,063 12,941 0.313,063 
Eagle Family Foods Group, LLC+(5)One stopSF +5.00%N/A(6)08/2030— (14)—— 
Kodiak Cakes, LLC^*+Senior securedSF +5.25%(i)9.84%06/202846,262 45,885 1.246,262 
Kodiak Cakes, LLC+(5)Senior securedSF +5.25%N/A(6)06/2028— (4)—— 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(i)10.73%07/202713,665 13,635 0.413,529 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(h)(i)10.59%07/2027240 237 —236 
MAPF Holdings, Inc.^+One stopSF +6.50%(i)10.83%12/202651,840 51,684 1.247,695 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.83%12/2026600 593 —552 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.83%12/20261,661 1,636 —1,529 
MAPF Holdings, Inc.+(26)One stopN/A19.00%PIK12/20261,974 1,950 —1,752 
P&P Food Safety Holdings, Inc.*+One stopSF +6.00%(i)10.48%12/202624,747 24,715 0.624,501 
P&P Food Safety Holdings, Inc.+One stopSF +6.00%(i)10.87%12/202638 36 —36 
Wizard Bidco Limited+(8)(10)One stopSF +6.00%(i)10.33%03/202922,740 22,643 0.622,740 
Wizard Bidco Limited+(8)(9)(10)(26)One stopSN +5.00%(f)8.20% cash/1.50%PIK03/202910,307 10,629 0.29,870 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.00%(f)10.70%03/20297,787 7,720 0.27,787 
Wizard Bidco Limited+(8)(9)(10)One stopSN +4.75%(f)9.45%09/2028188 183 —180 
Wizard Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)03/2029— (40)—— 
220,615 219,845 5.4215,235 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+One stopSF +4.75%(h)9.11%06/20287,069 7,024 0.27,069 
Aspen Medical Products, LLC+One stopSF +4.75%(h)9.11%06/2028459 455 —459 
Aspen Medical Products, LLC+(5)One stopSF +4.75%N/A(6)06/2028— (1)—— 
Baduhenna Bidco Limited+(8)(10)One stopSF +5.95%(g)10.52%08/20287,745 7,749 0.27,745 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(c)8.99%08/20284,289 4,788 0.14,289 
Baduhenna Bidco Limited+(8)(10)One stopSF +5.95%(g)10.52%08/20281,912 1,912 —1,912 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +5.95%(f)10.77%08/20281,266 1,344 —1,266 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(c)8.68%08/20281,024 1,088 —1,024 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +5.95%(f)10.65%08/2028535 521 —535 
Belmont Instrument, LLC*One stopSF +6.25%(i)10.58%08/202814,467 14,367 0.414,467 
Belmont Instrument, LLC+One stopSF +6.25%(i)10.58%08/202822 20 —22 
Blades Buyer, Inc.*Senior securedSF +5.00%(i)9.60%03/202812,254 12,218 0.312,254 
Blades Buyer, Inc.*Senior securedSF +5.25%(i)9.85%03/20281,738 1,726 0.11,738 
Blades Buyer, Inc.+Senior securedSF +5.00%(i)9.60%03/20281,406 1,398 0.11,406 
Blades Buyer, Inc.+Senior securedSF +4.75%(i)9.35%03/202860 58 —58 
Blue River Pet Care, LLC*+One stopSF +5.00%(h)9.46%07/202662,779 62,860 1.662,779 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/202612,430 12,615 0.312,430 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/20262,898 2,941 0.12,898 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/20262,785 2,828 0.12,785 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/20262,758 2,799 0.12,758 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/20262,120 2,151 0.12,120 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/20261,255 1,255 —1,255 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/2026417 416 —417 
Blue River Pet Care, LLC+One stopSF +5.00%(a)(h)10.33%07/2026210 208 —210 

See Notes to Consolidated Financial Statements.
16
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/2026$294 $294 —%$294 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/2026300 299 —300 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.48%07/2026258 257 —258 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.46%07/2026228 227 —228 
CCSL Holdings, LLC*(8)One stopSF +5.50%(h)9.86%12/202821,007 20,960 0.521,007 
CCSL Holdings, LLC*(8)One stopSF +5.50%(h)9.86%12/20285,671 5,686 0.15,671 
CCSL Holdings, LLC+(8)(9)One stopSN +5.50%(f)10.20%12/20283,341 3,346 0.13,341 
CCSL Holdings, LLC+(8)One stopSF +5.50%(h)9.86%12/20283,489 3,460 0.13,489 
CCSL Holdings, LLC*+(8)One stopSF +5.50%(h)9.86%12/20282,898 2,873 0.12,898 
CCSL Holdings, LLC+(8)One stopSF +5.50%(h)9.86%12/2028120 118 —120 
CCSL Holdings, LLC+(5)(8)One stopSF +5.50%N/A(6)12/2028— (5)—— 
CCSL Holdings, LLC+(8)(9)One stopE + 5.50%(c)8.18%12/202830,585 31,949 0.830,585 
CCSL Holdings, LLC+(8)(9)One stopE + 5.50%(c)8.18%12/20285,991 6,029 0.15,991 
CMI Parent Inc.*One stopSF +5.00%(h)9.36%12/202622,525 22,432 0.622,525 
CMI Parent Inc.^*One stopSF +5.00%(h)9.36%12/202619,836 19,949 0.519,836 
CMI Parent Inc.^*Senior securedSF +5.00%(h)9.36%12/20269,508 9,544 0.29,508 
CMI Parent Inc.*One stopSF +5.00%(h)9.36%12/20268,921 8,953 0.28,921 
CMI Parent Inc.+(5)One stopSF +5.00%N/A(6)12/2026— (1)—— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)10.01%06/20317,911 7,838 0.27,911 
HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)05/2030— (8)—— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.83%06/20311,296 1,268 —1,296 
JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(h)7.21% cash/6.00%PIK03/20291,193 1,193 —1,193 
JHC Investment Intermediate Holdings, LLC+(7)(26)One stopSF +8.75%(i)13.18%PIK03/2029885 542 —814 
TIDI Legacy Products, Inc.+One stopSF +5.25%(h)9.61%12/20293,511 3,573 0.13,511 
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
YI, LLC+One stopSF +5.75%(i)10.39%12/20294,419 4,417 0.14,419 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (1)—— 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (9)—— 
296,085 297,923 7.4296,012 

See Notes to Consolidated Financial Statements.
17
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC +One stopSF +5.25%(h)9.71%12/2027$8,649 $8,603 0.2%$8,649 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.71%12/20278,131 8,171 0.28,131 
AAH TOPCO, LLC +(26)Subordinated debtN/A11.50%PIK12/20312,810 2,697 0.12,726 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.71%12/20272,353 2,374 0.12,353 
AAH TOPCO, LLC +(5)One stopSF +5.25%N/A(6)12/2027— (1)—— 
Active Day, Inc.*+One stopSF +5.00%(h)9.46%05/202617,343 17,272 0.417,343 
Active Day, Inc.+One stopSF +5.00%(h)9.46%05/20261,339 1,333 —1,339 
Active Day, Inc.+One stopSF +5.00%(h)9.46%05/2026863 859 —863 
Active Day, Inc.+One stopSF +5.00%(h)9.46%05/2026687 685 —687 
Active Day, Inc.+One stopSF +5.00%(h)9.46%05/2026606 604 —606 
Active Day, Inc.+One stopSF +5.00%(h)9.46%05/2026596 594 —596 
Active Day, Inc.+One stopSF +5.25%N/A(6)05/2026— — —— 
Active Day, Inc.+One stopSF +5.00%(h)9.46%05/2026— — —— 
Active Day, Inc.+(5)One stopSF +5.00%N/A(6)05/2026— (76)—— 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.54%03/202716,136 16,051 0.415,975 
Acuity Eyecare Holdings, LLC+(26)One stopN/A16.50%PIK06/202714,897 14,793 0.415,344 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.73%03/20273,985 3,966 0.13,965 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.78%03/20273,550 3,533 0.13,532 
Acuity Eyecare Holdings, LLC*+One stopSF +6.25%(i)10.73%03/20273,504 3,487 0.13,486 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.73%03/20273,131 3,121 0.13,115 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.67%03/20272,001 1,989 0.11,981 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.73%03/20271,824 1,820 0.11,815 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.64%03/20271,020 1,015 —1,010 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.73%03/2027442 440 —440 
Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.73% cash/6.75%PIK03/2027283 282 —319 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.73%03/2027211 210 —209 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.73%03/2027163 162 —162 
Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.77% cash/6.75%PIK03/2027110 110 —124 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(i)10.96%03/2027107 107 —107 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.73%03/20271 1 —1 
Acuity Eyecare Holdings, LLC+(5)One stopSF +6.25%N/A(6)03/2027— (1)—(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/202816,229 16,404 0.416,229 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+One stopSF +6.00%(i)10.61%03/20276,402 6,410 0.26,402 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+One stopSF +6.00%(i)10.61%03/20275,351 5,352 0.25,351 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20283,522 3,501 0.13,522 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20281,347 1,340 —1,347 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.69%03/2027835 834 —835 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.69%03/2027396 395 —396 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— 
Bamboo US Bidco LLC+One stopSF +5.25%(i)9.77%09/20302,733 2,675 0.12,705 
Bamboo US Bidco LLC+(8)(9)One stopE + 5.25%(c)8.25%09/20301,760 1,754 0.11,742 
Bamboo US Bidco LLC+One stopSF +5.25%(i)9.77%09/2030246 241 —242 
Bamboo US Bidco LLC+(5)One stopSF +5.25%N/A(6)09/2030— (7)—(7)
Bamboo US Bidco LLC+(5)One stopSF +5.25%N/A(6)09/2030— — —(7)
Bamboo US Bidco LLC+(5)One stopSF +5.25%N/A(6)10/2029— (12)—(6)
Community Care Partners, LLC+One stopSF +6.00%(h)10.47%06/20263,481 3,429 0.13,446 
CRH Healthcare Purchaser, Inc.*Senior securedSF +6.25%(i)10.73%06/202723,330 23,292 0.623,330 

See Notes to Consolidated Financial Statements.
18
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CRH Healthcare Purchaser, Inc.*Senior securedSF +6.25%(i)10.73%06/2027$6,302 $6,278 0.2%$6,302 
CRH Healthcare Purchaser, Inc.*+Senior securedSF +6.25%(i)10.73%06/20275,652 5,651 0.25,652 
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(i)10.73%06/20274,269 4,255 0.14,269 
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(i)10.63%06/2027264 261 —264 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.50%(j)9.93%04/2031771 758 —764 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.50%(f)10.20%04/2031447 445 —442 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.50%(h)9.86%10/20306 4 —4 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.50%(f)10.20%10/20306 6 —6 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopSF +11.00%N/A(6)04/2031— (2)—(2)
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/202715,593 15,322 0.415,203 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/20278,137 7,998 0.27,934 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/20274,209 4,144 0.14,103 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/20272,140 2,104 0.12,086 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/20271,889 1,860 —1,842 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/20271,176 1,139 —1,146 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027977 945 —952 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027962 939 —937 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027921 899 —897 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027834 814 —812 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027423 409 —412 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027358 349 —349 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027175 171 —170 
Encorevet Group LLC+One stopSF +6.75%(i)11.41%02/2027168 163 —163 
Encorevet Group LLC+One stopSF +8.75%(i)13.41%02/2027155 155 —156 
Encorevet Group LLC+(26)One stopN/A13.00%PIK05/202798 92 —94 
Encorevet Group LLC+One stopSF +6.75%(i)11.32%02/202794 92 —92 
ERC Topco Holdings, LLC+(7)(26)One stopSF +6.25%(i)7.33% cash/3.25%PIK11/202826,514 22,575 0.414,584 
ERC Topco Holdings, LLC+(7)(26)One stopSF +6.25%(i)4.60% cash/6.25%PIK11/2028914 342 —503 
ERC Topco Holdings, LLC+(7)(26)One stopSF +6.25%(i)7.80% cash/3.25%PIK11/2027213 191 —86 
ERC Topco Holdings, LLC+(7)(26)One stopSF +6.25%(i)4.33% cash/6.25%PIK11/20287 2 —4 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)9.39%03/202710,600 11,328 0.310,600 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)9.39%03/20273,831 4,101 0.13,831 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)9.39%03/20272,609 2,807 0.12,609 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)9.39%03/20272,484 2,669 0.12,484 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)One stopSF +5.75%(i)10.49%03/20271,105 1,104 —1,105 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(i)10.49%03/2027554 554 —554 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)9.39%03/2027453 474 —453 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(j)9.47%12/20262,526 2,547 0.12,526 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(j)9.47%12/20261,199 1,193 —1,199 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)12/2026— — —— 
Klick Inc.*(8)(12)Senior securedSF +4.50%(h)8.86%03/202813,593 13,619 0.313,593 
Klick Inc.+(8)(12)Senior securedSF +4.50%(h)8.86%03/20283,179 3,164 0.13,179 
Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2028— (2)—— 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.75%(i)10.08%05/20262,592 2,585 0.12,592 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.75%(i)10.08%05/20262,381 2,373 0.12,381 
Krueger-Gilbert Health Physics, LLC*Senior securedSF +5.75%(i)10.08%05/20261,521 1,522 —1,521 

See Notes to Consolidated Financial Statements.
19
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.75%(i)10.08%05/2026$1,392 $1,387 —%$1,392 
Krueger-Gilbert Health Physics, LLC+One stopSF +5.75%(i)10.08%05/2026669 667 —669 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(i)10.08%05/2026613 612 —613 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(i)10.08%05/202690 90 —90 
Krueger-Gilbert Health Physics, LLC+(5)Senior securedSF +5.75%N/A(6)05/2026— (1)—— 
LOV Acquisition LLC+Senior securedSF +4.50%(h)8.86%11/203125,123 24,999 0.624,997 
LOV Acquisition LLC+(5)Senior securedSF +4.50%N/A(6)11/2031— (13)—(13)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)(26)One stopCA +6.00%(l)7.49% cash/2.00%PIK05/202824,716 27,910 0.624,469 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.*(8)(12)One stopSF +5.50%(i)9.98%05/20285,866 5,802 0.15,778 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.*+(8)(12)One stopSF +5.50%(i)9.98%05/20284,139 4,066 0.14,077 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)8.99%05/20281,540 1,692 —1,524 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)8.99%05/2028802 867 —794 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.03%05/2026185 169 —182 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(26)One stopSF +6.00%(i)8.48% cash/2.00%PIK05/2028131 126 —129 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)One stopSF +5.50%N/A(6)05/2026— (2)—(2)
Pinnacle Treatment Centers, Inc.*One stopSF +5.50%(i)10.01%01/202718,283 18,074 0.518,283 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.50%(i)10.01%01/202712,244 12,139 0.312,244 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/20272,461 2,438 0.12,461 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/20272,377 2,359 0.12,377 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/20271,503 1,489 —1,503 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/20271,365 1,352 —1,365 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/2027679 672 —679 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/2027532 527 —532 
Pinnacle Treatment Centers, Inc.+One stopP + 4.25%(a)11.75%01/2027464 444 —464 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/2027178 178 —178 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.01%01/2027103 101 —103 
Premise Health Holding Corp.+One stopSF +5.50%(i)9.82%03/20311,388 1,382 —1,388 
Premise Health Holding Corp.+(5)One stopSF +5.50%N/A(6)03/2030— (1)—— 
Pyramid Healthcare Acquisition Corp.*One stopSF +4.75%(i)9.49%05/202725,034 25,088 0.625,034 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.49%05/20272,588 2,573 0.12,588 
Pyramid Healthcare Acquisition Corp.*One stopSF +4.75%(i)9.44%05/20272,164 2,157 0.12,164 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.41%05/20271,189 1,186 —1,189 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.47%05/20271,089 1,086 —1,089 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.49%05/2027735 733 —735 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.49%05/2027244 244 —244 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.49%05/2027215 215 —215 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.49%05/2027201 201 —201 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.41%05/2027201 201 —201 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.49%05/202779 79 —79 
Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 
Suveto Buyer, LLC*+One stopSF +4.75%(h)9.11%09/202727,672 27,665 0.727,568 
Suveto Buyer, LLC+One stopSF +4.75%(h)9.11%09/20276,680 6,564 0.26,559 
Suveto Buyer, LLC+One stopP + 3.75%(a)11.25%09/202718 16 —16 
467,627 465,739 11.3453,415 

See Notes to Consolidated Financial Statements.
20
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.+One stopSF +5.00%(i)9.33%05/2030$7,138 $7,107 0.2%$7,138 
Amberfield Acquisition Co.+One stopSF +5.00%(i)9.33%05/2030176 167 —176 
Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (2)—— 
Color Intermediate, LLC*Senior securedSF +4.75%(i)9.18%10/202917,521 17,481 0.517,521 
Connexin Software, Inc.+One stopSF +8.50%(i)12.98%03/202711,759 11,735 0.311,759 
Connexin Software, Inc.+One stopSF +8.50%N/A(6)03/2027— — —— 
Crow River Buyer, Inc.+One stopSF +7.75%(i)12.34%01/20296,032 6,016 0.15,972 
Crow River Buyer, Inc.+(5)One stopSF +7.75%N/A(6)01/2029— (1)—(2)
Crow River Buyer, Inc.+One stopSF +6.00%(h)10.36%01/20298,700 8,614 0.28,613 
ESO Solution, Inc.^+One stopSF +6.75%(i)11.26%05/202711,360 11,384 0.311,360 
ESO Solution, Inc.+One stopSF +6.75%(i)11.27%05/20273,803 3,741 0.13,803 
ESO Solution, Inc.+One stopSF +6.75%(i)11.27%03/2027100 100 —100 
GHX Ultimate Parent Corporation+One stopSF +4.75%(i)9.08%12/203159,672 59,077 1.559,075 
GHX Ultimate Parent Corporation+(5)One stopSF +4.75%N/A(6)12/2031— (53)—(53)
HealthEdge Software, Inc.+One stopSF +4.75%(h)9.13%07/203119,364 19,183 0.519,364 
HealthEdge Software, Inc.+(5)One stopSF +4.75%N/A(6)07/2031— (24)—— 
HealthEdge Software, Inc.+One stopSF +4.75%(h)9.15%07/20318,543 8,460 0.28,543 
Kona Buyer, LLC+One stopSF +4.50%(i)9.13%07/203115,832 15,684 0.415,832 
Kona Buyer, LLC+(5)One stopSF +7.00%N/A(6)07/2031— (17)—— 
Kona Buyer, LLC+One stopSF +4.50%(i)9.13%07/2031929 929 —929 
Kona Buyer, LLC+(5)One stopSF +7.00%N/A(6)07/2031— (22)—— 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.95%02/2031592 600 —592 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.95%02/2031274 278 —274 
Lacker Bidco Limited+(5)(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— (2)—— 
Neptune Holdings, Inc.*One stopSF +4.75%(i)9.08%09/203016,139 16,234 0.416,139 
Neptune Holdings, Inc.+One stopSF +4.75%N/A(6)08/2029— — —— 
Netsmart Technologies, Inc.+(26)One stopSF +5.20%(h)6.86% cash/2.70%PIK08/203151,680 51,194 1.351,680 
Netsmart Technologies, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (66)—— 
Netsmart Technologies, Inc.+(5)One stopSF +5.20%N/A(6)08/2031— (32)—— 
Plasma Buyer LLC+One stopSF +5.75%(i)10.08%05/20298,016 7,857 0.27,936 
Plasma Buyer LLC+One stopSF +6.25%(i)10.58%05/2029241 237 —238 
Plasma Buyer LLC+One stopSF +5.75%(i)10.08%05/202862 59 —62 
QF Holdings, Inc.+One stopSF +4.75%(i)9.34%12/2027931 926 —931 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/202511,249 11,229 0.311,362 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/202510,950 10,863 0.311,060 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/20257,215 7,201 0.27,287 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/20251,855 1,852 —1,874 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/20251,649 1,646 —1,666 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/20251,237 1,235 —1,249 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/20251,031 1,029 —1,041 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/2025825 823 —833 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/2025164 164 —166 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.98% cash/3.50%PIK06/202588 88 —88 
Transaction Data Systems, Inc.^*+One stopSF +4.50%(i)8.98%02/202675,238 75,138 1.974,485 
Transaction Data Systems, Inc.+(5)One stopSF +4.50%N/A(6)02/2026— (2)—(3)
Veranex, Inc.+(7)(26)Senior securedSF +6.75%(j)5.44% cash/5.75%PIK04/20283,385 3,320 0.12,471 
Veranex, Inc.+(7)(26)Senior securedSF +6.75%(j)5.44% cash/5.75%PIK04/2028399 305 —291 
Veranex, Inc.+(7)(26)Senior securedSF +6.75%(i)(j)5.44% cash/5.75%PIK04/2028102 86 —74 
364,251 361,821 9.0361,926 

See Notes to Consolidated Financial Statements.
21
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+One stopSF +6.00%(i)10.67%08/2028$13,644 $13,619 0.4%$13,644 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.74%08/2028689 684 —689 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.48%08/2028470 433 —470 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.62%08/2028106 104 —106 
BJH Holdings III Corp.*One stopSF +5.00%(i)9.33%08/202770,109 70,000 1.870,109 
BJH Holdings III Corp.+One stopSF +5.00%(i)9.33%08/2027141 130 —141 
BJH Holdings III Corp.+One stopSF +5.00%(i)9.33%08/20275,589 5,512 0.25,589 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.49%09/202817,958 17,958 0.517,600 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.49%09/20283,201 3,187 0.13,137 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.49%09/20282,151 2,151 0.12,108 
Cafe Rio Holding, Inc.*One stopSF +5.75%(i)10.49%09/20281,364 1,365 —1,338 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.49%09/20281,205 1,206 —1,182 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.26%09/2028191 191 —185 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.49%09/2028173 173 —169 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.49%09/2028124 123 —121 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.49%09/202898 98 —96 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.49%09/202897 96 —95 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.49%09/202878 78 —77 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.49%09/202849 49 —48 
Cafe Rio Holding, Inc.+(5)One stopSF +5.75%N/A(6)09/2028— (1)—— 
EOS Fitness Opco Holdings, LLC*+One stopSF +5.25%(i)9.84%01/202811,038 11,023 0.311,038 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)9.61%01/20282,823 2,804 0.12,823 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/20281,797 1,784 0.11,797 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/20281,770 1,759 0.11,770 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/20281,482 1,473 0.11,482 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/20281,232 1,227 —1,232 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/20281,090 1,088 —1,090 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/20281,067 1,060 —1,067 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.84%01/2028601 597 —601 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%N/A(6)01/2028— — —— 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)(i)9.70%01/20284,387 4,290 0.14,387 
ESN Venture Holdings, LLC*+One stopSF +5.75%(i)10.08%10/20285,395 5,340 0.15,395 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.08%10/2028921 917 —921 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.08%10/2028815 807 —815 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.08%10/2028374 370 —374 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.14%10/2028182 181 —182 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.08%10/2028209 201 —209 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.14%10/2028306 242 —306 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.18%10/2028440 438 —440 
Freddy's Frozen Custard LLC+One stopSF +5.00%(i)(j)9.29%03/20271,394 1,391 —1,394 
Freddy's Frozen Custard LLC+One stopSF +5.00%N/A(6)03/2027— — —— 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(i)10.52%11/20271,076 1,073 —1,076 
GFP Atlantic Holdco 2, LLC+(5)One stopSF +6.00%N/A(6)11/2027— (2)—— 
Harri US LLC^+(26)One stopSF +10.00%(i)10.66% cash/4.00%PIK08/20261,264 1,214 —1,236 
Harri US LLC+(26)One stopSF +10.00%(i)10.66% cash/4.00%PIK08/2026855 845 —838 
Harri US LLC+(26)One stopSF +10.00%(i)10.66% cash/4.00%PIK08/2026830 821 —814 
Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (1)—— 
Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (34)—(27)
Health Buyer, LLC+Senior securedSF +5.25%(i)9.58%04/20293,893 3,882 0.13,893 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.83%04/20291,776 1,754 0.11,776 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.83%04/2029893 882 —893 
Health Buyer, LLC+Senior securedSF +5.25%N/A(6)04/2028— — —— 

See Notes to Consolidated Financial Statements.
22
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Buyer, LLC+Senior securedSF +5.50%(i)9.83%04/2029$130 $129 —%$130 
PB Group Holdings, LLC+(26)One stopSF +5.50%(h)7.11% cash/2.75%PIK08/203036,986 36,814 0.936,986 
PB Group Holdings, LLC+(5)One stopSF +5.00%N/A(6)08/2030— (21)—— 
SDC Holdco, LLC*One stopSF +5.00%(i)9.33%06/203121,737 21,636 0.621,737 
SDC Holdco, LLC+(26)Second lienSF +8.50%(i)12.83%PIK06/20323,452 3,430 0.13,452 
SDC Holdco, LLC+One stopSF +5.00%(i)9.33%06/203196 87 —96 
SSRG Holdings, LLC*One stopSF +4.75%(i)9.08%11/202712,502 12,447 0.312,502 
SSRG Holdings, LLC*+One stopSF +4.75%(i)9.08%11/20277,763 7,837 0.27,763 
SSRG Holdings, LLC+One stopSF +4.75%(i)9.08%11/20271,272 1,263 —1,272 
SSRG Holdings, LLC+One stopSF +4.75%(i)9.08%11/2027612 610 —612 
Super REGO, LLC+(26)Subordinated debtN/A15.00%PIK03/2030112 110 —112 
YE Brands Holding, LLC*One stopSF +4.75%(i)9.08%10/202717,588 17,767 0.417,588 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.08%10/2027968 962 —968 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.08%10/202768 68 —68 
268,633 267,721 6.7268,012 
Household Products
WU Holdco, Inc.*+One stopSF +5.00%(i)9.33%03/20274,836 4,855 0.14,836 
WU Holdco, Inc.+One stopSF +5.00%(i)9.33%03/20271,709 1,705 0.11,709 
WU Holdco, Inc.+One stopSF +5.00%(i)9.33%03/2027444 442 —444 
WU Holdco, Inc.+One stopSF +5.00%(i)9.33%03/20271,563 1,553 —1,563 
WU Holdco, Inc.+One stopSF +5.00%(i)9.33%03/202773 72 —73 
8,625 8,627 0.28,625 
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+Senior securedSF +4.75%(i)9.18%04/20263,184 3,183 0.13,152 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.18%04/2026640 630 —634 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.18%04/2026595 586 —590 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.18%04/202599 98 —99 
Dwyer Instruments, Inc.+(8)(9)One stopE + 5.00%(c)8.00%07/202947,103 47,501 1.246,632 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.27%07/20291,496 1,482 0.11,481 
Dwyer Instruments, Inc.+(5)(8)(9)One stopE + 5.00%N/A(6)07/2029— (47)—(47)
Dwyer Instruments, Inc.+(5)One stopSF +4.75%N/A(6)07/2029— (31)—(32)
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.08%07/20295,812 5,794 0.25,754 
Dwyer Instruments, Inc.+One stopP + 3.75%(a)11.25%07/2029434 404 —403 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.08%07/20291,474 1,458 —1,459 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.08%07/2029471 467 —466 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.27%07/2029552 544 —547 
Essential Services Holdings Corporation+One stopSF +5.00%(i)9.65%06/203111,514 11,407 0.311,399 
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2030— (13)—(14)
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2031— (10)—(23)
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (55)—— 
Excelitas Technologies Corp.+One stopSF +5.25%(h)9.61%08/202910,022 9,961 0.210,022 
Excelitas Technologies Corp.+(8)(9)One stopE + 5.25%(b)8.11%08/20291,780 1,787 —1,780 
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2028— (2)—— 
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (3)—— 
85,176 85,141 2.184,302 


See Notes to Consolidated Financial Statements.
23
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Accession Risk Management Group, Inc.^*+One stopSF +4.75%(i)9.32%11/2029$36,973 $36,978 0.9%$36,973 
Accession Risk Management Group, Inc.^*+One stopSF +4.75%(i)9.26%11/20299,475 9,384 0.39,475 
Accession Risk Management Group, Inc.*+One stopSF +4.75%(i)9.21%11/20298,340 8,333 0.28,340 
Accession Risk Management Group, Inc.*+One stopSF +4.75%(i)9.26%11/20297,832 7,831 0.27,832 
Accession Risk Management Group, Inc.*One stopSF +4.75%(i)9.15%11/20295,236 5,292 0.15,236 
Accession Risk Management Group, Inc.+One stopSF +4.75%(i)9.33%11/20293,358 3,343 0.13,358 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (15)—— 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (112)—— 
Alera Group, Inc.^*One stopSF +5.25%(h)9.61%10/202835,325 35,380 0.935,325 
Alera Group, Inc.+One stopSF +5.25%(h)9.61%10/202810,039 10,038 0.210,039 
Alera Group, Inc.+One stopSF +5.25%(h)9.61%10/20284,007 4,069 0.14,007 
Alera Group, Inc.+One stopSF +5.75%(h)10.09%10/20283,301 3,309 0.13,318 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.68%07/20274,457 4,468 0.14,457 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.68%07/20271,327 1,325 —1,327 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.68%07/20271,119 1,115 —1,119 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.68%07/2027162 162 —162 
AMBA Buyer, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)10.09%03/2028561 552 —561 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.25%(i)9.75%03/2028378 378 —378 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)10.09%03/202892 85 —92 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)10.09%03/202860 59 —60 
Benefit Plan Administrators of Eau Claire, LLC*One stopSF +4.75%(h)9.30%11/203013,070 12,991 0.312,989 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopSF +4.75%N/A(6)11/2030— (13)—(14)
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopSF +4.75%N/A(6)11/2030— (44)—(45)
Captive Resources Midco, LLC+One stopSF +4.75%(h)9.11%07/202923,458 23,433 0.623,458 
Captive Resources Midco, LLC+(5)One stopSF +4.75%N/A(6)07/2028— (2)—— 
Disco Parent, Inc.+One stopSF +7.50%(i)12.01%03/20299,240 9,154 0.29,240 
Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—— 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.60%12/20301,730 1,765 —1,735 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.74%12/20301,590 1,595 —1,594 
Doxa Insurance Holdings LLC+One stopSF +5.25%N/A(6)12/2029— — —— 
Doxa Insurance Holdings LLC+(5)One stopSF +5.00%N/A(6)12/2030— (25)—— 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)8.80%04/20311,013 1,032 —1,013 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(b)(c)8.72%04/2031164 160 —164 
Illumifin Corporation+(26)One stopSF +7.00%(i)8.15% cash/3.73%PIK09/20274,636 4,450 0.14,266 
Integrated Specialty Coverages, LLC+One stopSF +4.75%(h)(i)(j)9.11%07/20306,044 5,994 0.15,983 
Integrated Specialty Coverages, LLC+(5)One stopSF +4.75%N/A(6)07/2029— (1)—— 
Integrated Specialty Coverages, LLC+(5)One stopSF +4.75%N/A(6)07/2030— (9)—(2)
Integrated Specialty Coverages, LLC+(5)One stopSF +4.75%N/A(6)07/2030— (12)—(12)
Integrity Marketing Acquisition, LLC*+One stopSF +5.00%(i)9.51%08/202845,195 44,849 1.145,195 
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (3)—— 
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (12)—— 
J.S. Held Holdings, LLC^*+One stopSF +5.50%(i)9.98%06/202838,123 37,754 0.938,123 
J.S. Held Holdings, LLC+One stopSF +5.50%(i)9.94%06/20286,978 6,880 0.26,978 
J.S. Held Holdings, LLC+(5)One stopSF +5.50%N/A(6)06/2028— (9)—— 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.33%05/20273,549 3,527 0.13,549 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.33%05/20272,867 2,914 0.12,867 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.33%05/20272,597 2,574 0.12,597 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.33%05/20272,034 2,026 0.12,034 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.33%05/2027616 615 —616 

See Notes to Consolidated Financial Statements.
24
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Majesco^*One stopSF +4.75%(i)9.08%09/2028$28,174 $28,208 0.7%$28,174 
Majesco+(5)One stopSF +4.75%N/A(6)09/2027— (1)—— 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 6.25%(c)9.17%02/20291,070 1,113 —1,070 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.23%11/20292,275 2,312 0.12,275 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.22%11/2029426 425 —426 
Oakbridge Insurance Agency LLC+One stopP + 4.75%(a)12.25%11/202915 15 —15 
Pareto Health Intermediate Holdings, Inc.*+One stopSF +5.00%(j)9.28%05/203074,648 74,054 1.873,901 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +5.00%N/A(6)06/2029— (1)—— 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +5.00%N/A(6)05/2030— (57)—(58)
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.48%10/202815,405 15,404 0.415,405 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.48%10/20283,149 3,135 0.13,149 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.33%10/20282,402 2,393 0.12,402 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(h)9.46%10/2028107 99 —107 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.06%02/202823,156 25,312 0.623,156 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.06%02/202819,433 20,651 0.519,433 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.04%02/20287,656 7,993 0.27,656 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.06%02/20287,599 8,422 0.27,599 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.95%02/2027202 209 —202 
People Corporation+(5)(8)(9)(12)One stopCA +5.00%N/A(6)02/2028— (77)—(156)
480,663 483,165 11.8479,143 
Internet & Direct Marketing Retail
Revalize, Inc.^+One stopSF +5.75%(i)10.49%04/202720,456 20,149 0.518,411 
Revalize, Inc.^+One stopSF +5.75%(i)10.49%04/202711,974 11,793 0.310,776 
Revalize, Inc.^+One stopSF +5.75%(i)10.49%04/20275,936 5,847 0.15,343 
Revalize, Inc.^+One stopSF +5.75%(i)10.49%04/20273,577 3,506 0.13,218 
Revalize, Inc.+One stopSF +5.75%(i)10.49%04/20272,434 2,380 0.12,191 
Revalize, Inc.+One stopSF +5.75%(i)10.49%04/20272,390 2,302 —2,151 
Revalize, Inc.+One stopSF +5.75%(i)10.49%04/2027229 217 —206 
Revalize, Inc.+One stopSF +5.75%(h)(i)10.43%04/2027332 316 —286 
47,328 46,510 1.142,582 
IT Services
Acquia, Inc.^*+One stopSF +7.00%(i)11.73%10/202512,020 12,028 0.312,020 
Acquia, Inc.+One stopSF +7.00%(i)11.73%10/20251,083 1,081 —1,083 
Acquia, Inc.+One stopSF +7.00%(i)11.75%10/202562 62 —62 
CivicPlus, LLC^+One stopSF +5.75%(i)10.41%08/20279,153 9,167 0.29,153 
CivicPlus, LLC+One stopSF +5.75%(i)10.41%08/20275,430 5,441 0.25,430 
CivicPlus, LLC+One stopSF +5.75%(i)10.41%08/20274,301 4,307 0.14,301 
CivicPlus, LLC+(26)One stopSF +11.75%(i)17.00%PIK06/2034552 548 —564 
CivicPlus, LLC+One stopSF +8.50%N/A(6)08/2027— — —— 
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.75% cash/3.63%PIK05/20285,303 5,300 0.15,250 
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.75% cash/3.63%PIK05/20282,434 2,407 0.12,410 
Critical Start, Inc.+(5)One stopSF +6.25%N/A(6)05/2028— (1)—(2)
Delinea Inc.^*One stopSF +5.75%(i)10.23%03/202822,551 22,559 0.622,551 
Delinea Inc.^*One stopSF +5.75%(i)10.23%03/202813,092 13,094 0.413,092 
Delinea Inc.One stopSF +5.75%(i)10.23%03/202811,472 11,458 0.311,472 
Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (1)—— 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)10.18%PIK07/202913,279 13,350 0.313,279 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)10.18%PIK07/20291,239 1,270 —1,239 
Goldcup 31018 AB+(8)(9)(17)One stopE + 6.25%(c)(d)9.00%01/2029208 209 —208 
Kentik Technologies, Inc.+(26)Second lienSF +12.25%(i)16.61%PIK11/202951 47 —48 
Kentik Technologies, Inc.+(5)Second lienSF +12.25%N/A(6)11/2029— (1)—(2)
Netwrix Corporation*+One stopSF +4.75%(i)9.26%06/20297,956 7,962 0.27,956 

See Notes to Consolidated Financial Statements.
25
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Netwrix Corporation+One stopSF +4.75%(i)9.26%06/2029$386 $386 —%$386 
Netwrix Corporation+One stopSF +4.75%(i)9.26%06/202956 53 —56 
Netwrix Corporation+(5)One stopSF +4.75%N/A(6)06/2029— (1)—— 
Optimizely North America, Inc.+One stopSF +5.00%(h)9.36%10/203138,320 37,946 1.037,937 
Optimizely North America, Inc.+(8)(9)One stopE + 5.25%(b)8.11%10/203114,045 14,586 0.413,905 
Optimizely North America, Inc.+(8)(9)One stopSN +5.50%(f)10.20%10/20315,592 5,738 0.15,536 
Optimizely North America, Inc.+(5)One stopSF +5.00%N/A(6)10/2031— (97)—(61)
PDQ Intermediate, Inc.+(26)Subordinated debtN/A13.75%PIK10/2031118 117 —118 
Recordxtechnologies, LLC*One stopSF +5.25%(i)9.58%12/202718,825 19,000 0.518,825 
Recordxtechnologies, LLC*One stopSF +5.25%(i)9.58%12/202712,521 12,416 0.312,521 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.58%12/20271,764 1,780 —1,764 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.58%12/2027892 884 —892 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.58%12/20272 — —2 
ReliaQuest Holdings, LLC+(26)One stopSF +6.75%(i)7.71% cash/3.63%PIK04/203111,818 11,820 0.311,818 
ReliaQuest Holdings, LLC+(5)One stopSF +6.75%N/A(6)04/2031— (5)—— 
ReliaQuest Holdings, LLC+(5)One stopSF +6.25%N/A(6)04/2031— (2)—— 
Saturn Borrower Inc.*+One stopSF +6.50%(i)10.98%09/202627,463 27,261 0.727,463 
Saturn Borrower Inc.+One stopSF +6.50%(h)(i)10.98%09/2026459 453 —459 
WPEngine, Inc.+One stopSF +6.50%(h)10.90%08/20295,438 5,420 0.15,438 
WPEngine, Inc.+One stopSF +6.50%N/A(6)08/2029— — —— 
Zarya Holdco, Inc.+One stopSF +6.50%(i)11.01%07/20277,229 7,273 0.27,229 
Zarya Holdco, Inc.+One stopSF +6.50%(i)11.01%07/20271,409 1,402 —1,409 
Zarya Holdco, Inc.+One stopSF +6.50%N/A(6)07/2027— — —— 
256,523 256,717 6.4255,811 


See Notes to Consolidated Financial Statements.
26
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
Crunch Holdings, LLC*One stopSF +4.75%(h)9.11%09/2031$57,121 $56,846 1.4%$57,121 
Crunch Holdings, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (38)—— 
Movement Holdings, LLC+One stopSF +5.25%(i)9.58%03/2030839 836 —839 
Movement Holdings, LLC+One stopSF +5.25%N/A(6)03/2030— — —— 
Movement Holdings, LLC+(5)One stopSF +5.25%N/A(6)03/2030— (2)—— 
WBZ Investment, LLC+One stopSF +6.75%(i)11.23%03/20277,778 7,778 0.27,778 
WBZ Investment, LLC+One stopSF +6.75%(i)11.23%03/20271,713 1,713 0.11,713 
WBZ Investment, LLC+One stopSF +6.75%(i)11.23%03/20271,191 1,191 —1,191 
WBZ Investment, LLC+One stopSF +6.75%(i)11.23%03/2027628 628 —628 
WBZ Investment, LLC+One stopSF +6.75%N/A(6)03/2027— — —— 
69,270 68,952 1.769,270 
Life Sciences Tools & Services
Celerion Buyer, Inc.*+One stopSF +5.00%(i)9.53%11/202931,102 30,787 0.830,790 
Celerion Buyer, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (1)—(2)
Celerion Buyer, Inc.+(5)One stopSF +5.00%N/A(6)11/2029— (76)—(48)
Celerion Buyer, Inc.*One stopSF +5.00%(i)9.52%11/202922,067 21,851 0.621,846 
Graphpad Software, LLC+One stopSF +4.75%(i)9.08%06/20318,847 8,806 0.28,847 
Graphpad Software, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (4)—— 
Graphpad Software, LLC+One stopSF +4.75%(i)9.08%06/2031221 211 —221 
PAS Parent Inc.+(5)One stopSF +4.75%N/A(6)12/2028— (17)—— 
PAS Parent Inc.*+One stopSF +4.75%(h)9.11%12/202855,375 55,392 1.455,375 
PAS Parent Inc.+(5)One stopSF +4.75%N/A(6)12/2027— (5)—— 
PAS Parent Inc.+One stopSF +4.75%(h)9.11%12/20282,862 2,881 0.12,862 
Reaction Biology Corporation+(7)(26)One stopSF +6.85%(h)6.86% cash/4.35%PIK03/20298,697 8,338 0.14,870 
Reaction Biology Corporation+(7)(26)One stopSF +6.85%(h)6.86% cash/4.35%PIK03/20292,894 2,479 —1,620 
Reaction Biology Corporation+(7)(26)One stopSF +6.85%(h)6.86% cash/4.35%PIK03/20291,924 1,649 —1,078 
Reaction Biology Corporation+(7)(26)One stopSF +6.85%(h)(i)6.86% cash/4.35%PIK03/2029308 278 —173 
Reaction Biology Corporation+One stopSF +6.85%N/A(6)03/2029— — —— 
Unchained Labs, LLC+Senior securedSF +5.50%(h)9.91%08/20271,396 1,384 —1,382 
Unchained Labs, LLC+Senior securedSF +5.50%(h)9.91%08/20271,179 1,165 —1,167 
Unchained Labs, LLC+(5)Senior securedSF +5.50%N/A(6)08/2027— (1)—— 
136,872 135,117 3.2130,181 
Machinery
AI Titan Parent, Inc.+One stopSF +4.75%(h)9.11%08/203110,508 10,408 0.310,508 
AI Titan Parent, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (10)—— 
AI Titan Parent, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (12)—— 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.83%12/20304,466 4,544 0.14,466 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.83%12/2030315 315 —315 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.83%12/202925 25 —25 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.98% cash/1.50%PIK11/202613,837 13,703 0.313,145 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.98% cash/1.50%PIK11/20261,308 1,290 —1,242 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.98% cash/1.50%PIK11/2026228 218 —201 
30,687 30,481 0.729,902 
Marine
Project Nike Purchaser, LLC*+One stopSF +5.25%(i)9.58%04/202933,782 33,943 0.933,782 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.58%04/2029748 745 —748 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.58%04/2029250 248 —250 
34,780 34,936 0.934,780 
Media
Lotus Topco, Inc.*One stopSF +4.75%(j)9.00%06/20305,151 5,116 0.15,151 
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (7)—— 
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (18)—— 

See Notes to Consolidated Financial Statements.
27
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Triple Lift, Inc.^*One stopSF +5.75%(i)10.25%05/2028$7,280 $7,186 0.2%$6,990 
Triple Lift, Inc.+One stopSF +5.75%(i)10.25%05/20281,553 1,523 —1,491 
Triple Lift, Inc.+(5)One stopSF +5.75%N/A(6)05/2028— (4)—(6)
13,984 13,796 0.313,626 
Oil, Gas & Consumable Fuels
Envernus, Inc.+One stopSF +5.50%(h)9.86%12/20295,118 5,205 0.15,118 
Envernus, Inc.+One stopSF +5.50%(h)9.86%12/20292 2 —2 
Envernus, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
5,120 5,207 0.15,120 
Paper & Forest Products
Messenger, LLC*+One stopSF +5.25%(i)9.73%12/202714,397 14,416 0.414,397 
Messenger, LLC+(8)(9)One stopSN +5.25%(f)10.05%12/2027866 876 —866 
Messenger, LLC+One stopSF +5.25%(i)9.73%12/2027520 519 —520 
Messenger, LLC+(8)(9)One stopSN +5.25%N/A(6)12/2027— — —— 
Messenger, LLC*+One stopSF +5.25%(h)9.71%12/20271,508 1,534 —1,508 
Messenger, LLC+One stopSF +5.25%(i)9.73%12/2027756 756 —756 
Messenger, LLC+One stopSF +5.25%N/A(6)12/2027— — —— 
18,047 18,101 0.418,047 
Personal Products
IMPLUS Footcare, LLC+(26)One stopSF +8.75%(i)12.23% cash/1.00%PIK07/202530,542 30,542 0.624,739 
IMPLUS Footcare, LLC+(26)One stopSF +9.25%(i)12.23% cash/1.50%PIK07/20255,216 5,216 0.14,225 
IMPLUS Footcare, LLC*+(26)One stopSF +9.25%(i)12.23% cash/1.50%PIK07/2025752 752 —609 
36,510 36,510 0.729,573 

