UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 
FORM 10-Q

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

For the Quarterly Period Ended June 30,December 31, 2017

OR

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

For the transition period from _____ to _____

Commission File Number 814-01128

Golub Capital Investment Corporation
(Exact name of registrant as specified in its charter)

Maryland 47-1893276
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)

666 Fifth Avenue, 18th Floor
New York, NY 10103
(Address of principal executive offices)

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

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 oþ   No þo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).   Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  o
Accelerated filer o
Non-accelerated filer  oþ (Do not check if a smaller reporting company)
Smaller reporting company o
Emerging growth company þ
 

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. þ

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 AugustFebruary 9, 2017,2018, the Registrant had 49,551,036.70755,530,517.674 shares of common stock, $0.001 par value, outstanding.

Part I. Financial Information  
Item 1.Financial Statements
3
 Consolidated Statements of Financial Condition as of June 30,December 31, 2017 (unaudited) and September 30, 20162017
3
 Consolidated Statements of Operations for the three and nine months ended June 30,December 31, 2017 (unaudited) and 2016 (unaudited)
4
 Consolidated Statements of Changes in Net Assets for the ninethree months ended June 30,December 31, 2017 (unaudited) and 2016 (unaudited)
5
 Consolidated Statements of Cash Flows for the ninethree months ended June 30,December 31, 2017 (unaudited) and 2016 (unaudited)
6
 Consolidated Schedules of Investments as of June 30,December 31, 2017 (unaudited) and September 30, 20162017
78
 Notes to Consolidated Financial Statements (unaudited)
3235
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
68
Item 3.Quantitative Andand Qualitative Disclosures Aboutabout Market Risk
10197
Item 4.Controls and Procedures
10298
Part II. Other Information 
Item 1.Legal Proceedings
10399
Item 1A.Risk Factors
10399
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
10399
Item 3.Defaults Upon Senior Securities
10399
Item 4.Mine Safety Disclosures
10399
Item 5.Other Information
10399
Item 6.Exhibits
10399



2

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Financial Condition (unaudited)
(In thousands, except share and per share data)


June 30, 2017 September 30, 2016December 31, 2017 September 30, 2017
(unaudited)  (unaudited)  
Assets  
   
  
   
Investments, at fair value  
   
  
   
Non-controlled/non-affiliate company investments$1,255,842
 $1,021,754
$1,456,788
 $1,347,597
Controlled affiliate company investments48,118
 47,956
56,361
 50,104
Total investments at fair value (amortized cost of $1,290,560 and $1,061,376, respectively)1,303,960
 1,069,710
Total investments at fair value (amortized cost of $1,499,146 and $1,386,209, respectively)1,513,149
 1,397,701
Cash and cash equivalents5,220
 4,675
8,886
 22,859
Foreign currencies (cost of $518 and $0, respectively)526
 —
Restricted cash and cash equivalents42,516
 71,056
25,686
 28,272
Interest receivable4,289
 3,308
5,215
 5,027
Receivable from investments sold

2,118
 —
Capital call receivable—
 1,058
Other assets185
 249
74
 178
Total Assets$1,358,288
 $1,148,998
$1,553,536
 $1,455,095
Liabilities  
   
  
   
Debt$630,850
 $520,600
$724,550
 $670,200
Less unamortized debt issuance costs2,910
 5,073
2,129
 2,671
Debt less unamortized debt issuance costs627,940
 515,527
722,421
 667,529
Interest payable2,121
 1,414
2,399
 2,141
Distributions payable14,210
 9,869
6,716
 8,239
Management and incentive fees payable7,315
 4,960
8,451
 7,536
Payable for investments purchased3,076
 —
355
 —
Accounts payable and accrued expenses1,146
 902
1,312
 1,404
Accrued trustee fees40
 19
41
 26
Total Liabilities655,848
 532,691
$741,695
 $686,875
Commitments and Contingencies (Note 9)  
   
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 June 30, 2017 and September 30, 2016—
 —
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 46,829,343.936 and 41,087,178.250 shares issued and outstanding as of June 30, 2017 and September 30, 2016, respectively47
 41
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2017 and September 30, 2017—
 —
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 54,122,735.354 and 51,214,683.496 shares issued and outstanding as of December 31, 2017 and September 30, 2017, respectively54
 51
Paid in capital in excess of par702,145
 616,018
811,526
 767,908
Capital distributions in excess of net investment income(12,507) (7,158)(12,062) (11,366)
Net unrealized appreciation (depreciation) on investments13,401
 8,334
Net realized gain (loss) on investments(646) (928)
Net unrealized appreciation (depreciation) on investments and foreign currency translation14,011
 11,492
Net realized gain (loss) on investments and foreign currency transactions(1,688) 135
Total Net Assets702,440
 616,307
811,841
 768,220
Total Liabilities and Total Net Assets$1,358,288
 $1,148,998
$1,553,536
 $1,455,095
Number of common shares outstanding46,829,343.936
 41,087,178.250
54,122,735.354
 51,214,683.496
Net asset value per common share$15.00
 $15.00
$15.00
 $15.00

See Notes to Consolidated Financial Statements.



3

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)


Three months ended June 30, Nine months ended June 30,Three months ended December 31,
2017 2016 2017 20162017 2016
Investment income  
   
      
   
From non-controlled/non-affiliate company investments:  
   
      
   
Interest income$24,498
 $13,856
 $66,060
 $35,062
$29,071
 $20,749
Dividend income157
 48
 158
 65
2
 1
Fee income827
 1
 1,038
 376
391
 146
Total investment income from non-controlled/non-affiliate company investments25,482
 13,905
 67,256
 35,503
29,464
 20,896
From controlled affiliate company investments:  
   
   
   
  
   
Interest income—
 733
 732
 1,948
—
 732
Dividend income1,216
 —
 2,879
 —
1,130
 421
Total investment income from controlled affiliate company investments1,216
 733
 3,611
 1,948
1,130
 1,153
Total investment income26,698
 14,638
 70,867
 37,451
30,594
 22,049
Expenses  
   
   
   
  
   
Interest and other debt financing expenses5,844
 2,975
 16,079
 7,585
6,879
 4,922
Base management fee4,263
 2,672
 11,940
 6,805
4,986
 3,796
Incentive fee3,314
 1,719
 8,280
 3,698
4,036
 2,744
Professional fees502
 198
 1,424
 771
522
 442
Administrative service fee401
 216
 1,106
 661
495
 362
General and administrative expenses22
 52
 48
 66
53
 30
Total expenses14,346
 7,832
 38,877
 19,586
16,971
 12,296
Base management fee waived (Note 4)(1,162) (729) (3,256) (1,856)(1,360) (1,035)
Incentive fee waived (Note 4)(733) —
 (749) —
(798) (16)
Net expenses12,451
 7,103
 34,872
 17,730
14,813
 11,245
Net investment income14,247
 7,535
 35,995
 19,721
15,781
 10,804
          
Net gain (loss) on investments  
   
   
   
Net realized gain (loss) on investments:  
   
   
   
Net gain (loss) on investments and foreign currency  
   
Net realized gain (loss) on investments and foreign currency transactions  
   
Non-controlled/non-affiliate company investments91
 (23) 422
 710
(449) 197
Net realized gain (loss) on investments91
 (23) 422
 710
Net change in unrealized appreciation (depreciation) on investments:  
   
   
   
Foreign currency transactions
(37) —
Net realized gain (loss) on investments and foreign currency transactions(486) 197
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:  
   
Non-controlled/non-affiliate company investments12
 1,973
 4,905
 2,777
1,767
 3,378
Controlled affiliate company investments(140) 548
 162
 777
744
 201
Net change in unrealized appreciation (depreciation) on investments(128) 2,521
 5,067
 3,554
Net gain (loss) on investments(37) 2,498
 5,489
 4,264
Translation of assets in foreign currencies8
 —
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation2,519
 3,579
Net gain (loss) on investments and foreign currency2,033
 3,776
Net increase in net assets resulting from operations$14,210
 $10,033
 $41,484
 $23,985
$17,814
 $14,580
Per Common Share Data  
   
   
   
  
   
Basic and diluted earnings per common share$0.31
 $0.35
 $0.96
 $0.93
$0.34
 $0.35
Basic and diluted weighted average common shares outstanding45,882,813
 29,278,962
 43,006,959
 25,697,689
52,091,851
 41,252,583
See Notes to Consolidated Financial Statements.




4

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)



      Capital Distributions in Excess of Net Investment Income            Capital Distributions in Excess of Net Investment Income      
Common Stock Paid in Capital in Excess of Par Net Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (loss) on Investments Total Net AssetsCommon Stock Paid in Capital in Excess of Par Net Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation Net Realized Gain (loss) on Investments and Foreign Currency Transactions Total Net Assets
Shares Par Amount Capital Distributions in Excess of Net Investment IncomeShares Par Amount Capital Distributions in Excess of Net Investment Income
Balance at September 30, 201520,843,155.219
 $21
 $312,626
 $(2,521)$2,479
$42
$312,647
Issuance of common stock (1)
12,592,917.141
 13
 188,881
 —
—
—
188,894
Balance at September 30, 201641,087,178.250
 $41
 $616,018
 $(7,158) $8,334
 $(928) $616,307
Net increase in net assets resulting from operations—
 —
 —
 19,721
 3,554
 710
 23,985
—
 —
 —
 10,804
 3,579
 197
 14,580
Distributions to stockholders:  
   
   
   
   
   
    
   
   
   
   
   
  
Stock issued in connection with dividend reinvestment plan686,474.328
 —
 10,297
 —
 —
 —
 10,297
682,316.766
 1
 10,235
 —
 —
 —
 10,236
Distributions from net investment income—
 —
 —
 (13,952) —
 —
 (13,952)—
 —
 —
 (8,887) —
 —
 (8,887)
Distributions from net realized gain—
 —
 —
 —
 —
 (140) (140)
Distributions declared and payable—
 —
 —
 (10,033) —
 —
 (10,033)—
 —
 —
 (5,553) —
 —
 (5,553)
Total increase (decrease) for the period ended June 30, 201613,279,391.469
 13
 199,178
 (4,264) 3,554
 710
 199,191
Balance at June 30, 201634,122,546.688
 $34
 $511,804
 $(6,785) $6,033
 $752
 $511,838
Total increase (decrease) for the period ended December 31, 2016682,316.766
 1
 10,235
 (3,636) 3,579
 57
 10,236
Balance at December 31, 201641,769,495.016
 $42
 $626,253
 $(10,794) $11,913
 $(871) $626,543
                          
Balance at September 30, 201641,087,178.250
 $41
 $616,018
 $(7,158) $8,334
 $(928) $616,307
Balance at September 30, 201751,214,683.496
 $51
 $767,908
 $(11,366) $11,492
 $135
 $768,220
Issuance of common stock (2)(1)
4,410,571.066
 4
 66,154
 —
 —
 —
 66,158
2,223,285.533
 2
 33,347
 —
 —
 —
 33,349
Net increase in net assets resulting from operations—
 —
 —
 35,995
 5,067
 422
 41,484
—
 —
 —
 15,781
 2,519
 (486) 17,814
Distributions to stockholders:  
   
   
   
   
   
    
   
   
   
   
   
  
Stock issued in connection with dividend reinvestment plan1,331,594.620
 2
 19,973
 —
 —
 —
 19,975
684,766.325
 1
 10,271
 —
 —
 —
 10,272
Distributions from net investment income—
 —
 —
 (27,134) —
 —
 (27,134)—
 —
 —
 (9,761) —
 —
 (9,761)
Distributions from realized gain—
 —
 —
 —
 —
 (140) (140)
Distributions from net realized gain—
 —
 —
 —
 —
 (1,337) (1,337)
Distributions declared and payable—
 —
 —
 (14,210) —
 —
 (14,210)—
 —
 —
 (6,716) —
 —
 (6,716)
Total increase (decrease) for the period ended June 30, 20175,742,165.686
 6
 86,127
 (5,349) 5,067
 282
 86,133
Balance at June 30, 201746,829,343.936
 $47
 $702,145
 $(12,507) $13,401
 $(646) $702,440
Total increase (decrease) for the period ended December 31, 20172,908,051.858
 3
 43,618
 (696) 2,519
 (1,823) 43,621
Balance at December 31, 201754,122,735.354
 $54
 $811,526
 $(12,062) $14,011
 $(1,688) $811,841
 
(1) 
Refer to Note 3 for a detailed listing of the common stock share issuances for the ninethree months ended June 30, 2016.
(2)
Refer to Note 3 for a detailed listing of the common stock share issuances for the nine months ended June 30,December 31, 2017.


See Notes to Consolidated Financial Statements.






5

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)


Nine months ended June 30,Three months ended December 31,
2017 20162017 2016
Cash flows from operating activities  
    
  
Net increase in net assets resulting from operations$41,484
 $23,985
$17,814
 $14,580
Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities		  
    
  
Amortization of deferred debt issuance costs2,522
 1,509
553
 899
Accretion of discounts and amortization of premiums(4,590) (2,055)(2,026) (1,390)
Net realized (gain) loss on investments(422) (710)449
 (197)
Net change in unrealized (appreciation) depreciation on investments(5,067) (3,554)(2,511) (3,579)
Proceeds from (fundings of) revolving loans, net282
 (2,362)851
 (601)
Fundings of investments(432,300) (588,484)(202,486) (103,185)
Proceeds from principal payments and sales of portfolio investments208,863
 236,278
90,731
 65,338
PIK interest(1,016) (74)(456) (431)
Changes in operating assets and liabilities:      
Interest receivable(981) (1,073)(188) (174)
Receivable for investments sold(2,118) —
Other assets64
 122
104
 (121)
Interest payable707
 215
258
 1,992
Management and incentive fees payable2,355
 2,063
915
 1,294
Payable for investments purchased3,076
 1,858
355
 —
Accounts payable and accrued expenses244
 (260)(92) 359
Accrued trustee fees21
 (3)15
 18
Net cash (used in) provided by operating activities(186,876) (332,545)(95,714) (25,198)
Cash flows from investing activities  
  
Net change in restricted cash and cash equivalents28,540
 330
Net cash (used in) provided by investing activities28,540
 330
Cash flows from financing activities  
    
  
Borrowings on debt397,900
 627,350
129,750
 72,650
Repayments of debt(287,650) (472,700)(75,400) (75,200)
Capitalized debt issuance costs(359) (702)(11) (23)
Proceeds from issuance of common shares66,158
 188,894
34,407
 —
Distributions paid(17,168) (8,527)(9,065) (8,660)
Net cash provided by (used in) financing activities158,881
 334,315
79,681
 (11,233)
Net change in cash and cash equivalents545
 2,100
Cash and cash equivalents, beginning of period4,675
 2,747
Cash and cash equivalents, end of period$5,220
 $4,847
Net change in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents(16,033) (36,431)
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period51,131
 75,731
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period$35,098
 $39,300
Supplemental information:  
    
  
Cash paid during the period for interest$12,850
 $5,861
$6,069
 $2,030
Distributions declared during the period41,484
 23,985
17,814
 14,580
Supplemental disclosure of noncash operating activity:      
Funding of LLC equity interest in GCIC SLF$(34,917) $—
$—
 $(34,917)
Proceeds from subordinated notes in GCIC SLF principal payment34,917
 —
—
 34,917
Supplemental disclosure of noncash financing activity:      
Capital call receivable$(1,058) $—
Distributions payable$14,210
 $10,033
6,716
 5,553


6

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Cash Flows (unaudited) - (continued)
(In thousands)

The following table provides a reconciliation of cash, cash equivalents, foreign currency and restricted cash and cash equivalents 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,
 2017 2016
Cash and cash equivalents$8,886
 $4,883
Foreign currencies526
 —
Restricted cash and cash equivalents25,686
 34,417
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows$35,098
 $39,300

See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of restricted cash and cash equivalents.

See Notes to Consolidated Financial Statements.


67

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited)
June 30,December 31, 2017
(In thousands)



 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Investments              
   
   
   
Non-controlled/non-affiliate company investments             
   
   
   
Debt investments              
   
   
   
Aerospace and Defense              
   
   
   
ILC Dover, LPOne stop L + 9.00% 8.23% cash/
2.00% PIK		 03/2020 $2,359
 $2,315
 0.3
%$2,359
ILC Dover, LPOne stop L + 9.00% 8.23% cash/
2.00% PIK		 03/2019 107
 104
 —
 107
NTS Technical Systems*
One stop L + 6.00% 7.05% 06/2021 3,250
 3,202
 0.5
 3,250
NTS Technical Systems(4)
One stop L + 6.00% 
N/A (5)
 06/2021 —
 (12) —
 —
NTS Technical Systems(4)
One stop L + 6.00% 
N/A (5)
 06/2021 —
 (16) —
 —
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75% 8.05% 12/2017 53
 28
 —
 16
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75% 8.01% 12/2017 9
 9
 —
 9
Tresys Technology Holdings, Inc.One stop P + 7.50% 11.75% 12/2017 1
 1
 —
 1
Tronair Parent, Inc.#
Senior loan L + 4.75% 5.84% 09/2023 191
 190
 —
 190
Tronair Parent, Inc.Senior loan L + 4.50% 5.59% 09/2021 20
 19
 —
 19
Whitcraft LLC#
One stop L + 6.25% 7.55% 04/2023 16,348
 16,113
 2.3
 16,185
Whitcraft LLCOne stop P + 5.25% 9.50% 04/2023 5
 4
 —
 4
Whitcraft LLC(4)
One stop L + 6.25% 
N/A (5)
 04/2023 —
 (108) —
 (75)
         22,343
 21,849
 3.1
 22,065
Automobile              
   
   
   
Dent Wizard International Corporation*
Senior loan L + 4.75% 5.97% 04/2020 2,188
 2,175
 0.3
 2,188
OEConnection LLC#*
Senior loan L + 5.00% 6.30% 06/2022 11,083
 10,845
 1.6
 10,972
OEConnection LLC#*
Senior loan L + 4.75% 6.05% 06/2022 5,868
 5,809
 0.8
 5,809
OEConnection LLC(4)
Senior loan L + 5.00% 
N/A (5)
 06/2021 —
 (1) —
 (1)
Polk Acquisition Corp.*
Senior loan L + 5.00% 6.23% 06/2022 4,950
 4,929
 0.7
 4,950
T5 Merger Corporation#*
One stop L + 6.25% 7.30% 03/2022 30,134
 29,639
 4.3
 30,134
T5 Merger CorporationOne stop L + 6.25% 7.33% 03/2022 1,104
 1,094
 0.2
 1,104
T5 Merger CorporationOne stop L + 6.25% 7.41% 03/2022 108
 106
 —
 108
T5 Merger Corporation(4)
One stop L + 6.25% 
N/A (5)
 03/2022 —
 (33) —
 —
          55,435
 54,563
 7.9
 55,264
Beverage, Food and Tobacco              
   
   
   
Abita Brewing Co., L.L.C.#
One stop L + 6.25% 7.23% cash/
0.25% PIK		 04/2021 3,782
 3,750
 0.5
 3,669
Abita Brewing Co., L.L.C.(4)
One stop L + 6.25% 
N/A (5)
 04/2021 —
 (1) —
 (1)
ABP Corporation*
Senior loan L + 4.75% 6.00% 09/2018 599
 599
 0.1
 579
ABP CorporationSenior loan P + 3.50% 7.75% 09/2018 37
 38
 —
 35
Benihana, Inc.#*
One stop L + 7.00% 8.25% 01/2019 320
 319
 0.1
 317
Benihana, Inc.One stop L + 7.00% 9.09% 07/2018 20
 20
 —
 20
C. J. Foods, Inc.#*
One stop L + 6.25% 7.55% 05/2019 12,703
 12,633
 1.8
 12,703
C. J. Foods, Inc.One stop L + 6.25% 7.55% 05/2019 1,601
 1,597
 0.2
 1,601
C. J. Foods, Inc.One stop L + 6.25% 7.41% 05/2019 420
 416
 0.1
 420
Firebirds International, LLC*
One stop L + 5.75% 7.00% 05/2018 3,305
 3,305
 0.5
 3,305
Firebirds International, LLC*
One stop L + 5.75% 7.00% 05/2018 928
 928
 0.1
 928
Firebirds International, LLC*
One stop L + 5.75% 7.00% 05/2018 298
 298
 0.1
 298
Firebirds International, LLCOne stop L + 5.75% 
N/A (5)
 05/2018 —
 —
 —
 —
First Watch Restaurants, Inc.*
One stop L + 6.00% 7.38% 12/2020 3,541
 3,518
 0.5
 3,541
First Watch Restaurants, Inc.*
One stop L + 6.00% 7.30% 12/2020 174
 173
 —
 174
First Watch Restaurants, Inc.*
One stop L + 6.00% 7.30% 12/2020 174
 173
 —
 174
First Watch Restaurants, Inc.One stop P + 5.00% 9.25% 12/2020 169
 168
 —
 169
First Watch Restaurants, Inc.One stop L + 6.00% 7.30% 12/2020 150
 149
 —
 150
First Watch Restaurants, Inc.(4)
One stop L + 6.00% 
N/A (5)
 12/2020 —
 (2) —
 —
Hopdoddy Holdings, LLCOne stop L + 8.00% 9.23% 08/2020 422
 420
 0.1
 422
Hopdoddy Holdings, LLCOne stop L + 8.00% 
N/A (5)
 08/2020 —
 —
 —
 —
Hopdoddy Holdings, LLC(4)
One stop L + 8.00% 
N/A (5)
 08/2020 —
 (1) —
 —
Julio & Sons Company*
One stop L + 5.50% 6.68% 12/2018 938
 935
 0.1
 938


7
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Beverage, Food and Tobacco - (continued)               
Julio & Sons CompanyOne stop L + 5.50% 6.68% 12/2018 $309
 $308
 0.1
%$309
Julio & Sons Company(4)
One stop L + 5.50% 
N/A (5)
 12/2018 —
 (1) —
 —
Julio & Sons Company(4)
One stop L + 5.50% 
N/A (5)
 12/2018 —
 (2) —
 —
Mid-America Pet Food, L.L.C.#
One stop L + 6.25% 7.55% 12/2021 6,411
 6,325
 0.9
 6,411
Mid-America Pet Food, L.L.C.(4)
One stop L + 6.25% 
N/A (5)
 12/2021 —
 (1) —
 —
P&P Food Safety US Acquisition, Inc.#
One stop L + 6.50% 7.77% 11/2021 4,102
 4,057
 0.6
 4,102
P&P Food Safety US Acquisition, Inc.One stop L + 6.50% 
N/A (5)
 11/2021 —
 —
 —
 —
Purfoods, LLC#*
One stop L + 6.25% 7.45% 05/2021 7,986
 7,894
 1.2
 7,986
Purfoods, LLCOne stop N/A 7.00% PIK 05/2026 101
 101
 —
 102
Purfoods, LLCOne stop L + 6.25% 7.42% 05/2021 65
 64
 —
 65
Purfoods, LLCOne stop L + 6.25% 7.34% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25% 7.34% 05/2021 14
 14
 —
 14
Purfoods, LLCOne stop L + 6.25% 7.55% 05/2021 10
 10
 —
 10
Purfoods, LLC(4)
One stop L + 6.25% 
N/A (5)
 05/2021 —
 (1) —
 —
Smashburger Finance LLC*
Senior loan L + 5.50% 6.80% 05/2018 503
 502
 0.1
 478
Smashburger Finance LLC(4)
Senior loan L + 5.50% 
N/A (5)
 05/2018 —
 (6) —
 —
Surfside Coffee Company LLC*
One stop L + 5.25% 6.55% 06/2020 2,327
 2,313
 0.3
 2,327
Surfside Coffee Company LLCOne stop L + 5.25% 6.54% 06/2020 176
 175
 —
 176
Surfside Coffee Company LLCOne stop L + 5.25% 6.46% 06/2020 26
 25
 —
 26
Tate's Bake Shop, Inc.#
Senior loan L + 5.00% 6.30% 08/2019 143
 142
 —
 143
Uinta Brewing Company#
One stop L + 8.50% 9.73% 08/2019 900
 900
 0.1
 873
Uinta Brewing CompanyOne stop L + 8.50% 9.72% 08/2019 130
 129
 —
 125
         52,799
 52,398
 7.5
 52,604
Broadcasting and Entertainment          
   
     
TouchTunes Interactive Networks, Inc.*
Senior loan L + 4.75% 6.05% 05/2021 692
 690
 0.1
 696
                
Building and Real Estate               
Brooks Equipment Company, LLC*
One stop L + 5.00% 6.21% 08/2020 6,068
 6,068
 0.9
 6,068
Brooks Equipment Company, LLC*
One stop L + 5.00% 6.20% 08/2020 1,495
 1,485
 0.2
 1,495
Brooks Equipment Company, LLCOne stop L + 5.00% 
N/A (5)
 08/2020 —
 —
 —
 —
Jensen Hughes, Inc.#
Senior loan L + 5.00% 6.23% 12/2021 115
 114
 —
 115
MRI Software LLC#*
One stop L + 6.00% 7.30% 06/2023 18,876
 18,546
 2.6
 18,688
MRI Software LLC(4)
One stop L + 6.00% 
N/A (5)
 06/2023 —
 (63) —
 (63)
MRI Software LLC(4)
One stop L + 6.00% 
N/A (5)
 06/2023 —
 (97) —
 (2)
Paradigm DKD Group, LLC#
Senior loan L + 4.75% 6.12% 11/2018 2,143
 2,125
 0.3
 2,143
Paradigm DKD Group, LLCSenior loan P + 3.50% 7.34% 11/2018 566
 560
 0.1
 566
         29,263
 28,738
 4.1
 29,010
                
Chemicals, Plastics and Rubber          
   
     
Flexan, LLC*
One stop L + 5.75% 7.05% 02/2020 1,044
 1,035
 0.1
 1,044
Flexan, LLCOne stop L + 5.75% 
N/A (5)
 02/2020 —
 —
 —
 —
         1,044
 1,035
 0.1
 1,044
Diversified/Conglomerate Manufacturing              
   
   
   
Chase Industries, Inc.#*
One stop L + 5.75% 6.90% 09/2020 11,670
 11,617
 1.7
 11,553
Chase Industries, Inc.*
One stop L + 5.75% 6.90% 09/2020 1,545
 1,545
 0.2
 1,529
Chase Industries, Inc.One stop L + 5.75% 6.84% 09/2020 104
 105
 —
 98
Inventus Power, Inc.#
One stop L + 6.50% 7.73% 04/2020 10,147
 10,083
 1.4
 9,538
Inventus Power, Inc.(4)
One stop L + 6.50% 
N/A (5)
 04/2020 —
 (4) —
 (39)
Onicon Incorporated*
One stop L + 6.00% 7.30% 04/2020 180
 178
 —
 180
Onicon IncorporatedOne stop L + 6.00% 
N/A (5)
 04/2020 —
 —
 —
 —
PetroChoice Holdings, Inc.*
Senior loan L + 5.00% 6.12% 08/2022 1,633
 1,592
 0.2
 1,633
Reladyne, Inc.#*
Senior loan L + 5.25% 6.40% 07/2022 10,293
 10,156
 1.5
 10,190
Reladyne, Inc.*
Senior loan L + 5.25% 6.33% 07/2022 3,042
 3,012
 0.4
 3,012
Reladyne, Inc.*
Senior loan L + 5.25% 6.40% 07/2022 111
 110
 —
 110
Reladyne, Inc.Senior loan L + 5.25% 6.35% 07/2022 70
 69
 —
 69
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Investments               
   
   
   
Non-controlled/non-affiliate company investments              
   
   
   
Debt investments               
   
   
   
Aerospace and Defense               
   
   
   
NTS Technical Systems*One stop L + 6.25%
(a) 
 7.61% 06/2021 $3,250
 $3,208
 0.4
%$3,250
NTS Technical Systems(5)
One stop L + 6.25%  
N/A(6)
 06/2021 —
 (10) —
 —
NTS Technical Systems(5)
One stop L + 6.25%  
N/A(6)
 06/2021 —
 (14) —
 —
Tresys Technology Holdings, Inc.(7)
One stop L + 6.75%
(a) 
 8.32% 12/2018 53
 28
 —
 16
Tresys Technology Holdings, Inc.(7)
One stop L + 6.75%
(a) 
 8.32% 12/2018 9
 9
 —
 9
Tronair Parent, Inc.#
Senior loan L + 4.75%
(c) 
 6.16% 09/2023 369
 366
 0.1
 365
Tronair Parent, Inc.Senior loan P + 3.50%
(c)(e) 
 7.56% 09/2021 38
 37
 —
 37
Whitcraft LLC#
One stop L + 6.25%
(c) 
 7.94% 04/2023 16,266
 16,053
 2.0
 16,266
Whitcraft LLCOne stop P + 5.25%
(e) 
 9.75% 04/2023 10
 9
 —
 10
Whitcraft LLC(5)
One stop L + 6.25%  
N/A(6)
 04/2023 —
 (98) —
 —
          19,995
 19,588
 2.5
 19,953
Automobile            
  

  

  
   
Dent Wizard International Corporation*
Senior loan L + 4.75%
(a) 
 6.31% 04/2020 2,177
 2,167
 0.3
 2,177
Grease Monkey International, LLC*
Senior loan L + 5.00%
(a) 
 6.36% 11/2022 3,074
 3,037
 0.4
 3,043
Grease Monkey International, LLCSenior loan P + 4.00%
(e) 
 8.50% 11/2022 7
 6
 —
 7
Grease Monkey International, LLC(5)
Senior loan L + 5.00%  
N/A(6)
 11/2022 —
 (21) —
 (34)
Polk Acquisition Corp.*
Senior loan L + 5.00%
(a) 
 6.57% 06/2022 4,792
 4,774
 0.6
 4,696
T5 Merger Corporation#*
One stop L + 6.50%
(a) 
 7.86% 03/2022 29,983
 29,541
 3.7
 29,983
T5 Merger CorporationOne stop L + 6.50%
(a) 
 7.86% 03/2022 3,496
 3,467
 0.4
 3,496
T5 Merger Corporation*
One stop L + 6.50%
(a) 
 7.86% 03/2022 1,101
 1,092
 0.1
 1,101
T5 Merger CorporationOne stop L + 6.50%
(a) 
 7.99% 03/2022 48
 46
 —
 48
           44,678
 44,109
 5.5
 44,517
Beverage, Food and Tobacco            
  

  

  
   
Abita Brewing Co., L.L.C.#
One stop L + 5.75%
(a) 
 7.32% 04/2021 3,690
 3,662
 0.5
 3,690
Abita Brewing Co., L.L.C.(5)
One stop L + 5.75%
(c) 
 
N/A(6)
 04/2021 —
 (1) —
 —
ABP CorporationSenior loan L + 4.75%  
N/A(6)
 12/2018 —
 —
 —
 —
Benihana, Inc.One stop L + 7.00%
(a)(c)(e) 
 9.25% 07/2018 34
 34
 —
 34
Benihana, Inc.#*
One stop L + 7.00%
(c)(e) 
 8.59% 01/2019 318
 318
 0.1
 318
C. J. Foods, Inc.#*
One stop L + 6.25%
(a) 
 7.82% 05/2019 12,638
 12,587
 1.6
 12,638
C. J. Foods, Inc.One stop L + 6.25%
(a) 
 7.82% 05/2019 1,593
 1,590
 0.2
 1,593
C. J. Foods, Inc.One stop L + 6.25%
(a) 
 7.82% 05/2019 315
 312
 —
 315
Cafe Rio Holding, Inc.#
One stop L + 5.75%
(c) 
 7.44% 09/2023 8,689
 8,545
 1.1
 8,689
Cafe Rio Holding, Inc.One stop P + 4.75%
(e) 
 9.25% 09/2023 30
 28
 —
 30
Cafe Rio Holding, Inc.(5)
One stop L + 5.75%  
N/A(6)
 09/2023 —
 (82) —
 —
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.42% 05/2018 3,279
 3,274
 0.4
 3,279
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.42% 05/2018 924
 922
 0.1
 924
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.42% 12/2018 297
 296
 —
 297
Firebirds International, LLC(5)
One stop L + 5.75%  
N/A(6)
 05/2018 —
 (1) —
 —
Firebirds International, LLC(5)
One stop L + 5.75%  
N/A(6)
 12/2018 —
 (3) —
 —
Flavor Producers, LLC#
Senior loan L + 4.75%
(c) 
 6.32% 12/2023 2,744
 2,703
 0.3
 2,702
Flavor Producers, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 12/2022 —
 (1) —
 (1)
FWR Holding Corporation*
One stop L + 6.00%
(d) 
 7.66% 08/2023 4,069
 4,011
 0.5
 4,069
FWR Holding CorporationOne stop L + 6.00%
(c) 
 7.60% 08/2023 458
 418
 0.1
 458
FWR Holding CorporationOne stop L + 6.00%
(a) 
 7.57% 08/2023 8
 7
 —
 8
Global Franchise Group, LLC*
Senior loan L + 5.75%
(c) 
 7.44% 12/2019 4,462
 4,423
 0.6
 4,462
Global Franchise Group, LLCSenior loan L + 5.75%  
N/A(6)
 12/2019 —
 —
 —
 —
Global ID Corporation#
One stop L + 6.50%
(c) 
 8.11% 11/2021 5,141
 5,091
 0.6
 5,090
Global ID CorporationOne stop L + 6.50%  
N/A(6)
 11/2021 —
 —
 —
 —
Global ID Corporation(5)
One stop L + 6.50%  
N/A(6)
 11/2021 —
 (20) —
 (20)


8
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Diversified/Conglomerate Manufacturing - (continued)              
Reladyne, Inc.*
Senior loan L + 5.25% 6.40% 07/2022 $36
 $36
 —
%$36
Reladyne, Inc.Senior loan L + 5.25% 6.40% 07/2022 13
 11
 —
 11
Reladyne, Inc.Senior loan L + 5.25% 6.36% 07/2022 5
 4
 —
 6
Reladyne, Inc.(4)
Senior loan L + 5.25% 
N/A (5)
 07/2022 —
 (14) —
 (14)
Sunless Merger Sub, Inc.#
Senior loan L + 5.00% 6.25% 07/2019 289
 255
 —
 289
Sunless Merger Sub, Inc.Senior loan P + 3.75% 7.75% 07/2019 65
 63
 —
 65
          39,203
 38,818
 5.4
 38,266
Diversified/Conglomerate Service              
   
   
   
Actiance, Inc.One stop L + 9.00% 10.23% 10/2019 1,918
 1,863
 0.3
 1,918
Actiance, Inc.One stop L + 9.00% 10.23% 10/2019 20
 20
 —
 20
Agility Recovery Solutions Inc.*
One stop L + 6.50% 7.67% 03/2020 6,205
 6,155
 0.9
 6,205
Agility Recovery Solutions Inc.(4)
One stop L + 6.50% 
N/A (5)
 03/2020 —
 (2) —
 —
Bomgar Corporation#*
One stop L + 7.50% 8.80% 06/2022 28,425
 27,951
 4.1
 28,425
Bomgar Corporation(4)
One stop L + 7.50% 
N/A (5)
 06/2022 —
 (2) —
 —
Clearwater Analytics, LLC#*
One stop L + 7.50% 8.55% 09/2022 8,913
 8,777
 1.3
 8,913
Clearwater Analytics, LLCOne stop L + 7.50% 8.72% 09/2022 11
 9
 —
 11
Daxko Acquisition Corporation#
One stop L + 6.50% 7.73% 09/2022 8,424
 8,314
 1.2
 8,424
Daxko Acquisition CorporationOne stop L + 6.50% 
N/A (5)
 09/2022 —
 —
 —
 —
DISA Holdings Acquisition Subsidiary Corp.*Senior loan L + 4.25% 5.40% 12/2020 1,324
 1,315
 0.2
 1,324
DISA Holdings Acquisition Subsidiary Corp.#
Senior loan L + 4.25% 5.47% 12/2020 129
 128
 —
 129
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.25% 5.48% 12/2020 24
 22
 —
 24
EGD Security Systems, LLC#*
One stop L + 6.25% 7.37% 06/2022 10,372
 10,265
 1.5
 10,372
EGD Security Systems, LLC*
One stop L + 6.25% 7.55% 06/2022 98
 97
 —
 98
EGD Security Systems, LLCOne stop L + 6.25% 7.37% 06/2022 30
 28
 —
 30
EGD Security Systems, LLC(4)
One stop L + 6.25% 
N/A (5)
 06/2022 —
 (1) —
 —
HealthcareSource HR, Inc.#*
One stop L + 6.75% 8.05% 05/2020 9,816
 9,700
 1.4
 9,816
HealthcareSource HR, Inc.(4)
One stop L + 6.75% 
N/A (5)
 05/2020 —
 (1) —
 —
Host Analytics, Inc.One stop N/A 8.50% cash/
2.25% PIK		 08/2021 1,373
 1,360
 0.2
 1,373
Host Analytics, Inc.One stop N/A 8.50% cash/
2.25% PIK		 08/2021 1,151
 1,090
 0.2
 1,151
Host Analytics, Inc.(4)
One stop N/A 
N/A (5)
 08/2021 —
 (3) —
 —
III US Holdings, LLC(4)
One stop L + 6.00% 
N/A (5)
 09/2022 —
 (1) —
 —
Integration Appliance, Inc.One stop L + 8.25% 9.50% 09/2020 1,550
 1,539
 0.2
 1,550
Integration Appliance, Inc.One stop L + 8.25% 9.50% 09/2020 124
 123
 —
 124
Integration Appliance, Inc.One stop L + 8.25% 9.50% 09/2020 13
 12
 —
 13
Maverick Bidco Inc.#
One stop L + 6.25% 7.42% 04/2023 23,099
 22,643
 3.3
 22,753
Maverick Bidco Inc.One stop L + 6.25% 7.48% 04/2023 27
 25
 —
 25
Maverick Bidco Inc.(4)
One stop L + 6.25% 
N/A (5)
 04/2023 —
 (32) —
 —
Netsmart Technologies, Inc.#
Senior loan L + 4.50% 5.80% 04/2023 1,637
 1,623
 0.2
 1,649
Netsmart Technologies, Inc.(4)
Senior loan L + 4.75% 
N/A (5)
 04/2023 —
 (8) —
 —
Professional Datasolutions, Inc.#
One stop L + 5.50% 6.73% 05/2022 3,788
 3,734
 0.6
 3,788
Professional Datasolutions, Inc.One stop L + 5.50% 
N/A (5)
 05/2022 —
 —
 —
 —
PT Intermediate Holdings III, LLC#*
One stop L + 6.50% 7.80% 06/2022 23,332
 23,040
 3.3
 23,332
PT Intermediate Holdings III, LLC#
One stop L + 6.50% 7.80% 06/2022 2,304
 2,282
 0.3
 2,304
PT Intermediate Holdings III, LLCOne stop L + 6.50% 8.19% 06/2022 143
 140
 —
 143
Quickbase, Inc. #
One stop L + 7.50% 8.80% 04/2022 21,029
 20,679
 3.0
 20,818
Quickbase, Inc. (4)
One stop L + 7.50% 
N/A (5)
 04/2022 —
 (2) —
 (1)
Saba Software, Inc.#
One stop L + 5.50% 6.73% 05/2023 26,572
 26,120
 3.7
 26,306
Saba Software, Inc.(4)
One stop L + 5.50% 
N/A (5)
 05/2023 —
 (3) —
 (2)
Secure-24, LLC*
One stop L + 5.00% 6.30% 08/2019 1,796
 1,786
 0.3
 1,796
Secure-24, LLCOne stop L + 5.00% 
N/A (5)
 08/2019 —
 —
 —
 —
Severin Acquisition, LLC#
Senior loan L + 4.75% 6.05% 07/2021 8,568
 8,451
 1.2
 8,526
Severin Acquisition, LLC*
Senior loan L + 5.38% 6.68% 07/2021 1,430
 1,413
 0.2
 1,455
Severin Acquisition, LLC*
Senior loan L + 5.00% 6.30% 07/2021 1,274
 1,259
 0.2
 1,279
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Beverage, Food and Tobacco - (continued)               
   
   
   
Hopdoddy Holdings, LLCOne stop L + 8.00%
(c) 
 9.48% 08/2020 $420
 $418
 0.1
%$420
Hopdoddy Holdings, LLCOne stop L + 8.00%
(c) 
 9.48% 08/2020 258
 257
 —
 258
Hopdoddy Holdings, LLCOne stop L + 8.00%
(c) 
 9.48% 08/2020 3
 2
 —
 3
Julio & Sons Company*One stop L + 5.50%
(a) 
 7.03% 12/2018 933
 931
 0.1
 933
Julio & Sons CompanyOne stop L + 5.50%
(a) 
 7.03% 12/2018 308
 307
 —
 308
Julio & Sons CompanyOne stop L + 5.50%
(a) 
 7.04% 12/2018 135
 134
 —
 135
Julio & Sons Company(5)
One stop L + 5.50%  
N/A(6)
 12/2018 —
 (1) —
 —
Mid-America Pet Food, L.L.C.#
One stop L + 5.50%
(c) 
 7.19% 12/2021 6,379
 6,303
 0.8
 6,379
Mid-America Pet Food, L.L.C.(5)
One stop L + 5.50%  
N/A(6)
 12/2021 —
 (1) —
 —
NBC Intermediate, LLC #
Senior loan L + 4.50%
(a) 
 6.07% 09/2023 2,748
 2,722
 0.3
 2,748
NBC Intermediate, LLCSenior loan L + 4.50%  
N/A(6)
 09/2023 —
 —
 —
 —
Purfoods, LLC#*
One stop L + 6.25%
(c) 
 7.73% 05/2021 7,946
 7,866
 1.0
 7,946
Purfoods, LLCOne stop N/A  7.00% PIK 05/2026 101
 101
 —
 106
Purfoods, LLCOne stop L + 6.25%
(a) 
 7.73% 05/2021 60
 59
 —
 60
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 24
 24
 —
 24
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 14
 14
 —
 14
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 11
 11
 —
 11
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 11
 11
 —
 11
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.94% 05/2021 10

10

—
 10
Smashburger Finance LLC*
Senior loan L + 5.50%
(c) 
 7.19% 05/2018 477
 477
 0.1
 453
Smashburger Finance LLC(5)
Senior loan L + 5.50%  
N/A(6)
 05/2018 —
 (3) —
 —
Surfside Coffee Company LLC*
One stop L + 5.25%
(c) 
 6.94% 06/2020 2,315
 2,304
 0.3
 2,315
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
 6.93% 06/2020 175
 174
 —
 175
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
 6.81% 06/2020 30

30

—
 30
Tate's Bake Shop, Inc.#*
One stop L + 6.25%
(c) 
 7.94% 08/2019 1,039
 1,025
 0.1
 1,031
Uinta Brewing Company#
One stop L + 8.50%
(a) 
 10.07% 08/2019 900
 900
 0.1
 900
Uinta Brewing CompanyOne stop L + 8.50%
(a) 
 10.07% 08/2019 130
 129
 —
 130
          73,146
 72,347
 9.0
 73,005
Broadcasting and Entertainment           
   
     
TouchTunes Interactive Networks, Inc.*
Senior loan L + 4.75%
(a) 
 6.32% 05/2021 688
 686
 0.1
 694
                 
Building and Real Estate                
Brooks Equipment Company, LLC*
One stop L + 5.00%
(c) 
 6.48% 08/2020 5,735
 5,735
 0.7
 5,735
Brooks Equipment Company, LLC*
One stop L + 5.00%
(b)(c) 
 6.49% 08/2020 1,407
 1,399
 0.2
 1,407
Brooks Equipment Company, LLCOne stop L + 5.00%  
N/A(6)
 08/2020 —
 —
 —
 —
Jensen Hughes, Inc.#
Senior loan L + 5.00%
(a) 
 6.57% 12/2021 132
 131
 —
 132
MRI Software LLC#
One stop L + 6.25%
(c) 
 7.95% 06/2023 17,391

17,225

2.1
 17,391
MRI Software LLC#*
One stop L + 6.25%
(c) 
 7.95% 06/2023 18,782
 18,480
 2.3
 18,782
MRI Software LLC*
One stop L + 6.25%
(c) 
 7.83% 06/2023 3,122
 3,108
 0.4
 3,122
MRI Software LLC#
One stop L + 6.25%
(c) 
 7.95% 06/2023 348
 345
 —
 348
MRI Software LLC(5)
One stop L + 6.00%  
N/A(6)
 06/2023 —
 (3) —
 —
MRI Software LLC(5)
One stop L + 6.00%  
N/A(6)
 06/2023 —
 (144) —
 —
Paradigm DKD Group, LLC#
Senior loan L + 5.50%
(c)(d) 
 7.34% 11/2018 2,132

2,121

0.3
 2,089
Paradigm DKD Group, LLCSenior loan L + 5.50%
(d)(e) 
 7.40% 11/2018 673
 670
 0.1
 658
          49,722
 49,067
 6.1
 49,664
Chemicals, Plastics and Rubber           
   
     
Flexan, LLC*
One stop L + 5.75%
(c) 
 7.44% 02/2020 1,039
 1,032
 0.1
 1,039
Flexan, LLCOne stop P + 4.50%
(e) 
 9.00% 02/2020 10
 10
 —
 10
          1,049
 1,042
 0.1
 1,049
Diversified/Conglomerate Manufacturing               
   
   
   
Chase Industries, Inc.#*
One stop L + 5.75%
(c) 
 7.09% 09/2020 13,375
 13,313
 1.7
 13,375
Chase Industries, Inc.*
One stop L + 5.75%
(c) 
 7.09% 09/2020 1,537
 1,537
 0.2
 1,537
Chase Industries, Inc.One stop L + 5.75%
(a) 
 7.16% 09/2020 244
 244
 —
 244


9
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Diversified/Conglomerate Service - (continued)              
Severin Acquisition, LLC#
Senior loan L + 5.38% 6.68% 07/2021 $974
 $961
 0.1
%$990
Severin Acquisition, LLC*
Senior loan L + 4.88% 6.18% 07/2021 314
 310
 —
 314
Severin Acquisition, LLC(4)
Senior loan L + 4.75% 
N/A (5)
 07/2021 —
 (7) —
 —
Switchfly, Inc.One stop L + 10.00% 9.66% cash/
1.50% PIK		 04/2020 3,193
 3,058
 0.4
 3,048
Switchfly, Inc.One stop L + 10.00% 
N/A (5)
 04/2020 —
 —
 —
 —
Trintech, Inc.#*
One stop L + 6.00% 7.17% 10/2021 9,871
 9,776
 1.4
 9,871
Trintech, Inc.One stop L + 6.00% 
N/A (5)
 10/2021 —
 —
 —
 —
Vendavo, Inc.One stop L + 8.50% 9.66% 10/2019 4,331
 4,304
 0.6
 4,253
Vendavo, Inc.(4)
One stop L + 8.50% 
N/A (5)
 10/2019 —
 (2) —
 (6)
Vendor Credentialing Service LLC#*
One stop L + 6.00% 7.23% 11/2021 13,650
 13,471
 1.9
 13,650
Vendor Credentialing Service LLC(4)
One stop L + 6.00% 
N/A (5)
 11/2021 —
 (1) —
 —
Verisys Corporation#
One stop L + 6.75% 8.05% 01/2023 4,817
 4,750
 0.7
 4,817
Verisys Corporation(4)
One stop L + 6.75% 
N/A (5)
 01/2023 —
 (1) —
 —
Vitalyst, LLC#
Senior loan L + 5.00% 6.25% 09/2017 86
 86
 —
 86
Vitalyst, LLCSenior loan P + 4.00% 8.00% 09/2017 2
 2
 —
 2
Workforce Software, LLCOne stop L + 10.50% 4.66% cash/
7.00% PIK		 06/2021 22,507
 22,381
 3.2
 22,507
Workforce Software, LLCOne stop L + 10.50% 
N/A (5)
 06/2021 —
 —
 —
 —
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25% 9.72% cash/
0.75% PIK		 08/2021 4,653
 4,582
 0.7
 4,653
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25% 
N/A (5)
 08/2021 —
 —
 —
 —
          259,317
 255,578
 36.8
 258,276
Ecological               
Pace Analytical Services, LLC#*
One stop L + 6.00% 7.23% 09/2022 15,258
 15,024
 2.2
 15,106
Pace Analytical Services, LLC#
One stop L + 6.00% 7.30% 09/2022 1,419
 1,397
 0.2
 1,405
Pace Analytical Services, LLCOne stop L + 6.00% 7.26% 09/2022 350
 345
 —
 346
Pace Analytical Services, LLCOne stop L + 6.00% 7.22% 09/2022 25
 24
 —
 24
Pace Analytical Services, LLC(4)
One stop L + 6.00% 
N/A (5)
 09/2022 —
 (50) —
 (33)
WRE Holding Corp.#Senior loan L + 4.75% 6.09% 01/2023 1,325
 1,310
 0.2
 1,312
WRE Holding Corp.Senior loan L + 4.75% 
N/A (5)
 01/2023 —
 —
 —
 —
WRE Holding Corp.(4)
Senior loan L + 4.75% 
N/A (5)
 01/2023 —
 (3) —
 (3)
WRE Holding Corp.(4)
Senior loan L + 4.75% 
N/A (5)
 01/2023 —
 (24) —
 (21)
         18,377
 18,023
 2.6
 18,136
Electronics              
   
   
   
Appriss Holdings, Inc.#*
Senior loan L + 5.25% 6.55% 11/2020 10,244
 10,165
 1.5
 10,244
Appriss Holdings, Inc.Senior loan L + 5.25% 6.50% 11/2020 896
 888
 0.1
 896
Compusearch Software Holdings, Inc.*
Senior loan L + 4.25% 5.43% 05/2021 709
 708
 0.1
 709
Diligent Corporation#*
One stop L + 6.25% 7.55% 04/2022 31,779
 31,059
 4.5
 31,302
Diligent Corporation#*
One stop L + 6.25% 7.55% 04/2022 8,913
 8,772
 1.2
 8,779
Diligent Corporation#
One stop L + 6.25% 7.55% 04/2022 7,885
 7,770
 1.1
 7,767
Diligent Corporation(4)
One stop L + 6.75% 
N/A (5)
 04/2022 —
 (2) —
 (2)
ECI Acquisition Holdings, Inc.*
One stop L + 6.25% 7.55% 03/2019 6,945
 6,945
 1.0
 6,945
ECI Acquisition Holdings, Inc.#
One stop L + 6.25% 7.55% 03/2019 450
 450
 0.1
 450
ECI Acquisition Holdings, Inc.One stop L + 6.25% 
N/A (5)
 03/2019 —
 —
 —
 —
Gamma Technologies, LLC*
One stop L + 5.00% 6.23% 06/2021 4,949
 4,916
 0.7
 4,949
Gamma Technologies, LLC(4)
One stop L + 5.00% 
N/A (5)
 06/2021 —
 (1) —
 —
LD Intermediate Holdings, Inc.*
Senior loan L + 5.88% 7.06% 12/2022 2,897
 2,685
 0.4
 2,756
Park Place Technologies LLC#*
One stop L + 5.00% 6.30% 06/2022 13,562
 13,413
 1.9
 13,562
Park Place Technologies LLC(4)
One stop L + 5.00% 
N/A (5)
 06/2022 —
 (2) —
 —
SEI, Inc.#
Senior loan L + 4.75% 5.98% 07/2021 3,164
 3,134
 0.4
 3,132
Sloan Company, Inc., The#
One stop L + 7.25% 8.55% 04/2020 3,599
 3,560
 0.5
 3,419
Sloan Company, Inc., TheOne stop L + 7.25% 8.46% 04/2020 20
 20
 —
 17
Sovos Compliance#*
One stop L + 7.25% 8.48% 03/2022 32,503
 31,992
 4.6
 32,503
Sovos Compliance(4)
One stop L + 7.25% 
N/A (5)
 03/2022 —
 (1) —
 —
Sparta Holding Corporation*
One stop L + 5.50% 6.73% 07/2020 695
 695
 0.1
 695
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Diversified/Conglomerate Manufacturing - (continued)               
Inventus Power, Inc.#
One stop L + 6.50%
(a) 
 8.07% 04/2020 $10,131
 $10,078
 1.1
%$8,612
Inventus Power, Inc.One stop L + 6.50%
(a) 
 8.07% 04/2020 312
 309
 —
 215
Onicon Incorporated*
One stop L + 6.00%
(c) 
 7.69% 04/2020 175
 174
 —
 175
Onicon IncorporatedOne stop L + 6.00%  
N/A(6)
 04/2020 —
 —
 —
 —
PetroChoice Holdings, Inc.*
Senior loan L + 5.00%
(b) 
 6.42% 08/2022 1,624
 1,588
 0.2
 1,624
Reladyne, Inc.#*
Senior loan L + 5.00%
(a) 
 6.36% 07/2022 16,794
 16,565
 2.1
 16,794
Reladyne, Inc.(5)
Senior loan L + 5.00%  
N/A(6)
 07/2022 —
 (20) —
 —
Reladyne, Inc.(5)
Senior loan L + 5.00%  
N/A(6)
 07/2022 —
 (50) —
 —
Sunless Merger Sub, Inc.#
Senior loan L + 5.00%
(a)(e) 
 6.59% 07/2019 286
 261
 —
 286
Sunless Merger Sub, Inc.Senior loan P + 3.75%
(e) 
 8.25% 07/2019 74
 73
 —
 74
           44,552
 44,072
 5.3
 42,936
Diversified/Conglomerate Service               
   
   
   
Accela, Inc.#
One stop L + 6.25%
(c) 
 7.94% 09/2023 7,383
 7,277
 0.9
 7,383
Accela, Inc.One stop P + 5.25%
(e) 
 9.75% 09/2023 23
 22
 —
 23
Agility Recovery Solutions Inc.*
One stop L + 6.50%
(c) 
 7.88% 03/2020 6,205
 6,164
 0.8
 6,205
Agility Recovery Solutions Inc.(5)
One stop L + 6.50%  
N/A(6)
 03/2020 —
 (2) —
 —
Anaqua, Inc.#
One stop L + 6.50%
(c) 
 7.86% 07/2022 8,917
 8,795
 1.1
 8,917
Anaqua, Inc.(5)
One stop L + 6.50%  
N/A(6)
 07/2022 —
 (1) —
 —
Bomgar Corporation#*
One stop L + 7.50%
(c) 
 9.19% 06/2022 28,282
 27,857
 3.5
 28,282
Bomgar Corporation(5)
One stop L + 7.50%  
N/A(6)
 06/2022 —
 (1) —
 —
Clearwater Analytics, LLC#*
One stop L + 7.50%
(a) 
 9.07% 09/2022 8,820
 8,698
 1.1
 8,820
Clearwater Analytics, LLCOne stop L + 7.50%
(a) 
 9.00% 09/2022 9
 8
 —
 9
Datto, Inc.One stop L + 8.00%
(a) 
 9.41% 12/2022 14,093
 13,815
 1.7
 13,811
Datto, Inc.(5)
One stop L + 8.00%  
N/A(6)
 12/2022 —
 (1) —
 (1)
Daxko Acquisition Corporation#*
One stop L + 6.50%
(c) 
 8.19% 09/2022 8,971
 8,863
 1.1
 8,971
Daxko Acquisition CorporationOne stop L + 6.50%  
N/A(6)
 09/2022 —
 —
 —
 —
DISA Holdings Acquisition Subsidiary Corp.*
Senior loan L + 4.25%
(a) 
 5.61% 12/2020 1,324
 1,316
 0.2
 1,324
DISA Holdings Acquisition Subsidiary Corp.#
Senior loan L + 4.25%
(a) 
 5.61% 12/2020 129
 128
 —
 129
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.25%
(c) 
 5.63% 12/2020 80
 78
 —
 80
EGD Security Systems, LLC#*
One stop L + 6.25%
(c) 
 7.81% 06/2022 10,372
 10,276
 1.3
 10,372
EGD Security Systems, LLC*
One stop L + 6.25%
(c) 
 7.73% 06/2022 98
 97
 —
 98
EGD Security Systems, LLCOne stop L + 6.25%
(c) 
 7.81% 06/2022 50
 49
 —
 50
EGD Security Systems, LLC(5)
One stop L + 6.25%  
N/A(6)
 06/2022 —
 (1) —
 —
HealthcareSource HR, Inc.#*
One stop L + 6.75%
(c) 
 8.44% 05/2020 11,144
 11,040
 1.4
 11,144
HealthcareSource HR, Inc.(5)
One stop L + 6.75%  
N/A(6)
 05/2020 —
 (1) —
 —
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 1,388
 1,377
 0.2
 1,388
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 1,164
 1,111
 0.1
 1,164
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 327
 324
 —
 327
III US Holdings, LLC(5)
One stop L + 6.50%  
N/A(6)
 09/2022 —
 (1) —
 —
Imprivata, Inc.#*
Senior loan L + 4.50%
(c) 
 5.86% 10/2023 16,653
 16,451
 2.0
 16,487
Imprivata, Inc.(5)
Senior loan L + 4.50%  
N/A(6)
 10/2023 —
 (2) —
 (2)
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 1,550
 1,541
 0.2
 1,550
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 124
 123
 —
 124
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.73% 09/2020 25
 25
 —
 25
JAMF Holdings, Inc.One stop L + 8.00%
(c) 
 9.41% 11/2022 5,765
 5,652
 0.7
 5,707
JAMF Holdings, Inc.(5)
One stop L + 8.00%  
N/A(6)
 11/2022 —
 (1) —
 (1)
Maverick Bidco Inc.#
One stop L + 6.25%
(c) 
 7.94% 04/2023 22,984
 22,569
 2.8
 22,984
Maverick Bidco Inc.One stop L + 6.25%
(a) 
 7.71% 04/2023 27
 25
 —
 27
Maverick Bidco Inc.(5)
One stop L + 6.25%  
N/A(6)
 04/2023 —
 (29) —
 —
MMan Acquisition Co.#
One stop L + 6.00%
(c) 
 7.69% 08/2023 12,482
 12,307
 1.5
 12,482
MMan Acquisition Co.One stop L + 6.00%
(c) 
 7.69% 08/2023 26
 25
 —
 26
Net Health Acquisition Corp.#
One stop L + 5.50%
(b) 
 7.06% 12/2023 4,910
 4,861
 0.6
 4,861
Net Health Acquisition Corp.(5)
One stop L + 5.50%  
N/A(6)
 12/2023 —
 (1) —
 (1)
Netsmart Technologies, Inc.#
Senior loan L + 4.50%
(c) 
 6.19% 04/2023 1,629
 1,616
 0.2
 1,649
Netsmart Technologies, Inc.(5)
Senior loan L + 4.75%  
N/A(6)
 04/2023 —
 (8) —
 —


10
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Electronics - (continued)               
Sparta Holding CorporationOne stop L + 5.50% 
N/A (5)
 07/2020 $—
 $—
 —
%$—
         129,210
 127,166
 18.2
 128,123
Grocery               
Teasdale Quality Foods, Inc.#
Senior loan L + 4.75% 5.75% 10/2020 859
 855
 0.2
 855
Teasdale Quality Foods, Inc.#
Senior loan L + 4.75% 5.93% 10/2020 168
 165
 —
 167
Teasdale Quality Foods, Inc.*
Senior loan L + 4.75% 6.05% 10/2020 126
 125
 —
 125
Teasdale Quality Foods, Inc.#
Senior loan L + 4.75% 5.92% 10/2020 62
 61
 —
 61
         1,215
 1,206
 0.2
 1,208
Healthcare, Education and Childcare              
   
   
   
Active Day, Inc.#*
One stop L + 6.00% 7.23% 12/2021 11,555
 11,404
 1.6
 11,555
Active Day, Inc.*
One stop L + 6.00% 7.23% 12/2021 891
 885
 0.1
 891
Active Day, Inc.One stop P + 5.00% 9.25% 12/2021 573
 553
 0.1
 573
Active Day, Inc.(4)
One stop L + 6.00% 
N/A (5)
 12/2021 —
 (1) —
 —
Acuity Eyecare Holdings, LLC#
One stop L + 6.75% 7.95% 03/2022 4,841
 4,772
 0.7
 4,841
Acuity Eyecare Holdings, LLCOne stop L + 6.75% 7.98% 03/2022 811
 765
 0.1
 811
Acuity Eyecare Holdings, LLC(4)
One stop L + 6.75% 
N/A (5)
 03/2022 —
 (1) —
 —
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75% 7.05% 05/2022 21,960
 21,601
 3.1
 21,960
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75% 7.05% 05/2022 109
 108
 —
 109
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75% 9.00% 05/2022 48
 46
 —
 48
ADCS Clinics Intermediate Holdings, LLC*
One stop L + 5.75% 7.05% 05/2022 32
 32
 —
 32
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75% 9.00% 05/2022 5
 1
 —
 5
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00% 6.25% 02/2018 5,800
 5,799
 0.7
 5,220
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00% 6.25% 02/2018 397
 397
 0.1
 357
Advanced Pain Management Holdings, Inc.Senior loan L + 5.00% 
N/A (5)
 02/2018 —
 —
 —
 —
Agilitas USA, Inc.#
One stop L + 6.00% 7.16% 04/2022 1,981
 1,962
 0.3
 1,961
Agilitas USA, Inc.(4)
One stop L + 6.00% 
N/A (5)
 04/2022 —
 (1) —
 (1)
Agilitas USA, Inc.(4)
One stop L + 6.00% 
N/A (5)
 04/2022 —
 (16) —
 —
Apothecary Products, LLC*
Senior loan L + 4.00% 5.72% 02/2019 1,857
 1,857
 0.3
 1,857
Apothecary Products, LLCSenior loan L + 4.00% 5.35% 02/2019 367
 367
 0.1
 367
Aris Teleradiology Company, LLC#*
Senior loan L + 5.50% 6.80% 03/2021 2,513
 2,492
 0.3
 2,312
Aris Teleradiology Company, LLCSenior loan L + 5.50% 6.66% 03/2021 25
 25
 —
 23
Avalign Technologies, Inc.*
Senior loan L + 4.50% 5.73% 07/2021 745
 742
 0.1
 745
BIORECLAMATIONIVT, LLC#*
One stop L + 5.75% 6.98% 01/2021 12,459
 12,303
 1.8
 12,459
BIORECLAMATIONIVT, LLC(4)
One stop L + 5.75% 
N/A (5)
 01/2021 —
 (1) —
 —
California Cryobank, LLC*
One stop L + 5.50% 6.80% 08/2019 2,641
 2,641
 0.4
 2,641
California Cryobank, LLC*
One stop L + 5.50% 6.80% 08/2019 1,228
 1,213
 0.2
 1,228
California Cryobank, LLC*
One stop L + 5.50% 6.80% 08/2019 355
 355
 0.1
 355
California Cryobank, LLCOne stop L + 5.50% 
N/A (5)
 08/2019 —
 —
 —
 —
Certara L.P.#*
One stop L + 5.50% 6.80% 12/2018 2,329
 2,314
 0.3
 2,329
CLP Healthcare Services, Inc.*
Senior loan L + 5.00% 6.30% 12/2020 939
 932
 0.1
 920
Curo Health Services LLC#
Senior loan L + 4.75% 5.93% 02/2022 829
 829
 0.1
 840
DCA Investment Holding, LLC#*
One stop L + 5.25% 6.48% 07/2021 14,639
 14,508
 2.1
 14,639
DCA Investment Holding, LLC#*
One stop L + 5.25% 6.48% 07/2021 13,660
 13,498
 1.9
 13,660
DCA Investment Holding, LLC#*
One stop L + 5.25% 6.48% 07/2021 6,119
 6,015
 0.9
 6,119
DCA Investment Holding, LLCOne stop P + 4.25% 8.50% 07/2021 377
 364
 0.1
 377
DCA Investment Holding, LLC(4)
One stop L + 5.25% 
N/A (5)
 07/2021 —
 (3) —
 —
Deca Dental Management LLCOne stop L + 6.25% 7.55% 07/2020 7,486
 7,417
 1.1
 7,486
Deca Dental Management LLC*
One stop L + 6.25% 7.48% 07/2020 911
 905
 0.1
 911
Deca Dental Management LLCOne stop L + 6.25% 7.48% 07/2020 50
 50
 —
 50
Deca Dental Management LLC(4)
One stop L + 6.25% 
N/A (5)
 07/2020 —
 (7) —
 —
Dental Holdings Corporation*
One stop L + 5.50% 6.67% 02/2020 3,314
 3,283
 0.5
 3,314
Dental Holdings CorporationOne stop L + 5.50% 6.70% 02/2020 505
 499
 0.1
 505
Dental Holdings CorporationOne stop L + 5.50% 6.70% 02/2020 98
 94
 —
 98
eSolutions, Inc.#*
One stop L + 6.50% 7.73% 03/2022 15,153
 14,973
 2.1
 15,001
eSolutions, Inc.(4)
One stop L + 6.50% 
N/A (5)
 03/2022 —
 (1) —
 (1)
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Diversified/Conglomerate Service - (continued)                
Nexus Brands Group, Inc.#
One stop L + 6.00%
(c) 
 7.57% 11/2023 $3,840
 $3,793
 0.5
%$3,801
Nexus Brands Group, Inc.One stop L + 6.00%
(a) 
 7.53% 11/2023 2
 1
 —
 1
Nexus Brands Group, Inc.(5)
One stop L + 6.00%  
N/A(6)
 11/2023 —
 (23) —
 (38)
Quickbase, Inc.#*
One stop L + 6.00%
(c) 
 7.69% 04/2022 28,772
 28,286
 3.5
 28,700
Quickbase, Inc. (5)
One stop L + 6.00%  
N/A(6)
 04/2022 —
 (3) —
 —
Saba Software, Inc.#
One stop L + 5.50%
(b) 
 7.12% 05/2023 26,439
 26,027
 3.3
 26,439
Saba Software, Inc.(5)
One stop L + 5.50%  
N/A(6)
 05/2023 —
 (2) —
 —
Saldon Holdings, Inc.*
Senior loan L + 4.50%
(c) 
 5.98% 09/2022 625
 618
 0.1
 625
Secure-24, LLC*
One stop L + 5.00%
(a) 
 6.57% 08/2019 1,787
 1,780
 0.2
 1,787
Secure-24, LLCOne stop L + 5.00%  
N/A(6)
 08/2019 —
 —
 —
 —
Severin Acquisition, LLC#
Senior loan L + 4.75%
(a) 
 6.32% 07/2021 8,525
 8,423
 1.0
 8,487
Severin Acquisition, LLC*
Senior loan L + 5.37%
(a) 
 6.94% 07/2021 1,423
 1,408
 0.2
 1,445
Severin Acquisition, LLC*
Senior loan L + 5.00%
(a) 
 6.57% 07/2021 1,267
 1,254
 0.2
 1,272
Severin Acquisition, LLC#
Senior loan L + 5.37%
(a) 
 6.94% 07/2021 969
 958
 0.1
 984
Severin Acquisition, LLC*
Senior loan L + 4.87%
(a) 
 6.44% 07/2021 313
 309
 —
 312
Severin Acquisition, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 07/2021 —
 (7) —
 —
Switchfly, Inc.One stop L + 10.00%
(c) 
 9.85% cash/1.50% PIK 04/2020 3,216
 3,106
 0.4
 3,216
Switchfly, Inc.One stop L + 8.50%  
N/A(6)
 04/2020 —
 —
 —
 —
Telesoft, LLC#
One stop L + 5.50%
(c) 
 6.84% 07/2022 5,339
 5,291
 0.7
 5,339
Telesoft, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2022 —
 (1) —
 —
Transaction Data Systems, Inc.*
Senior loan L + 5.25%
(c) 
 6.94% 06/2021 392

387

0.1
 392
Trintech, Inc. #*
One stop L + 6.50%
(a) 
 8.07% 12/2023 6,096
 6,020
 0.7
 6,035
Trintech, Inc. #*
One stop L + 6.50%
(a) 
 7.89% 12/2023 12,044
 11,893
 1.5
 11,924
Trintech, Inc.One stop L + 6.50%
(a) 
 8.07% 12/2023 30
 28
 —
 29
True Commerce, Inc.#
One stop L + 5.75%
(c) 
 7.16% 11/2023 7,161
 7,074
 0.9
 7,090
True Commerce, Inc.(8)(9)
One stop L + 5.75%
(c) 
 7.16% 11/2023 2,811
 2,777
 0.4
 2,850
True Commerce, Inc.One stop L + 5.75%
(c) 
 7.16% 11/2023 935
 924
 0.1
 926
True Commerce, Inc.(5)
One stop L + 5.75%  
N/A(6)
 11/2023 —
 (1) —
 (1)
Valant Medical Solutions, Inc.One stop L + 11.00%
(a) 
 10.18% cash/2.25% PIK 10/2020 1,032
 943
 0.1
 928
Valant Medical Solutions, Inc.One stop L + 11.00%  
N/A(6)
 10/2020 —
 —
 —
 —
Velocity Technology Solutions, Inc.#
One stop L + 6.00%
(c) 
 7.52% 12/2023 10,503
 10,322
 1.3
 10,398
Velocity Technology Solutions, Inc.(5)
One stop L + 6.00%  
N/A(6)
 12/2023 —
 (1) —
 (1)
Vendavo, Inc.One stop L + 8.50%
(c) 
 9.85% 10/2019 4,331
 4,310
 0.5
 4,331
Vendavo, Inc.(5)
One stop L + 8.50%  
N/A(6)
 10/2019 —
 (1) —
 —
Vendor Credentialing Service LLC#*
One stop L + 6.00%
(a) 
 7.57% 11/2021 7,612
 7,532
 0.9
 7,612
Vendor Credentialing Service LLC(5)
One stop L + 6.00%  
N/A(6)
 11/2021 —
 (1) —
 —
Verisys Corporation#
One stop L + 6.75%
(c) 
 8.44% 01/2023 4,793
 4,732
 0.6
 4,793
Verisys Corporation(5)
One stop L + 6.75%  
N/A(6)
 01/2023 —
 (1) —
 —
Workforce Software, LLCOne stop L + 10.50%
(c) 
 4.85% cash/7.00% PIK 06/2021 23,315
 23,205
 2.9
 23,315
Workforce Software, LLCOne stop L + 10.50%
(c) 
 4.85% cash/7.00% PIK 06/2021 51
 51
 —
 51
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
 10.03% cash/0.75% PIK 08/2021 4,671
 4,608
 0.6
 4,671
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
 10.03% cash/0.75% PIK 08/2021 20
 20
 —
 20
           343,268
 338,480
 42.2
 342,147
Ecological                
Pace Analytical Services, LLC#*
One stop L + 6.00%
(a) 
 7.57% 09/2022 15,182
 14,970
 1.9
 15,182
Pace Analytical Services, LLC#
One stop L + 6.00%
(a) 
 7.57% 09/2022 1,412
 1,392
 0.2
 1,412
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.48% 09/2022 420
 375
 —
 420
Pace Analytical Services, LLC*
One stop L + 6.00%
(a) 
 7.57% 09/2022 348

343

—
 348
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.57% 09/2022 25
 24
 —
 25
WRE Holding Corp.#
Senior loan L + 4.75%
(a) 
 6.32% 01/2023 1,319
 1,305
 0.2
 1,319
WRE Holding Corp.Senior loan L + 4.75%
(c) 
 6.31% 01/2023 160
 138
 —
 160
WRE Holding Corp.Senior loan L + 4.75%
(a) 
 6.32% 01/2023 9
 9
 —
 9
WRE Holding Corp.(5)
Senior loan L + 4.75%  
N/A(6)
 01/2023 —
 (3) —
 —
          18,875
 18,553
 2.3
 18,875


11
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Healthcare, Education and Childcare - (continued)              
Excelligence Learning Corporation#
One stop L + 6.00% 7.21% 04/2023 $6,315
 $6,254
 0.9
%$6,252
Eyecare Services Partners Holdings LLC#
One stop L + 6.25% 7.43% 05/2023 10,520
 10,339
 1.5
 10,414
Eyecare Services Partners Holdings LLC(4)
One stop L + 6.25% 
N/A (5)
 05/2023 —
 (3) —
 (2)
Eyecare Services Partners Holdings LLC(4)
One stop L + 6.25% 
N/A (5)
 05/2023 —
 (81) —
 —
Immucor, Inc. #
Senior loan L + 5.00% 6.00% 08/2018 2,244
 2,221
 0.3
 2,267
Kareo, Inc.One stop L + 9.00% 10.29% 06/2022 5,755
 5,495
 0.8
 5,697
Kareo, Inc.One stop L + 9.00% 
N/A (5)
 06/2022 —
 —
 —
 —
Katena Holdings, Inc.*
One stop L + 6.25% 7.55% 06/2021 4,532
 4,501
 0.6
 4,532
Katena Holdings, Inc.*
One stop L + 6.25% 7.55% 06/2021 442
 439
 0.1
 442
Katena Holdings, Inc.One stop P + 5.25% 9.50% 06/2021 54
 53
 —
 54
Lombart Brothers, Inc.#
One stop L + 6.75% 8.05% 04/2022 3,386
 3,331
 0.5
 3,386
Lombart Brothers, Inc.#(7)
One stop L + 6.75% 8.05% 04/2022 1,554
 1,529
 0.2
 1,554
Lombart Brothers, Inc.(7)
One stop L + 6.75% 
N/A (5)
 04/2022 —
 —
 —
 —
Lombart Brothers, Inc.(4)
One stop L + 6.75% 
N/A (5)
 04/2022 —
 (1) —
 —
Maverick Healthcare Group, LLC#
Senior loan P + 8.50% 10.75% cash/
2.00% PIK		 12/2017 639
 639
 0.1
 594
Maverick Healthcare Group, LLCSenior loan P + 6.50% 5.25% cash/
5.50% PIK		 12/2017 27
 27
 —
 27
MWD Management, LLC & MWD Services, Inc.#
One stop L + 5.25% 6.55% 06/2023 1,312
 1,295
 0.2
 1,298
MWD Management, LLC & MWD Services, Inc.(4)
One stop L + 5.25% 
N/A (5)
 06/2022 —
 (1) —
 (1)
MWD Management, LLC & MWD Services, Inc.(4)
One stop L + 5.25% 
N/A (5)
 06/2023 —
 (42) —
 —
Oliver Street Dermatology Holdings, LLC#*
One stop L + 6.50% 7.80% 05/2022 8,828
 8,695
 1.3
 8,828
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50% 7.69% 05/2022 160
 141
 —
 160
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50% 8.10% 05/2022 74
 73
 —
 74
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50% 7.67% 05/2022 46
 45
 —
 46
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50% 7.80% 05/2022 42
 41
 —
 42
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50% 7.80% 05/2022 33
 32
 —
 33
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50% 7.66% 05/2022 30
 30
 —
 30
Pinnacle Treatment Centers, Inc.#
One stop L + 6.25% 7.37% 08/2021 9,772
 9,632
 1.4
 9,772
Pinnacle Treatment Centers, Inc.One stop P + 5.00% 9.25% 08/2021 22
 21
 —
 22
Pinnacle Treatment Centers, Inc.(4)
One stop L + 6.25% 
N/A (5)
 08/2021 —
 (2) —
 —
PPT Management Holdings, LLC#*
One stop L + 6.00% 7.30% 12/2022 11,741
 11,500
 1.7
 11,741
PPT Management Holdings, LLCOne stop L + 6.00% 7.22% 12/2022 150
 146
 —
 150
PPT Management Holdings, LLCOne stop L + 6.00% 7.30% 12/2022 110
 107
 —
 110
Premise Health Holding Corp.*
One stop L + 4.50% 5.80% 06/2020 1,992
 1,992
 0.3
 1,992
Premise Health Holding Corp.One stop L + 4.50% 
N/A (5)
 06/2020 —
 —
 —
 —
Pyramid Healthcare, Inc.One stop L + 6.50% 7.72% 08/2019 84
 82
 —
 84
Radiology Partners, Inc.#
One stop L + 5.75% 7.05% 09/2020 4,410
 4,369
 0.6
 4,410
Radiology Partners, Inc.One stop L + 5.75% 7.05% 09/2020 100
 99
 —
 100
Reliant Pro ReHab, LLC*
Senior loan L + 5.00% 6.30% 12/2017 1,153
 1,152
 0.2
 1,153
Reliant Pro ReHab, LLCSenior loan P + 4.00% 8.25% 12/2017 94
 94
 —
 94
Riverchase MSO, LLC#*
Senior loan L + 5.25% 6.55% 10/2022 4,953
 4,886
 0.7
 4,953
Riverchase MSO, LLCSenior loan L + 5.25% 6.55% 10/2022 21
 20
 —
 21
RXH Buyer Corporation#
One stop L + 5.75% 7.05% 09/2021 11,162
 11,006
 1.6
 10,939
RXH Buyer Corporation*
One stop L + 5.75% 7.05% 09/2021 1,263
 1,254
 0.2
 1,238
RXH Buyer CorporationOne stop L + 5.75% 7.58% 09/2021 55
 52
 —
 51
SLMP, LLC#
One stop L + 6.00% 7.23% 05/2023 2,895
 2,853
 0.4
 2,866
SLMP, LLCOne stop N/A 7.50% PIK 05/2027 109
 109
 —
 109
SLMP, LLC(4)
One stop L + 6.00% 
N/A (5)
 05/2023 —
 (1) —
 (1)
SLMP, LLC(4)
One stop L + 6.00% 
N/A (5)
 05/2023 —
 (28) —
 —
Spear Education, LLC*
One stop L + 5.75% 6.90% 08/2019 3,513
 3,501
 0.5
 3,513
Spear Education, LLCOne stop L + 5.75% 6.90% 08/2019 180
 179
 —
 180
Spear Education, LLCOne stop L + 5.75% 
N/A (5)
 08/2019 —
 —
 —
 —
Summit Behavioral Holdings I, LLC*
One stop L + 5.00% 6.23% 06/2021 4,147
 4,105
 0.6
 4,147
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Electronics              
   
   
   
Appriss Holdings, Inc.#*
One stop L + 6.00%
(c) 
 7.69% 11/2020 $14,730
 $14,594
 1.8
%$14,583
Appriss Holdings, Inc.(5)
One stop L + 6.00%  
N/A(6)
 11/2020 —
 (10) —
 (14)
Compusearch Software Holdings, Inc.*
Senior loan L + 4.50%
(c) 
 6.07% 05/2021 835
 834
 0.1
 835
Diligent Corporation#*
One stop L + 6.25%
(c) 
 7.94% 04/2022 31,619
 30,976
 3.9
 31,619
Diligent Corporation#
One stop L + 6.25%
(c) 
 7.94% 04/2022 7,846
 7,743
 1.0
 7,846
Diligent Corporation#*
One stop L + 6.25%
(c) 
 7.94% 04/2022 8,868
 8,742
 1.1
 8,868
Diligent Corporation(5)
One stop L + 6.25%  
N/A(6)
 04/2022 —
 (2) —
 —
Gamma Technologies, LLC*
One stop L + 4.75%
(a) 
 6.32% 06/2021 4,924
 4,895
 0.6
 4,924
Gamma Technologies, LLC(5)
One stop L + 5.00%  
N/A(6)
 06/2021 —
 (1) —
 —
LD Intermediate Holdings, Inc.*
Senior loan L + 5.87%
(c) 
 7.27% 12/2022 2,861
 2,671
 0.3
 2,570
Park Place Technologies LLC#*
Senior loan L + 5.00%
(c) 
 6.69% 06/2022 12,151
 12,043
 1.5
 12,151
Park Place Technologies LLC(5)
Senior loan L + 5.00%  
N/A(6)
 06/2022 —
 (2) —
 —
SEI, Inc.#
Senior loan L + 4.75%
(a) 
 6.32% 07/2021 3,148
 3,122
 0.4
 3,148
Sloan Company, Inc., The#
One stop L + 7.25%
(c) 
 8.94% 04/2020 3,580
 3,549
 0.4
 3,133
Sloan Company, Inc., TheOne stop L + 7.25%
(c) 
 8.70% 04/2020 38
 37
 —
 31
Sovos Compliance#*
One stop L + 6.00%
(a) 
 7.57% 03/2022 32,339
 31,885
 4.0
 32,339
Sovos Compliance*
One stop L + 6.00%
(a) 
 7.57% 03/2022 5,413
 5,339
 0.7
 5,413
Sovos ComplianceOne stop L + 6.00%  
N/A(6)
 03/2022 —