See Notes to Consolidated Financial Statements.
28
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*One stopSF +5.50%(i)10.09%02/2029$30,144 $29,990 0.8%$30,144 
ACP Ulysses Buyer, Inc.*One stopSF +5.50%(i)10.09%02/20291,303 1,286 —1,303 
Amalthea Parent, Inc.^+(8)One stopSF +5.00%(i)9.78%03/202787,417 85,321 2.183,047 
Amalthea Parent, Inc.+(8)One stopSF +5.00%(h)9.47%03/2027360 338 —334 
Apothecary Products, LLC+Senior securedSF +5.75%(j)10.59%07/20252,256 2,248 0.12,256 
Apothecary Products, LLC+(5)Senior securedSF +5.75%N/A(6)07/2025— (2)—— 
Caerus Midco 3 S.A.R.L.*(8)(13)One stopSF +5.00%(i)9.33%05/202929,336 29,368 0.729,336 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)9.33%05/20294,863 4,867 0.14,863 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)(j)9.40%05/20294,488 4,442 0.14,488 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)(j)9.40%05/2029712 708 —712 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(h)9.34%05/202942 38 —42 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)9.86%10/202814,798 14,754 0.414,798 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)9.86%10/20284,962 4,946 0.14,962 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)9.86%10/20283,748 3,679 0.13,748 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)9.86%10/2027146 131 —146 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)9.86%10/20286,381 6,308 0.26,381 
Cobalt Buyer Sub, Inc.+(5)One stopSF +5.50%N/A(6)10/2028— (73)—— 
Creek Parent, Inc.+One stopSF +5.25%(i)9.63%12/203156,829 55,840 1.455,834 
Creek Parent, Inc.+(5)One stopSF +5.25%N/A(6)12/2029— (142)—(143)
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)8.45% cash/1.13%PIK08/202835,384 37,551 0.834,057 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(f)10.70%08/20285,200 5,133 0.15,200 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)8.45% cash/1.13%PIK08/20284,289 3,975 0.14,128 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(i)10.33%08/20283,991 3,984 0.13,991 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)8.45% cash/1.13%PIK08/20283,753 3,636 0.13,613 
Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.88%N/A(6)02/2028— (5)—(6)
300,402 298,321 7.3293,234 
Professional Services
ALKU Intermediate Holdings, LLC+One stopSF +6.25%(i)10.50%5/1/20296,780 6,806 0.2 6,848 
ALKU Intermediate Holdings, LLC+One stopSF +5.50%(i)9.75%5/1/2029749 741 — 749 
bswift, LLC+One stopSF +6.38%(i)11.05%11/1/20287,663 7,646 0.2 7,777 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(j)9.28%10/1/20278,037 8,054 0.2 8,037 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(j)9.28%10/1/20273,489 3,443 0.1 3,489 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(j)9.28%10/1/20271,036 1,027 — 1,036 
Citrin Cooperman Advisors LLC+One stopSF +5.25%(j)9.66%10/1/20271,456 1,456 0.1 1,456 
Citrin Cooperman Advisors LLC+One stopSF +5.25%(j)9.63%10/1/2027253 252 — 253 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.50%9/1/20285,228 5,196 0.1 5,228 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.50%9/1/2028806 796 — 806 
DISA Holdings Corp.+One stopSF +5.00%(i)9.50%9/1/2028689 681 — 689 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.50%9/1/2028610 603 — 610 
DISA Holdings Corp.+(26)Subordinated debtSF +8.50%(i)10.99% cash/2.00%PIK3/1/2029104 103 — 104 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.40%9/1/202870 65 — 70 
DISA Holdings Corp.+(5)Senior securedSF +5.00%N/A(6)9/1/2028— (2)— — 
Eclipse Buyer, Inc.+One stopSF +4.75%(h)9.26%9/1/203114,283 14,146 0.4 14,283 
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (66)— — 
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (12)— — 
Eliassen Group, LLC+One stopSF +5.75%(i)10.08%4/1/20282,143 2,128 0.1 2,100 
Eliassen Group, LLC+One stopSF +5.75%(i)10.30%4/1/2028145 144 — 141 
Filevine, Inc.^+(26)One stopSF +6.50%(i)8.76% cash/2.50%PIK4/1/20278,293 8,328 0.2 8,397 
Filevine, Inc.+One stopSF +6.50%N/A(6)4/1/2027— — — — 
IG Investments Holdings, LLC+One stopSF +5.00%(i)9.57%9/1/202812,974 12,922 0.3 12,974 
IG Investments Holdings, LLC+One stopSF +5.00%N/A(6)9/1/2028— — — — 

See Notes to Consolidated Financial Statements.
29
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
NBG Acquisition Corp. and NBG-P Acquisition Corp.^*One stopSF +5.50%(i)10.24%11/1/2028$33,937 $33,614 0.8 %$32,919 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.50%(i)9.98%11/1/2028789 784 — 765 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.50%(i)9.98%11/1/2028346 338 — 332 
PlanSource Holdings, Inc.*One stopSF +5.50%(j)10.64%12/1/202614,234 14,222 0.4 14,234 
PlanSource Holdings, Inc.+One stopSF +5.50%(j)10.64%12/1/20262,416 2,406 0.1 2,416 
PlanSource Holdings, Inc.+One stopSF +5.50%(j)10.64%12/1/2026695 693 — 695 
PlanSource Holdings, Inc.+One stopSF +5.50%N/A(6)12/1/2026— — — — 
Procure Acquireco, Inc.*One stopSF +4.75%(j)9.49%12/1/202824,859 24,908 0.6 24,735 
Procure Acquireco, Inc.+One stopSF +4.75%(i)9.08%12/1/20281,143 1,143 — 1,137 
Procure Acquireco, Inc.+(5)One stopSF +4.75%N/A(6)12/1/2028— (1)— — 
Procure Acquireco, Inc.+(5)One stopSF +4.75%N/A(6)12/1/2028— (96)— (100)
Teaching Company, The+One stopSF +5.75%(j)11.09%1/1/202613,568 13,568 0.3 13,568 
Teaching Company, The+One stopSF +5.75%N/A(6)1/1/2026— — — — 
Varicent Intermediate Holdings Corporation+(26)One stopSF +6.00%(i)7.08% cash/3.25%PIK8/1/203148,248 47,578 1.2 48,248 
Varicent Intermediate Holdings Corporation+(5)One stopSF +5.50%N/A(6)8/1/2031— (88)— — 
Varicent Intermediate Holdings Corporation+(5)One stopSF +6.00%N/A(6)8/1/2031— (79)— — 
215,043 213,447 5.3 213,996 
%
Real Estate Management & Development
Inhabit IQ Inc.One stopSF +5.50%(h)9.96%07/202537,486 37,630 0.937,486 
Inhabit IQ Inc.*+One stopSF +5.50%(h)9.96%07/202521,635 21,657 0.621,635 
Inhabit IQ Inc.*One stopSF +5.50%(h)9.96%07/202515,566 15,583 0.415,566 
Inhabit IQ Inc.^*One stopSF +5.50%(h)9.96%07/202521,311 21,392 0.521,311 
Inhabit IQ Inc.*One stopSF +5.50%(h)9.96%07/20257,439 7,437 0.27,439 
Inhabit IQ Inc.+One stopSF +5.50%(h)9.96%07/20253,977 3,985 0.13,977 
Inhabit IQ Inc.*+One stopSF +5.50%(h)9.96%07/20251,741 1,740 0.11,741 
Inhabit IQ Inc.*+One stopSF +5.50%(h)9.96%07/20251,473 1,473 0.11,473 
Inhabit IQ Inc.*+One stopSF +5.50%(h)9.96%07/20251,458 1,457 —1,458 
Inhabit IQ Inc.+One stopSF +5.50%(h)9.96%07/20251,161 1,161 —1,161 
Inhabit IQ Inc.+One stopSF +5.50%(h)9.96%07/2025613 613 —613 
Inhabit IQ Inc.+One stopSF +5.50%N/A(6)07/2025— — —— 
Inhabit IQ Inc.One stopSF +5.50%(h)9.96%07/2025678 678 —678 
MRI Software, LLC^*+One stopSF +4.75%(i)9.08%02/202732,993 33,181 0.832,993 
MRI Software, LLC^*+One stopSF +4.75%(i)9.08%02/202713,120 13,217 0.313,120 
MRI Software, LLC+One stopSF +4.75%(i)9.08%02/2027176 155 —176 
MRI Software, LLC+One stopSF +4.75%(i)9.08%02/2027942 868 —942 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)10.20%08/20285,662 5,859 0.15,662 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)10.20%08/202826,133 28,282 0.726,133 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.98%08/202810,894 11,764 0.310,894 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.98%08/20282,645 3,037 0.12,645 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%N/A(6)02/2028— — —— 
207,103 211,169 5.2 207,103 
Road & Rail
Internet Truckstop Group, LLC*One stopSF +6.00%(i)10.48%04/202728,632 28,646 0.728,345 
Internet Truckstop Group, LLC*One stopSF +6.00%(i)10.48%04/202712,552 12,511 0.312,427 
Internet Truckstop Group, LLC+(5)One stopSF +6.00%N/A(6)04/2027— (3)—(3)
41,184 41,154 1.040,769 


See Notes to Consolidated Financial Statements.
30
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.^+One stopSF +5.25%(i)9.58%06/2029$24,680 $24,903 0.6%$24,680 
Anaplan, Inc.+One stopSF +5.25%(i)9.58%06/202913,000 12,971 0.313,000 
Anaplan, Inc.+(5)One stopSF +5.25%N/A(6)06/2028— (1)—— 
Appfire Technologies, LLC^*+One stopSF +5.00%(i)9.33%03/202857,062 56,973 1.457,062 
Appfire Technologies, LLC+One stopSF +5.00%(i)9.33%03/202834 30 —34 
Appfire Technologies, LLC+(5)One stopSF +5.00%N/A(6)03/2028— (29)—— 
Appfire Technologies, LLC+(5)One stopSF +5.00%N/A(6)03/2028— (115)—— 
Aras Corporation^+One stopSF +5.25%(i)9.58%04/202928,668 28,667 0.728,668 
Aras Corporation+One stopSF +5.25%(h)(i)9.58%04/20292,000 1,980 0.12,000 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.95%06/20295,440 5,363 0.25,440 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.95%06/20292,838 2,730 0.12,838 
Arrow Buyer, Inc.+One stopSF +5.75%(i)10.08%07/203025,040 24,879 0.625,040 
Arrow Buyer, Inc.+One stopSF +5.75%(i)10.08%07/20301,642 1,636 0.11,642 
Arrow Buyer, Inc.+(5)One stopSF +5.75%N/A(6)07/2030— (24)—— 
Artifact Bidco, Inc.+One stopSF +4.50%(i)8.83%05/20311,489 1,475 0.11,489 
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2031— (2)—— 
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2030— (1)—— 
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2030— (1)—— 
Auvik Networks Inc.^+(8)(12)(26)One stopSF +6.25%(i)7.59% cash/3.25%PIK07/202710,751 10,779 0.310,751 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.59% cash/3.25%PIK07/20271,933 1,927 0.11,933 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.59% cash/3.25%PIK07/2027984 981 —984 
Auvik Networks Inc.+(8)(12)One stopSF +6.00%N/A(6)07/2027— — —— 
Axiom Merger Sub Inc.+One stopSF +4.75%(j)9.20%04/20266,698 6,682 0.26,698 
Axiom Merger Sub Inc.+(8)(9)One stopE + 4.75%(c)(d)7.79%04/20262,563 2,744 0.12,563 
Axiom Merger Sub Inc.+One stopSF +4.75%(j)9.20%04/20261,214 1,210 —1,214 
Axiom Merger Sub Inc.+One stopSF +4.75%(j)9.17%04/2026174 174 —174 
Axiom Merger Sub Inc.+One stopSF +4.75%N/A(6)10/2025— — —— 
Axiom Merger Sub Inc.+(5)One stopSF +4.75%N/A(6)04/2026— (77)—— 
Azul Systems, Inc.*Senior securedSF +4.50%(i)8.98%04/20279,492 9,656 0.39,492 
Azul Systems, Inc.+Senior securedSF +4.50%N/A(6)04/2026— — —— 
Azurite Intermediate Holdings, Inc.+One stopSF +6.50%(h)10.86%03/2031973 961 —973 
Azurite Intermediate Holdings, Inc.+One stopSF +6.50%(h)10.86%03/2031428 422 —428 
Azurite Intermediate Holdings, Inc.+(5)One stopSF +9.00%N/A(6)03/2031— (2)—— 
Baxter Planning Systems, LLC+(26)One stopSF +6.25%(i)(j)7.30% cash/3.38%PIK05/20314,095 4,095 0.14,095 
Baxter Planning Systems, LLC+(5)One stopSF +6.25%N/A(6)05/2031— (5)—— 
Baxter Planning Systems, LLC+(5)One stopSF +5.75%N/A(6)05/2031— (4)—— 
Bayshore Intermediate #2, L.P.^+(26)One stopSF +6.25%(i)7.39% cash/3.38%PIK10/2028120,651 120,581 3.0119,445 
Bayshore Intermediate #2, L.P.+(5)One stopSF +5.75%N/A(6)10/2027— (2)—(4)
BestPass, Inc.+One stopSF +5.25%(h)9.61%08/203152,735 52,487 1.352,735 
BestPass, Inc.+(5)One stopSF +5.25%N/A(6)08/2031— (24)—— 
BestPass, Inc.+(5)One stopSF +5.25%N/A(6)08/2031— (33)—— 
Bloomerang, LLC+One stopSF +6.00%(i)10.33%12/20294,142 4,178 0.14,142 
Bloomerang, LLC+One stopSF +6.00%(i)10.52%12/20299 7 —9 
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (11)—— 
Bonterra LLC^+One stopSF +7.00%(i)11.33%09/202792,893 92,381 2.392,893 
Bonterra LLC+One stopSF +7.00%(i)11.43%09/20277,599 7,497 0.27,599 
Bonterra LLC+(26)One stopSF +7.75%(i)12.08%PIK09/20273,957 3,917 0.13,957 
Bonterra LLC+One stopSF +7.00%(i)11.33%09/2027256 251 —256 
Bottomline Technologies, Inc.+One stopSF +5.25%(h)9.61%05/202940,957 40,754 1.040,957 
Bottomline Technologies, Inc.+One stopSF +5.75%(h)10.11%05/20295,086 5,015 0.15,112 
Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (5)—— 
Bullhorn, Inc.*+One stopSF +5.00%(h)9.36%10/202977,997 77,775 1.977,997 

See Notes to Consolidated Financial Statements.
31
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Bullhorn, Inc.*One stopSF +5.00%(h)9.36%10/2029$3,190 $3,226 0.1%$3,190 
Bullhorn, Inc.+One stopSF +5.00%(h)9.36%10/20291,643 1,663 0.11,643 
Bullhorn, Inc.+One stopSF +5.00%(h)9.36%10/2029736 733 —736 
Bullhorn, Inc.+One stopSF +5.00%(h)9.36%10/2029587 584 —587 
Bullhorn, Inc.+(5)One stopSF +5.00%N/A(6)10/2029— (2)—— 
Burning Glass Intermediate Holdings Company, Inc.*One stopSF +5.00%(h)9.46%06/202811,868 11,840 0.311,868 
Burning Glass Intermediate Holdings Company, Inc.+(5)One stopSF +5.00%N/A(6)06/2026— (1)—— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(i)10.62%01/20298,332 8,273 0.28,332 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(i)10.62%01/20292,204 2,173 0.12,204 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%N/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +6.00%N/A(6)01/2029— (1)—— 
Calabrio, Inc.^+One stopSF +5.50%(i)10.01%04/202774,482 74,546 1.974,482 
Calabrio, Inc.+One stopSF +5.50%(i)10.01%04/20275,473 5,553 0.25,473 
Calabrio, Inc.+One stopSF +5.50%(i)10.02%04/2027202 200 —202 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.95%08/20305,062 5,138 0.15,062 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.95%08/2030717 708 —717 
Camelia Bidco Limited+(8)(9)(10)One stopA + 5.25%(e)9.69%08/2030310 324 —310 
Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (28)—— 
CB Buyer, Inc.+One stopSF +5.25%(h)9.61%07/203146,494 46,063 1.246,494 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (49)—— 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (61)—— 
Coupa Holdings, LLC+One stopSF +5.50%(i)10.09%02/203031,879 31,585 0.831,879 
Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2029— (1)—— 
Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2030— (19)—— 
Crewline Buyer, Inc.+One stopSF +6.75%(h)11.11%11/203010,857 10,823 0.310,857 
Crewline Buyer, Inc.+(5)One stopSF +6.75%N/A(6)11/2030— (1)—— 
Daxko Acquisition Corporation^*One stopSF +5.00%(h)9.36%10/202839,356 39,334 1.039,356 
Daxko Acquisition Corporation*One stopSF +5.00%(h)9.36%10/20283,319 3,292 0.13,319 
Daxko Acquisition Corporation+One stopSF +5.00%(h)9.36%10/2028199 197 —199 
Daxko Acquisition Corporation+One stopSF +5.00%(h)9.37%10/2028134 115 —134 
Daxko Acquisition Corporation+(5)One stopSF +5.00%N/A(6)10/2028— (12)—— 
Denali Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)10.45%08/20307,357 7,540 0.27,375 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.75%(c)8.43%08/20302,470 2,582 0.12,477 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.75%(c)8.43%08/20301,764 1,839 0.11,768 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.25%(c)7.93%08/2030689 713 —689 
Denali Bidco Limited+(5)(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— (2)—— 
Diligent Corporation+One stopSF +5.00%(j)10.09%08/20308,985 8,968 0.28,985 
Diligent Corporation+One stopSF +5.00%(j)10.09%08/20301,541 1,530 —1,541 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (11)—— 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (6)—— 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)9.08%09/20304,907 4,791 0.14,907 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)9.08%09/20304,472 4,430 0.14,472 
Evergreen IX Borrower 2023, LLC+(5)One stopSF +4.75%N/A(6)10/2029— (12)—— 
FirstUp, Inc.^+One stopSF +6.75%(i)11.08%07/202713,126 13,137 0.312,863 
FirstUp, Inc.+One stopSF +6.75%(i)11.08%07/20271,251 1,243 —1,226 
FirstUp, Inc.+(5)One stopSF +6.75%N/A(6)07/2027— (1)—(4)
Gainsight, Inc.^+One stopSF +6.00%(i)10.66%07/202717,981 18,004 0.417,981 
Gainsight, Inc.+One stopSF +6.00%(i)10.66%07/2027128 127 —128 
GS Acquisitionco, Inc.^*+One stopSF +5.25%(i)9.58%05/2028122,421 122,749 3.0122,421 

See Notes to Consolidated Financial Statements.
32
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.58%05/2028$73 $72 —%$73 
GS Acquisitionco, Inc.+(5)One stopSF +5.25%N/A(6)05/2028— (1)—— 
GTIV, LLC+One stopSF +4.75%(i)9.08%02/202972,541 72,116 1.871,815 
GTIV, LLC+(5)One stopSF +4.75%N/A(6)02/2029— (1)—(3)
GTY Technology Holdings, Inc.+(26)One stopSF +6.88%(i)6.90% cash/4.30%PIK07/20295,156 5,148 0.15,156 
GTY Technology Holdings, Inc.+(26)One stopSF +6.88%(i)6.90% cash/4.30%PIK07/20293,370 3,340 0.13,370 
GTY Technology Holdings, Inc.+(26)One stopSF +6.88%(i)6.90% cash/4.30%PIK07/2029617 615 —617 
GTY Technology Holdings, Inc.+(26)One stopSF +7.13%(i)7.23% cash/4.45%PIK07/2029429 429 —430 
GTY Technology Holdings, Inc.+(5)One stopSF +6.25%N/A(6)07/2029— (1)—— 
GTY Technology Holdings, Inc.+(5)One stopSF +7.13%N/A(6)07/2029— (3)—3 
Gurobi Optimization, LLC+One stopSF +4.75%(h)(i)9.05%09/203151,664 51,170 1.351,664 
Gurobi Optimization, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (42)—— 
Hornet Security Holding GMBH+(8)(9)(19)(26)One stopE + 7.00%(d)5.91% cash/4.50%PIK02/2031695 720 —695 
Hornet Security Holding GMBH+(8)(9)(19)(26)One stopE + 7.00%(c)(d)5.91% cash/4.50%PIK02/2031464 480 —464 
Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)08/2030— (1)—— 
Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)02/2031— (3)—— 
Hyland Software, Inc.*One stopSF +6.00%(h)10.36%09/203047,124 47,907 1.247,124 
Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—— 
Icefall Parent, Inc.+One stopSF +6.50%(h)10.86%01/20301,407 1,399 —1,407 
Icefall Parent, Inc.+(5)One stopSF +6.50%N/A(6)01/2030— (1)—— 
ICIMS, Inc.+(26)One stopSF +5.75%(i)10.38%08/202812,478 12,429 0.311,917 
ICIMS, Inc.+One stopSF +5.75%(i)10.34%08/202864 61 —50 
IQN Holding Corp. *+One stopSF +5.25%(i)9.76%05/202922,829 22,884 0.622,829 
IQN Holding Corp. +One stopSF +5.25%(i)9.77%05/202888 87 —88 
Island Bidco AB+(8)(9)(17)(26)One stopE + 7.25%(c)(d)2.58% cash/7.25%PIK07/202810,193 10,483 0.310,193 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(i)(j)7.78% cash/3.50%PIK07/20284,832 4,845 0.14,832 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.78% cash/3.50%PIK07/20283,566 3,551 0.13,566 
Island Bidco AB+(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— — —— 
Island Bidco AB+(8)(17)One stopSF +6.50%N/A(6)07/2028— — —— 
Juvare, LLC+One stopSF +6.25%(i)10.91%10/202610,538 10,531 0.310,327 
Juvare, LLC+One stopSF +6.25%(i)10.91%10/20262,431 2,418 0.12,383 
Juvare, LLC+One stopSF +6.25%(i)10.91%10/2026769 762 —754 
Juvare, LLC+One stopSF +6.25%(i)10.91%04/2026100 100 —98 
Kaseya Inc.^+One stopSF +5.50%(i)10.09%06/202923,448 23,634 0.623,448 
Kaseya Inc.+One stopSF +5.50%(i)10.09%06/2029271 267 —271 
Kaseya Inc.+One stopSF +5.50%(i)9.83%06/2029136 134 —136 
Kaseya Inc.+One stopSF +5.50%(i)10.09%06/202986 83 —86 
LeadsOnline, LLC^+One stopSF +4.75%(i)9.34%02/202813,016 13,175 0.313,016 
LeadsOnline, LLC+One stopSF +4.75%(i)9.34%02/20282,297 2,325 0.12,297 
LeadsOnline, LLC+One stopSF +4.75%(i)9.08%02/2028666 664 —666 
LeadsOnline, LLC+(5)One stopSF +4.75%N/A(6)02/2028— (1)—— 
Lighthouse Bidco GMBH+(8)(9)(19)One stopE + 5.00%(c)7.83%12/203117,692 17,708 0.417,515 
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopE + 5.00%N/A(6)06/2031— — —(27)
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopE + 5.00%N/A(6)12/2031— (108)—(107)
LogicMonitor, Inc.+One stopSF +5.50%(i)9.99%11/203153,749 53,419 1.353,413 
LogicMonitor, Inc.+(5)One stopSF +5.50%N/A(6)11/2031— (41)—(42)
Matrix42 Holding GMBH+(8)(9)(13)One stopE + 6.25%(d)9.92%01/20309,411 10,421 0.29,411 
Matrix42 Holding GMBH+(8)(9)(13)One stopE + 6.25%(d)9.92%12/20291,425 1,484 —1,425 
Matrix42 Holding GMBH+(8)(9)(13)One stopE + 6.25%(d)9.92%01/2030734 765 —734 
Matrix42 Holding GMBH+(5)(8)(9)(13)One stopE + 6.25%N/A(6)01/2030— (1)—— 
Matrix42 Holding GMBH+(8)(13)One stopSF +6.25%N/A(6)01/2028— — —— 

See Notes to Consolidated Financial Statements.
33
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.50%(c)8.49%11/2031$15,231 $15,315 0.4%$15,003 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)One stopSF +5.50%(i)10.02%11/203111,017 10,854 0.310,852 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.50%(c)8.49%11/2030469 432 —422 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.50%(c)8.49%11/2031123 89 —87 
Mindbody, Inc.+One stopSF +7.00%(i)11.74%09/202561,966 62,128 1.661,966 
Mindbody, Inc.+One stopSF +7.00%(i)11.74%09/20252,134 2,134 0.12,134 
Mindbody, Inc.+One stopSF +7.00%N/A(6)09/2025— — —— 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.96%12/202830,991 30,881 0.830,370 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.96%12/20282,915 2,918 0.12,858 
Ministry Brands Holdings LLC+(5)One stopSF +5.50%N/A(6)12/2027— (4)—(6)
Navex TopCo, Inc.+One stopSF +5.50%(h)9.88%11/20305,369 5,460 0.15,369 
Navex TopCo, Inc.+(5)One stopSF +5.75%N/A(6)11/2028— (1)—— 
Naviga Inc.+(7)Senior securedSF +7.00%(h)11.57%04/2025160 147 —80 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)One stopE + 5.75%N/A(6)11/2029— (25)—— 
Panzura, LLC+(26)One stopN/A4.00% cash/13.00%PIK08/2027122 111 —108 
Personify, Inc.+One stopSF +4.75%(h)9.11%09/202818,624 18,532 0.518,530 
Personify, Inc.*+One stopSF +4.75%(i)9.08%09/202813,818 13,736 0.313,750 
Personify, Inc.*One stopSF +4.75%(i)9.08%09/20289,783 9,723 0.29,734 
Personify, Inc.+(5)One stopSF +4.75%N/A(6)09/2028— (3)—— 
Pineapple German Bidco GMBH+(8)(19)One stopSF +3.25%(i)7.64%01/203114,999 14,850 0.414,699 
Pineapple German Bidco GMBH+(8)(9)(19)One stopE + 5.50%(c)8.34%01/20314,664 4,517 0.14,338 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 7.00%(c)10.51%PIK01/20311,013 1,048 —1,005 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 7.00%(c)10.51%PIK01/2031312 318 —309 
Pineapple German Bidco GMBH+(8)(19)One stopSF +3.25%(i)7.64%01/203176 75 —76 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 7.00%(c)10.51%PIK01/203169 71 —69 
PING Identity Holding Corp.+One stopSF +4.75%(i)9.08%10/202915,099 15,062 0.415,099 
PING Identity Holding Corp.+(5)One stopSF +4.75%N/A(6)10/2028— (1)—— 
Pluralsight, LLC+(26)One stopSF +7.50%(i)12.01%PIK08/20296,156 5,934 0.26,032 
Pluralsight, LLC+(26)One stopSF +4.50%(i)7.51% cash/1.50%PIK08/20293,989 3,878 0.13,909 
Pluralsight, LLC+(26)One stopSF +4.50%(i)9.01% cash/1.50%PIK08/20291,995 1,995 —1,955 
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(20)
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(50)
ProcessUnity Holdings, LLC^+One stopSF +6.50%(i)11.01%09/20286,014 6,025 0.16,014 
ProcessUnity Holdings, LLC+One stopSF +6.75%(i)11.10%09/20284,240 4,218 0.14,240 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)11.01%09/20282,864 2,843 0.12,864 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)11.01%09/20281,203 1,199 —1,203 
ProcessUnity Holdings, LLC+One stopSF +6.50%N/A(6)09/2028— — —— 
QAD, Inc.+One stopSF +4.75%(h)9.11%11/202743,151 43,727 1.143,151 
QAD, Inc.+(5)One stopSF +4.75%N/A(6)11/2027— (2)—— 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.79%06/20297,388 7,324 0.27,388 
Quant Buyer, Inc.*One stopSF +5.25%(i)9.76%06/20294,350 4,333 0.14,350 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.76%06/20293,007 2,976 0.13,007 
Quant Buyer, Inc.+One stopSF +5.25%(i)9.77%06/202960 56 —60 
Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (49)—— 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.30%(f)8.20% cash/2.80%PIK07/202919,529 19,155 0.519,137 
Rainforest Bidco Limited+(8)(10)(26)One stopSF +6.30%(g)7.81% cash/2.80%PIK07/20293,688 3,663 0.13,614 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +7.30%(f)8.70% cash/3.30%PIK07/20292,036 1,991 0.12,036 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.30%(f)8.20% cash/2.80%PIK07/20291,435 1,395 —1,407 

See Notes to Consolidated Financial Statements.
34
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Riskonnect Parent, LLC*+One stopSF +5.00%(i)9.48%12/2028$45,519 $45,985 1.1%$44,494 
Riskonnect Parent, LLC+One stopSF +5.00%(i)9.48%12/20282,136 2,153 0.12,087 
Riskonnect Parent, LLC+One stopSF +5.25%(i)9.58%12/2028821 814 —804 
Riskonnect Parent, LLC+One stopSF +5.25%(i)9.58%12/2028578 569 —566 
Riskonnect Parent, LLC+(5)One stopSF +5.00%N/A(6)12/2028— (5)—(18)
Riskonnect Parent, LLC+(5)One stopSF +5.25%N/A(6)12/2028— (9)—(21)
Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%(h)10.61%05/202713,056 12,960 0.312,959 
Rodeo Buyer Company & Absorb Software Inc.^+One stopSF +6.25%(h)10.71%05/20277,616 7,605 0.27,578 
Rodeo Buyer Company & Absorb Software Inc.+(5)One stopSF +6.25%N/A(6)05/2027— (1)—— 
SailPoint Technologies Holdings, Inc.^+One stopSF +6.00%(i)10.52%08/20299,585 9,541 0.29,585 
SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2028— (2)—— 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)8.68%07/202947,324 47,199 1.247,324 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(c)8.97%07/20293,867 3,981 0.13,877 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(c)9.00%07/20291,425 1,490 —1,429 
Sonatype, Inc.^+One stopSF +5.50%(h)10.01%01/202869,460 69,597 1.769,460 
Sonatype, Inc.+One stopSF +5.50%N/A(6)01/2028— — —— 
Spartan Buyer Acquisition Co.^*+(26)One stopSF +7.50%(j)11.24% cash/1.00%PIK06/202744,704 44,541 1.144,258 
Spartan Buyer Acquisition Co.+(26)One stopSF +7.50%(j)11.24% cash/1.00%PIK06/20272,850 2,819 0.12,822 
Spartan Buyer Acquisition Co.+(5)(26)One stopP + 6.50%(a)13.00% cash/1.00%PIK06/20272 (2)—(2)
Telesoft Holdings LLC^*+One stopSF +5.75%(h)10.21%12/202621,130 21,370 0.521,130 
Telesoft Holdings LLC+One stopSF +6.25%(h)10.71%12/20261,429 1,444 —1,429 
Telesoft Holdings LLC+One stopSF +5.75%(h)10.19%12/202679 78 —79 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(h)10.46%07/20284,800 4,780 0.14,800 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— 
TI Intermediate Holdings, LLC*+(26)Senior securedSF +5.50%(i)8.93% cash/1.00%PIK06/20274,182 4,175 0.13,681 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.93% cash/1.00%PIK06/20271,105 1,105 —972 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.93% cash/1.00%PIK06/2027693 693 —610 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.93% cash/1.00%PIK06/2027520 520 —458 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.93% cash/1.00%PIK06/2027191 191 —168 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.93% cash/1.00%PIK06/202743 43 —32 
Togetherwork Holdings, LLC*One stopSF +5.00%(h)9.36%05/203127,902 27,858 0.727,902 
Togetherwork Holdings, LLC+One stopSF +5.00%(h)9.36%05/2031699 666 —699 
Togetherwork Holdings, LLC+(5)One stopSF +5.00%N/A(6)05/2031— (16)—— 
Transform Bidco Limited+(8)(10)One stopSF +7.00%(i)11.58%01/20315,405 5,498 0.15,405 
Transform Bidco Limited+(8)(9)(10)One stopA + 7.00%(e)11.44%01/20313,771 3,937 0.13,771 
Transform Bidco Limited+(8)(9)(10)One stopSN +7.00%(f)11.70%01/2031595 602 —595 
Transform Bidco Limited+(8)(10)One stopSF +7.00%(h)11.52%06/203034 33 —34 
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)01/2031— (83)—— 
Vantage Bidco GMBH+(8)(9)(19)(26)One stopE + 6.25%(c)5.85% cash/3.13%PIK04/20318,138 8,388 0.28,057 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopE + 6.25%N/A(6)10/2030— (14)—(9)
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.75%(d)8.58%07/20316,855 7,154 0.26,855 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.75%N/A(6)07/2031— — —— 
Vendavo, Inc.+One stopSF +5.75%(i)10.29%09/202727,307 26,881 0.625,941 
Vendavo, Inc.+One stopSF +5.75%(i)(j)10.17%09/20271,805 1,785 —1,680 
Vendavo, Inc.+One stopSF +5.75%(i)10.28%09/2027995 991 —946 
Viper Bidco, Inc.+One stopSF +5.00%(i)9.52%11/203138,177 37,989 0.937,986 
Viper Bidco, Inc.+(8)(9)One stopSN +5.00%(f)9.70%11/203117,492 17,512 0.417,405 
Viper Bidco, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (19)—(19)
Viper Bidco, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (24)—(24)
WebPT, Inc.+One stopSF +6.25%(i)10.86%01/2028931 923 —912 
Zendesk, Inc.^+One stopSF +5.00%(i)9.33%11/202828,577 28,475 0.728,577 

See Notes to Consolidated Financial Statements.
35
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Zendesk, Inc.+(5)One stopSF +5.00%N/A(6)11/2028$— $(1)—%$— 
Zendesk, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (32)—— 
2,187,832 2,186,147 54.22,176,686 
Specialty Retail
Ave Holdings III, Corp*One stopSF +5.25%(j)9.75%02/202823,361 23,134 0.623,361 
Ave Holdings III, Corp+One stopSF +5.25%(j)9.75%02/20286,093 6,197 0.26,093 
Ave Holdings III, Corp+One stopSF +5.25%(j)9.75%02/2028800 799 —800 
Ave Holdings III, Corp+(5)One stopSF +5.25%N/A(6)02/2028— (2)—— 
Biscuit Parent, LLC*+One stopSF +4.75%(i)9.08%02/203120,155 19,971 0.519,954 
Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (1)—(2)
Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (46)—(47)
Cavender Stores L.P.*Senior securedSF +5.00%(i)9.33%10/20295,445 5,405 0.25,445 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/202835,408 37,937 0.935,408 
Consilio Midco Limited*(8)(10)One stopSF +5.75%(i)10.23%05/202815,645 15,616 0.415,645 
Consilio Midco Limited*(8)(10)One stopSF +5.75%(i)10.23%05/202815,547 15,602 0.415,547 
Consilio Midco Limited*(8)(10)One stopSF +5.75%(i)10.23%05/20282,926 2,906 0.12,926 
Consilio Midco Limited*(8)(10)One stopSF +5.75%(i)10.23%05/20281,946 1,938 0.11,946 
Consilio Midco Limited*+(8)(10)One stopSF +5.75%(i)10.23%05/2028995 985 —995 
Consilio Midco Limited+(8)(10)One stopSF +5.50%(i)9.83%05/2028891 862 —881 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/2028464 484 —464 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/2028206 214 —206 
Consilio Midco Limited+(8)(10)One stopSF +5.50%(i)9.83%05/2028187 184 —185 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(i)10.23%05/2028136 135 —136 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/2028121 127 —121 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/2028118 123 —118 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/2028106 111 —106 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/202883 86 —83 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)8.97%05/202855 57 —55 
Consilio Midco Limited+(8)(10)One stopSF +5.75%N/A(6)05/2028— — —— 
CVP Holdco, Inc.+One stopSF +4.75%(h)9.11%06/203113,529 13,404 0.413,529 
CVP Holdco, Inc.+(5)One stopSF +7.25%N/A(6)06/2030— (13)—— 
CVP Holdco, Inc.+(5)One stopSF +7.25%N/A(6)06/2031— (17)—— 
Cycle Gear, Inc.+One stopSF +6.75%(i)11.41%01/202646,529 46,379 1.246,063 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(i)9.08%12/203011,685 11,627 0.311,626 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(i)9.08%12/2030139 132 —132 
PetVet Care Centers LLC*+One stopSF +6.00%(h)10.36%11/20304,728 4,765 0.14,491 
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2029— (2)—(4)
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2030— (6)—— 
PPV Intermediate Holdings, LLC*+One stopSF +5.75%(i)10.26%08/202914,154 14,079 0.414,154 
PPV Intermediate Holdings, LLC+(26)One stopN/A14.75%PIK08/20309,265 9,331 0.29,451 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/20301,862 1,830 —1,862 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/2030430 425 —430 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203079 78 —79 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203078 74 —78 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (8)—— 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.25%N/A(6)08/2029— (64)—— 
Radiance Borrower, LLC+(26)One stopSF +5.75%(h)7.36% cash/2.75%PIK06/203121,656 21,508 0.521,656 
Radiance Borrower, LLC+One stopSF +5.25%(h)9.61%06/2031410 394 —410 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/20285,243 5,247 0.15,243 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.33%PIK09/20293,150 3,121 0.13,150 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.33%PIK09/20291,671 1,655 —1,671 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.33%PIK09/2029817 794 —817 

See Notes to Consolidated Financial Statements.
36
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.33%PIK09/2029$608 $603 —%$608 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028539 537 —539 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.33%PIK09/2029423 386 —423 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028349 347 —349 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028342 341 —342 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028271 269 —271 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028169 168 —169 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028155 154 —155 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.33%PIK09/2029155 153 —155 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028113 113 —113 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/2028105 104 —105 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/202886 86 —86 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/202879 78 —79 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/202840 38 —40 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.08%08/202823 20 —23 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (6)—— 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^+(8)One stopSF +5.25%(i)9.58%12/202929,435 29,171 0.729,435 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)One stopCA +5.25%(l)8.42%12/20297,541 7,918 0.27,541 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)One stopSF +5.25%(i)9.58%12/2028571 564 —571 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)One stopCA +5.25%(l)8.42%12/202830 30 —30 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)One stopSF +5.25%N/A(6)12/2029— (56)—— 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)9.49% cash/2.50%PIK10/202638,880 38,313 0.833,436 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)9.49% cash/2.50%PIK10/20262,820 2,751 0.12,425 
Titan Fitness, LLC+(26)One stopSF +7.25%(h)(i)9.36% cash/2.50%PIK10/2026357 334 —243 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.22%03/20288,449 9,946 0.28,449 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.22%03/20288,266 9,237 0.28,266 
VSG Acquisition Corp. and Sherrill, Inc.*One stopSF +6.00%(h)10.47%04/202812,082 11,888 0.311,840 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +6.00%(h)10.47%04/20282,090 2,060 0.12,048 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +6.00%(h)10.47%04/20281,613 1,564 —1,581 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +6.00%(h)10.47%04/202826 20 —22 
381,730 384,688 9.3 374,608 

See Notes to Consolidated Financial Statements.
37
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(j)10.58%03/2028$2,347 $2,326 0.1%$2,183 
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(j)10.58%03/20281,170 1,159 0.11,088 
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(j)10.58%03/20281,027 1,019 —956 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/20259,952 9,923 0.39,952 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/20253,999 3,987 0.13,999 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/20252,058 2,053 0.12,058 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/2025683 681 —683 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/2025312 312 —312 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/2025299 298 —299 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/2025116 112 —116 
Elite Sportswear, L.P.+(26)Senior securedSF +7.25%(i)10.84% cash/1.00%PIK09/20254 4 —4 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.98%11/20269,185 9,123 0.29,207 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.98%11/20266,359 6,315 0.26,374 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.98%11/2026984 978 —987 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.98%11/2026884 878 —886 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.98%11/2026620 616 —622 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.98%11/20262 — —2 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)11.17%07/20291,299 1,299 —1,299 
Shoes For Crews Global, LLC+(26)Senior securedSF +7.00%(h)6.67% cash/5.00%PIK07/2029727 701 —727 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)11.17%07/2029420 420 —420 
Shoes For Crews Global, LLC+(5)Senior securedSF +6.50%N/A(6)07/2029— (32)—— 
42,447 42,172 1.142,174 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+One stopSF +7.00%(i)11.74%06/202820,073 19,833 0.518,667 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(i)10.99%06/202820,821 20,425 0.519,364 
Marcone Yellowstone Buyer Inc.+One stopSF +6.50%(i)11.24%06/20286,181 6,037 0.15,809 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(i)10.99%06/20282,548 2,461 0.12,370 
Marcone Yellowstone Buyer Inc.+One stopSF +7.00%(i)11.74%06/20286,669 6,417 0.26,203 
56,292 55,173 1.452,413 
Water Utilities
S.J. Electro Systems, LLC*Senior securedSF +4.75%(i)9.49%06/202724,409 24,245 0.624,409 
S.J. Electro Systems, LLC*Senior securedSF +4.75%(i)9.49%06/202718,727 18,679 0.518,727 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.49%06/20271,182 1,173 —1,182 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.26%06/2027384 327 —384 
Vessco Midco Holdings, LLC*One stopSF +4.75%(h)(j)9.43%07/203122,500 22,289 0.622,500 
Vessco Midco Holdings, LLC+One stopSF +4.75%(j)9.04%07/20311,975 1,940 —1,975 
Vessco Midco Holdings, LLC+(5)One stopSF +4.75%N/A(6)07/2031— (23)—— 
69,177 68,630 1.7 69,177 
Total non-controlled/non-affiliate company debt investments8,062,247 8,050,759 198.1 7,960,073 











See Notes to Consolidated Financial Statements.
38
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+LP unitsN/AN/A02/2023N/A93 $948 —%$815 
Tronair Parent, Inc.+LLC unitsN/AN/A07/2021N/A— 40 —65 
988 —880 
Air Freight & Logistics
RJW Group Holdings, Inc.+LP unitsN/AN/A11/2024N/A4,370 4,370 0.14,370 
Auto Components
Arnott, LLC+LP unitsN/AN/A12/2024N/A— 350 —350 
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —— 
664 —350 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —674 
CAP-KSI Holdings, LLC+LP unitsN/AN/A06/2024N/A645 — —27 
CG Group Holdings, LLC+LP unitsN/AN/A07/2021N/A1 983 —804 
Go Car Wash Parent, Corp.+(24)Preferred stockN/A17.00%Non-Cash04/2022N/A— 3,342 0.13,269 
Go Car Wash Parent, Corp.+Common stockN/AN/A04/2022N/A— 553 —— 
MOP GM Holding, LLC+LP unitsN/AN/A11/2020N/A— 499 —619 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 34 —39 
National Express Wash Parent Holdco, LLC+LP unitsN/AN/A07/2022N/A1 103 —121 
POY Holdings, LLC+LLC unitsN/AN/A11/2022N/A446 820 —971 
Quick Quack Car Wash Holdings, LLC+LP unitsN/AN/A06/2024N/A1,085 1,085 0.11,217 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A215 215 —236 
Yorkshire Parent, Inc.+LP unitsN/AN/A12/2023N/A— 544 —600 
8,823 0.28,577 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+LP unitsN/AN/A10/2023N/A4 40 —42 
Cobepa BlueSky Aggregator, SCSp+(24)Preferred stockN/A15.00%Non-Cash04/2024N/A5 54 —53 
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/A12/2021N/A219 1,899 —575 
1,993 —670 
Building Products
BECO Holding Company, Inc.+(24)Preferred stockN/A11.75%Non-Cash11/2021N/A132 18,523 0.518,741 
BECO Holding Company, Inc.+LP interestN/AN/A11/2021N/A10 1,218 —971 
19,741 0.519,712 
Chemicals
Inhance Technologies Holdings, LLC+Preferred stockN/AN/A12/2021N/A12 7,283 0.14,927 
Inhance Technologies Holdings, LLC+LLC unitsN/AN/A07/2018N/A— 124 —— 
7,407 0.14,927 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/A10/2021N/A773 836 —1,037 
FR Vision Holdings, Inc.+LP unitsN/AN/A01/2024N/A— 461 —568 
Franchise Brands plc+(8)(9)(10)(25)Common stockN/AN/A04/2023N/A51 115 —102 
North Haven Stack Buyer, LLCLLC unitsN/AN/A07/2021N/A516 637 —988 