—

—
 —
Sovos Compliance(5)
One stop L + 6.00%  
N/A(6)
 03/2022 —
 (2) —
 —
          128,352
 126,413
 15.8
 127,446
Grocery                
Teasdale Quality Foods, Inc.*
Senior loan L + 4.75%
(c) 
 6.09% 10/2020 122
 121
 —
 122
         
 
 
  
Healthcare, Education and Childcare              
   
   
   
Active Day, Inc.#*
One stop L + 6.00%
(a) 
 7.57% 12/2021 11,497
 11,363
 1.4
 11,497
Active Day, Inc.*
One stop L + 6.00%
(a) 
 7.57% 12/2021 887
 881
 0.1
 887
Active Day, Inc.One stop L + 6.00%
(a) 
 7.57% 12/2021 572
 569
 0.1
 572
Active Day, Inc.One stop L + 6.00%
(a) 
 7.57% 12/2021 395
 392
 0.1
 395
Active Day, Inc.(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (1) —
 —
Active Day, Inc.(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (12) —
 —
Acuity Eyecare Holdings, LLC#
One stop L + 6.75%
(b) 
 8.28% 03/2022 4,817
 4,756
 0.6
 4,817
Acuity Eyecare Holdings, LLCOne stop L + 6.75%
(b) 
 8.37% 03/2022 807
 766
 0.1
 807
Acuity Eyecare Holdings, LLCOne stop P + 5.75%
(e) 
 10.25% 03/2022 8
 7
 —
 8
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75%
(c) 
 7.44% 05/2022 21,849
 21,476
 2.7
 21,412
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75%
(c) 
 7.44% 05/2022 108
 107
 —
 106
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75%
(c) 
 7.44% 05/2022 84
 79
 —
 79
ADCS Clinics Intermediate Holdings, LLC*
One stop L + 5.75%
(c) 
 7.44% 05/2022 32
 31
 —
 31
ADCS Clinics Intermediate Holdings, LLC(5)
One stop L + 5.75%  
N/A(6)
 05/2022 —
 (2) —
 (2)
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00%
(a) 
 6.57% 02/2018 5,593
 5,592
 0.6
 5,033
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00%
(a) 
 6.57% 02/2018 383
 383
 —
 344
Advanced Pain Management Holdings, Inc.Senior loan L + 5.00%  
N/A(6)
 02/2018 —
 —
 —
 —
Agilitas USA, Inc.#
One stop L + 6.00%
(c) 
 7.34% 04/2022 1,971
 1,954
 0.2
 1,931
Agilitas USA, Inc.One stop L + 6.00%
(c) 
 7.34% 04/2022 10
 9
 —
 8
Agilitas USA, Inc.(5)
One stop L + 6.00%  
N/A(6)
 04/2022 —
 (14) —
 —
Apothecary Products, LLC*
Senior loan L + 4.00%
(c) 
 5.72% 02/2019 1,857
 1,857
 0.2
 1,857
Apothecary Products, LLCSenior loan L + 4.00%
(c) 
 5.74% 02/2019 211
 211
 —
 211
Aris Teleradiology Company, LLC#*
Senior loan L + 5.50%
(c) 
 7.19% 03/2021 2,500
 2,483
 0.3
 2,150
Aris Teleradiology Company, LLCSenior loan L + 5.50%
(c) 
 6.88% 03/2021 25
 25
 —
 22
Avalign Technologies, Inc.*
Senior loan L + 4.50%
(a) 
 6.07% 07/2021 948
 946
 0.1
 948
BIORECLAMATIONIVT, LLC#*
One stop L + 5.75%
(a) 
 7.32% 01/2021 13,907
 13,760
 1.7
 13,907
BIORECLAMATIONIVT, LLCOne stop P + 4.75%
(e) 
 9.25% 01/2021 55
 54
 —
 55
California Cryobank, LLC*
One stop L + 5.50%
(c) 
 7.19% 08/2019 2,514
 2,514
 0.3
 2,514
California Cryobank, LLC*
One stop L + 5.50%
(c) 
 7.19% 08/2019 964
 954
 0.1
 964
California Cryobank, LLC*
One stop L + 5.50%
(c) 
 7.19% 08/2019 322
 322
 —
 322
California Cryobank, LLCOne stop L + 5.50%  
N/A(6)
 08/2019 —
 —
 —
 —


12
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Healthcare, Education and Childcare - (continued)              
Summit Behavioral Holdings I, LLCOne stop L + 5.00% 6.23% 06/2021 $114
 $112
 —
%$114
Summit Behavioral Holdings I, LLCOne stop L + 5.00% 6.23% 06/2021 15
 15
 —
 15
WHCG Management, LLC#*
Senior loan L + 4.75% 6.05% 03/2023 6,207
 6,134
 0.9
 6,207
WHCG Management, LLC(4)
Senior loan L + 4.75% 
N/A (5)
 03/2023 —
 (1) —
 —
WHCG Management, LLC(4)
Senior loan L + 4.75% 
N/A (5)
 03/2023 —
 (54) —
 —
WIRB-Copernicus Group, Inc.#
Senior loan L + 5.00% 6.30% 08/2022 9,410
 9,330
 1.3
 9,410
WIRB-Copernicus Group, Inc.#
Senior loan L + 5.00% 6.30% 08/2022 5,435
 5,390
 0.8
 5,435
WIRB-Copernicus Group, Inc.Senior loan L + 5.00% 
N/A (5)
 08/2022 —
 —
 —
 —
Young Innovations, Inc.#
Senior loan L + 5.00% 6.30% 01/2019 134
 133
 —
 134
         262,836
 259,209
 37.2
 261,283
Home and Office Furnishings, Housewares, and Durable Consumer               
1A Smart Start LLC#
Senior loan L + 4.50% 5.80% 02/2022 600
 597
 0.1
 599
CST Buyer Company*
Senior loan L + 6.25% 7.61% 03/2023 3,359
 3,272
 0.5
 3,359
CST Buyer Company(4)
Senior loan L + 6.25% 
N/A (5)
 03/2023 —
 (1) —
 —
Plano Molding Company, LLC#
One stop L + 7.50% 8.63% 05/2021 7,009
 6,933
 0.9
 6,588
         10,968
 10,801
 1.5
 10,546
Hotels, Motels, Inns, and Gaming              
   
   
   
Aimbridge Hospitality, LLC#*
One stop L + 5.50% 6.72% 06/2022 11,072
 10,879
 1.6
 10,878
Aimbridge Hospitality, LLCOne stop L + 5.50% 6.72% 06/2022 302
 276
 —
 279
Aimbridge Hospitality, LLC(4)
One stop L + 5.50% 
N/A (5)
 06/2022 —
 (1) —
 (1)
         11,374
 11,154
 1.6
 11,156
Insurance               
Captive Resources Midco, LLC#*
One stop L + 5.75% 6.95% 06/2020 7,950
 7,888
 1.1
 7,950
Captive Resources Midco, LLC(4)
One stop L + 5.75% 
N/A (5)
 06/2020 —
 (3) —
 —
Captive Resources Midco, LLC(4)
One stop L + 5.75% 
N/A (5)
 06/2020 —
 (8) —
 —
Higginbotham Insurance Agency, Inc.*
Senior loan L + 5.00% 6.23% 11/2021 1,375
 1,366
 0.2
 1,375
Internet Pipeline, Inc.#*
One stop L + 7.25% 8.48% 08/2022 10,326
 10,170
 1.5
 10,223
Internet Pipeline, Inc.#*
One stop L + 6.25% 7.42% 08/2022 4,461
 4,417
 0.6
 4,417
Internet Pipeline, Inc.(4)
One stop L + 7.25% 
N/A (5)
 08/2021 —
 (1) —
 —
RSC Acquisition, Inc.#*
Senior loan L + 5.25% 6.55% 11/2022 4,013
 3,993
 0.6
 3,993
RSC Acquisition, Inc.(4)
Senior loan L + 5.25% 
N/A (5)
 11/2022 —
 (34) —
 (36)
          28,125
 27,788
 4.0
 27,922
Leisure, Amusement, Motion Pictures, Entertainment               
NFD Operating, LLC*
One stop L + 7.00% 8.25% 06/2021 2,175
 2,149
 0.3
 2,175
NFD Operating, LLCOne stop L + 7.00% 
N/A (5)
 06/2021 —
 —
 —
 —
NFD Operating, LLC(4)
One stop L + 7.00% 
N/A (5)
 06/2021 —
 (1) —
 —
PADI Holdco, Inc.#
One stop L + 6.50% 7.80% 04/2023 25,593
 25,221
 3.6
 25,209
PADI Holdco, Inc.One stop L + 6.50% 7.80% 04/2022 53
 51
 —
 51
Self Esteem Brands, LLC#*
Senior loan L + 4.75% 5.98% 02/2020 9,855
 9,786
 1.4
 9,855
Teaching Company, The#*
One stop L + 6.25% 7.37% 08/2020 12,117
 12,060
 1.7
 11,633
Teaching Company, TheOne stop L + 6.25% 7.73% 08/2020 113
 112
 —
 107
Titan Fitness, LLC*
One stop L + 7.00% 8.25% 09/2019 1,959
 1,959
 0.3
 1,959
Titan Fitness, LLCOne stop L + 7.00% 8.25% 09/2019 295
 293
 —
 295
Titan Fitness, LLC#
One stop L + 7.00% 8.25% 09/2019 259
 259
 —
 259
Titan Fitness, LLCOne stop L + 7.00% 
N/A (5)
 09/2019 —
 —
 —
 —
Titan Fitness, LLC(4)
One stop L + 7.00% 
N/A (5)
 09/2019 —
 (2) —
 —
         52,419
 51,887
 7.3
 51,543
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.#
One stop L + 11.00% 10.25% cash/
2.00% PIK		 08/2018 194
 194
 —
 156
Benetech, Inc.One stop P + 9.75% 11.97% cash/
2.00% PIK		 08/2018 16
 16
 —
 6
         210
 210
 —
 162
                
                
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Healthcare, Education and Childcare - (continued)              
   
   
   
CLP Healthcare Services, Inc.*
Senior loan L + 5.25%
(c) 
 6.94% 12/2020 $934
 $928
 0.1
%$915
Curo Health Services LLC#
Senior loan L + 4.00%
(c) 
 5.41% 02/2022 825
 825
 0.1
 826
DCA Investment Holding, LLC#*
One stop L + 5.25%
(c) 
 6.94% 07/2021 13,589
 13,449
 1.6
 13,352
DCA Investment Holding, LLC#*
One stop L + 5.25%
(c) 
 6.94% 07/2021 14,564
 14,450
 1.8
 14,309
DCA Investment Holding, LLC#*
One stop L + 5.25%
(c) 
 6.94% 07/2021 6,088
 5,997
 0.7
 5,981
DCA Investment Holding, LLCOne stop L + 5.25%
(a) 
 6.80% 07/2021 153
 150
 —
 149
DCA Investment Holding, LLC(5)
One stop L + 5.25%  
N/A(6)
 07/2021 —
 (12) —
 (25)
DCA Investment Holding, LLC(5)
One stop L + 5.25%  
N/A(6)
 07/2021 —
 (194) —
 (196)
Deca Dental Management LLCOne stop L + 6.25%
(c) 
 7.94% 07/2020 7,486
 7,428
 0.9
 7,486
Deca Dental Management LLC*
One stop L + 6.25%
(c) 
 7.80% 07/2020 911
 906
 0.1
 911
Deca Dental Management LLCOne stop L + 6.25%
(a) 
 7.82% 07/2020 50
 50
 —
 50
Deca Dental Management LLC(5)
One stop L + 6.25%  
N/A(6)
 07/2020 —
 (6) —
 —
Dental Holdings Corporation*
One stop L + 5.50%
(c) 
 6.88% 02/2020 3,314
 3,289
 0.4
 3,247
Dental Holdings CorporationOne stop L + 5.50%
(c) 
 6.88% 02/2020 505
 501
 0.1
 495
Dental Holdings CorporationOne stop L + 5.50%
(c)(e) 
 7.74% 02/2020 196
 193
 —
 187
eSolutions, Inc.#*
One stop L + 6.50%
(a) 
 8.07% 03/2022 18,583
 18,391
 2.3
 18,583
eSolutions, Inc.(5)
One stop L + 6.50%  
N/A(6)
 03/2022 —
 (1) —
 —
Excelligence Learning Corporation#
One stop L + 6.00%
(a) 
 7.57% 04/2023 6,284
 6,228
 0.8
 6,284
Eyecare Services Partners Holdings LLC#
One stop L + 6.25%
(c) 
 7.94% 05/2023 10,467
 10,303
 1.3
 10,467
Eyecare Services Partners Holdings LLCOne stop L + 6.25%
(c) 
 7.73% 05/2023 8,666
 8,507
 1.1
 8,666
Eyecare Services Partners Holdings LLCOne stop P + 5.25%
(e) 
 9.75% 05/2023 7
 4
 —
 7
Eyecare Services Partners Holdings LLC(5)
One stop L + 6.25%  
N/A(6)
 05/2023 —
 (58) —
 —
G & H Wire Company, Inc.#
One stop L + 5.50%
(c) 
 7.19% 09/2023 1,146
 1,135
 0.2
 1,146
G & H Wire Company, Inc.(5)
One stop L + 5.50%  
N/A(6)
 09/2023 —
 (1) —
 —
Immucor, Inc. #
Senior loan L + 5.00%
(a) 
 6.57% 06/2021 2,050
 2,031
 0.3
 2,087
Kareo, Inc.One stop L + 9.00%
(b) 
 10.41% 06/2022 5,755
 5,521
 0.7
 5,755
Kareo, Inc.One stop L + 9.00%  
N/A(6)
 06/2022 —
 —
 —
 —
Katena Holdings, Inc.*
One stop L + 6.75%
(c) 
 8.44% 06/2021 4,509
 4,471
 0.6
 4,509
Katena Holdings, Inc.*
One stop L + 6.75%
(c) 
 
N/A(6)
 06/2021 440
 437
 0.1
 440
Katena Holdings, Inc.#
One stop L + 6.75%
(c) 
 8.44% 06/2021 303
 299
 —
 303
Katena Holdings, Inc.One stop P + 5.75%
(e) 
 10.25% 06/2021 89
 88
 —
 89
Lombart Brothers, Inc.#
One stop L + 6.75%
(c) 
 8.44% 04/2022 3,369
 3,320
 0.4
 3,369
Lombart Brothers, Inc.#(8)
One stop L + 6.75%
(c) 
 8.44% 04/2022 1,546
 1,524
 0.2
 1,546
Lombart Brothers, Inc.(8)
One stop L + 6.75%  
N/A(6)
 04/2022 —
 —
 —
 —
Lombart Brothers, Inc.(5)
One stop L + 6.75%  
N/A(6)
 04/2022 —
 (1) —
 —
Maverick Healthcare Group, LLC#
Senior loan L + 7.50%
(a) 
 7.25% cash/2.00% PIK 12/2017 646
 646
 0.1
 614
Maverick Healthcare Group, LLCSenior loan P + 6.50%
(e) 
 5.50% cash/5.50% PIK 12/2017 27
 27
 —
 27
MWD Management, LLC & MWD Services, Inc.#
One stop L + 5.25%
(c) 
 6.94% 06/2023 1,305
 1,290
 0.2
 1,305
MWD Management, LLC & MWD Services, Inc.(5)
One stop L + 5.25%  
N/A(6)
 06/2022 —
 (1) —
 —
MWD Management, LLC & MWD Services, Inc.(5)
One stop L + 5.25%  
N/A(6)
 06/2023 —
 (38) —
 —
Oliver Street Dermatology Holdings, LLC#*
One stop L + 6.50%
(c) 
 8.19% 05/2022 8,783
 8,665
 1.1
 8,783
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 8.18% 05/2022 1,899
 1,883
 0.2
 1,899
Oliver Street Dermatology Holdings, LLC#
One stop L + 6.50%
(c) 
 8.19% 05/2022 1,051
 1,042
 0.1
 1,051
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 7.96% 05/2022 816
 809
 0.1
 816
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 8.09% 05/2022 343
 329
 —
 343
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 8.19% 05/2022 46
 45
 —
 46
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 8.19% 05/2022 42
 41
 —
 42
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 8.19% 05/2022 33
 32
 —
 33
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 8.19% 05/2022 30
 30
 —
 30
Oliver Street Dermatology Holdings, LLC(5)
One stop L + 6.50%  
N/A(6)
 05/2022 —
 (1) —
 —
ONsite Mammography, LLCOne stop L + 6.75%
(a) 
 8.32% 11/2023 2,859
 2,824
 0.4
 2,831
ONsite Mammography, LLC(5)
One stop L + 6.75%  
N/A(6)
 11/2023 —
 (1) —
 —
ONsite Mammography, LLC(5)
One stop L + 6.75%  
N/A(6)
 11/2023 —
 (14) —
 (11)
Pinnacle Treatment Centers, Inc.#
One stop L + 6.25%
(b) 
 7.87% 08/2021 9,723
 9,600
 1.2
 9,723
Pinnacle Treatment Centers, Inc.One stop P + 5.00%
(e) 
 9.50% 08/2021 30
 29
 —
 30


13
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Oil and Gas               
Drilling Info, Inc.*
One stop L + 6.15% 7.45% 06/2020 $3,803
 $3,764
 0.6
%$3,803
Drilling Info, Inc.*
One stop L + 6.25% 7.54% 06/2020 926
 913
 0.1
 926
         4,729
 4,677
 0.7
 4,729
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLC*
One stop L + 5.50% 6.80% 11/2021 4,885
 4,849
 0.7
 4,885
Georgica Pine Clothiers, LLC#
One stop L + 5.50% 6.80% 11/2021 427
 423
 0.1
 427
Georgica Pine Clothiers, LLC*
One stop L + 5.50% 6.80% 11/2021 299
 297
 —
 299
Georgica Pine Clothiers, LLCOne stop L + 5.50% 6.80% 11/2021 38
 37
 —
 38
IMPLUS Footwear, LLC#
One stop L + 6.75% 8.04% 04/2021 13,912
 13,793
 2.0
 13,912
IMPLUS Footwear, LLC#
One stop L + 6.75% 7.91% 04/2021 2,449
 2,428
 0.4
 2,449
Massage Envy, LLC*
One stop L + 6.75% 8.05% 09/2020 3,160
 3,139
 0.5
 3,160
Massage Envy, LLCOne stop L + 6.75% 7.93% 09/2020 100
 99
 —
 100
Massage Envy, LLCOne stop L + 6.75% 7.97% 09/2020 72
 71
 —
 72
Massage Envy, LLCOne stop L + 6.75% 7.97% 09/2020 21
 20
 —
 21
Massage Envy, LLCOne stop L + 6.75% 8.01% 09/2020 10
 10
 —
 10
Orthotics Holdings, Inc.#
One stop L + 6.00% 7.23% 02/2020 3,704
 3,670
 0.5
 3,704
Orthotics Holdings, Inc.#(7)
One stop L + 6.00% 7.23% 02/2020 607
 602
 0.1
 607
Orthotics Holdings, Inc.(4)(7)
One stop L + 6.00% 
N/A (5)
 02/2020 —
 (1) —
 —
Orthotics Holdings, Inc.(4)
One stop L + 6.00% 
N/A (5)
 02/2020 —
 (5) —
 —
Team Technologies Acquisition Company*
Senior loan L + 5.00% 6.25% 12/2017 269
 269
 —
 268
Team Technologies Acquisition Company#
Senior loan L + 5.50% 6.75% 12/2017 50
 50
 —
 50
Team Technologies Acquisition CompanySenior loan L + 5.00% 
N/A (5)
 12/2017 —
 —
 —
 —
         30,003
 29,751
 4.3
 30,002
Personal, Food and Miscellaneous Services               
Clarkson Eyecare LLC#*
One stop L + 6.25% 7.55% 04/2021 17,234
 17,031
 2.4
 17,234
Clarkson Eyecare LLCOne stop L + 6.25% 7.55% 04/2021 8,551
 8,485
 1.2
 8,551
Clarkson Eyecare LLC#
One stop L + 6.25% 7.55% 04/2021 2,963
 2,941
 0.4
 2,963
Clarkson Eyecare LLC#
One stop L + 6.25% 7.55% 04/2021 2,523
 2,505
 0.4
 2,523
Clarkson Eyecare LLC#
One stop L + 6.25% 7.55% 04/2021 665
 665
 0.1
 665
Clarkson Eyecare LLCOne stop L + 6.25% 7.55% 04/2021 718
 664
 0.1
 718
Clarkson Eyecare LLC#
One stop L + 6.25% 7.55% 04/2021 490
 481
 0.1
 490
Clarkson Eyecare LLCOne stop L + 6.25% 7.55% 04/2021 277
 272
 —
 277
Community Veterinary Partners, LLC(4)
One stop L + 5.50% 
N/A (5)
 10/2021 —
 (1) —
 —
Ignite Restaurant Group, Inc (Joe's Crab Shack)*(6)
One stop P + 6.00% 10.25% 02/2019 1,038
 1,039
 0.1
 395
PetVet Care Centers LLC#
One stop L + 6.00% 7.22% 06/2023 11,010
 10,902
 1.6
 10,900
PetVet Care Centers LLCOne stop L + 6.00% 7.22% 06/2023 14
 11
 —
 11
PetVet Care Centers LLC(4)
One stop L + 6.00% 
N/A (5)
 06/2023 —
 (59) —
 (60)
R.G. Barry Corporation#Senior loan L + 5.00% 6.23% 09/2019 1,265
 1,265
 0.2
 1,265
Southern Veterinary Partners, LLC*
One stop L + 5.00% 6.13% 06/2020 1,585
 1,573
 0.2
 1,577
Southern Veterinary Partners, LLCOne stop L + 5.00% 
N/A (5)
 06/2020 —
 —
 —
 —
Southern Veterinary Partners, LLC(4)
One stop L + 5.00% 
N/A (5)
 06/2020 —
 (19) —
 —
Vetcor Professional Practices LLC#*
One stop L + 6.25% 7.55% 04/2021 27,346
 26,928
 3.9
 27,346
Vetcor Professional Practices LLCOne stop L + 6.25% 7.55% 04/2021 2,366
 2,329
 0.3
 2,366
Vetcor Professional Practices LLCOne stop L + 6.25% 7.55% 04/2021 1,622
 1,501
 0.2
 1,622
Vetcor Professional Practices LLC#
One stop L + 6.25% 7.55% 04/2021 630
 624
 0.1
 630
Vetcor Professional Practices LLC*
One stop L + 6.25% 7.55% 04/2021 624
 615
 0.1
 624
Vetcor Professional Practices LLC*
One stop L + 6.25% 7.55% 04/2021 490
 490
 0.1
 490
Vetcor Professional Practices LLC*
One stop L + 6.25% 7.55% 04/2021 477
 470
 0.1
 477
Vetcor Professional Practices LLC*
One stop L + 6.25% 7.55% 04/2021 188
 186
 —
 188
Vetcor Professional Practices LLC*
One stop L + 6.25% 7.55% 04/2021 154
 152
 —
 154
Vetcor Professional Practices LLC(4)
One stop L + 6.25% 
N/A (5)
 04/2021 —
 (4) —
 —
Veterinary Specialists of North America, LLC#*
One stop L + 5.25% 6.42% 07/2021 3,862
 3,820
 0.5
 3,862
Veterinary Specialists of North America, LLCOne stop L + 5.25% 6.55% 07/2021 49
 41
 —
 49
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Healthcare, Education and Childcare - (continued)                
Pinnacle Treatment Centers, Inc.(5)
One stop L + 6.25%  
N/A(6)
 08/2021 $—
 $(2) —
%$—
PPT Management Holdings, LLC#*
One stop P + 5.00%
(e) 
 9.50% 12/2022 11,682
 11,464
 1.4
 11,449
PPT Management Holdings, LLCOne stop P + 5.00%
(e) 
 9.50% 12/2022 135
 135
 —
 132
PPT Management Holdings, LLCOne stop L + 6.00%
(a) 
 7.57% 12/2022 100
 96
 —
 96
PPT Management Holdings, LLCOne stop P + 5.00%
(e) 
 9.50% 12/2022 38
 30
 —
 31
Premise Health Holding Corp.*
One stop L + 4.50%
(c) 
 6.19% 06/2020 1,982
 1,982
 0.2
 1,982
Premise Health Holding Corp.One stop L + 4.50%  
N/A(6)
 06/2020 —
 —
 —
 —
Radiology Partners, Inc.#
One stop L + 5.75%
(c)(d) 
 7.59% 12/2023 9,215
 9,146
 1.1
 9,123
Radiology Partners, Inc.One stop L + 5.75%
(d) 
 7.59% 12/2023 9,152
 8,969
 1.1
 9,004
Radiology Partners, Inc.(5)
One stop L + 5.75%  
N/A(6)
 12/2023 —
 (3) —
 (2)
Reliant Pro ReHab, LLC*
Senior loan L + 5.00%
(c) 
 6.69% 12/2018 1,135
 1,135
 0.2
 1,135
Reliant Pro ReHab, LLCSenior loan P + 4.00%
(e) 
 8.25% 12/2018 87
 87
 —
 87
Riverchase MSO, LLC#*
Senior loan L + 5.25%
(a) 
 6.82% 10/2022 4,928
 4,867
 0.6
 4,928
Riverchase MSO, LLCSenior loan L + 5.25%
(a)(c) 
 6.82% 10/2022 37
 37
 —
 37
RXH Buyer Corporation#
One stop L + 5.75%
(c) 
 7.44% 09/2021 11,106
 10,969
 1.4
 11,106
RXH Buyer Corporation*
One stop L + 5.75%
(c) 
 7.44% 09/2021 1,257
 1,249
 0.2
 1,257
RXH Buyer CorporationOne stop L + 5.75%
(c)(e) 
 8.22% 09/2021 70
 68
 —
 70
SLMP, LLCOne stop L + 6.00%
(a) 
 7.57% 05/2023 5,640
 5,559
 0.7
 5,640
SLMP, LLC#
One stop L + 6.00%
(a) 
 7.57% 05/2023 4,737
 4,670
 0.6
 4,689
SLMP, LLCOne stop N/A  7.50% PIK 05/2027 109
 109
 —
 114
SLMP, LLC(5)
One stop L + 6.00%  
N/A(6)
 05/2023 —
 (1) —
 (1)
SLMP, LLC(5)
One stop L + 6.00%  
N/A(6)
 05/2023 —
 (11) —
 —
Spear Education, LLC*
One stop L + 6.25%
(c) 
 7.58% 08/2019 3,495
 3,486
 0.4
 3,495
Spear Education, LLCOne stop L + 6.25%
(c) 
 7.58% 08/2019 179
 179
 —
 179
Spear Education, LLCOne stop L + 6.25%  
N/A(6)
 08/2019 —
 —
 —
 —
Summit Behavioral Healthcare, LLC#
Senior loan L + 4.75%
(b) 
 6.37% 10/2023 2,419
 2,395
 0.3
 2,395
Summit Behavioral Healthcare, LLCSenior loan L + 4.75%
(b) 
 6.37% 10/2023 9
 8
 —
 8
Summit Behavioral Healthcare, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 10/2023 —
 (8) —
 (9)
WHCG Management, LLC*
Senior loan L + 4.75%
(c) 
 6.44% 03/2023 3,980
 3,937
 0.5
 3,980
WHCG Management, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 03/2023 —
 (1) —
 —
WHCG Management, LLC(5)
Senior loan L + 4.75%  
N/A(6)
 03/2023 —
 (23) —
 —
WIRB-Copernicus Group, Inc.#
Senior loan L + 5.00%
(c) 
 6.69% 08/2022 9,363
 9,291
 1.2
 9,363
WIRB-Copernicus Group, Inc.Senior loan L + 5.00%  
N/A(6)
 08/2022 —
 —
 —
 —
          292,633
 288,670
 35.7
 289,663
Home and Office Furnishings, Housewares, and Durable Consumer       
 
 
  

1A Smart Start LLC*
Senior loan L + 4.50%
(a) 
 6.19% 02/2022 355
 355
 —
 356
CST Buyer Company*
One stop L + 6.25%
(c) 
 7.75% 03/2023 3,198
 3,122
 0.4
 3,198
CST Buyer Company(5)
One stop L + 6.25%  
N/A(6)
 03/2023 —
 (1) —
 —
Plano Molding Company, LLC#
One stop L + 7.50%
(a) 
 8.99% 05/2021 6,338
 6,275
 0.7
 5,387
          9,891
 9,751
 1.1
 8,941
Hotels, Motels, Inns, and Gaming          
  

  

  
   
Aimbridge Hospitality, LLC#*
One stop L + 5.50%
(a) 
 7.07% 06/2022 5,032
 4,953
 0.6
 5,032
Aimbridge Hospitality, LLCOne stop L + 5.50%
(a) 
 7.07% 06/2022 62
 57
 —
 62
Aimbridge Hospitality, LLC(5)
One stop L + 5.50%  
N/A(6)
 06/2022 —
 (1) —
 —
          5,094
 5,009
 0.6
 5,094
Insurance               
Captive Resources Midco, LLC#*
One stop L + 6.00%
(a) 
 7.57% 12/2021 12,906
 12,717
 1.6
 12,712
Captive Resources Midco, LLC(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (5) —
 (6)
Captive Resources Midco, LLC(5)
One stop L + 6.00%  
N/A(6)
 12/2021 —
 (15) —
 (15)
Internet Pipeline, Inc.#*
One stop L + 7.25%
(a) 
 8.82% 08/2022 10,326
 10,187
 1.3
 10,496


14
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Personal, Food and Miscellaneous Services - (continued)              
Veterinary Specialists of North America, LLC#
One stop L + 5.25% 6.43% 07/2021 $33
 $33
 —
%$33
Veterinary Specialists of North America, LLC(4)
One stop L + 5.25% 
N/A (5)
 07/2021 —
 (1) —
 —
Wetzel's Pretzels, LLC*
One stop L + 6.75% 7.83% 09/2021 6,231
 6,138
 0.9
 6,231
Wetzel's Pretzels, LLC(4)
One stop L + 6.75% 
N/A (5)
 09/2021 —
 (1) —
 —
          92,405
 91,076
 13.0
 91,581
Printing and Publishing               
Brandmuscle, Inc.#
Senior loan L + 5.00% 6.30% 12/2021 539
 535
 0.1
 544
Marketo, Inc.One stop L + 9.50% 10.80% 08/2021 20,640
 20,129
 2.9
 20,640
Marketo, Inc.(4)
One stop L + 9.50% 
N/A (5)
 08/2021 —
 (1) —
 —
         21,179
 20,663
 3.0
 21,184
Retail Stores               
Batteries Plus Holding Corporation#*
One stop L + 6.75% 7.98% 07/2022 13,119
 12,944
 1.9
 13,119
Batteries Plus Holding Corporation(4)
One stop L + 6.75% 
N/A (5)
 07/2022 —
 (2) —
 —
CVS Holdings I, LP#*
One stop L + 6.25% 7.48% 08/2021 17,184
 16,960
 2.5
 17,184
CVS Holdings I, LP#
One stop L + 6.25% 7.48% 08/2021 248
 244
 —
 248
CVS Holdings I, LP(4)
One stop L + 6.25% 
N/A (5)
 08/2020 —
 (2) —
 —
CVS Holdings I, LP(4)
One stop L + 6.25% 
N/A (5)
 08/2021 —
 (7) —
 —
Cycle Gear, Inc.*
One stop L + 6.50% 7.65% 01/2020 7,591
 7,524
 1.1
 7,591
Cycle Gear, Inc.(4)
One stop L + 6.50% 
N/A (5)
 01/2020 —
 (7) —
 —
Cycle Gear, Inc.(4)
One stop L + 6.50% 
N/A (5)
 01/2020 —
 (8) —
 —
DTLR, Inc.#*
One stop L + 6.50% 7.67% 10/2020 9,705
 9,640
 1.4
 9,705
Elite Sportswear, L.P.#
Senior loan L + 5.25% 6.55% 03/2020 3,101
 3,077
 0.4
 3,108
Elite Sportswear, L.P.#
Senior loan L + 5.00% 6.30% 03/2020 1,247
 1,237
 0.2
 1,242
Elite Sportswear, L.P.#
Senior loan L + 5.25% 6.55% 03/2020 642
 637
 0.1
 643
Elite Sportswear, L.P.Senior loan P + 3.75% 8.00% 03/2020 330
 327
 —
 328
Elite Sportswear, L.P.#
Senior loan L + 5.25% 6.55% 03/2020 97
 97
 —
 98
Elite Sportswear, L.P.#
Senior loan L + 5.25% 6.49% 03/2020 93
 93
 —
 94
Elite Sportswear, L.P.One stop L + 5.00% 6.62% 06/2018 17
 17
 —
 17
Feeders Supply Company, LLC#*
One stop L + 5.75% 6.98% 04/2021 4,822
 4,775
 0.7
 4,822
Feeders Supply Company, LLCSubordinated debt N/A 12.50% cash/
7.00% PIK		 04/2021 54
 54
 —
 54
Feeders Supply Company, LLCOne stop L + 5.75% 
N/A (5)
 04/2021 —
 —
 —
 —
Marshall Retail Group, LLC, The#
One stop L + 6.00% 7.15% 08/2020 3,150
 3,150
 0.5
 3,150
Marshall Retail Group, LLC, TheOne stop P + 4.75% 9.00% 08/2019 115
 115
 —
 115
Mills Fleet Farm Group LLC#*
One stop L + 5.50% 6.73% 02/2022 11,650
 11,142
 1.7
 11,650
Pet Holdings ULC#(7)(8)
One stop L + 5.50% 6.65% 07/2022 32,430
 31,886
 4.6
 32,430
Pet Holdings ULC(7)(8)
One stop P + 4.50% 8.75% 07/2022 120
 117
 —
 120
Pet Holdings ULC(7)(8)
One stop L + 5.50% 6.62% 07/2022 28
 27
 —
 28
Sneaker Villa, Inc.#
One stop L + 7.75% 8.98% 12/2020 172
 170
 —
 172
         105,915
 104,207
 15.1
 105,918
Telecommunications              
   
   
   
NetMotion Wireless Holdings, Inc.*One stop L + 6.25% 7.55% 10/2021 7,297
 7,203
 1.0
 7,297
NetMotion Wireless Holdings, Inc.(4)
One stop L + 6.25% 
N/A (5)
 10/2021 —
 (1) —
 —
          7,297
 7,202
 1.0
 7,297
Textile and Leather              
   
   
   
SHO Holding I Corporation*
Senior loan L + 5.00% 6.23% 10/2022 1,922
 1,886
 0.3
 1,922
SHO Holding I CorporationSenior loan L + 4.00% 5.15% 10/2021 16
 16
 —
 14
          1,938
 1,902
 0.3
 1,936
                
                
                
                
                
                
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Insurance - (continued)               
Internet Pipeline, Inc.(8)
One stop L + 6.50%  8.07% 08/2022 $3,595
 $3,550
 0.4
%$3,587
Internet Pipeline, Inc.#*
One stop L + 6.25%
(a) 
 7.74% 08/2022 4,439

4,399

0.5
 4,345
Internet Pipeline, Inc.*
One stop L + 6.25%
(a) 
 7.74% 08/2022 1,680
 1,665
 0.2
 1,645
Internet Pipeline, Inc.(5)
One stop L + 7.25%  
N/A(6)
 08/2021 —
 (1) —
 1
RSC Acquisition, Inc.#*
Senior loan L + 5.25%
(c) 
 6.94% 11/2022 13,832
 13,782
 1.7
 13,763
RSC Acquisition, Inc.(5)
Senior loan L + 5.25%  
N/A(6)
 11/2022 —
 (55) —
 (33)
           46,778
 46,224
 5.7
 46,495
Leisure, Amusement, Motion Pictures, Entertainment               
NFD Operating, LLC*
One stop L + 7.00%
(a) 
 8.36% 06/2021 2,164
 2,142
 0.3
 2,164
NFD Operating, LLCOne stop L + 7.00%  
N/A(6)
 06/2021 —
 —
 —
 —
NFD Operating, LLC(5)
One stop L + 7.00%  
N/A(6)
 06/2021 —
 (1) —
 —
PADI Holdco, Inc.#
One stop L + 6.50%
(c) 
 8.20% 04/2023 25,465
 25,127
 3.1
 25,465
PADI Holdco, Inc.One stop L + 6.50%
(c) 
 8.20% 04/2022 49
 47
 —
 49
Self Esteem Brands, LLC#*
Senior loan L + 4.75%
(a) 
 6.32% 02/2020 9,454
 9,399
 1.2
 9,454
Teaching Company, The#*
One stop L + 7.00%
(a)(c) 
 8.48% 08/2020 12,156
 12,107
 1.5
 12,156
Teaching Company, TheOne stop L + 7.00%
(a)(e) 
 8.55% 08/2020 80
 79
 —
 80
Titan Fitness, LLC*
One stop L + 6.50%
(a) 
 7.86% 09/2019 1,948

1,948

0.2
 1,948
Titan Fitness, LLC*
One stop L + 6.50%
(a) 
 7.86% 09/2019 294
 293
 0.1
 294
Titan Fitness, LLC#
One stop L + 6.50%
(a) 
 7.86% 09/2019 258
 258
 —
 258
Titan Fitness, LLC*
One stop L + 6.50%
(a) 
 7.86% 09/2019 139
 137
 —
 139
Titan Fitness, LLCOne stop L + 6.50%  
N/A(6)
 09/2019 —

—

—
 —
          52,007
 51,536
 6.4
 52,007
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.#
One stop L + 11.00%
(a) 
 10.57% cash/2.00% PIK 08/2018 190
 190
 —
 171
Benetech, Inc.One stop P + 9.75%
(a)(e) 
 12.13% cash/2.00% PIK 08/2018 9
 9
 —
 4
         
199

199

—
 175
Oil and Gas               
Drilling Info, Inc.#*
One stop L + 6.25%
(c) 
 7.94% 06/2020 26,565
 26,347
 3.2
 26,299
Drilling Info, Inc.One stop L + 6.25%  
N/A(6)
 06/2020 —
 —
 —
 —
          26,565
 26,347
 3.2
 26,299
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLC*
One stop L + 5.50%
(c) 
 7.19% 11/2021 4,860
 4,829
 0.6
 4,860
Georgica Pine Clothiers, LLC#
One stop L + 5.50%
(c) 
 7.19% 11/2021 425
 421
 0.1
 425
Georgica Pine Clothiers, LLC*
One stop L + 5.50%
(c) 
 7.19% 11/2021 298
 296
 —
 298
Georgica Pine Clothiers, LLCOne stop L + 5.50%
(c) 
 7.19% 11/2021 48
 47
 —
 48
IMPLUS Footwear, LLC#
One stop L + 6.75%
(c) 
 8.44% 04/2021 13,474
 13,370
 1.7
 13,474
IMPLUS Footwear, LLC#
One stop L + 6.75%
(c) 
 8.35% 04/2021 2,372
 2,354
 0.3
 2,372
Massage Envy, LLC*
One stop L + 6.75%
(b)(e) 
 8.37% 09/2020 3,144
 3,126
 0.4
 3,144
Massage Envy, LLC*
One stop L + 6.75%
(c)(e) 
 8.18% 09/2020 99
 99
 —
 99
Massage Envy, LLC*
One stop L + 6.75%
(c)(e) 
 8.24% 09/2020 95
 94
 —
 95
Massage Envy, LLC*
One stop L + 6.75%
(c)(e) 
 8.25% 09/2020 71
 71
 —
 71
Massage Envy, LLC*
One stop L + 6.75%
(c) 
 8.11% 09/2020 46
 45
 —
 46
Massage Envy, LLC*
One stop L + 6.75%
(c)(e) 
 8.35% 09/2020 31
 30
 —
 31
Massage Envy, LLCOne stop L + 6.75%
(c) 
 8.44% 09/2020 7
 7
 —
 7
Massage Envy, LLC(5)
One stop L + 6.75%  
N/A(6)
 09/2020 —
 (1) —
 —
Orthotics Holdings, Inc.#
One stop L + 6.00%
(a) 
 7.57% 02/2020 3,685