See Notes to Consolidated Financial Statements.
39
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PT Intermediate Holdings III, LLC+LLC unitsN/AN/A12/2021N/A16 $1,787 0.1%$2,017 
Radwell Parent, LLC+LP unitsN/AN/A03/2022N/A4 477 —423 
4,313 0.15,135 
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 209 — 365 
Diversified Consumer Services
CHHJ Midco, LLC+(24)LLC unitsN/AN/A01/2021N/A27 311 —452 
CHVAC Services Investment, LLC+Common stockN/AN/A05/2024N/A105 267 —429 
DP Flores Holdings, LLC+LLC unitsN/AN/A09/2022N/A106 98 —132 
EMS LINQ, LLC+LP interestN/AN/A12/2021N/A761 758 —758 
EWC Growth Partners LLC+LLC interestN/AN/A03/2020N/A— 12 —— 
HS Spa Holdings, Inc.+Common stockN/AN/A05/2022N/A729 732 —731 
Liminex, Inc.+Common stockN/AN/A11/2020N/A17 633 —737 
NSG Buyer, Inc. +(8)LP unitsN/AN/A11/2022N/A3 2,992 0.14,064 
PADI Holdco, Inc.+LLC interestN/AN/A07/2017N/A1 987 0.11,147 
Project Alpha Intermediate Holdings, Inc.+(24)Preferred stockN/A9.00%Non-Cash08/2016N/A— 1,188 0.11,684 
Project Alpha Intermediate Holdings, Inc.+Common stockN/AN/A08/2016N/A202 329 —883 
Virginia Green Acquisition, LLC+LP unitsN/AN/A12/2023N/A397 407 —461 
8,714 0.311,478 
Electrical Equipment
Wildcat TopCo, Inc.+LP unitsN/AN/A12/2024N/A503 503 — 503 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —2 
Inventus Power, Inc.+LLC unitsN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+LP interestN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —339 


See Notes to Consolidated Financial Statements.
40
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+LLC unitsN/AN/A08/2015N/A44 $217 —%$271 
Hopdoddy Holdings, LLC+LLC unitsN/AN/A02/2016N/A20 61 —60 
Mendocino Farms, LLC+Common stockN/AN/A06/2018N/A227 1,041 —1,391 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.25,813 
Ruby Slipper Cafe LLC, The+LLC unitsN/AN/A06/2024N/A3 47 —49 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —159 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —48 
6,430 0.27,791 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —302 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A6 14 —16 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A01/2022N/A4 9 —11 
Borrower R365 Holdings, LLC+Common stockN/AN/A06/2022N/A1 3 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2022N/A2 4 —6 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A1 3 —4 
Borrower R365 Holdings, LLC+LP unitsN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A04/2024N/A21 73 —69 
Kodiak Cakes, LLC+Common stockN/AN/A06/2021N/A— 557 —875 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/A07/2021N/A— 599 —307 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+Preferred stockN/AN/A03/2024N/A— 31 —38 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —274 
Purfoods, LLC+LLC interestN/AN/A05/2016N/A— 945 0.25,758 
2,892 0.27,701 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/A06/2019N/A— 98 —109 
Blue River Pet Care, LLC+Common stockN/AN/A08/2019N/A— 734 —814 
CCSL Holdings, LLC+(8)LP interestN/AN/A12/2020N/A— 499 —698 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A— 557 —640 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 0.1992 
JHC Investment Intermediate Holdings, LLC+LLC unitsN/AN/A03/2024N/A5,293 — —562 
2,371 0.13,815 


See Notes to Consolidated Financial Statements.
41
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 $1,099 0.1%$1,472 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.14,733 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.13,020 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,120 0.11,299 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC unitsN/AN/A03/2021N/A180 192 —173 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/A12/2018N/A531 456 —645 
DCA Investment Holding, LLC(7)(24)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 659 —714 
DCA Investment Holding, LLCCommon stockN/AN/A12/2022N/A12 5 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 749 —427 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 79 —113 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A11 4 —— 
Encorevet Group LLC+Preferred stockN/AN/A05/2024N/A3 261 —101 
Krueger-Gilbert Health Physics, LLC+Common stockN/AN/A05/2019N/A239 324 —640 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —681 
NDX Parent, LLC+Common stockN/AN/A06/2021N/A— 278 —7 
NDX Parent, LLC+Preferred stockN/AN/A01/2023N/A84 88 —64 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common stockN/AN/A05/2021N/A— 410 —297 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —884 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —638 
Pyramid Healthcare Acquisition Corp.+Common stockN/AN/A05/2021N/A257 310 —399 
Radiology Partners, Inc.+LLC unitsN/AN/A02/2018N/A11 68 —85 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —336 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A— 249 —579 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A3 3 —— 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —517 
11,337 0.417,824 


See Notes to Consolidated Financial Statements.
42
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.+LLC unitsN/AN/A05/2024N/A446 $449 —%$469 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —335 
Connexin Software, Inc.+LLC unitsN/AN/A02/2024N/A12 16 —27 
HSI Halo Acquisition, Inc.+(24)Preferred stockN/A10.00%Non-Cash10/2019N/A— 109 —239 
HSI Halo Acquisition, Inc.+LP interestN/AN/A10/2019N/A— 14 —27 
Symplr Software, Inc.+(24)Preferred stockN/A11.00%Non-Cash10/2021N/A15 19,516 0.519,766 
Symplr Software, Inc.+(24)Preferred stockSF +10.50%(i)14.83%Non-Cash11/2018N/A3 5,774 0.26,953 
Symplr Software, Inc.+(24)Preferred stockN/A11.00%Non-Cash12/2020N/A2 2,450 0.12,623 
Symplr Software, Inc.+(24)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,478 —1,534 
Symplr Software, Inc.+LLC unitsN/AN/A09/2021N/A— 161 —190 
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 237 —1,090 
Tebra Technologies, Inc.+LLC interestN/AN/A07/2022N/A348 2,824 0.13,477 
Tebra Technologies, Inc.+WarrantN/AN/A03/2019N/A169 871 —541 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —18 
Tebra Technologies, Inc.+Preferred stockN/AN/A09/2018N/A1 8 —11 
34,297 0.937,300 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —556 
Freddy's Frozen Custard LLC+LP interestN/AN/A03/2021N/A287 384 —787 
Harri US LLC+LLC unitsN/AN/A02/2022N/A119 892 —775 
Harri US LLC+Preferred stockN/AN/A10/2021N/A102 649 —642 
Harri US LLC+WarrantN/AN/A10/2021N/A34 171 —214 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,426 
Harri US LLC+WarrantN/AN/A03/2024N/A9 69 —139 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 0.11,620 
PB Group Holdings, LLC+LP unitsN/AN/A08/2024N/A383 886 —983 
SSRG Holdings, LLC+LP interestN/AN/A11/2019N/A46 604 —580 
6,111 0.27,722 
Insurance
Accession Risk Management Group, Inc.+(24)Preferred stockN/A13.25%Non-Cash08/2023N/A9 10,325 0.310,326 
Majesco+(24)Preferred stockN/A9.00%Non-Cash09/2020N/A— 548 —625 
Majesco+LP interestN/AN/A09/2020N/A97 94 —399 
Oakbridge Insurance Agency LLC+LP unitsN/AN/A11/2023N/A20 404 —407 
11,371 0.311,757 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,215 0.622,574 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.313,550 
Revalize, Inc.+Preferred stockN/AN/A12/2022N/A11 11,050 0.28,836 
Revalize, Inc.+Preferred stockN/AN/A04/2022N/A4 4,285 0.13,365 
57,285 1.248,325 
IT Services
Appriss Health Intermediate Holdings, Inc+(24)Preferred stockN/A11.00%Non-Cash05/2021N/A3 3,781 0.14,011 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A02/2020N/A804 2,398 0.27,518 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A10/2020N/A211 931 —1,972 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 407 —452 

See Notes to Consolidated Financial Statements.
43
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/A08/2020N/A277 $779 0.1%$2,412 
Critical Start, Inc.+Common stockN/AN/A05/2022N/A343 379 —187 
Kentik Technologies, Inc.+Preferred stockN/AN/A09/2021N/A509 2,933 0.12,924 
Kentik Technologies, Inc.+WarrantN/AN/A11/2024N/A— 3 —3 
Netwrix Corporation+LLC unitsN/AN/A06/2022N/A7 19 —18 
Optimizely North America, Inc.+Common stockN/AN/A10/2018N/A92 1,016 —1,482 
Saturn Borrower Inc.+LP unitsN/AN/A09/2020N/A485 418 —331 
13,064 0.521,310 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,798 
Movement Holdings, LLC+LLC unitsN/AN/A03/2024N/A— 152 —124 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —100 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A56 96 —69 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —55 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —49 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —21 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —2 
778 0.12,218 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)LP unitsN/AN/A11/2022N/A1,302 1,096 —891 
Celerion Buyer, Inc.+LP unitsN/AN/A11/2022N/A1,302 188 —1,326 
PAS Parent Inc.+LP interestN/AN/A12/2021N/A15 1,651 0.11,767 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —319 
Reaction Biology Corporation+LLC unitsN/AN/A03/2022N/A— 321 —— 
3,523 0.14,303 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,632 0.11,755 
W3 Co.+Preferred stockN/AN/A01/2019N/A— 224 —260 
1,856 0.12,015 
Paper & Forest Products
Messenger, LLC+LLC unitsN/AN/A12/2021N/A8 667 —689 
Messenger, LLC+LLC unitsN/AN/A12/2021N/A1 — —— 
667 — 689 
Pharmaceuticals
Amalthea Parent, Inc.+(8)LP interestN/AN/A03/2021N/A701 605 —285 
Cobalt Buyer Sub, Inc.+(24)Preferred stockN/A13.75%Non-Cash10/2021N/A11 16,523 0.417,647 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A— 246 —276 
Cobalt Buyer Sub, Inc.+Common stockN/AN/A10/2021N/A3 2 —— 
Creek Parent, Inc.+LP interestN/AN/A12/2024N/A3,372 3,372 0.13,372 
20,748 0.521,580 


See Notes to Consolidated Financial Statements.
44
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)Preferred stockN/A12.50%Non-Cash09/2024N/A— $1,660 0.1%$1,692 
Enboarder, Inc.+(8)(11)Preferred stockN/AN/A01/2022N/A83 859 —566 
Filevine, Inc.+Preferred stockN/AN/A04/2022N/A362 2,867 0.14,377 
Filevine, Inc.+WarrantN/AN/A04/2022N/A54 224 —542 
Filevine, Inc.+Preferred stockN/AN/A05/2024N/A21 176 —256 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,354 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,189 
8,371 0.310,976 
Real Estate Management & Development
Inhabit IQ Inc.+Common stockN/AN/A01/2018N/A73 595 —1,332 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —260 
869 —1,592 
Road & Rail
Internet Truckstop Group, LLC+LP interestN/AN/A04/2019N/A554 587 —357 
Software
Anaplan, Inc.+LP interestN/AN/A06/2022N/A962 1,254 0.11,558
Aras Corporation+(24)Preferred stockN/A12.00%Non-Cash04/2021N/A1 2,003 0.12,205
Aras Corporation+LP interestN/AN/A04/2021N/A427 446—694
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—547
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A07/2021N/A37 405—558
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A02/2023N/A4 46—63
Bayshore Intermediate #2, L.P.+Common stockN/AN/A10/2021N/A5,841 5,8900.27,336
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,1570.11,222
Calabrio, Inc.+LP interestN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+LP unitsN/AN/A07/2024N/A258 258—332
Cloudbees, Inc.+Preferred stockN/AN/A11/2021N/A179 2,0070.12,168
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 4450.11,360
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—921
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,051
Denali Bidco Limited+(8)(10)LP interestN/AN/A08/2023N/A431 610—844
Diligent Corporation+(24)Preferred stockN/A10.50%Non-Cash04/2021N/A24 31,0270.832,529
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 9120.12,434
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—334
GS Acquisitionco, Inc.+(24)Preferred stockN/A11.00%Non-Cash04/2021N/A35 46,2781.248,310
GS Acquisitionco, Inc.+(24)Preferred stockN/A11.00%Non-Cash11/2021N/A5 5,9110.16,003
GS Acquisitionco, Inc.+LP interestN/AN/A09/2021N/A1 3630.11,255
GS Acquisitionco, Inc.+(24)Preferred stockSF +10.50%(i)14.83%Non-Cash08/2023N/A— 124—126
GTY Technology Holdings, Inc.+LP unitsN/AN/A07/2022N/A73 91—161
Gurobi Optimization, LLC+Common stockN/AN/A09/2024N/A— 709—812
Impartner, Inc.+Preferred stockN/AN/A10/2021N/A39 307—200
Kaseya Inc.+(24)Preferred stockSF +10.75%(i)15.08%Non-Cash06/2022N/A5 5,9740.25,972
Kaseya Inc.+LP interestN/AN/A06/2022N/A250 252—287
LogicMonitor, Inc.+LP interestN/AN/A12/2024N/A250 250—250

See Notes to Consolidated Financial Statements.
45
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Ministry Brands Holdings LLC+LP interestN/AN/A12/2021N/A799 $774 —%$702 
mParticle, Inc.+Preferred stockN/AN/A09/2021N/A227 1,429 —1,110 
mParticle, Inc.+WarrantN/AN/A08/2020N/A120 143—395
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/A10/2019N/A6 17 —17 
Onit, Inc.+(24)Preferred stockN/A15.00%Non-Cash02/2023N/A— 123—134
Onit, Inc.+WarrantN/AN/A02/2023N/A— 14—18
Panzura, LLC+LLC unitsN/AN/A09/2023N/A2 6 —2 
Personify, Inc.+LP interestN/AN/A09/2018N/A879 1,3960.12,243
Pluralsight, LLC+LLC unitsN/AN/A08/2024N/A1,988 3,663 0.14,294 
QAD, Inc.+(24)Preferred stockN/A9.00%Non-Cash11/2021N/A1 1,272—1,228
QAD, Inc.+Common stockN/AN/A11/2021N/A68 134—0
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—169
RegEd Aquireco, LLC+Preferred stockN/AN/A07/2023N/A— 27—32
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(24)Preferred stockN/A11.00%Non-Cash04/2022N/A26 33,3310.833,024 
Riskonnect Parent, LLC+LP interestN/AN/A11/2021N/A1,382 1,4120.11,553 
Riskonnect Parent, LLC+(24)Preferred stockSF +10.50%(i)14.83%Non-Cash07/2022N/A— 955 —966 
Riskonnect Parent, LLC+(24)Preferred stockN/A10.50%Non-Cash06/2024N/A— 52 —54 
SnapLogic, Inc.+Preferred stockN/AN/A09/2019N/A344 1,028 0.12,047 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A131 162 —527 
Spartan Buyer Acquisition Co.+Common stockN/AN/A12/2020N/A1 794—591
Spartan Buyer Acquisition Co.+Preferred stockN/AN/A12/2022N/A— 110—134
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—122
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/A07/2022N/A— 82—106
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,342—1,405
Zendesk, Inc.+LP unitsN/AN/A11/2022N/A63 708—623
158,839 4.4171,028 


See Notes to Consolidated Financial Statements.
46
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+(24)Preferred stockN/A11.50%Non-Cash02/2022N/A15 $18,773 0.5%$18,477 
Ave Holdings III, Corp+LP unitsN/AN/A02/2022N/A2 1,737 —592 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 0.11,399 
Cycle Gear, Inc.+LLC unitsN/AN/A02/2016N/A2,002 481 —257 
Cycle Gear, Inc.+Preferred stockN/AN/A01/2023N/A75 75 —150 
Metal Supermarkets US Buyer, LLC+(8)(12)Preferred stockN/AN/A12/2024N/A3 347 —347 
Metal Supermarkets US Buyer, LLC+(8)(12)LLC unitsN/AN/A12/2024N/A1 — —— 
Pet Holdings ULC+(8)(12)(24)LP interestN/AN/A04/2015N/A677 383 —602 
Salon Lofts Group, LLC+LP unitsN/AN/A08/2022N/A— 129 —100 
Southern Veterinary Partners, LLC+(24)LLC unitsN/A10.00%Non-Cash12/2024N/A5 995 0.24,912 
Southern Veterinary Partners, LLC+(24)LLC unitsN/A10.00%Non-Cash12/2024N/A— 233 —408 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A51 81 —259 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A4 16 —22 
Southern Veterinary Partners, LLC+(24)LLC unitsN/A10.00%Non-Cash12/2024N/A— 10 —48 
Southern Veterinary Partners, LLC+(24)LLC unitsN/A10.00%Non-Cash12/2024N/A— 3 —4 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A— — —2 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A— — —— 
VSG Acquisition Corp. and Sherrill, Inc.+LP unitsN/AN/A04/2022N/A— 57 —68 
24,607 0.827,647 
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+LLC interestN/AN/A11/2015N/A20 239 —394 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/A06/2021N/A56 265 —103 
Shoes For Crews Global, LLC+LLC unitsN/AN/A06/2024N/A2 1,083 —1,147 
1,587 —1,646 
Total non-controlled/non-affiliate company equity investments425,795 11.6 464,902 
Total non-controlled/non-affiliate company investments8,476,554 209.7 8,424,975 


See Notes to Consolidated Financial Statements.
47
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)One stopSF +1.00%(i)5.33%PIK06/2026$7,291 $7,071 0.1%$4,594 
Abita Brewing Co., L.L.C.+(7)(26)Second lienSF +8.00%(i)12.33%PIK06/20264,990 3,724 —449 
Abita Brewing Co., L.L.C.+(26)One stopSF +1.00%(i)(j)5.41%PIK06/20261,509 1,508 0.11,267 
13,790 12,303 0.26,310 
Energy, Equipment & Services
Benetech, Inc.+(7)(26)One stopSF +6.00%(i)10.48%PIK08/20264,772 3,623 0.11,909 
Benetech, Inc.+(7)(26)One stopSF +6.00%(i)10.48%PIK08/20261,160 836 —177 
5,932 4,459 0.12,086 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)One stopSF +6.00%(i)5.66% cash/5.00%PIK11/20292,741 2,741 0.12,741 
G & H Wire Company, Inc.+One stopSF +6.00%N/A(6)11/2029— — —— 
2,741 2,741 0.12,741 
Healthcare Providers & Services
Bayside Opco, LLC+One stopSF +7.25%(i)11.73%06/202612,815 12,762 0.312,815 
Bayside Opco, LLC+(26)Subordinated debtSF +10.00%(i)14.48%PIK06/20265,236 4,869 0.15,236 
Bayside Opco, LLC+One stopSF +7.25%(i)11.73%06/20264,533 4,420 0.14,533 
Bayside Opco, LLC+One stopSF +7.00%N/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(26)One stopSF +5.25%(i)9.73%PIK09/202517,103 13,030 0.15,302 
Elite Dental Partners LLC+(7)(26)One stopSF +12.00%(i)16.48%PIK09/202510,176 7,225 0.14,274 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.73%PIK09/20251,844 1,844 0.11,844 
Opening Day Borrower 111 LLC+One stopSF +6.25%(i)11.02%05/2027723 723 —723 
SPF Borrower LLC+(26)One stopSF +6.25%(i)8.73% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+One stopSF +9.50%(i)13.98%02/20288,333 8,333 0.28,333 
SPF Borrower LLC+One stopSF +6.25%N/A(6)02/2028— — —— 
76,954 69,397 1.459,251 
Multiline Retail
Fleet Farm Group, LLC+Senior securedSF +5.50%N/A(6)— — —— 
Software
Switchfly LLC+(26)One stopN/A1.00%PIK10/20261,418 1,418 —1,276 
Specialty Retail
Imperial Optical Midco Inc.+One stopSF +1.00%(i)5.33%06/202945,064 41,019 1.041,458 
Imperial Optical Midco Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(226)
Imperial Optical Midco Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(1,202)
45,064 41,019 1.040,030 
Total non-controlled/affiliate company debt investments145,899 131,337 2.8 111,694 











See Notes to Consolidated Financial Statements.
48
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)





Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/A02/2021N/A210$— —%$— 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+LLC unitsN/AN/A11/2024N/A1593,810 0.13,943 
Healthcare Providers & Services
Bayside Opco, LLC+LLC unitsN/AN/A05/2023N/A6 2,592 0.28,812 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC unitsN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+Preferred stockN/AN/A09/2024N/A181 21,172 0.621,813 
Opening Day Borrower 111 LLC+LLC unitsN/AN/A04/2023N/A181 7,837 0.13,822 
SPF Borrower LLC+LLC unitsN/AN/A02/2024N/A— 9,347 0.313,817 
45,100 1.2 48,264 
Multiline Retail
Fleet Farm Group, LLCLLC unitsN/AN/A12/2024N/A12923,874 0.624,070 
Software
Switchfly LLC+LLC interestN/AN/A09/2018N/A98,370 2,321 —815 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.25,692 
Switchfly LLC+LLC unitsN/AN/A03/2022N/A950 950 —585 
8,646 0.27,092 
Specialty Retail
Imperial Optical Midco Inc.+LLC unitsN/AN/A06/2024N/A189 53,763 1.352,956 
Total non-controlled/affiliate company equity investments135,193 3.4 136,325 
Total non-controlled/affiliate company investments266,530 6.2 248,019 


See Notes to Consolidated Financial Statements.
49
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)One stopN/A8.00%PIK03/2026$2,012 $2,012 0.1%$1,851 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,106 1,106 —1,106 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,188 1,188 —1,188 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/2026344 344 —344 
Total controlled affiliate company debt investments4,650 4,650 0.14,489 
Equity investments(22)(23)
IT Services
MMan Acquisition Co.+Preferred stockN/AN/A09/2024N/A— 7,832 0.27,748 
Total controlled affiliate equity investments7,832 0.27,748 
Total controlled affiliate company investments12,482 0.312,237 
Total investments8,755,566 216.2 8,685,231 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		4.34%(30)$55,102 1.4%$55,102 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)		4.35%(30)18 —18 
Morgan Stanley US Dollar Liquidity Fund
Institutional Distributing Share Class (CUSIP L64887109)		4.54%(30)37,116 0.937,116 
Allspring Government Money Market Fund
Select Share Class (CUSIP 949921126)		4.42%(30)9,694 0.29,694 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)4.31%(30)51,284 1.351,284 
Total money market funds153,214 3.8153,214 
Total investments and money market funds$8,908,780 220.0%$8,838,445 

See Notes to Consolidated Financial Statements.
50
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
^
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in “Note 7. Borrowings”).
*
Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in “Note 7. Borrowings”).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in “Note 7. Borrowings”).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of December 31, 2024, as the loan could have priced or repriced based on an index rate prior to December 31, 2024.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of December 31, 2024.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.85% as of December 31, 2024.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.71% as of December 31, 2024.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.57% as of December 31, 2024.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.42% as of December 31, 2024.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.70% as of December 31, 2024.
(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.49% as of December 31, 2024.
(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.33% as of December 31, 2024.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.31% as of December 31, 2024.
(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of December 31, 2024.
(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 3.31% as of December 31, 2024.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.15% as of December 31, 2024.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2024.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See “Note 6. 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 December 31, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)Investment was on non-accrual status as of December 31, 2024, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, total non-qualifying assets at fair value represented 12.9% 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”.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15)The headquarters of this portfolio company is located in Israel.
(16)The headquarters of this portfolio company is located in Finland.
(17)The headquarters of this portfolio company is located in Sweden.
(18)The headquarters of this portfolio company is located in Denmark.
(19)The headquarters of this portfolio company is located in Germany.
(20)The headquarters of this portfolio company is located in France.
(21)The headquarters of this portfolio company is located in Jersey.

See Notes to Consolidated Financial Statements.
51
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2024
(Dollar and share amounts in thousands)
(22) Equity investments are non-income producing securities unless otherwise noted.
(23) Ownership of certain equity investments occurs through a holding company or partnership.
(24) The Company holds an equity investment that is income producing.
(25) The fair value of this investment was valued using Level 1 inputs. See “Note 6. Fair Value Measurements”.
(26) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2024.
(27) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(28) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2024 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of December 31, 2024Interest, dividend and fee income
Abita Brewing Co. LLC$6,000 $2,169 $(1,442)$(417)$— $6,310 $19 
Bayside Opco, LLC29,127 285 (40)2,024 — 31,396 826 
Benetech, Inc.1,793 161 (245)377 — 2,086 8 
Elite Dental Partners LLC11,696 880 (834)(322)— 11,420 48 
Fleet Farm Group LLC— 23,874 — 196 — 24,070 9 
G & H Wire Company, Inc— 6,551 — 133 — 6,684 29 
Imperial Optical Midco Inc.93,864 226 — (1,104)— 92,986 879 
Opening Day Borrower 111 LLC24,936 722 — 700 — 26,358 16 
SPF Borrower LLC36,653 83 (83)1,688 — 38,341 763 
Switchfly LLC7,313 708 — 347 — 8,368 9 
Total Non-Controlled Affiliates$211,382 $35,659 $(2,644)$3,622 $— $248,019 $2,606 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(29) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the three months ended December 31, 2024 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of December 31, 2024Interest, dividend and fee income
MMan Acquisition Co.$12,205 $118 $— $(86)$— $12,237 $126 
Total Controlled Affiliates$12,205 $118 $— $(86)$— $12,237 $126 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(30) The rate shown is the annualized seven-day yield as of December 31, 2024.


See Notes to Consolidated Financial Statements.
52
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.~+One stopSF +6.50%(h)(i)11.24%02/2029$34,377 $34,130 0.9%$34,892 
PPW Aero Buyer, Inc.+One stopSF +5.50%(i)10.10%02/20294,292 4,262 0.14,292 
PPW Aero Buyer, Inc.+(5)One stopSF +5.50%N/A(6)02/2029— (87)—— 
PPW Aero Buyer, Inc.+One stopSF +6.50%(a)(h)(i)12.20%02/202952 51 —52 
38,721 38,356 1.039,236 
Airlines
Accelya Lux Finco S.A.R.L.<+(8)(13)(25)One stopSF +7.00%(i)7.70% cash/4.00%PIK12/20268,903 8,808 0.28,547
Auto Components                
Collision SP Subco, LLC<+One stopSF +5.50%(i)10.75%01/2030886 875 —886 
Collision SP Subco, LLC+One stopSF +5.50%(h)(j)10.36%01/2030162 157 —162 
Collision SP Subco, LLC+One stopSF +5.50%(i)10.75%01/203014 13 —14 
Covercraft Parent III, Inc.&+Senior securedSF +4.50%(i)9.97%08/20276,826 6,781 0.26,621 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(h)9.45%08/20271,381 1,360 —1,339 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(h)9.62%08/202760 56 —54 
North Haven Falcon Buyer, LLC<+(25)One stopSF +8.00%(i)8.12% cash/5.00%PIK05/20279,106 8,415 0.27,285 
North Haven Falcon Buyer, LLC+(25)One stopSF +8.00%(i)8.00% cash/5.00%PIK05/20271,525 1,408 —1,220 
OEConnection, LLC~+One stopSF +5.25%(h)10.10%04/203110,288 10,243 0.310,288 
OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (8)—— 
OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (8)—— 
Polk Acquisition Corp.*#+(25)Senior securedSF +7.50%(h)10.20% cash/2.25%PIK12/202418,598 18,542 0.417,297 
Polk Acquisition Corp.+(25)Senior securedSF +7.50%(h)10.20% cash/2.25%PIK12/2024110 110 —102 
Polk Acquisition Corp.+(25)Senior securedSF +7.50%(h)10.20% cash/2.25%PIK12/2024119 119 —108 
49,075 48,063 1.145,376 
Automobiles                
CAP-KSI Holdings, LLC+One stopSF +5.25%(i)9.85%06/20306,584 6,490 0.26,584 
CAP-KSI Holdings, LLC+One stopSF +5.25%(h)10.10%06/2030182 167 —182 
CG Group Holdings, LLC*#~<+(25)One stopSF +8.75%(i)11.35% cash/2.00%PIK07/202745,910 45,698 1.145,452 
CG Group Holdings, LLC+(25)One stopSF +8.75%(h)11.60% cash/2.00%PIK07/2026704 698 —698 
Denali Midco 2, LLC~+One stopSF +6.00%(h)10.95%12/202744,627 44,451 1.144,627 
Denali Midco 2, LLC&<+One stopSF +6.00%(h)10.95%12/202710,401 10,591 0.310,401 
Denali Midco 2, LLC&+One stopSF +6.00%(h)10.95%12/20273,113 3,170 0.13,113 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,891 1,926 0.11,891 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,797 1,829 0.11,797 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,568 1,597 0.11,568 
Denali Midco 2, LLC<+One stopSF +6.50%(h)11.45%12/20271,508 1,492 0.11,508 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,292 1,292 —1,292 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,254 1,254 —1,254 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,254 1,254 —1,254 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,034 1,034 —1,034 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027469 465 —469 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027406 401 —406 
Denali Midco 2, LLC+One stopSF +5.75%(h)10.70%12/2027394 394 —394 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027343 340 —343 

See Notes to Consolidated Financial Statements.
53
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027$201 $200 —%$201 
Denali Midco 2, LLC+One stopSF +6.00%(h)10.95%12/2027200 197 —200 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027101 100 —101 
Denali Midco 2, LLC+(5)One stopSF +5.75%N/A(6)12/2027— (4)—— 
High Bar Brands Operating, LLC<+Senior securedSF +5.00%(i)9.60%12/20291,435 1,430 0.11,435 
High Bar Brands Operating, LLC<+Senior securedSF +5.00%(i)9.60%12/2029299 298 —299 
High Bar Brands Operating, LLC+Senior securedSF +5.00%(i)9.60%12/2029254 250 —254 
High Bar Brands Operating, LLC+(5)Senior securedSF +5.25%N/A(6)12/2029— (1)—— 
JHCC Holdings LLC~+One stopSF +5.25%(i)9.85%09/202717,889 17,792 0.517,889 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/20275,179 5,262 0.15,179 
JHCC Holdings LLC+One stopSF +5.25%(i)9.85%09/20274,951 4,950 0.14,951 
JHCC Holdings LLC+One stopSF +5.25%(i)9.87%09/20273,714 3,691 0.13,714 
JHCC Holdings LLC+One stopSF +5.25%(i)9.92%09/20272,797 2,819 0.12,797 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/20271,659 1,642 —1,659 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/2027732 727 —732 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/2027695 693 —695 
JHCC Holdings LLC+One stopP + 4.25%(a)12.25%09/202766 64 —66 
MOP GM Holding, LLC*#~^+One stopSF +5.75%(i)10.50%11/202632,888 32,862 0.832,559 
MOP GM Holding, LLC&+One stopSF +5.75%(j)11.33%11/20263,866 3,858 0.13,827 
MOP GM Holding, LLC~+One stopSF +5.75%(j)11.09%11/20263,617 3,597 0.13,581 
MOP GM Holding, LLC^+One stopSF +5.75%(j)11.09%11/20263,537 3,516 0.13,502 
MOP GM Holding, LLC^+One stopSF +5.75%(i)10.50%11/20262,621 2,604 0.12,594 
MOP GM Holding, LLC&+One stopSF +5.75%(j)11.09%11/20262,161 2,149 0.12,140 
MOP GM Holding, LLC&+One stopSF +5.75%(j)11.09%11/20261,993 1,975 —1,973 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/2026726 721 —718 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/2026533 530 —528 
MOP GM Holding, LLC+One stopSF +5.75%(i)(j)10.62%11/2026400 397 —396 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/2026267 265 —264 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/2026203 202 —201 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/202689 88 —88 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/202689 88 —88 
MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (34)—— 
National Express Wash Parent Holdco, LLC&+One stopSF +5.50%(i)10.74%07/20299,620 9,560 0.29,428 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(j)9.75%07/2029140 135 —132 
National Express Wash Parent Holdco, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (2)—— 
POY Holdings, LLC#^&<+One stopSF +5.50%(i)10.25%11/202728,489 28,766 0.728,489 
POY Holdings, LLC<+One stopSF +5.50%(i)10.25%11/20273,703 3,764 0.13,703 
POY Holdings, LLC~+One stopSF +5.50%(i)10.25%11/20271,311 1,311 —1,311 
POY Holdings, LLC+One stopSF +5.50%(i)10.89%11/2027873 873 —873 
POY Holdings, LLC+One stopSF +5.50%(i)10.25%11/2027651 651 —651 
POY Holdings, LLC+One stopSF +5.50%(i)10.29%11/2027291 291 —291 
POY Holdings, LLC+One stopSF +5.50%(i)10.29%11/202731 29 —31 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (28)—— 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.60%06/20313,608 3,578 0.13,608 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.60%06/2031140 129 —140 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (3)—— 

See Notes to Consolidated Financial Statements.
54
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
TWAS Holdings, LLC#&<One stopSF +6.75%(h)11.70%12/2026$46,804 $46,658 1.2%$46,804 
TWAS Holdings, LLC*~&+One stopSF +6.75%(h)11.70%12/202641,809 41,768 1.041,809 
TWAS Holdings, LLC<+One stopSF +6.75%(h)11.70%12/202610,854 10,845 0.310,854 
TWAS Holdings, LLC<+One stopSF +6.75%(h)11.70%12/20268,288 8,354 0.28,288 
TWAS Holdings, LLC<+One stopSF +6.75%(h)11.70%12/20265,264 5,306 0.15,264 
TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (6)—— 
Yorkshire Parent, Inc.<+One stopSF +6.00%(i)10.60%12/20292,634 2,672 0.12,634 
Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 
Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 
382,403 382,120 9.5381,208 
Banks
OSP Hamilton Purchaser, LLC<+One stopSF +5.00%(i)10.25%12/20291,745 1,769 0.11,745 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)10.26%12/2029331 325 —331 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%N/A(6)12/2029— — —— 
2,076 2,094 0.12,076 
Beverages
Financial Information Technologies, LLC~&<+One stopSF +5.25%(i)9.85%06/203034,626 34,555 0.934,626 
Financial Information Technologies, LLC+(25)One stopN/A14.00%PIK06/203119,894 19,758 0.519,894 
Financial Information Technologies, LLC+(5)One stopSF +5.25%N/A(6)06/2030— (1)—— 
Financial Information Technologies, LLC<+One stopSF +5.25%(i)9.85%06/20302,221 2,218 0.12,221 
Financial Information Technologies, LLC+(5)One stopSF +5.25%N/A(6)06/2030— (1)—— 
Watermill Express, LLC^+One stopSF +5.75%(i)10.50%07/20293,064 3,046 0.13,072 
Watermill Express, LLC+One stopSF +5.75%(i)10.50%07/2029296 296 —297 
Watermill Express, LLC+One stopSF +5.75%(i)10.96%07/2029111 108 —111 
Watermill Express, LLC<+One stopSF +5.75%(i)10.50%07/2029739 735 —742 
Watermill Express, LLC+One stopSF +5.75%(i)10.60%07/2029371 369 —371 
Watermill Express, LLC+One stopSF +5.00%(i)9.75%07/2029582 569 —564 
Winebow Holdings, Inc.~<One stopSF +6.25%(h)11.20%12/20279,354 9,247 0.28,887 
71,258 70,899 1.870,785 
Building Products
BECO Holding Company, Inc.#~&<+One stopSF +5.25%(i)10.00%11/202840,999 41,632 1.040,999 
BECO Holding Company, Inc.+(5)One stopSF +5.25%N/A(6)11/2027— (2)—— 
40,999 41,630 1.040,999 
Capital Markets
BlueMatrix Holdings, LLC~+One stopSF +5.25%(i)9.85%01/20312,540 2,564 0.12,540 
BlueMatrix Holdings, LLC+One stopSF +5.25%N/A(6)01/2031— — —— 
BlueMatrix Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2031— (7)—— 
2,540 2,557 0.12,540 
Chemicals
Inhance Technologies Holdings, LLC#<+(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/202415,132 14,768 0.312,257 
Inhance Technologies Holdings, LLC#&(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/202413,742 13,204 0.311,130 
Inhance Technologies Holdings, LLC<+(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/20242,673 2,563 0.12,165 
Inhance Technologies Holdings, LLC+(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/2024314 297 —251 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)9.60%03/20299,840 9,743 0.39,741 
Krayden Holdings, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2029— (33)—(34)
Krayden Holdings, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2029— (48)—(49)

See Notes to Consolidated Financial Statements.
55
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PHM NL SP Bidco B.V.+(8)(9)(14)(25)One stopE + 9.25%(d)9.41% cash/3.00%PIK09/2028$51,136 $50,266 1.1%$46,023 
PHM NL SP Bidco B.V.+(8)(14)(25)One stopSF +9.25%(g)11.33% cash/3.00%PIK09/202819,993 19,250 0.417,994 
PHM NL SP Bidco B.V.+(8)(9)(14)(25)One stopSN +6.75%(f)8.70% cash/3.00%PIK09/202811,497 10,881 0.310,348 
PHM NL SP Bidco B.V.+(8)(9)(14)(25)One stopE + 6.75%(d)7.50% cash/3.00%PIK09/20285,332 5,138 0.14,807 
129,659 126,029 2.9114,633 
Commercial Services & Supplies
BradyIFS Holdings, LLC^+One stopSF +6.00%(i)11.25%10/20294,842 4,926 0.14,842 
BradyIFS Holdings, LLC+One stopSF +6.00%(h)(i)11.18%10/2029382 381 —382 
CI (Quercus) Intermediate Holdings, LLC~<+One stopSF +5.00%(i)9.63%06/203127,427 27,109 0.727,427 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)10.05%06/203153 34 —53 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopSF +5.00%N/A(6)06/2031— (50)—— 
Encore Holdings, LLC+One stopSF +5.50%(i)10.25%11/20284,564 4,501 0.14,575 
Encore Holdings, LLC<+One stopSF +5.50%(i)10.20%11/2028907 895 —910 
Encore Holdings, LLC+One stopSF +5.25%(i)10.11%11/20281,170 1,163 —1,170 
FR Vision Holdings, Inc.<+One stopSF +5.50%(i)10.78%01/20311,070 1,066 —1,070 
FR Vision Holdings, Inc.+One stopSF +5.50%(i)10.78%01/203190 89 —90 
FR Vision Holdings, Inc.+One stopSF +5.50%N/A(6)01/2030— — —— 
Kleinfelder Intermediate, LLC<+One stopSF +6.25%(i)11.31%09/20304,087 3,987 0.14,087 
Kleinfelder Intermediate, LLC+One stopP + 4.00%(a)12.00%09/2028120 112 —120 
Kleinfelder Intermediate, LLC+(5)One stopSF +5.00%N/A(6)09/2030— (5)—— 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.31%07/20271,564 1,549 0.11,568 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.60%07/2027158 132 —158 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.53%07/2027284 281 —285 
North Haven Stack Buyer, LLC+(5)Second lienN/AN/A(6)01/2028— (15)—— 
North Haven Stack Buyer, LLC*#~<Senior securedSF +5.25%(i)10.50%07/202712,284 12,271 0.312,315 
North Haven Stack Buyer, LLC+(25)Second lienN/A10.00% cash/2.50%PIK01/20282,277 2,257 0.12,290 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.85%07/20271,481 1,472 0.11,485 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.53%07/20271,418 1,410 0.11,422 
North Haven Stack Buyer, LLC#~Senior securedSF +5.25%(i)10.50%07/20274,139 4,126 0.14,149 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.50%07/20271,371 1,366 —1,374 
North Haven Stack Buyer, LLC#~Senior securedSF +5.25%(i)10.50%07/20271,366 1,361 —1,369 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.37%07/2027200 200 —201 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.50%07/2027100 100 —100 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.34%07/2027166 157 —166 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.85%07/20272,281 2,268 0.12,287 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.85%07/2027485 481 —485 
North Haven Stack Buyer, LLC+(25)Second lienN/A10.00% cash/2.50%PIK01/20281,501 1,481 0.11,511 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.59%07/2027910 904 —910 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.67%07/2027689 684 —689 
Profile Products LLC<+One stopSF +5.50%(h)10.70%11/20279,052 8,974 0.28,600 
Profile Products LLC<+(8)One stopSF +5.50%(h)10.70%11/20271,835 1,811 —1,743 
Profile Products LLC+One stopP + 4.50%(a)12.50%11/202772 71 —68 
Profile Products LLC+(5)One stopSF +5.75%N/A(6)11/2027— (1)—(4)
PSC Parent, Inc.~+One stopSF +5.25%(h)10.42%04/20315,505 5,495 0.25,505 
PSC Parent, Inc.+One stopSF +5.25%(a)(h)10.36%04/2030377 372 —377 
PSC Parent, Inc.+(5)One stopSF +5.25%N/A(6)04/2031— (6)—— 
PSC Parent, Inc.+One stopSF +5.25%(h)10.10%04/2031917 913 —917 
PT Intermediate Holdings III, LLC<+(25)One stopSF +5.00%(i)7.85% cash/1.75%PIK04/203012,234 12,262 0.312,234 
PT Intermediate Holdings III, LLC+(5)One stopSF +4.75%N/A(6)04/2030— (1)—— 
Radwell Parent, LLC#^+One stopSF +5.50%(i)10.10%03/202934,289 33,967 0.833,947 
Radwell Parent, LLC&<+One stopSF +5.50%(i)10.10%03/202932,407 32,458 0.832,083 
Radwell Parent, LLC+One stopSF +5.50%(i)10.10%03/2029248 199 —235 

See Notes to Consolidated Financial Statements.
56
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Radwell Parent, LLC+One stopSF +5.50%(i)10.10%03/2029$553 $551 —%$540 
Trinity Air Consultants Holdings Corporation<+One stopSF +5.25%(i)10.61%06/20282,632 2,610 0.12,632 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)10.40%06/2028530 530 —530 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%N/A(6)06/2028— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)10.45%06/2028494 492 —494 
WRE Holding Corp.+One stopSF +5.00%(j)9.25%07/203116,514 16,355 0.416,514 
WRE Holding Corp.+One stopSF +5.00%(j)9.81%07/2031241 219 —241 
WRE Holding Corp.+(5)One stopSF +5.00%N/A(6)07/2030— (23)—— 
195,286 193,941 4.8194,146 
Communications Equipment
Lightning Finco Limited+(8)(10)One stopSF +5.50%(g)10.76%09/202814,802 14,775 0.414,802 
Lightning Finco Limited+(8)(9)(10)One stopE + 5.50%(d)9.17%09/20281,692 1,744 —1,692 
16,494 16,519 0.416,494 
Construction & Engineering
Consor Intermediate II, LLC~+One stopSF +4.75%(i)9.35%05/20314,050 4,062 0.14,050 
Consor Intermediate II, LLC+(5)One stopSF +4.75%N/A(6)05/2031— (17)—— 
Consor Intermediate II, LLC+(5)One stopSF +4.75%N/A(6)05/2031— (3)—— 
4,050 4,042 0.14,050 
Containers & Packaging
Chase Intermediate#~&<+One stopSF +4.75%(i)10.00%10/202849,331 50,053 1.249,331 
Chase Intermediate+(5)One stopSF +4.75%N/A(6)10/2028— (2)—— 
Chase Intermediate+One stopSF +4.75%(i)9.90%10/2028938 932 —938 
Fortis Solutions Group, LLC*#~^&+One stopSF +5.50%(i)10.20%10/202851,533 51,172 1.350,501 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)10.20%10/2028199 101 —70 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)10.20%10/2028141 76 —138 
Fortis Solutions Group, LLC+One stopSF +5.50%(a)(i)10.78%10/2027162 153 —152 
 102,304 102,485 2.5101,130 
Diversified Consumer Services
Any Hour, LLC~+One stopSF +5.00%(i)9.60%05/20309,066 9,001 0.28,975 
Any Hour, LLC+(25)One stopN/A13.00%PIK05/20312,876 2,824 0.12,847 
Any Hour, LLC+One stopSF +5.00%(i)9.90%05/2030303 290 —294 
Any Hour, LLC+One stopSF +5.00%(i)10.28%05/2030257 238 —230 
Apex Service Partners, LLC<+One stopSF +5.00%(h)9.86%10/20304,434 4,508 0.14,390 
Apex Service Partners, LLC+One stopSF +5.00%(h)9.86%10/20301,545 1,476 0.11,406 
Apex Service Partners, LLC+One stopSF +5.00%(h)9.86%10/20301,055 1,041 —1,045 
Apex Service Partners, LLC+One stopSF +5.00%(h)9.86%10/202938 36 —38 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/20261,730 1,715 0.11,730 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/20261,659 1,638 0.11,659 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/20261,197 1,197 —1,197 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/20261,182 1,176 —1,182 
Certus Pest, Inc.~+One stopSF +5.75%(i)10.50%02/2026820 814 —820 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/2026723 709 —723 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/2026704 701 —704 
Certus Pest, Inc.~+One stopSF +5.75%(i)10.50%02/2026416 412 —416 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/2026260 255 —260 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/2026142 133 —142 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/202660 58 —60 
Certus Pest, Inc.+One stopSF +5.75%N/A(6)02/2026— — —— 
CHHJ Midco, LLC#~Senior securedSF +5.00%(j)10.51%01/20263,732 3,724 0.13,732 
CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— 
CHVAC Services Investment, LLC~+One stopSF +5.00%(i)9.60%05/20302,945 2,922 0.12,945 