3,658

0.4
 3,611
Orthotics Holdings, Inc.#(8)
One stop L + 6.00%
(a) 
 7.57% 02/2020 604
 600
 0.1
 592
Orthotics Holdings, Inc.(8)
One stop L + 6.00%  
N/A(6)
 02/2020 —
 —
 —
 —
Orthotics Holdings, Inc.(5)
One stop L + 6.00%  
N/A(6)
 02/2020 —
 (4) —
 (2)
Team Technologies Acquisition Company*
Senior loan L + 5.00%
(c)(e) 
 6.37% 12/2018 260
 259
 —
 259
Team Technologies Acquisition Company#
Senior loan L + 5.50%
(c)(e) 
 6.87% 12/2018 48
 48
 —
 48
Team Technologies Acquisition CompanySenior loan L + 5.00%  
N/A(6)
 12/2018 —
 —
 —
 —
          29,567
 29,349
 3.6
 29,478
Personal, Food and Miscellaneous Services               
Captain D's, LLC#
Senior loan L + 4.50%
(a) 
 5.98% 12/2023 8,238
 8,115
 1.0
 8,155


15
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Utilities              
   
   
   
Arcos, LLC*
One stop L + 6.00% 7.30% 02/2021 $3,411
 $3,384
 0.5
%$3,411
Arcos, LLCOne stop L + 6.00% 
N/A (5)
 02/2021 —
 —
 —
 —
PowerPlan Holdings, Inc.*
Senior loan L + 4.75% 6.05% 02/2022 2,528
 2,503
 0.4
 2,528
PowerPlan Holdings, Inc.*
Senior loan L + 4.75% 5.98% 02/2022 805
 790
 0.1
 805
          6,744
 6,677
 1.0
 6,744
Total non-controlled/non-affiliate company debt investments     $1,245,040
 $1,227,268
 176.0
%$1,236,695
                 
   
  
Equity investments (9)(10)
               
Aerospace and Defense               
Whitcraft LLCCommon stock N/A N/A N/A 7
 $688
 0.1
%$688
                
Automobile               
Polk Acquisition Corp.LP interest N/A N/A N/A 4
 401
 —
 340
                
Beverage, Food and Tobacco               
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 17
 84
 —
 57
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 8
 24
 —
 16
P&P Food Safety US Acquisition, Inc.LLC interest N/A N/A N/A 2
 203
 —
 217
Purfoods, LLCLLC interest N/A N/A N/A 355
 355
 0.1
 412
           666
 0.1
 702
Chemicals, Plastics and Rubber               
Flexan, LLCPreferred stock N/A N/A N/A —
 40
 —
 47
Flexan, LLCCommon stock N/A N/A N/A —
 —
 —
 10
           40
 —
 57
Diversified/Conglomerate Manufacturing               
Inventus Power, Inc.Preferred stock N/A N/A N/A —
 259
 —
 25
Inventus Power, Inc.Common stock N/A N/A N/A —
 —
 —
 —
Reladyne, Inc.LP interest N/A N/A N/A —
 242
 0.1
 423
           501
 0.1
 448
Diversified/Conglomerate Service               
Actiance, Inc.Warrant N/A N/A N/A 248
 59
 —
 74
Agility Recovery Solutions Inc.Preferred stock N/A N/A N/A 30
 152
 —
 206
Bomgar CorporationCommon stock N/A N/A N/A 1
 620
 0.1
 591
Bomgar CorporationCommon stock N/A N/A N/A 415
 6
 —
 —
HealthcareSource HR, Inc.LLC interest N/A N/A N/A —
 165
 —
 176
Host Analytics, Inc.Warrant N/A N/A N/A 154
 58
 —
 121
Maverick Bidco Inc.LLC units N/A N/A N/A 1
 597
 0.1
 597
Project Alpha Intermediate Holding, Inc.Common stock N/A N/A N/A —
 399
 0.1
 431
Project Alpha Intermediate Holding, Inc.Common stock N/A N/A N/A 99
 4
 —
 102
Quickbase, Inc.Common stock N/A N/A N/A 615
 412
 0.1
 802
Switchfly, Inc.Warrant N/A N/A N/A 79
 114
 —
 113
Verisys CorporationLLC interest N/A N/A N/A 318
 318
 0.1
 318
Workforce Software, LLCLLC units N/A N/A N/A 1,309
 1,309
 0.2
 1,418
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A N/A N/A 41
 33
 —
 30
           4,246
 0.7
 4,979
Ecological               
Pace Analytical Services, LLCCommon stock N/A N/A N/A 3
 274
 —
 331
                
Electronics               
Diligent Corporation (11)
Preferred stock N/A N/A N/A 535
 424
 0.1
 781
Gamma Technologies, LLCLLC units N/A N/A N/A 1
 82
 —
 241
SEI, Inc.LLC units N/A N/A N/A 207
 161
 0.1
 245
Sloan Company, Inc., TheLLC units N/A N/A N/A —
 59
 —
 4
Sloan Company, Inc., TheLLC units N/A N/A N/A 1
 7
 —
 —
                
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Personal, Food and Miscellaneous Services - (continued)               
Captain D's, LLCSenior loan L + 4.50%
(a) 
 6.03% 12/2023 $44
 $43
 —
%$44
Clarkson Eyecare LLC#*
One stop L + 6.25%
(c) 
 7.94% 04/2021 17,146
 16,971
 2.1
 16,632
Clarkson Eyecare LLCOne stop L + 6.25%
(c) 
 7.94% 04/2021 8,508
 8,451
 1.0
 8,252
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.94% 04/2021 2,949
 2,929
 0.4
 2,860
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.94% 04/2021 2,510
 2,494
 0.3
 2,435
Clarkson Eyecare LLCOne stop L + 6.25%
(c) 
 7.94% 04/2021 715
 669
 0.1
 693
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.94% 04/2021 661
 661
 0.1
 641
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.94% 04/2021 488
 480
 0.1
 473
Clarkson Eyecare LLCOne stop L + 6.25%
(c) 
 7.94% 04/2021 277
 273
 —
 259
Community Veterinary Partners, LLCOne stop L + 5.50%
(c) 
 7.19% 10/2021 1,770
 1,737
 0.2
 1,770
Community Veterinary Partners, LLC*
One stop L + 5.50%
(c) 
 7.19% 10/2021 100
 98
 —
 100
PetVet Care Centers LLC#
One stop L + 6.00%
(c) 
 7.69% 06/2023 10,955
 10,856
 1.3
 10,955
PetVet Care Centers LLCOne stop L + 6.00%
(c) 
 7.55% 06/2023 3,964
 3,910
 0.5
 3,964
PetVet Care Centers LLCOne stop P + 5.00%
(e) 
 9.50% 06/2023 250
 248
 —
 250
R.G. Barry Corporation#
Senior loan L + 5.00%
(a) 
 6.57% 09/2019 1,200
 1,200
 0.1
 1,200
Southern Veterinary Partners, LLCOne stop L + 5.00%
(a) 
 6.57% 06/2020 3,625
 3,625
 0.4
 3,625
Southern Veterinary Partners, LLC*
One stop L + 5.50%
(a) 
 7.07% 06/2020 1,581
 1,571
 0.2
 1,581
Southern Veterinary Partners, LLCOne stop L + 5.50%
(a) 
 7.07% 06/2020 1,044
 1,044
 0.1
 1,044
Southern Veterinary Partners, LLCOne stop L + 5.50%
(a) 
 7.07% 06/2020 23
 23
 —
 23
Southern Veterinary Partners, LLC(5)
One stop L + 5.50%  
N/A(6)
 06/2020 —
 (44) —
 —
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.69% 04/2021 6,576
 6,471
 0.8
 6,576
Vetcor Professional Practices LLC#*
One stop L + 6.00%
(c) 
 7.69% 04/2021 27,206
 26,845
 3.4
 27,206
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.69% 04/2021 2,354
 2,322
 0.3
 2,354
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
 7.69% 04/2021 626
 622
 0.1
 626
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.69% 04/2021 621
 613
 0.1
 621
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.69% 04/2021 488
 488
 0.1
 488
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.69% 04/2021 475
 469
 0.1
 475
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.69% 04/2021 187

186

—
 187
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.69% 04/2021 153
 152
 —
 153
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.69% 04/2021 133
 129
 —
 133
Vetcor Professional Practices LLC(5)
One stop L + 6.00%  
N/A(6)
 04/2021 —
 (179) —
 —
Veterinary Specialists of North America, LLC#*
One stop L + 5.50%
(c) 
 6.88% 07/2021 3,843
 3,807
 0.5
 3,843
Veterinary Specialists of North America, LLC*
One stop L + 5.50%
(c) 
 6.93% 07/2021 230
 229
 —
 230
Veterinary Specialists of North America, LLC*
One stop L + 5.50%
(c) 
 6.95% 07/2021 89
 88
 —
 89
Veterinary Specialists of North America, LLC#
One stop L + 5.50%
(c) 
 6.91% 07/2021 33
 33
 —
 33
Veterinary Specialists of North America, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2021 —
 (1) —
 —
Veterinary Specialists of North America, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2021 —
 (6) —
 —
Veterinary Specialists of North America, LLC(5)
One stop L + 5.50%  
N/A(6)
 07/2021 —
 (15) —
 —
Wetzel's Pretzels, LLC*
One stop L + 6.75%
(a) 
 8.11% 09/2021 5,868
 5,789
 0.7
 5,868
Wetzel's Pretzels, LLC(5)
One stop L + 6.75%  
N/A(6)
 09/2021 —
 (1) —
 —
           114,930
 113,395
 14.0
 113,838
Printing and Publishing               
Brandmuscle, Inc.*
Senior loan L + 5.00%
(c) 
 6.69% 12/2021 536
 532
 0.1
 540
Marketo, Inc.One stop L + 9.50%
(c) 
 11.19% 08/2021 20,640
 20,191
 2.5
 20,640
Marketo, Inc.(5)
One stop L + 9.50%  
N/A(6)
 08/2021 —
 (1) —
 —
          21,176
 20,722
 2.6
 21,180
Retail Stores               
Batteries Plus Holding Corporation#*
One stop L + 6.75%
(a) 
 8.32% 07/2022 11,467
 11,315
 1.4
 11,467
Batteries Plus Holding Corporation(5)
One stop L + 6.75%  
N/A(6)
 07/2022 —
 (2) —
 —
CVS Holdings I, LP#*
One stop L + 6.25%
(a) 
 7.82% 08/2021 17,095
 16,901
 2.1
 17,095
CVS Holdings I, LP#
One stop L + 6.25%
(a) 
 7.82% 08/2021 247
 243
 —
 247
CVS Holdings I, LPOne stop L + 6.25%
(a) 
 7.82% 08/2021 34
 29
 —
 34
CVS Holdings I, LP(5)
One stop L + 6.25%  
N/A(6)
 08/2020 —
 (2) —
 —
Cycle Gear, Inc.*
One stop L + 6.50%
(c) 
 7.84% 01/2020 7,552
 7,499
 0.9
 7,552
Cycle Gear, Inc.*
One stop L + 6.50%
(a) 
 7.86% 01/2020 710
 704
 0.1
 710


16
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Electronics - (continued)               
Syncsort IncorporatedPreferred stock N/A N/A N/A 78
 $194
 0.1
%$494
           927
 0.3
 1,765
Healthcare, Education and Childcare               
Active Day, Inc.LLC interest N/A N/A N/A 1
 529
 0.1
 585
Acuity Eyecare Holdings, LLCLLC interest N/A N/A N/A 419
 419
 0.1
 419
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A N/A N/A 1
 596
 0.1
 567
ADCS Clinics Intermediate Holdings, LLCCommon stock N/A N/A N/A —
 6
 —
 —
BIORECLAMATIONIVT, LLCLLC units N/A N/A N/A —
 323
 0.1
 467
DCA Investment Holding, LLCLLC units N/A N/A N/A 5,253
 525
 0.1
 607
DCA Investment Holding, LLCLLC units N/A N/A N/A 53
 5
 —
 48
Deca Dental Management LLCLLC units N/A N/A N/A 651
 651
 0.1
 748
Dental Holdings CorporationLLC units N/A N/A N/A 359
 359
 0.1
 352
Encore GC Acquisition, LLCLLC units N/A N/A N/A 8
 81
 —
 70
Encore GC Acquisition, LLCLLC units N/A N/A N/A 8
 —
 —
 —
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A —
 304
 0.1
 304
Eyecare Services Partners Holdings LLCLLC units N/A N/A N/A —
 3
 —
 3
Kareo, Inc.Warrant N/A N/A N/A 27
 203
 —
 203
Katena Holdings, Inc.LLC units N/A N/A N/A —
 205
 —
 199
Lombart Brothers, Inc.Common stock N/A N/A N/A —
 123
 —
 163
MWD Management, LLC & MWD Services, Inc.LLC interest N/A N/A N/A 154
 154
 —
 154
Oliver Street Dermatology Holdings, LLCLLC units N/A N/A N/A 218
 218
 —
 275
Pinnacle Treatment Centers, Inc.Preferred stock N/A N/A N/A —
 216
 —
 195
Pinnacle Treatment Centers, Inc.Common stock N/A N/A N/A 2
 2
 —
 —
RXH Buyer CorporationLP interest N/A N/A N/A 4
 443
 —
 132
SLMP, LLCLLC interest N/A N/A N/A 334
 334
 0.1
 334
WHCG Management, LLCLLC interest N/A N/A N/A —
 281
 —
 281
           5,980
 0.9
 6,106
Insurance               
Internet Pipeline, Inc. (11)
Preferred stock N/A N/A N/A —
 153
 —
 175
Internet Pipeline, Inc.Common stock N/A N/A N/A 93
 2
 0.1
 232
           155
 0.1
 407
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.#
LLC interest N/A N/A N/A —
 —
 —
 —
Benetech, Inc.#
LLC interest N/A N/A N/A —
 —
 —
 —
           —
 —
 —
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLCLLC units N/A N/A N/A 9
 91
 —
 92
                
Personal, Food and Miscellaneous Services               
Clarkson Eyecare LLCLLC units N/A N/A N/A —
 63
 —
 131
Community Veterinary Partners, LLCCommon stock N/A N/A N/A 1
 98
 —
 119
Southern Veterinary Partners, LLCLLC units N/A N/A N/A —
 49
 —
 49
Southern Veterinary Partners, LLCLLC units N/A N/A N/A 52
 3
 —
 3
Vetcor Professional Practices LLCLLC units N/A N/A N/A 498
 298
 0.1
 325
Vetcor Professional Practices LLCLLC units N/A N/A N/A 55
 55
 0.1
 601
Veterinary Specialists of North America, LLCLLC units N/A N/A N/A —
 56
 —
 78
Wetzel's Pretzels, LLCCommon stock N/A N/A N/A —
 149
 —
 166
           771
 0.2
 1,472
Printing and Publishing               
Brandmuscle, Inc.LLC interest N/A N/A N/A —
 207
 —
 203
                
Retail Stores               
Batteries Plus Holding CorporationLP interest N/A N/A N/A 5
 505
 0.1
 626
Cycle Gear, Inc.LLC units N/A N/A N/A 8
 111
 —
 174
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Retail Stores - (continued)               
Cycle Gear, Inc.One stop L + 6.50%
(a)(c)(e) 
 7.95% 01/2020 $300
 $294
 0.1
%$300
DTLR, Inc.#*
One stop L + 6.50%
(c) 
 7.87% 08/2022 19,655
 19,382
 2.4
 19,655
Feeders Supply Company, LLC#*
One stop L + 5.75%
(a) 
 7.32% 04/2021 4,637
 4,597
 0.6
 4,637
Feeders Supply Company, LLCSubordinated Debt N/A  12.50% cash/7.00% PIK 04/2021 56
 56
 —
 56
Feeders Supply Company, LLCOne stop L + 5.75%  
N/A(6)
 04/2021 —
 —
 —
 —
Marshall Retail Group, LLC, The#
One stop L + 6.00%
(c) 
 7.34% 08/2020 3,150
 3,150
 0.4
 3,150
Marshall Retail Group, LLC, TheOne stop L + 6.00%  
N/A(6)
 08/2019 —
 —
 —
 —
Mills Fleet Farm Group LLC#*
One stop L + 5.50%
(a) 
 7.07% 02/2022 5,650
 5,431
 0.7
 5,650
Pet Holdings ULC#(8)(10)
One stop L + 5.50%
(c) 
 6.84% 07/2022 32,267
 31,779
 4.0
 32,267
Pet Holdings ULC(8)(10)
One stop L + 5.50%
(a)(c) 
 6.90% 07/2022 56
 55
 —
 56
Pet Holdings ULC(8)(10)
One stop P + 4.50%
(e) 
 9.00% 07/2022 30
 28
 —
 30
PetPeople Enterprises, LLC*
One stop L + 6.00%
(a) 
 7.57% 09/2023 2,367
 2,339
 0.3
 2,367
PetPeople Enterprises, LLC(5)
One stop L + 6.00%  
N/A(6)
 09/2023 —
 (1) —
 —
PetPeople Enterprises, LLC(5)
One stop L + 6.00%  
N/A(6)
 09/2023 —
 (2) —
 —
          105,273
 103,795
 13.0
 105,273
Telecommunications             
   
   
   
NetMotion Wireless Holdings, Inc.*
One stop L + 6.75%
(c) 
 8.44% 10/2021 7,034
 6,936
 0.9
 7,034
NetMotion Wireless Holdings, Inc.(5)
One stop L + 6.75%  
N/A(6)
 10/2021 —

(1)
—
 —
           7,034
 6,935
 0.9
 7,034
Textile and Leather             
   
   
   
SHO Holding I Corporation*
Senior loan L + 5.00%
(b) 
 6.42% 10/2022 1,912
 1,880
 0.2
 1,874
SHO Holding I CorporationSenior loan L + 4.00%
(a)(b) 
 5.48% 10/2021 16

16

—
 13
           1,928
 1,896
 0.2
 1,887
Utilities             
   
   
   
Arcos, LLC*
One stop L + 6.00%
(c) 
 7.69% 02/2021 3,411
 3,388
 0.4
 3,411
Arcos, LLCOne stop L + 6.00%  
N/A(6)
 02/2021 —
 —
 —
 —
PowerPlan Holdings, Inc.*
Senior loan L + 5.25%
(a) 
 6.82% 02/2022 2,515
 2,493
 0.3
 2,515
PowerPlan Holdings, Inc.*
Senior loan L + 5.25%
(a) 
 6.82% 02/2022 805
 792
 0.1
 805
           6,731
 6,673
 0.8
 6,731
Total non-controlled/non-affiliate company debt investments      $1,444,253
 $1,424,979
 176.7
%$1,434,503
                  
   
  
Equity investments(11)(12)
                
Aerospace and Defense        
 
 
  

Whitcraft LLCCommon stock N/A
  
 N/A N/A 7

$688

0.1
%$592
                 
Automobile                
Grease Monkey International, LLCLLC units N/A
  
 N/A N/A 448
 448
 0.1
 448
Polk Acquisition Corp.LP interest N/A
  
 N/A N/A 4
 401
 —
 235
            849
 0.1
 683
Beverage, Food and Tobacco                
Cafe Rio Holding, Inc.Common stock N/A
  
 N/A N/A 3
 283
 —
 283
Global ID CorporationLLC interest N/A
  
 N/A N/A 2
 240
 0.1
 286
Hopdoddy Holdings, LLCLLC units N/A
  
 N/A N/A 17
 84
 —
 73
Hopdoddy Holdings, LLCLLC units N/A
  
 N/A N/A 8
 24
 —
 21
Purfoods, LLCLLC interest N/A
  
 N/A N/A 355
 355
 —
 371
            986
 0.1
 1,034
Chemicals, Plastics and Rubber                
Flexan, LLCPreferred stock N/A
  
 N/A N/A —
 40
 —
 49
Flexan, LLCCommon stock N/A
  
 N/A N/A —

—

—
 6
            40
 —
 55
Diversified/Conglomerate Manufacturing                
Inventus Power, Inc.Preferred stock N/A
  
 N/A N/A —
 259
 —
 —
Inventus Power, Inc.Common stock N/A
  
 N/A N/A —

—

—
 —
                 


17
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Retail Stores - (continued)               
Elite Sportswear, L.P.LLC interest N/A N/A N/A —
 $70
 —
%$55
Feeders Supply Company, LLCPreferred stock N/A N/A N/A 2
 179
 —
 199
Feeders Supply Company, LLCCommon stock N/A N/A N/A —
 —
 —
 89
Pet Holdings ULC(7)(8)
LP interest N/A N/A N/A 222
 188
 —
 195
           1,053
 0.1
 1,338
Utilities               
PowerPlan Holdings, Inc.Common stock N/A N/A N/A —
 116
 —
 115
PowerPlan Holdings, Inc.Common stock N/A N/A N/A 68
 1
 —
 104
           117
 —
 219
                
Total non-controlled/non-affiliate company equity investments       $16,117
 2.6
%$19,147
                
Total non-controlled/non-affiliate company investments     $1,245,040
 $1,243,385
 178.6
%$1,255,842
                
                
                
Controlled affiliate company investments(12)
            
Equity investments               
Investment Funds and Vehicles               
GCIC Senior Loan Fund LLC(7)(13)
LLC interest N/A N/A N/A   $47,175
 6.9
%$48,118
                
Total controlled affiliate company equity investments       $47,175
 6.9
%$48,118
                
Total controlled affiliate company investments     
 $47,175
 6.9
%$48,118
                
Total investments     $1,245,040
 $1,290,560
 185.5
%$1,303,960
           
Cash and cash equivalents and restricted cash and cash equivalents        
   
   
   
Cash and restricted cash        
 $47,427
 6.8
%$47,427
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) 
0.61% (14)
      
 309
 0.1
 309
Total cash and cash equivalents and restricted cash and cash equivalents     $47,736
 6.9
%$47,736
           
Total investments and cash and cash equivalents and restricted cash and cash equivalents     $1,338,296
 192.4
%$1,351,696
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Diversified/Conglomerate Manufacturing - (continued)                
Reladyne, Inc.LP interest N/A
  
 N/A N/A —
 $242
 —
%$404
            501
 —
 404
Diversified/Conglomerate Service                
Accela, Inc.LLC units N/A
  
 N/A N/A 374
 374
 0.1
 374
Agility Recovery Solutions Inc.Preferred stock N/A
  
 N/A N/A 30

152

—
 199
Bomgar CorporationCommon stock N/A
  
 N/A N/A 1
 620
 0.1
 709
Bomgar CorporationCommon stock N/A
  
 N/A N/A 415
 6
 —
 75
HealthcareSource HR, Inc.LLC interest N/A
  
 N/A N/A —
 165
 —
 167
Host Analytics, Inc.Warrant N/A
  
 N/A N/A 154
 58
 —
 133
Maverick Bidco Inc.LLC units N/A
  
 N/A N/A 1
 597
 0.1
 616
MMan Acquisition Co.LP interest N/A
  
 N/A N/A 334
 334
 —
 334
Net Health Acquisition Corp.LP interest N/A
  
 N/A N/A —
 436
 0.1
 436
Nexus Brands Group, Inc.LP interest N/A
  
 N/A N/A —
 172
 —
 172
Project Alpha Intermediate Holding, Inc.Common stock N/A
  
 N/A N/A —
 399
 0.1
 413
Project Alpha Intermediate Holding, Inc.Common stock N/A
  
 N/A N/A 99
 4
 —
 —
Quickbase, Inc.Common stock N/A
  
 N/A N/A 615
 260
 0.1
 800
Switchfly, Inc.Warrant N/A
  
 N/A N/A 79
 114
 —
 172
Valant Medical Solutions, Inc.Warrant N/A
  
 N/A N/A 6
 86
 —
 86
Verisys CorporationLLC interest N/A
  
 N/A N/A 318
 318
 0.1
 339
Workforce Software, LLCLLC units N/A
  
 N/A N/A 1,309
 1,309
 0.2
 1,555
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A
  
 N/A N/A 41
 33
 —
 14
            5,437
 0.9
 6,594
Ecological          
 
  

Pace Analytical Services, LLCCommon stock N/A
  
 N/A N/A 3
 302
 —
 348
                 
Electronics                
Diligent CorporationPreferred stock N/A
  
 N/A N/A 535
 424
 0.1
 999
Gamma Technologies, LLCLLC units N/A
  
 N/A N/A 1
 82
 —
 215
SEI, Inc.LLC units N/A
  
 N/A N/A 207
 161
 0.1
 346
Sloan Company, Inc., TheLLC units N/A
  
 N/A N/A —
 59
 —
 —
Sloan Company, Inc., TheLLC units N/A
  
 N/A N/A 1
 7
 —
 —
            733
 0.2
 1,560
Healthcare, Education and Childcare                
Active Day, Inc.LLC interest N/A
  
 N/A N/A 1
 529
 0.1
 580
Acuity Eyecare Holdings, LLCLLC interest N/A
  
 N/A N/A 419

419

0.1
 521
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A
  
 N/A N/A 1
 596
 0.1
 524
ADCS Clinics Intermediate Holdings, LLCCommon stock N/A
  
 N/A N/A —
 6
 —
 —
BIORECLAMATIONIVT, LLCLLC units N/A
  
 N/A N/A —
 360
 0.1
 544
DCA Investment Holding, LLCLLC units N/A
  
 N/A N/A 5,253
 525
 0.1
 630
DCA Investment Holding, LLCLLC units N/A
  
 N/A N/A 53
 5
 —
 11
Deca Dental Management LLCLLC units N/A
  
 N/A N/A 651
 651
 0.1
 730
Dental Holdings CorporationLLC units N/A
  
 N/A N/A 359
 359
 —
 228
Encore GC Acquisition, LLCLLC units N/A
  
 N/A N/A 8
 81
 —
 71
Encore GC Acquisition, LLCLLC units N/A
  
 N/A N/A 8
 —
 —
 —
Eyecare Services Partners Holdings LLCLLC units N/A
  
 N/A N/A —
 304
 —
 275
Eyecare Services Partners Holdings LLCLLC units N/A
  
 N/A N/A —
 3
 —
 —
G & H Wire Company, IncLLC interest N/A
  
 N/A N/A 187
 187
 —
 187
Kareo, Inc.Warrant N/A
  
 N/A N/A 27
 203
 —
 70
Katena Holdings, Inc.LLC units N/A
  
 N/A N/A —
 205
 —
 152
Lombart Brothers, Inc.Common stock N/A
  
 N/A N/A —
 123
 —
 110
MWD Management, LLC & MWD Services, Inc.LLC interest N/A
  
 N/A N/A 154
 154
 —
 137


18
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Healthcare, Education and Childcare - (continued)                
Oliver Street Dermatology Holdings, LLCLLC units N/A
  
 N/A N/A 218
 $218
 —
%$335
Pinnacle Treatment Centers, Inc.Preferred stock N/A
  
 N/A N/A —
 216
 0.1
 214
Pinnacle Treatment Centers, Inc.Common stock N/A
  
 N/A N/A 2
 2
 —
 —
RXH Buyer CorporationLP interest N/A
  
 N/A N/A 4
 443
 —
 160
SLMP, LLCLLC interest N/A
  
 N/A N/A 378
 378
 0.1
 403
Summit Behavioral Healthcare, LLCLLC interest N/A
  
 N/A N/A 1
 86
 —
 86
WHCG Management, LLCLLC interest N/A
  
 N/A N/A —
 281
 —
 275
            6,334
 0.8
 6,243
Insurance                
Internet Pipeline, Inc.Preferred stock N/A
  
 N/A N/A —

153

—
 189
Internet Pipeline, Inc.Common stock N/A
  
 N/A N/A 93
 2
 0.1
 305
            155
 0.1
 494
Leisure, Amusement, Motion Pictures, Entertainment               
PADI Holdco, Inc.LLC units N/A
  
 N/A N/A 1

539

0.1
 542
                 
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.LLC interest N/A
  
 N/A N/A 2
 —
 —
 —
Benetech, Inc.LLC interest N/A
  
 N/A N/A 2

—

—
 —
            —
 —
 —
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLCLLC units N/A
  
 N/A N/A 9
 91
 —
 107
                 
Personal, Food and Miscellaneous Services                
Captain D's, LLCLLC interest N/A
  
 N/A N/A 88
 88
 —
 88
Clarkson Eyecare LLCLLC units N/A
  
 N/A N/A —
 63
 —
 57
Community Veterinary Partners, LLCCommon stock N/A
  
 N/A N/A 1
 126
 —
 162
Southern Veterinary Partners, LLCLLC units N/A
  
 N/A N/A —
 49
 —
 52
Southern Veterinary Partners, LLCLLC units N/A
  
 N/A N/A 52
 3
 —
 63
Vetcor Professional Practices LLCLLC units N/A
  
 N/A N/A 498
 234
 0.1
 273
Vetcor Professional Practices LLCLLC units N/A
  
 N/A N/A 55
 55
 0.1
 754
Veterinary Specialists of North America, LLCLLC units N/A
  
 N/A N/A —
 56
 —
 75
Wetzel's Pretzels, LLCCommon stock N/A
  
 N/A N/A —
 149
 —
 191
            823
 0.2
 1,715
Printing and Publishing                
Brandmuscle, Inc.LLC interest N/A
  
 N/A N/A —
 207
 —
 159
                 
Retail Stores                
Batteries Plus Holding CorporationLP interest N/A
  
 N/A N/A 5
 505
 0.1
 688
Cycle Gear, Inc.LLC units N/A
  
 N/A N/A 8
 111
 —
 160
Elite Sportswear, L.P.LLC interest N/A
  
 N/A N/A —
 70
 —
 34
Feeders Supply Company, LLCPreferred stock N/A
  
 N/A N/A 2
 179
 0.1
 208
Feeders Supply Company, LLCCommon stock N/A
  
 N/A N/A —

—

—
 124
Pet Holdings ULC(7)(8)
LP interest N/A
  
 N/A N/A 222
 188
 —
 235
            1,053
 0.2
 1,449
Utilities                
PowerPlan Holdings, Inc.Common stock N/A
  
 N/A N/A —

116

—
 116
PowerPlan Holdings, Inc.Common stock N/A
  
 N/A N/A 68
 1
 —
 190
           
117

—
 306
                 
Total non-controlled/non-affiliate company equity investments
$18,855

2.8
%$22,285
                 
Total non-controlled/non-affiliate company investments $1,444,253
 $1,443,834
 179.5
%$1,456,788
                 


19
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (4)
Controlled affiliate company investments(13)
             
Equity investments                
Investment Funds and Vehicles                
GCIC Senior Loan Fund LLC(8)(15)
LLC interest N/A  N/A N/A 55,312
 $55,312
 6.9
%$56,361
                 
Total controlled affiliate company equity investments
$55,312

6.9
%$56,361
                 
Total controlled affiliate company investments
$55,312

6.9
%$56,361
                 
Total investments
$1,444,253

$1,499,146

186.4
%$1,513,149
           
Cash and cash equivalents and restricted cash and cash equivalents         
   
   
   
Cash and restricted cash
$35,077
 4.3
%$35,077
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)  
1.18% (14)
      
 21
 —
 21
Total cash and cash equivalents and restricted cash and cash equivalents
$35,098

4.3
%$35,098
           
Total investments and cash and cash equivalents and restricted cash and cash equivalents
$1,534,244

190.7
%$1,548,247
 
# 
 Denotes that all or a portion of the investment collateralizes the Credit Facility (as defined in Note 8).
* 
 
Denotes that all or a portion of the investment secures the notes offered in the GCIC 2016 Debt Securitization (as defined in Note 8).

(1)(1)
The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’) or Prime (‘‘P’’) and which reset daily, monthly, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect as of December 31, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of December 29, 2017, which was the last business day of the period on which LIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2017, as the loan may have priced or repriced based on an index rate prior to December 29, 2017.

(a) Denotes that all or a portion of the investments bear interest at a rate that may be determined by referenceloan was indexed to London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’) or Prime (‘‘P’’) andthe 30-day LIBOR, which reset daily, monthly, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at June 30, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect at June 30,was 1.56% as of December 29, 2017.
(3)(b)The total principal amount is presented for debt investments while Denotes that all or a portion of the numberloan was indexed to the 60-day LIBOR, which was 1.62% as of shares or units owned is presented for equity investments.December 29, 2017.
(4)(c)The negative fair value is the result Denotes that all or a portion of the capitalized discount onloan was indexed to the 90-day LIBOR, which was 1.69% as of December 29, 2017.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 1.84% as of December 29, 2017.
(e) Denotes that all or the unfunded commitment being valued below par. The negative amortized cost is the resulta portion of the capitalized discount being greater thanloan was indexed to the principal amount outstanding on the loan.
(5)The entire commitmentPrime rate, which was unfunded4.50% as of June 30,December 29, 2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(6)Loan was on non-accrual status as of June 30, 2017, meaning that the Company has ceased recognizing interest income on the loan.
(7)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 may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2017, total non-qualifying assets at fair value represented 6.1% of the Company’s assets calculated in accordance with the 1940 Act.
(8)The headquarters of this portfolio company is located in Canada.
(9)Equity investments are non-income producing securities unless otherwise noted.
(2)
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2017.
(3)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)
The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.
(5)
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)
The entire commitment was unfunded as of December 31, 2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)
Loan was on non-accrual status as of December 31, 2017, 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 may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2017, total non-qualifying assets at fair value represented 6.3% of the Company’s assets calculated in accordance with the 1940 Act.
(9)
Loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.
(10)
The headquarters of this portfolio company is located in Canada.
(11)
Equity investments are non-income producing securities unless otherwise noted.
(12)
Ownership of certain equity investments may occur through a holding company or partnership.
(13)
The Company holds an equity investment that entitles it to receive preferential dividends.
(14)
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, 2017 were as follows:


1820
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30,December 31, 2017
(In thousands)


(10) Ownership of certain equity investments may occur through a holding company or partnership.

Portfolio
Company		 Fair value as of September 30, 2017 
Purchases
(cost)
 Redemptions
(cost)		 Discount
accretion		 Net change in unrealized
gain/(loss)		 Fair value as of December 31, 2017 Net realized gain/(loss) Interest and
fee income		 Dividend
income
GCIC Senior Loan Fund LLC* $50,104
 $5,513
 $—
 $—
 $744
 $56,361
 $—
 $—
 $1,130
Total Controlled Affiliates $50,104
 $5,513
 $—
 $—
 $744
 $56,361
 $—
 $—
 $1,130
(11)(f) TheTogether with Aurora National Life Assurance Company holds an equity investment that entitles it to receive preferential dividends.
(12) As defined in the 1940 Act,("Aurora"), the Company co-invests through GCIC Senior Loan Fund ("GCIC SLF"). GCIC SLF is deemedcapitalized as transactions are completed and all portfolio and investment decisions in respect to GCIC SLF must be approved by the GCIC SLF investment committee consisting of two representatives of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both an ‘‘Affiliated Person’’representatives of each of the Company and ‘‘Control’’ this portfolio company asAurora). Therefore, although the Company owns more than 25% of the portfolio company’s outstanding voting securities orof GCIC SLF, the Company does not believe that it has the power to exercise control over managementGCIC SLF for purposes of the 1940 Act or policies of such portfolio company (including through a management agreement). See Note 6 in the accompanying notes to the consolidated financial statements for transactions during the nine months ended June 30, 2017 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.otherwise.
(13)The Company receives quarterly profit distributions from its equity investment in GCIC Senior Loan Fund LLC. (See Note 5 in the accompanying notes to the consolidated financial statements).
(14)The rate shown is the annualized seven-day yield as of June 30, 2017.
(15)
The Company receives quarterly profit distributions from its equity investment in GCIC Senior Loan Fund LLC. See Note 5. Investments.
(16)
The rate shown is the annualized seven-day yield as of December 31, 2017.





1921

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Investments              
   
   
   
Non-controlled/non-affiliate company investments             
   
   
   
Debt investments              
   
   
   
Aerospace and Defense              
   
   
   
ILC Dover, LPOne stop L + 9.00% 8.00% cash/2.00% PIK 03/2020 $2,370
 $2,314
 0.3
%$2,015
ILC Dover, LPOne stop L + 9.00% 8.00% cash/2.00% PIK 03/2019 105
 102
 —
 89
NTS Technical Systems*
One stop L + 6.25% 7.25% 06/2021 3,893
 3,839
 0.6
 3,815
NTS Technical Systems(4)
One stop L + 6.25% 
N/A(5)
 06/2021 —
 (12) —
 (11)
NTS Technical Systems(4)
One stop L + 6.25% 
N/A(5)
 06/2021 —
 (6) —
 (8)
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75% 8.00% 12/2017 53
 28
 —
 16
Tresys Technology Holdings, Inc.One stop L + 6.75% 8.00% 12/2017 7
 7
 —
 7
Tronair Parent, Inc.Senior loan L + 4.50% 
N/A(5)
 09/2021 —
 —
 —
 —
Whitcraft LLC*
One stop L + 6.50% 7.50% 05/2020 6,745
 6,695
 1.1
 6,745
Whitcraft LLC(4)
One stop L + 6.50% 
N/A(5)
 05/2020 —
 (1) —
 —
         13,173
 12,966
 2.0
 12,668
Automobile              
   
   
   
American Driveline Systems, Inc.Senior loan L + 5.75% 6.75% 03/2020 378
 347
 0.1
 378
American Driveline Systems, Inc.Senior loan L + 5.75% 6.75% 03/2020 49
 48
 —
 49
American Driveline Systems, Inc.Senior loan P + 4.75% 8.25% 03/2020 10
 5
 —
 10
CH Hold Corp.*
Senior loan L + 5.25% 6.25% 11/2019 2,295
 2,279
 0.4
 2,295
Dent Wizard International Corporation*
Senior loan L + 4.75% 5.75% 04/2020 1,192
 1,187
 0.2
 1,192
K&N Engineering, Inc.*
Senior loan P + 3.25% 6.75% 07/2019 1,139
 1,139
 0.2
 1,139
K&N Engineering, Inc.*#
Senior loan L + 4.25% 5.25% 07/2019 55
 55
 —
 55
K&N Engineering, Inc.Senior loan L + 4.25% 
N/A(5)
 07/2019 —
 —
 —
 —
OEConnection LLC#
Senior loan L + 5.00% 6.00% 06/2022 11,167
 10,892
 1.8
 11,167
OEConnection LLC(4)
Senior loan L + 5.00% 
N/A(5)
 06/2021 —
 (1) —
 —
Polk Acquisition Corp.*#
Senior loan L + 5.00% 6.00% 06/2022 13,601
 13,395
 2.2
 13,601
Polk Acquisition Corp.Senior loan L + 5.00% 6.00% 06/2022 54
 53
 —
 54
Polk Acquisition Corp.Senior loan L + 5.00% 6.64% 06/2022 18
 16
 —
 18
Polk Acquisition Corp.(4)
Senior loan L + 5.00% 
N/A(5)
 06/2022 —
 (2) —
 —
T5 Merger Corporation*#
One stop L + 6.25% 7.25% 03/2022 22,118
 21,756
 3.6
 21,897
T5 Merger Corporation(4)
One stop L + 6.25% 
N/A(5)
 03/2022 —
 (2) —
 (1)
          52,076
 51,167
 8.5
 51,854
Beverage, Food and Tobacco              
   
   
   
Abita Brewing Co., L.L.C.#
One stop L + 5.75% 6.75% 04/2021 3,858
 3,828
 0.6
 3,472
Abita Brewing Co., L.L.C.(4)
One stop L + 5.75% 6.75% 04/2021 4
 3
 —
 (11)
ABP Corporation*
Senior loan L + 4.75% 6.00% 09/2018 604
 604
 0.1
 574
ABP CorporationSenior loan P + 3.50% 7.25% 09/2018 32
 32
 —
 29
Benihana, Inc.#
One stop L + 6.00% 7.25% 01/2019 303
 303
 —
 297
Benihana, Inc.One stop P + 4.75% 7.92% 07/2018 32
 32
 —
 31
C. J. Foods, Inc.*
One stop L + 5.00% 6.00% 05/2019 7,648
 7,648
 1.2
 7,648
C. J. Foods, Inc.One stop L + 5.00% 6.00% 05/2019 1,613
 1,613
 0.3
 1,613
C. J. Foods, Inc.One stop L + 5.00% 
N/A(5)
 05/2019 —
 —
 —
 —
Firebirds International, LLC*
One stop L + 5.75% 7.00% 05/2018 3,331
 3,331
 0.5
 3,331
Firebirds International, LLC*
One stop L + 5.75% 7.00% 05/2018 938
 938
 0.2
 938
Firebirds International, LLCOne stop L + 5.75% 7.00% 05/2018 171
 171
 —
 171
Firebirds International, LLCOne stop L + 5.75% 
N/A(5)
 05/2018 —
 —
 —
 —
First Watch Restaurants, Inc.*
One stop L + 6.00% 7.15% 12/2020 3,569
 3,540
 0.6
 3,569
First Watch Restaurants, Inc.One stop P + 5.00% 8.05% 12/2020 224
 223
 —
 224
First Watch Restaurants, Inc.One stop L + 6.00% 7.00% 12/2020 175
 174
 —
 175
First Watch Restaurants, Inc.One stop L + 6.00% 7.00% 12/2020 175
 174
 —
 175


20
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2016
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Beverage, Food and Tobacco - (continued)               
First Watch Restaurants, Inc.(4)
One stop L + 6.00% 
N/A(5)
 12/2020 $—
 $(1) —
%$—
Hopdoddy Holdings, LLCOne stop L + 8.00% 9.00% 08/2020 426
 422
 0.1
 426
Hopdoddy Holdings, LLCOne stop L + 8.00% 
N/A(5)
 08/2020 —
 —
 —
 —
Hopdoddy Holdings, LLC(4)
One stop L + 8.00% 
N/A(5)
 08/2020 —
 (2) —
 —
Julio & Sons Company*
One stop L + 5.50% 6.50% 12/2018 945
 941
 0.2
 945
Julio & Sons CompanyOne stop L + 5.50% 6.50% 12/2018 147
 146
 —
 147
Julio & Sons CompanyOne stop L + 5.50% 6.50% 12/2018 83
 81
 —
 83
Purfoods, LLC*#
One stop L + 6.25% 7.25% 05/2021 8,047
 7,936
 1.3
 8,047
Purfoods, LLCOne stop N/A 7.00% PIK 05/2026 95
 95
 —
 95
Purfoods, LLCOne stop L + 6.25% 7.25% 05/2021 25
 24
 —
 25
Purfoods, LLC(4)
One stop L + 6.25% 
N/A(5)
 05/2021 —
 (1) —
 —
Smashburger Finance LLC*
Senior loan L + 5.50% 6.75% 05/2018 529
 527
 0.1
 518
Smashburger Finance LLC(4)
Senior loan L + 5.50% 
N/A(5)
 05/2018 —
 (12) —
 —
Surfside Coffee Company LLC*
One stop L + 5.25% 6.25% 06/2020 2,345
 2,327
 0.4
 2,345
Surfside Coffee Company LLCOne stop L + 5.25% 6.25% 06/2020 177
 173
 —
 177
Surfside Coffee Company LLCOne stop L + 5.25% 6.25% 06/2020 26
 25
 —
 26
Tate's Bake Shop, Inc.#
Senior loan L + 5.00% 6.00% 08/2019 144
 143
 —
 144
Uinta Brewing Company#
One stop L + 8.50% 9.50% 08/2019 900
 900
 0.1
 873
Uinta Brewing CompanyOne stop L + 8.50% 9.50% 08/2019 74
 74
 —
 71
         36,640
 36,412
 5.7
 36,158
Broadcasting and Entertainment          
   
     
Extreme Reach Inc.*
Senior loan L + 6.25% 7.25% 02/2020 933
 907
 0.2
 943
TouchTunes Interactive Networks, Inc.*
Senior loan L + 4.75% 5.75% 05/2021 697
 695
 0.1
 700
         1,630
 1,602
 0.3
 1,643
Building and Real Estate               
Brooks Equipment Company, LLC*
One stop L + 5.00% 6.00% 08/2020 6,135
 6,135
 1.0
 6,135
Brooks Equipment Company, LLCOne stop L + 5.00% 
N/A(5)
 08/2020 —
 —
 —
 —
Paradigm DKD Group, LLC#
Senior loan L + 5.25% 6.50% 11/2018 2,160
 2,132
 0.4
 2,116
Paradigm DKD Group, LLCSenior loan L + 5.25% 6.70% 11/2018 195
 185
 —
 179
         8,490
 8,452
 1.4
 8,430
Cargo Transport              
   
   
   
Worldwide Express Operations, LLC*
Senior loan L + 5.00% 6.00 07/2019 1,767
 1,752
 0.3
 1,767
                
Containers, Packaging and Glass          
   
     
Fort Dearborn Company*
Senior loan L + 4.75% 5.75% 10/2018 960
 959
 0.2
 960
Fort Dearborn Company*
Senior loan L + 4.25% 5.25% 10/2017 164
 164
 —
 164
         1,124
 1,123
 0.2
 1,124
Diversified Conglomerate Manufacturing              
   
   
   
Chase Industries, Inc.*#
One stop L + 5.75% 6.81% 09/2020 7,009
 7,006
 1.1
 7,009
Chase Industries, Inc.One stop L + 5.75% 7.13% 09/2020 1,555
 1,555
 0.3
 1,555
Chase Industries, Inc.One stop L + 5.75% 
N/A(5)
 09/2020 —
 —
 —
 —
Inventus Power, Inc#
One stop L + 5.50% 6.50% 04/2020 10,481
 10,428
 1.6
 9,643
Inventus Power, Inc(4)
One stop L + 5.50% 
N/A(5)
 04/2020 —
 (3) —
 (52)
Onicon Incorporated*#
One stop L + 6.00% 7.00% 04/2020 184
 182
 —
 182
Onicon IncorporatedOne stop L + 6.00% 
N/A(5)
 04/2020 —
 —
 —
 —
Pasternack Enterprises, Inc. and Fairview Microwave, Inc.#
Senior loan L + 5.00% 6.00% 05/2022 2,296
 2,273
 0.4
 2,273
PetroChoice Holdings, Inc.*
Senior loan L + 5.00% 6.00% 08/2022 1,645
 1,598
 0.3
 1,645
Reladyne, Inc.#
Senior loan L + 5.25% 6.25% 07/2022 9,850
 9,697
 1.6
 9,751
Reladyne, Inc.Senior loan L + 5.25% 6.25% 07/2022 111
 110
 —
 110


21
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2016
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Diversified Conglomerate Manufacturing - (continued)               
Reladyne, Inc.Senior loan P + 4.25% 7.75% 07/2022 $26
 $24
 —
%$24
Reladyne, Inc.(4)
Senior loan L + 5.25% 
N/A(5)
 07/2022 —
 (2) —
 (1)
Sunless Merger Sub, Inc.Senior loan L + 5.00% 6.25% 07/2019 298
 252
 —
 298
Sunless Merger Sub, Inc.Senior loan P + 3.75% 7.25% 07/2019 30
 27
 —
 30
          33,485
 33,147
 5.3
 32,467
Diversified Conglomerate Service              
   
   
   
Accellos, Inc.*
One stop L + 5.75% 6.75% 07/2020 6,268
 6,260
 1.0
 6,268
Accellos, Inc.One stop L + 5.75% 
N/A(5)
 07/2020 —
 —
 —
 —
Actiance, Inc.One stop L + 9.00% 10.00% 04/2018 1,401
 1,367
 0.2
 1,401
Actiance, Inc.One stop L + 9.00% 
N/A(5)
 04/2018 —
 —
 —
 —
Agility Recovery Solutions Inc.*
One stop L + 6.50% 7.50% 03/2020 6,280
 6,216
 1.0
 6,280
Agility Recovery Solutions Inc.(4)
One stop L + 6.50% 
N/A(5)
 03/2020 —
 (3) —
 —
Bomgar Corporation*#
One stop L + 7.50% 8.50% 06/2022 28,641
 28,094
 4.6
 28,641
Bomgar Corporation(4)
One stop L + 7.50% 
N/A(5)
 06/2022 —
 (2) —
 —
CIBT Holdings, Inc*
Senior loan L + 5.25% 6.25% 06/2022 1,882
 1,863
 0.3
 1,882
CIBT Holdings, Inc.Senior loan L + 5.25% 
N/A(5)
 06/2022 —
 —
 —
 —
Clearwater Analytics, LLC*#
One stop L + 7.50% 8.50% 09/2022 9,337
 9,176
 1.5
 9,220
Clearwater Analytics, LLC(4)
One stop L + 7.50% 
N/A(5)
 09/2022 —
 (2) —
 (1)
Daxko Acquisition Corporation#
One stop L + 6.50% 7.50% 09/2022 8,488
 8,361
 1.4
 8,403
Daxko Acquisition Corporation(4)
One stop L + 6.50% 
N/A(5)
 09/2022 —
 (1) —
 —
DISA Holdings Acquisition Subsidiary Corp.*
Senior loan L + 4.50% 5.50% 12/2020 1,375
 1,364
 0.2
 1,333
DISA Holdings Acquisition Subsidiary Corp.Senior loan L + 4.50% 5.50% 12/2020 77
 75
 —
 67
EGD Security Systems, LLC*#
One stop L + 6.25% 7.25% 06/2022 10,372
 10,248
 1.7
 10,372
EGD Security Systems, LLCOne stop L + 6.25% 7.25% 06/2022 98
 96
 —
 98
EGD Security Systems, LLC(4)
One stop L + 6.25% 
N/A(5)
 06/2022 —
 (2) —
 —
HealthcareSource HR, Inc.*
One stop L + 6.75% 7.75% 05/2020 8,367
 8,259
 1.4
 8,367
HealthcareSource HR, Inc.(4)
One stop L + 6.75% 
N/A(5)
 05/2020 —
 (1) —
 —
Host Analytics, Inc.One stop N/A 8.50% cash/2.25% PIK 02/2020 1,349
 1,335
 0.2
 1,339
Host Analytics, Inc.One stop N/A 8.50% cash/2.25% PIK 08/2021 1,137
 1,127
 0.2
 1,129
Host Analytics, Inc.(4)
One stop N/A 
N/A(5)
 02/2020 —
 (4) —
 (2)
III US Holdings, LLC#
One stop L + 6.00% 7.00% 09/2022 5,465
 5,356
 0.9
 5,356
III US Holdings, LLC(4)
One stop L + 6.00% 
N/A(5)
 09/2022 —
 (1) —
 (1)
Integration Appliance, Inc.One stop L + 8.25% 9.50% 09/2020 1,550
 1,537
 0.3
 1,550
Jensen Hughes, Inc.#
Senior loan L + 5.00% 6.00% 12/2021 134
 133
 —
 134
Netsmart Technologies, Inc.#
Senior loan L + 4.75% 5.75% 04/2023 1,649
 1,634
 0.3
 1,659
Netsmart Technologies, Inc.(4)
Senior loan L + 4.75% 
N/A(5)
 04/2023 —
 (9) —
 —
Project Alpha Intermediate Holding, Inc.#
One stop L + 8.25% 9.25% 08/2022 16,508
 16,022
 2.6
 16,178
PT Intermediate Holdings III, LLC*#
One stop L + 6.50% 7.50% 06/2022 23,508
 23,171
 3.8
 23,508
PT Intermediate Holdings III, LLCOne stop P + 5.50% 9.00% 06/2022 25
 21
 —
 25
Quickbase, Inc.#
One stop L + 7.50% 8.50% 04/2022 11,468
 11,257
 1.9
 11,468
Quickbase, Inc.(4)
One stop L + 7.50% 
N/A(5)
 04/2022 —
 (2) —
 —
Secure-24, LLC*
One stop L + 6.00% 7.25% 08/2017 809
 809
 0.1
 809
Secure-24, LLC*
One stop L + 6.00% 7.25% 08/2017 118
 118
 —
 118
Secure-24, LLCOne stop L + 6.00% 
N/A(5)
 08/2017 —
 —
 —
 —
Severin Acquisition, LLC*
Senior loan L + 5.38% 6.38% 07/2021 1,441
 1,429
 0.2
 1,462
Severin Acquisition, LLC*
Senior loan L + 5.00% 6.00% 07/2021 1,284
 1,273
 0.2
 1,284
Severin Acquisition, LLC#
Senior loan L + 5.38% 6.38% 07/2021��981
 972
 0.2
 995
Severin Acquisition, LLC*
Senior loan L + 4.88% 5.88% 07/2021 317
 313
 0.1
 315
Steelwedge Software, Inc.One stop L + 10.00% 9.00% cash/2.00% PIK 09/2020 1,767
 1,696
 0.3
 1,767
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Investments               
   
   
   
Non-controlled/non-affiliate company investments              
   
   
   
Debt investments               
   
   
   
Aerospace and Defense               
   
   
   
ILC Dover, LPOne stop L + 9.00%
(a) 
 8.24% cash/2.00% PIK 03/2020 $2,355
 $2,316
 0.3
%$2,355
ILC Dover, LPOne stop L + 9.00%
(a)(c) 
 8.24% cash/2.00% PIK 03/2019 107
 105
 —
 107
NTS Technical Systems*
One stop L + 6.25%
(a) 
 7.49% 06/2021 3,250
 3,205
 0.5
 3,250
NTS Technical Systems(4)
One stop L + 6.25%  
N/A(5)
 06/2021 —
 (11) —
 —
NTS Technical Systems(4)
One stop L + 6.25%  
N/A(5)
 06/2021 —
 (15) —
 —
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75%
(c) 
 8.08% 12/2017 53
 28
 —
 16
Tresys Technology Holdings, Inc.(6)
One stop L + 6.75%
(c) 
 8.06% 12/2017 9
 9
 —
 9
Tronair Parent, Inc.#
Senior loan L + 4.75%
(c)(e) 
 6.06% 09/2023 191
 189
 —
 191
Tronair Parent, Inc.Senior loan L + 4.50%
(c) 
 5.81% 09/2021 32
 31
 —
 31
Whitcraft LLC#
One stop L + 6.25%
(c) 
 7.58% 04/2023 16,306
 16,081
 2.1
 16,306
Whitcraft LLCOne stop P + 5.25%
(e) 
 9.50% 04/2023 17
 16
 —
 17
Whitcraft LLC(4)
One stop L + 6.25%  
N/A(5)
 04/2023 —
 (103) —
 —
          22,320
 21,851
 2.9
 22,282
Automobile               
   
   
   
Dent Wizard International Corporation*
Senior loan L + 4.75%
(a) 
 5.98% 04/2020 2,183
 2,171
 0.3
 2,183
OEConnection LLC#*
Senior loan L + 5.00%
(c) 
 6.33% 06/2022 11,055
 10,829
 1.4
 11,097
OEConnection LLC#*
Senior loan L + 4.75%
(c) 
 6.08% 06/2023 5,853
 5,797
 0.8
 5,815
OEConnection LLC(4)
Senior loan L + 5.00%  
N/A(5)
 06/2021 —
 (1) —
 —
Polk Acquisition Corp.*
Senior loan L + 5.00%
(a) 
 6.24% 06/2022 4,805
 4,786
 0.6
 4,708
T5 Merger Corporation#*
One stop L + 6.25%
(a) 
 7.49% 03/2022 30,058
 29,590
 3.9
 30,058
T5 Merger CorporationOne stop L + 6.25%
(a) 
 7.48% 03/2022 3,496
 3,465
 0.5
 3,496
T5 Merger CorporationOne stop L + 6.25%
(a) 
 7.48% 03/2022 1,104
 1,094
 0.1
 1,104
T5 Merger CorporationOne stop L + 6.50%
(a) 
 7.74% 03/2022 8
 6
 —
 8
           58,562
 57,737
 7.6
 58,469
Beverage, Food and Tobacco               
   
   
   
Abita Brewing Co., L.L.C.#
One stop L + 5.75%
(a) 
 6.99% 04/2021 3,747
 3,717
 0.5
 3,634
Abita Brewing Co., L.L.C.(4)
One stop L + 5.75%
(c) 
 
N/A(5)
 04/2021 —
 (1) —
 (2)
ABP Corporation*
Senior loan L + 4.75%
(c) 
 6.07% 09/2018 598
 598
 0.1
 598
ABP CorporationSenior loan P + 3.50%
(e) 
 7.75% 09/2018 43
 43
 —
 43
Benihana, Inc.#*
One stop L + 7.00%
(a)(c) 
 8.32% 01/2019 319
 319
 0.1
 316
Benihana, Inc.One stop L + 7.00%
(c)(e) 
 9.16% 07/2018 34
 34
 —
 34
C. J. Foods, Inc.#*
One stop L + 6.25%
(c) 
 7.58% 05/2019 12,670
 12,610
 1.7
 12,670
C. J. Foods, Inc.One stop L + 6.25%
(c) 
 7.58% 05/2019 1,597
 1,594
 0.2
 1,597
C. J. Foods, Inc.One stop L + 6.25%
(c) 
 7.56% 05/2019 315
 312
 0.1
 315
Cafe Rio Holding, Inc.#
One stop L + 5.75%
(c) 
 7.08% 09/2023 8,711
 8,560
 1.1
 8,624
Cafe Rio Holding, Inc.(4)
One stop L + 5.75%  
N/A(5)
 09/2023 —
 (2) —
 (1)
Cafe Rio Holding, Inc.(4)
One stop L + 5.75%  
N/A(5)
 09/2023 —
 (85) —
 (49)
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.06% 05/2018 3,296
 3,289
 0.4
 3,296
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.06% 05/2018 926
 924
 0.1
 926
Firebirds International, LLC*
One stop L + 5.75%
(c) 
 7.06% 12/2018 298
 297
 —
 298
Firebirds International, LLC(4)
One stop L + 5.75%  
N/A(5)
 05/2018 —
 (1) —
 —
Firebirds International, LLC(4)
One stop L + 5.75%  
N/A(5)
 12/2018 —
 (4) —
 —
FWR Holding Corporation*
One stop L + 6.00%
(c) 
 7.40% 08/2023 4,079
 4,019
 0.5
 4,038
FWR Holding CorporationOne stop L + 6.00%
(a)(c) 
 7.28% 08/2023 18
 17
 —
 18
FWR Holding Corporation(4)
One stop L + 6.00%  
N/A(5)
 08/2023 —
 (42) —
 (29)
Global Franchise Group, LLC*
Senior loan L + 5.75%
(c) 
 7.07% 12/2019 4,473
 4,429
 0.6
 4,428
Global Franchise Group, LLCSenior loan L + 5.75%  
N/A(5)
 12/2019 —
 —
 —
 —
Hopdoddy Holdings, LLCOne stop L + 8.00%
(a) 
 9.24% 08/2020 421
 419
 0.1
 421
Hopdoddy Holdings, LLCOne stop L + 8.00%
(a) 
 9.24% 08/2020 172
 171
 —
 172


22
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Diversified Conglomerate Service - (continued)               
Steelwedge Software, Inc.One stop L + 8.00% 
N/A(5)
 09/2020 $—
 $—
 —
%$—
TA MHI Buyer, Inc.*
One stop L + 6.50% 7.50% 09/2021 6,622
 6,573
 1.1
 6,622
TA MHI Buyer, Inc.#
One stop L + 6.50% 7.50% 09/2021 1,032
 1,022
 0.2
 1,032
TA MHI Buyer, Inc.#
One stop L + 6.50% 7.50% 09/2021 536
 531
 0.1
 536
TA MHI Buyer, Inc.#
One stop L + 6.50% 7.50% 09/2021 191
 190
 —
 191
TA MHI Buyer, Inc.One stop L + 6.50% 
N/A(5)
 09/2021 —
 —
 —
 —
Trintech, Inc. *
One stop L + 6.00% 7.00% 10/2021 8,820
 8,724
 1.4
 8,820
Trintech, Inc.(4)
One stop L + 6.00% 
N/A(5)
 10/2021 —
 (1) —
 —
Vendavo, Inc.One stop L + 8.50% 9.50% 10/2019 4,331
 4,295
 0.7
 4,257
Vendavo, Inc.(4)
One stop L + 8.50% 
N/A(5)
 10/2019 —
 (2) —
 (6)
Vendor Credentialing Service LLC*#
One stop L + 6.00% 7.00% 11/2021 11,342
 11,191
 1.8
 11,342
Vendor Credentialing Service LLC(4)
One stop L + 6.00% 
N/A(5)
 11/2021 —
 (1) —
 —
Vitalyst, LLC#
Senior loan L + 5.25% 6.50% 09/2017 95
 95
 —
 95
Vitalyst, LLCSenior loan L + 4.25% 
N/A(5)
 09/2017 —
 —
 —
 —
Workforce Software, LLCOne stop L + 10.50% 4.50% cash/7.00% PIK 06/2021 21,601
 21,452
 3.5
 21,439
Workforce Software, LLCOne stop L + 3.50% 
N/A(5)
 06/2021 —
 —
 —
 —
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 8.50% 9.50% 08/2021 4,428
 4,365
 0.7
 4,395
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 8.50% 
N/A(5)
 08/2021 —
 —
 —
 —
          211,094
 207,989
 34.1
 210,147
Ecological               
Pace Analytical Services, LLC*#
One stop L + 6.25% 7.25% 09/2022 15,374
 15,105
 2.5
 15,220
Pace Analytical Services, LLC(4)
One stop L + 6.25% 
N/A(5)
 09/2022 —
 (2) —
 (1)
Pace Analytical Services, LLC(4)
One stop L + 6.25% 
N/A(5)
 09/2022 —
 (6) —
 (3)
         15,374
 15,097
 2.5
 15,216
Electronics              
   
   
   
Appriss Holdings, Inc.*#
Senior loan L + 5.25% 6.25% 11/2020 10,322
 10,225
 1.7
 10,322
Appriss Holdings, Inc.Senior loan L + 5.25% 6.25% 11/2020 379
 369
 0.1
 379
Compusearch Software Holdings, Inc.*
Senior loan L + 4.25% 5.25% 05/2021 631
 630
 0.1
 631
Diligent Corporation*#
One stop L + 6.75% 7.75% 04/2022 32,020
 31,354
 5.2
 32,020
Diligent Corporation(4)
One stop L + 6.75% 
N/A(5)
 04/2022 —
 (2) —
 —
ECI Acquisition Holdings, Inc.*
One stop L + 6.25% 7.25% 03/2019 7,148
 7,148
 1.2
 7,148
ECI Acquisition Holdings, Inc.#
One stop L + 6.25% 7.25% 03/2019 463
 463
 0.1
 463
ECI Acquisition Holdings, Inc.One stop L + 6.25% 
N/A(5)
 03/2019 —
 —
 —
 —
Gamma Technologies, LLC*#
One stop L + 5.00% 6.00% 06/2021 9,443
 9,369
 1.5
 9,443
Gamma Technologies, LLC(4)
One stop L + 5.00% 
N/A(5)
 06/2021 —
 (1) —
 —
Park Place Technologies LLC*#
One stop L + 5.25% 6.25% 06/2022 10,720
 10,580
 1.7
 10,720
Park Place Technologies LLCOne stop L + 5.25% 6.25% 06/2022 100
 98
 —
 100
Sloan Company, Inc., The#
One stop L + 7.25% 8.25% 04/2020 3,626
 3,577
 0.6
 3,445
Sloan Company, Inc., TheOne stop L + 7.25% 8.25% 04/2020 6
 5
 —
 4
Sovos Compliance Formerly Taxware, LLC*#
One stop L + 7.25% 8.25% 03/2022 32,750
 32,154
 5.2
 32,095
Sovos Compliance Formerly Taxware, LLC(4)
One stop L + 7.25% 
N/A(5)
 03/2022 —
 (1) —
 (1)
Sparta Holding Corporation*
One stop L + 5.50% 6.50% 07/2020 695
 695
 0.1
 695
Sparta Holding CorporationOne stop L + 5.50% 
N/A(5)
 07/2020 —
 —
 —
 —
Syncsort Incorporated*#
One stop L + 5.50% 6.50% 11/2021 14,253
 14,009
 2.3
 14,253
Syncsort Incorporated(4)
One stop L + 5.50% 
N/A(5)
 11/2021 —
 (2) —
 —
         122,556
 120,670
 19.8
 121,717
Grocery               
Teasdale Quality Foods, Inc.#
Senior loan L + 4.75% 5.77% 10/2020 175
 172
 —
 177
Teasdale Quality Foods, Inc.*
Senior loan L + 4.75% 5.77% 10/2020 131
 130
 —
 133
         306
 302
 —
 310
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Beverage, Food and Tobacco - (continued)                
Hopdoddy Holdings, LLCOne stop L + 8.00%  
N/A(5)
 08/2020 $—
 $—
 —
%$—
Julio & Sons Company*
One stop L + 5.50%
(a)(e) 
 6.74% 12/2018 936
 933
 0.1
 936
Julio & Sons CompanyOne stop L + 5.50%
(a)(e) 
 6.74% 12/2018 308
 308
 0.1
 308
Julio & Sons CompanyOne stop L + 5.50%
(a)(e) 
 6.74% 12/2018 114
 113
 —
 114
Julio & Sons Company(4)
One stop L + 5.50%  
N/A(5)
 12/2018 —
 (2) —
 —
Mid-America Pet Food, L.L.C.#
One stop L + 5.50%
(c) 
 6.83% 12/2021 6,395
 6,314
 0.8
 6,395
Mid-America Pet Food, L.L.C.(4)
One stop L + 5.50%  
N/A(5)
 12/2021 —
 (1) —
 —
NBC Intermediate, LLC #
Senior loan L + 4.50%
(a) 
 5.74% 09/2023 2,899
 2,870
 0.4
 2,870
NBC Intermediate, LLCSenior loan L + 4.50%  
N/A(5)
 09/2023 —
 —
 —
 —
P&P Food Safety US Acquisition, Inc.#
One stop L + 6.50%
(c) 
 7.82% 11/2021 4,092
 4,050
 0.5
 4,092
P&P Food Safety US Acquisition, Inc.One stop P + 5.25%
(e) 
 9.50% 11/2021 13
 13
 —
 13
Purfoods, LLC#*
One stop L + 6.25%
(c) 
 7.57% 05/2021 7,967
 7,880
 1.0
 7,967
Purfoods, LLCOne stop N/A  7.00% PIK 05/2026 101
 101
 —
 104
Purfoods, LLCOne stop L + 6.25%
(a)(c) 
 7.55% 05/2021 70
 69
 —
 70
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.58% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(a) 
 7.49% 05/2021 15
 15
 —
 15
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.58% 05/2021 14
 14
 —
 14
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.58% 05/2021 11
 10
 —
 11
Purfoods, LLCOne stop L + 6.25%
(c) 
 7.58% 05/2021 10
 10
 —
 10
Smashburger Finance LLC*
Senior loan L + 5.50%
(c) 
 6.83% 05/2018 482
 482
 0.1
 420
Smashburger Finance LLC(4)
Senior loan L + 5.50%  
N/A(5)
 05/2018 —
 (5) —
 —
Surfside Coffee Company LLC*
One stop L + 5.25%
(c) 
 6.58% 06/2020 2,327
 2,314
 0.3
 2,327
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
 6.58% 06/2020 176
 175
 —
 176
Surfside Coffee Company LLCOne stop L + 5.25%
(c) 
 6.57% 06/2020 30
 30
 —
 30
Tate's Bake Shop, Inc.*
Senior loan L + 5.00%
(c) 
 6.33% 08/2019 142
 142
 —
 142
Uinta Brewing Company#
One stop L + 8.50%
(a) 
 9.74% 08/2019 900
 900
 0.1
 873
Uinta Brewing CompanyOne stop L + 8.50%
(a) 
 9.74% 08/2019 130
 129
 —
 125
          68,864
 68,096
 8.9
 68,374
Broadcasting and Entertainment           
   
     
TouchTunes Interactive Networks, Inc.*
Senior loan L + 4.75%
(a) 
 5.99% 05/2021 690
 688
 0.1
 694
                 
Building and Real Estate                
Brooks Equipment Company, LLC*
One stop L + 5.00%
(b)(c) 
 6.32% 08/2020 5,835
 5,835
 0.8
 5,835
Brooks Equipment Company, LLC*
One stop L + 5.00%
(c) 
 6.32% 08/2020 1,442
 1,433
 0.2
 1,442
Brooks Equipment Company, LLCOne stop L + 5.00%
(a) 
 6.24% 08/2020 238
 238
 —
 238
Jensen Hughes, Inc.#
Senior loan L + 5.00%  6.45% 12/2021 132
 131
 —
 132
MRI Software LLC#*
One stop L + 6.00%
(c) 
 7.33% 06/2023 18,829
 18,513
 2.4
 18,641
MRI Software LLC#
One stop L + 6.00%
(c) 
 7.33% 06/2023 17,435
 17,261
 2.2
 17,261
MRI Software LLCOne stop L + 6.00%
(c) 
 7.32% 06/2023 3,130
 3,115
 0.4
 3,099
MRI Software LLC(4)
One stop L + 6.00%  
N/A(5)
 06/2023 —
 (3) —
 (2)
MRI Software LLC(4)
One stop L + 6.00%
(c) 
 
N/A(5)
 06/2023 —
 (150) —
 (94)
Paradigm DKD Group, LLC#
Senior loan L + 4.75%
(c) 
 6.20% 11/2018 2,137
 2,123
 0.3
 2,137
Paradigm DKD Group, LLCSenior loan L + 4.75%
(c)(e) 
 6.18% 11/2018 644
 639
 0.1
 644
          49,822
 49,135
 6.4
 49,333
Chemicals, Plastics and Rubber           
   
     
Flexan, LLC*
One stop L + 5.75%
(c) 
 7.08% 02/2020 1,041
 1,034
 0.1
 1,041
Flexan, LLCOne stop P + 4.50%
(e) 
 8.75% 02/2020 2
 1
 —
 2
          1,043
 1,035
 0.1
 1,043
Diversified/Conglomerate Manufacturing               
   
   
   
Chase Industries, Inc.#*
One stop L + 5.75%
(c) 
 7.05% 09/2020 13,409
 13,341
 1.8
 13,409
Chase Industries, Inc.*
One stop L + 5.75%
(c) 
 7.05% 09/2020 1,541
 1,541
 0.2
 1,541
Chase Industries, Inc.One stop L + 5.75%
(a) 
 6.99% 09/2020 105
 105
 —
 105
Inventus Power, Inc.#
One stop L + 6.50%
(a) 
 7.74% 04/2020 10,147
 10,088
 1.2
 9,132


23
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Healthcare, Education and Childcare              
   
   
   
Active Day, Inc.*#
One stop L + 6.00% 7.00% 12/2021 $11,642
 $11,466
 1.9
%$11,642
Active Day, Inc.(4)
One stop L + 6.00% 
N/A(5)
 12/2021 —
 (2) —
 —
Active Day, Inc.(4)
One stop L + 6.00% 
N/A(5)
 12/2021 —
 (32) —
 —
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75% 6.75% 05/2022 22,127
 21,711
 3.6
 22,127
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75% 6.75% 05/2022 109
 108
 —
 109
ADCS Clinics Intermediate Holdings, LLCOne stop L + 5.75% 6.75% 05/2022 32
 32
 —
 32
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75% 8.25% 05/2022 28
 26
 —
 28
ADCS Clinics Intermediate Holdings, LLC(4)
One stop L + 5.75% 
N/A(5)
 05/2022 —
 (5) —
 —
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00% 6.25% 02/2018 5,800
 5,797
 0.9
 5,626
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00% 6.25% 02/2018 397
 396
 0.1
 385
Advanced Pain Management Holdings, Inc.(4)
Senior loan L + 5.00% 
N/A(5)
 02/2018 —
 —
 —
 (30)
Agilitas USA, Inc.*
Senior loan L + 4.00% 5.00% 10/2020 512
 508
 0.1
 491
Apothecary Products, LLC*
Senior loan L + 4.00% 5.00% 02/2019 1,857
 1,857
 0.3
 1,857
Apothecary Products, LLCSenior loan L + 4.00% 5.04% 02/2019 472
 472
 0.1
 472
Aris Teleradiology Company, LLC*
Senior loan L + 4.75% 5.75% 03/2021 872
 865
 0.1
 872
Aris Teleradiology Company, LLCSenior loan L + 4.75% 
N/A(5)
 03/2021 —
 —
 —
 —
Avalign Technologies, Inc.*
Senior loan L + 4.50% 5.50% 07/2021 756
 753
 0.1
 756
BIORECLAMATIONIVT, LLC*#
One stop L + 6.25% 7.25% 01/2021 12,728
 12,538
 2.1
 12,728
BIORECLAMATIONIVT, LLC (4)
One stop L + 6.25% 
N/A(5)
 01/2021 —
 (1) —
 —
California Cryobank, LLC*
One stop L + 5.50% 6.50% 08/2019 2,667
 2,667
 0.4
 2,667
California Cryobank, LLCOne stop L + 5.50% 6.50% 08/2019 403
 403
 0.1
 403
California Cryobank, LLCOne stop L + 5.50% 
N/A(5)
 08/2019 —
 —
 —
 —
Certara L.P.*
One stop L + 6.25% 7.25% 12/2018 3,718
 3,714
 0.6
 3,718
Certara L.P.One stop L + 6.25% 
N/A(5)
 12/2018 —
 —
 —
 —
CLP Healthcare Services, Inc.*
Senior loan L + 5.25% 6.25% 12/2020 946
 937
 0.2
 946
CPI Buyer, LLC*
Senior loan L + 4.50% 5.50% 08/2021 3,193
 3,157
 0.5
 3,177
DCA Investment Holding, LLC*#
One stop L + 5.25% 6.25% 07/2021 14,750
 14,594
 2.4
 14,750
DCA Investment Holding, LLC*#
One stop L + 5.25% 6.25% 07/2021 13,764
 13,572
 2.2
 13,764
DCA Investment Holding, LLCOne stop P + 4.25% 7.75% 07/2021 1,442
 1,426
 0.2
 1,442
Deca Dental Management LLCOne stop L + 6.25% 7.25% 07/2020 7,596
 7,509
 1.2
 7,596
Deca Dental Management LLCOne stop L + 6.25% 7.25% 07/2020 924
 908
 0.1
 924
Deca Dental Management LLCOne stop L + 6.25% 7.25% 07/2020 50
 49
 —
 50
Dental Holdings Corporation*
One stop L + 5.50% 6.50% 02/2020 3,386
 3,357
 0.5
 3,386
Dental Holdings CorporationOne stop L + 5.50% 6.50% 02/2020 515
 509
 0.1
 515
Dental Holdings CorporationOne stop P + 4.25% 7.75% 02/2020 95
 91
 —
 95
eSolutions, Inc.*#
One stop L + 6.50% 7.50% 03/2022 11,928
 11,792
 1.9
 11,928
eSolutions, Inc.(4)
One stop L + 6.50% 
N/A(5)
 03/2022 —
 (1) —
 —
Katena Holdings, Inc.*
One stop L + 6.25% 7.25% 06/2021 4,567
 4,529
 0.7
 4,567
Katena Holdings, Inc.One stop P + 5.25% 8.75% 06/2021 446
 442
 0.1
 446
Katena Holdings, Inc.One stop P + 5.25% 8.75% 06/2021 13
 12
 —
 13
Lombart Brothers, Inc.#
One stop L + 6.75% 7.75% 04/2022 3,263
 3,207
 0.5
 3,263
Lombart Brothers, Inc.One stop L + 6.75% 7.75% 04/2022 8
 7
 —
 8
Maverick Healthcare Group, LLC#
Senior loan L + 7.50% 7.25% cash/2.00% PIK 04/2017 631
 628
 0.1
 631
Oliver Street Dermatology Holdings, LLC*#
One stop L + 6.50% 7.50% 05/2022 8,030
 7,886
 1.3
 8,030
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50% 7.50% 05/2022 58
 57
 0.1
 58
Oliver Street Dermatology Holdings, LLC(4)
One stop L + 6.50% 
N/A(5)
 05/2022 —
 (3) —
 —
Pinnacle Treatment Centers, Inc.#
One stop L + 6.25% 7.25% 08/2021 9,846
 9,679
 1.6
 9,748
Pinnacle Treatment Centers, Inc.One stop P + 5.00% 8.50% 08/2021 5
 3
 —
 4
Pinnacle Treatment Centers, Inc.(4)
One stop L + 6.25% 
N/A(5)
 08/2021 —
 (3) —
 (1)
PPT Management, LLC*
One stop L + 5.00% 6.00% 04/2020 2,036
 2,018
 0.3
 2,036
PPT Management, LLCOne stop L + 5.00% 6.00% 04/2020 137
 136
 —
 137
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Diversified/Conglomerate Manufacturing - (continued)               
Inventus Power, Inc.One stop L + 6.50%
(a) 
 7.74% 04/2020 $312
 $309
 —
%$247
Onicon Incorporated*
One stop L + 6.00%
(c) 
 7.33% 04/2020 176
 175
 —
 176
Onicon IncorporatedOne stop L + 6.00%  
N/A(5)
 04/2020 —
 —
 —
 —
PetroChoice Holdings, Inc.*
Senior loan L + 5.00%
(b) 
 6.28% 08/2022 1,628
 1,590
 0.2
 1,628
Reladyne, Inc.#*
Senior loan L + 5.00%
(a) 
 6.24% 07/2022 16,836
 16,599
 2.2
 16,668
Reladyne, Inc.(4)
Senior loan L + 5.00%  
N/A(5)
 07/2022 —
 (21) —
 (17)
Reladyne, Inc.(4)
Senior loan L + 5.00%  
N/A(5)
 07/2022 —
 (52) —
 (54)
Sunless Merger Sub, Inc.#
Senior loan L + 5.00%
(a)(e) 
 6.27% 07/2019 289
 260
 —
 289
Sunless Merger Sub, Inc.Senior loan P + 3.75%
(e) 
 8.00% 07/2019 65
 63
 —
 65
           44,508
 43,998
 5.6
 43,189
Diversified/Conglomerate Service               
   
   
   