See Notes to Consolidated Financial Statements.
57
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CHVAC Services Investment, LLC+One stopSF +5.00%(i)9.60%05/2030$1,371 $1,329 —%$1,371 
CHVAC Services Investment, LLC+(5)One stopSF +5.00%N/A(6)05/2030— (3)—— 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.73%07/20272,400 2,387 0.12,400 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.73%07/20272,339 2,322 0.12,339 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.72%07/20271,533 1,523 0.11,533 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.68%07/20271,083 1,076 —1,083 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.73%07/20271,154 1,147 —1,154 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.65%07/2027696 690 —696 
COP Hometown Acquisitions, Inc.+(5)Senior securedSF +5.25%N/A(6)07/2027— (2)—— 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(g)(i)10.83%07/20271,383 1,381 —1,383 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.50%(i)10.75%07/20271,045 1,043 —1,045 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(i)10.74%07/2027922 920 —922 
EMS LINQ, LLC^+One stopSF +6.25%(i)11.41%12/202713,835 13,868 0.413,835 
EMS LINQ, LLC+One stopSF +6.25%(i)11.41%12/202796 95 —96 
Entomo Brands Acquisitions, Inc.<+Senior securedSF +5.50%(i)10.25%07/20294,389 4,392 0.14,389 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)10.25%07/202930 29 —30 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)10.25%07/20291,263 1,240 —1,263 
EWC Growth Partners LLC<+One stopSF +6.00%(i)10.75%03/2026959 956 —939 
EWC Growth Partners LLC&+One stopSF +6.00%(i)10.75%03/20261,125 1,125 —1,103 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.75%03/202638 38 —36 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.75%03/2026107 107 —105 
FPG Intermediate Holdco, LLC+(25)One stopSF +6.75%(j)7.25% cash/4.00%PIK03/202714,093 13,790 0.310,992 
FPG Intermediate Holdco, LLC+(25)One stopSF +6.75%(j)7.25% cash/4.00%PIK03/20277,800 7,491 0.26,084 
FPG Intermediate Holdco, LLC+(25)One stopSF +6.75%(h)(j)7.81% cash/4.00%PIK03/2027126 125 —126 
FSS Buyer LLC&+One stopSF +5.00%(h)9.85%08/20287,666 7,652 0.27,666 
FSS Buyer LLC+One stopSF +5.00%N/A(6)08/2027— — —— 
HS Spa Holdings, Inc.<+One stopSF +5.25%(i)10.31%06/202911,550 11,530 0.311,550 
HS Spa Holdings, Inc.+One stopSF +5.25%(a)(h)11.15%06/202864 62 —64 
HS Spa Holdings, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (2)—— 
Learn-it Systems, LLC<+(25)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/20263,381 3,377 0.13,381 
Learn-it Systems, LLC+(25)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/20261,991 1,985 0.11,991 
Learn-it Systems, LLC+(25)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/2026847 844 —847 
Learn-it Systems, LLC+Senior securedSF +5.25%N/A(6)09/2026— — —— 
Liminex, Inc.<+One stopSF +7.25%(i)12.46%11/202635,650 35,614 0.935,650 
Liminex, Inc.<+One stopSF +7.25%(i)12.46%11/202623,516 23,443 0.623,516 
Liminex, Inc.<+One stopSF +7.25%(i)12.46%11/202615,953 15,763 0.415,953 
Liminex, Inc.^<+One stopSF +7.25%(i)12.46%11/202620,321 20,685 0.520,321 
Litera Bidco, LLC~+One stopSF +5.00%(h)9.85%05/20285,201 5,213 0.15,201 
Litera Bidco, LLC+One stopSF +5.00%(h)9.85%05/20281,060 1,053 —1,060 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (2)—— 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (1)—— 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.70%04/2029456 414 —410 
Mario Purchaser, LLC<+One stopSF +5.75%(h)10.70%04/202911,384 11,329 0.311,270 
Mario Purchaser, LLC+(25)One stopSF +10.75%(h)15.70%PIK04/20324,428 4,447 0.14,384 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.70%04/20295,241 5,268 0.15,188 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.70%04/202814 14 —14 
NSG Buyer, Inc. *#&+One stopSF +6.25%(h)11.20%11/202934,332 34,267 0.934,589 
NSG Buyer, Inc. +(5)One stopSF +5.50%N/A(6)11/2029— (2)—— 
NSG Buyer, Inc. +(5)One stopSF +6.25%N/A(6)11/2028— (1)—— 
NSG Buyer, Inc. +One stopSF +5.50%(h)10.35%11/20291,785 1,779 0.11,785 
PADI Holdco, Inc.*#One stopSF +6.25%(i)11.46%01/202721,353 21,136 0.521,353 
PADI Holdco, Inc.+(8)(9)One stopE + 6.25%(c)9.76%01/202720,130 20,416 0.520,130 
PADI Holdco, Inc.+One stopSF +6.25%(i)11.66%01/2027823 814 —823 

See Notes to Consolidated Financial Statements.
58
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PADI Holdco, Inc.+One stopSF +6.25%(i)11.35%01/2027$170 $168 —%$170 
PADI Holdco, Inc.+One stopSF +6.25%(i)11.67%01/2027214 212 —214 
Provenance Buyer LLC*#~<+One stopSF +5.50%(h)10.45%06/202720,797 20,617 0.519,756 
Provenance Buyer LLC#&One stopSF +5.50%(h)10.45%06/202714,010 13,953 0.313,309 
Provenance Buyer LLC+One stopSF +5.50%(h)10.45%06/2027125 121 —112 
RW AM Holdco LLC#&+One stopSF +5.25%(i)9.95%04/202826,368 25,712 0.624,523 
RW AM Holdco LLC+(5)One stopSF +5.25%N/A(6)04/2028— (13)—(22)
Virginia Green Acquisition, LLC<+One stopSF +5.25%(j)9.50%12/20302,416 2,456 0.12,416 
Virginia Green Acquisition, LLC+One stopSF +5.25%N/A(6)12/2029— — —— 
Virginia Green Acquisition, LLC+One stopSF +5.25%(j)9.50%12/203099 98 —99 
384,276 382,358 9.4375,442 
Diversified Financial Services
Avalara, Inc.<+One stopSF +6.25%(i)10.85%10/202818,170 18,095 0.518,170 
Avalara, Inc.+(5)One stopSF +7.25%N/A(6)10/2028— (2)—— 
Baker Tilly Advisory Group, LP+One stopSF +5.00%(h)9.85%06/20313,301 3,255 0.13,301 
Baker Tilly Advisory Group, LP+(5)One stopSF +5.00%N/A(6)06/2030— (10)—— 
Baker Tilly Advisory Group, LP+(5)One stopSF +5.00%N/A(6)06/2031— (4)—— 
Banker's Toolbox, Inc.&+One stopSF +4.50%(i)9.10%07/202720,569 20,521 0.520,569 
Banker's Toolbox, Inc.+One stopSF +4.50%N/A(6)07/2027— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%(d)8.84%07/203116,585 15,959 0.416,430 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)Subordinated debtE + 8.00%(d)3.59% cash/8.00%PIK07/20321,935 1,861 0.11,916 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Finastra USA, Inc.<+One stopSF +7.25%(i)12.18%09/20295,373 5,292 0.15,393 
Finastra USA, Inc.+One stopSF +7.25%(i)12.18%09/202946 45 —46 
Flash Topco, Inc.*&One stopSF +5.75%(i)11.10%10/202817,094 16,883 0.416,240 
Flash Topco, Inc.+One stopSF +6.50%(i)11.71%10/2028143 141 —136 
Flash Topco, Inc.+One stopSF +6.50%(i)11.72%12/202475 74 —74 
Higginbotham Insurance Agency, Inc.<+One stopSF +4.50%(h)9.35%11/20288,093 8,128 0.28,093 
Higginbotham Insurance Agency, Inc.+One stopSF +4.75%(h)9.60%11/2028220 218 —220 
91,604 90,456 2.390,588 


See Notes to Consolidated Financial Statements.
59
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC<+Senior securedSF +5.00%(i)9.75%07/2027$1,529 $1,521 —%$1,529 
Electrical Equipment
Power Grid Holdings, Inc.<+One stopSF +4.75%(i)10.00%12/20301,425 1,408 —1,425 
Power Grid Holdings, Inc.+(5)One stopSF +4.75%N/A(6)12/2030— (2)—— 
1,425 1,406 —1,425 
Electronic Equipment, Instruments & Components
CST Holding Company&<One stopSF +5.00%(h)9.95%11/202834,063 33,123 0.834,063 
CST Holding Company+(5)One stopSF +5.00%N/A(6)11/2028— (3)—— 
34,063 33,120 0.834,063 

Food & Staples Retailing
Mendocino Farms, LLC<+One stopSF +5.50%(h)10.35%03/20301,001 998 —1,001 
Mendocino Farms, LLC+(5)One stopSF +5.50%N/A(6)03/2030— (1)—— 
Mendocino Farms, LLC+One stopSF +5.50%N/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(h)10.35%03/2030112 111 —112 
PDI TA Holdings, Inc.<+One stopSF +5.25%(h)(i)10.47%02/20311,143 1,138 —1,143 
PDI TA Holdings, Inc.+(5)One stopSF +5.25%N/A(6)02/2031— (1)—— 
PDI TA Holdings, Inc.+(5)One stopSF +5.25%N/A(6)02/2031— (1)—— 
Ruby Slipper Cafe LLC, The*+One stopSF +7.50%(i)12.25%07/20252,304 2,295 0.12,304 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025515 513 —515 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025340 339 —340 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025190 190 —190 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025— — —— 
Wineshipping.com LLC&+One stopSF +5.75%(j)10.74%10/20279,674 9,545 0.39,190 
Wineshipping.com LLC+One stopSF +5.75%(i)11.20%10/2027265 259 —251 
Wineshipping.com LLC+One stopSF +5.75%(a)(i)11.20%10/2027146 142 —138 
15,690 15,527 0.415,184 


See Notes to Consolidated Financial Statements.
60
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Blast Bidco Inc.<+One stopSF +6.00%(i)10.60%10/2030$4,905 $4,843 0.1%$4,905 
Blast Bidco Inc.+(5)One stopSF +6.00%N/A(6)10/2029— (7)—— 
Borrower R365 Holdings, LLC^+One stopSF +6.00%(i)10.75%06/202718,823 18,811 0.518,823 
Borrower R365 Holdings, LLC<+One stopSF +6.00%(i)10.75%06/20271,556 1,545 —1,556 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.75%06/2027231 231 —231 
Borrower R365 Holdings, LLC+(5)One stopSF +6.00%N/A(6)06/2027— (1)—— 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)10.33%08/203013,432 13,301 0.313,298 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)10.33%08/2030201 187 —186 
Kodiak Cakes, LLC^+Senior securedSF +5.25%(i)10.50%06/202846,378 45,974 1.246,378 
Kodiak Cakes, LLC+(5)Senior securedSF +5.25%N/A(6)06/2028— (5)—— 
Louisiana Fish Fry Products, Ltd.*~<+One stopSF +6.25%(i)11.00%07/202713,700 13,669 0.413,564 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(i)11.00%07/2027196 193 —192 
MAPF Holdings, Inc.*#~^&+One stopSF +6.50%(i)11.25%12/202651,975 51,816 1.246,258 
MAPF Holdings, Inc.+One stopSF +6.50%(i)11.25%12/2026600 593 —534 
MAPF Holdings, Inc.<+One stopSF +6.50%(i)11.25%12/20261,666 1,640 —1,482 
MAPF Holdings, Inc.+One stopN/A19.00%12/20261,214 1,187 —1,076 
P&P Food Safety Holdings, Inc.*~&+One stopSF +6.00%(i)10.75%12/202624,812 24,779 0.624,068 
P&P Food Safety Holdings, Inc.+(5)One stopSF +6.00%N/A(6)12/2026— (2)—(6)
Ultimate Baked Goods Midco LLC<+One stopSF +6.25%(i)11.41%08/20279,314 9,329 0.29,314 
Ultimate Baked Goods Midco LLC+One stopSF +6.25%(i)11.40%08/202748 31 —48 
Ultimate Baked Goods Midco LLC+One stopSF +5.50%(i)10.66%08/20271,926 1,917 —1,926 
Whitebridge Pet Brands, LLC*#&+One stopSF +4.75%(h)9.70%07/202726,358 26,339 0.726,358 
Whitebridge Pet Brands, LLC+(5)One stopSF +4.75%N/A(6)07/2027— (1)—— 
Wizard Bidco Limited<+(8)(10)One stopSF +6.00%(i)10.60%03/202922,740 22,637 0.622,740 
Wizard Bidco Limited<+(8)(9)(10)(25)One stopSN +5.00%(f)8.45% cash/1.50%PIK03/202910,977 10,583 0.310,483 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.00%(f)10.95%03/20298,322 7,718 0.28,322 
Wizard Bidco Limited+(8)(9)(10)One stopSN +4.75%(f)9.70%09/2028200 183 —192 
Wizard Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)03/2029— (43)—— 
259,574 257,447 6.3251,928 


See Notes to Consolidated Financial Statements.
61
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC#~+One stopSF +4.75%(h)9.81%06/2025$5,013 $5,023 0.1%$5,013 
Aspen Medical Products, LLC<+One stopSF +4.75%(h)9.81%06/2025321 320 —321 
Aspen Medical Products, LLC+One stopSF +4.75%N/A(6)06/2025— — —— 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.20%(g)11.29%08/20287,744 7,750 0.27,638 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.20%(c)9.76%08/20284,614 4,789 0.14,550 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.20%(g)11.29%08/20281,912 1,912 0.11,886 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.20%(f)11.27%08/20281,353 1,342 —1,334 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.20%(c)9.55%08/20281,101 1,087 —1,086 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.25%(f)11.20%08/2028572 518 —537 
Belmont Instrument, LLC*#&One stopSF +6.25%(i)10.85%08/202814,504 14,397 0.414,504 
Belmont Instrument, LLC+One stopSF +6.25%(i)10.85%08/202866 63 —66 
Blades Buyer, Inc.#~<+Senior securedSF +5.00%(h)10.30%03/202812,285 12,244 0.312,285 
Blades Buyer, Inc.<+Senior securedSF +5.25%(h)10.55%03/20281,743 1,729 —1,743 
Blades Buyer, Inc.<+Senior securedSF +5.00%(h)10.30%03/20281,409 1,401 —1,409 
Blades Buyer, Inc.+Senior securedSF +4.75%(h)10.05%03/202860 57 —58 
Blue River Pet Care, LLC*#~&+One stopSF +5.00%(h)9.95%07/202662,942 63,036 1.662,942 
Blue River Pet Care, LLC<+One stopSF +5.00%(h)9.95%07/202612,462 12,676 0.312,462 
Blue River Pet Care, LLC<+One stopSF +5.00%(h)9.95%07/20262,905 2,956 0.12,905 
Blue River Pet Care, LLC<+One stopSF +5.00%(h)9.95%07/20262,793 2,841 0.12,793 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/20262,765 2,813 0.12,765 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/20262,125 2,161 0.12,125 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/20261,258 1,258 —1,258 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/2026417 416 —417 
Blue River Pet Care, LLC+One stopP + 4.00%(a)(h)11.19%07/2026150 148 —150 
Blue River Pet Care, LLC+(5)One stopSF +5.00%N/A(6)07/2026— (3)—— 
CCSL Holdings, LLC*#~(8)One stopSF +5.75%(h)10.60%12/202821,060 21,007 0.520,903 
CCSL Holdings, LLC<+(8)One stopSF +5.75%(h)10.60%12/20285,685 5,701 0.15,642 
CCSL Holdings, LLC<+(8)(9)One stopSN +5.75%(f)10.70%12/20283,579 3,350 0.13,552 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.60%12/20283,497 3,467 0.13,472 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.60%12/20282,906 2,878 0.12,884 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.60%12/2028120 118 —116 
CCSL Holdings, LLC+(5)(8)One stopSF +5.75%N/A(6)12/2028— (6)—(7)
CCSL Holdings, LLC+(5)(8)(9)One stopE + 5.75%N/A(6)12/2028— — —(247)
CCSL Holdings, LLC+(5)(8)(9)One stopE + 5.75%N/A(6)12/2028— (46)—(48)
CMI Parent Inc.+One stopSF +5.00%(h)9.85%12/202622,581 22,476 0.622,468 
CMI Parent Inc.~^+One stopSF +5.00%(h)9.85%12/202619,888 20,037 0.519,789 
CMI Parent Inc.^+Senior securedSF +5.00%(h)9.85%12/20269,533 9,588 0.29,485 
CMI Parent Inc.<+One stopSF +5.00%(h)9.85%12/20268,943 8,993 0.28,899 
CMI Parent Inc.+(5)One stopSF +5.00%N/A(6)12/2026— (1)—(3)
G & H Wire Company, Inc.+(7)(25)One stopSF +9.00%(i)6.21% cash/8.00%PIK12/202512,622 11,929 0.26,564 
G & H Wire Company, Inc.+(7)(25)One stopSF +9.00%(i)6.21% cash/8.00%PIK12/2025106 100 —34 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)10.56%06/20317,931 7,855 0.27,851 
HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)05/2030— (8)—(9)
HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)06/2031— (16)—(17)
JHC Investment Intermediate Holdings, LLC+(25)One stopSF +8.75%(i)7.45% cash/6.00%PIK03/20291,351 1,351 —1,351 
JHC Investment Intermediate Holdings, LLC+(7)(25)One stopSF +8.75%(i)13.45%PIK03/2029856 542 —684 
TIDI Legacy Products, Inc.<+One stopSF +5.50%(h)10.35%12/20293,520 3,584 0.13,520 
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
YI, LLC<+One stopSF +5.75%(h)10.87%12/20294,430 4,428 0.14,430 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (1)—— 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (9)—— 
269,122 268,251 6.5261,560 

See Notes to Consolidated Financial Statements.
62
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC <+One stopSF +5.25%(h)10.20%12/2027$8,672 $8,621 0.2%$8,672 
AAH TOPCO, LLC +One stopSF +5.25%(h)10.22%12/20278,152 8,194 0.28,152 
AAH TOPCO, LLC +(25)Subordinated debtN/A11.50%PIK12/20312,730 2,614 0.12,566 
AAH TOPCO, LLC +One stopSF +5.25%(h)10.22%12/20271,483 1,504 0.11,483 
AAH TOPCO, LLC +(5)One stopSF +5.50%N/A(6)12/2027— (1)—— 
Active Day, Inc.#+One stopSF +5.00%(h)9.95%08/202517,388 17,342 0.417,388 
Active Day, Inc.#+One stopSF +5.00%(h)9.95%08/20251,343 1,339 —1,343 
Active Day, Inc.*#One stopSF +5.00%(h)9.95%08/2025865 863 —865 
Active Day, Inc.+One stopSF +5.00%(h)9.95%08/2025689 687 —689 
Active Day, Inc.+One stopSF +5.00%(h)9.95%08/2025608 606 —608 
Active Day, Inc.*#One stopSF +5.00%(h)9.95%08/2025597 596 —597 
Active Day, Inc.+One stopSF +5.25%N/A(6)08/2025— — —— 
Active Day, Inc.+One stopSF +5.00%(h)9.95%08/2025— — —— 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.92%03/202616,177 16,111 0.416,177 
Acuity Eyecare Holdings, LLC+(25)One stopN/A16.50%PIK06/202714,304 14,189 0.414,733 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20263,996 3,983 0.13,996 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.14%03/20263,559 3,548 0.13,559 
Acuity Eyecare Holdings, LLC#+One stopSF +6.25%(i)11.00%03/20263,504 3,493 0.13,504 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20263,138 3,140 0.13,138 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)11.22%03/20262,006 1,995 —2,006 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20261,829 1,833 —1,829 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)11.15%03/20261,023 1,019 —1,023 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/2026443 442 —443 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(i)11.00% cash/6.75%PIK03/2026279 278 —279 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)11.39%03/2026212 211 —212 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/2026163 163 —163 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(i)11.58%03/2026108 107 —108 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(i)11.12% cash/6.75%PIK03/2026109 108 —109 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20261 1 —1 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%N/A(6)03/2026— — —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/202815,672 15,862 0.415,672 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~+One stopSF +6.00%(i)11.16%03/20276,419 6,429 0.26,419 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+One stopSF +6.00%(i)11.16%03/20275,365 5,366 0.15,365 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20283,400 3,378 0.13,400 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20281,300 1,293 —1,300 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)11.35%03/2027837 836 —837 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)11.35%03/2027397 397 —397 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— 
Bamboo US Bidco LLC<+(25)One stopSF +6.75%(i)8.62% cash/3.38%PIK09/20302,716 2,655 0.12,689 
Bamboo US Bidco LLC<+(8)(9)(25)One stopE + 6.75%(c)7.01% cash/3.38%PIK09/20301,882 1,752 0.11,863 
Bamboo US Bidco LLC+(25)One stopSF +6.75%(i)8.56% cash/3.38%PIK09/2030201 196 —197 
Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2029— (13)—(4)
Community Care Partners, LLC<+One stopSF +6.00%(h)10.96%06/20263,490 3,445 0.13,385 
CRH Healthcare Purchaser, Inc.<+Senior securedSF +6.25%(i)11.00%06/202523,379 23,408 0.623,379 
CRH Healthcare Purchaser, Inc.~<Senior securedSF +6.25%(i)11.00%06/20256,318 6,305 0.26,318 
CRH Healthcare Purchaser, Inc.~+Senior securedSF +6.25%(i)11.00%06/20255,667 5,684 0.25,667 
CRH Healthcare Purchaser, Inc.<+Senior securedSF +6.25%(i)11.00%06/20254,281 4,273 0.14,281 

See Notes to Consolidated Financial Statements.
63
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(i)10.98%06/2025$240 $240 —%$240 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.50%(j)10.81%04/2031771 757 —764 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.50%(f)10.45%04/2031478 445 —473 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)Senior securedSF +5.50%N/A(6)10/2024— — —— 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopSF +5.50%N/A(6)04/2031— (2)—(2)
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopSF +5.50%N/A(6)10/2030— (2)—(1)
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/202715,592 15,351 0.415,047 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/20278,137 8,013 0.27,852 
Encorevet Group LLC~+One stopSF +6.75%(i)11.96%02/20274,209 4,143 0.14,061 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/20272,140 2,108 0.12,065 
Encorevet Group LLC~+One stopSF +6.75%(i)11.96%02/20271,888 1,859 0.11,823 
Encorevet Group LLC~+One stopSF +6.75%(i)11.96%02/20271,176 1,137 —1,135 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027977 945 —943 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027962 939 —928 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027921 898 —888 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027833 814 —804 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027422 409 —408 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027358 349 —345 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027175 171 —169 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027168 163 —162 
Encorevet Group LLC+One stopSF +6.75%(i)11.73%02/202794 92 —90 
Encorevet Group LLC+(25)One stopN/A13.00%PIK05/202795 89 —89 
Encorevet Group LLC+One stopSF +8.75%(i)13.50%02/20275 5 —5 
ERC Topco Holdings, LLC&<+(7)(25)One stopSF +6.25%(i)7.60% cash/3.25%PIK11/202826,963 22,760 0.416,178 
ERC Topco Holdings, LLC+(7)(25)One stopSF +6.25%(i)8.38% cash/3.25%PIK11/2027232 195 —112 
ERC Topco Holdings, LLC&<+(7)(25)One stopSF +6.25%(i)4.60% cash/6.25%PIK11/2028459 376 —275 
ERC Topco Holdings, LLC+(7)(25)One stopSF +6.25%(i)4.60% cash/6.25%PIK11/20282 2 —2 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(9)(12)One stopCA +5.75%(k)10.36%03/202711,272 11,322 0.311,272 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/20274,074 4,107 0.14,074 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/20272,775 2,811 0.12,774 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/20272,642 2,673 0.12,642 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)One stopSF +5.75%(i)11.15%03/20271,105 1,104 —1,105 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(12)One stopSF +5.75%(i)11.15%03/2027554 554 —554 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/2027481 473 —481 
Heartland Veterinary Partners LLC<+Senior securedSF +4.75%(h)9.70%12/20262,533 2,556 0.12,507 
Heartland Veterinary Partners LLC<+Senior securedSF +4.75%(h)9.70%12/20261,202 1,196 —1,190 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)12/2026— — —— 
Klick Inc.&+(8)(12)Senior securedSF +4.50%(i)9.20%03/202813,629 13,657 0.413,629 
Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2028— (2)—— 
Klick Inc.+(8)(12)Senior securedSF +4.50%(i)9.10%03/20283,179 3,163 0.13,179 

See Notes to Consolidated Financial Statements.
64
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(i)10.50%05/2026$2,599 $2,589 0.1%$2,599 
Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(i)10.50%05/20262,386 2,377 0.12,386 
Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(i)10.50%05/20261,526 1,527 0.11,526 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(i)10.50%05/20261,395 1,388 —1,395 
Krueger-Gilbert Health Physics, LLC<+Senior securedSF +5.75%(i)10.50%05/2026615 614 —615 
Krueger-Gilbert Health Physics, LLC+(5)Senior securedSF +5.75%N/A(6)05/2026— (1)—— 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(i)10.50%05/202690 90 —90 
Krueger-Gilbert Health Physics, LLC+One stopSF +5.75%(i)10.50%05/2026671 668 —671 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.<+(8)(9)(12)(25)One stopCA +6.00%(l)8.25% cash/2.00%PIK05/202826,214 27,849 0.625,165 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<(8)(12)One stopSF +5.50%(i)10.25%05/20285,882 5,818 0.15,646 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<+(8)(12)One stopSF +5.50%(i)10.25%05/20284,150 4,075 0.13,984 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.75%05/20281,641 1,695 —1,576 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.75%05/2028855 868 —821 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(25)One stopSF +6.00%(i)8.75% cash/2.00%PIK05/2028130 125 —125 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.80%05/202676 58 —65 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)One stopSF +5.50%N/A(6)05/2026— (2)—(4)
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/202718,333 18,088 0.518,333 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/202712,277 12,148 0.312,277 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20272,467 2,440 0.12,467 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20272,383 2,362 0.12,383 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20271,508 1,489 —1,508 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20271,368 1,353 —1,368 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027680 672 —680 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027533 528 —533 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027180 178 —180 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027103 101 —103 
Pinnacle Treatment Centers, Inc.+One stopP + 4.25%(a)12.25%01/2027290 269 —290 
Premise Health Holding Corp.<+One stopSF +5.50%(j)10.76%03/20311,391 1,385 —1,391 
Premise Health Holding Corp.+(5)One stopSF +5.50%N/A(6)03/2030— (1)—— 
Pyramid Healthcare Acquisition Corp.#&+One stopSF +4.75%(i)10.15%05/202725,098 25,160 0.625,098 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)10.15%05/20272,595 2,579 0.12,595 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.03%05/20272,170 2,163 0.12,170 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)9.96%05/20271,192 1,188 —1,192 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)10.10%05/20271,092 1,088 —1,092 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027738 735 —738 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027245 244 —245 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027216 215 —216 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027202 201 —202 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)9.96%05/2027202 201 —202 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/202779 79 —79 
Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 
Suveto Buyer, LLC+One stopSF +4.25%(h)9.20%09/202727,743 27,736 0.727,639 
Suveto Buyer, LLC+One stopSF +4.25%(a)(h)9.58%09/2027196 193 —194 
436,956 432,652 10.5422,905 

See Notes to Consolidated Financial Statements.
65
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Alegeus Technologies Holdings Corp.+Senior securedSF +8.25%(i)13.46%09/2026$535 $532 —%$535 
Amberfield Acquisition Co.&<+One stopSF +5.00%(i)9.60%05/20304,866 4,856 0.14,866 
Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (31)—— 
Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (2)—— 
Color Intermediate, LLC<+Senior securedSF +4.75%(i)9.45%10/202917,565 17,523 0.417,565 
Connexin Software, Inc.<+One stopSF +8.50%(i)13.25%03/202711,759 11,732 0.311,759 
Connexin Software, Inc.+One stopSF +8.50%N/A(6)03/2027— — —— 
Crow River Buyer, Inc.<+One stopSF +7.75%(h)(i)13.00%01/20296,032 6,016 0.26,032 
Crow River Buyer, Inc.+One stopSF +7.75%(i)12.85%01/202926 25 —26 
ESO Solution, Inc.^<+One stopSF +7.00%(i)12.06%05/202711,360 11,387 0.311,360 
ESO Solution, Inc.+One stopSF +7.00%(i)12.06%05/20273,803 3,734 0.13,803 
ESO Solution, Inc.+One stopSF +7.00%(i)(j)11.96%03/202778 77 —78 
HealthEdge Software, Inc.+One stopSF +4.75%(h)9.85%07/203119,412 19,224 0.519,218 
HealthEdge Software, Inc.+(5)One stopSF +4.75%N/A(6)07/2031— (25)—(26)
HealthEdge Software, Inc.+(5)One stopSF +4.75%N/A(6)07/2031— (42)—(43)
Kona Buyer, LLC+One stopSF +4.50%(i)9.78%07/203115,832 15,678 0.415,674 
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— (18)—(19)
Kona Buyer, LLC+One stopSF +4.50%N/A(6)07/2031— — —— 
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— (23)—(23)
Lacker Bidco Limited<+(8)(9)(10)One stopSN +5.25%(f)10.20%02/2031634 599 —634 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)10.20%02/2031142 133 —142 
Lacker Bidco Limited+(5)(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— (2)—— 
Neptune Holdings, Inc.~+One stopSF +5.75%(i)10.35%09/203016,180 16,362 0.416,180 
Neptune Holdings, Inc.+(5)One stopSF +5.75%N/A(6)08/2029— (1)—— 
Netsmart Technologies, Inc.+(25)One stopSF +5.20%(h)7.35% cash/2.70%PIK08/203151,325 50,821 1.350,812 
Netsmart Technologies, Inc.+(5)One stopSF +5.20%N/A(6)08/2031— (69)—(70)
Netsmart Technologies, Inc.+(5)One stopSF +5.20%N/A(6)08/2031— (34)—(34)
Plasma Buyer LLC<+One stopSF +5.75%(i)10.35%05/20298,036 7,876 0.27,795 
Plasma Buyer LLC+One stopSF +6.25%(i)10.88%05/2029182 177 —173 
Plasma Buyer LLC+One stopSF +5.75%(i)10.35%05/202862 59 —60 
QF Holdings, Inc.+One stopSF +5.00%(i)10.35%12/2027931 926 —931 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/202511,150 11,119 0.311,261 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/202510,853 10,720 0.310,962 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20257,151 7,131 0.27,222 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,839 1,834 —1,857 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,634 1,630 —1,651 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,226 1,222 —1,238 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,022 1,019 —1,031 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/2025817 815 —825 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/2025163 162 —164 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/202586 86 —88 
Transaction Data Systems, Inc.*#~^+One stopSF +4.50%(i)9.25%02/202675,488 75,367 1.975,488 
Transaction Data Systems, Inc.+(5)One stopSF +4.50%N/A(6)02/2026— (2)—— 
Veranex, Inc.<+(7)(25)Senior securedSF +6.75%(j)7.65% cash/4.25%PIK04/20283,385 3,320 0.12,403 
Veranex, Inc.+(7)(25)Senior securedSF +6.75%(j)7.81% cash/4.25%PIK04/2028399 305 —284 
Veranex, Inc.+(7)(25)Senior securedSF +6.75%(j)7.57% cash/4.25%PIK04/2028102 88 —72 
284,075 282,306 7.0281,974 

See Notes to Consolidated Financial Statements.
66
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#~+One stopSF +6.00%(i)11.21%08/2028$13,680 $13,652 0.4%$13,680 
Barteca Restaurants, LLC+One stopSF +6.00%(i)11.40%08/2028690 685 —690 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.75%08/2028471 432 —471 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.85%08/202840 38 —40 
BJH Holdings III Corp.~&<+One stopSF +4.50%(i)9.97%08/202770,467 70,805 1.869,940 
BJH Holdings III Corp.+One stopSF +4.50%(h)(i)9.88%08/2027675 670 —666 
Cafe Rio Holding, Inc.*#+One stopSF +5.50%(h)10.45%09/202818,006 18,005 0.417,827 
Cafe Rio Holding, Inc.#+One stopSF +5.50%(h)10.45%09/20283,210 3,195 0.23,178 
Cafe Rio Holding, Inc.#+One stopSF +5.50%(h)10.45%09/20282,157 2,157 0.12,135 
Cafe Rio Holding, Inc.*#One stopSF +5.50%(h)10.45%09/20281,369 1,369 —1,355 
Cafe Rio Holding, Inc.#+One stopSF +5.50%(h)10.45%09/20281,208 1,208 —1,196 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/2028187 187 —185 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/2028173 173 —171 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/2028124 123 —123 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202899 98 —98 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202897 96 —96 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202878 78 —78 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202850 50 —49 
Cafe Rio Holding, Inc.+(5)One stopSF +5.50%N/A(6)09/2028— (1)—(1)
Davidson Hotel Company, LLC&+One stopSF +5.25%(h)10.20%07/20256,716 6,731 0.26,716 
Davidson Hotel Company, LLC+One stopSF +5.25%(h)10.20%07/20251,160 1,159 —1,160 
Davidson Hotel Company, LLC+One stopSF +5.25%N/A(6)07/2025— — —— 
EOS Fitness Opco Holdings, LLC#~+One stopSF +5.25%(h)10.10%01/202811,063 11,051 0.310,981 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.92%01/20282,830 2,809 0.12,809 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)(i)10.19%01/20281,802 1,786 0.11,788 
EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(h)10.10%01/20281,773 1,762 0.11,761 
EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(h)10.10%01/20281,486 1,475 0.11,475 
EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(h)10.10%01/20281,235 1,230 —1,226 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)10.10%01/20281,093 1,090 —1,084 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)10.10%01/20281,069 1,061 —1,061 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)(i)10.10%01/2028450 446 —446 
EOS Fitness Opco Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2028— — —(1)
EOS Fitness Opco Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2028— (106)—(106)
ESN Venture Holdings, LLC*~&One stopSF +5.75%(i)10.35%10/20285,409 5,348 0.15,409 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.93%10/2028924 919 —924 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.35%10/2028817 809 —817 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.35%10/2028375 372 —375 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.85%10/2028265 261 —265 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.35%10/2028209 201 —209 
ESN Venture Holdings, LLC+(5)One stopSF +5.75%N/A(6)10/2028— (69)—— 
Freddy's Frozen Custard LLC<+One stopSF +5.00%(h)10.20%03/20271,397 1,393 —1,397 
Freddy's Frozen Custard LLC+One stopSF +5.00%(h)10.20%03/202710 9 —10 
GFP Atlantic Holdco 2, LLC<+One stopSF +6.00%(i)11.13%11/20271,078 1,076 —1,078 
GFP Atlantic Holdco 2, LLC+(5)One stopSF +6.00%N/A(6)11/2027— (3)—— 
Harri US LLC^+(25)One stopSF +10.00%(i)11.21% cash/4.00%PIK08/20261,251 1,193 —1,211 
Harri US LLC+(25)One stopSF +10.00%(i)11.21% cash/4.00%PIK08/2026847 835 —821 
Harri US LLC+(25)One stopSF +10.00%(i)11.21% cash/4.00%PIK08/2026822 811 —797 
Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (1)—(2)
Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (39)—(41)
Health Buyer, LLC<+Senior securedSF +5.25%(i)9.85%04/20293,893 3,881 0.13,853 
Health Buyer, LLC<+Senior securedSF +5.50%(i)10.10%04/20291,776 1,753 0.11,776 
Health Buyer, LLC+Senior securedSF +5.50%(i)10.10%04/2029714 703 —714 

See Notes to Consolidated Financial Statements.
67
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Buyer, LLC+Senior securedSF +5.25%N/A(6)04/2028$— $— —%$— 
Health Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)04/2029— (1)—— 
PB Group Holdings, LLC+(25)One stopSF +5.50%(h)7.60% cash/2.75%PIK08/203036,728 36,547 0.936,544 
PB Group Holdings, LLC+(5)One stopSF +5.00%N/A(6)08/2030— (22)—(22)
SDC Holdco, LLC+One stopSF +5.00%(i)9.60%06/203121,737 21,632 0.621,737 
SDC Holdco, LLC+(25)Second lienSF +8.50%(i)13.10%PIK06/20323,340 3,317 0.13,340 
SDC Holdco, LLC+One stopSF +5.00%(i)9.66%06/2031192 183 —192 
SSRG Holdings, LLC+One stopSF +5.00%(i)10.25%11/202712,533 12,473 0.312,470 
SSRG Holdings, LLC~&+One stopSF +5.00%(i)9.60%11/20277,784 7,878 0.27,744 
SSRG Holdings, LLC+One stopSF +5.00%(i)9.60%11/2027817 806 —804 
SSRG Holdings, LLC<+One stopSF +5.00%(i)9.60%11/2027613 611 —611 
Super REGO, LLC+(25)Subordinated debtN/A15.00%PIK03/2030108 106 —108 
YE Brands Holding, LLC~<+One stopSF +4.75%(i)9.35%10/202717,632 17,828 0.417,632 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.40%10/2027933 927 —933 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.47%10/202754 54 —54 
265,716 265,305 6.6264,137 
Household Products
WU Holdco, Inc.~+One stopSF +5.00%(i)9.60%03/20274,849 4,867 0.14,849 
WU Holdco, Inc.<+One stopSF +5.00%(i)9.60%03/20271,713 1,709 0.11,713 
WU Holdco, Inc.+One stopSF +5.00%(i)9.60%03/2027446 443 —446 
WU Holdco, Inc.+One stopSF +5.00%(i)9.60%03/20271,567 1,557 —1,567 
WU Holdco, Inc.+One stopSF +5.00%(i)9.73%03/202761 60 —61 
8,636 8,636 0.28,636 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#<+Senior securedSF +4.75%(i)9.44%04/20263,193 3,194 0.13,128 
Arch Global CCT Holdings Corp.<+Senior securedSF +4.75%(i)9.45%04/2026642 632 —629 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.44%04/2026596 587 —585 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(a)(i)9.58%04/202593 93 —93 
Dwyer Instruments, Inc.<+One stopSF +5.75%(i)10.45%07/20275,827 5,824 0.25,827 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (1)—— 
Dwyer Instruments, Inc.+One stopSF +5.75%(i)10.45%07/20271,477 1,465 —1,477 
Dwyer Instruments, Inc.<+One stopSF +5.75%(i)10.45%07/2027472 468 —472 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (2)—— 
Essential Services Holdings Corporation+One stopSF +5.00%(i)10.29%06/203111,514 11,403 0.311,399 
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2030— (13)—(14)
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2031— (11)—(23)
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (58)—(84)
Excelitas Technologies Corp.<+One stopSF +5.25%(i)9.85%08/202910,022 9,958 0.29,920 
Excelitas Technologies Corp.<+(8)(9)One stopE + 5.25%(c)8.60%08/20291,919 1,792 —1,901 
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2028— (3)—(4)
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (3)—(3)
Specialty Measurement Bidco Limited<+(8)(10)One stopSF +6.25%(g)11.34%11/202711,146 11,110 0.311,146 
Specialty Measurement Bidco Limited<+(8)(9)(10)One stopE + 6.25%(c)9.76%11/202710,428 10,847 0.310,428 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.25%(c)9.76%11/20275,129 4,905 0.15,129 
Specialty Measurement Bidco Limited<+(8)(10)One stopSF +6.50%(g)11.59%11/20272,020 2,045 0.12,040 
Specialty Measurement Bidco Limited<+(8)(10)One stopSF +6.50%(g)11.59%11/20273,767 3,736 0.13,805 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.50%(c)10.01%11/20274,543 4,431 0.14,588 
72,788 72,399 1.872,439 


See Notes to Consolidated Financial Statements.
68
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Accession Risk Management Group, Inc.*#~^+One stopSF +4.75%(i)9.96%11/2029$37,070 $37,068 0.9%$36,885 
Accession Risk Management Group, Inc.~^+One stopSF +4.75%(i)9.81%11/20299,499 9,399 0.29,453 
Accession Risk Management Group, Inc.&+One stopSF +4.75%(i)9.69%11/20298,361 8,353 0.28,319 
Accession Risk Management Group, Inc.&<+One stopSF +4.75%(i)9.53%11/20295,249 5,307 0.15,223 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (17)—(13)
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (4)—(3)
Accession Risk Management Group, Inc.+One stopSF +4.75%(i)9.79%11/20297,243 7,242 0.27,207 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (134)—(111)
Alera Group, Inc.^<+One stopSF +5.25%(h)10.10%10/202835,416 35,476 0.935,416 
Alera Group, Inc.&+One stopSF +5.25%(h)10.10%10/202810,065 10,064 0.310,065 
Alera Group, Inc.&+One stopSF +5.25%(h)10.10%10/20284,018 4,083 0.14,018 
Alera Group, Inc.+One stopSF +5.75%(h)10.60%10/20281,063 1,082 —1,080 
AMBA Buyer, Inc.&+One stopSF +5.25%(i)9.95%07/20274,468 4,479 0.14,468 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.95%07/20271,330 1,328 —1,330 
AMBA Buyer, Inc.<+One stopSF +5.25%(i)9.95%07/20271,122 1,118 —1,122 
AMBA Buyer, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.95%07/2027162 162 —162 
Ben Nevis Midco Limited<+(8)(10)One stopSF +5.50%(h)10.35%03/2028561 551 —561 
Ben Nevis Midco Limited<+(8)(10)One stopSF +5.50%(i)10.56%03/2028378 378 —378 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(h)10.34%03/202860 59 —60 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(h)10.36%03/202892 85 —92 
Captive Resources Midco, LLC<+(25)One stopSF +5.25%(h)10.10%07/202915,470 15,443 0.415,470 
Captive Resources Midco, LLC+(5)One stopSF +5.25%N/A(6)07/2028— (2)—— 
Disco Parent, Inc.<+One stopSF +7.50%(i)12.56%03/20296,246 6,215 0.26,246 
Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—— 
Doxa Insurance Holdings LLC<+One stopSF +5.25%(i)10.06%12/20301,735 1,772 —1,739 
Doxa Insurance Holdings LLC+One stopSF +5.50%N/A(6)12/2029— — —— 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)10.22%12/20301,434 1,439 —1,438 
Doxa Insurance Holdings LLC+(5)One stopSF +5.00%N/A(6)12/2030— (27)—— 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)9.39%04/20311,089 1,032 —1,079 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)9.39%04/203181 69 —76 
Illumifin Corporation<+(25)One stopSF +7.00%(i)6.54% cash/6.00%PIK09/20274,565 4,376 0.14,018 
Integrated Specialty Coverages, LLC<+One stopSF +6.00%(h)(i)(j)10.98%07/20305,051 5,021 0.15,051 
Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (1)—— 
Integrated Specialty Coverages, LLC+One stopSF +6.00%(h)(i)(j)10.88%07/20301,008 987 —1,008 
Integrity Marketing Acquisition, LLC~&+One stopSF +5.00%(i)10.07%08/202844,556 44,205 1.144,110 
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (4)—(4)
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (14)—(39)
J.S. Held Holdings, LLC~^<+One stopSF +5.50%(i)10.25%12/202622,378 22,364 0.622,154 
J.S. Held Holdings, LLC&+One stopSF +5.50%(i)10.25%12/20265,400 5,384 0.15,346 
J.S. Held Holdings, LLC<+One stopSF +5.50%(i)10.25%12/20265,223 5,207 0.15,171 
J.S. Held Holdings, LLC<+One stopSF +5.50%(i)10.25%12/20265,055 5,046 0.15,005 
J.S. Held Holdings, LLC+One stopSF +5.50%(i)10.25%12/2026160 158 —159 
J.S. Held Holdings, LLC+(5)One stopSF +5.50%N/A(6)12/2026— (6)—(6)
Keystone Agency Partners LLC<+Senior securedSF +5.00%(i)9.60%05/20273,558 3,534 0.13,558 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.60%05/20272,039 2,031 0.12,039 
Keystone Agency Partners LLC&+Senior securedSF +5.00%(i)9.60%05/20272,875 2,926 0.12,875 
Keystone Agency Partners LLC<+Senior securedSF +5.00%(i)9.60%05/2027618 617 —618 