Accela, Inc.#
One stop L + 6.25%
(c) 
 7.58% 09/2023 7,401
 7,291
 0.9
 7,327
Accela, Inc.One stop P + 5.25%
(e) 
 9.50% 09/2023 1
 —
 —
 1
Actiance, Inc.One stop L + 9.00%
(a) 
 10.24% 10/2019 1,918
 1,869
 0.2
 1,918
Actiance, Inc.One stop L + 9.00%
(a) 
 10.24% 10/2019 20
 20
 —
 20
Agility Recovery Solutions Inc.*
One stop L + 6.50%
(c) 
 7.81% 03/2020 6,205
 6,159
 0.8
 6,205
Agility Recovery Solutions Inc.(4)
One stop L + 6.50%  
N/A(5)
 03/2020 —
 (2) —
 —
Anaqua, Inc.#
One stop L + 6.50%
(c) 
 7.81% 07/2022 8,940
 8,811
 1.2
 8,850
Anaqua, Inc.(4)
One stop L + 6.50%  
N/A(5)
 07/2022 —
 (1) —
 (1)
Bomgar Corporation#*
One stop L + 7.50%
(c) 
 8.83% 06/2022 28,354
 27,904
 3.7
 28,354
Bomgar Corporation(4)
One stop L + 7.50%  
N/A(5)
 06/2022 —
 (2) —
 —
Clearwater Analytics, LLC#*
One stop L + 7.50%
(a) 
 8.74% 09/2022 8,913
 8,784
 1.2
 8,913
Clearwater Analytics, LLCOne stop L + 7.50%
(a) 
 8.74% 09/2022 10
 8
 —
 10
Daxko Acquisition Corporation#
One stop L + 6.50%
(a) 
 7.74% 09/2022 8,403
 8,298
 1.1
 8,403
Daxko Acquisition CorporationOne stop L + 6.50%  
N/A(5)
 09/2022 —
 —
 —
 —
DISA Holdings Acquisition Subsidiary Corp.*
Senior loan L + 4.25%
(c) 
 5.55% 12/2020 1,324
 1,316
 0.2
 1,324
DISA Holdings Acquisition Subsidiary Corp.#
Senior loan L + 4.25%
(c) 
 5.57% 12/2020 129
 128
 —
 129
DISA Holdings Acquisition Subsidiary Corp.(4)
Senior loan L + 4.25%  
N/A(5)
 12/2020 —
 (2) —
 —
EGD Security Systems, LLC#*
One stop L + 6.25%
(c) 
 7.55% 06/2022 10,372
 10,270
 1.4
 10,372
EGD Security Systems, LLC*
One stop L + 6.25%
(a) 
 7.49% 06/2022 98
 97
 —
 98
EGD Security Systems, LLCOne stop L + 6.25%
(c) 
 7.55% 06/2022 35
 34
 —
 35
EGD Security Systems, LLC(4)
One stop L + 6.25%  
N/A(5)
 06/2022 —
 (1) —
 —
HealthcareSource HR, Inc.#*
One stop L + 6.75%
(c) 
 8.08% 05/2020 9,790
 9,685
 1.3
 9,790
HealthcareSource HR, Inc.(4)
One stop L + 6.75%  
N/A(5)
 05/2020 —
 (1) —
 —
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 1,381
 1,368
 0.2
 1,381
Host Analytics, Inc.One stop N/A  8.50% cash/2.25% PIK 08/2021 1,157
 1,101
 0.2
 1,157
Host Analytics, Inc.(4)
One stop N/A  
N/A(5)
 08/2021 —
 (3) —
 —
III US Holdings, LLC(4)
One stop L + 6.50%  
N/A(5)
 09/2022 —
 (1) —
 —
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.57% 09/2020 1,550
 1,540
 0.2
 1,550
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.57% 09/2020 124
 123
 —
 124
Integration Appliance, Inc.One stop L + 8.25%
(c) 
 9.57% 09/2020 25
 25
 —
 25
Maverick Bidco Inc.#
One stop L + 6.25%
(c) 
 7.56% 04/2023 23,041
 22,606
 3.0
 23,041
Maverick Bidco Inc.One stop L + 6.25%
(c) 
 7.57% 04/2023 27
 25
 —
 27
Maverick Bidco Inc.(4)
One stop L + 6.25%  
N/A(5)
 04/2023 —
 (31) —
 —
MMan Acquisition Co.#
One stop L + 6.00%
(b) 
 7.26% 08/2023 12,513
 12,330
 1.6
 12,388
MMan Acquisition Co.One stop L + 6.00%
(c) 
 7.33% 08/2023 10
 9
 —
 9
Netsmart Technologies, Inc.#
Senior loan L + 4.50%
(c) 
 5.83% 04/2023 1,633
 1,620
 0.2
 1,655
Netsmart Technologies, Inc.(4)
Senior loan L + 4.75%  
N/A(5)
 04/2023 —
 (8) —
 —
PT Intermediate Holdings III, LLC#*
One stop L + 6.50%
(a) 
 7.74% 06/2022 23,273
 22,997
 3.0
 23,273
PT Intermediate Holdings III, LLC#
One stop L + 6.50%
(a) 
 7.74% 06/2022 2,298
 2,278
 0.3
 2,298
PT Intermediate Holdings III, LLCOne stop L + 6.50%
(a)(e) 
 7.90% 06/2022 200
 197
 —
 200
Quickbase, Inc.#
One stop L + 7.50%
(c) 
 8.83% 04/2022 20,977
 20,646
 2.7
 20,977
Quickbase, Inc.(4)
One stop L + 7.50%  
N/A(5)
 04/2022 —
 (2) —
 —


24
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Healthcare, Education and Childcare - (continued)               
PPT Management, LLC(4)
One stop L + 5.00% 
N/A(5)
 04/2020 $—
 $(1) —
%$—
Premise Health Holding Corp.*
One stop L + 4.50% 5.50% 06/2020 2,007
 2,007
 0.3
 2,007
Premise Health Holding Corp.One stop L + 4.50% 
N/A(5)
 06/2020 —
 —
 —
 —
Pyramid Healthcare, Inc.*
One stop L + 5.75% 6.75% 08/2019 358
 354
 0.1
 358
Radiology Partners, Inc.#
One stop L + 5.50% 6.50% 09/2020 4,443
 4,400
 0.7
 4,399
Reliant Pro ReHab, LLC*
Senior loan L + 5.00% 6.00% 12/2017 1,178
 1,175
 0.2
 1,178
Reliant Pro ReHab, LLCSenior loan P + 4.00% 7.50% 12/2017 14
 13
 —
 14
RXH Buyer Corporation#
One stop L + 5.75% 6.75% 09/2021 11,248
 11,063
 1.8
 10,798
RXH Buyer CorporationOne stop L + 5.75% 6.75% 09/2021 1,273
 1,262
 0.2
 1,222
RXH Buyer CorporationOne stop P + 4.75% 8.25% 09/2021 35
 32
 —
 27
RXH Buyer Corporation(4)
One stop L + 5.75% 
N/A(5)
 09/2021 —
 (19) —
 (22)
Southern Anesthesia and Surgical*
One stop L + 5.50% 6.50% 11/2017 239
 239
 —
 239
Southern Anesthesia and Surgical#
One stop L + 5.50% 6.50% 11/2017 117
 117
 —
 117
Southern Anesthesia and SurgicalOne stop L + 5.50% 
N/A(5)
 11/2017 —
 —
 —
 —
Spear Education, LLC*
One stop L + 6.00% 7.00% 08/2019 3,570
 3,553
 0.6
 3,570
Spear Education, LLCOne stop L + 6.00% 7.00% 08/2019 183
 182
 —
 183
Spear Education, LLC(4)
One stop L + 6.00% 
N/A(5)
 08/2019 —
 (1) —
 —
Summit Behavioral Holdings I, LLC*
One stop L + 5.00% 6.00% 06/2021 4,179
 4,129
 0.7
 4,179
Summit Behavioral Holdings I, LLC(4)
One stop L + 5.00% 
N/A(5)
 06/2021 —
 (1) —
 —
Summit Behavioral Holdings I, LLC(4)
One stop L + 5.00% 
N/A(5)
 06/2021 —
 (2) —
 —
Surgical Information Systems, LLC*
Senior loan L + 3.00% 4.50% 09/2018 176
 176
 —
 176
U.S. Anesthesia Partners, Inc.*
One stop L + 5.00% 6.12% 12/2019 3,780
 3,780
 0.6
 3,780
WIRB-Copernicus Group, Inc.#
Senior loan L + 5.00% 6.00% 08/2022 9,482
 9,389
 1.5
 9,387
WIRB-Copernicus Group, Inc.(4)
Senior loan L + 5.00% 
N/A(5)
 08/2022 —
 (1)   (1)
Young Innovations, Inc.*
Senior loan L + 4.75% 5.75% 01/2019 19
 19
 —
 20
         194,050
 191,636
 31.1
 193,027
Home and Office Furnishings, Housewares, and Durable Consumer               
Plano Molding Company, LLC#
One stop L + 6.50% 7.50% 05/2021 8,655
 8,589
 1.3
 7,963
                
Hotels, Motels, Inns, and Gaming              
   
   
   
Aimbridge Hospitality, LLC*
Senior loan L + 4.50% 5.75% 10/2018 394
 388
 0.1
 394
                
Insurance               
Captive Resources Midco, LLC*#
One stop L + 5.75% 6.75% 06/2020 8,128
 8,051
 1.3
 8,128
Captive Resources Midco, LLC(4)
One stop L + 5.75% 
N/A(5)
 06/2020 —
 (3) —
 —
Captive Resources Midco, LLC(4)
One stop L + 5.75% 
N/A(5)
 06/2020 —
 (9) —
 —
Higginbotham Insurance Agency, Inc.*
Senior loan L + 5.25% 6.25% 11/2021 1,119
 1,109
 0.2
 1,120
Internet Pipeline, Inc.*#
One stop L + 7.25% 8.25% 08/2022 10,461
 10,310
 1.7
 10,461
Internet Pipeline, Inc.(4)
One stop L + 7.25% 
N/A(5)
 08/2021 —
 (1) —
 —
RSC Acquisition, Inc.*
Senior loan L + 5.25% 6.25% 11/2022 542
 537
 0.1
 542
          20,250
 19,994
 3.3
 20,251
Leisure, Amusement, Motion Pictures and Entertainment               
Competitor Group, Inc.#
One stop L + 9.25% 5.00% cash/5.50% PIK 11/2018 430
 391
 0.1
 398
Competitor Group, Inc.One stop L + 9.25% 5.00% cash/5.50% PIK 11/2018 50
 47
 —
 46
Competitor Group, Inc.One stop L + 9.25% 5.00% cash/5.50% PIK 11/2018 6
 6
 —
 6
NFD Operating, LLC*
One stop L + 7.00% 8.25% 06/2021 2,192
 2,160
 0.4
 2,192
NFD Operating, LLCOne stop L + 7.00% 
N/A(5)
 06/2021 —
 —
 —
 —
NFD Operating, LLC(4)
One stop L + 7.00% 
N/A(5)
 06/2021 —
 (1) —
 —
Teaching Company, The*#
One stop L + 6.25% 7.25% 08/2020 12,209
 12,138
 2.0
 12,209
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Diversified/Conglomerate Service - (continued)                
Saba Software, Inc.#
One stop L + 5.50%
(a) 
 6.74% 05/2023 $26,505
 $26,074
 3.5
%$26,505
Saba Software, Inc.(4)
One stop L + 5.50%  
N/A(5)
 05/2023 —
 (2) —
 —
Saldon Holdings, Inc.*
Senior loan L + 4.50%
(a)(b) 
 5.77% 09/2022 647
 639
 0.1
 639
Secure-24, LLC*
One stop L + 5.00%
(c) 
 6.33% 08/2019 1,792
 1,783
 0.2
 1,792
Secure-24, LLCOne stop L + 5.00%  
N/A(5)
 08/2019 —
 —
 —
 —
Severin Acquisition, LLC#
Senior loan L + 4.75%
(a) 
 5.99% 07/2021 8,546
 8,437
 1.1
 8,505
Severin Acquisition, LLC#
Senior loan L + 5.38%
(a) 
 6.62% 07/2021 1,427
 1,411
 0.2
 1,450
Severin Acquisition, LLC#
Senior loan L + 5.00%
(a) 
 6.24% 07/2021 1,271
 1,256
 0.2
 1,275
Severin Acquisition, LLC#
Senior loan L + 5.38%
(a) 
 6.62% 07/2021 971
 960
 0.1
 987
Severin Acquisition, LLC*
Senior loan L + 4.88%
(a) 
 6.12% 07/2021 313
 310
 —
 313
Severin Acquisition, LLC(4)
Senior loan L + 4.75%  
N/A(5)
 07/2021 —
 (7) —
 —
Switchfly, Inc.One stop L + 10.00%
(c) 
 9.80% cash/1.50% PIK 04/2020 3,204
 3,082
 0.4
 3,204
Switchfly, Inc.One stop L + 10.00%  
N/A(5)
 04/2020 —
 —
 —
 —
Telesoft, LLC#One stop L + 5.50%
(c) 
 6.81% 07/2022 5,339
 5,288
 0.7
 5,286
Telesoft, LLC(4)
One stop L + 5.50%  
N/A(5)
 07/2022 —
 (1) —
 (1)
Trintech, Inc.#*
One stop L + 6.00%
(c) 
 7.31% 10/2021 9,736
 9,648
 1.3
 9,736
Trintech, Inc.One stop L + 6.00%  
N/A(5)
 10/2021 —
 —
 —
 —
Vendavo, Inc.One stop L + 8.50%
(c) 
 9.80% 10/2019 4,331
 4,307
 0.6
 4,331
Vendavo, Inc.(4)
One stop L + 8.50%  
N/A(5)
 10/2019 —
 (2) —
 —
Vendor Credentialing Service LLC#*
One stop L + 6.00%
(a) 
 7.24% 11/2021 7,631
 7,546
 1.0
 7,631
Vendor Credentialing Service LLC(4)
One stop L + 6.00%  
N/A(5)
 11/2021 —
 (1) —
 —
Verisys Corporation#
One stop L + 6.75%
(c) 
 8.08% 01/2023 4,805
 4,741
 0.6
 4,805
Verisys Corporation(4)
One stop L + 6.75%  
N/A(5)
 01/2023 —
 (1) —
 —
Workforce Software, LLCOne stop L + 10.50%
(c) 
 4.80% cash/7.00% PIK 06/2021 22,905
 22,788
 3.0
 22,905
Workforce Software, LLCOne stop L + 10.50%
(c) 
 4.80% cash/7.00% PIK 06/2021 50
 50
 —
 50
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
 9.74% cash/0.75% PIK 08/2021 4,662
 4,595
 0.6
 4,662
Xmatters, Inc. and Alarmpoint, Inc.One stop L + 9.25%
(a) 
 9.74% cash/0.75% PIK 08/2021 20
 20
 —
 20
           284,277
 280,406
 37.0
 283,948
Ecological                
Pace Analytical Services, LLC#*
One stop L + 6.00%
(a) 
 7.24% 09/2022 15,220
 14,998
 2.0
 15,220
Pace Analytical Services, LLC#
One stop L + 6.00%
(a) 
 7.24% 09/2022 1,415
 1,395
 0.2
 1,415
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.24% 09/2022 349
 344
 —
 349
Pace Analytical Services, LLCOne stop L + 6.00%
(a) 
 7.24% 09/2022 25
 24
 —
 25
Pace Analytical Services, LLC(4)
One stop L + 6.00%  
N/A(5)
 09/2022 —
 (48) —
 —
WRE Holding Corp.#
Senior loan L + 4.75%
(a) 
 5.99% 01/2023 1,322
 1,308
 0.2
 1,322
WRE Holding Corp.Senior loan L + 4.75%
(a)(c) 
 6.00% 01/2023 7
 7
 —
 7
WRE Holding Corp.(4)
Senior loan L + 4.75%  
N/A(5)
 01/2023 —
 (3) —
 —
WRE Holding Corp.(4)
Senior loan L + 4.75%  
N/A(5)
 01/2023 —
 (23) —
 —
          18,338
 18,002
 2.4
 18,338
Electronics              
   
   
   
Appriss Holdings, Inc.#*
Senior loan L + 5.25%
(c) 
 6.58% 11/2020 10,219
 10,145
 1.3
 10,219
Appriss Holdings, Inc.Senior loan L + 5.25%
(b) 
 6.53% 11/2020 896
 888
 0.1
 896
Compusearch Software Holdings, Inc.*
Senior loan L + 4.25%
(c) 
 5.58% 05/2021 837
 836
 0.1
 837
Diligent Corporation#*
One stop L + 6.25%
(c) 
 7.58% 04/2022 31,699
 31,017
 4.1
 31,699
Diligent Corporation#*
One stop L + 6.25%
(c) 
 7.58% 04/2022 8,890
 8,757
 1.2
 8,890
Diligent Corporation#
One stop L + 6.25%
(c) 
 7.58% 04/2022 7,865
 7,757
 1.0
 7,865
Diligent Corporation(4)
One stop L + 6.25%  
N/A(5)
 04/2022 —
 (2) —
 —
Gamma Technologies, LLC*
One stop L + 4.75%
(a) 
 5.99% 06/2021 4,937
 4,906
 0.6
 4,937
Gamma Technologies, LLC(4)
One stop L + 5.00%  
N/A(5)
 06/2021 —
 (1) —
 —
LD Intermediate Holdings, Inc.*
Senior loan L + 5.88%
(c) 
 7.19% 12/2022 2,879
 2,678
 0.4
 2,710
Park Place Technologies LLC.Senior loan L + 5.00%
(c) 
 6.33% 06/2022 12,159
 12,045
 1.6
 12,037
Park Place Technologies LLC(4)
One stop L + 5.00%
(c) 
 
N/A(5)
 06/2022 —
 (2) —
 (2)
SEI, Inc.#
Senior loan L + 4.75%
(a) 
 5.99% 07/2021 3,156
 3,128
 0.4
 3,156


25
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Leisure, Amusement, Motion Pictures and Entertainment - (continued)               
Teaching Company, TheOne stop L + 6.25% 7.25% 08/2020 $40
 $39
 —
%$40
Titan Fitness, LLC*
One stop L + 6.50% 7.75% 09/2019 1,974
 1,974
 0.3
 1,974
Titan Fitness, LLCOne stop L + 6.50% 7.75% 09/2019 261
 261
 —
 261
Titan Fitness, LLCOne stop L + 6.50% 7.75% 09/2019 87
 82
 —
 87
Titan Fitness, LLCOne stop P + 5.25% 8.75% 09/2019 63
 63
 —
 63
         17,312
 17,160
 2.8
 17,276
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.#
One stop L + 9.00% 10.25% 10/2017 192
 192
 —
 169
Benetech, Inc.One stop P + 7.75% 11.25% 10/2017 7
 7
 —
 1
         199
 199
 —
 170
Oil and Gas               
Drilling Info, Inc.*
One stop L + 6.46% 7.46% 06/2020 3,960
 3,909
 0.6
 3,920
Drilling Info, Inc.One stop L + 6.55% 7.55% 06/2020 963
 946
 0.2
 953
         4,923
 4,855
 0.8
 4,873
Personal and Non-Durable Consumer Products               
Georgica Pine Clothiers, LLC*
One stop L + 5.50% 6.50% 11/2021 4,922
 4,880
 0.7
 4,922
Georgica Pine Clothiers, LLC#
One stop L + 5.50% 6.50% 11/2021 430
 426
 0.1
 430
Georgica Pine Clothiers, LLC(4)
One stop L + 5.50% 
N/A(5)
 11/2021 —
 (1) —
 —
Massage Envy, LLC*
One stop L + 7.25% 8.50% 09/2018 986
 986
 0.2
 986
Massage Envy, LLCOne stop L + 7.25% 
N/A(5)
 09/2018 —
 —
 —
 —
Orthotics Holdings, Inc#
One stop L + 5.00% 6.00% 02/2020 3,732
 3,700
 0.6
 3,545
Orthotics Holdings, Inc#(7)
One stop L + 5.00% 6.00% 02/2020 612
 607
 0.1
 581
Orthotics Holdings, IncOne stop L + 5.00% 6.00% 02/2020 62
 57
 —
 34
Orthotics Holdings, Inc(4)(7)
One stop L + 5.00% 
N/A(5)
 02/2020 —
 (1) —
 (3)
Orthotics Holdings, Inc(4)
One stop L + 5.00% 
N/A(5)
 02/2020 —
 (5) —
 (31)
Team Technologies Acquisition Company*
Senior loan L + 5.00% 6.25% 12/2017 283
 283
 —
 280
Team Technologies Acquisition Company#
Senior loan L + 5.50% 6.75% 12/2017 52
 52
 —
 52
Team Technologies Acquisition CompanySenior loan L + 5.00% 
N/A(5)
 12/2017 $—
 $—
 —
 $—
         11,079
 10,984
 1.7
 10,796
Personal, Food and Miscellaneous Services               
Clarkson Eyecare LLC*#
One stop L + 6.25% 7.25% 04/2021 17,365
 17,120
 2.8
 17,191
Clarkson Eyecare LLCOne stop L + 6.25% 7.25% 04/2021 8,486
 8,342
 1.4
 8,392
Clarkson Eyecare LLCOne stop L + 6.25% 7.25% 04/2021 2,986
 2,958
 0.5
 2,956
Clarkson Eyecare LLCOne stop L + 6.25% 7.25% 04/2021 2,543
 2,520
 0.4
 2,517
Clarkson Eyecare LLCOne stop L + 6.25% 7.25% 04/2021 670
 670
 0.1
 663
Clarkson Eyecare LLCOne stop L + 6.25% 7.25% 04/2021 494
 483
 0.1
 489
Clarkson Eyecare LLCOne stop P + 5.25% 8.08% 04/2021 467
 462
 0.1
 462
Community Veterinary Partners, LLCOne stop L + 5.50% 6.50% 10/2021 17
 16
 —
 16
Ignite Restaurant Group, Inc.*
One stop L + 7.00% 8.00% 02/2019 1,041
 1,041
 0.2
 1,020
PetVet Care Centers LLCSenior loan L + 4.75% 5.75% 12/2020 2,418
 2,397
 0.4
 2,418
PetVet Care Centers LLCSenior loan L + 4.75% 5.75% 12/2020 1,818
 1,788
 0.3
 1,818
PetVet Care Centers LLC(4)
Senior loan L + 4.75% 
N/A(5)
 12/2020 —
 (14) —
 —
R.G. Barry Corporation#Senior loan L + 5.00% 6.00% 09/2019 1,416
 1,416
 0.2
 1,402
Vetcor Professional Practices LLC*#
One stop L + 6.25% 7.25% 04/2021 27,554
 27,053
 4.5
 27,554
Vetcor Professional Practices LLC #
One stop L + 6.25% 7.25% 04/2021 634
 628
 0.1
 634
Vetcor Professional Practices LLCOne stop L + 6.25% 7.25% 04/2021 361
 329
 0.1
 361
Vetcor Professional Practices LLC*
One stop L + 6.25% 7.25% 04/2021 189
 187
 —
 189
Vetcor Professional Practices LLCOne stop L + 6.25% 7.25% 04/2021 155
 153
 —
 155
Vetcor Professional Practices LLC(4)
One stop L + 6.25% 
N/A(5)
 04/2021 —
 (5) —
 —
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Electronics - (continued)                
Sloan Company, Inc., The#
One stop L + 7.25%
(c) 
 8.58% 04/2020 $3,590
 $3,554
 0.5
%$3,410
Sloan Company, Inc., TheOne stop L + 7.25%
(c) 
 8.57% 04/2020 32
 32
 —
 30
Sovos Compliance#*
One stop L + 6.00%
(a) 
 7.24% 03/2022 32,422
 31,939
 4.2
 32,097
Sovos Compliance Formerly Taxware, LLC*
One stop L + 6.00%
(a) 
 7.24% 03/2022 5,427
 5,348
 0.7
 5,373
Sovos Compliance Formerly Taxware, LLCOne stop L + 6.00%  
N/A(5)
 03/2022 —
 —
 —
 —
Sovos Compliance(4)
One stop L + 6.00%  
N/A(5)
 03/2022 —
 (2) —
 (1)
          125,008
 123,023
 16.2
 124,153
Grocery                
Teasdale Quality Foods, Inc.*
Senior loan L + 4.75%
(c) 
 6.05% 10/2020 124
 123
 —
 124
                 
Healthcare, Education and Childcare              
   
   
   
Active Day, Inc.#*
One stop L + 6.00%
(a) 
 7.24% 12/2021 11,525
 11,383
 1.5
 11,525
Active Day, Inc.*
One stop L + 6.00%
(a) 
 7.24% 12/2021 889
 883
 0.1
 889
Active Day, Inc.One stop L + 6.00%
(a) 
 7.24% 12/2021 573
 570
 0.1
 573
Active Day, Inc.One stop L + 6.00%
(a) 
 7.24% 12/2021 396
 393
 0.1
 396
Active Day, Inc.(4)
One stop L + 6.00%  
N/A(5)
 12/2021 —
 (1) —
 —
Active Day, Inc.(4)
One stop L + 6.00%
(a) 
 
N/A(5)
 12/2021 —
 (12) —
 —
Acuity Eyecare Holdings, LLC#
One stop L + 6.75%
(b)(c) 
 8.04% 03/2022 4,829
 4,764
 0.6
 4,829
Acuity Eyecare Holdings, LLCOne stop L + 6.75%
(c) 
 8.06% 03/2022 809
 766
 0.1
 809
Acuity Eyecare Holdings, LLC(4)
One stop L + 6.75%  
N/A(5)
 03/2022 —
 (1) —
 —
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75%
(c) 
 7.08% 05/2022 21,905
 21,565
 2.8
 21,467
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75%
(c) 
 7.08% 05/2022 108
 107
 —
 106
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75%
(e) 
 9.00% 05/2022 95
 93
 —
 93
ADCS Clinics Intermediate Holdings, LLC#
One stop L + 5.75%
(c) 
 7.08% 05/2022 32
 32
 —
 31
ADCS Clinics Intermediate Holdings, LLCOne stop P + 4.75%
(e) 
 9.00% 05/2022 5
 1
 —
 5
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00%
(a) 
 6.25% 02/2018 5,800
 5,799
 0.7
 4,930
Advanced Pain Management Holdings, Inc.#
Senior loan L + 5.00%
(a) 
 6.25% 02/2018 397
 397
 —
 337
Advanced Pain Management Holdings, Inc.Senior loan L + 5.00%  
N/A(5)
 02/2018 —
 —
 —
 —
Agilitas USA, Inc.#
One stop L + 6.00%
(c) 
 7.30% 04/2022 1,976
 1,958
 0.3
 1,976
Agilitas USA, Inc.One stop L + 6.00%
(c) 
 7.30% 04/2022 10
 9
 —
 10
Agilitas USA, Inc.(4)
One stop L + 6.00%  
N/A(5)
 04/2022 —
 (15) —
 —
Apothecary Products, LLC*
Senior loan L + 4.00%
(c) 
 5.72% 02/2019 1,857
 1,857
 0.2
 1,857
Apothecary Products, LLCSenior loan L + 4.00%
(c) 
 5.74% 02/2019 263
 263
 —
 263
Aris Teleradiology Company, LLC#*
Senior loan L + 5.50%
(c) 
 6.83% 03/2021 2,507
 2,488
 0.3
 2,156
Aris Teleradiology Company, LLCSenior loan L + 5.50%
(c) 
 6.81% 03/2021 25
 25
 —
 22
Avalign Technologies, Inc.*
Senior loan L + 4.50%
(a) 
 5.74% 07/2021 960
 957
 0.1
 957
BIORECLAMATIONIVT, LLC#*
One stop L + 5.75%
(a) 
 6.99% 01/2021 13,943
 13,783
 1.8
 13,943
BIORECLAMATIONIVT, LLCOne stop P + 4.75%
(e) 
 9.00% 01/2021 55
 54
 —
 55
California Cryobank, LLC*
One stop L + 5.50%
(c) 
 6.83% 08/2019 2,544
 2,544
 0.3
 2,544
California Cryobank, LLC*
One stop L + 5.50%
(c) 
 6.83% 08/2019 976
 964
 0.1
 976
California Cryobank, LLC*
One stop L + 5.50%
(c) 
 6.83% 08/2019 326
 326
 —
 326
California Cryobank, LLCOne stop L + 5.50%  
N/A(5)
 08/2019 —
 —
 —
 —
CLP Healthcare Services, Inc.*
Senior loan L + 5.25%
(c) 
 6.58% 12/2020 936
 930
 0.1
 918
Curo Health Services LLC#
Senior loan L + 4.00%
(b)(c) 
 5.31% 02/2022 827
 827
 0.1
 829
DCA Investment Holding, LLC#*
One stop L + 5.25%
(c) 
 6.58% 07/2021 14,601
 14,479
 1.9
 14,601
DCA Investment Holding, LLC#*
One stop L + 5.25%
(c) 
 6.58% 07/2021 13,625
 13,474
 1.8
 13,625
DCA Investment Holding, LLC#*
One stop L + 5.25%
(c) 
 6.58% 07/2021 6,103
 6,006
 0.8
 6,103
DCA Investment Holding, LLCOne stop P + 4.25%
(e) 
 8.50% 07/2021 707
 695
 0.1
 707
DCA Investment Holding, LLC(4)
One stop L + 5.25%  
N/A(5)
 07/2021 —
 (3) —
 —
Deca Dental Management LLCOne stop L + 6.25%
(c) 
 7.58% 07/2020 7,486
 7,422
 1.0
 7,486
Deca Dental Management LLC*
One stop L + 6.25%
(a)(c) 
 7.57% 07/2020 911
 906
 0.1
 911
Deca Dental Management LLCOne stop L + 6.25%
(a) 
 7.49% 07/2020 50
 50
 —
 50
Deca Dental Management LLC(4)
One stop L + 6.25%  
N/A(5)
 07/2020 —
 (7) —
 —


26
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Personal, Food and Miscellaneous Services - (continued)               
Vetcor Professional Practices LLC(4)
One stop L + 6.25% 
N/A(5)
 04/2021 $—
 $(45) —
%$—
Veterinary Specialists of North America, LLC#
One stop L + 5.25% 6.25% 07/2021 3,170
 3,130
 0.5
 3,138
Veterinary Specialists of North America, LLCOne stop L + 5.25% 6.25% 07/2021 33
 33
 —
 33
Veterinary Specialists of North America, LLC(4)
One stop L + 5.25% 
N/A(5)
 07/2021 —
 (2) —
 (2)
Veterinary Specialists of North America, LLC(4)
One stop L + 5.25% 
N/A(5)
 07/2021 —
 (9) —
 (7)
Wetzel's Pretzels, LLC*
One stop L + 6.75% 7.75% 09/2021 6,563
 6,450
 1.1
 6,497
Wetzel's Pretzels, LLC(4)
One stop L + 6.75% 
N/A(5)
 09/2021 —
 (1) —
 —
          78,380
 77,100
 12.8
 77,896
Printing and Publishing               
Brandmuscle, Inc.#
Senior loan L + 5.00% 6.00% 12/2021 543
 538
 0.1
 548
Market Track, LLC*#
One stop L + 7.00% 8.00% 10/2019 19,620
 19,403
 3.2
 19,620
Market Track, LLC#
One stop L + 7.00% 8.00% 10/2019 4,983
 4,965
 0.8
 4,983
Market Track, LLC#
One stop L + 7.00% 8.00% 10/2019 2,262
 2,232
 0.4
 2,262
Market Track, LLCOne stop L + 7.00% 8.00% 10/2019 1,180
 1,162
 0.2
 1,180
Market Track, LLC*
One stop L + 7.00% 8.00% 10/2019 379
 378
 0.1
 379
Market Track, LLC#
One stop L + 7.00% 8.00% 10/2019 373
 370
 0.1
 373
Market Track, LLC*
One stop L + 7.00% 8.00% 10/2019 224
 223
 —
 224
Marketo, Inc.One stop L + 9.50% 10.50% 08/2021 20,640
 20,036
 3.3
 20,330
Marketo, Inc.(4)
One stop L + 9.50% 
N/A(5)
 08/2021 —
 (2) —
 (1)
         50,204
 49,305
 8.2
 49,898
Retail Stores               
Batteries Plus Holding Corporation*#
One stop L + 6.75% 7.75% 07/2022 13,218
 13,016
 2.1
 13,152
Batteries Plus Holding Corporation(4)
One stop L + 6.75% 
N/A(5)
 07/2022 —
 (2) (0.1) (1)
CVS Holdings I, LP*#
One stop L + 6.25% 7.25% 08/2021 17,313
 17,048
 2.8
 17,055
CVS Holdings I, LP#
One stop L + 6.25% 7.25% 08/2021 250
 245
 —
 246
CVS Holdings I, LP(4)
One stop L + 6.25% 
N/A(5)
 08/2020 —
 (3) —
 (3)
CVS Holdings I, LP(4)
One stop L + 6.25% 
N/A(5)
 08/2021 —
 (8) —
 (6)
Cycle Gear, Inc.*
One stop L + 6.50% 7.50% 01/2020 7,648
 7,561
 1.2
 7,648
Cycle Gear, Inc.(4)
One stop L + 6.50% 
N/A(5)
 01/2020 —
 (10) —
 —
Cycle Gear, Inc.(4)
One stop L + 6.50% 
N/A(5)
 01/2020 —
 (10) —
 —
DTLR, Inc.*#
One stop L + 6.50% 7.50% 10/2020 9,778
 9,700
 1.6
 9,778
Elite Sportswear, L.P.#
Senior loan L + 5.00% 6.00% 03/2020 1,257
 1,248
 0.2
 1,254
Elite Sportswear, L.P.#
Senior loan L + 5.25% 6.25% 03/2020 647
 641
 0.1
 650
Elite Sportswear, L.P.#
Senior loan L + 5.25% 6.25% 03/2020 98
 97
 0.1
 99
Elite Sportswear, L.P.Senior loan P + 3.75% 7.25% 03/2020 52
 50
 —
 52
Express Oil Change, LLCSenior loan L + 5.00% 6.01% 12/2017 78
 77
 —
 78
Feeders Supply Company, LLC#
One stop L + 5.75% 6.75% 04/2021 4,000
 3,954
 0.6
 4,000
Feeders Supply Company, LLCSubordinated debt N/A 12.50% cash/7.00% PIK 04/2021 40
 40
 —
 40
Feeders Supply Company, LLC(4)
One stop L + 5.75% 
N/A(5)
 04/2021 —
 (1) —
 —
Marshall Retail Group, LLC, The#
One stop L + 6.00% 7.00%08/2020 3,198
 3,198
 0.5
 3,006
Marshall Retail Group, LLC, TheOne stop L + 6.00% 7.00% 08/2019 107
 107
 —
 73
Mills Fleet Farm Group LLC*#
One stop L + 5.50% 6.50% 02/2022 30,662
 29,796
 5.0
 30,662
Pet Holdings ULC#(7)(8)
One stop L + 5.50% 6.50% 07/2022 32,675
 32,048
 5.2
 32,348
Pet Holdings ULC(7)(8)
One stop P + 4.50% 8.00% 07/2022 38
 35
 —
 36
Pet Holdings ULC(4)(7)(8)
One stop L + 5.50% 
N/A(5)
 07/2022 —
 (1) —
 (1)
Sneaker Villa, Inc.#One stop L + 7.75% 8.75% 12/2020 173
 171
 —
 173
         121,232
 118,997
 19.3
 120,339
                
                
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Healthcare, Education and Childcare - (continued)               
Dental Holdings Corporation*
One stop L + 5.50%
(c) 
 6.81% 02/2020 $3,314
 $3,286
 0.4
%$3,247
Dental Holdings CorporationOne stop L + 5.50%
(b) 
 6.78% 02/2020 505
 500
 0.1
 495
Dental Holdings CorporationOne stop L + 5.50%
(c) 
 6.82% 02/2020 98
 94
 —
 88
eSolutions, Inc.#*
One stop L + 6.50%
(a) 
 7.74% 03/2022 18,630
 18,426
 2.4
 18,630
eSolutions, Inc.(4)
One stop L + 6.50%  
N/A(5)
 03/2022 —
 (1) —
 —
Excelligence Learning Corporation#
One stop L + 6.00%
(a) 
 7.24% 04/2023 6,300
 6,241
 0.8
 6,300
Eyecare Services Partners Holdings LLC#
One stop L + 6.25%
(c) 
 7.58% 05/2023 10,493
 10,321
 1.4
 10,493
Eyecare Services Partners Holdings LLCOne stop P + 5.25%
(e) 
 9.50% 05/2023 17
 14
 —
 17
Eyecare Services Partners Holdings LLC(4)
One stop L + 6.25%  
N/A(5)
 05/2023 —
 (61) —
 —
Eyecare Services Partners Holdings LLC(4)
One stop L + 6.25%  
N/A(5)
 05/2023 —
 (77) —
 —
G & H Wire Company, Inc#
One stop L + 5.50%
(c) 
 6.81% 09/2023 7,148
 7,060
 0.9
 7,077
G & H Wire Company, Inc(4)
One stop L + 5.50%  
N/A(5)
 09/2023 —
 (1) —
 (1)
Immucor, Inc.#
Senior loan L + 5.00%
(a) 
 6.24% 06/2021 2,055
 2,028
 0.3
 2,087
Kareo, Inc.One stop L + 9.00%
(b) 
 10.27% 06/2022 5,755
 5,508
 0.8
 5,755
Kareo, Inc.One stop L + 9.00%  
N/A(5)
 06/2022 —
 —
 —
 —
Katena Holdings, Inc.*
One stop L + 6.25%
(c) 
 7.58% 06/2021 4,521
 4,491
 0.6
 4,430
Katena Holdings, Inc.*
One stop L + 6.25%
(c) 
 7.58% 06/2021 441
 438
 0.1
 432
Katena Holdings, Inc.One stop P + 5.25%
(e) 
 9.50% 06/2021 64
 63
 —
 62
Lombart Brothers, Inc.#
One stop L + 6.75%
(c) 
 8.08% 04/2022 3,377
 3,325
 0.4
 3,377
Lombart Brothers, Inc.#(7)
One stop L + 6.75%
(c) 
 8.08% 04/2022 1,550
 1,526
 0.2
 1,550
Lombart Brothers, Inc.One stop P + 5.50%
(e) 
 9.75% 04/2022 36
 35
 —
 36
Lombart Brothers, Inc.(7)
One stop L + 6.75%  
N/A(5)
 04/2022 —
 —
 —
 —
Maverick Healthcare Group, LLC#
Senior loan L + 7.50%
(a) 
 7.25% cash/2.00% PIK 12/2017 643
 643
 0.1
 624
Maverick Healthcare Group, LLCSenior loan P + 6.50%
(e) 
 5.25% cash/5.50% PIK 12/2017 27
 27
 —
 27
MWD Management, LLC & MWD Services, Inc.#
One stop L + 5.25%
(c) 
 6.58% 06/2023 1,308
 1,293
 0.2
 1,308
MWD Management, LLC & MWD Services, Inc.(4)
One stop L + 5.25%  
N/A(5)
 06/2022 —
 (1) —
 —
MWD Management, LLC & MWD Services, Inc.(4)
One stop L + 5.25%  
N/A(5)
 06/2023 —
 (40) —
 —
Oliver Street Dermatology Holdings, LLC#*
One stop L + 6.50%
(c) 
 7.83% 05/2022 8,806
 8,681
 1.2
 8,806
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(a)(b)(c) 
 7.78% 05/2022 1,803
 1,785
 0.2
 1,803
Oliver Street Dermatology Holdings, LLC#
One stop L + 6.50%
(c) 
 7.83% 05/2022 1,054
 1,044
 0.1
 1,054
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 7.81% 05/2022 46
 45
 —
 46
Oliver Street Dermatology Holdings, LLC*
One stop L + 6.50%
(c) 
 7.83% 05/2022 42
 41
 —
 42
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 7.83% 05/2022 33
 32
 —
 33
Oliver Street Dermatology Holdings, LLCOne stop L + 6.50%
(c) 
 7.83% 05/2022 30
 30
 —
 30
Oliver Street Dermatology Holdings, LLC(4)
One stop L + 6.50%
(c)(e) 
 