See Notes to Consolidated Financial Statements.
69
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.60%05/2027$2,108 $2,086 0.1%$2,108 
Majesco~^<One stopSF +4.75%(i)9.35%09/202828,248 28,283 0.728,248 
Majesco+(5)One stopSF +4.75%N/A(6)09/2027— (1)—— 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 6.00%(c)9.49%02/2029789 768 —789 
Norvax, LLC^<+(8)Senior securedSF +8.00%(h)12.95%09/202539,654 38,981 1.038,860 
Norvax, LLC<+(8)Senior securedSF +8.00%(h)12.95%09/202512,271 12,048 0.312,026 
Oakbridge Insurance Agency LLC<+One stopSF +5.50%(h)10.66%11/20292,281 2,320 0.12,281 
Oakbridge Insurance Agency LLC+One stopP + 4.50%(a)(h)12.07%11/202930 30 —30 
Oakbridge Insurance Agency LLC+One stopSF +5.50%(h)10.66%11/202991 90 —91 
Pareto Health Intermediate Holdings, Inc.&+One stopSF +6.25%(i)10.85%05/203022,115 22,045 0.622,115 
Pareto Health Intermediate Holdings, Inc.+One stopSF +6.25%(i)10.85%05/20307,372 7,348 0.27,372 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +6.25%N/A(6)06/2029— (1)—— 
Patriot Growth Insurance Services, LLC&<+One stopSF +5.00%(i)9.75%10/202815,445 15,443 0.415,368 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.75%10/20283,156 3,142 0.13,141 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(h)9.95%10/202835 27 —35 
Patriot Growth Insurance Services, LLC+One stopSF +5.75%(i)10.35%10/20281,481 1,476 —1,447 
People Corporation<+(8)(9)(12)One stopCA +5.25%(l)9.83%02/202824,688 25,371 0.624,688 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.83%02/202820,716 20,701 0.520,716 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.83%02/20288,101 8,442 0.28,101 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.59%02/20286,802 6,703 0.26,802 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)7.37%02/202771 71 —71 
450,152 449,223 11.1447,112 
Internet & Direct Marketing Retail
Revalize, Inc.~^+One stopSF +5.75%(i)11.15%04/202720,510 20,188 0.519,279 
Revalize, Inc.^+One stopSF +5.75%(i)11.15%04/202712,005 11,826 0.311,284 
Revalize, Inc.^+One stopSF +5.75%(i)11.15%04/20275,952 5,863 0.15,595 
Revalize, Inc.^+One stopSF +5.75%(i)11.15%04/20273,585 3,513 0.13,370 
Revalize, Inc.<+One stopSF +5.75%(i)11.15%04/20272,440 2,385 0.12,294 
Revalize, Inc.<+One stopSF +5.75%(i)11.15%04/20272,396 2,312 —2,253 
Revalize, Inc.+One stopSF +5.75%(i)11.15%04/2027234 221 —219 
Revalize, Inc.+One stopSF +5.75%(i)10.80%04/2027252 236 —224 
47,374 46,544 1.144,518 
IT Services
Acquia, Inc.^+One stopSF +7.00%(i)12.46%10/202512,020 12,030 0.312,020 
Acquia, Inc.+One stopSF +7.00%(i)12.47%10/202544 44 —44 
Acquia, Inc.+One stopSF +7.00%(i)12.46%10/20251,083 1,080 —1,083 
CivicPlus, LLC^+(25)One stopSF +5.75%(i)10.96%08/20279,175 9,190 0.29,175 
CivicPlus, LLC<+(25)One stopSF +5.75%(i)10.96%08/20275,430 5,442 0.25,430 
CivicPlus, LLC<+(25)One stopSF +5.75%(i)10.96%08/20274,301 4,308 0.14,301 
CivicPlus, LLC+(25)One stopSF +11.75%(i)(j)17.00%PIK06/2034552 548 —552 
CivicPlus, LLC+One stopSF +8.50%N/A(6)08/2027— — —— 
Critical Start, Inc.<+(25)One stopSF +6.75%(i)8.40% cash/3.63%PIK05/20285,254 5,252 0.15,201 
Critical Start, Inc.<+(25)One stopSF +6.75%(i)8.40% cash/3.63%PIK05/20282,413 2,384 0.12,388 
Critical Start, Inc.+(5)One stopSF +6.25%N/A(6)05/2028— (1)—(2)
Delinea Inc.^+One stopSF +5.75%(i)10.50%03/202822,609 22,618 0.622,609 
Delinea Inc.#^One stopSF +5.75%(i)10.50%03/202813,127 13,128 0.313,127 
Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (1)—— 
Delinea Inc.<One stopSF +6.00%(i)10.75%03/202811,500 11,486 0.311,500 
Goldcup 31018 AB<+(8)(9)(17)(25)One stopE + 6.50%(d)10.18%PIK07/202914,282 13,351 0.414,283 
Goldcup 31018 AB+(8)(9)(17)(25)One stopE + 6.50%(d)10.18%PIK07/20291,332 1,269 —1,332 

See Notes to Consolidated Financial Statements.
70
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Goldcup 31018 AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)01/2029$— $(1)—%$— 
Netwrix Corporation*&+One stopSF +5.50%(i)10.56%06/20297,975 7,980 0.27,975 
Netwrix Corporation+(5)One stopSF +5.50%N/A(6)06/2029— (1)—— 
Netwrix Corporation+One stopSF +5.50%(i)10.56%06/2029386 384 —422 
Optimizely North America, Inc.#^<One stopSF +5.25%(i)10.00%04/202625,860 25,849 0.625,860 
Optimizely North America, Inc.+(8)(9)One stopE + 5.50%(c)8.85%04/202623,933 24,037 0.623,933 
Optimizely North America, Inc.*#^One stopSF +5.25%(i)10.00%04/202614,317 14,346 0.414,317 
Optimizely North America, Inc.*<One stopSF +5.25%(i)10.00%04/20267,956 7,951 0.27,956 
Optimizely North America, Inc.+One stopSF +5.25%N/A(6)04/2026— — —— 
PDQ Intermediate, Inc.+(25)Subordinated debtN/A13.75%PIK10/2031114 113 —114 
Recordxtechnologies, LLC#~<One stopSF +5.25%(i)9.85%12/202718,874 19,063 0.518,874 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.85%12/20271,769 1,786 —1,769 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.85%12/20272 — —2 
Recordxtechnologies, LLC<+One stopSF +5.25%(i)9.85%12/2027894 886 —894 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.85%12/202712,553 12,439 0.312,553 
ReliaQuest Holdings, LLC<+(25)One stopSF +6.75%(i)8.37% cash/3.63%PIK04/203111,710 11,711 0.311,710 
ReliaQuest Holdings, LLC+(5)One stopSF +6.75%N/A(6)04/2031— (5)—— 
ReliaQuest Holdings, LLC+(5)One stopSF +6.25%N/A(6)04/2031— (2)—— 
Saturn Borrower Inc.~<+One stopSF +6.50%(i)11.25%09/202627,535 27,313 0.726,983 
Saturn Borrower Inc.+One stopSF +6.50%(h)(i)11.28%09/2026444 437 —434 
WPEngine, Inc.<+One stopSF +6.50%(i)11.62%08/20295,438 5,419 0.15,438 
WPEngine, Inc.+One stopSF +6.50%N/A(6)08/2029— — —— 
Zarya Holdco, Inc.<+One stopSF +6.50%(i)11.56%07/20271,413 1,406 —1,385 
Zarya Holdco, Inc.<+One stopSF +6.50%(i)11.56%07/20277,247 7,296 0.27,102 
Zarya Holdco, Inc.+(5)One stopSF +6.50%N/A(6)07/2027— — —(2)
271,542 270,535 6.7270,762 


See Notes to Consolidated Financial Statements.
71
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
Crunch Holdings, LLC+One stopSF +4.75%(h)9.61%09/2031$57,121 $56,836 1.4%$56,836 
Crunch Holdings, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (39)—(39)
Movement Holdings, LLC<+One stopSF +5.25%(h)10.10%03/2030841 839 —841 
Movement Holdings, LLC+One stopSF +5.25%N/A(6)03/2030— — —— 
Movement Holdings, LLC+(5)One stopSF +5.25%N/A(6)03/2030— (2)—— 
WBZ Investment, LLC#&+(25)One stopSF +6.75%(i)11.50%03/20277,804 7,804 0.27,804 
WBZ Investment, LLC&+(25)One stopSF +6.75%(i)11.50%03/20271,717 1,717 0.11,717 
WBZ Investment, LLC&+(25)One stopSF +6.75%(i)11.50%03/20271,194 1,194 —1,194 
WBZ Investment, LLC&+(25)One stopSF +6.75%(i)11.50%03/2027628 628 —628 
WBZ Investment, LLC+One stopSF +6.75%N/A(6)03/2027— — —— 
69,305 68,977 1.768,981 
Life Sciences Tools & Services
Celerion Buyer, Inc.*#~One stopSF +5.50%(i)10.73%11/202929,605 29,352 0.729,605 
Celerion Buyer, Inc.+(5)One stopSF +5.50%N/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopSF +5.50%N/A(6)11/2029— (68)—— 
Graphpad Software, LLC+One stopSF +4.75%(i)9.35%06/20318,869 8,826 0.28,869 
Graphpad Software, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (4)—— 
Graphpad Software, LLC+One stopSF +4.75%(i)9.35%06/2031222 211 —222 
PAS Parent Inc.+(5)One stopSF +5.00%N/A(6)12/2028— (18)—(39)
PAS Parent Inc.*#~&<+One stopSF +5.00%(h)9.85%12/202855,514 55,532 1.454,960 
PAS Parent Inc.+One stopSF +5.00%(h)9.85%12/2027130 124 —124 
PAS Parent Inc.+One stopSF +5.00%(h)9.85%12/20282,643 2,664 0.12,608 
Reaction Biology Corporation#+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/20298,600 8,374 0.26,622 
Reaction Biology Corporation+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/20292,861 2,482 0.12,203 
Reaction Biology Corporation+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/20291,903 1,650 —1,465 
Reaction Biology Corporation+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/2029306 278 —236 
Unchained Labs, LLC+Senior securedSF +5.50%(h)10.40%08/20271,400 1,387 —1,372 
Unchained Labs, LLC<+Senior securedSF +5.50%(h)10.40%08/20271,182 1,167 —1,158 
Unchained Labs, LLC+(5)Senior securedSF +5.50%N/A(6)08/2027— (1)—(2)
113,235 111,955 2.7109,403 
Machinery
AI Titan Parent, Inc.+One stopSF +4.75%(i)9.81%08/203110,508 10,405 0.310,403 
AI Titan Parent, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (10)—(11)
AI Titan Parent, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (13)—(13)
Blackbird Purchaser, Inc.<+One stopSF +5.50%(i)10.10%12/20304,476 4,559 0.14,476 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)10.10%12/2030265 264 —265 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)10.10%12/202915 15 —15 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(i)10.25% cash/1.50%PIK05/202513,837 13,816 0.313,145 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(i)10.25% cash/1.50%PIK05/20251,308 1,300 —1,242 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(i)10.25% cash/1.50%PIK05/2025255 250 —228 
30,664 30,586 0.729,750 
Marine
Project Nike Purchaser, LLC&+One stopSF +5.25%(i)9.85%04/202933,867 34,038 0.933,529 
Project Nike Purchaser, LLC<+One stopSF +5.25%(i)9.85%04/2029750 747 —742 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.85%04/2029250 248 —246 
34,867 35,033 0.934,517 
Media
Lotus Topco, Inc.+One stopSF +4.75%(j)9.00%06/20305,164 5,127 0.15,164 
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (7)—— 

See Notes to Consolidated Financial Statements.
72
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030$— $(18)$—%$— 
Triple Lift, Inc.^+One stopSF +5.75%(i)10.71%05/20287,300 7,203 0.27,008 
Triple Lift, Inc.<+One stopSF +5.75%(i)10.71%05/20281,557 1,526 —1,495 
Triple Lift, Inc.+One stopSF +5.75%(i)11.20%05/202854 52 —50 
14,075 13,883 0.313,717 
Multiline Retail
Fleet Farm Group, LLC*#+(7)One stopSF +7.00%(j)12.56%12/202643,652 43,416 0.831,866 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)One stopSF +6.50%(h)11.45%05/202525,451 25,549 0.725,451 
3ES Innovation, Inc.+(8)(12)One stopSF +6.50%N/A(6)05/2025— — —— 
Envernus, Inc.<+One stopSF +5.50%(h)10.35%12/20295,131 5,222 0.15,131 
Envernus, Inc.+One stopSF +5.50%(h)10.35%12/20295 5 —5 
Envernus, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
Project Power Buyer, LLC*#~<+One stopSF +6.75%(i)11.35%05/202653,171 53,103 1.353,171 
Project Power Buyer, LLC+One stopSF +6.75%N/A(6)05/2025— — —— 
83,758 83,879 2.183,758 
Paper & Forest Products
Messenger, LLC#~<+One stopSF +5.75%(i)10.50%12/202714,397 14,417 0.414,397 
Messenger, LLC+(8)(9)One stopSN +5.75%(f)10.80%12/2027926 875 —926 
Messenger, LLC+One stopSF +5.75%(i)10.50%12/2027520 519 —520 
Messenger, LLC+(8)(9)One stopSN +5.75%N/A(6)12/2027— — —— 
Messenger, LLC~+One stopSF +5.75%(i)11.15%12/20271,508 1,537 0.11,508 
Messenger, LLC<+One stopSF +5.75%(i)10.50%12/2027756 756 —756 
Messenger, LLC+One stopSF +5.75%N/A(6)12/2027— — —— 
18,107 18,104 0.518,107 
Personal Products
IMPLUS Footcare, LLC+(25)One stopSF +8.75%(i)12.51% cash/1.00%PIK07/202530,500 30,500 0.727,450 
IMPLUS Footcare, LLC+(25)One stopSF +8.75%(i)12.51% cash/1.00%PIK07/20255,209 5,209 0.14,688 
IMPLUS Footcare, LLC*+(25)One stopSF +8.75%(i)12.51% cash/1.00%PIK07/2025751 751 —675 
36,460 36,460 0.832,813 

See Notes to Consolidated Financial Statements.
73
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#~&One stopSF +5.50%(i)10.75%02/2029$30,144 $29,977 0.8%$30,144 
ACP Ulysses Buyer, Inc.*<One stopSF +5.50%(i)10.75%02/20291,303 1,285 —1,303 
Amalthea Parent, Inc.*#~^&<+(8)One stopSF +5.00%(j)10.75%03/202787,644 85,520 2.182,385 
Amalthea Parent, Inc.+(8)One stopSF +5.00%(h)9.96%03/2027360 338 —328 
Apothecary Products, LLC+Senior securedSF +5.75%(j)10.59%07/20252,321 2,310 0.12,321 
Apothecary Products, LLC+(5)Senior securedSF +5.75%N/A(6)07/2025— (3)—— 
Caerus Midco 3 S.A.R.L.<+(8)(13)One stopSF +5.00%(i)9.60%05/202929,411 29,445 0.729,117 
Caerus Midco 3 S.A.R.L.<+(8)(13)One stopSF +5.00%(i)9.60%05/20294,876 4,879 0.14,827 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)9.60%05/20291,986 1,962 —1,941 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)9.60%05/2029315 311 —308 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(h)9.87%05/2029262 259 —256 
Cobalt Buyer Sub, Inc.&+One stopSF +5.50%(h)10.35%10/202814,836 14,789 0.414,651 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)10.35%10/20284,975 4,957 0.14,913 
Cobalt Buyer Sub, Inc.<+One stopSF +5.50%(h)10.35%10/20283,758 3,684 0.13,711 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)10.35%10/2027146 130 —128 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)10.35%10/20286,397 6,319 0.26,317 
Cobalt Buyer Sub, Inc.+(5)One stopSF +5.50%N/A(6)10/2028— (78)—(80)
Spark Bidco Limited<+(8)(9)(10)(25)Senior securedSN +4.88%(f)8.70% cash/1.13%PIK08/202837,712 37,449 0.936,204 
Spark Bidco Limited<+(8)(9)(10)Senior securedSN +6.00%(f)10.95%08/20285,558 5,133 0.15,558 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(f)8.70% cash/1.13%PIK08/20284,571 3,962 0.14,388 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(i)10.60%08/20283,991 3,984 0.13,991 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(f)8.70% cash/1.13%PIK08/20283,999 3,624 0.13,840 
Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.88%N/A(6)02/2028— (5)—(8)
244,565 240,231 5.9236,543 
Professional Services
ALKU Intermediate Holdings, LLC<+One stopSF +6.25%(j)10.50%5/1/20296,797 6,824 0.2 6,882 
ALKU Intermediate Holdings, LLC<+One stopSF +5.50%(j)9.75%5/1/2029751 743 — 751 
bswift, LLC<+One stopSF +6.38%(i)11.68%11/1/20287,681 7,664 0.2 7,817 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(i)10.32%10/1/20278,058 8,077 0.2 8,058 
Citrin Cooperman Advisors LLC&+One stopSF +5.00%(i)10.32%10/1/20273,498 3,449 0.1 3,498 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(i)10.42%10/1/20271,038 1,029 — 1,038 
Citrin Cooperman Advisors LLC+One stopSF +5.25%(i)10.67%10/1/2027664 663 — 664 
Citrin Cooperman Advisors LLC<+One stopSF +5.25%(i)10.67%10/1/2027253 253 — 253 
DISA Holdings Corp.<+Senior securedSF +5.00%(i)10.02%9/1/20285,242 5,207 0.1 5,242 
DISA Holdings Corp.<+Senior securedSF +5.00%(i)10.02%9/1/2028808 796 — 808 
DISA Holdings Corp.+One stopSF +5.00%(i)10.02%9/1/2028691 682 — 691 
DISA Holdings Corp.+Senior securedSF +5.00%(i)10.02%9/1/2028611 604 — 611 
DISA Holdings Corp.+(25)Subordinated debtSF +8.50%(h)11.51% cash/2.00%PIK3/1/2029104 103 — 104 
DISA Holdings Corp.+Senior securedSF +5.00%(i)10.11%9/1/202870 65 — 70 
DISA Holdings Corp.+(5)Senior securedSF +5.00%N/A(6)9/1/2028— (2)— — 
Eclipse Buyer, Inc.+One stopSF +4.75%(i)9.74%9/1/203114,283 14,141 0.4 14,140 
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (69)— (18)
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (12)— (12)
Eliassen Group, LLC<+One stopSF +5.75%(i)10.35%4/1/20282,149 2,132 0.1 2,084 
Eliassen Group, LLC+One stopSF +5.75%(i)10.88%4/1/2028145 144 — 140 
Filevine, Inc.^+(25)One stopSF +6.50%(i)9.47% cash/2.50%PIK4/1/20278,241 8,279 0.2 8,344 
Filevine, Inc.+One stopSF +6.50%N/A(6)4/1/2027— — — — 
IG Investments Holdings, LLC&+One stopSF +6.00%(i)11.35%9/1/20289,122 9,107 0.2 9,122 
IG Investments Holdings, LLC&+One stopSF +6.00%(i)11.35%9/1/2028782 776 — 782 
IG Investments Holdings, LLC+One stopSF +6.00%N/A(6)9/1/2027— — — — 
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^&<One stopSF +5.25%(i)10.65%11/1/202834,023 33,720 0.8 33,004 

See Notes to Consolidated Financial Statements.
74
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(i)10.72%11/1/2028$791 $785 — %$767 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(i)10.65%11/1/2028306 298 — 292 
PlanSource Holdings, Inc.<+One stopSF +6.25%(j)11.64%6/1/202514,234 14,287 0.4 14,091 
PlanSource Holdings, Inc.<+One stopSF +6.25%(j)11.64%6/1/20252,416 2,413 0.1 2,391 
PlanSource Holdings, Inc.+One stopSF +6.25%(j)11.64%6/1/2025695 695 — 689 
PlanSource Holdings, Inc.+(5)One stopSF +6.25%N/A(6)6/1/2025— — — (3)
Procure Acquireco, Inc.#~&+One stopSF +5.00%(j)9.99%12/1/202824,925 24,975 0.6 24,925 
Procure Acquireco, Inc.+One stopSF +5.00%(i)9.75%12/1/20281,145 1,145 — 1,145 
Procure Acquireco, Inc.+(5)One stopSF +5.00%N/A(6)12/1/2028— (1)— — 
Teaching Company, The+One stopSF +5.75%(j)11.09%1/1/202613,614 13,614 0.4 13,614 
Teaching Company, The+One stopSF +5.75%N/A(6)1/1/2026— — — — 
Varicent Intermediate Holdings Corporation+(25)One stopSF +6.00%(i)7.35% cash/3.25%PIK8/1/203146,971 46,283 1.2 46,267 
Varicent Intermediate Holdings Corporation+(5)One stopSF +6.00%N/A(6)8/1/2031— (91)— (93)
Varicent Intermediate Holdings Corporation+(5)One stopSF +6.00%N/A(6)8/1/2031— (89)— (90)
210,108 208,689 5.2 208,068 
%
Real Estate Management & Development
Inhabit IQ Inc.&<One stopSF +5.50%(h)10.45%07/202537,583 37,792 1.037,583 
Inhabit IQ Inc.#~+One stopSF +5.50%(h)10.45%07/202521,694 21,725 0.621,694 
Inhabit IQ Inc.~+One stopSF +5.50%(h)10.45%07/202515,607 15,632 0.415,607 
Inhabit IQ Inc.*^One stopSF +5.50%(h)10.45%07/202521,366 21,484 0.521,366 
Inhabit IQ Inc.*#~One stopSF +5.50%(h)10.45%07/20257,460 7,456 0.27,460 
Inhabit IQ Inc.<+One stopSF +5.50%(h)10.45%07/20253,988 3,998 0.13,988 
Inhabit IQ Inc.#<+One stopSF +5.50%(h)10.45%07/20251,745 1,744 —1,745 
Inhabit IQ Inc.#<+One stopSF +5.50%(h)10.45%07/20251,478 1,477 —1,478 
Inhabit IQ Inc.#<+One stopSF +5.50%(h)10.45%07/20251,461 1,461 —1,461 
Inhabit IQ Inc.<+One stopSF +5.50%(h)10.45%07/20251,166 1,165 —1,166 
Inhabit IQ Inc.<+One stopSF +5.50%(h)10.45%07/2025614 614 —614 
Inhabit IQ Inc.+One stopSF +5.50%N/A(6)07/2025— — —— 
Inhabit IQ Inc.<One stopSF +5.50%(h)10.45%07/2025680 680 —680 
MRI Software, LLC*~^+One stopSF +4.75%(i)9.35%02/202728,915 29,128 0.728,625 
MRI Software, LLC~^&+One stopSF +4.75%(i)9.35%02/202713,155 13,261 0.313,023 
MRI Software, LLC+(5)One stopSF +4.75%N/A(6)02/2027— (25)—(31)
MRI Software, LLC+One stopSF +4.75%(i)9.35%02/2027947 942 —938 
MRI Software, LLC+One stopSF +4.75%(i)9.35%02/20273,217 3,134 0.13,086 
RPL Bidco Limited<+(8)(9)(10)One stopSN +5.50%(f)10.45%08/20286,052 5,865 0.26,052 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)10.45%08/202827,932 28,284 0.727,932 
RPL Bidco Limited<+(8)(9)(10)One stopA + 5.50%(e)9.85%08/202812,173 11,762 0.312,173 
RPL Bidco Limited<+(8)(9)(10)One stopA + 5.50%(e)9.87%08/20282,955 3,036 0.12,955 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%N/A(6)02/2028— — —— 
210,188 210,615 5.2 209,595 
Road & Rail
Internet Truckstop Group, LLC~+One stopSF +5.50%(i)10.25%04/202728,632 28,669 0.728,346 
Internet Truckstop Group, LLC&+One stopSF +5.50%(i)10.25%04/202712,553 12,523 0.312,427 
Internet Truckstop Group, LLC+(5)One stopSF +5.50%N/A(6)04/2027— (3)—(3)
41,185 41,189 1.040,770 


See Notes to Consolidated Financial Statements.
75
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.^<+One stopSF +5.25%(i)9.85%06/2029$24,680 $24,917 0.6%$24,680 
Anaplan, Inc.+One stopSF +5.25%(i)9.85%06/202913,000 12,969 0.313,000 
Anaplan, Inc.+(5)One stopSF +5.25%N/A(6)06/2028— (1)—— 
Appfire Technologies, LLC~^+One stopSF +4.75%(i)9.35%03/202855,159 55,072 1.455,159 
Appfire Technologies, LLC+One stopSF +4.75%(i)9.35%03/20281,603 1,562 0.11,603 
Appfire Technologies, LLC+(5)One stopSF +4.75%N/A(6)03/2028— (3)—— 
Appfire Technologies, LLC+(5)One stopSF +4.75%N/A(6)03/2028— (124)—— 
Aras Corporation^<+(25)One stopSF +5.50%(i)10.10%04/202928,740 28,732 0.728,740 
Aras Corporation+One stopSF +5.50%(i)10.10%04/20291,217 1,195 —1,217 
Armstrong Bidco Limited<+(8)(9)(10)One stopSN +5.25%(f)10.20%06/20295,815 5,361 0.25,815 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)10.20%06/20293,034 2,728 0.13,034 
Arrow Buyer, Inc.<+One stopSF +5.75%(i)10.35%07/203025,104 24,934 0.625,104 
Arrow Buyer, Inc.+One stopSF +5.75%(i)10.35%07/20301,645 1,640 0.11,645 
Arrow Buyer, Inc.+(5)One stopSF +5.75%N/A(6)07/2030— (25)—— 
Artifact Bidco, Inc.+One stopSF +4.50%(i)9.10%05/20311,489 1,475 0.11,474 
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2031— (2)—(2)
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2030— (1)—(1)
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2030— (1)—(1)
Auvik Networks Inc.^+(8)(12)(25)One stopSF +6.25%(i)8.25% cash/3.25%PIK07/202710,663 10,693 0.310,663 
Auvik Networks Inc.<+(8)(12)(25)One stopSF +6.25%(i)8.25% cash/3.25%PIK07/20271,918 1,911 0.11,918 
Auvik Networks Inc.<+(8)(12)(25)One stopSF +6.25%(i)8.25% cash/3.25%PIK07/2027976 972 —976 
Auvik Networks Inc.+(8)(12)One stopSF +6.00%N/A(6)07/2027— — —— 
Axiom Merger Sub Inc.<+One stopSF +4.75%(j)10.31%04/20266,717 6,695 0.26,666 
Axiom Merger Sub Inc.+(8)(9)One stopE + 4.75%(c)(d)8.58%04/20262,764 2,749 0.12,743 
Axiom Merger Sub Inc.<+One stopSF +4.75%(j)10.31%04/20261,218 1,211 —1,209 
Axiom Merger Sub Inc.+One stopSF +4.75%(j)9.96%04/2026175 174 —174 
Axiom Merger Sub Inc.+One stopSF +4.75%N/A(6)10/2025— — —— 
Axiom Merger Sub Inc.+(5)One stopSF +4.75%N/A(6)04/2026— (92)—(98)
Azul Systems, Inc.~Senior securedSF +4.50%(i)9.25%04/20279,492 9,675 0.39,492 
Azul Systems, Inc.+Senior securedSF +4.50%N/A(6)04/2026— — —— 
Azurite Intermediate Holdings, Inc.+One stopSF +6.50%(h)11.35%03/2031622 614 —622 
Azurite Intermediate Holdings, Inc.<+One stopSF +6.50%(h)11.35%03/2031428 422 —428 
Azurite Intermediate Holdings, Inc.+(5)One stopSF +6.50%N/A(6)03/2031— (2)—— 
Baxter Planning Systems, LLC<+(25)One stopSF +6.25%(i)8.12% cash/3.38%PIK05/20314,060 4,059 0.14,060 
Baxter Planning Systems, LLC+(5)One stopSF +6.25%N/A(6)05/2031— (5)—— 
Baxter Planning Systems, LLC+(5)One stopSF +5.75%N/A(6)05/2031— (4)—— 
Bayshore Intermediate #2, L.P.^+(25)One stopSF +7.75%(i)13.13%PIK10/2028117,557 117,481 2.9117,557 
Bayshore Intermediate #2, L.P.+(5)One stopSF +6.75%N/A(6)10/2027— (2)—— 
BestPass, Inc.+One stopSF +5.25%(h)10.10%08/203152,867 52,609 1.352,602 
BestPass, Inc.+(5)One stopSF +5.25%N/A(6)08/2031— (25)—(26)
BestPass, Inc.+(5)One stopSF +5.25%N/A(6)08/2031— (34)—(35)
Bloomerang, LLC<+One stopSF +6.00%(h)10.85%12/20294,142 4,180 0.14,142 
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (12)—— 
Bonterra LLC^<+One stopSF +7.00%(i)11.60%09/202792,893 92,384 2.391,501 
Bonterra LLC+One stopSF +7.00%(i)11.94%09/20277,599 7,487 0.27,485 
Bonterra LLC+(25)One stopSF +7.75%(i)12.35%PIK09/20273,836 3,793 0.13,778 
Bonterra LLC+One stopSF +7.00%(i)11.64%09/2027232 227 —226 
Bottomline Technologies, Inc.<+One stopSF +5.25%(h)10.10%05/202941,062 40,846 1.040,652 
Bottomline Technologies, Inc.<+One stopSF +5.75%(h)10.60%05/20295,098 5,024 0.15,112 
Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (5)—(6)
Bullhorn, Inc.~&+One stopSF +5.00%(h)9.85%10/202977,997 77,728 2.077,997 

See Notes to Consolidated Financial Statements.
76
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Bullhorn, Inc.~<One stopSF +5.00%(h)9.85%10/2029$3,190 $3,228 0.1%$3,190 
Bullhorn, Inc.&+One stopSF +5.00%(h)9.85%10/20291,643 1,664 0.11,643 
Bullhorn, Inc.<+One stopSF +5.00%(h)9.85%10/2029736 733 —736 
Bullhorn, Inc.<+One stopSF +5.00%(h)9.85%10/2029587 584 —587 
Bullhorn, Inc.+(5)One stopSF +5.00%N/A(6)10/2029— (2)—— 
Burning Glass Intermediate Holdings Company, Inc.#~+One stopSF +5.00%(h)9.95%06/202812,431 12,402 0.312,431 
Burning Glass Intermediate Holdings Company, Inc.+(5)One stopSF +5.00%N/A(6)06/2026— (1)—— 
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)One stopSF +7.25%(i)12.53%01/20298,332 8,270 0.28,332 
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)One stopSF +7.25%(i)12.53%01/20292,204 2,172 0.12,204 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%N/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +7.25%N/A(6)01/2029— (1)—— 
Calabrio, Inc.^<+One stopSF +5.50%(i)10.56%04/202774,669 74,739 1.974,669 
Calabrio, Inc.<+One stopSF +5.50%(i)10.56%04/20275,487 5,575 0.25,487 
Calabrio, Inc.+(5)One stopSF +5.50%N/A(6)04/2027— (2)—— 
Camelia Bidco Limited<+(8)(9)(10)One stopSN +5.50%(f)10.45%08/20305,411 5,138 0.15,411 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)10.45%08/2030766 707 —766 
Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.93%08/2030346 324 —346 
Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (29)—— 
CB Buyer, Inc.+One stopSF +5.25%(i)9.85%07/203146,611 46,161 1.246,611 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (51)—— 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (63)—— 
Coupa Holdings, LLC<+One stopSF +5.50%(i)10.75%02/203031,960 31,650 0.831,960 
Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2029— (1)—— 
Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2030— (20)—— 
Crewline Buyer, Inc.<+One stopSF +6.75%(i)11.35%11/20305,403 5,452 0.15,403 
Crewline Buyer, Inc.+(5)One stopSF +6.75%N/A(6)11/2030— (1)—— 
Daxko Acquisition Corporation~^+One stopSF +5.00%(h)9.85%10/202839,458 39,434 1.039,458 
Daxko Acquisition Corporation&+One stopSF +5.00%(h)9.85%10/20283,328 3,298 0.13,328 
Daxko Acquisition Corporation+One stopSF +5.00%(h)9.85%10/2028199 197 —199 
Daxko Acquisition Corporation+One stopP + 4.00%(a)12.00%10/202864 52 —64 
Daxko Acquisition Corporation+(5)One stopSF +5.00%N/A(6)10/2028— (20)—— 
Denali Bidco Limited<+(8)(9)(10)One stopSN +6.00%(f)10.95%08/20307,864 7,541 0.27,903 
Denali Bidco Limited+(8)(9)(10)One stopE + 6.00%(c)9.35%08/20302,657 2,583 0.12,669 
Denali Bidco Limited<+(8)(9)(10)One stopE + 6.00%(c)9.35%08/20301,897 1,839 0.11,906 
Denali Bidco Limited<+(8)(9)(10)One stopE + 5.50%(c)8.85%08/2030741 713 —741 
Denali Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (2)—— 
Diligent Corporation<+One stopSF +5.00%(j)10.09%08/20308,985 8,967 0.28,985 
Diligent Corporation+One stopSF +5.00%(j)10.09%08/20301,541 1,530 0.11,541 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (11)—— 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (6)—— 
Dragon UK Bidco Limited<+(8)(9)(10)One stopSN +5.75%(f)10.70%02/202923,038 22,316 0.622,807 
Dragon UK Bidco Limited+(8)(9)(10)One stopCA +5.75%(k)9.67%02/20294,493 4,440 0.14,447 
Dragon UK Bidco Limited+(5)(8)(9)(10)One stopSN +5.75%N/A(6)02/2029— (34)—(19)
Evergreen IX Borrower 2023, LLC<+One stopSF +4.75%(i)9.35%09/20304,919 4,798 0.14,869 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)9.35%09/20304,483 4,439 0.14,438 
Evergreen IX Borrower 2023, LLC+(5)One stopSF +4.75%N/A(6)10/2029— (13)—(4)
FirstUp, Inc.^+(25)One stopSF +6.75%(i)11.35%07/202713,126 13,138 0.312,863 
FirstUp, Inc.<+(25)One stopSF +6.75%(i)11.35%07/20271,251 1,242 —1,226 
FirstUp, Inc.+(5)One stopSF +6.75%N/A(6)07/2027— (1)—(4)

See Notes to Consolidated Financial Statements.
77
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Gainsight, Inc.^+(25)One stopSF +6.00%(i)11.40%PIK07/2027$17,981 $18,006 0.4%$17,981 
Gainsight, Inc.+(25)One stopSF +6.00%(i)11.40%PIK07/2027128 127 —128 
GS Acquisitionco, Inc.~^&<+One stopSF +5.25%(i)9.85%05/2028122,743 123,093 3.0121,514 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.85%05/202870 68 —65 
GS Acquisitionco, Inc.+(5)One stopSF +5.25%N/A(6)05/2028— (1)—(3)
GTIV, LLC+One stopSF +4.75%(j)10.01%02/202972,727 72,274 1.872,000 
GTIV, LLC+(5)One stopSF +4.75%N/A(6)02/2029— (2)—(3)
GTY Technology Holdings, Inc.<+(25)One stopSF +6.88%(i)7.18% cash/4.30%PIK07/20295,100 5,092 0.15,049 
GTY Technology Holdings, Inc.<+(25)One stopSF +6.88%(h)7.54% cash/4.30%PIK07/20293,330 3,298 0.13,296 
GTY Technology Holdings, Inc.+(25)One stopSF +6.88%(i)7.18% cash/4.30%PIK07/2029611 608 —605 
GTY Technology Holdings, Inc.+(25)One stopSF +7.13%(i)7.92% cash/4.45%PIK07/2029424 424 —424 
GTY Technology Holdings, Inc.+(5)One stopSF +6.25%N/A(6)07/2029— (2)—(2)
GTY Technology Holdings, Inc.+(5)One stopSF +7.13%N/A(6)07/2029— (2)—— 
Gurobi Optimization, LLC+One stopSF +4.75%(h)(i)9.47%09/203152,763 52,240 1.352,235 
Gurobi Optimization, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (44)—(44)
Hornet Security Holding GMBH<+(8)(9)(19)(25)One stopE + 7.00%(d)5.91% cash/4.50%PIK02/2031748 719 —748 
Hornet Security Holding GMBH<+(8)(9)(19)(25)One stopE + 7.00%(c)(d)5.91% cash/4.50%PIK02/2031498 480 —498 
Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)08/2030— (1)—— 
Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)02/2031— (3)—— 
Hyland Software, Inc.~&<+One stopSF +6.00%(h)10.85%09/203047,242 48,060 1.247,242 
Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—— 
Icefall Parent, Inc.<+One stopSF +6.50%(h)11.35%01/20301,407 1,399 —1,407 
Icefall Parent, Inc.+(5)One stopSF +6.50%N/A(6)01/2030— (1)—— 
ICIMS, Inc.<+(25)One stopSF +5.75%(h)(i)10.67%08/202812,469 12,419 0.311,845 
ICIMS, Inc.+One stopSF +5.75%(h)10.62%08/202896 93 —80 
ICIMS, Inc.+(5)One stopSF +5.75%N/A(6)08/2028— (7)—(103)
IQN Holding Corp. #&+One stopSF +5.25%(i)10.31%05/202922,887 22,944 0.622,887 
IQN Holding Corp. +One stopSF +5.25%(i)10.31%05/202852 52 —52 
Island Bidco AB<+(8)(9)(17)(25)One stopE + 7.25%(b)(d)3.65% cash/7.25%PIK07/202810,768 10,302 0.310,768 
Island Bidco AB<+(8)(17)(25)One stopSF +7.00%(j)8.76% cash/3.50%PIK07/20284,791 4,804 0.14,791 
Island Bidco AB+(8)(17)(25)One stopSF +7.00%(i)(j)8.76% cash/3.50%PIK07/20283,535 3,519 0.13,535 
Island Bidco AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— (1)—— 
Island Bidco AB+(8)(17)One stopSF +6.50%N/A(6)07/2028— — —— 
Juvare, LLC*~One stopSF +6.25%(i)11.46%10/202610,537 10,531 0.310,221 
Juvare, LLC&+One stopSF +6.25%(i)11.46%10/20262,432 2,417 0.12,359 
Juvare, LLC+One stopSF +6.25%(i)11.46%10/2026769 761 —745 
Juvare, LLC+One stopSF +6.25%(i)11.46%04/2026100 100 —98 
Kaseya Inc.^<+(25)One stopSF +5.50%(i)10.75%06/202923,506 23,702 0.623,506 
Kaseya Inc.+One stopSF +5.50%(i)10.78%06/2029271 266 —271 
Kaseya Inc.+(25)One stopSF +5.50%(i)10.10%06/2029136 134 —136 
Kaseya Inc.+One stopSF +5.50%(i)10.75%06/202986 83 —86 
LeadsOnline, LLC^+One stopSF +4.75%(i)10.17%02/202813,049 13,221 0.313,049 
LeadsOnline, LLC<+One stopSF +4.75%(i)10.17%02/20282,303 2,332 0.12,303 
LeadsOnline, LLC<+One stopSF +4.75%(i)9.45%02/2028667 665 —667 
LeadsOnline, LLC+(5)One stopSF +4.75%N/A(6)02/2028— (1)—— 
Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(d)9.92%01/203010,121 10,417 0.310,121 
Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(d)9.92%12/20291,533 1,483 —1,533 
Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(d)9.92%01/2030789 765 —789 
Matrix42 Holding GMBH+(5)(8)(9)(13)One stopE + 6.25%N/A(6)01/2030— (1)—— 
Matrix42 Holding GMBH+(8)(13)One stopSF +6.25%N/A(6)01/2028— — —— 
Mindbody, Inc.<+One stopSF +7.00%(i)12.40%09/202561,966 62,207 1.561,966 
Mindbody, Inc.<+One stopSF +7.00%(i)12.40%09/20252,134 2,133 0.12,134 

See Notes to Consolidated Financial Statements.
78
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Mindbody, Inc.+One stopSF +7.00%N/A(6)09/2025$— $— —%$— 
Ministry Brands Holdings LLC<+One stopSF +5.50%(h)10.45%12/202831,070 30,952 0.830,448 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)10.45%12/20282,923 2,926 0.12,864 
Ministry Brands Holdings LLC+(5)One stopSF +5.50%N/A(6)12/2027— (4)—(6)
Navex TopCo, Inc.<+One stopSF +5.50%(h)10.60%11/20305,382 5,477 0.15,382 
Navex TopCo, Inc.+(5)One stopSF +5.75%N/A(6)11/2028— (1)—— 
Naviga Inc.+(7)Senior securedSF +7.00%(h)12.25%12/2024160 147 —48 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)One stopE + 5.75%N/A(6)11/2029— (26)—— 
Panzura, LLC+(25)One stopN/A4.00% cash/15.00%PIK08/2027118 106 —98 
Personify, Inc.*#~+One stopSF +5.25%(i)10.00%09/202513,866 13,895 0.313,866 
Personify, Inc.#&One stopSF +5.25%(i)10.00%09/20259,810 9,828 0.29,810 
Personify, Inc.+One stopSF +5.25%N/A(6)09/2025— — —— 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 7.00%(c)10.51%PIK01/20311,052 1,012 —1,042 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 7.00%(c)10.51%PIK01/2031250 237 —247 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 7.00%(c)10.51%PIK01/203172 69 —72 
PING Identity Holding Corp.<+One stopSF +4.75%(i)9.35%10/202915,145 15,105 0.415,145 
PING Identity Holding Corp.+(5)One stopSF +4.75%N/A(6)10/2028— (1)—— 
Pluralsight, LLC+(25)One stopSF +7.50%(i)12.57%PIK08/20295,963 5,730 0.15,725 
Pluralsight, LLC+(25)One stopSF +4.50%(i)8.12% cash/1.50%PIK08/20293,975 3,859 0.13,856 
Pluralsight, LLC+(25)One stopSF +4.50%(i)9.62% cash/1.50%PIK08/20291,988 1,988 —1,928 
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(30)
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(75)
ProcessUnity Holdings, LLC^+One stopSF +6.50%(h)11.35%09/20286,014 6,025 0.16,014 
ProcessUnity Holdings, LLC<+One stopSF +6.50%(h)11.35%09/20282,864 2,841 0.12,864 
ProcessUnity Holdings, LLC+One stopSF +6.50%(h)11.35%09/20281,203 1,198 —1,203 
ProcessUnity Holdings, LLC+One stopSF +6.50%(h)11.35%09/202890 89 —90 
QAD, Inc.&<+One stopSF +4.75%(h)9.60%11/202743,261 43,887 1.143,261 
QAD, Inc.+(5)One stopSF +4.75%N/A(6)11/2027— (2)—— 
Quant Buyer, Inc.<+One stopSF +5.25%(i)10.39%06/20297,406 7,339 0.27,406 
Quant Buyer, Inc.<+One stopSF +5.25%(i)10.31%06/20294,360 4,343 0.14,360 
Quant Buyer, Inc.~+One stopSF +5.25%(i)10.31%06/20293,015 2,982 0.13,015 
Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (4)—— 
Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (51)—— 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +6.05%(f)8.45% cash/2.55%PIK07/202920,740 19,016 0.519,962 
Rainforest Bidco Limited+(8)(10)(25)One stopSF +6.05%(g)8.34% cash/2.55%PIK07/20293,664 3,638 0.13,526 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +6.55%(f)8.95% cash/2.55%PIK07/20292,159 1,971 0.12,159 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +6.05%(f)8.45% cash/2.55%PIK07/20291,524 1,383 —1,467 
Riskonnect Parent, LLC*<+One stopSF +5.50%(i)10.25%12/202845,635 46,131 1.145,407 
Riskonnect Parent, LLC+One stopSF +5.50%(i)10.25%12/20282,141 2,161 0.12,131 
Riskonnect Parent, LLC<+One stopSF +5.50%(i)10.10%12/2028823 816 —815 
Riskonnect Parent, LLC+One stopSF +5.50%(i)10.10%12/2028579 570 —573 
Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(4)
Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (9)—(10)
Rodeo Buyer Company & Absorb Software Inc.^<+One stopSF +6.25%(h)11.20%05/20277,616 7,613 0.27,616 
Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%N/A(6)05/2027— — —— 
SailPoint Technologies Holdings, Inc.^+One stopSF +6.00%(i)11.10%08/202914,654 14,569 0.414,654 
SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2028— (2)—— 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)9.20%07/202950,901 47,198 1.350,901 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(c)9.41%07/20294,160 3,981 0.14,170 

See Notes to Consolidated Financial Statements.
79
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Sapphire Bidco Oy<+(8)(9)(16)One stopE + 5.75%(c)9.46%07/2029$1,533 $1,491 —%$1,537 
Sonatype, Inc.<+One stopSF +6.75%(h)12.01%12/202555,697 55,865 1.455,697 
Sonatype, Inc.^+One stopSF +6.75%(h)12.01%12/202513,763 13,983 0.313,763 
Sonatype, Inc.+(5)One stopSF +6.75%N/A(6)12/2025— (1)—— 
Spartan Buyer Acquisition Co.*#^<+(25)One stopSF +7.50%(i)(j)11.24% cash/1.00%PIK06/202744,700 44,526 1.144,251 
Spartan Buyer Acquisition Co.<+(25)One stopSF +7.50%(i)(j)11.24% cash/1.00%PIK06/20272,849 2,814 0.12,820 
Spartan Buyer Acquisition Co.+(5)(25)One stopP + 6.50%(a)13.50% cash/1.00%PIK06/20272 (2)—(2)
Telesoft Holdings LLC~^&+One stopSF +5.75%(h)10.70%12/202621,186 21,485 0.521,186 
Telesoft Holdings LLC<+One stopSF +6.25%(h)11.20%12/20261,432 1,452 —1,432 
Telesoft Holdings LLC+One stopSF +5.75%(h)10.70%12/202674 73 —74 
Templafy APS and Templafy, LLC<+(8)(18)One stopSF +6.00%(i)11.40%07/20284,800 4,778 0.14,800 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— 
TI Intermediate Holdings, LLC~+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/20274,168 4,152 0.13,668 
TI Intermediate Holdings, LLC<+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/20271,105 1,099 —972 
TI Intermediate Holdings, LLC+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/2027693 690 —610 
TI Intermediate Holdings, LLC+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/2027520 517 —458 
TI Intermediate Holdings, LLC<+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/2027191 190 —168 
TI Intermediate Holdings, LLC+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/202743 43 —31 
Togetherwork Holdings, LLC&+One stopSF +5.25%(h)10.10%05/203127,973 27,926 0.727,973 
Togetherwork Holdings, LLC+(5)One stopSF +5.25%N/A(6)05/2031— (33)—— 
Togetherwork Holdings, LLC+(5)One stopSF +5.25%N/A(6)05/2031— (16)—— 
Transform Bidco Limited<+(8)(10)One stopSF +7.00%(i)12.31%01/20315,405 5,502 0.15,337 
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)06/2030— (1)—(2)
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)01/2031— (143)—(145)
Vantage Bidco GMBH<+(8)(9)(19)(25)One stopE + 6.25%(c)6.47% cash/3.13%PIK04/20318,742 8,377 0.28,654 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopE + 6.25%N/A(6)10/2030— (14)—(11)
Varinem German Midco GMBH+(8)(9)(19)One stopE + 6.00%(d)9.67%07/20317,373 7,151 0.27,299 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 6.00%N/A(6)07/2031— — —— 
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)One stopN/A4.50% cash/8.21%PIK11/202412,736 10,407 0.27,004 
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)One stopN/A4.50% cash/8.21%PIK11/2024252 195 —138 
Vendavo, Inc.*#&+One stopSF +5.75%(i)10.84%09/202727,377 26,955 0.625,460 
Vendavo, Inc.+One stopSF +5.75%(i)(j)10.69%09/20271,303 1,283 —1,129 
Vendavo, Inc.+One stopSF +5.75%(i)10.84%09/2027998 993 —928 
WebPT, Inc.+One stopSF +6.75%(i)11.91%01/2028931 922 —903 
Workforce Software, LLC^+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/202541,999 42,205 1.041,999 
Workforce Software, LLC^+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/20257,436 7,443 0.27,436 
Workforce Software, LLC<+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/20255,266 5,262 0.15,266 
Workforce Software, LLC<+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/20251,580 1,592 —1,580 
Workforce Software, LLC+(5)One stopSF +6.50%N/A(6)07/2025— (1)—— 
Zendesk, Inc.^+One stopSF +5.00%(i)9.69%11/202828,647 28,538 0.728,647 
Zendesk, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (1)—— 
Zendesk, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (34)—— 
2,077,748 2,064,059 51.32,058,537 


See Notes to Consolidated Financial Statements.
80
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp*<+One stopSF +5.25%(j)9.75%02/2028$23,420 $23,176 0.6%$23,420 
Ave Holdings III, Corp&+One stopSF +5.25%(j)9.75%02/20286,108 6,219 0.26,108 
Ave Holdings III, Corp+One stopSF +5.25%(j)9.75%02/2028802 802 —802 
Ave Holdings III, Corp+(5)One stopSF +5.25%N/A(6)02/2028— (2)—— 
Biscuit Parent, LLC<+One stopSF +4.75%(i)9.35%02/20311,332 1,329 —1,332 
Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (1)—— 
Cavender Stores L.P.~Senior securedSF +5.00%(i)9.60%10/20295,459 5,417 0.25,459 
Consilio Midco Limited<+(8)(9)(10)One stopE + 6.25%(c)9.61%05/202838,182 38,065 1.038,182 
Consilio Midco Limited<+(8)(10)One stopSF +5.75%(i)10.50%05/202815,686 15,654 0.415,686 
Consilio Midco Limited#&(8)(10)One stopSF +5.75%(i)10.50%05/202815,587 15,646 0.415,587 
Consilio Midco Limited#~(8)(10)One stopSF +5.75%(i)10.50%05/20282,935 2,913 0.12,935 
Consilio Midco Limited#~(8)(10)One stopSF +5.75%(i)10.50%05/20281,951 1,943 0.11,951 
Consilio Midco Limited~+(8)(10)One stopSF +5.75%(i)10.50%05/2028998 987 —998 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028500 485 —500 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028222 215 —222 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(i)10.50%05/2028168 167 —168 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028130 127 —130 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028127 123 —127 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/202895 92 —95 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028114 111 —114 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/202860 58 —60 
Consilio Midco Limited+(8)(10)One stopSF +5.50%(i)10.10%05/2028143 139 —140 
Consilio Midco Limited+(8)(10)One stopSF +5.75%N/A(6)05/2028— — —— 
Consilio Midco Limited+(8)(10)One stopSF +5.50%(i)10.10%05/202874 62 —58 
CVP Holdco, Inc.+One stopSF +5.00%(h)9.85%06/203113,529 13,399 0.413,529 
CVP Holdco, Inc.+(5)One stopSF +7.50%N/A(6)06/2030— (14)—— 
CVP Holdco, Inc.+(5)One stopSF +7.50%N/A(6)06/2031— (17)—— 
Cycle Gear, Inc.*#+One stopSF +6.75%(i)12.15%01/202646,529 46,463 1.145,133 
PetVet Care Centers LLC~+One stopSF +6.00%(h)10.85%11/20304,740 4,779 0.14,503 
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2029— (2)—(4)
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2030— (6)—— 
PPV Intermediate Holdings, LLC#~<+One stopSF +5.75%(i)10.81%08/202914,189 14,110 0.414,189 
PPV Intermediate Holdings, LLC+(25)One stopN/A14.75%PIK08/20308,929 8,997 0.29,108 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/20301,799 1,766 0.11,799 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/2030416 410 —416 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203076 75 —76 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203075 71 —75 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (9)—— 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.25%N/A(6)08/2029— (68)—(70)
Radiance Borrower, LLC+(25)One stopSF +5.75%(h)7.85% cash/2.75%PIK06/203121,558 21,403 0.521,558 
Radiance Borrower, LLC+One stopSF +5.25%(h)10.10%06/2031410 393 —410 
Salon Lofts Group, LLC<+Senior securedSF +5.75%(i)10.35%08/20285,256 5,261 0.15,256 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/20293,045 3,014 0.13,045 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/20291,615 1,598 —1,615 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)(j)14.30%PIK09/2029578 572 —578 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%09/2029540 538 —540 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)(j)14.11%PIK09/2029786 762 —786 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028349 347 —349 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028344 342 —344 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028272 271 —272 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028156 155 —156 

See Notes to Consolidated Financial Statements.
81
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/2029$150 $148 —%$150 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028114 113 —114 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028105 104 —105 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/202886 86 —86 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/202880 80 —80 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (4)—— 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (2)—— 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (6)—— 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/2029304 266 —304 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028170 169 —170 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.~^&<+(8)One stopSF +5.25%(i)9.85%12/202929,510 29,234 0.729,510 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.<+(8)(9)One stopCA +5.25%(l)9.18%12/20298,039 7,938 0.28,039 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)One stopSF +5.25%(i)9.85%12/2028501 495 —501 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)One stopSF +5.25%N/A(6)12/2029— (60)—— 
Titan Fitness, LLC*#<+(25)One stopSF +7.25%(h)10.05% cash/2.50%PIK10/202638,898 38,338 0.833,063 
Titan Fitness, LLC+(25)One stopSF +7.25%(h)10.05% cash/2.50%PIK10/20262,822 2,749 0.12,398 
Titan Fitness, LLC+(25)One stopSF +7.25%(h)9.92% cash/2.50%PIK10/2026423 400 —300 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.23%03/20289,465 9,969 0.29,465 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.23%03/202810,081 10,081 0.310,081 
VSG Acquisition Corp. and Sherrill, Inc.&+One stopSF +5.50%(i)11.01%04/202812,113 11,918 0.311,749 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(i)11.01%04/20281,617 1,571 —1,569 
VSG Acquisition Corp. and Sherrill, Inc.+(5)One stopSF +5.50%N/A(6)04/2028— (6)—(6)
353,762 351,918 8.6 345,415 

See Notes to Consolidated Financial Statements.
82
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(j)10.58%03/2028$2,347 $2,325 0.1%$2,112 
Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(j)10.58%03/20281,170 1,159 —1,052 
Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(j)10.58%03/20281,027 1,018 —925 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20259,951 9,913 0.39,951 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20253,999 3,983 0.13,999 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20252,058 2,050 0.12,058 
Elite Sportswear, L.P.*+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025683 680 —683 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025312 311 —312 
Elite Sportswear, L.P.*+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025298 298 —298 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025115 111 —115 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20254 4 —4 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/20249,211 9,207 0.29,235 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/20246,375 6,371 0.26,391 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/2024987 986 —989 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/2024886 886 —889 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/2024622 622 —623 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/20242 2 —2 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)11.82%07/20291,302 1,302 —1,302 
Shoes For Crews Global, LLC+(25)Senior securedSF +7.00%(h)7.32% cash/5.00%PIK07/2029718 690 —688 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)11.82%07/2029421 421 —421 
Shoes For Crews Global, LLC+(5)Senior securedSF +6.50%N/A(6)07/2029— (34)—— 
42,488 42,305 1.042,049 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.<+One stopSF +6.25%(i)11.73%06/202820,073 19,822 0.517,915 
Marcone Yellowstone Buyer Inc.&<+One stopSF +6.25%(i)11.73%06/202820,821 20,421 0.518,583 
Marcone Yellowstone Buyer Inc.<+One stopSF +6.50%(i)11.98%06/20286,181 6,035 0.25,563 
Marcone Yellowstone Buyer Inc.<+One stopSF +6.25%(i)11.72%06/20282,548 2,463 0.12,274 
Marcone Yellowstone Buyer Inc.&+One stopSF +6.25%(i)11.73%06/20286,670 6,425 0.15,953 
56,293 55,166 1.450,288 
Water Utilities
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.85%06/202724,409 24,228 0.624,226 
S.J. Electro Systems, LLC~&<Senior securedSF +4.75%(i)10.15%06/202718,775 18,722 0.518,635 
S.J. Electro Systems, LLC<+Senior securedSF +4.75%(i)10.15%06/20271,184 1,175 —1,176 
S.J. Electro Systems, LLC+(5)Senior securedSF +4.75%N/A(6)06/2027— (63)—(63)
Vessco Midco Holdings, LLC+One stopSF +5.25%(h)(j)10.22%07/203122,500 22,281 0.622,275 
Vessco Midco Holdings, LLC+One stopSF +5.25%(j)9.54%07/20311,100 1,064 —1,025 
Vessco Midco Holdings, LLC+(5)One stopSF +5.25%N/A(6)07/2031— (24)—(25)
67,968 67,383 1.7 67,249 
Total non-controlled/non-affiliate company debt investments7,686,718 7,639,077 188.0 7,546,848 











See Notes to Consolidated Financial Statements.
83
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.+LP unitsN/AN/A02/2023N/A93 $948 —%$771 
Tronair Parent, Inc.+LLC unitsN/AN/A07/2021N/A— 40 —66 
988 —837 
Auto Components
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —— 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —645 
CAP-KSI Holdings, LLC+LP unitsN/AN/A06/2024N/A645 — —— 
CG Group Holdings, LLC+LP unitsN/AN/A07/2021N/A1 983 —645 
Go Car Wash Parent, Corp.+(23)Preferred stockN/A17.00%Non-Cash04/2022N/A— 3,202 0.13,136 
Go Car Wash Parent, Corp.+Common stockN/AN/A04/2022N/A— 554 —19 
MOP GM Holding, LLC+LP unitsN/AN/A11/2020N/A— 499 —546 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 34 —36 
National Express Wash Parent Holdco, LLC+LP unitsN/AN/A07/2022N/A1 103 —134 
POY Holdings, LLC+LLC unitsN/AN/A11/2022N/A446 820 —966 
Quick Quack Car Wash Holdings, LLC+LP unitsN/AN/A06/2024N/A1,085 1,085 0.11,143 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A215 215 —226 
Yorkshire Parent, Inc.+LP unitsN/AN/A12/2023N/A— 544 —577 
8,684 0.28,073 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+LP unitsN/AN/A10/2023N/A4 40 —41 
Cobepa BlueSky Aggregator, SCSp+(23)Preferred stockN/A15.00%Non-Cash04/2024N/A5 54 —53 
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/A12/2021N/A219 1,899 —670 
1,993 —764 
Building Products
BECO Holding Company, Inc.+(23)Preferred stockN/A11.75%Non-Cash11/2021N/A132 17,967 0.517,976 
BECO Holding Company, Inc.+LP interestN/AN/A11/2021N/A10 1,218 —987 
19,185 0.518,963 
Chemicals
Inhance Technologies Holdings, LLC+Preferred stockN/AN/A12/2021N/A12 7,283 0.14,902 
Inhance Technologies Holdings, LLC+LLC unitsN/AN/A07/2018N/A— 124 —— 
7,407 0.14,902 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/A10/2021N/A773 836 —996 
FR Vision Holdings, Inc.+LP unitsN/AN/A01/2024N/A— 461 —471 
Franchise Brands plc+(8)(9)(10)(23)(24)Common stockN/AN/A04/2023N/A51 113 —118 
North Haven Stack Buyer, LLCLLC unitsN/AN/A07/2021N/A516 637 —846 
PT Intermediate Holdings III, LLC+LLC unitsN/AN/A12/2021N/A16 1,787 0.11,879 
Radwell Parent, LLC+LP unitsN/AN/A03/2022N/A4 477 —465 
4,311 0.14,775 

See Notes to Consolidated Financial Statements.
84
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 $209 — %$337 
Diversified Consumer Services
CHHJ Midco, LLC+(23)LLC unitsN/AN/A01/2021N/A27 311 —419 
CHVAC Services Investment, LLC+Common stockN/AN/A05/2024N/A105 267 —301 
DP Flores Holdings, LLC+LLC unitsN/AN/A09/2022N/A106 119 —137 
EMS LINQ, LLC+LP interestN/AN/A12/2021N/A761 758 —748 
EWC Growth Partners LLC+LLC interestN/AN/A03/2020N/A— 12 —— 
HS Spa Holdings, Inc.+Common stockN/AN/A05/2022N/A729 732 —730 
Liminex, Inc.+Common stockN/AN/A11/2020N/A17 634 —681 
NSG Buyer, Inc. +(8)LP unitsN/AN/A11/2022N/A3 2,992 0.13,616 
PADI Holdco, Inc.+LLC interestN/AN/A07/2017N/A1 987 0.1868 
Project Alpha Intermediate Holdings, Inc.+(23)Preferred stockN/A9.00%Non-Cash08/2016N/A— 1,148 0.11,646 
Project Alpha Intermediate Holdings, Inc.+Common stockN/AN/A08/2016N/A202 329 —755 
Virginia Green Acquisition, LLC+LP unitsN/AN/A12/2023N/A397 407 —454 
8,696 0.310,355 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —20 
Inventus Power, Inc.+LLC unitsN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+LP interestN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —357 


See Notes to Consolidated Financial Statements.
85
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+LLC unitsN/AN/A08/2015N/A44 $217 —%$217 
Hopdoddy Holdings, LLC+LLC unitsN/AN/A02/2016N/A20 61 —48 
Mendocino Farms, LLC+(23)Common stockN/AN/A06/2018N/A227 1,041 —1,433 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.25,660 
Ruby Slipper Cafe LLC, The+LLC unitsN/AN/A06/2024N/A3 47 —49 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —174 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —46 
6,430 0.27,627 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —302 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A6 14 —15 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A01/2022N/A4 9 —11 
Borrower R365 Holdings, LLC+Common stockN/AN/A06/2022N/A1 3 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2022N/A2 4 —6 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A1 3 —4 
Borrower R365 Holdings, LLC+LP unitsN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A04/2024N/A21 73 —68 
Kodiak Cakes, LLC+(23)Common stockN/AN/A06/2021N/A— 557 —842 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/A07/2021N/A— 599 —331 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+Preferred stockN/AN/A03/2024N/A— 32 —35 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —238 
Purfoods, LLC+LLC interestN/AN/A05/2016N/A— 945 0.24,991 
2,893 0.26,884 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/A06/2019N/A— 98 —111 
Blue River Pet Care, LLC+Common stockN/AN/A08/2019N/A— 734 0.1856 
CCSL Holdings, LLC+(8)LP interestN/AN/A12/2020N/A— 499 —680 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A— 557 —626 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 —716 
G & H Wire Company, Inc.+LLC interestN/AN/A09/2017N/A335 269 —— 
JHC Investment Intermediate Holdings, LLC+LLC unitsN/AN/A03/2024N/A5,293 — —188 
2,640 0.13,177 


See Notes to Consolidated Financial Statements.
86
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 $1,099 0.1%$1,217 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.14,614 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.12,919 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 0.11,300 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC unitsN/AN/A03/2021N/A180 192 —184 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/A12/2018N/A531 456 —625 
DCA Investment Holding, LLC(23)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 659 —783 
DCA Investment Holding, LLCCommon stockN/AN/A12/2022N/A12 5 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 749 —435 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 79 —108 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A11 4 —— 
Encorevet Group LLC+Preferred stockN/AN/A05/2024N/A3 261 —203 
Krueger-Gilbert Health Physics, LLC+Common stockN/AN/A05/2019N/A239 324 —621 
Midwest Veterinary Partners, LLC+(23)Preferred stockN/A12.00%Non-Cash08/2021N/A1 1,984 0.12,123 
Midwest Veterinary Partners, LLC+WarrantN/AN/A07/2019N/A9 152 —482 
Midwest Veterinary Partners, LLC+(23)Preferred stockN/A10.00%Non-Cash07/2019N/A— 57 —68 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —660 
NDX Parent, LLC+Common stockN/AN/A06/2021N/A— 278 —11 
NDX Parent, LLC+Preferred stockN/AN/A01/2023N/A84 88 —82 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common stockN/AN/A05/2021N/A— 407 —311 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —866 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —1,036 
Pyramid Healthcare Acquisition Corp.+Common stockN/AN/A05/2021N/A257 310 —385 
Radiology Partners, Inc.+LLC unitsN/AN/A02/2018N/A11 68 —86 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —340 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A— 249 —617 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A3 3 —— 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —534 
13,526 0.520,610 


See Notes to Consolidated Financial Statements.
87
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.+LLC unitsN/AN/A05/2024N/A446 $449 —%$447 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —301 
Connexin Software, Inc.+LLC unitsN/AN/A02/2024N/A12 16 —23 
HSI Halo Acquisition, Inc.+(23)Preferred stockN/A10.00%Non-Cash10/2019N/A— 102 —233 
HSI Halo Acquisition, Inc.+LP interestN/AN/A10/2019N/A— 14 —58 
Symplr Software, Inc.+(23)Preferred stockN/A11.00%Non-Cash10/2021N/A15 18,931 0.519,043 
Symplr Software, Inc.+(23)Preferred stockSF +10.50%(i)15.10%Non-Cash11/2018N/A3 5,513 0.26,675 
Symplr Software, Inc.+(23)Preferred stockN/A11.00%Non-Cash12/2020N/A2 2,373 0.12,527 
Symplr Software, Inc.+(23)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,433 —1,478 
Symplr Software, Inc.+LLC unitsN/AN/A09/2021N/A— 161 —185 
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 237 —1,064 
Tebra Technologies, Inc.+LLC interestN/AN/A07/2022N/A348 2,824 0.12,972 
Tebra Technologies, Inc.+WarrantN/AN/A03/2019N/A169 871 —547 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —56 
Tebra Technologies, Inc.+Preferred stockN/AN/A09/2018N/A1 8 —11 
33,322 0.935,620 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —760 
Freddy's Frozen Custard LLC+LP interestN/AN/A03/2021N/A287 384 —648 
Harri US LLC+LLC unitsN/AN/A02/2022N/A119 892 —711 
Harri US LLC+Preferred stockN/AN/A10/2021N/A102 649 —587 
Harri US LLC+WarrantN/AN/A10/2021N/A34 171 —196 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,342 
Harri US LLC+WarrantN/AN/A03/2024N/A9 69 —132 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 0.11,691 
PB Group Holdings, LLC+LP unitsN/AN/A08/2024N/A383 886 —886 
SSRG Holdings, LLC+(23)LP interestN/AN/A11/2019N/A46 604 —566 
6,111 0.27,519 
Insurance
Accession Risk Management Group, Inc.+(23)Preferred stockN/A13.25%Non-Cash08/2023N/A9 9,987 0.39,988 
Majesco+(23)Preferred stockN/A9.00%Non-Cash09/2020N/A— 534 —611 
Majesco+LP interestN/AN/A09/2020N/A97 94 —324 
Oakbridge Insurance Agency LLC+LP unitsN/AN/A11/2023N/A20 404 —412 
11,019 0.311,335 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,215 0.830,067 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.418,046 
Revalize, Inc.+Preferred stockN/AN/A12/2022N/A11 11,050 0.311,768 
Revalize, Inc.+Preferred stockN/AN/A04/2022N/A4 4,285 0.14,481 
57,285 1.664,362 
IT Services
Appriss Health Intermediate Holdings, Inc+(23)Preferred stockN/A11.00%Non-Cash05/2021N/A3 3,664 0.13,777 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A02/2020N/A804 2,398 0.27,470 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A10/2020N/A211 931 0.11,959 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 407 —449 

See Notes to Consolidated Financial Statements.
88
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/A08/2020N/A277 $779 0.1%$2,393 
Critical Start, Inc.+Common stockN/AN/A05/2022N/A343 379 —175 
Kentik Technologies, Inc.+Preferred stockN/AN/A09/2021N/A275 1,587 —1,578 
Netwrix Corporation+LLC unitsN/AN/A06/2022N/A7 19 —18 
Optimizely North America, Inc.+Common stockN/AN/A10/2018N/A92 1,089 —1,528 
Saturn Borrower Inc.+LP unitsN/AN/A09/2020N/A485 418 —267 
11,671 0.519,614 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,682 
Movement Holdings, LLC+LLC unitsN/AN/A03/2024N/A— 152 —136 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —119 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A56 96 —82 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —66 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —59 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —25 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —2 
778 0.12,171 
Life Sciences Tools & Services
Celerion Buyer, Inc.+LP unitsN/AN/A11/2022N/A1,302 1,309 —1,302 
Celerion Buyer, Inc.+LP unitsN/AN/A11/2022N/A1,302 188 —982 
PAS Parent Inc.+LP interestN/AN/A12/2021N/A15 1,651 0.11,618 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —299 
Reaction Biology Corporation+LLC unitsN/AN/A03/2022N/A— 321 —4 
3,736 0.14,205 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,633 —1,679 
W3 Co.+Preferred stockN/AN/A01/2019N/A— 224 —252 
1,857 —1,931 
Paper & Forest Products
Messenger, LLC+LLC unitsN/AN/A12/2021N/A8 667 —620 
Messenger, LLC+LLC unitsN/AN/A12/2021N/A1 — —— 
667 —620 
Pharmaceuticals
Amalthea Parent, Inc.+(8)LP interestN/AN/A03/2021N/A701 606 —390 
Cobalt Buyer Sub, Inc.+(23)Preferred stockN/A13.75%Non-Cash10/2021N/A11 15,926 0.417,048 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A— 246 —306 
Cobalt Buyer Sub, Inc.+Common stockN/AN/A10/2021N/A3 2 —27 
16,780 0.417,771 


See Notes to Consolidated Financial Statements.
89
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Eclipse Buyer, Inc.+(23)Preferred stockN/A12.50%Non-Cash09/2024N/A— $1,609 0.1%$1,595 
Enboarder, Inc.+(8)(11)Preferred stockN/AN/A01/2022N/A83 859 —567 
Filevine, Inc.+Preferred stockN/AN/A04/2022N/A362 2,867 0.13,992 
Filevine, Inc.+WarrantN/AN/A04/2022N/A54 224 —485 
Filevine, Inc.+Preferred stockN/AN/A05/2024N/A21 176 —234 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,311 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,150 
8,320 0.310,334 
Real Estate Management & Development
Inhabit IQ Inc.+Common stockN/AN/A01/2018N/A73 595 —1,488 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —260 
869 —1,748 
Road & Rail
Internet Truckstop Group, LLC+LP interestN/AN/A04/2019N/A554 587 —402 
Software
Anaplan, Inc.+LP interestN/AN/A06/2022N/A962 1,254 0.11,492
Aras Corporation+(23)Preferred stockN/A12.00%Non-Cash04/2021N/A1 1,937 0.22,108
Aras Corporation+LP interestN/AN/A04/2021N/A427 446—531
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—547
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A07/2021N/A37 405—504
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A02/2023N/A4 46—57
Bayshore Intermediate #2, L.P.+Common stockN/AN/A10/2021N/A5,841 5,8900.26,231
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,157—1,135
Calabrio, Inc.+LP interestN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+LP unitsN/AN/A07/2024N/A258 258—258
Cloudbees, Inc.+Preferred stockN/AN/A11/2021N/A179 2,0080.12,021
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—1,157
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—797
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,008
Denali Bidco Limited+(8)(10)LP interestN/AN/A08/2023N/A431 610—824
Diligent Corporation+(23)Preferred stockN/A10.50%Non-Cash04/2021N/A24 30,1080.831,231
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 9120.12,543
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—346
GS Acquisitionco, Inc.+(23)Preferred stockN/A11.00%Non-Cash04/2021N/A35 44,8991.246,202
GS Acquisitionco, Inc.+(23)Preferred stockN/A11.00%Non-Cash11/2021N/A5 5,7400.15,741
GS Acquisitionco, Inc.+LP interestN/AN/A09/2021N/A1 363—952
GS Acquisitionco, Inc.+(23)Preferred stockSF +10.50%(i)15.10%Non-Cash08/2023N/A— 120—120
GTY Technology Holdings, Inc.+LP unitsN/AN/A07/2022N/A73 91—140
Gurobi Optimization, LLC+Common stockN/AN/A09/2024N/A— 709—709
Impartner, Inc.+Preferred stockN/AN/A10/2021N/A39 307—217
Kaseya Inc.+(23)Preferred stockSF +10.75%(i)15.35%Non-Cash06/2022N/A5 5,7500.25,787
Kaseya Inc.+LP interestN/AN/A06/2022N/A250 252—267
Ministry Brands Holdings LLC+LP interestN/AN/A12/2021N/A799 773—704

See Notes to Consolidated Financial Statements.
90
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
mParticle, Inc.+Preferred stockN/AN/A09/2021N/A227 $1,429 —%$1,120 
mParticle, Inc.+WarrantN/AN/A08/2020N/A115 143—382
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/A10/2019N/A6 17 —20 
Onit, Inc.+(23)Preferred stockN/A15.00%Non-Cash02/2023N/A— 117—128
Onit, Inc.+WarrantN/AN/A02/2023N/A— 14—20
Panzura, LLC+LLC unitsN/AN/A09/2023N/A2 6 —— 
Personify, Inc.+LP interestN/AN/A09/2018N/A879 1,3960.12,303
Pluralsight, LLC+LLC unitsN/AN/A08/2024N/A1,988 3,663 0.13,663 
QAD, Inc.+(23)Preferred stockN/A9.00%Non-Cash11/2021N/A1 1,243—1,147
QAD, Inc.+Common stockN/AN/A11/2021N/A68 134—0
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—163
RegEd Aquireco, LLC+Preferred stockN/AN/A07/2023N/A— 27—32
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(23)Preferred stockN/A11.00%Non-Cash04/2022N/A26 32,3590.831,936 
Riskonnect Parent, LLC+LP interestN/AN/A11/2021N/A1,382 1,412—1,513 
Riskonnect Parent, LLC+(23)Preferred stockSF +10.50%(i)15.10%Non-Cash07/2022N/A— 920 —934 
Riskonnect Parent, LLC+(23)Preferred stockN/A10.50%Non-Cash06/2024N/A— 51 —52 
SnapLogic, Inc.+Preferred stockN/AN/A09/2019N/A344 1,028 —1,707 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A131 162 —439 
Spartan Buyer Acquisition Co.+Common stockN/AN/A12/2020N/A1 794—584
Spartan Buyer Acquisition Co.+Preferred stockN/AN/A12/2022N/A— 110—132
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—123
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/A07/2022N/A— 82—96
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,342—1,355
Workforce Software, LLC+(23)Common stockN/AN/A07/2019N/A— 9730.11,524
Workforce Software, LLC+Common stockN/AN/A01/2022N/A— 36—48
Zendesk, Inc.+LP unitsN/AN/A11/2022N/A63 708—602
155,792 4.1163,652 


See Notes to Consolidated Financial Statements.
91
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+(23)Preferred stockN/A11.50%Non-Cash02/2022N/A15 $18,188 0.5%$17,541 
Ave Holdings III, Corp+LP unitsN/AN/A02/2022N/A2 1,737 —936 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 —1,239 
Cycle Gear, Inc.+LLC unitsN/AN/A02/2016N/A2,002 481 —183 
Cycle Gear, Inc.+Preferred stockN/AN/A01/2023N/A75 75 —150 
Pet Holdings ULC+(8)(12)(23)LP interestN/AN/A04/2015N/A677 383 —657 
Salon Lofts Group, LLC+LP unitsN/AN/A08/2022N/A— 129 —112 
Southern Veterinary Partners, LLC+(23)Preferred stockN/A12.00%Non-Cash06/2021N/A5 6,397 0.27,200 
Southern Veterinary Partners, LLC+(23)Preferred stockN/A10.00%Non-Cash05/2018N/A— 899 —1,360 
Southern Veterinary Partners, LLC+LLC interestN/AN/A05/2018N/A148 188 0.25,022 
VSG Acquisition Corp. and Sherrill, Inc.+LP unitsN/AN/A04/2022N/A— 57 —47 
29,821 0.934,447 
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(23)LLC interestN/AN/A11/2015N/A20 239 —369 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/A06/2021N/A56 265 —104 
Shoes For Crews Global, LLC+LLC unitsN/AN/A06/2024N/A2 1,083 —1,109 
1,587 —1,584 
Total non-controlled/non-affiliate company equity investments417,958 11.6464,976 
Total non-controlled/non-affiliate company investments8,057,035 199.68,011,824 


See Notes to Consolidated Financial Statements.
92
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)One stopSF +1.00%(i)5.60%PIK06/2026$7,188 $7,071 0.1%$4,888 
Abita Brewing Co., L.L.C.+(7)(25)Second lienSF +8.00%(i)12.60%PIK06/20264,834 3,725 —435 
Abita Brewing Co., L.L.C.+(25)One stopSF +1.00%(i)(j)5.81%PIK06/2026783 783 —677 
12,805 11,579 0.16,000 
Energy, Equipment & Services
Benetech, Inc.+(7)(25)One stopSF +6.00%(i)10.75%PIK08/20264,645 3,623 0.11,626 
Benetech, Inc.+(7)(25)One stopSF +6.00%(i)10.75%PIK08/20261,210 920 —167 
5,855 4,543 0.11,793 
Healthcare Providers & Services
Bayside Opco, LLC+(25)One stopSF +7.25%(i)12.00%06/202612,845 12,782 0.312,845 
Bayside Opco, LLC+(25)Subordinated debtSF +10.00%(i)14.75%PIK06/20265,047 4,613 0.14,995 
Bayside Opco, LLC+(25)One stopSF +7.25%(i)12.00%06/20264,543 4,410 0.14,499 
Bayside Opco, LLC+One stopSF +7.00%N/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(25)One stopSF +5.25%(i)9.85%PIK09/202516,683 13,029 0.25,505 
Elite Dental Partners LLC+(7)(25)One stopSF +12.00%(i)16.60%PIK09/20259,762 7,226 0.14,393 
Elite Dental Partners LLC+(25)One stopSF +5.25%(i)9.85%PIK09/20251,798 1,798 —1,798 
Opening Day Borrower 111 LLC+One stopSF +6.25%N/A(6)05/2027— — —— 
Opening Day Borrower 111 LLC+One stopSF +6.25%N/A(6)05/2027— — —— 
SPF Borrower LLC+(25)One stopSF +6.25%(i)9.00% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+(25)One stopSF +9.50%(i)4.75% cash/9.50%PIK02/20288,333 8,333 0.28,333 
SPF Borrower LLC+One stopSF +6.25%N/A(6)02/2028— — —— 
75,202 68,382 1.458,559 
Software
Switchfly LLC+(25)One stopN/A1.00%PIK10/2026710 709 —526 
Specialty Retail
Imperial Optical Midco Inc.+One stopSF +1.00%(i)5.60%06/202945,065 40,793 1.040,558 
Imperial Optical Midco Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(282)
Imperial Optical Midco Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(1,502)
45,065 40,793 1.038,774 
Total non-controlled/affiliate company debt investments139,637 126,006 2.6105,652 
















See Notes to Consolidated Financial Statements.
93
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(21)(22)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/A02/2021N/A210$— —%$— 
Healthcare Providers & Services
Bayside Opco, LLC+LLC unitsN/AN/A05/2023N/A6 2,592 0.26,788 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC unitsN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+Preferred stockN/AN/A09/2024N/A181 21,172 0.521,172 
Opening Day Borrower 111 LLC+LLC unitsN/AN/A04/2023N/A181 7,836 0.13,764 
SPF Borrower LLC+LLC unitsN/AN/A02/2024N/A— 9,347 0.312,129 
45,099 1.1 43,853 
Software
Switchfly LLC+LLC interestN/AN/A09/2018N/A98,370 2,321 —860 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.15,375 
Switchfly LLC+LLC unitsN/AN/A03/2022N/A950 950 —552 
8,646 0.16,787 
Specialty Retail
Imperial Optical Midco Inc.+LLC unitsN/AN/A06/2024N/A189 53,764 1.455,090 
Total non-controlled/affiliate company equity investments107,509 2.6 105,730 
Total non-controlled/affiliate company investments233,515 5.2 211,382 


See Notes to Consolidated Financial Statements.
94
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)One stopN/A8.00%PIK03/2026$1,971 $1,971 0.1%$1,813 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/20261,073 1,073 —1,073 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/20261,153 1,153 —1,153 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/2026334 334 —334 
Total controlled affiliate company debt investments4,531 4,531 0.14,373 
Equity investments(21)(22)
IT Services
MMan Acquisition Co.+Preferred stockN/AN/A09/2024N/A— 7,832 0.27,832 
Total controlled affiliate equity investments7,832 0.27,832 
Total controlled affiliate company investments12,363 0.312,205 
Total investments8,302,913 205.18,235,411 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		4.83%(29)$103,410 2.6%$103,410 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)		4.78%(29)1,599 —1,599 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional Share Class (CUSIP 61747C707)4.85%(29)7,465 0.27,465 
Morgan Stanley US Dollar Liquidity Fund
Institutional Distributing Share Class (CUSIP L64887109)		4.98%(29)10,658 0.310,658 
Allspring Government Money Market Fund
Select Share Class (CUSIP 949921126)		4.86%(29)2,616 0.12,616 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)4.88%(29)87,353 2.287,353 
Total money market funds213,101 5.4213,101 
Total investments and money market funds$8,516,014 210.5%$8,448,512 

See Notes to Consolidated Financial Statements.
95
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts 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. Borrowings”).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in “Note 7. Borrowings”).
~
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in “Note 7. Borrowings”).
^
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in “Note 7. Borrowings”).
&
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in “Note 7. Borrowings”).
<
Denotes that all or a portion of the loan collateralizes the GBDC 3 DB Credit Facility (as defined in “Note 7. Borrowings”).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in “Note 7. Borrowings”).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index rate prior to September 30, 2024.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of September 30, 2024.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.
(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.
(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of September 30, 2024.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of September 30, 2024.
(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of September 30, 2024.
(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30, 2024.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of September 30, 2024.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2024.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See “Note 6. 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, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2024, 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 cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2024, total non-qualifying assets at fair value represented 13.3% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See “Note 2. Significant Accounting Policies and Recent Accounting Updates”.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15)The headquarters of this portfolio company is located in Israel.
(16)The headquarters of this portfolio company is located in Finland.
(17)The headquarters of this portfolio company is located in Sweden.
(18)The headquarters of this portfolio company is located in Denmark.

See Notes to Consolidated Financial Statements.
96
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
(19)The headquarters of this portfolio company is located in Germany.
(20)The headquarters of this portfolio company is located in France.
(21) Equity investments are non-income producing securities unless otherwise noted.
(22) Ownership of certain equity investments occurs through a holding company or partnership.
(23) The Company holds an equity investment that is income producing.
(24) The fair value of this investment was valued using Level 1 inputs. See “Note 6. Fair Value Measurements”.
(25) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2024.
(26) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(27) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2024 were as follows:
Portfolio CompanyFair value as of September 30, 2023
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2024Interest, dividend and fee income
Abita Brewing Co. LLC$6,536 $2,166 $(709)$(1,993)$— $6,000 $575 
Bayside Opco, LLC22,044 2,758 (699)5,024 — 29,127 3,660 
Benetech, Inc.1,353 780 (843)503 — 1,793 9 
Elite Dental Partners LLC13,396 5,845 (3,013)(4,532)— 11,696 180 
Imperial Optical Midco Inc.— 94,556 — (692)— 93,864 1,008 
Opening Day Borrower 111 LLC24,438 27,853 (23,040)(4,272)(43)24,936 629 
Rubio's Restaurants, Inc.12,063 3,759 (3,929)6,624 (18,517)— 1,187 
SPF Borrower LLC— 34,008 (136)2,781 — 36,653 2,112 
Switchfly LLC7,254 6,180 (5,378)1,157 (1,900)7,313 88 
Total Non-Controlled Affiliates$87,084 $177,905 $(37,747)$4,600 $(20,460)$211,382 $9,448 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(28) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2024 were as follows:
Portfolio CompanyFair value as of September 30, 2023
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2024Interest, dividend and fee income
MMan Acquisition Co.$12,790 $11,979 $(11,344)$10,406 $(11,626)$12,205 $439 
Total Controlled Affiliates$12,790 $11,979 $(11,344)$10,406 $(11,626)$12,205 $439 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(29) The rate shown is the annualized seven-day yield as of September 30, 2024.


See Notes to Consolidated Financial Statements.
97
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 1. Organization
Golub Capital BDC, Inc. (“GBDC” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company. GBDC has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, GBDC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Fifth Amended and Restated Investment Advisory Agreement effective as of June 3, 2024 (the “Investment Advisory Agreement” or “Post-GBDC 3 Merger Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.
On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the “GCIC Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company, the Investment Adviser, and, for certain limited purposes, the Administrator.
On June 3, 2024, the Company completed its acquisition of Golub Capital BDC 3, Inc. (“GBDC 3”), a Maryland corporation pursuant to that certain Agreement and Plan of Merger (as amended, the “GBDC 3 Merger Agreement”), dated as of January 16, 2024, by and among the Company, GBDC 3, Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), GC Advisors, a Delaware limited liability company and investment adviser to each of the Company and GBDC 3, and, for certain limited purposes, Golub Capital LLC. Pursuant to the GBDC 3 Merger Agreement, Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving corporation (the “Initial GBDC 3 Merger”), and immediately following the Initial GBDC 3 Merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company (the Initial GBDC 3 Merger and the subsequent merger, collectively, the “GBDC 3 Merger”). Upon consummation of the GBDC 3 Merger, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.
Note 2. Significant Accounting Policies and Recent Accounting Updates
Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim
98
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”).
Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. On August 2, 2024, the Company’s board of directors (the “Board”) designated the Investment Adviser as the Company’s valuation designee (“Valuation Designee”) in accordance with Rule 2a-5 under the 1940 Act. As of such date, the Valuation Designee is responsible for determining the fair value of the Company’s portfolio investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has categorized the Company’s financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Investment Adviser’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Valuation Designee in determining fair value is greatest for financial instruments classified as Level 3.
Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in “Note 6 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 listed in the table below in its consolidated financial statements:
99
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Entity NameAbbreviation
Golub Capital BDC CLO III Depositor LLC(“2018 CLO Depositor”)
Golub Capital BDC CLO III LLC1
(“2018 Issuer”)1
Golub Capital BDC Holdings, LLC(“BDC Holdings”)
GCIC Holdings LLC(“GCIC Holdings”)
GCIC CLO II Depositor LLC2
(“GCIC 2018 CLO Depositor”)2
GCIC CLO II LLC3
(“GCIC 2018 Issuer”)3
Golub Capital BDC CLO 8 Depositor LLC2
("BDC CLO 8 Depositor")2
Golub Capital BDC CLO 8 LLC3
(“2024 Issuer”)3
GCIC Funding LLC(“GCIC Funding”)
GBDC Holdings Coinvest, Inc.
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.
GCIC Quick Quack Coinvest LLC
GBDC Quick Quack Coinvest LLC
Golub Capital 3 Holdings LLC(“GBDC 3 Holdings”)
GBDC 3 Funding LLC(“GBDC 3 Funding”)
Golub Capital BDC 3 CLO 1 Depositor LLC(“GBDC 3 2021 CLO Depositor”)
Golub Capital BDC 3 CLO 1 LLC1
(“GBDC 3 2021 Issuer”)1
Golub Capital BDC 3 ABS 2022-1 Depositor LLC(“GBDC 3 2022 ABS 2022-1 Depositor”)
Golub Capital BDC 3 ABS 2022-1 LLC(“GBDC 3 2022 Issuer”)
Golub Capital BDC 3 CLO 2 Depositor LLC(“GBDC 3 2022 CLO 2 Depositor”)
Golub Capital BDC 3 CLO 2 LLC(“GBDC 3 2022-2 Issuer”)
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Quick Quack Coinvest LLC

1.Prior to November 18, 2024, the date of each entity’s dissolution.
2.GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”) was renamed to Golub Capital BDC CLO 8 Depositor LLC (“BDC CLO 8 Depositor”) effective November 18, 2024.
3.GCIC CLO II LLC (“GCIC 2018 Issuer”) was renamed to Golub Capital BDC CLO 8 LLC (“2024 Issuer”) effective November 18, 2024.
Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including BDC Holdings, Funding II, GCIC Holdings, GBDC 3 Holdings, GBDC 3 Funding, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer, 2024 Issuer and, prior to November 18, 2024, GCIC 2018 Issuer, 2018 Issuer and GBDC 3 2021 Issuer, 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 and cash equivalents and foreign currencies: Cash and cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.
Restricted cash 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.
100
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.
Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included 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.
Derivative Instruments:
The Company follows the guidance in ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), when accounting for derivative instruments.
Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the 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.
Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “interest expense” in the Company’s Consolidated Statement of Operations. The fair value of the interest rate swaps is included as a component of “Net unrealized appreciation on derivatives” and “Net unrealized depreciation on derivatives” on the Company's Consolidated Statements of Financial Condition. Refer to Note 5 for more information regarding the interest rate swaps.
Revenue recognition:
Investments and related investment income:  Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments.
Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three months ended December 31, 2024 and 2023, the Company received Loan Origination Fees that were capitalized of $12,759 and $2,878, respectively. For the three months ended December 31, 2024 and 2023, interest income included $6,255 and $5,301, respectively, of Discount Amortization.
For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three months ended
101
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
December 31, 2024 and 2023, investment income included $11,016 and $11,799, respectively, of PIK interest and the Company capitalized PIK interest of $13,211 and $13,715, respectively, into the principal balance of certain debt investments.
In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three months ended December 31, 2024 and 2023, fee income included $94 and $35 from non-recurring prepayment premiums, respectively. Other income is recorded into income when earned.
For the three months ended December 31, 2024 and 2023, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $201,367 and $148,481, respectively.
Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.
For the three months ended December 31, 2024 and 2023, the Company recognized PIK and non-cash dividend income of $7,264 and $4,251, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three months ended December 31, 2024 the Company received $1,824 of cash payments of accrued and capitalized preferred dividends. For the three months ended December 31, 2023, the Company received no cash payments of accrued and capitalized preferred dividends.
Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
For the three months ended December 31, 2024 and 2023, the Company recorded dividend income received in cash of $1,223 and $124, respectively, and return of capital distributions received in cash of $235 and $693, respectively.
Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.
Non-accrual investments: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $43,353 and $93,204 as of December 31, 2024 and September 30, 2024, respectively.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of non-accrual preferred equity securities was $714 as of December 31, 2024. There were no preferred equity securities on non-accrual status as of September 30, 2024.