N/A(5)
 05/2022 —
 (1) —
 —
Oliver Street Dermatology Holdings, LLC(4)
One stop L + 6.50%  
N/A(5)
 05/2022 —
 (8) —
 —
Pinnacle Treatment Centers, Inc.#
One stop L + 6.25%
(b) 
 7.53% 08/2021 9,748
 9,616
 1.3
 9,748
Pinnacle Treatment Centers, Inc.One stop P + 5.00%
(e) 
 9.25% 08/2021 30
 29
 —
 30
Pinnacle Treatment Centers, Inc.(4)
One stop L + 6.25%  
N/A(5)
 08/2021 —
 (2) —
 —
PPT Management Holdings, LLC#*
One stop L + 6.00%
(c) 
 7.33% 12/2022 11,711
 11,482
 1.5
 11,477
PPT Management Holdings, LLCOne stop L + 6.00%
(c) 
 7.33% 12/2022 135
 132
 —
 132
PPT Management Holdings, LLCOne stop L + 6.00%
(a) 
 7.24% 12/2022 50
 46
 —
 46
Premise Health Holding Corp.*
One stop L + 4.50%
(c) 
 5.83% 06/2020 1,987
 1,987
 0.3
 1,987
Premise Health Holding Corp.One stop L + 4.50%  
N/A(5)
 06/2020 —
 —
 —
 —
Pyramid Healthcare, Inc.One stop L + 6.50%
(a) 
 7.74% 08/2019 150
 148
 —
 150
Radiology Partners, Inc.#
One stop L + 5.75%
(c) 
 7.08% 09/2020 4,399
 4,361
 0.6
 4,399
Radiology Partners, Inc.One stop L + 5.75%
(c) 
 7.08% 09/2020 99
 98
 —
 99
Reliant Pro ReHab, LLC*
Senior loan L + 5.00%
(c) 
 6.33% 12/2017 1,144
 1,143
 0.2
 1,144
Reliant Pro ReHab, LLCSenior loan P + 4.00%
(e) 
 8.25% 12/2017 83
 83
 —
 83
Riverchase MSO, LLC#*
Senior loan L + 5.25%
(c) 
 6.58% 10/2022 4,940
 4,877
 0.7
 4,940
Riverchase MSO, LLCSenior loan L + 5.25%
(c) 
 6.58% 10/2022 28
 27
 —
 28
RXH Buyer Corporation#
One stop L + 5.75%
(c) 
 7.08% 09/2021 11,134
 10,987
 1.4
 10,912
RXH Buyer Corporation*
One stop L + 5.75%
(c) 
 7.08% 09/2021 1,260
 1,252
 0.2
 1,235


27
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Telecommunications              
   
   
   
Hosting.com Inc.*
Senior loan L + 4.50% 5.75% 12/2017 $595
 $595
 0.1
%$595
Hosting.com Inc.Senior loan L + 4.50% 5.75% 12/2017 67
 67
 —
 67
Wilcon Operations LLC*
One stop L + 6.00% 7.00% 10/2018 2,718
 2,705
 0.4
 2,718
Wilcon Operations LLCOne stop L + 6.00% 7.00% 10/2018 1,004
 1,004
 0.2
 1,004
Wilcon Operations LLC*
One stop L + 6.00% 7.00% 10/2018 414
 410
 0.1
 414
Wilcon Operations LLCOne stop L + 6.00% 7.00% 10/2018 161
 158
 —
 161
Wilcon Operations LLC(4)
One stop L + 6.00% 
N/A(5)
 10/2018 —
 (24) —
 —
          4,959
 4,915
 0.8
 4,959
Textile and Leather              
   
   
   
SHO Holding I Corporation*
Senior loan L + 5.00% 6.00% 10/2022 1,770
 1,730
 0.3
 1,770
SHO Holding I Corporation(4)
Senior loan L + 4.00% 
N/A(5)
 10/2021 —
 (1) —
 (2)
          1,770
 1,729
 0.3
 1,768
Utilities              
   
   
   
Arcos, LLC*
One stop L + 6.50% 7.50% 02/2021 3,722
 3,689
 0.6
 3,722
Arcos, LLCOne stop L + 6.50% 
N/A(5)
 02/2021 —
 —
 —
 —
PowerPlan Holdings, Inc.*
Senior loan L + 4.75% 5.75% 02/2022 850
 835
 0.1
 850
          4,572
 4,524
 0.7
 4,572
Total non-controlled/non-affiliate company debt investments     $1,015,694
 $1,001,054
 163.3
%$1,007,683
                 
   
  
Equity Investments (9)(10)
               
Automobile               
Polk Acquisition Corp.LP interest N/A N/A N/A —
 $401
 0.1
%$401
                
Beverage, Food and Tobacco               
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 17
 84
 —
 32
Hopdoddy Holdings, LLCLLC units N/A N/A N/A 8
 24
 —
 9
Purfoods, LLCLLC interest N/A N/A N/A 355
 355
 0.1
 355
           463
 0.1
 396
Chemicals, Plastics and Rubber               
Flexan, LLCPreferred stock N/A N/A N/A —
 33
 —
 34
Flexan, LLCCommon stock N/A N/A N/A —
 —
 —
 —
           33
 —
 34
Diversified Conglomerate Manufacturing               
ICCN Acquisition Corp.Preferred stock N/A N/A N/A —
 259
 —
 96
ICCN Acquisition Corp.Common stock N/A N/A N/A —
 —
 —
 —
Reladyne, Inc.LP interest N/A N/A N/A —
 242
 —
 242
           501
 —
 338
Diversified Conglomerate Service               
Actiance, Inc.Warrant N/A N/A N/A 194
 46
 —
 48
Agility Recovery Solutions Inc.Preferred stock N/A N/A N/A 30
 152
 —
 272
Bomgar CorporationCommon stock N/A N/A N/A 1
 620
 0.1
 620
Bomgar CorporationCommon stock N/A N/A N/A 415
 6
 —
 6
HealthcareSource HR, Inc.LLC interest N/A N/A N/A —
 165
 —
 153
Host Analytics, Inc.Warrant N/A N/A N/A 80
 —
 —
 69
Project Alpha Intermediate Holding, Inc.Common stock N/A N/A N/A —
 399
 0.1
 399
Project Alpha Intermediate Holding, Inc.Common stock N/A N/A N/A 99
 4
 —
 4
Quickbase, Inc.Common stock N/A N/A N/A 615
 615
 0.1
 642
Steelwedge Software, Inc.Warrant N/A N/A N/A 29,443
 61
 —
 68
TA MHI Buyer, Inc.Preferred stock N/A N/A N/A —
 163
 —
 210
Workforce Software, LLCLLC units N/A N/A N/A 1,309
 1,309
 0.2
 1,309
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Healthcare, Education and Childcare - (continued)               
RXH Buyer CorporationOne stop L + 5.75%
(c)(e) 
 7.61% 09/2021 $55
 $52
 —
%$51
SLMP, LLC#
One stop L + 6.00%
(a) 
 7.24% 05/2023 2,888
 2,847
 0.4
 2,888
SLMP, LLCOne stop N/A  7.50% PIK 05/2027 109
 109
 —
 109
SLMP, LLC(4)
One stop L + 6.00%  
N/A(5)
 05/2023 —
 (1) —
 —
SLMP, LLC(4)
  L + 6.00%  
N/A(5)
 05/2023 —
 (27) —
 —
Spear Education, LLC*
One stop L + 6.00%
(c) 
 7.05% 08/2019 3,504
 3,493
 0.5
 3,504
Spear Education, LLCOne stop L + 6.00%
(c) 
 7.30% 08/2019 180
 179
 —
 180
Spear Education, LLC(4)
One stop L + 6.00%  
N/A(5)
 08/2019 —
 —
 —
 (2)
Summit Behavioral Holdings I, LLC*
One stop L + 5.00%
(a) 
 6.24% 06/2021 4,137
 4,098
 0.5
 4,137
Summit Behavioral Holdings I, LLCOne stop L + 5.00%
(a) 
 6.24% 06/2021 113
 112
 —
 113
Summit Behavioral Holdings I, LLCOne stop L + 5.00%
(a) 
 6.24% 06/2021 5
 5
 —
 5
WHCG Management, LLC*
Senior loan L + 4.75%
(c) 
 6.08% 03/2023 3,990
 3,945
 0.5
 3,990
WHCG Management, LLC(4)
Senior loan L + 4.75%  
N/A(5)
 03/2023 —
 (1) —
 —
WHCG Management, LLC(4)
Senior loan L + 4.75%  
N/A(5)
 03/2023 —
 (24) —
 —
WIRB-Copernicus Group, Inc.#
Senior loan L + 5.00%
(c) 
 6.33% 08/2022 9,387
 9,310
 1.2
 9,387
WIRB-Copernicus Group, Inc.Senior loan L + 5.00%  
N/A(5)
 08/2022 —
 —
 —
 —
Young Innovations, Inc.#
Senior loan L + 5.00%
(c) 
 6.33% 01/2019 133
 132
 —
 133
          267,546
 264,013
 34.5
 265,058
Home and Office Furnishings, Housewares, and Durable Consumer               
CST Buyer Company*
Senior loan L + 6.25%
(c) 
 7.58% 03/2023 3,351
 3,268
 0.4
 3,351
CST Buyer Company(4)
Senior loan L + 6.25%  
N/A(5)
 03/2023 —
 (1) —
 —
Plano Molding Company, LLC#
One stop L + 7.50%
(a) 
 8.74% 05/2021 6,991
 6,920
 0.8
 5,942
          10,342
 10,187
 1.2
 9,293
Hotels, Motels, Inns, and Gaming             
   
   
   
Aimbridge Hospitality, LLC#*
One stop L + 5.50%
(a) 
 6.74% 06/2022 11,044
 10,862
 1.5
 11,044
Aimbridge Hospitality, LLCOne stop L + 5.50%
(a) 
 6.74% 06/2022 301
 277
 —
 301
Aimbridge Hospitality, LLC(4)
One stop L + 5.50%  
N/A(5)
 06/2022 —
 (1) —
 —
          11,345
 11,138
 1.5
 11,345
Insurance               
Captive Resources Midco, LLC#*
One stop L + 5.75%
(a) 
 6.99% 06/2020 7,546
 7,489
 1.0
 7,546
Captive Resources Midco, LLC(4)
One stop L + 5.75%  
N/A(5)
 06/2020 —
 (3) —
 —
Captive Resources Midco, LLC(4)
One stop L + 5.75%  
N/A(5)
 06/2020 —
 (7) —
 —
Higginbotham Insurance Agency, Inc.*
Senior loan L + 5.00%
(a) 
 6.24% 11/2021 1,372
 1,363
 0.2
 1,372
Internet Pipeline, Inc.#*
One stop L + 7.25%
(a) 
 8.49% 08/2022 10,326
 10,179
 1.3
 10,476
Internet Pipeline, Inc.#*
One stop L + 6.25%
(a) 
 7.48% 08/2022 4,450
 4,408
 0.6
 4,341
Internet Pipeline, Inc.*
One stop L + 6.25%
(a) 
 7.48% 08/2022 1,685
 1,668
 0.2
 1,643
Internet Pipeline, Inc.(4)
One stop L + 7.25%  
N/A(5)
 08/2021 —
 (1) —
 1
RSC Acquisition, Inc.#*
Senior loan L + 5.25%
(c) 
 6.58% 11/2022 6,838
 6,819
 0.9
 6,838
RSC Acquisition, Inc.(4)
Senior loan L + 5.25%  
N/A(5)
 11/2022 —
 (20) —
 —
           32,217
 31,895
 4.2
 32,217
Leisure, Amusement, Motion Pictures, Entertainment               
NFD Operating, LLC*
One stop L + 7.00%
(c) 
 8.30% 06/2021 2,170
 2,145
 0.3
 2,170
NFD Operating, LLCOne stop L + 7.00%  
N/A(5)
 06/2021 —
 —
 —
 —
NFD Operating, LLC(4)
One stop L + 7.00%  
N/A(5)
 06/2021 —
 (1) —
 —
PADI Holdco, Inc.#
One stop L + 6.50%
(c) 
 7.84% 04/2023 25,529
 25,174
 3.3
 25,529
PADI Holdco, Inc.One stop L + 6.50%
(b)(c) 
 7.78% 04/2022 72
 70
 —
 72
Self Esteem Brands, LLC#*
Senior loan L + 4.75%
(a) 
 5.99% 02/2020 9,683
 9,621
 1.3
 9,683
Teaching Company, The#*
One stop L + 7.00%
(a)(c) 
 8.32% 08/2020 12,187
 12,133
 1.6
 11,943
Teaching Company, TheOne stop L + 7.00%
(a)(e) 
 8.24% 08/2020 25
 24
 —
 23
Titan Fitness, LLC*
One stop L + 7.00%
(a) 
 8.25% 09/2019 1,954
 1,954
 0.3
 1,954
Titan Fitness, LLCOne stop L + 7.00%
(a) 
 8.25% 09/2019 294
 293
 —
 294
Titan Fitness, LLC#
One stop L + 7.00%
(a) 
 8.25% 09/2019 259
 259
 —
 259
Titan Fitness, LLCOne stop L + 7.00%  
N/A(5)
 09/2019 —
 —
 —
 —


28
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Diversified Conglomerate Service - (continued)               
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A N/A N/A 39
 $31
 —
%$31
           3,571
 0.5
 3,831
Ecological               
Pace Analytical Services, LLCCommon stock N/A N/A N/A 3
 274
 —
 274
                
Electronics               
Diligent CorporationPreferred stock N/A N/A N/A 535
 535
 0.1
 535
Gamma Technologies, LLCLLC units N/A N/A N/A 1
 82
 —
 114
SEI, Inc.LLC units N/A N/A N/A 207
 207
 0.1
 192
Sloan Company, Inc., TheLLC units N/A N/A N/A —
 59
 —
 11
Sloan Company, Inc., TheLLC units N/A N/A N/A 1
 7
 —
 —
Syncsort IncorporatedPreferred stock N/A N/A N/A 78
 194
 0.1
 269
           1,084
 0.3
 1,121
Healthcare, Education and Childcare               
Active Day, Inc.LLC interest N/A N/A N/A 1
 529
 0.1
 608
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A N/A N/A 1
 596
 0.1
 596
ADCS Clinics Intermediate Holdings, LLCCommon stock N/A N/A N/A —
 6
 —
 6
BIORECLAMATIONIVT, LLCLLC units N/A N/A N/A —
 323
 0.1
 353
DCA Investment Holding, LLCLLC units N/A N/A N/A 5,253
 525
 0.1
 572
DCA Investment Holding, LLCLLC units N/A N/A N/A 53
 5
 —
 89
Deca Dental Management LLCLLC units N/A N/A N/A 651
 651
 0.1
 716
Dental Holdings CorporationLLC units N/A N/A N/A 345
 345
 0.1
 412
Encore GC Acquisition, LLCLLC units N/A N/A N/A 8
 81
 —
 89
Encore GC Acquisition, LLCLLC units N/A N/A N/A 8
 —
 —
 16
Katena Holdings, Inc.LLC units N/A N/A N/A —
 205
 —
 243
Lombart Brothers, Inc.Common stock N/A N/A N/A —
 99
 —
 99
Oliver Street Dermatology Holdings, LLCLLC units N/A N/A N/A —
 218
 0.1
 218
Pinnacle Treatment Centers, Inc.Preferred stock N/A N/A N/A —
 216
 0.1
 216
Pinnacle Treatment Centers, Inc.Common stock N/A N/A N/A 2
 2
 0.1
 2
RXH Buyer CorporationLP interest N/A N/A N/A 4
 443
 —
 244
           4,244
 0.9
 4,479
Insurance               
Internet Pipeline, Inc.Preferred stock N/A N/A N/A —
 207
 0.1
 239
Internet Pipeline, Inc.Common stock N/A N/A N/A 90
 2
 —
 74
           209
 0.1
 313
Leisure, Amusement, Motion Pictures and Entertainment               
Competitor Group, Inc.#Preferred stock N/A N/A N/A —
 184
 —
 3
Competitor Group, Inc.#Common stock N/A N/A N/A 1
 —
 —
 —
           184
 —
 3
Personal and Non Durable Consumer Products               
Georgica Pine Clothiers, LLCLLC units N/A N/A N/A 9
 92
 —
 100
                
Personal, Food and Miscellaneous Services               
Clarkson Eyecare LLCLLC units N/A N/A N/A —
 63
 —
 139
Community Veterinary Partners, LLCCommon stock N/A N/A N/A 1
 98
 —
 124
Vetcor Professional Practices LLCLLC units N/A N/A N/A 498
 341
 0.1
 348
Vetcor Professional Practices LLCLLC units N/A N/A N/A 55
 55
 0.1
 405
Veterinary Specialists of North America, LLCLLC units N/A N/A N/A —
 56
 —
 56
Wetzel's Pretzels, LLCCommon stock N/A N/A N/A —
 149
 —
 149
           762
 0.2
 1,221
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Leisure, Amusement, Motion Pictures, Entertainment - (continued)               
Titan Fitness, LLC(4)
One stop L + 7.00%  
N/A(5)
 09/2019 $—
 $(2) —
%$—
          52,173
 51,670
 6.8
 51,927
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.#
One stop L + 11.00%
(a) 
 10.25% cash/2.00% PIK 08/2018 192
 192
 —
 154
Benetech, Inc.One stop P + 9.75%
(a)(e) 
 12.00% cash/2.00% PIK 08/2018 16
 16
 —
 6
          208
 208
 —
 160
Oil and Gas               
Drilling Info, Inc.#*
One stop L + 6.25%
(b) 
 7.52% 06/2020 17,048
 16,948
 2.2
 16,919
Drilling Info, Inc.One stop L + 6.25%  
N/A(5)
 06/2020 —
 —
 —
 —
          17,048
 16,948
 2.2
 16,919
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLC*
One stop L + 5.50%
(c) 
 6.83% 11/2021 4,873
 4,839
 0.6
 4,873
Georgica Pine Clothiers, LLC#
One stop L + 5.50%
(c) 
 6.83% 11/2021 426
 422
 0.1
 426
Georgica Pine Clothiers, LLC*
One stop L + 5.50%
(c) 
 6.83% 11/2021 299
 296
 —
 299
Georgica Pine Clothiers, LLCOne stop L + 5.50%
(c) 
 6.83% 11/2021 58
 57
 —
 58
IMPLUS Footwear, LLC#
One stop L + 6.75%
(c) 
 8.08% 04/2021 13,510
 13,398
 1.8
 13,510
IMPLUS Footwear, LLC#
One stop L + 6.75%
(c) 
 8.07% 04/2021 2,378
 2,359
 0.3
 2,378
Massage Envy, LLC*
One stop L + 6.75%
(c)(e) 
 8.09% 09/2020 3,152
 3,132
 0.4
 3,152
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.07% 09/2020 100
 99
 —
 100
Massage Envy, LLCOne stop L + 6.75%
(c) 
 8.07% 09/2020 95
 94
 —
 95
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.08% 09/2020 71
 71
 —
 71
Massage Envy, LLCOne stop L + 6.75%
(c)(e) 
 8.10% 09/2020 31
 30
 —
 31
Massage Envy, LLCOne stop L + 6.75%
(a) 
 7.99% 09/2020 21
 20
 —
 21
Massage Envy, LLC(4)
One stop L + 6.75%
(c) 
 
N/A(5)
 09/2020 —
 (2) —
 —
Orthotics Holdings, Inc.#
One stop L + 6.00%
(a) 
 7.24% 02/2020 3,694
 3,664
 0.5
 3,620
Orthotics Holdings, Inc.#(7)(8)
One stop L + 6.00%
(a) 
 7.24% 02/2020 606
 601
 0.1
 594
Orthotics Holdings, Inc.(4)(7)(8)
One stop L + 6.00%  
N/A(5)
 02/2020 —
 (1) —
 —
Orthotics Holdings, Inc.(4)
One stop L + 6.00%  
N/A(5)
 02/2020 —
 (5) —
 (2)
Team Technologies Acquisition Company*
Senior loan L + 5.00%
(c)(e) 
 6.32% 12/2017 260
 261
 —
 260
Team Technologies Acquisition Company#
Senior loan L + 5.50%
(c)(e) 
 6.82% 12/2017 48
 48
 —
 49
Team Technologies Acquisition CompanySenior loan L + 5.00%  
N/A(5)
 12/2017 —
 —
 —
 —
          29,622
 29,383
 3.8
 29,535
Personal, Food and Miscellaneous Services               
Clarkson Eyecare LLC#*
One stop L + 6.25%
(c) 
 7.58% 04/2021 17,190
 17,001
 2.2
 16,674
Clarkson Eyecare LLCOne stop L + 6.25%
(c) 
 7.58% 04/2021 8,529
 8,468
 1.1
 8,273
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.58% 04/2021 2,956
 2,935
 0.4
 2,867
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.58% 04/2021 2,517
 2,500
 0.3
 2,441
Clarkson Eyecare LLCOne stop L + 6.25%
(c) 
 7.58% 04/2021 716
 666
 0.1
 692
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.58% 04/2021 663
 663
 0.1
 643
Clarkson Eyecare LLC#
One stop L + 6.25%
(c) 
 7.58% 04/2021 489
 481
 0.1
 474
Clarkson Eyecare LLCOne stop L + 6.25%
(c) 
 7.58% 04/2021 277
 273
 —
 259
Community Veterinary Partners, LLCOne stop L + 5.50%
(c) 
 6.83% 10/2021 42
 41
 —
 42
Ignite Restaurant Group, Inc (Joe's Crab Shack)*(6)
One stop P + 6.00%
(e) 
 10.25% 02/2019 1,039
 1,039
 —
 286
PetVet Care Centers LLC#
One stop L + 6.00%
(c) 
 7.33% 06/2023 10,983
 10,879
 1.4
 10,983
PetVet Care Centers LLCOne stop L + 6.00%
(c) 
 7.32% 06/2023 2,665
 2,608
 0.3
 2,665
PetVet Care Centers LLCOne stop L + 6.00%
(b) 
 7.27% 06/2023 69
 66
 —
 69
R.G. Barry Corporation#
Senior loan L + 5.00%
(a) 
 6.24% 09/2019 1,257
 1,257
 0.2
 1,257
Southern Veterinary Partners, LLCOne stop L + 5.00%
(a) 
 6.23% 06/2020 2,493
 2,456
 0.3
 2,493
Southern Veterinary Partners, LLC*
One stop L + 5.00%
(a) 
 6.24% 06/2020 1,585
 1,574
 0.2
 1,585
Southern Veterinary Partners, LLCOne stop L + 5.00%
(a) 
 6.23% 06/2020 17
 17
 —
 17
Vetcor Professional Practices LLC#*
One stop L + 6.00%
(c) 
 7.33% 04/2021 27,276
 26,887
 3.5
 27,276
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.33% 04/2021 2,980
 2,867
 0.4
 2,980
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.33% 04/2021 2,360
 2,325
 0.3
 2,360
Vetcor Professional Practices LLC#
One stop L + 6.00%
(c) 
 7.33% 04/2021 $628
 $623
 0.1
%$628


29
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal/Par
Amount(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value
Printing and Publishing               
Brandmuscle, Inc.LLC interest N/A N/A N/A —
 $207
 0.1
%$235
                
Retail Stores               
Batteries Plus Holding CorporationLP interest N/A N/A N/A 5
 505
 0.1
 505
Cycle Gear, Inc.LLC units N/A N/A N/A 8
 111
 —
 177
Elite Sportswear, L.P.LLC interest N/A N/A N/A —
 37
 —
 49
Feeders Supply Company, LLCPreferred stock N/A N/A N/A 1
 145
 —
 145
Pet Holdings ULC(7)(8)LP interest N/A N/A N/A 222
 188
 —
 171
           986
 0.1
 1,047
Utilities               
PowerPlan Holdings, Inc.Common stock N/A N/A N/A —
 135
 —
 156
PowerPlan Holdings, Inc.Common stock N/A N/A N/A 68
 1
 —
 122
           136
 —
 278
                
Total non-controlled/non-affiliate company equity investments       $13,147
 2.4
%$14,071
                
Total non-controlled/non-affiliate company investments     $1,015,694
 $1,014,201
 165.7
%$1,021,754
                
Controlled affiliate company investments(11)
            
Debt Investments               
Investment Funds and Vehicles                  
GCIC Senior Loan Fund LLC(7)
Subordinated debt L + 8.00% 8.44% 12/2021 $34,917
 $34,917
 5.7
%$34,917
                
Total controlled affiliate company debt investments       $34,917
 5.7
%$34,917
                 
Equity Investments(9)
               
Investment Funds and Vehicles               
GCIC Senior Loan Fund LLC(7)
LLC interest N/A N/A N/A   $12,258
 2.1
%$13,039
                
Total controlled affiliate company equity investments       $12,258
 2.1
%$13,039
                
Total controlled affiliate company investments     $34,917
 $47,175
 7.8
%$47,956
                
Total investments     $1,050,611
 $1,061,376
 173.5
%$1,069,710
           
Cash, Restricted Cash and Cash Equivalents           
   
   
   
Cash and Restricted Cash        
 $75,731
 12.3
%$75,731
Total Cash, Restricted Cash and Cash Equivalents    $75,731
 12.3
%$75,731
           
Total Investments and Cash, Restricted Cash and Cash Equivalents       $1,137,107
 185.8
%$1,145,441
 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Personal, Food and Miscellaneous Services - (continued)               
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.33% 04/2021 622
 614
 0.1
 622
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.33% 04/2021 489
 489
 0.1
 489
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.33% 04/2021 476
 470
 0.1
 476
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.33% 04/2021 187
 186
 —
 187
Vetcor Professional Practices LLC*
One stop L + 6.00%
(c) 
 7.33% 04/2021 153
 152
 —
 153
Vetcor Professional Practices LLCOne stop L + 6.00%
(c) 
 7.33% 04/2021 17
 13
 —
 17
Veterinary Specialists of North America, LLC#*
One stop L + 5.25%
(c) 
 6.56% 07/2021 3,853
 3,813
 0.5
 3,853
Veterinary Specialists of North America, LLCOne stop L + 5.25%
(c) 
 6.58% 07/2021 49
 41
 —
 49
Veterinary Specialists of North America, LLC#
One stop L + 5.25%
(c) 
 6.56% 07/2021 33
 33
 —
 33
Veterinary Specialists of North America, LLC(4)
One stop L + 5.25%  
N/A(5)
 07/2021 —
 (1) —
 —
Wetzel's Pretzels, LLC*
One stop L + 6.75%
(a) 
 7.99% 09/2021 6,012
 5,927
 0.8
 6,012
Wetzel's Pretzels, LLC(4)
One stop L + 6.75%  
N/A(5)
 09/2021 —
 (1) —
 —
           98,622
 97,362
 12.6
 96,855
Printing and Publishing               
Brandmuscle, Inc.*
Senior loan L + 5.00%
(c) 
 6.33% 12/2021 538
 533
 0.1
 542
Marketo, Inc.One stop L + 9.50%
(c) 
 10.83% 08/2021 20,640
 20,160
 2.7
 20,640
Marketo, Inc.(4)
One stop L + 9.50%  
N/A(5)
 08/2021 —
 (1) —
 —
          21,178
 20,692
 2.8
 21,182
Retail Stores               
Batteries Plus Holding Corporation#*
One stop L + 6.75%
(a) 
 7.99% 07/2022 13,086
 12,919
 1.7
 13,086
Batteries Plus Holding Corporation(4)
One stop L + 6.75%  
N/A(5)
 07/2022 —
 (2) —
 —
CVS Holdings I, LP#*
One stop L + 6.25%
(a) 
 7.49% 08/2021 17,139
 16,930
 2.2
 17,139
CVS Holdings I, LP#
One stop L + 6.25%
(a) 
 7.49% 08/2021 248
 244
 —
 248
CVS Holdings I, LPOne stop L + 6.25%
(a) 
 7.49% 08/2021 34
 28
 —
 34
CVS Holdings I, LP(4)
One stop L + 6.25%  
N/A(5)
 08/2020 —
 (2) —
 —
Cycle Gear, Inc.*
One stop L + 6.50%
(c) 
 7.80% 01/2020 7,572
 7,511
 1.0
 7,572
Cycle Gear, Inc.One stop L + 6.50%
(c) 
 7.82% 01/2020 710
 704
 0.1
 710
Cycle Gear, Inc.(4)
One stop L + 6.50%  
N/A(5)
 01/2020 —
 (7) —
 —
DTLR, Inc.#*
One stop L + 6.50%
(c) 
 7.81% 08/2022 19,705
 19,417
 2.6
 19,408
Feeders Supply Company, LLC#*
One stop L + 5.75%
(a) 
 6.99% 04/2021 4,699
 4,656
 0.6
 4,699
Feeders Supply Company, LLCSubordinated Debt N/A  12.50% cash/7.00% PIK 04/2021 55
 55
 —
 55
Feeders Supply Company, LLCOne stop L + 5.75%  
N/A(5)
 04/2021 —
 —
 —
 —
Marshall Retail Group, LLC, The#
One stop L + 6.00%
(c) 
 7.30% 08/2020 3,150
 3,150
 0.4
 3,150
Marshall Retail Group, LLC, TheOne stop P + 4.75%
(e) 
 9.00% 08/2019 77
 77
 —
 77
Mills Fleet Farm Group LLC#*
One stop L + 5.50%
(a) 
 6.74% 02/2022 5,650
 5,419
 0.8
 5,650
Pet Holdings ULC#(7)(8)
One stop L + 5.50%
(c) 
 6.80% 07/2022 32,348
 31,832
 4.2
 32,348
Pet Holdings ULC(7)(8)
One stop L + 5.50%
(c) 
 6.81% 07/2022 56
 55
 —
 56
Pet Holdings ULC(4)(7)(8)
One stop L + 5.50%
(e) 
 
N/A(5)
 07/2022 —
 (2) —
 —
PetPeople Enterprises, LLC*
One stop L + 6.00%
(c) 
 7.32% 09/2023 2,373
 2,343
 0.3
 2,349
PetPeople Enterprises, LLC(4)
One stop L + 6.00%  
N/A(5)
 09/2023 —
 (1) —
 —
PetPeople Enterprises, LLC(4)
One stop L + 6.00%  
N/A(5)
 09/2023 —
 (2) —
 (17)
          106,902
 105,324
 13.9
 106,564
Telecommunications             
   
   
   
NetMotion Wireless Holdings, Inc.*
One stop L + 6.25%
(c) 
 7.58% 10/2021 7,278
 7,190
 0.9
 7,278
NetMotion Wireless Holdings, Inc.(4)
One stop L + 6.25%  
N/A(5)
 10/2021 —
 (1) —
 —
           7,278
 7,189
 0.9
 7,278
Textile and Leather             
   
   
   
SHO Holding I Corporation*
Senior loan L + 5.00%
(a) 
 6.24% 10/2022 1,917
 1,883
 0.3
 1,917
SHO Holding I CorporationSenior loan L + 4.00%
(a)(b) 
 5.24% 10/2021 16
 15
 —
 15
           1,933
 1,898
 0.3
 1,932
Utilities             
   
   
   
Arcos, LLC*
One stop L + 6.00%
(c) 
 7.33% 02/2021 3,411
 3,386
 0.5
 3,411
Arcos, LLCOne stop L + 6.00%  
N/A(5)
 02/2021 $—
 $—
 —
%$—
PowerPlan Holdings, Inc.*
Senior loan L + 5.25%
(a) 
 6.49% 02/2022 2,522
 2,498
 0.3
 2,522


30
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Utilities - (continued)               
PowerPlan Holdings, Inc.*
Senior loan L + 5.25%
(a) 
 6.49% 02/2022 805
 791
 0.1
 805
           6,738
 6,675
 0.9
 6,738
Total non-controlled/non-affiliate company debt investments      $1,336,708
 $1,318,676
 172.8
%$1,326,950
                  
   
  
Equity investments(9)(10)
                
Aerospace and Defense                
Whitcraft LLCCommon stock N/A
  
 N/A N/A 7
 $688
 0.1
%$688
                 
Automobile                
Polk Acquisition Corp.LP interest N/A
  
 N/A N/A 4
 401
 —
 255
                 
Beverage, Food and Tobacco                
Cafe Rio Holding, Inc.Common stock N/A
  
 N/A N/A 3
 283
 —
 283
Hopdoddy Holdings, LLCLLC units N/A
  
 N/A N/A 17
 84
 —
 57
Hopdoddy Holdings, LLCLLC units N/A
  
 N/A N/A 8
 24
 —
 16
P&P Food Safety US Acquisition, Inc.LLC interest N/A
  
 N/A N/A 2
 203
 —
 209
Purfoods, LLCLLC interest N/A
  
 N/A N/A 355
 355
 0.1
 383
            949
 0.1
 948
Chemicals, Plastics and Rubber                
Flexan, LLCPreferred stock N/A
  
 N/A N/A —
 40
 —
 48
Flexan, LLCCommon stock N/A
  
 N/A N/A —
 —
 —
 8
            40
 —
 56
Diversified/Conglomerate Manufacturing                
Inventus Power, Inc.Preferred stock N/A
  
 N/A N/A —
 259
 —
 —
Inventus Power, Inc.Common stock N/A
  
 N/A N/A —
 —
 —
 —
Reladyne, Inc.LP interest N/A
  
 N/A N/A —
 242
 0.1
 450
            501
 0.1
 450
Diversified/Conglomerate Service                
Accela, Inc.LLC units N/A
  
 N/A N/A 374
 374
 0.1
 374
Actiance, Inc.Warrant N/A
  
 N/A N/A 248
 59
 —
 86
Agility Recovery Solutions Inc.Preferred stock N/A
  
 N/A N/A 30
 152
 —
 191
Bomgar CorporationCommon stock N/A
  
 N/A N/A 1
 620
 0.1
 694
Bomgar CorporationCommon stock N/A
  
 N/A N/A 415
 6
 —
 33
HealthcareSource HR, Inc.LLC interest N/A
  
 N/A N/A —
 165
 —
 176
Host Analytics, Inc.Warrant N/A
  
 N/A N/A 154
 58
 —
 123
Maverick Bidco Inc.LLC units N/A
  
 N/A N/A 1
 597
 0.1
 597
MMan Acquisition Co.LP interest N/A
  
 N/A N/A 334
 334
 —
 334
Project Alpha Intermediate Holding, Inc.Common stock N/A
  
 N/A N/A —
 399
 0.1
 440
Project Alpha Intermediate Holding, Inc.Common stock N/A
  
 N/A N/A 99
 4
 —
 4
Quickbase, Inc.Common stock N/A
  
 N/A N/A 615
 412
 0.1
 808
Switchfly, Inc.Warrant N/A
  
 N/A N/A 79
 114
 —
 181
Verisys CorporationLLC interest N/A
  
 N/A N/A 318
 318
 0.1
 346
Workforce Software, LLCLLC units N/A
  
 N/A N/A 1,309
 1,309
 0.2
 1,519
Xmatters, Inc. and Alarmpoint, Inc.Warrant N/A
  
 N/A N/A 41
 33
 —
 30
            4,954
 0.8
 5,936
Ecological                
Pace Analytical Services, LLCCommon stock N/A
  
 N/A N/A 3
 302
 —
 362
                 
Electronics                
Diligent CorporationPreferred stock N/A
  
 N/A N/A 535
 424
 0.1
 779
Gamma Technologies, LLCLLC units N/A
  
 N/A N/A 1
 82
 —
 201


31
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Electronics - (continued)                
SEI, Inc.LLC units N/A
  
 N/A N/A $207
 $161
 0.1
%$293
Sloan Company, Inc., TheLLC units N/A
  
 N/A N/A —
 59
 —
 —
Sloan Company, Inc., TheLLC units N/A
  
 N/A N/A 1
 7
 —
 —
            733
 0.2
 1,273
Healthcare, Education and Childcare                
Active Day, Inc.LLC interest N/A
  
 N/A N/A 1
 529
 0.1
 618
Acuity Eyecare Holdings, LLCLLC interest N/A
  
 N/A N/A 419
 419
 0.1
 522
ADCS Clinics Intermediate Holdings, LLCPreferred stock N/A
  
 N/A N/A 1
 596
 0.1
 480
ADCS Clinics Intermediate Holdings, LLCCommon stock N/A
  
 N/A N/A —
 6
 —
 —
BIORECLAMATIONIVT, LLCLLC units N/A
  
 N/A N/A —
 360
 0.1
 543
DCA Investment Holding, LLCLLC units N/A
  
 N/A N/A 5,253
 525
 0.1
 571
DCA Investment Holding, LLCLLC units N/A
  
 N/A N/A 53
 5
 —
 —
Deca Dental Management LLCLLC units N/A
  
 N/A N/A 651
 651
 0.1
 748
Dental Holdings CorporationLLC units N/A
  
 N/A N/A 359
 359
 —
 245
Encore GC Acquisition, LLCLLC units N/A
  
 N/A N/A 8
 81
 —
 67
Encore GC Acquisition, LLCLLC units N/A
  
 N/A N/A 8
 —
 —
 —
Eyecare Services Partners Holdings LLCLLC interests N/A
  
 N/A N/A —
 304
 0.1
 304
Eyecare Services Partners Holdings LLCLLC interests N/A
  
 N/A N/A —
 3
 —
 3
G & H Wire Company, IncLLC interest N/A
  
 N/A N/A 187
 187
 —
 187
Kareo, Inc.Warrant N/A
  
 N/A N/A 27
 203
 —
 203
Katena Holdings, Inc.LLC units N/A
  
 N/A N/A —
 205
 —
 136
Lombart Brothers, Inc.Common stock N/A
  
 N/A N/A —
 123
 —
 164
MWD Management, LLC & MWD Services, Inc.LLC interest N/A
  
 N/A N/A 154
 154
 —
 154
Oliver Street Dermatology Holdings, LLCLLC units N/A
  
 N/A N/A 218
 218
 —
 292
Pinnacle Treatment Centers, Inc.Preferred stock N/A
  
 N/A N/A —
 216
 —
 222
Pinnacle Treatment Centers, Inc.Common stock N/A
  
 N/A N/A 2
 2
 —
 —
RXH Buyer CorporationLP interest N/A
  
 N/A N/A 4
 443
 —
 155
SLMP, LLCLLC interest N/A
  
 N/A N/A 334
 334
 0.1
 334
WHCG Management, LLCLLC interest N/A
  
 N/A N/A —
 281
 —
 277
            6,204
 0.8
 6,225
Insurance                
Internet Pipeline, Inc.Preferred stock N/A
  
 N/A N/A —
 153
 —
 185
Internet Pipeline, Inc.Common stock N/A
  
 N/A N/A 93
 2
 0.1
 304
            155
 0.1
 489
Leisure, Amusement, Motion Pictures, Entertainment               
PADI Holdco, Inc.LLC units N/A
  
 N/A N/A 1
 539
 0.1
 539
                 
Mining, Steel, Iron and Non-Precious Metals               
Benetech, Inc.LLC interest N/A
  
 N/A N/A 2
 —
 —
 —
Benetech, Inc.LLC interest N/A
  
 N/A N/A 2
 —
 —
 —
            —
 —
 —
Personal and Non Durable Consumer Products (Mfg. Only)               
Georgica Pine Clothiers, LLCLLC units N/A
  
 N/A N/A 9
 91
 —
 89
                 
Personal, Food and Miscellaneous Services                
Clarkson Eyecare LLCLLC units N/A
  
 N/A N/A —
 63
 —
 75
Community Veterinary Partners, LLCCommon stock N/A
  
 N/A N/A 1
 126
 —
 132
Southern Veterinary Partners, LLCLLC units N/A
  
 N/A N/A —
 49
 —
 49
Southern Veterinary Partners, LLCLLC units N/A
  
 N/A N/A 52
 3
 —
 3
Vetcor Professional Practices LLCLLC units N/A
  
 N/A N/A 498
 298
 0.1
 331
Vetcor Professional Practices LLCLLC units N/A
  
 N/A N/A 55
 55
 0.1
 667
Veterinary Specialists of North America, LLCLLC units N/A
  
 N/A N/A —
 56
 —
 74
Wetzel's Pretzels, LLCCommon stock N/A
  
 N/A N/A $—
 $149
 $—
 $173
            799
 0.2
%1,504


32
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2017
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 Amortized Cost 
Percentage
of Net
Assets
 
Fair
Value (15)
Printing and Publishing                
Brandmuscle, Inc.LLC interest N/A
  
 N/A N/A —
 207
 —
 203
                 
Retail Stores                
Batteries Plus Holding CorporationLP interest N/A
  
 N/A N/A 5
 505
 0.1
 653
Cycle Gear, Inc.LLC units N/A
  
 N/A N/A 8
 111
 —
 169
Elite Sportswear, L.P.LLC interest N/A
  
 N/A N/A —
 70
 —
 43
Feeders Supply Company, LLCPreferred stock N/A
  
 N/A N/A 2
 179
 —
 204
Feeders Supply Company, LLCCommon stock N/A
  
 N/A N/A —
 —
 —
 97
Pet Holdings ULC(7)(8)
LP interest N/A
  
 N/A N/A 222
 188
 0.1
 228
            1,053
 0.2
 1,394
Utilities                
PowerPlan Holdings, Inc.Common stock N/A
  
 N/A N/A —
 116
 —
 116
PowerPlan Holdings, Inc.Common stock N/A
  
 N/A N/A 68
 1
 —
 120
            117
 —
 236
                 
Total non-controlled/non-affiliate company equity investments $17,733
 2.7
%$20,647
                 
Total non-controlled/non-affiliate company investments $1,336,708
 $1,336,409
 175.5
%$1,347,597
                 
Controlled affiliate company investments(12)
             
Equity investments                
Investment Funds and Vehicles                
GCIC Senior Loan Fund LLC(7)(13)
LLC interest N/A  N/A N/A   $49,800
 6.5
%$50,104
                 
Total controlled affiliate company equity investments $49,800
 6.5
%$50,104
                 
Total controlled affiliate company investments $49,800
 6.5
%$50,104
                 
Total investments $1,336,708
 $1,386,209
 182.0
%$1,397,701
           
Cash and cash equivalents and restricted cash and cash equivalents         
   
   
   
Cash and restricted cash $47,487
 6.8
%$47,487
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)  
0.91% (14)
      
 3,644
 0.1
 3,644
Total cash and cash equivalents and restricted cash and cash equivalents $51,131
 6.9
%$51,131
           
Total investments and cash and cash equivalents and restricted cash and cash equivalents $1,437,340
 188.9
%$1,448,832


 
# 
 Denotes that all or a portion of the loan collateralizedinvestment collateralizes the Credit Facility (as defined in Note 8)7).
* 
 
Denotes that all or a portion of the loaninvestment secures the notes offered in the GCIC 2016 Debt Securitization (as defined in Note 8)7).