102
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Asset Acquisition: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the “Initial GCIC Merger”), and, immediately following the Initial GCIC Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial GCIC Merger and the subsequent merger, collectively, the “GCIC Merger”). Pursuant to the GBDC 3 Merger Agreement, the GBDC 3 Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving company in the Initial GBDC 3 Merger and, immediately following the Initial GBDC 3 Merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company. The GCIC Merger and the GBDC 3 Merger were accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “asset acquisition.” Under the asset acquisition method of accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.
The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC or GBDC 3’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC or GBDC 3 acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC or GBDC 3 assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As both GCIC and GBDC 3 did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC and GBDC 3’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisitions of GCIC and GBDC 3, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired were immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC and GBDC 3 through their ultimate disposition. Amortization expense of purchase premium for the three months ended December 31, 2024 and 2023 was $5,686 and $1,628, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC or GBDC 3 and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC or GBDC 3.
Income taxes:  The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.
Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended December 31, 2024, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $475. For the three months ended December 31, 2023, the Company recorded $500 for U.S. federal excise tax expense.
The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in
103
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 2024. The Company's tax returns for the 2021 through 2023 tax years remain subject to examination by U.S. federal and most state tax authorities.
Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. For the three months ended December 31, 2024 and 2023, the Company did not record any U.S. income taxes.
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 reapproved the Program in August 2024 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Refer to Note 11 for more information on the share repurchases under the Program.
Equity Distribution Agreement: On October 6, 2023, the Company entered into a new equity distribution agreement (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (the “Placement Agents”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $250,000, in an “at the market offering,” in amounts and at times to be determined by the Company. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The 2023 Equity Distribution Agreement provides that the Company could offer and sell shares from time to time through, or to, the Placement Agents, or to it. Sales of the shares, if any, could be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the 2023 Equity Distribution Agreement, the Placement Agents will receive a commission from the Company of up to 1.50% of the gross sales price of any shares sold through the Placement
104
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Agents under the 2023 Equity Distribution Agreement. Offering costs for the 2023 Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. On December 4, 2024, the Company entered into the first amendment to the 2023 Equity Distribution Agreement, to modify certain settlement mechanics and to clarify the periods under which the Company can request the Placement Agents to sell shares. The other material terms of the 2023 Equity Distribution Agreement were unchanged. During the three months ended December 31, 2023, the Company terminated the equity distribution agreement entered into on May 28, 2021 by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “2021 Equity Distribution Agreement”). During the three months ended December 31, 2024 and 2023, the Company did not issue any shares of common stock under the 2021 or 2023 Equity Distribution Agreements.
Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2024 and September 30, 2024, the Company had deferred debt issuance costs of $28,694 and $25,361, 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 months ended December 31, 2024 and 2023 was $2,645 and $2,109, respectively.
Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. These amounts are included in other assets on the Consolidated Statements of Financial Condition.
Recent Accounting Updates: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU No. 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-07.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.
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 January 16, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. The Investment Advisory Agreement was entered into and effective as of June 3, 2024, the closing of the GBDC 3 Merger. On August 3, 2023, the Board approved, and the Company entered into, the Prior Investment Advisory Agreement with the Investment Adviser, effective as of July 1, 2023, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).
The base management fee is calculated at an annual rate equal to 1.0% (or 1.375% for periods ending on or before June 30, 2023) of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian but adjusted to exclude cash and cash equivalents so that investors do not
105
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.
The Investment Adviser serves as collateral manager under the 2018 Collateral Management Agreement (as described in “Note 7. Borrowings”), the GCIC 2018 Collateral Management Agreement (as described in “Note 7. Borrowings”), the 2021 Collateral Management Agreement (as described in “Note 7. Borrowings”), the 2022 Collateral Management Agreement (as described in “Note 7. Borrowings”) and the 2022-2 Collateral Management Agreement (as described in “Note 7. Borrowings”). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.
The base management fee incurred for the three months ended December 31, 2024 and 2023 was $21,581 and $13,956, respectively.
The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 15.0% of the Company’s Cumulative Pre-Incentive Fee Net Income (as defined below).
The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 15.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the asset acquisition for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.
“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base
106
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.
Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).
The income and capital gains incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts, the income component (the “Income Incentive Fee”) and the capital gains component (the “Capital Gain Incentive Fee” and, together with the Income Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.
For the three months ended December 31, 2024 and 2023, the Income Incentive Fee incurred was $18,058 and $21,285, respectively.
The Investment Advisory Agreement excludes the impact of asset acquisition resulting from a merger, including the GCIC Merger and GBDC 3 Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the asset acquisition for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC and GBDC 3 common stock in the GCIC Merger and GBDC 3 Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly.
If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.
The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee annual rate.
For periods ending on or before March 31, 2024, 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
107
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.
For periods ending after June 3, 2024, including the three months ended June 30, 2024, 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 the percentage at which amounts payable to the Adviser equals 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 15.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and
•15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.
The Capital Gain Incentive Fee equals (a) 15.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.
•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.
For the three months ended December 31, 2024 and 2023, the Company did not accrue a Capital Gain Incentive Fee. As of December 31, 2024 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.
In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting
108
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended December 31, 2024 and 2023, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both December 31, 2024 and September 30, 2024, 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.
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 $2,902 and $2,840 as of December 31, 2024 and September 30, 2024, respectively, for accrued allocated shared services under the Administration Agreement.
Other related party transactions:  The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.
Total expenses reimbursed to the Administrator during the three months ended December 31, 2024 and 2023 were $2,658 and $2,018, respectively.
As of December 31, 2024 and September 30, 2024, included in accounts payable and other liabilities were $1,722 and $2,658, 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 December 31, 2024 permits the Company to borrow a maximum of $200,000 and expires on June 15, 2025. As of September 30, 2023, the Company was permitted to borrow a maximum of $100,000 under the Adviser Revolver. Refer to Note 7 for discussion of the Adviser Revolver.
Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, an unsecured revolving credit facility with the Investment Adviser (“GBDC 3 Adviser Revolver”) that had a credit limit of $100,000. The GBDC 3 Adviser Revolver was terminated on June 11, 2024.
On June 3, 2024, the Company completed its acquisition of GBDC 3. Refer to Note 1 for more information regarding the GBDC 3 Merger.
Note 4. Investments
Investments as of December 31, 2024 and September 30, 2024 consisted of the following:
109
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2024As of September 30, 2024
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$481,445 $481,012 $476,601 $510,503 $506,178 $502,386 
One stop7,670,400 7,646,607 7,543,323 7,271,543 7,216,368 7,110,258 
Second lien29,621 28,069 25,086 18,430 17,125 14,054 
Subordinated debt31,330 31,058 31,246 30,410 29,943 30,175 
EquityN/A568,820 608,975 N/A533,299 578,538 
Total$8,212,796 $8,755,566 $8,685,231 $7,830,886 $8,302,913 $8,235,411 

110
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of December 31, 2024As of September 30, 2024
Amortized Cost:        
United States        
Mid-Atlantic$1,640,965 18.7 %$1,502,136 18.1 %
Midwest1,386,094 15.8 1,391,538 16.8 
West1,309,131 15.0 1,133,878 13.7 
Southeast1,694,324 19.4 1,638,221 19.7 
Southwest1,114,761 12.7 1,041,814 12.5 
Northeast737,414 8.4 713,024 8.6 
Canada169,995 1.9 182,002 2.2 
United Kingdom327,130 3.7 395,769 4.8 
Australia20,042 0.2 20,909 0.2 
Luxembourg65,364 0.8 58,328 0.7 
Netherlands96,172 1.1 95,950 1.2 
Finland79,360 0.9 52,670 0.6 
Sweden33,708 0.4 33,243 0.4 
Israel855 0.0 *855 0.0 *
Denmark4,862 0.1 4,860 0.1 
Germany57,508 0.7 19,896 0.2 
France17,881 0.2 17,820 0.2 
Jersey— — — — 
Total$8,755,566 100.0 %$8,302,913 100.0 %
Fair Value:        
United States        
Mid-Atlantic$1,652,333 19.0 %$1,506,726 18.3 %
Midwest1,367,958 15.8 1,352,353 16.4 
West1,309,619 15.1 1,130,497 13.7 
Southeast1,675,140 19.3 1,634,599 19.8 
Southwest1,101,557 12.7 1,020,950 12.4 
Northeast739,290 8.5 713,123 8.7 
Canada160,542 1.8 178,003 2.2 
United Kingdom315,881 3.6 395,840 4.8 
Australia17,281 0.2 20,113 0.2 
Luxembourg64,141 0.7 57,439 0.7 
Netherlands 89,822 1.0 89,708 1.1 
Finland78,994 0.9 56,608 0.7 
Sweden33,317 0.4 34,709 0.4 
Israel1,051 0.0 *1,008 0.0 *
Denmark4,906 0.1 4,896 0.1 
Germany56,186 0.7 20,493 0.3 
France17,272 0.2 18,346 0.2 
Jersey(1)
(59)0.0 *— — 
Total$8,685,231 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%
(1) The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

111
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of December 31, 2024 and September 30, 2024 were as follows:
As of December 31, 2024As of September 30, 2024
Amortized Cost:        
Aerospace & Defense$39,728 0.5 %$39,344 0.5 %
Air Freight & Logistics49,832 0.6 — — 
Airlines8,795 0.1 8,808 0.1 
Auto Components53,724 0.6 48,377 0.6 
Automobiles394,333 4.5 390,804 4.7 
Banks11,334 0.1 2,094 0.0 *
Beverages83,853 1.0 82,478 1.0 
Biotechnology1,993 0.0 *1,993 0.0 *
Building Products61,226 0.7 60,815 0.7 
Capital Markets2,549 0.0 *2,557 0.0 *
Chemicals132,846 1.5 133,436 1.6 
Commercial Services & Supplies208,307 2.4 198,252 2.4 
Communications Equipment16,522 0.2 16,519 0.2 
Construction & Engineering4,031 0.0 *4,042 0.1 
Containers & Packaging102,850 1.2 102,694 1.3 
Diversified Consumer Services431,133 4.9 391,054 4.7 
Diversified Financial Services105,118 1.2 90,456 1.1 
Diversified Telecommunication Services1,523 0.0 *1,521 0.0 *
Electrical Equipment25,092 0.3 1,406 0.0 *
Electronic Equipment, Instruments & Components33,571 0.4 33,600 0.4 
Energy Equipment & Services4,459 0.1 4,543 0.1 
Food & Staples Retailing22,127 0.3 21,957 0.3 
Food Products222,737 2.5 260,340 3.1 
Healthcare Equipment & Supplies306,845 3.5 270,891 3.3 
Healthcare Providers & Services591,573 6.8 559,659 6.7 
Healthcare Technology396,118 4.5 315,628 3.8 
Hotels, Restaurants & Leisure273,832 3.1 271,416 3.3 
Household Products8,627 0.1 8,636 0.1 
Industrial Conglomerates85,141 1.0 72,399 0.9 
Insurance494,536 5.6 460,242 5.5 
Internet & Direct Marketing Retail103,795 1.2 103,829 1.3 
IT Services282,263 3.2 294,569 3.5 
Leisure Products69,730 0.8 69,755 0.8 
Life Sciences Tools & Services138,640 1.6 115,691 1.4 
Machinery30,481 0.3 30,586 0.4 
Marine34,936 0.4 35,033 0.4 
Media13,796 0.2 13,883 0.2 
Multiline Retail23,874 0.3 43,416 0.5 
Oil, Gas & Consumable Fuels7,063 0.1 85,736 1.0 
Paper & Forest Products18,768 0.2 18,771 0.2 
Personal Products36,510 0.4 36,460 0.4 
Pharmaceuticals319,069 3.6 257,011 3.1 
Professional Services221,818 2.5 217,009 2.6 
Real Estate Management & Development212,038 2.4 211,484 2.6 
Road & Rail41,741 0.5 41,776 0.5 
Software2,355,050 26.9 2,229,206 26.9 
Specialty Retail504,077 5.8 476,296 5.7 
Textiles, Apparel & Luxury Goods43,759 0.5 43,892 0.5 
Trading Companies & Distributors55,173 0.6 55,166 0.7 
Water Utilities68,630 0.8 67,383 0.8 
Total$8,755,566 100.0 %$8,302,913 100.0 %
* * Represents an amount less than 0.1%.
112
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2024As of September 30, 2024
Fair Value:        
Aerospace & Defense$40,480 0.5 %$40,073 0.5 %
Air Freight & Logistics49,822 0.6 — — 
Airlines8,725 0.1 8,547 0.1 
Auto Components52,044 0.6 45,376 0.6 
Automobiles394,689 4.5 389,281 4.7 
Banks11,314 0.1 2,076 0.0 *
Beverages78,046 0.9 76,785 0.9 
Biotechnology670 0.0 *764 0.0 *
Building Products60,605 0.7 59,962 0.7 
Capital Markets2,533 0.0 *2,540 0.0 *
Chemicals120,414 1.4 119,535 1.5 
Commercial Services & Supplies209,584 2.4 198,921 2.4 
Communications Equipment16,375 0.2 16,494 0.2 
Construction & Engineering4,040 0.0 *4,050 0.0 *
Containers & Packaging102,853 1.2 101,467 1.2 
Diversified Consumer Services425,406 4.9 385,797 4.7 
Diversified Financial Services104,672 1.2 90,588 1.1 
Diversified Telecommunication Services1,529 0.0 *1,529 0.0 *
Electrical Equipment25,104 0.3 1,425 0.0 *
Electronic Equipment, Instruments & Components34,315 0.4 34,420 0.4 
Energy Equipment & Services2,086 0.0 *1,793 0.0 *
Food & Staples Retailing22,538 0.3 22,811 0.3 
Food Products222,936 2.6 258,812 3.1 
Healthcare Equipment & Supplies306,511 3.5 264,737 3.2 
Healthcare Providers & Services578,754 6.7 545,927 6.6 
Healthcare Technology399,226 4.6 317,594 3.9 
Hotels, Restaurants & Leisure275,734 3.2 271,656 3.3 
Household Products8,625 0.1 8,636 0.1 
Industrial Conglomerates84,302 1.0 72,439 0.9 
Insurance490,900 5.7 458,447 5.6 
Internet & Direct Marketing Retail90,907 1.1 108,880 1.3 
IT Services289,358 3.3 302,581 3.7 
Leisure Products71,488 0.8 71,152 0.9 
Life Sciences Tools & Services134,484 1.5 113,608 1.4 
Machinery29,902 0.3 29,750 0.4 
Marine34,780 0.4 34,517 0.4 
Media13,626 0.2 13,717 0.2 
Multiline Retail24,070 0.3 31,866 0.4 
Oil, Gas & Consumable Fuels7,135 0.1 85,689 1.0 
Paper & Forest Products18,736 0.2 18,727 0.2 
Personal Products29,573 0.3 32,813 0.4 
Pharmaceuticals314,814 3.6 254,314 3.1 
Professional Services224,972 2.6 218,402 2.7 
Real Estate Management & Development208,695 2.4 211,343 2.6 
Road & Rail41,126 0.5 41,172 0.5 
Software2,356,082 27.1 2,229,502 27.1 
Specialty Retail495,241 5.7 473,726 5.8 
Textiles, Apparel & Luxury Goods43,820 0.5 43,633 0.5 
Trading Companies & Distributors52,413 0.6 50,288 0.6 
Water Utilities69,177 0.8 67,249 0.8 
Total$8,685,231 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%.



113
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 5. Derivatives
The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.
Forward Currency Contracts
The outstanding forward currency contracts as of December 31, 2024 and September 30, 2024 were as follows:
As of December 31, 2024
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€7,900 EUR8,682 USD2/5/2025$489 $— 
Macquarie Bank Limited€26,000 EUR31,803 USD2/27/20254,787 — 
Macquarie Bank Limited£5,600 GBP7,321 USD3/17/2025317 — 
Macquarie Bank Limited£13,945 GBP19,149 USD3/31/20251,698 — 
Macquarie Bank Limited$7,000 CAD5,386 USD7/18/2025473 — 
Macquarie Bank Limited£8,750 GBP10,667 USD7/21/2025— (255)
Macquarie Bank Limited€20,700 EUR22,363 USD7/21/2025692 — 
Macquarie Bank Limited€10,100 EUR10,918 USD7/21/2025344 — 
Macquarie Bank Limited€16,100 EUR17,902 USD7/30/20251,025 — 
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026233 — 
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026473 — 
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/20261,873 — 
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026949 — 
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027527 — 
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027245 — 
$14,125 $(255)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$1,213 $— 
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/20261,303 — 
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/2026295 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026356 — 
$3,167 $— 

114
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of September 30, 2024
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€14,650 EUR$17,567 USD11/12/2024$1,225 $— 
Macquarie Bank Limited$5,200 CAD$4,245 USD12/9/2024390 — 
Macquarie Bank Limited€12,400 EUR$14,586 USD12/23/2024732 — 
Macquarie Bank Limited€7,900 EUR$8,682 USD2/5/2025— (152)
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/20252,654 — 
Macquarie Bank Limited£5,600 GBP$7,321 USD3/17/2025— (152)
Macquarie Bank Limited£13,945 GBP$19,149 USD3/31/2025522 — 
Macquarie Bank Limited$7,000 CAD$5,386 USD7/18/2025172 — 
Macquarie Bank Limited£8,750 GBP$10,667 USD7/21/2025— (964)
Macquarie Bank Limited€20,700 EUR$22,363 USD7/21/2025— (894)
Macquarie Bank Limited€10,100 EUR$10,918 USD7/21/2025— (430)
Macquarie Bank Limited€16,100 EUR$17,902 USD7/30/2025— (209)
Macquarie Bank Limited€3,900 EUR$4,371 USD1/30/2026— (45)
Macquarie Bank Limited£21,900 GBP$27,811 USD2/2/2026— (1,244)
Macquarie Bank Limited€35,000 EUR$39,008 USD2/5/2026— (618)
Macquarie Bank Limited$26,100 AUD$17,179 USD2/5/2026— (761)
$5,695 $(5,469)
SMBC Capital Markets, Inc.€22,000 EUR$24,594 USD1/20/2026$— $(387)
SMBC Capital Markets, Inc.€23,750 EUR$26,543 USD1/20/2026— (425)
SMBC Capital Markets, Inc.$7,400 CAD$5,533 USD2/2/2026— (4)
SMBC Capital Markets, Inc.£21,900 GBP$27,811 USD2/5/2026— (1,406)
$— $(2,222)
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three months ended December 31, 2024 and 2023 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 categoryThree months ended December 31,
20242023
Foreign exchange $1,206 $— 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20242023
Foreign exchange $21,927 $(5,715)
115
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2024 and 2023:
Average U.S. Dollar notional outstandingThree months ended December 31,
20242023
Forward currency contracts$350,520 $183,226 
Interest Rate Swaps
In connection with the 2028 Notes (as defined in “Note 7. Borrowings”), the Company entered into interest rate swap agreements to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 3.327% on the first $225,000 of the 2028 Notes and (ii) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 2.835% on the second $225,000 of the 2028 Notes. The Company designated these interest rate swaps and the 2028 Notes as a qualifying fair value hedge accounting relationship. See “Note 7. Borrowings” for more information on the 2028 Notes.
In connection with the 2029 Notes (as defined in “Note 7. Borrowings”), the Company entered into interest rate swap agreements to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) receives a fixed interest rate of 6.248% and pays a floating interest rate of one-month SOFR plus 2.444% on the first $600,000 of the 2029 Notes and (ii) receives a fixed interest rate of 5.881% and pays a floating interest rate of three-month SOFR plus 2.012% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swaps and the 2029 Notes as a qualifying fair value hedge accounting relationship. See “Note 7. Borrowings” for more information on the 2029 Notes.
As of December 31, 2024, the counterparties to the Company’s interest rate swap agreements were SMBC and Macquarie Bank Limited.
As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. The net loss related to the fair value hedge was $4,662 for the three months ended December 31, 2024. The net gain related to the fair value hedge was $301 for the three months ended December 31, 2023. The net gain /(loss) related to the fair value hedge is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statement of Operations. The table below presents the components of the net gain /(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three months ended December 31, 2024 and 2023.
Three months ended December 31,
20242023
Hedging Instruments (Interest rate swaps)$(38,943)$3,266 
Hedged items34,281 (2,965)
Fair market value adjustments for hedge accounting recognized in interest expense$(4,662)$301 






116
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The outstanding interest rate swap contracts as of December 31, 2024 and September 30, 2024 were as follows:
As of December 31, 2024
CounterpartyNotional AmountMaturity DateUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc.$225,000 11/5/2028$— $(1,267)
SMBC Capital Markets, Inc.225,000 11/5/20282,691 — 
SMBC Capital Markets, Inc.600,000 6/15/2029— (7,497)
$2,691 $(8,764)
Macquarie Bank Limited150,000 6/15/2029— (1,384)
$— $(1,384)
As of September 30, 2024
CounterpartyNotional AmountMaturity DateUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc.$225,000 11/5/2028$8,925 $— 
SMBC Capital Markets, Inc.225,000 11/5/202813,298 — 
SMBC Capital Markets, Inc.600,000 6/15/20299,263 — 
$31,486 $— 
The table below presents the carrying value of the 2028 and 2029 Notes as of December 31, 2024 and September 30, 2024 that is designated in a qualifying hedging relationship and the related hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:
As of December 31, 2024
As of September 30, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2028 Notes$447,495 $1,285 $460,642 $14,675 
2029 Notes736,377 (8,678)606,271 12,213 
Offsetting Derivatives
In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with each of its derivative counterparties, Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty that governs over the counter (“OTC”) derivatives, including forward currency contracts and interest rate swaps, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreements with each of the Counterparties permits a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of December 31, 2024 and September 30, 2024, there was $11,430 and $650 of collateral pledged which is included in other assets on the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.
The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities
117
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of December 31, 2024 and September 30, 2024.
As of December 31, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$14,125 $(1,639)$12,486 $— $12,486 
SMBC Capital Markets, Inc.Net unrealized depreciation on derivatives5,858 (8,764)(2,906)2,906 — 
As of September 30, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$5,695 $(5,469)$226 $— $226 
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives31,486 (2,222)29,264 — 29,264 
(1)The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
Exclusion of the Investment Adviser from Commodity Pool Operator Definition
Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company could cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.
Note 6. Fair Value Measurements
The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:
Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
118
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2024 and 2023. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of December 31, 2024 and September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of December 31, 2024 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee 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 Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee bases its valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.
119
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a ready market existed for such investments and could differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of December 31, 2024 and September 30, 2024:
As of December 31, 2024Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $8,076,256 $8,076,256 
Equity investments(1)
102 — 608,873 608,975 
Money market funds(1)(2)
153,214 — — 153,214 
Forward currency contracts— 17,292 — 17,292 
Interest rate swaps— 2,691 — 2,691 
Total assets, at fair value:$153,316 $19,983 $8,685,129 $8,858,428 
Liabilities, at fair value:
Forward currency contracts $— $(255)$— $(255)
Interest rate swaps— (10,148)— (10,148)
Total liabilities, at fair value:$— $(10,403)$— $(10,403)
As of September 30, 2024Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $7,656,873 $7,656,873 
Equity investments(1)
118 — 578,420 578,538 
Money market funds(1)(2)
213,101 — — 213,101 
Forward currency contracts— 5,695 5,695 
Interest rate swaps31,486 31,486 
Total assets, at fair value:$213,219 $37,181 $8,235,293 $8,485,693 
Liabilities at fair value:
Forward currency contracts $— $(7,691)$— $(7,691)
Total liabilities, at fair value:$— $(7,691)$— $(7,691)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2024 and 2023 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 December 31, 2024 and 2023 was $37,262 and $11,373, respectively.
The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2024 and 2023:
120
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 2024
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$7,656,873 $578,420 $8,235,293 
Net change in unrealized appreciation (depreciation) on investments48,673 (5,044)43,629 
Net translation of investments in foreign currencies(46,421)(23)(46,444)
Realized gain (loss) on investments(25,589)233 (25,356)
Realized gain (loss) on translation of investments in foreign currencies(2,722)— (2,722)
Fundings of (proceeds from) revolving loans, net2,169 — 2,169 
Fundings of investments871,564 37,950 909,514 
PIK interest and non-cash dividends13,211 7,264 20,475 
Proceeds from non-cash dividends— (1,824)(1,824)
Proceeds from principal payments and sales of portfolio investments(442,071)(8,103)(450,174)
Accretion of discounts and amortization of premiums569 — 569 
Fair value, end of period$8,076,256 $608,873 $8,685,129 
For the three months ended December 31, 2023
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$5,219,183 $297,330 $5,516,513 
Net change in unrealized appreciation (depreciation) on investments(8,002)(1,302)(9,304)
Net translation of investments in foreign currencies19,491 7 19,498 
Realized gain (loss) on investments58 851 909 
Realized gain (loss) on translation of investments in foreign currencies1 — 1 
Funding of (proceeds from) revolving loans, net235 — 235 
Fundings of investments70,461 2,781 73,242 
PIK interest and non-cash dividends13,715 4,251 17,966 
Proceeds from principal payments and sales of portfolio investments(176,449)(2,962)(179,411)
Accretion of discounts and amortization of premiums3,673 — 3,673 
Fair value, end of period$5,142,366 $300,956 $5,443,322 


121
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2024 and September 30, 2024.
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of December 31, 2024Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$476,601 Yield analysisMarket interest rate
6.5% - 14.0% (9.5%)
    Market comparable companiesEBITDA multiples
2.6x - 20.0x (13.1x)
One stop loans(3)(4)
$7,490,751 Yield analysisMarket interest rate
3.8% - 20.0% (9.6%)
  Market comparable companiesEBITDA multiples
3.3x - 55.2x (16.3x)
      Revenue multiples
1.4x - 18.0x (8.2x)
52,572 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)(6)
$56,332 Yield analysisMarket interest rate
8.8% - 17.5% (12.1%)
    Market comparable companiesEBITDA multiples
4.5x - 24.0x (15.4x)
      Revenue multiples
6.5x
Equity(7)
$608,873 Market comparable companiesEBITDA multiples
4.5x - 55.2x (18.2x)
      Revenue multiples
1.1x - 18.0x (8.2x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$2,916 of loans at fair value were valued using the market comparable companies approach only.
(3)$95,694 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,386,539 and $1,104,212 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)$5,685 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $56,286 and $46 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively.
(7)The Company valued $531,141 and $77,732 of equity investments using EBITDA and revenue multiples, respectively.
122
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of September 30, 2024Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$502,386 Yield analysisMarket interest rate
6.5% - 20.3% (10.5%)
    Market comparable companiesEBITDA multiples
1.5x - 24.0x (12.3x)
One stop loans(3)(4)
$7,057,577 Yield analysisMarket interest rate
4.3% - 21.0% (9.9%)
  Market comparable companiesEBITDA multiples
2.8x - 53.2x (16.0x)
      Revenue multiples
1.0x - 18.0x (7.9x)
52,681 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)
$44,229 Yield analysisMarket interest rate
10.0% - 15.5% (13.3%)
    Market comparable companiesEBITDA multiples
5.5x - 24.0x (16.0x)
Equity(6)
$578,420 Market comparable companiesEBITDA multiples
5.5x - 53.2x (18.2x)
      Revenue multiples
1.2x - 18.0x (8.1x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$2,807 of loans at fair value were valued using the market comparable companies approach only.
(3)$64,786 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)$435 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $505,597 and $72,823 of equity investments using EBITDA and revenue multiples, respectively.
The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan could have been lower.
Other Financial Assets and Liabilities
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes (as defined in “Note 7. Borrowings”) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.
The following are the carrying values and fair values of the Company’s debt as of December 31, 2024 and September 30, 2024.
As of December 31, 2024As of September 30, 2024
  Carrying ValueFair ValueCarrying ValueFair Value
Debt$4,919,258 $4,901,113 $4,624,791 $4,591,161 

123
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings
In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of December 31, 2024, the Company’s asset coverage for borrowed amounts was 180.8%.
2024 Debt Securitization: On November 18, 2024, the Company completed a $2,200,500 term debt securitization (the “2024 Debt Securitization”). The notes offered in the 2024 Debt Securitization were issued by the 2024 Issuer and are backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $1,192,400 of Aaa/AAA Class A-1R Senior Secured Floating Rate Notes due 2036 (the “Class A-1R 2024 Notes”), which bear interest at three-month SOFR plus 1.56%; $171,600 of AAA Class A-2RR Senior Secured Floating Rate Notes due 2036, which bear interest at three-month SOFR plus 1.75% (the “Class A-2RR 2024 Notes”); $165,000 of AA Class B-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 1.70% (the “Class B-R Notes”); $154,000 of A Class C-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 2.10%; and $517,500 of Subordinated Notes which do not bear interest (the “Subordinated Notes” and together with the Secured Notes, the “2024 Notes”). The Company indirectly retained all of the Class B-R, Class C-R and Subordinated Notes.
Through October 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are scheduled to mature on October 20, 2036. The Subordinated 2024 Notes are due in 2124. The Class A-1R and Class A-2RR 2024 Notes are included in the December 31, 2024 Consolidated Statement of Financial Condition as debt of the company. As of December 31, 2024, the Class B-R, Class C-R and Subordinated 2024 Notes were eliminated in consolidation.

As of December 31, 2024, there were 114 portfolio companies with a total fair value of $2,147,119 securing the 2024 Debt Securitization. The pool of loans in the 2024 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2024 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of December 31, 2024 based on the last interest rate reset was 4.5%.

For the three months ended December 31, 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2024 Debt Securitization were as follows:

Three months ended December 31,
  2024
Stated interest expense$10,212 
Amortization of debt issuance costs112 
Total interest and other debt financing expenses$10,324 
Cash paid for interest expense$— 
Annualized average stated interest rate6.2 %
Average outstanding balance$652,348 

124
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1R and A-2RR 2024 Notes are as follows:
DescriptionClass A-1R 2024 NotesClass A-2RR 2024 Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$1,192,400$171,600
Fitch Rating“AAA”“NR”
S&P Rating“AAA”“AAA”
Interest Rate
SOFR + 1.56%
SOFR + 1.75%

2018 Debt Securitization: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of the 2018 CLO Depositor, and were backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement which, through November 18, 2024, consisted of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bore interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bore interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bore interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bore interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bore interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which did not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.
Through January 20, 2023, the 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the 2018 Issuer redeemed the outstanding 2018 Notes pursuant to the terms of the indenture governing the 2018 Notes. Following such redemption, the agreements which governed the 2018 Debt Securitization were terminated. The 2018 Notes would have otherwise matured on January 20, 2031.
As of September 30, 2024, there were 44 portfolio companies with a total fair value of $351,446 securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
125
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended December 31,
  20242023
Stated interest expense$1,839 $7,096 
Amortization of debt issuance costs— 2 
Total interest and other debt financing expenses$1,839 $7,098 
Cash paid for interest expense$5,152 $7,185 
Annualized average stated interest rate7.1 %7.4 %
Average outstanding balance$102,681 $379,974 
GCIC 2018 Debt Securitization: Effective September 16, 2019, the Company assumed, as a result of the GCIC Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and were secured by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GCIC 2018 Debt Securitization consisted of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bore interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, 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 was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the GCIC 2018 Issuer redeemed the outstanding GCIC 2018 Notes pursuant to the terms of the indenture governing such GCIC 2018 Notes. Following such redemption, the agreements that governed the GCIC 2018 Debt Securitization were terminated. The GCIC 2018 Notes would have otherwise matured on January 20, 2031, and the Subordinated GCIC 2018 Notes would have otherwise matured on December 13, 2118.
As of September 30, 2024, there were 58 portfolio companies with a total fair value of $524,168 securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
126
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GCIC 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:
Three months ended December 31,
  20242023
Stated interest expense$1,682 $8,627 
Accretion of discounts on notes issued— — 
Amortization of debt issuance costs— — 
Total interest and other debt financing expenses$1,682 $8,627 
Cash paid for interest expense$4,861 $8,855 
Annualized average stated interest rate6.1 %6.9 %
Average outstanding balance$109,509 $496,297 
As part of each of the 2018 Debt Securitization and the GCIC 2018 Debt Securitization, GBDC entered into, or assumed in the GCIC 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 2018 Issuer and the GCIC 2018 Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes, as applicable. As of September 30, 2024, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and the GCIC 2018 Issuer, respectively, and indentures governing each of the 2018 Notes and the GCIC 2018 Notes include customary covenants and events of default.
GBDC 3 2021 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $398,850 term debt securitization (the “GBDC 3 2021 Debt Securitization”). The GBDC 3 2021 Debt Securitization was originally completed on March 11, 2021. The GBDC 3 2021 Notes were issued by the GBDC 3 2021 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GBDC 3 2021 Notes offered in the GBDC 3 2021 Debt Securitization consisted of $224,000 of AAA Class A GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bore interest at 3.91%; up to $28,000 of BBB- Class D GBDC 3 2021 Notes, which were unfunded on the closing date of the GBDC 3 2021 Debt Securitization and which, if funded, would bear interest at the three-month SOFR plus a spread set in connection with the funding date but which in no event will be greater than 5.00% (the Class D GBDC 3 2021 Notes, together with the Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes and the Class C-2 GBDC 3 2021 Notes are referred to as the “Secured GBDC 3 2021 Notes”); and approximately $100,850 of Subordinated GBDC 3 2021 Notes, which did not bear interest. The Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, and the Class C-2 GBDC 3 2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2021 Issuer indirectly retained all of the Class D GBDC 3 2021 Notes and Subordinated GBDC 3 2021 Notes which were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.
Through April 15, 2025, the GBDC 3 2021 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2021 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2021 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2021 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the GBDC 3 2021 Issuer redeemed the outstanding GBDC 3 2021 Notes pursuant to the terms of the indenture governing such GBDC 3 2021 Notes. Following such redemption, the agreements which governed the GBDC 3 2021 Debt Securitization were terminated. The redemption of the GBDC 3 2021 Notes resulted in a realized loss on the extinguishment of debt of $48 for the three months ended December 31, 2024, which represented the unamortized discount on the GBDC 3 2021 Notes
127
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
assumed as a result on the GBDC 3 Merger, at termination. The Secured GBDC 3 2021 Notes would have otherwise matured on April 15, 2033 and the Subordinated GBDC 3 2021 Notes would have otherwise matured in 2121.
As of September 30, 2024, there were 81 portfolio companies with total fair value of $395,682 securing the GBDC 3 2021 Notes. The pool of loans in the GBDC 3 2021 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2021 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:
Three months ended December 31,
20242023
Stated interest expense$2,694 $— 
Amortization of debt issuance costs— — 
Total interest expense$2,694 $— 
Cash paid for interest expense$7,355 $— 
Annualized average stated interest rate6.9 %N/A
Average outstanding balance$155,478 $— 
GBDC 3 2022 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $401,750 asset-backed securitization (the “GBDC 3 2022 Debt Securitization”). The GBDC 3 2022 Debt Securitization was originally completed on January 25, 2022. The notes offered in the GBDC 3 2022 Debt Securitization were issued by the GBDC 3 2022 Issuer and are backed by a diversified portfolio of senior secured loans. The notes offered in the GBDC 3 2022 Debt Securitization consist of $252,000 of Class A Senior Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on three-month term SOFR, plus 2.00% (the “Secured GBDC 3 2022 Notes”) and $149,750 of Subordinated Notes, which do not bear interest (the “Subordinated GBDC 3 2022 Notes” and, together with the Secured GBDC 3 2022 Notes, the “GBDC 3 2022 Notes”). The Secured GBDC 3 2022 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2022 Issuer indirectly retained all of the Subordinated GBDC 3 2022 Notes, and the Subordinated GBDC 3 2022 Notes were eliminated in consolidation. The Secured GBDC 3 2022 Notes are included in the December 31, 2024 and September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.
Through January 25, 2024, the GBDC 3 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022 Issuer, in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GBDC 3 2022 Debt Securitization. There were repayments on the GBDC 3 2022 Notes of $14,751 during the period June 3, 2024 through September 30, 2024. The Secured GBDC 3 2022 Notes are due on January 18, 2030. The Subordinated GBDC 3 2022 Notes are due on January 25, 2122.
As of December 31, 2024 and September 30, 2024, there were 52 and 55 portfolio companies, respectively, with a total fair value of $346,859 and $377,755, respectively, securing the GBDC 3 2022 Debt Securitization. The pool of loans in the GBDC 3 2022 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
128
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the GBDC 3 2022 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of December 31, 2024 based on the last interest rate reset was 4.6%.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:
Three months ended December 31,
20242023
Stated interest expense$3,504 $— 
Amortization of debt issuance costs— — 
Total interest expense$3,504 $— 
Cash paid for interest expense$4,360 $— 
Annualized average stated interest rate7.5 %N/A
Average outstanding balance$185,870 $— 
As of December 31, 2024, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:
DescriptionSecured GBDC 3 2022 Notes
TypeSenior Secured Floating Rate
Amount Outstanding$232,513
Kroll Bond Rating Agency RatingA
Interest Rate
SOFR + 2.0%
GBDC 3 2022-2 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $386,600 term debt securitization (the “GBDC 3 2022-2 Debt Securitization”). The GBDC 3 2022-2 Debt Securitization was originally completed on December 14, 2022. The notes offered in the GBDC 3 2022-2 Debt Securitization (the “GBDC 3 2022-2 Notes”) were issued by the GBDC 3 2022-2 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through December 16, 2024, the GBDC 3 2022-2 Notes offered in the GBDC 3 2022-2 Debt Securitization consisted of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 3.09% (the “Class B GBDC 3 2022-2 Notes” and, together with the Class A GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Notes”); $85,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Loans maturing 2034, which bore interest at the three-month term SOFR plus 2.60% (the “Class A GBDC 3 2022-2 Loans” and, together with the Secured GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Debt”); and $122,800 of Subordinated Notes due 2122 (the “Subordinated GBDC 3 2022-2 Notes”), which did not bear interest. The GBDC 3 2022-2 Issuer indirectly retained all of the Class B GBDC 3 2022-2 Notes and Subordinated GBDC 3 2022-2 Notes which were eliminated in consolidation. The Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans are included in the September 30, 2024 Consolidated Statement of Financial Condition as debt of the Company.
Through January 18, 2026, the GBDC 3 2022-2 Issuer was permitted to us all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022-2 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2022-2 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2022-2 Debt Securitization.
On December 16, 2024, the GBDC 3 2022-2 Issuer redeemed the outstanding GBDC 3 2022-2 Notes pursuant to the terms of the indenture governing such GBDC 3 2022-2 Notes. Following such redemption, the agreements which governed the GBDC 3 2022-2 Debt Securitization were terminated. The Secured GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans would have otherwise matured on January 18, 2034. The Subordinated GBDC 3 2022-2 Notes would have otherwise matured on December 14, 2122.
129
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of September 30, 2024, there were 73 portfolio companies with a total fair value of $377,471 securing the GBDC 3 2022-2 Debt Securitization. The pool of loans in the GBDC 3 2022-2 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2022-2 Debt Securitization was based on three-month term SOFR. For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:
Three months ended December 31,
20242023
Stated interest expense$4,035 $— 
Amortization of debt issuance costs— — 
Total interest expense$4,035 $— 
Cash paid for interest expense$7,197 $— 
Annualized average stated interest rate6.9 %N/A
Average outstanding balance$233,453 $— 


The Investment Adviser serves as collateral manager to the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 and the 2024 Issuer for rendering such collateral management services.
GBDC 3 DB Credit Facility: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a loan financing and servicing agreement (as amended, the “GBDC 3 DB Credit Facility”), with the Company and GBDC 3 Funding, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian. The GBDC 3 DB Credit Facility was originally entered into on September 10, 2019 (the “GBDC 3 DB Credit Facility Effective Date”). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. The period during which GBDC 3 Funding may have requested drawdowns under the “GBDC 3 DB Credit Facility (the “Revolving Period”) commenced on the GBDC 3 DB Credit Facility Effective Date and would have continued through April 10, 2025. Prior to termination, the GBDC 3 DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and had a maturity date of April 10, 2028.
Prior to termination, the GBDC 3 DB Credit Facility bore interest at the applicable base rate plus 2.30% per annum during the Revolving Period and 2.80% after the Revolving Period. The base rate under the GBDC 3 DB Credit Facility was (i) the three-month Canadian Overnight Repo Rate Average (“CORRA”) plus an adjustment equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated U.K. pound sterling, the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (v) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vi) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (vii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (viii) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (ix) the three-month term SOFR with respect to any other advances. A syndication/agent fee was payable to the facility agent each quarter and was calculated based
130
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. In addition, a non-usage fee of 0.25% per annum was payable on the undrawn amount under the GBDC 3 DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders could have been payable if borrowings under the GBDC 3 DB Credit Facility did not exceed a minimum utilization percentage threshold. A prepayment fee would have been payable in the event of any permanent reduction in commitments of the GBDC 3 DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the Effective Date, respectively.
The GBDC 3 DB Credit Facility was secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the GBDC 3 DB Credit Facility were subject to the leverage restrictions contained in the 1940 Act.
As of September 30, 2024, the Company had outstanding debt under the GBDC 3 DB Credit Facility of $411,489.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:
Three months ended December 31,
  20242023
Stated interest expense$3,820 $— 
Facility fees244 — 
Accretion of discounts— — 
Total interest and other debt financing expenses$4,064 $— 
Cash paid for interest expense and facility fees$11,680 $— 
Annualized average stated interest rate¹6.9 %N/A
Average outstanding balance$220,086 $— 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
JPM Credit Facility: On February 11, 2021, the Company entered into a senior secured revolving credit facility (as amended, the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders from time to time party thereto which, as of December 31, 2024, allowed the Company to borrow up to $1,997,500 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions. Through a series of agreements, most recently on November 15, 2024 and December 6, 2024, the Company, through the accordion feature, increased the aggregate commitments under the JPM Credit Facility from $1,822,500 to $1,997,500.
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 bear interest at the applicable base rate plus a margin of either 1.75% or 1.875%, subject to compliance with a borrowing base test. The applicable base rate under the JPM Credit Facility is (i) one-month SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling, (iii) one-month EURIBOR with respect to any advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars, and (v) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Effective September 13, 2022, interest under the JPM Facility for loans denominated in SOFR were converted to reference a benchmark rate of term SOFR plus an adjustment of an amount ranging between 0.11448% and 0.42826% (subject to applicable tenor). Effective March 17, 2023, the adjustment to term SOFR was reduced to 0.10%.
131
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The Company pays a commitment fee of 0.375% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the JPM Credit Facility. The JPM Credit Facility matures on August 6, 2029 and requires mandatory prepayment of interest and principal upon certain events during the one year amortization period of the facility.
As of December 31, 2024 and September 30, 2024, the Company had outstanding debt of $1,191,300 and $956,590, respectively, and no letters of credit outstanding under the JPM Credit Facility.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the JPM Credit Facility were as follows:
Three months ended December 31,
  20242023
Stated interest expense$17,045 $10,836 
Facility fees788 822 
Amortization of debt issuance costs1,231 822 
Total interest and other debt financing expenses$19,064 $12,480 
Cash paid for interest expense and facility fees$20,021 $13,098 
Annualized average stated interest rate¹6.4 %7.0 %
Average outstanding balance$1,063,419 $619,850 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. On April 8, 2024, the Company redeemed $500,000 in aggregate principal amount of the 2024 Notes. The 2024 Notes were redeemed at 100% of the principal amount, plus the accrued and unpaid interest thereon. The 2024 Notes bore interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Notes would otherwise have matured on April 15, 2024.
The 2024 Notes were the Company’s general unsecured obligations that ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2024 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:
Three months ended December 31,
  20242023
Stated interest expense$— $4,219 
Accretion of discounts and amortization of premiums on notes issued— (349)
Amortization of debt issuance costs— 534 
Total interest and other debt financing expenses$— $4,404 
Cash paid for interest expense$— $8,438 
Annualized average stated interest rateN/A3.4 %
Average outstanding balance$— $500,000 
132
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of both December 31, 2024 and September 30, 2024, outstanding aggregate principal amount of the 2026 Notes was $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.
The 2026 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2026 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2026 Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2026 Notes were as follows:
Three months ended December 31,
  20242023
Stated interest expense$3,750 $3,750 
Accretion of discounts on notes issued134 134 
Amortization of debt issuance costs403 416 
Total interest and other debt financing expenses$4,287 $4,300 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.5 %2.5 %
Average outstanding balance$600,000 $600,000 
2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both December 31, 2024 and September 30, 2024, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.
The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
133
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
At any time or from time to time, the Company could redeem some or all of the 2027 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed through January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:
Three months ended December 31,
  20242023
Stated interest expense$1,794 $1,794 
Accretion of discounts on notes issued185 185 
Amortization of debt issuance costs221 229 
Total interest and other debt financing expenses$2,200 $2,208 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.1 %2.1 %
Average outstanding balance$350,000 $350,000 
2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of December 31, 2024 and September 30, 2024, the outstanding aggregate principal amount of the 2028 Notes was $450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.
The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2028 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 45 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after November 5, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes.
On December 5, 2023, the Company entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The
134
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See “Note 5. Derivatives” for additional information.
On April 11, 2024, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See “Note 5. Derivatives” for additional information.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2028 Notes were as follows:
Three months ended December 31,
20242023
Stated interest expense$7,931 $2,291 
Net contractual interest rate swap expense738 276 
Net (gain)/loss related to the fair value hedge
7,409 (301)
Accretion of discounts on notes issued243 71 
Amortization of debt issuance costs318 106 
Total interest and other debt financing expenses$16,639 $2,443 
Cash paid for interest expense$8,492 $— 
Annualized average interest rate swap and stated interest rate7.6 %6.9 %
Average outstanding balance$450,000 $132,065 
2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured notes (the “2029 Notes”) and on December 3, 2024, the Company issued an additional $150,000 in aggregate principal amount of 2029 Notes under the same terms as the original issuance. As of December 31, 2024 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750,000 and $600,000, respectively. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on July 15, 2029.
The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2029 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes.
On February 1, 2024 and December 3, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with SMBC and Macquarie, respectively, as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed rate of 6.248% and (ii) pays SMBC a rate of one-month Term SOFR + 2.444% on the first $600,000 of 2029 Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed rate of 5.881% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR + 2.012% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swap as effective hedge accounting
135
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
instruments. The total notional amount of both swap agreements is $750,000 and both agreements terminate on June 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See “Note 5. Derivatives” for additional information.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:
Three months ended December 31,
20242023
Stated interest expense$9,700 $— 
Net contractual interest rate swap expense1,697 — 
Net (gain)/loss related to the fair value hedge
(2,747)— 
Accretion of discounts on notes issued301 — 
Amortization of debt issuance costs360 — 
Total interest and other debt financing expenses$9,311 $— 
Cash paid for interest expense$— $— 
Annualized average interest rate swap and stated interest rate7.0 %N/A
Average outstanding balance$647,283 $— 
Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of both December 31, 2024 and September 30, 2024, the Company was permitted to borrow up to $200,000 and which had a maturity date of June 15, 2025. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of December 31, 2024 was 4.2%. On June 11, 2024, the Company amended the revolving loan agreement to increase the borrowing capacity under the Adviser Revolver from $100,000 to $200,000. As of both December 31, 2024 and September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended December 31,
  20242023
Stated interest expense$— $— 
Cash paid for interest expense— — 
Annualized average stated interest rateN/AN/A
Average outstanding balance$— $— 
For the three months ended December 31, 2024 and 2023, the average total debt outstanding was $4,770,127 and $3,078,186, respectively.
For the three months ended December 31, 2024 and 2023, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 6.2% and 5.4%, respectively.
136
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
A summary of the Company’s maturity requirements for borrowings as of December 31, 2024 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
GBDC 3 2022 Debt Securitization$232,513 $— $— $— $232,513 
2024 Debt Securitization1,364,000 — — — 1,364,000 
JPM Credit Facility1,191,300 — — 1,191,300 — 
2026 Notes(1)
599,127 — 599,127 — — 
2027 Notes(1)
348,445 — 348,445 — — 
2028 Notes(1)(2)
447,495 — — 447,495 — 
2029 Notes(1)(2)
736,378 — — 736,378 — 
Total borrowings$4,919,258 $— $947,572 $2,375,173 $1,596,513 
(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.
(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See “Note 5. Derivatives” for additional information.

Note 8. Commitments and Contingencies
Commitments: As of December 31, 2024, the Company had outstanding commitments to fund investments totaling $1,004,163, including $219,176 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $717,869, including $157,618 of commitments on undrawn revolvers.
Indemnifications:  In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.
Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts and interest rate swap agreements as of December 31, 2024 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it could not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.
Concentration of credit and counterparty risk:  Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company could be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.
Legal proceedings:  In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.
137
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 9. Financial Highlights
The financial highlights for the Company are as follows:
Three months ended December 31,
Per share data:(1)
20242023
Net asset value at beginning of period$15.19$15.02 
Net increase in net assets as a result of issuance of DRIP shares0.00 
(2)
0.00 
(2)
Distributions declared:
From net investment income - after tax(0.48)(0.44)
Net investment income - after tax0.37 0.49 
Net realized gain (loss) on investment transactions(0.11)0.01 
Net realized gain (loss) on extinguishment of debt0.00 
(2)
— 
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.16 (0.05)
Net asset value at end of period$15.13 $15.03 
Per share market value at end of period$15.16 $15.10 
Total return based on market value(4)
3.51 %

5.90 %
Number of common shares outstanding265,498,597 170,585,795 
Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:20242023
Ratio of net investment income - after tax to average net assets *9.52%13.00%
Ratio of total expenses to average net assets *(5)
10.94%10.10%
Ratio of incentive fees to average net assets (5)
0.45%0.83%
Ratio of income and excise taxes to average net assets (5)
(0.01)%0.02%
Ratio of net expenses (without incentive fees) to average net assets *(5)
10.49%9.27%
Total return based on average net asset value(6)
2.77%2.96%
Total return based on average net asset value - annualized(6)
10.98%11.80%
Net assets at end of period$4,017,544$2,563,918
Average debt outstanding$4,770,127$3,078,186
Average debt outstanding per share$17.97$18.04
Portfolio Turnover*21.33%5.31%
Asset coverage ratio(7)
180.82%182.44%
Asset coverage ratio per unit(8)
$1,808$1,825
Average market value per unit:(9)
2018 Debt SecuritizationN/AN/A
GCIC 2018 Debt SecuritizationN/AN/A
GBDC 3 2021 Debt SecuritizationN/AN/A
GBDC 3 2022 Debt SecuritizationN/AN/A
GBDC 3 2022-2 Debt SecuritizationN/AN/A
2024 Debt SecuritizationN/AN/A
DB Credit FacilityN/AN/A
JPM Credit FacilityN/AN/A
2024 NotesN/A$989
2026 Notes$951$892
2027 Notes$927$864
2028 Notes$1,043$819
2029 Notes$993$—
Adviser RevolverN/AN/A
*Annualized for periods less than one year, unless otherwise noted.
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
138
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(2)Represents an amount less than $0.01.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Incentive fees and excise taxes are not annualized in the calculation.
(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.
Note 10. Earnings Per Share
The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three months ended December 31, 2024 and 2023:
Three months ended December 31,
  20242023
Earnings available to stockholders$111,314 $75,776 
Basic and diluted weighted average shares outstanding264,343,512 169,650,233 
Basic and diluted earnings per share$0.42 $0.45 
Note 11. Common Stock Transactions
On August 2, 2024, the Board reapproved the Program to repurchase up to $150,000 of the Company’s common stock pursuant to the Program, exclusive of shares repurchased prior to the date of such authorization. Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of December 31, 2024, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.
There were no repurchases under the Program for the three months ended December 31, 2024 and 2023, respectively.
139
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 12. Dividends and Distributions
The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 2024 and 2023:
Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the three months ended December 31, 2024
06/02/202411/29/202412/13/2024$0.05 $10,760 — $2,454 (1)
11/14/202411/29/202412/13/2024$0.04 $8,607 — $1,964 (1)
11/14/202412/09/202412/27/2024$0.39 $84,514 1,221,469 $18,554 
For the three months ended December 31, 2023
11/17/202312/01/202312/15/2023$0.07 $9,584 152,288 $2,287 
11/17/202312/08/202312/29/2023$0.37 $50,152 838,765 $12,599 
(1)In accordance with the Company's DRIP, 292,877 shares of the Company's stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.
140
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 13. Subsequent Events
In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:
On February 3, 2025, the Company’s Board declared a quarterly distribution of $0.39 per share payable on March 28, 2025 to holders of record as of March 3, 2025.
141
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries.
Forward-Looking Statements
Some of the statements in this Quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors, 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;
•elevating levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;
•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;
•turmoil in Ukraine and Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;
•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•general price and volume fluctuations in the stock markets;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
•the effect of changes to tax legislation and our tax position.
Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward looking statements contained in this
142
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, 2024.
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.
143
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 $75.0 billion in capital under management as of January 1, 2025, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.
Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.
Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in June 2024. 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 $80.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $80.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.
We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part or all of our investment.
As of December 31, 2024 and September 30, 2024, our portfolio at fair value was comprised of the following:
As of December 31, 2024As of September 30, 2024
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$476,601 5.5 %$502,386 6.1 %
One stop7,543,323 86.8 7,110,258 86.3 
Second lien25,086 0.3 14,054 0.2 
Subordinated debt31,246 0.4 30,175 0.4 
Equity608,975 7.0 578,538 7.0 
Total$8,685,231 100.0 %$8,235,411 100.0 %
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified
144
customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of December 31, 2024 and September 30, 2024, one stop loans included $1,104.2 million and $1,021.3 million, respectively, of recurring revenue loans at fair value.
As of December 31, 2024 and September 30, 2024, we had debt and equity investments in 386 and 381 portfolio companies, respectively.
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 three months ended December 31, 2024, September 30, 2024 and December 31, 2023:        
For the three months ended
  December 31, 2024September 30, 2024December 31, 2023
Weighted average income yield (1)*
10.9%11.7%12.2%
Weighted average investment income yield (2)*
11.2%12.0%12.6%
Weighted average income yield of total investments (3)*
10.4%11.1%11.7%
Weighted average investment income yield of total investments (4)*
10.7%11.4%12.0%
Total return based on average net asset value (5)*
11.0%9.4%11.8%
Total return based on market value (6)*
3.5%(1.0)%5.9%
*Annualized for periods less than one year.
(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in “Note 2. Significant Accounting Policies and Recent Accounting Updates” of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in “Note 2. Significant Accounting Policies and Recent Accounting Updates” of the consolidated financial statements), divided by the daily average fair value of earning portfolio investments, and does not represent a return to any investor in us.
(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in “Note 2. Significant Accounting Policies and Recent Accounting Updates” of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in “Note 2. Significant Accounting Policies and Recent Accounting Updates” of the consolidated financial statements), divided by the daily average total fair value of portfolio investments, and does not represent a return to any investor in us.
(5)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(6)Total return based on 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 PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.
In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees,
145
original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.
Expenses:  Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:
•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;
•expenses related to unsuccessful portfolio acquisition efforts;
•offerings of our common stock and other securities;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•all costs of registration and listing our shares on any securities exchange;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
•costs of preparing and filing reports or other documents required by the SEC or other regulators;
•costs of any reports, proxy statements or other notices to stockholders, including printing costs;
•costs associated with individual or group stockholders;
•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
•proxy voting expenses; and
•all other expenses incurred by us or the Administrator in connection with administering our business.
We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.
Prior to the redemption of the 2018 Notes and termination of the documents governing the 2018 Debt Securitization on November 18, 2024, GC Advisors served as collateral manager for the 2018 Issuer under a collateral management agreement, or the 2018 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.25% 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 was payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" referred to the period commencing on the
146
third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.
Prior to the redemption of the GCIC 2018 Notes and the termination of the documents governing the GCIC 2018 Debt Securitization, GC Advisors served as collateral manager for Golub Capital Investment Corporation CLO II LLC, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally referred to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

Prior to the redemption of the GBDC 3 2021 Notes and the termination of the documents governing the GBDC 3 2021 Debt Securitization, GC Advisors served as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 1 LLC, or the GBDC 3 2021 Issuer, under a collateral management agreement, or the GBDC 3 2021 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2021 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the GBDC 3 2021 Collateral Management Agreement, the term “collection period” referred to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Prior to the redemption of the GBDC 3 2022-2 Notes and the termination of the documents governing the GBDC 3 2022-2 Debt Securitization, GC Advisors served as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 2 LLC, or the GBDC 3 2022-2 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2022-2 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022-2 Collateral Management Agreement, the term “collection period” referred to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 ABS 2022-1 LLC, or the GBDC 3 2022 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 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 GBDC 3 2022 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.
GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC CLO 8 LLC, or the 2024 Issuer, under a collateral management agreement, or the 2024 Issuer Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2024 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2024 Issuer Collateral Management Agreement, the term “collection period” refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.
Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. 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. Before we acquired the GCIC 2018 Issuer as part of our acquisition of Golub Capital Investment Corporation, a Maryland corporation, or GCIC, on September 6, 2019, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2022 Issuer as a part of our acquisition of Golub Capital BDC 3, Inc., or GBDC 3, on June 3, 2024, the GBDC 3 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022 Debt Securitization (as defined in “Note 7. Borrowings” of our
147
consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of our acquisition of GBDC 3 on June 3, 2024, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in “Note 7. Borrowings” of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.
We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.
GBDC 3 Acquisition
On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement. Pursuant to the GBDC 3 Merger Agreement, and, immediately following the Initial GBDC 3 Merger, GBDC 3 was then merged with and into us, with us as the surviving company. As a result of, and as of the effective time of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.
In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding share of GBDC 3’s common stock was converted into the right to receive 0.9138 shares of our common stock (with GBDC 3’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the GBDC 3 Merger, we issued an aggregate of 92,115,308 shares of our common stock to former stockholders of GBDC 3.
Upon the consummation of the GBDC 3 Merger, we entered into the Investment Advisory Agreement, with GC Advisors, which replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”).
148
Recent Developments
On February 3, 2025, our Board declared a quarterly distribution of $0.39 per share, which is payable on March 28, 2025 to holders of record as of March 3, 2025.
149
Consolidated Results of Operations
In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.
Consolidated operating results for three months ended December 31, 2024, September 30, 2024 and December 31, 2023 are as follows:
Three months endedVariancesVariances
  December 31, 2024September 30, 2024December 31, 2023
December 31, 2024 vs September 30, 2024
December 31, 2024 vs December 31, 2023
  (In thousands)
Interest income$200,035 $200,888 $144,506 $(853)$55,529 
Payment-in-kind interest income11,016 15,910 11,799 (4,894)(783)
Loan Origination Fees Discount Amortization6,255 5,585 5,301 670 954 
Acquisition purchase premium amortization(5,686)(6,178)(1,628)492 (4,058)
Non-cash dividend income7,264 7,374 4,251 (110)3,013 
Dividend income1,223 136 124 1,087 1,099 
Fee income593 691 417 (98)176 
Total investment income220,700 224,406 164,770 (3,706)55,930 
Total net expenses124,585 104,760 80,735 19,825 43,850 
Net investment income before taxes96,115 119,646 84,035 (23,531)12,080 
Income and excise taxes(475)— 500 (475)(975)
Net investment income after taxes96,590 119,646 83,535 (23,056)13,055 
Net realized gain (loss) on investment transactions excluding purchase premium(27,803)(29,206)1,102 1,403 (28,905)
Net realized gain (loss) on investment transactions due to purchase premium(52)(253)(6)201 (46)
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium36,837 (1,522)(10,466)38,359 47,303 
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium 5,738 6,431 1,634 (693)4,104 
Net gain (loss) on investment transactions 14,720 (24,550)(7,736)39,270 22,456 
Net realized gain (loss) on extinguishment of debt(48)— — (48)(48)
(Provision) benefit for taxes on unrealized appreciation on investments 52 103 (23)(51)75 
Net increase (decrease) in net assets resulting from operations$111,314 $95,199 $75,776 $16,115 $35,538 
Average earning debt investments, at fair value$7,727,320 $7,380,077 $5,135,210 $347,243 $2,592,110 
Average earning preferred equity investments, at fair value$235,868 $233,869 $131,305 $1,999 $104,563 
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 operating results may not be meaningful.
On September 16, 2019, and June 3, 2024, we completed our acquisitions of GCIC and GBDC 3, respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC and GBDC 3 investments acquired by us pro-rata based on their relative fair value. Immediately following each acquisition of GCIC and GBDC 3, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated
150
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 GBDC 3 and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.
As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium from net investment income calculated in accordance with GAAP;
•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee under GAAP;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended
December 31, 2024September 30, 2024December 31, 2023
  (In thousands)
Net investment income after taxes$96,590 $119,646 $83,535 
Add: Acquisition purchase premium amortization5,686 6,178 1,628 
Adjusted Net Investment Income $102,276 $125,824 $85,163 
Net gain (loss) on investment transactions $14,720 $(24,550)$(7,736)
Add: Realized loss on investment transactions due to purchase premium52 253 6 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (5,738)(6,431)(1,634)
Adjusted Net Realized and Unrealized Gain/(Loss)$9,034 $(30,728)$(9,364)
Net increase (decrease) in net assets resulting from operations$111,314 $95,199 $75,776 
Add: Acquisition purchase premium amortization5,686 6,178 1,628 
Add: Realized loss on investment transactions due to purchase premium52 253 6 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium and purchase premium write-down(5,738)(6,431)(1,634)
Adjusted Net Income$111,314 $95,199 $75,776 
We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.
Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.
151
Investment Income
Investment income decreased from the three months ended September 30, 2024 to the three months ended December 31, 2024 by $3.7 million primarily due to (1) a $4.9 million decrease in PIK interest income driven by refinancing and repayments of loans with a PIK feature and (2) declining interest base rates, and to a lesser extent, spread compression on amendments and new originations on the portfolio during the three months ended December 31, 2024 that were partially offset by (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $347.2 million, (2) an increase in discount amortization driven by increased repayments and (3) an increase in cash dividend income. Investment income increased from the three months ended December 31, 2023 to the three months ended December 31, 2024 by $55.9 million, primarily due to (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $2,592.1 million primarily driven by our acquisition of GBDC 3 and (2) an increase in non-cash dividend income driven by an increase in the average earning preferred equity investments balance of $104.6 million.
The annualized income yield by debt security type for three months ended December 31, 2024, September 30, 2024 and December 31, 2023 are as follows:
Three months ended
  December 31, 2024September 30, 2024December 31, 2023
Senior secured10.5%11.4%11.5%
One stop10.7%11.6%12.1%
Second lien13.6%14.9%13.6%
Subordinated debt13.8%14.2%14.5%
Income yields on senior secured and one stop loans decreased for the three months ended December 31, 2024 as compared to the three months ended September 30, 2024 and for the three months ended December 31, 2024 as compared to the three months ended December 31, 2023, primarily due to declining interest base rates and, to a lesser extent, spread compression on amendments and new originations during the second half of calendar year 2024. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.8% of the loan portfolio at fair value is subject to an interest rate floor. As of December 31, 2024 and September 30, 2024, the weighted average base rate floor of our loans was 0.79% and 0.81%, respectively.
As of December 31, 2024, we have second lien investments in six portfolio companies and subordinated debt investments in seven portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.
For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.
152
Expenses
The following table summarizes our expenses for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023:
Three months endedVariancesVariances
  December 31, 2024September 30, 2024December 31, 2023
December 31, 2024 vs September 30, 2024
December 31, 2024 vs.
December 31, 2023
  (In thousands)
Interest and other debt financing expenses$76,998 $64,227 $39,451 $12,771 $37,547 
Amortization of debt issuance costs2,645 2,368 2,109 277 536 
Base management fee21,581 20,534 13,956 1,047 7,625 
Income Incentive fee, net of waiver18,058 13,085 21,285 4,973 (3,227)
Professional fees1,840 1,360 1,308 480 532 
Administrative service fee2,902 2,840 2,245 62 657 
General and administrative expenses561 346 381 215 180 
Net expenses$124,585 $104,760 $80,735 $19,825 $43,850 
Average debt outstanding$4,770,126 $4,335,928 $3,078,186 $434,198 $1,691,940 
Interest Expense
Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended September 30, 2024 to the three months ended December 31, 2024 by $13.0 million, primarily due to (1) $4.6 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended December 31, 2024 compared to $7.6 million of unrealized gains related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended September 30, 2024 and, to a lesser extent, (2) increased interest expense due to an increase in average debt outstanding of $434.2 million driven by the series of debt funding structure initiatives undertaken in November and December 2024 including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58% and the additional 2029 Note issuance, for which GBDC did not recognize the full benefit of the reduced borrowing costs during the three months ended December 31, 2024 due to the timing of the refinancing. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended December 31, 2023 to the three months ended December 31, 2024 by $38.1 million, primarily due to (1) an increase in average debt outstanding of $1,692 million driven by (i) the assumption of GBDC 3’s debt facilities and (ii) the issuance of the 2029 Notes and (2) rising interest base rates on borrowings from our floating rate debt facilities. For more information about our outstanding borrowings for the three months ended December 31, 2024 and 2023, 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 months ended December 31, 2024 and September 30, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 6.2% and 6.8%, respectively. For the three months ended December 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 Notes interest rate swaps, on our total debt was 5.4%. The effective average interest rate decreased for the three months ended December 31, 2024 compared to the three months ended September 30, 2024 primarily due to declining interest base rates and, to a lesser extent, reduced borrowing costs resulting from the debt capital refinancing during the three months ended December 31, 2024. The effective annualized average interest rate increased for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 primarily due to the 2029 Notes issuance, a full period of the 2028 Notes issuance, the redemption of the 2024 Notes in April 2024 that bore interest at a rate of 3.375% and rising interest rates on our borrowings from floating rate debt facilities.

Management Fee
153
The base management fee increased from the three months ended September 30, 2024 to the three months ended December 31, 2024 primarily due to an increase in average adjusted gross assets from the three months ended September 30, 2024 to the three months ended December 31, 2024.
The base management fee increased from the three months ended December 31, 2023 to the three months ended December 31, 2024 primarily due to an increase in average adjusted gross assets primarily as a result of our acquisition of GBDC 3 in June 2024.
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 increased by $5.0 million from the three months ended September 30, 2024 to the three months ended December 31, 2024 primarily due to a $7.8 million income incentive fee waiver unilaterally provided by GC Advisors during the three months ended September 30, 2024. The Income Incentive Fee decreased by $3.2 million from the three months ended December 31, 2023 to the three months ended December 31, 2024 primarily due to the permanent reduction of the income incentive fee and capital gain incentive fee rate from 20% to 15% upon the close of the acquisition of GBDC 3 in June 2024. For each of three months ended December 31, 2024, September 30, 2024 and December 31, 2023, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2024 and September 30, 2024, and was equal to 20% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2023.
As of December 31, 2024 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of December 31, 2024 and September 30, 2024, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.
For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” section below.
Professional Fees, Administrative Service Fee and General and Administrative Expenses
In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.7 million from the three months ended September 30, 2024 to the three months ended December 31, 2024 primarily due to an increase in the administrative service fee and professional fees.
In total, professional fees, the administrative service fee and general and administrative expenses increased by $1.4 million from the three months ended December 31, 2023 to the three months ended December 31, 2024, primarily due to an increase in the administrative service fee and professional fees.
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended December 31, 2024, September 30, 2024 and December 31, 2023 were $2.7 million, $3.2 million, and $2.0 million, respectively.
As of December 31, 2024 and September 30, 2024, included in accounts payable and other liabilities were $1.7 million and $2.7 million, respectively, of expenses paid on behalf of us by the Administrator.
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for three months ended December 31, 2024, September 30, 2024 and December 31, 2023:
154
Three months endedVariancesVariances
  December 31, 2024September 30, 2024December 31, 2023
December 31, 2024 vs September 30, 2024
December 31, 2024 vs December 31, 2023
  (in thousands)
Net realized gain (loss) from investments$(25,356)$(32,072)$909 $6,716 $(26,265)
Net realized gain (loss) from foreign currency transactions(3,705)(409)187 (3,296)(3,892)
Net realized gain (loss) from forward currency contracts1,206 3,022 — (1,816)1,206 
Net realized gain (loss) on investment transactions $(27,855)$(29,459)$1,096 $1,604 $(28,951)
Unrealized appreciation from investments$81,215 $58,647 $32,793 $22,568 $48,422 
Unrealized (depreciation) from investments(37,594)(55,086)(42,097)17,492 4,503 
Unrealized appreciation (depreciation) from forward currency contracts21,927 (20,600)(5,715)42,527 27,642 
Unrealized appreciation (depreciation) on foreign currency translation(22,973)21,948 6,187 (44,921)(29,160)
Net change in unrealized appreciation (depreciation) on investment transactions $42,575 $4,909 $(8,832)$37,666 $51,407 
Net realized gain (loss) on extinguishment of debt$(48)$— $— (48)(48)
During the three months ended December 31, 2024, we had a net realized loss of $27.9 million, primarily attributable to realized losses recognized on (i) the restructuring of equity and debt investments of two portfolio company investments and the sale of a portfolio company debt investment, and (ii) net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars, that were partially offset by (i) net realized gains recognized on the settlement of forward currency contracts and (ii) $0.4 million of realized gain recognized on the sale of one equity investment. During the three months ended September 30, 2024, we had a net realized loss of $29.5 million primarily attributable to the realized losses recognized on (i) the restructure of equity and debt investments in multiple portfolio companies and (ii) the disposition of an equity investment of a portfolio company, that were partially offset by realized gains recognized on the settlement of forward currency contracts. During the three months ended December 31, 2023, we had a net realized gain of $1.1 million primarily attributable to the realized gain recognized on the sale of an equity investment and the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by realized losses on the disposition of an equity investment of a portfolio company.
For the three months ended December 31, 2024, we had $81.2 million in unrealized appreciation on 225 portfolio company investments, which was offset by $37.6 million in unrealized depreciation on 174 portfolio company investments. For the three months ended September 30, 2024, we had $58.7 million in unrealized appreciation on 196 portfolio company investments, which was offset by $55.1 million in unrealized depreciation on 224 portfolio company investments. For the three months ended December 31, 2023, we had $32.8 million in unrealized appreciation on 153 portfolio company investments, which was offset by $42.1 million in unrealized depreciation on 213 portfolio company investments.
Unrealized appreciation for the three months ended December 31, 2024 and September 30, 2024 was primarily due to unrealized appreciation resulting from solid borrower credit trends across our portfolio and the reversal of previously recognized unrealized depreciation (i) on the disposition or restructuring of portfolio company investments and (ii) spread tightening in the market during the second half of calendar year 2024. Unrealized appreciation for the three months ended December 31, 2023 primarily resulted from the improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the second half of calendar year 2023.
Unrealized depreciation for the three months ended December 31, 2024 primarily resulted from isolated deterioration in credit performance in certain portfolio companies that were on non-accrual status as well as isolated deterioration in the credit performance of a small number of portfolio companies. Unrealized depreciation for the three months ended September 30, 2024 primarily resulted from isolated deterioration in credit performance in certain portfolio companies that were moved to or on non-accrual status. Unrealized depreciation for the three months ended December 31, 2023 primarily resulted from isolated deterioration in the credit performance of a small number of portfolio companies.
For the three months ended December 31, 2024, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.
155
Liquidity and Capital Resources
For the three months ended December 31, 2024, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $136.6 million. During the period, cash used in operating activities was $374.7 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $450.2 million and net investment income after tax of $96.6 million, offset by fundings of portfolio investments of $909.5 million. Lastly, cash provided by financing activities was $238.1 million, primarily driven by borrowings on debt of $3,390.2 million, offset by repayments of debt of $3,037.7 million and distributions paid of $108.3 million.
For the three months ended December 31, 2023, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $32.8 million. During the period, cash provided by operating activities was $163.6 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $179.4 million and net investment income after excise tax of $83.5 million, offset by fundings of portfolio investments of $73.2 million. Lastly, cash used by financing activities was $130.8 million, primarily driven by repayments of debt of $629.5 million, distributions paid of $59.7 million, offset by borrowings on debt of $563.7 million.
As of December 31, 2024 and September 30, 2024, we had cash and cash equivalents of $103.5 million and $123.1 million, respectively. In addition, we had foreign currencies of $6.8 million and $8.0 million as of December 31, 2024 and September 30, 2024, respectively, restricted cash and cash equivalents of $110.6 million and $227.2 million as of December 31, 2024 and September 30, 2024, respectively. We had restricted foreign currencies of $0.0 million and $1.2 million as of December 31, 2024 and September 30, 2024. 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. As of December 31, 2024 and September 30, 2024, $23.4 million and $136.3 million, respectively, of restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term.
Revolving Debt Facilities
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, as of December 31, 2024, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2024 and September 30, 2024, we had outstanding debt under the JPM Credit Facility of $1,191.3 million and $956.6 million, respectively. As of December 31, 2024 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $806.2 million and $865.9 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger, the GBDC 3 DB Credit Facility (as defined in “Note 7. Borrowings” of our consolidated financial statements). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. As of September 30, 2024, we had outstanding debt under the GBDC 3 DB Credit Facility of $411.5 million and subject to leverage and borrowing base restrictions, we had $213.5 million of remaining commitments and $113.9 million of availability on the GBDC 3 DB Credit Facility. As of September 30, 2024, we could borrow up to $625.0 million on the GBDC 3 DB Credit Facility.
Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in “Note 7. Borrowings” of our consolidated financial statements), which, as amended, permitted us to borrow up to $200.0 million at any one time outstanding as of December 31, 2024. 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 both December 31, 2024 and September 30, 2024, we had no amounts outstanding on the Adviser Revolver.
Debt Securitizations
2018 Debt Securitization - On November 18, 2024, in conjunction with the $2.2 billion term debt securitization, (“the 2024 Debt Securitization”), the 2018 Notes (as defined in “Note 7. Borrowings” of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the 2018 Debt Securitization
156
were terminated. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 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 September 30, 2024, we had outstanding debt under the 2018 Debt Securitization of $230.0 million.
GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC Merger, the GCIC 2018 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GCIC 2018 Notes (as defined in “Note 7. Borrowings” of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GCIC 2018 Debt Securitization were terminated. 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 September 30, 2024 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of September 30, 2024, we had outstanding debt under the GCIC 2018 Debt Securitization of $252.8 million.
GBDC 3 2021 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2021 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GBDC 3 2021 Notes (as defined in “Note 7. Borrowings” of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2021 Debt Securitization were terminated. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and the Class D and Subordinated 2021 GBDC 3 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2021 Debt Securitization of $298.0 million.
GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the December 31, 2024 and September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of December 31, 2024 and September 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $232.5 million and $236.8 million, respectively.
GBDC 3 2022-2 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022-2 Debt Securitization. On December 16, 2024, the GBDC 3 2022-2 Notes (as defined in “Note 7. Borrowings” of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022-2 Notes were terminated. The Class A 2022-2 Notes and Class A GBDC 3 2022-2 Loan are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and Subordinated GBDC 3 2022-2 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2022-2 Debt Securitization of $225.0 million.
2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization. The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in “Note 7. Borrowings” to our consolidated financial statements) are included in the December 31, 2024 Consolidated Statements of Financial Condition as our debt, and the Class B-R, Class C-R and Subordinated Notes were eliminated in consolidation. As of December 31, 2024, we had outstanding debt under the 2024 Debt Securitization of $1,364.0 million.
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.
157
2026 Notes
On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of both December 31, 2024 and September 30, 2024, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.
2027 Notes
On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both December 31, 2024 and September 30, 2024.
2028 Notes
On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of both December 31, 2024 and September 30, 2024.
On December 5, 2023, we entered into an interest rate swap on the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month Term SOFR plus 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.
On April 11, 2024, we entered into an interest rate swap on the remaining portion of the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
2029 Notes
On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, and on December 3, 2024, we issued an additional $150.0 million in aggregate principal amount of the 2029 Notes under the same terms of the original issuance. As of December 31, 2024 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750.0 million and $600.0 million, respectively.
On February 1, 2024 and December 3, 2024, we entered into interest rate swap agreements on the 2029 Notes pursuant to which we agreed (i) to receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR plus 2.444% on the first $600.0 million of the 2029 Notes and (ii) to receive a fixed rate of 5.881% and pay a rate of three-month SOFR plus 2.012% on the second $150.0 million of the 2029 Notes. The interest rate swap agreements are designated as effective hedge accounting instruments. The aggregate notional amount of the swap is $750.0 million and terminates on July 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
Equity Distribution Agreement
On October 6, 2023, we entered into an equity distribution agreement, or the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $250.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. On December 4, 2024, we entered into the first amendment to the 2023 Equity Distribution Agreement, to modify certain settlement mechanics and to clarify the periods under which we can request the Placement Agents to sell shares. During the three months ended December 31, 2023, we terminated the equity distribution agreement entered into on May 28, 2021, or the 2021 Equity Distribution Agreement. As of both December 31, 2024 and September 30, 2024, there have been no common stock issuances under either the 2021 or 2023 Equity Distribution Agreements.
Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations
As of December 31, 2024, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of December 31, 2024, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 180.8% and 1.24x, respectively,
158
and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.19x as of December 31, 2024.
On August 2, 2024, our board of directors reapproved the Program (as defined in “Note 2. Significant Accounting Policies and Recent Accounting Updates” of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the three months ended December 31, 2024 and 2023, we did not make any repurchases of our common stock.
As of December 31, 2024 and September 30, 2024, we had outstanding commitments to fund investments totaling $1,004.2 million and $717.9 million, respectively. As of December 31, 2024, total commitments of $1,004.2 million included $219.2 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. A summary of maturity requirements for our principal borrowings as of December 31, 2024 is included in “Note 7. Borrowings” of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2024. As of December 31, 2024, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.
In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts and interest rate swap agreements as of December 31, 2024 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We minimize market risk through monitoring its investments and borrowings.
Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.
159
Portfolio Composition, Investment Activity and Yield
As of December 31, 2024 and September 30, 2024, we had investments in 386 and 381 portfolio companies, respectively, with a total fair value of $8.7 billion and $8.2 billion, respectively.
The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023:
Three months ended
  December 31, 2024September 30, 2024December 31, 2023
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$27,767 2.3 %$58,796 5.9 %$7,500 12.8 %
One stop1,139,505 95.9 933,652 93.4 49,317 84.1 
Second lien10,278 0.9 — — — — 
Subordinated debt— — 1,879 0.2 50 0.1 
Equity10,540 0.9 5,493 0.5 1,777 3.0 
Total new investment commitments$1,188,090 100.0 %$999,820 100.0 %$58,644 100.0 %

For the three months ended December 31, 2024, we had approximately $450.2 million in proceeds from principal payments and sales of portfolio investments.
For the three months ended December 31, 2023, we had approximately $179.4 million in proceeds from principal payments and sales of portfolio investments.
The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:
As of December 31, 2024(1)
As of September 30, 2024(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$477,399 $477,154 $473,685 $506,457 $502,318 $499,579 
Non-accrual(3)
4,046 3,858 2,916 4,046 3,860 2,807 
One stop:            
Performing7,587,542 7,578,426 7,503,335 7,120,505 7,081,793 7,020,296 
Non-accrual(3)
82,858 68,181 39,988 151,038 134,575 89,962 
Second lien:            
Performing24,631 24,345 24,637 13,596 13,400 13,619 
Non-accrual(3)
4,990 3,724 449 4,834 3,725 435 
Subordinated debt:            
Performing31,330 31,058 31,246 30,410 29,943 30,175 
Non-accrual(3)
— — — — — — 
Equity:
PerformingN/A568,161 608,261 N/A533,299 578,538 
Non-accrual(3)
N/A659 714 N/A— — 
Total$8,212,796 $8,755,566 $8,685,231 $7,830,886 $8,302,913 $8,235,411 
(1)As of December 31, 2024, $1,218.1 million and $1,150.5 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of December 31, 2024, $75.6 million and $43.3 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(2)As of September 30, 2024, $1,395.5 million and $1,328.0 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of September 30, 2024, $98.6 million and $61.3 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal, interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual.
160
status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”
As of December 31, 2024, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 0.9% and 0.5%, respectively. As of September 30, 2024, we had loans in eleven portfolio companies on non-accrual status, and non-accrual loans as a percentage of total investments at cost and fair value were 1.7% and 1.1%, respectively, and as a percentage of total debt investments at cost and fair value were 1.8% and 1.2%, respectively. As of September 30, 2024, we did not have any preferred equity securities on non-accrual status.
As of December 31, 2024 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 98.3% and 97.8%, respectively.
The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended December 31, 2024, September 30, 2024 and December 31, 2023:
Three months ended
  December 31, 2024September 30, 2024December 31, 2023
Weighted average rate of new investment fundings9.4%9.9%11.0%
Weighted average spread over the applicable base rate of new floating rate investment fundings5.1%5.1%5.7%
Weighted average fees of new investment fundings0.9%0.8%1.1%
Weighted average rate of sales and payoffs of portfolio investments11.3%10.7%10.4%
As of December 31, 2024, 97.8% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 98.0% and 98.1% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
As of December 31, 2024 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $62.7 million and $63.7 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.
161
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.










1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.
162
The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2024 and September 30, 2024:
As of December 31, 2024As of September 30, 2024
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$232,260 2.7%$158,656 1.9%
47,578,339 87.27,013,631 85.2
3763,677 8.8955,079 11.6
2110,953 1.3108,045 1.3
12 0.0*— —
Total$8,685,231 100.0%$8,235,411 100.0%
* Represents an amount less than 0.1%.
The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of December 31, 2024 and September 30, 2024.
Average Price1
CategoryDecember 31, 2024September 30, 2024
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		99.6%99.5%
Internal Performance Rating 3
(Performing Below Expectations)		91.291.3
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		46.758.2
Total98.3%97.8%
(1)Includes only debt investments held as of December 31, 2024 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.
163
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.
164
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. The Board most recently approved an amended and restated Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. On August 3, 2023, effective July 1, 2023 the Board approved an amended and restated Investment Advisory Agreement, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%.
•Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.
•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”
•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.
•GC Advisors serves as collateral manager to the 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, the 2021 Collateral Management Agreement, the 2022 Collateral Management Agreement, 2022-2 Collateral Management Agreement , and the 2024 Issuer 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 fourth calendar quarter of 2024, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $1.9 million, or 126,058 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2024, the Trust purchased approximately $10.1 million, or 670,760 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2023, the Trust purchased approximately $18.0 million, or 1,306,855 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.
•On September 16, 2019, we completed our acquisition of GCIC pursuant to the GCIC Merger Agreement.
•On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement, GBDC 3 was merged with and into us, with us as the surviving company. As a result of, and as of the effective time of the GBDC 3 Merger, GBDC 3’s separate existence ceased.
GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU,
165
Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GDLC, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GDLC, GDLCU, GBDC 4, GCRED 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.
166
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.
167
Fair Value Measurements
We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith.
Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our board of directors, as permitted, has designated GC Advisors as the Company’s valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of the board of directors.
Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, 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 valuation designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.
With respect to investments for which market quotations are not readily available, the valuation designee undertakes a multi-step valuation process each quarter, as described below:
Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The valuation designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The valuation designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.
Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.
We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:
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.
168
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and could require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended December 31, 2024 and 2023. 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 the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of December 31, 2024 and September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of December 31, 2024 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee could take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that could affect the price at which similar investments could be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee 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 Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee could base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and others could be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as our best estimate of fair value of such investment.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a market existed for such investments and could differ materially from the values that could ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which such investment had previously been recorded.
169
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.
170
Valuation of Other Financial Assets and Liabilities
The fair value of the 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.
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. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in our Consolidated Statements of Operations and fluctuations arising from the translation of foreign exchange rates on investments in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
Non-accrual Investments: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $43.4 million and $93.2 million as of December 31, 2024 and September 30, 2024, respectively. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected, for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of our non-accrual preferred equity securities was $0.7 million as of December 31, 2024. We did not have any preferred equity securities on non-accrual status as of September 30, 2024.

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
171
dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended December 31, 2024 we recorded a reversal of the accrual for U.S. federal excise tax expense of $0.5 million. For the three months ended December 31, 2023, we recorded $0.5 million for U.S. federal excise tax.
We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three months ended December 31, 2024, we recorded a net tax benefit of less than $0.1 million for taxable subsidiaries. For the three months ended December 31, 2023, we recorded a net tax expense of less than $0.1 million for taxable subsidiaries. As of December 31, 2024 and September 30, 2024, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.7 million and $0.8 million, respectively, for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations could differ from net investment income and realized gains recognized for financial reporting purposes. Differences could be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification could result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain, or loss are recognized at some time in the future.
172
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including valuation risk and changes in interest rates.
Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our valuation designee, subject to the oversight of our board of trustees based on, among other things, the input of independent third-party valuation firms engaged at the direction of the valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.
Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of December 31, 2024 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.79% and 0.81%, respectively. The Class A Senior Secured GBDC 3 Notes issued in connection with the GBDC 3 2022 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the Class A-1R, and A-2RR 2024 Notes issued in connection with the 2024 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. The JPM Credit Facility has a floating interest rate provision that, as of December 31, 2024, is primarily based on an applicable base rate (as defined in “Note 7. Borrowings”) plus a spread that ranges from 1.75% to 1.875% plus a spread adjustment of 0.10% on SOFR borrowings. We have entered into two interest rate swaps on the 2028 Notes and two interest rate swaps on the 2029 Notes and these swaps have floating rate provisions based on one-month SOFR plus a spread of 3.327%, one-month SOFR plus a spread of 2.835%, one-month SOFR plus a spread of 2.444%, and three-month SOFR plus a spread of 2.012%, respectively. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.
Assuming that the unaudited interim Consolidated Statement of Financial Condition as of December 31, 2024 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(1)
Increase (decrease) in
interest expense		Net increase
(decrease) in
 investment income
(In thousands)
Down 200 basis points$(162,180)$(79,756)$(82,424)
Down 150 basis points(121,739)(59,817)(61,922)
Down 100 basis points(81,160)(39,878)(41,282)
Down 50 basis points(40,579)(19,939)(20,640)
Up 50 basis points40,579 19,939 20,640 
Up 100 basis points81,160 39,878 41,282 
Up 150 basis points121,739 59,817 61,922 
Up 200 basis points162,318 79,756 82,562 
(1) Assumes applicable three-month base rate as of December 31, 2024, with the exception of SONIA and Prime that utilize the December 31, 2024 rate.
Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2024, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the JPM Credit Facility, the Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.
173
We have and, in the future, could hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities could insulate us against adverse changes in interest rates, they could also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.
174

Item 4. Controls and Procedures.
As of December 31, 2024 (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.
175

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 three months ended December 31, 2024 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2024.
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.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended December 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
176

Item 6: Exhibits.
EXHIBIT INDEX
   
Number Description
Amended and Restated Indenture dated as of November 18, 2024 between Golub Capital BDC CLO 8 LLC, as issuer, and The Bank of New York Mellon Trust Company, National Association, as trustee.(Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on November 21, 2024).
Note Purchase Agreement dated as of November 18, 2024 between Golub Capital BDC CLO 8 LLC, as issuer, and Deutsche Bank Securities Inc., as initial purchaser. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on November 21, 2024).
Amended and Restated Collateral Management Agreement dated as of November 18, 2024 between Golub Capital BDC CLO 8 LLC, as issuer, and GC Advisors LLC, as collateral manager.(Incorporated by reference to Exhibit 10.3 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on November 21, 2024).
Amended and Restated Master Loan Sale Agreement dated as of November 18, 2024 among Golub Capital BDC, Inc., as seller, Golub Capital BDC CLO 8 Depositor LLC, as intermediate seller, and Golub Capital BDC CLO 8 LLC, as buyer. (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on November 21, 2024).
Commitment Increase Agreement, dated as of November 14, 2024, by BNP Paribas, as an Assuming Lender, in favor of Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the Senior Secured Revolving Credit Facility, dated as of August 6, 2024, as amended, 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 10.5 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on November 21, 2024).
First Amendment to the Equity Distribution Agreement, dated December 4, 2024, by and among Golub Capital BDC, Inc., GC Advisors LLC, Golub Capital LLC, Keefe, Bruyette & Woods, Inc. and Regions Securities LLC. (Incorporated by reference to Exhibit 10.6 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on December 6, 2024).
Commitment Increase Agreement, dated as of December 6, 2024, by Royal Bank of Canada, as an Assuming Lender, in favor of Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the Senior Secured Revolving Credit Facility, dated as of August 6, 2024, as amended, 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 10.7 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on December 6, 2024).
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
101.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).*
177


_________________
* Filed herewith
178

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Golub Capital BDC, Inc.
Date: February 4, 2025By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Date: February 4, 2025By/s/ Christopher C. Ericson
 Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)
179

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com