(1) 
The majority of the investments bear interest at a rate that may be determined by reference to LIBOR or Prime and which reset daily, monthly, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect atas of September 30, 2016.2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 29, 2017, which was the last business day of the period on which LIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2017, as the loan may have priced or repriced based on an index rate prior to September 29, 2017.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 1.23% as of September 29, 2017.
(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 1.27% as of September 29, 2017.
(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 1.33% as of September 29, 2017.
(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 1.51% as of September 29, 2017.


3033
Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 20162017
(In thousands)


(e) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 4.25% as of September 29, 2017.
(2) 
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect atas of September 30, 2016.2017.
(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 negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.Thepar. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5) 
The entire commitment was unfunded as of September 30, 2016.2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(6) 
Loan was on non-accrual status as of September 30, 2016,2017, meaning that the Company has ceased recognizing interest income on the loan.
(7) 
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2016,2017, total non-qualifying assets at fair value represented 7.1%5.9% of the Company’s assets calculated in accordance with the 1940 Act.
(8) 
The headquarters of this portfolio company is located in Canada.
(9) 
Non-incomeEquity investments are non-income producing securities.securities unless otherwise noted.
(10) 
Ownership of certain equity investments may occur through a holding company or partnership.
(11) 
As defined in the 1940 Act, theThe Company is deemedholds an equity investment that entitles it to be both an ‘‘Affiliated Person’’ of and ‘‘Control’receive preferential dividends.
(12) 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). Transactions related to investments in controlled affiliates for the year ended September 30, 2017 were as follows:
Portfolio
Company		 Fair value as of September 30, 2016 
Purchases
(cost)
 Redemptions
(cost)		 Discount
accretion		 Net change in unrealized
gain/(loss)		 Fair value as of September 30, 2017 Net realized gain/(loss) Interest and
fee income		 Dividend
income
GCIC Senior Loan Fund LLC* $47,956
 $46,344
 $(43,719) $—
 $(477) $50,104
 $—
 $732
 $3,950
Total Controlled Affiliates $47,956
 $46,344
 $(43,719) $—
 $(477) $50,104
 $—
 $732
 $3,950
(f) Together with Aurora, the Company co-invests through GCIC SLF. GCIC SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect to GCIC SLF must be approved by the GCIC SLF investment committee consisting of two representatives of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). Therefore, although the Company owns more than 25% of the voting securities of GCIC SLF, the Company does not believe that it has control over GCIC SLF for purposes of the 1940 Act or otherwise.
(13)
The Company receives quarterly profit distributions from its equity investment in GCIC SLF. See Note 5. Investments.
(14)
The rate shown is the annualized seven-day yield as of September 30, 2017.
(15)
The fair value 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).investment was valued using significant unobservable inputs. See Note 6 in the accompanying notes to the consolidated financial statements for transactions during the year ended September 30, 2016 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.6. Fair Value Measurements.



3134
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   


Note 1.    Organization

Golub Capital Investment Corporation (“GCIC” and collectively with its subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that was formed on September 22, 2014 and commenced operations on December 31, 2014, the effective date of the Company’s election to be treated 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, the CompanyGCIC 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 senior secured and one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans) loans of U.S. middle-market companies. The Company may also selectively invest 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 an investment advisory agreement (the “Investment 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.

Note 2.    Significant Accounting Policies and Recent Accounting Updates

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 - Financial Services - Investment Companies (“ASC Topic 946”).

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting under Articles 6, 10, and 1012 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2017, as filed with the U.S. Securities and Exchange Commission (the Commission or the SEC).

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



32
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

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 inthe market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.


35
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)


Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 7.6.

Use of estimates: The preparation of the 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, GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC Equity LLC (“GCIC Equity”) and Golub Capital Investment Corporation CLO 2016(M) LLC (“GCIC 2016 Issuer”), in its consolidated financial statements. Effective May 2, 2016, GCIC Equity merged with GCIC Holdings, with GCIC Holdings remaining as the surviving limited liability company (“LLC”). The Company does not consolidate its non-controlling interest in GCIC Senior Loan Fund, LLC (“GCIC SLF”).SLF. See further description of the Company’s investment in GCIC SLF in Note 5.

Assets related to transactions that do not meet ASC Topic 860 - Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements Consolidated Statements
of financial conditionFinancial Condition as investments. Those assets are owned by special purpose entities, including GCIC Funding and GCIC 2016 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 GCIC (or any affiliate of GCIC).

Cash and cash equivalents: Cash and cash equivalents 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 may be in excess of the Federal Deposit Insurance Corporation insurance limits.

Restricted cash and cash equivalents: Restricted cash and cash equivalents 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 are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

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

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

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

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

Foreign security and currency transactions may 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


3336
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

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.

Revenue recognition:

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three and nine months ended June 30,December 31, 2017 and 2016, interest income included $2,211$2,026 and $4,590,$1,390, respectively, of accretion of discounts. For the three and nine months ended June 30, 2016, interest income included $652December 31, 2017, and $2,055, respectively, of accretion of discounts. For the three and nine months ended June 30, 2017, the Company received loan origination fees of $4,482 and $7,402, respectively. For the three and nine months ended June 30, 2016 the Company received loan origination fees of $4,556$3,172 and $9,604,$1,664, respectively.

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 and nine months ended June 30,December 31, 2017 and 2016, the Company recorded PIK income of $469$468 and $1,377,$445, respectively, and received PIK payments in cash of $9$0 and $74, respectively. For the three and nine months ended June 30, 2016, the Company recorded PIK income of $120 and $164, respectively, and received PIK payments in cash of $1 and $1,$0, respectively.

In addition, the Company may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans. The Company records these fees as fee income when received. All other income is recorded into income when earned. For the three and nine months ended June 30,December 31, 2017 fee income included $820 and $1,025, respectively, of prepayment premiums. For the three and nine months ended June 30, 2016, fee income included $1$386 and $362,$143, respectively, of prepayment premiums.premiums, which fees are non-recurring.

For the three and nine months ended June 30,December 31, 2017 the Company received interest and fee income in cash, which excludes capitalized loan origination fees, of $22,275 and $60,956, respectively. For the three and nine months ended June 30, 2016, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, of $13,128$26,780 and $34,095,$19,618, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from LLClimited liability company ("LLC") andlimited 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 amortized cost basis of the investment. For the three and nine months ended June 30,December 31, 2017, the Company recorded dividend income of $1,373 and $3,037, respectively,$1,132 and return of capital distributions of $4,479 and $9,288, respectively.$217. For the three and nine months ended June 30,December 31, 2016, the Company recorded dividend income of $48 and $65, respectively,$422 and return of capital distributions of $157 and $196, respectively.$46.

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


34
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the consolidated statementsConsolidated Statements of operations.Operations.

Non-accrual loans: A loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to


37
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

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 $420$25 and $16$311 as of June 30,December 31, 2017 and September 30, 2016,2017, respectively.

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 its 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 may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company wouldmay then paybe required to incur a 4% excise tax on such income, as required.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 each of the three and nine months ended June 30,December 31, 2017 and 2016, no amount was incurred for U.S. federal excise tax.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the taxpositions 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 June 30,December 31, 2017. The Company's tax returns for the 2014 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities.

Distributions: Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company intends to authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out


35
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

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 may decide to retain such capital gains for investment.

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 have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board.Board (subject to adjustment to the extent required by Section 23 of the 1940 Act).

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 June 30,December 31, 2017 and September 30, 2016,2017, the Company had deferred debt issuance costs of $2,910$2,129 and $5,073,$2,671, respectively. These amounts are amortized and included in interest expense in the consolidated statementsConsolidated Statements of operationsOperations over the estimated average life of the borrowings. Amortization expense for the three and nine months ended June 30,December 31, 2017 was $741 and $2,522, respectively. Amortization expense for the three and nine months ended June 30, 2016 was $545$553 and $1,509,$899, respectively.



38
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

Recent accounting pronouncements:  In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash a consensus of FASB Emerging Issues Task Force, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance is effective for annual reporting periods, and the interim periods within those periods, beginning after December 15, 2017 and early adoption is permitted.2017. The Company is currently evaluatingadopted the ASU, which did not have a material impact this ASU will have on itsthe Company’s consolidated financial statements. Prior to adoption, the Company presented the change in restricted cash and cash equivalents separately as a cash flow from investing activity. Upon adoption, the Company included the restricted cash and cash equivalents in each of the balances of the cash, cash equivalents and restricted cash and cash equivalents at the beginning of and end of periods and included the change in restricted cash and cash equivalents as part of the net change in cash, cash equivalents and restricted cash and cash equivalents in the Consolidated Statements of Cash Flows and retrospectively restated the three months ended December 31, 2016.

Note 3.    Stockholders’ Equity

GCIC is authorized to issue 1,000,000 shares of preferred stock at a par value of $0.001 per share and 100,000,000 shares of common stock at a par value of $0.001 per share. Since the commencement of operations on December 31, 2014, GCIC has entered into subscription agreements (collectively, the “Subscription Agreements”) with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GCIC’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GCIC’s common stock, at a price per share equal to the most recent NAV per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act), up to the amount of their respective capital subscriptions on an as-needed basis as determined by GCIC with a minimum of 10 calendar days prior notice.

As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:
As of June 30, 2017 As of September 30, 2016As of December 31, 2017 As of September 30, 2017
 Subscriptions  Contributions  Subscriptions  Contributions Subscriptions  Contributions  Subscriptions  Contributions
GCIC Stockholders$1,301,643
 $660,422
 $942,904
 $594,263
$1,301,643
 $749,353
 $1,301,643
 $716,004
Total$1,301,643
 $660,422
 $942,904
 $594,263
$1,301,643
 $749,353
 $1,301,643
 $716,004

As of December 31, 2017 and September 30, 2017, the ratio of total contributed capital to total capital subscriptions was 57.6% and 55.0%, respectively, and GCIC had uncalled capital commitments of $552,290 and $585,639, respectively. The Investment Adviser has determined not all remaining undrawn commitments to purchase GCIC’s common stock will be drawn prior to a public offering by GCIC or the occurrence of another liquidity event. Therefore, the Company expects to reach agreements from time to time with one or more of its investors to cancel all or a portion of their remaining undrawn commitments.



3639
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

As of June 30, 2017 and September 30, 2016, the ratio of total contributed capital to total capital subscriptions was 50.7% and 63.0%, respectively, and GCIC had uncalled capital commitments of $641,221 and $348,641, respectively.

The following table summarizes the shares of GCIC common stock issued and outstanding for the ninethree months ended June 30,December 31, 2017 and 2016:
Date Shares Issued NAV ($) per share ProceedsDate Shares Issued NAV ($) per share Proceeds
            
Shares outstanding, September 30, 2015 20,843,155.219
 $15.00
 $312,647
      
Issuance of shares11/06/2015 1,329,458.533
 15.00
 19,942
Issuance of shares12/14/2015 2,078,187.800
 15.00
 31,173
Issuance of shares02/23/2016 2,488,930.923
 15.00
 37,334
Issuance of shares05/16/2016 1,994,478.077
 15.00
 29,917
Issuance of shares06/02/2016 1,994,478.077
 15.00
 29,917
Issuance of shares06/21/2016 2,707,383.731
 15.00
 40,611
      
Shares issued for capital drawdowns 12,592,917.141
 $15.00
 $188,894
      
Issuance of shares (1)
11/20/2015 182,861.440
 15.00
 2,743
Issuance of shares (1)
12/30/2015 168,295.009
 15.00
 2,524
Shares outstanding, September 30, 2016 41,087,178.250
 $15.00
 $616,307
Issuance of shares (1)
02/26/2016 170,848.215
 15.00
 2,563
11/21/2016 355,195.794
 15.00
 5,329
Issuance of shares (1)
05/20/2016 164,469.664
 15.00
 2,467
12/30/2016 327,120.972
 15.00
 4,907
Shares issued through DRIP 686,474.328
 $15.00
 $10,297
 682,316.766
 $15.00
 $10,236
Shares outstanding, December 31, 2016 41,769,495.016
 $15.00
 $626,543
            
Shares outstanding, June 30, 2016 34,122,546.688
 $15.00
 $511,838
      
Shares outstanding, September 30, 2016 41,087,178.250
 $15.00
 $616,307
      
Shares outstanding, September 30, 2017 51,214,683.496
 $15.00
 $768,220
Issuance of shares04/03/2017 2,187,285.533
 $15.00
 32,809
12/01/2017 2,223,285.533
 15.00
 33,349
Issuance of shares05/01/2017 2,223,285.533
 $15.00
 33,349
      
Shares issued for capital drawdowns 4,410,571.066
 $15.00
 $66,158
 2,223,285.533
 $15.00
 $33,349
      
Issuance of shares (1)
11/21/2016 355,195.794
 15.00
 5,329
Issuance of shares (1)
12/30/2016 327,120.972
 15.00
 4,907
Issuance of shares (1)
02/27/2017 335,502.470
 15.00
 5,032
11/27/2017 291,564.353
 15.00
 4,374
Issuance of shares (1)
05/19/2017 313,775.384
 15.00
 4,707
12/28/2017 393,201.972
 15.00
 5,898
Shares issued through DRIP 1,331,594.620
 $15.00
 $19,975
 684,766.325
 $15.00
 $10,272
      
Shares outstanding, June 30, 2017 46,829,343.936
 $15.00
 $702,440
Shares outstanding, December 31, 2017 54,122,735.354
 $15.00
 $811,841
 
(1) 
Shares issued through the DRIP.


37
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)


Note 4.    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, GCIC. The Board most recently reapproved the Investment Advisory Agreement in May 2017. The Investment Adviser is a registered investment adviser with the Securities and Exchange Commission (the “SEC”).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 the lesser of (a) 1.50% or (b) the base management fee of Golub Capital BDC, Inc. (currently 1.375%) in either case on 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 and cash collateral on deposit with custodian but adjusted to exclude cash and cash equivalents and restricted cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. 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. Base management fees for any partial quarter are appropriately pro-rated. For purposes of the Investment Advisory Agreement, cash equivalents means 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 GCIC, the base management fee shall 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. For periods prior to the earlier of (1) the date of the pricing of an initial public offering or listing on a national securities exchange of the securities of GCIC or (2) a sale of all or substantially all of the Company’s assets to, or other liquidity event with, an entity for consideration of publicly listed securities of the acquirer (each, a “Liquidity Event”), the Investment Adviser has irrevocably agreed to waive any base management fee in excess of 1.00% of the fair value of the Company’s average adjusted gross assets as calculated in accordance with the Investment Advisory Agreement and as described above. For the three and nine months ended June 30,December 31, 2017 and 2016, the base management feefees irrevocably waived by the Investment Adviser was $1,162were $1,360 and $3,256,$1,035, respectively. For the three


40
Golub Capital Investment Corporation and nine months ended June 30, 2016, the base management fee irrevocably waived by the Investment Adviser was $729Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and $1,856, respectively.per share data)


The Incentive Fee consists of three parts: the income component (the “Income Incentive Fee”), the capital gains component (the “Capital Gain Incentive Fee”) and the subordinated liquidation incentive component (the “Subordinated Liquidation Incentive Fee” and, together with the Income Incentive Fee and the Capital Gain Incentive Fee, the “Incentive Fee”).

The Income Incentive Fee is calculated quarterly in arrears based on Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management


38
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

fee, taxes, any expenses payable under the Investment Advisory Agreement and the AdministrationAgreement, 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.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the Income IncentiveFee, it is possible that an Incentive Fee may be 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 Income Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital lossesunless the payment of such Income Incentive Fee would be subject to the Incentive Fee Cap defined below.

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 1.5% quarterly. If market interest rates rise, the Company may be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income. The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and leverage) used to calculate the base management fee annual rate.

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

Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
50.0% 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 the amount payable to the Investment Adviser equals 20.0% of the 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 that exceeds the hurdle rate is referred to as the “catch-up” provision; and
20.0% 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 sum of these calculations yields the Income Incentive Fee. This amount is appropriately adjusted for any share issuances or repurchases during the quarter. For the three and nine months ended June 30,December 31, 2017 the Income Incentive Fee incurred was $3,256 and $7,132, respectively. For the three and nine months ended June 30, 2016, the Income Incentive Fee incurred was $1,336$3,651 and $3,041,$2,046, respectively.



41
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

For periods prior to a Liquidity Event, the Investment Adviser has irrevocably agreed to waive the Income Incentive fee calculated under the Investment Advisory Agreement in amounts in excess of the following amounts (computed on a quarterly basis, in arrears):



39
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
50.0% 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 the amount payable to the Investment Adviser equals to 15.0% of the 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 that exceeds the hurdle rate is referred to as the “catch-up” provision; 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.

For the three and nine months ended June 30,December 31, 2017 and 2016, the Income Incentive FeeFees irrevocably waived by the Investment Adviser was $733were $798 and $749, respectively. For the three and nine months ended June 30, 2016, the Income Incentive Fee irrevocably waived by the Investment Adviser was $0 and $0,$16, respectively.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), commencing with the calendar year ending December 31, 2015, less (b) the aggregate amount of anypreviously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from December 31, 2014, the date the Company elected to become a BDC, through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuancefinancing 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.

The Capital Gain Incentive Fee is calculated on a cumulative basis from December 31, 2014 through the end of each calendar year. Prior to the closing of a Liquidity Event, the Investment Adviser has agreed to waive that portion of the Capital Gain Incentive Fee, calculated as described above, in excess of 15.0% of the Capital Gain Incentive Fee Base, provided that any amounts so waived shall be deemed to have been paid to the Investment Adviser for purposes of determining the Capital Gain Incentive Fee payable after the closing of a public offering.

There was no Capital Gain Incentive Fee as calculated under the Investment Advisory Agreement (as described above) payable for the three and nine months ended June 30,December 31, 2017 and 2016. However, in accordance with GAAP, the Company 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


40
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15.0% prior to a Liquidity Event (20.0% following a Liquidity Event) 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 accrual under GAAP in a given period may result in additional expense if such cumulative amount is


42
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and nine months ended June 30,December 31, 2017 the Company accrued a capital gain incentive fee under GAAP of $58 and $1,148, respectively, which are included in incentive fee in the consolidated statements of operations. For the three and nine months ended June 30, 2016, the Company accrued a capital gain incentive fee under GAAP of $383$385 and $657,$698 respectively, which are included in incentive fee in the consolidated statementsConsolidated Statements of operations.Operations. As of June 30,December 31, 2017 and September 30, 2016,2017, included in management and incentive fees payable on the consolidated statementsConsolidated Statements of financial conditionFinancial Condition were $1,772$2,056 and $624,$1,671, respectively, for accruals for capital gain incentive fees under GAAP.GAAP, none of which were payable pursuant to the Investment Advisory Agreement.

The third part of the Incentive Fee, the Subordinated Liquidation Incentive Fee, equals 20.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as calculated immediately prior to liquidation; subject, however, to the limit of cumulative Incentive Fees of all types not exceeding the Incentive Fee Cap (as defined below). For purposes of this calculation, “liquidation” will include any merger of the Company with another entity or the acquisition of all or substantially all of the shares ofcommon stock of GCIC in a single or series of related transactions. The Investment Advisory Agreement provides that no Subordinated Liquidation Incentive Fee shall be payable for any liquidation that occurs more than six months after the date of a public offering of securities of GCIC. For periods prior to the closing of a Liquidity Event, the Investment Adviser has agreed to waive that portion of the Subordinated Liquidation Incentive Fee in excess of 10.0% of the net proceeds from liquidation in excess of adjusted capital, as calculated immediately prior to liquidation.

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 since December 31, 2014, would be less than or equal to 20.0% of the Company’s Cumulative Pre-Incentive Fee Net Income (the “Incentive Fee Cap”). Cumulative Pre-Incentive Fee Net Income is equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period from December 31, 2014 and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation from December 31, 2014. For periods prior to a Liquidity Event, the Investment Adviser has agreed to irrevocably waive any Incentive Fee payable in excess of 15.0% of the Company’s Cumulative Pre-Incentive Fee Net Income; provided that any amounts so waived shall be deemed to have been paid to the Investment Adviser for purposes of the Incentive Fee Cap after the closing of such Liquidity Event.

The sum of the Income Incentive Fee, the Capital Gain Incentive Fee and the Subordinated Liquidation Incentive Fee is the Incentive Fee. The Company will deposit one-third of each Incentive Fee payment into an escrow account (the “Escrow Account”) administered by The Bank of New York Mellon (the “Escrow Agent”). Assets in the Escrow Account will be held by the Escrow Agent until the closing of a Liquidity Event at which time the Escrow Agent will release the assets to the Investment Adviser. If no Liquidity Event occurs prior to December 31, 2020, the Escrow Agent will return all assets in the Escrow


41
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

Account to the Company for the benefit of its stockholders. For the three and nine months ended June 30,December 31, 2017 the Company deposited $610 and $1,910, respectively, into the Escrow Account. For the three and nine months ended June 30, 2016, the Company deposited $347$836 and $777,$624, respectively, into the Escrow Account. As of June 30,December 31, 2017, the Company has made deposits totaling $3,336$5,014 into the Escrow Account.

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. GCIC reimburses the Administrator the allocable portion (subject to the review and approval of the Board) 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 GCIC’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 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.


43
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)


Included in accounts payable and accrued expenses is $401$495 and $280$449 as of June 30,December 31, 2017 and September 30, 2016,2017, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Company has agreed to reimburse the Investment Adviser for the organization and offering costs incurred on its behalf up to an aggregate amount of $700. Organization and offering costs include, among other things, the cost of incorporating the Company, including legal, accounting, regulatory filing and other fees pertaining to the Company’s organization, as well as expenses for the registration and offering of shares of GCIC common stock that were paid by the Investment Adviser on behalf of the Company. As of June 30,December 31, 2017 and September 30, 2016,2017, the organization and offering costs incurred by the Company totaled $700 and $534,$700, respectively.

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

Total expenses reimbursed to the Administrator during the three and nine months ended June 30,December 31, 2017 were $180 and $962, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2016 were $36$461 and $513,$262, respectively.

As of June 30,December 31, 2017 and September 30, 2016,2017, included in accounts payable and accrued expenses were $237$850 and $262,$461, respectively, for accrued expenses paid on behalf of the Company by the Administrator.

During the three and nine months ended June 30,December 31, 2017 and 2016, the Company sold $1,692$22,756 and $38,565,$23,733, respectively, of investments and unfunded commitments to GCIC SLF at fair value and recognized $8$195 and $339,$197, respectively, of net realized gains. During the three and nine months ended June 30, 2016, the Company sold $29,632 and $169,754, respectively, of investments and unfunded commitments to GCIC SLF at fair value and recognized $165 and $904, respectively, of net realized gains.



42
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

On December 30, 2014, the Investment Adviser transferred 666.670 shares of the Company’s common stock acquired in connection with the Company’s formation to GCOP LLC, an affiliate of the Investment Adviser, for $10. In addition, on December 31, 2014, GCOP LLC entered into a $15,000 subscription agreement to purchase shares of the Company’s common stock in a private placement. As of June 30,December 31, 2017, the Company has issued 1,004,905.973 shares of its common stock, including through the DRIP, to GCOP LLC in exchange for aggregate capital contributions totaling $15,074.

On December 31, 2014, GEMS Fund, L.P. ("GEMS") entered into a $40,000 subscription agreement to purchase shares of the Company’s common stock in a private placement. In connection with the Company’s acquisition of GCIC Holdings and GCIC Funding from GEMS on December 31, 2014, the Company issued 2,666,666.667 shares of its common stock and entered into an $11,820 short-term unsecured promissory note with GEMS (“GEMS Note”) that matured and was paid-off on March 2, 2015. As of June 30,December 31, 2017, the Company has issued 3,207,004.0123,380,090.639 shares of its common stock, including through the DRIP, to GEMS in exchange for aggregate capital contributions totaling $48,105.$50,701.

On February 3, 2015, the Company entered into an unsecured revolving credit facility with the Investment Adviser (the “Revolver”) with a maximum credit limit of $40,000 and expiration date of February 3, 2018. Refer to Note 87 for discussion of the Revolver.

On June 1, 2015, GEMS Fund 4, L.P, a Delaware limited partnership whose general partner is controlled by the Investment Adviser, entered into a subscription agreement, which was subsequently increased to $33,677, to purchase shares of the Company’s common stock in a private placement. As of June 30,December 31, 2017, the Company has issued 1,215,345.5991,394,954.998 shares of its common stock to GEMS Fund 4, L.P in exchange for aggregate capital contributions totaling $18,230.

During the three and nine months ended June 30, 2017, GCIC SLF incurred an administrative service fee of $57 and $163, respectively, to reimburse the Administrator for expenses pursuant to an administrative and loan services agreement by and between GCIC SLF and the Administrator. During the three and nine months ended June 30, 2016, GCIC SLF incurred an administrative service fee of $38 and $112, respectively, to reimburse the Administrator for expenses pursuant to an administrative and loan services agreement by and between GCIC SLF and the Administrator.$20,924.



4344
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

During the three months ended December 31, 2017 and 2016, GCIC SLF incurred an administrative service fee of $54 and $55, respectively, to reimburse the Administrator for expenses pursuant to an administrative and loan services agreement by and between GCIC SLF and the Administrator.

Note 5.    Investments

Investments as of June 30,December 31, 2017 and September 30, 20162017 consisted of the following:
As of June 30, 2017 As of September 30, 2016As of December 31, 2017 As of September 30, 2017
Principal 
Amortized
Cost
 
Fair
Value
 Principal 
Amortized
Cost
 
Fair
Value
Principal 
Amortized
Cost
 
Fair
Value
 Principal 
Amortized
Cost
 
Fair
Value
Senior secured$156,762
 $154,820
 $155,290
 $113,576
 $112,122
 $112,994
$174,397
 $172,417
 $172,455
 $167,646
 $165,642
 $165,620
One stop1,088,224
 1,072,394
 1,081,351
 902,078
 888,892
 894,649
1,269,800
 1,252,506
 1,261,992
 1,169,007
 1,152,979
 1,161,275
Subordinated debt54
 54
 54
 40
 40
 40
56
 56
 56
 55
 55
 55
Subordinated notes in GCIC SLF(1)(2)
—
 —
 —
 34,917
 34,917
 34,917
LLC equity interests in GCIC SLF(2)
N/A
 47,175
 48,118
  N/A
 12,258
 13,039
LLC equity interests in GCIC SLF(1)
N/A
 55,312
 56,361
 N/A
 49,800
 50,104
EquityN/A
 16,117
 19,147
  N/A
 13,147
 14,071
N/A
 18,855
 22,285
 N/A
 17,733
 20,647
Total$1,245,040
 $1,290,560
 $1,303,960
 $1,050,611
 $1,061,376
 $1,069,710
$1,444,253
 $1,499,146
 $1,513,149
 $1,336,708
 $1,386,209
 $1,397,701
 
(1) 
On December 30, 2016, GCIC SLF issued a capital call in an aggregate amount of $39,905 the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments.
(2)
GCIC SLF’s proceeds from the subordinated notes and LLC equity interests invested in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.
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 may not be indicative of the primary source of the portfolio company’s business.
As of June 30, 2017 As of September 30, 2016As of December 31, 2017 As of September 30, 2017
Amortized Cost:  
   
   
   
  
   
   
   
United States  
   
   
   
  
   
   
   
Mid-Atlantic$246,589
 19.1% $248,384
 23.4%$277,168
 18.5% $248,290
 17.9%
Midwest329,455
 25.5
 275,157
 25.9
328,023
 21.9
 358,990
 25.9
West165,770
 12.8
 104,238
 9.8
212,701
 14.2
 181,740
 13.1
Southeast274,417
 21.3
 234,214
 22.1
308,614
 20.6
 286,057
 20.6
Southwest116,052
 9.0
 73,563
 6.9
140,376
 9.4
 122,242
 8.8
Northeast126,059
 9.8
 93,550
 8.8
200,214
 13.3
 156,817
 11.3
Canada32,218
 2.5
 32,270
 3.1
32,050
 2.1
 32,073
 2.4
Total$1,290,560
 100.0% $1,061,376
 100.0%$1,499,146
 100.0% $1,386,209
 100.0%
              
Fair Value:  
   
   
   
  
   
   
   
United States  
   
   
   
  
   
   
   
Mid-Atlantic$250,220
 19.2% $250,798
 23.4%$281,837
 18.6% $251,278
 18.0%
Midwest331,165
 25.4
 276,075
 25.8
327,206
 21.6
 358,219
 25.6
West167,465
 12.8
 104,527
 9.8
214,990
 14.2
 184,438
 13.2
Southeast277,610
 21.3
 237,168
 22.2
310,935
 20.5
 288,780
 20.7
Southwest116,235
 8.9
 73,691
 6.9
141,605
 9.4
 122,670
 8.8
Northeast128,492
 9.9
 94,897
 8.9
203,988
 13.5
 159,684
 11.4
Canada32,773
 2.5
 32,554
 3.0
32,588
 2.2
 32,632
 2.3
Total$1,303,960
 100.0% $1,069,710
 100.0%$1,513,149
 100.0% $1,397,701
 100.0%



4445
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

The industry compositions of the portfolio at amortized cost and fair value as of June 30,December 31, 2017 and September 30, 20162017 were as follows:
As of June 30, 2017 As of September 30, 2016 As of December 31, 2017 As of September 30, 2017 
Amortized Cost:  
      
      
      
    
Aerospace and Defense$22,537
 1.7%$12,966
 1.2%$20,276
 1.3%$22,539
 1.6%
Automobile54,964
 4.3 51,568
 4.9 44,958
 3.0 58,138
 4.2 
Beverage, Food and Tobacco53,064
 4.2 36,875
 3.5 73,333
 4.9 69,045
 5.0 
Broadcasting and Entertainment690
 0.1 1,602
 0.2 686
 0.0*688
 0.0*
Buildings and Real Estate28,738
 2.2 8,452
 0.8 49,067
 3.3 49,135
 3.6 
Cargo Transport—
 — 1,752
 0.2 
Chemicals, Plastics and Rubber1,075
 0.1 33
 0.0*1,082
 0.1 1,075
 0.1 
Containers, Packaging and Glass—
 — 1,123
 0.1 
Diversified/Conglomerate Manufacturing39,319
 3.0 33,648
 3.2 44,573
 3.0 44,499
 3.2 
Diversified/Conglomerate Service259,824
 20.1 211,560
 19.9 343,917
 22.9 285,360
 20.6 
Ecological18,297
 1.4 15,371
 1.4 18,855
 1.3 18,304
 1.3 
Electronics128,093
 9.9 121,754
 11.5 127,146
 8.5 123,756
 8.9 
Grocery1,206
 0.1 302
 0.0*121
 0.0*123
 0.0*
Healthcare, Education and Childcare265,189
 20.5 195,880
 18.5 295,004
 19.7 270,217
 19.5 
Home and Office Furnishings, Housewares, and Durable Consumer10,801
 0.8 8,589
 0.8 9,751
 0.6 10,187
 0.7 
Hotels, Motels, Inns, and Gaming11,154
 0.9 388
 0.0*5,009
 0.3 11,138
 0.8
Insurance27,943
 2.2 20,203
 1.9 46,379
 3.1 32,050
 2.3 
Investment Funds and Vehicles47,175
 3.7 47,175
 4.4 55,312
 3.7 49,800
 3.6 
Leisure, Amusement, Motion Pictures, Entertainment51,887
 4.0 17,344
 1.6 52,075
 3.5 52,209
 3.8 
Mining, Steel, Iron and Non-Precious Metals210
 0.0*199
 0.0*199
 0.0*208
 0.0*
Oil and Gas4,677
 0.4 4,855
 0.5 26,347
 1.8 16,948
 1.2 
Personal and Non Durable Consumer Products (Mfg. Only)29,842
 2.3 11,076
 1.0 29,440
 2.0 29,474
 2.1 
Personal, Food and Miscellaneous Services91,847
 7.1 77,862
 7.3 114,218
 7.6 98,161
 7.1 
Printing and Publishing20,870
 1.6 49,512
 4.7 20,929
 1.4 20,899
 1.5 
Retail Stores105,260
 8.2 119,983
 11.3 104,848
 7.0 106,377
 7.7 
Telecommunications7,202
 0.6 4,915
 0.5 6,935
 0.5 7,189
 0.5 
Textiles and Leather1,902
 0.1 1,729
 0.2 1,896
 0.1 1,898
 0.2 
Utilities6,794
 0.5 4,660
 0.4 6,790
 0.4 6,792
 0.5 
Total$1,290,560
 100.0%$1,061,376
 100.0%$1,499,146
 100.0%$1,386,209
 100.0%

* Represents an amount less than 0.1%


4546
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

As of June 30, 2017 As of September 30, 2016 As of December 31, 2017 As of September 30, 2017 
Fair Value:  
      
   
   
      
    
Aerospace and Defense$22,753
 1.7%$12,668
 1.2
%$20,545
 1.4%$22,970
 1.7%
Automobile55,604
 4.3 52,255
 4.9
 45,200
 3.0 58,724
 4.2 
Beverage, Food and Tobacco53,306
 4.1 36,554
 3.4
 74,039
 4.9 69,322
 5.0 
Broadcasting and Entertainment696
 0.1 1,643
 0.2
 694
 0.0*694
 0.1 
Buildings and Real Estate29,010
 2.2 8,430
 0.8
 49,664
 3.3 49,333
 3.5 
Cargo Transport—
 — 1,767
 0.2
 
Chemicals, Plastics and Rubber1,101
 0.1 34
 0.0
*1,104
 0.1 1,099
 0.1 
Containers, Packaging and Glass—
 — 1,124
 0.1
 
Diversified/Conglomerate Manufacturing38,714
 3.0 32,805
 3.1
 43,340
 2.9 43,639
 3.1 
Diversified/Conglomerate Service263,255
 20.2 213,978
 20.0
 348,741
 23.0 289,884
 20.7 
Ecological18,467
 1.4 15,490
 1.4
 19,223
 1.3 18,700
 1.3 
Electronics129,888
 10.0 122,838
 11.5
 129,006
 8.5 125,426
 9.0 
Grocery1,208
 0.1 310
 0.0
*122
 0.0*124
 0.0*
Healthcare, Education and Childcare267,389
 20.5 197,506
 18.5
 295,906
 19.6 271,283
 19.4 
Home and Office Furnishings, Housewares, and Durable Consumer10,546
 0.8 7,963
 0.7
 8,941
 0.6 9,293
 0.7 
Hotels, Motels, Inns, and Gaming11,156
 0.9 394
 0.0
*5,094
 0.3 11,345
 0.8 
Insurance28,329
 2.2 20,564
 1.9
 46,989
 3.1 32,706
 2.4 
Investment Funds and Vehicles48,118
 3.7 47,956
 4.5
 56,361
 3.7 50,104
 3.6 
Leisure, Amusement, Motion Pictures and Entertainment51,543
 3.9 17,279
 1.6
 52,549
 3.5 52,466
 3.8 
Mining, Steel, Iron and Non-Precious Metals162
 0.0*170
 0.0
*175
 0.0*160
 0.0*
Oil and Gas4,729
 0.4 4,873
 0.5
 26,299
 1.7 16,919
 1.2 
Personal and Non-Durable Consumer Products (Mfg. Only)30,094
 2.3 10,896
 1.0
 29,585
 2.0 29,624
 2.1 
Personal, Food and Miscellaneous Services93,053
 7.1 79,117
 7.4
 115,553
 7.6 98,359
 7.0 
Printing and Publishing21,387
 1.6 50,133
 4.7
 21,339
 1.4 21,385
 1.5 
Retail Stores107,256
 8.2 121,386
 11.3
 106,722
 7.0 107,958
 7.7 
Telecommunications7,297
 0.6 4,959
 0.5
 7,034
 0.5 7,278
 0.5 
Textiles and Leather1,936
 0.1 1,768
 0.2
 1,887
 0.1 1,932
 0.1 
Utilities6,963
 0.5 4,850
 0.4
 7,037
 0.5 6,974
 0.5 
Total$1,303,960
 100.0%$1,069,710
 100.0
%$1,513,149
 100.0%$1,397,701
 100.0%
* Represents an amount less than 0.1%.
GCIC Senior Loan Fund LLC:

The Company co-invests with Aurora, National Life Assurance Company, a wholly-owned subsidiary of RGA Reinsurance Company, (“Aurora”), in senior secured loans through GCIC SLF, an unconsolidated Delaware LLC. GCIC SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect of GCIC SLF must be approved by the GCIC SLF investment committee consisting of two representatives of each of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). GCIC SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by GCIC SLF are measured at fair value by GCIC SLF using the same valuation methodologies as described in Note 7.6.

As of June 30,December 31, 2017, GCIC SLF was capitalized fromby LLC equity interest subscriptions from its members. On December 14, 2016, the GCIC SLF investment committee approved the recapitalization of the commitments of GCIC SLF's members. On December 30, 2016, GCIC SLF’s members entered into additional LLC equity interest subscriptions totaling $100,000, GCIC SLF issued capital calls to the Company and Aurora totaling $39,905 and the subordinated notes previously issued by GCIC SLF were redeemed and terminated. As of June 30,December 31, 2017 and September 30, 2016,2017, the Company and Aurora owned 87.5% and 12.5%, respectively, of the LLC equity interests of GCIC SLF. GCIC SLF’s profits and losses are allocated to the Company and Aurora in accordance with their respective ownership interests. As

GCIC SLF has entered into a senior secured revolving credit facility (as amended, the “GCIC SLF Credit Facility”) with Wells Fargo Bank, N.A. through its wholly-owned subsidiary GCIC Senior Loan Fund II LLC (“GCIC SLF II”), which as of September 30, 2016, the CompanyDecember 31, 2017 allowed GCIC SLF II to borrow up to $150,000 at any one time outstanding, subject to leverage and Aurora owned 87.5% and 12.5%, respectively, of the outstanding subordinated notes issued by GCIC SLF.borrowing base restrictions.



4647
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

Additionally, GCIC SLF has entered into a senior secured revolving credit facility (as amended, the “GCIC SLF Credit Facility”) with Wells Fargo Bank, N.A. through its wholly-owned subsidiary GCIC Senior Loan Fund II LLC (“GCIC SLF II”), which as of June 30, 2017 allowed GCIC SLF II to borrow up to $150,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF had the following commitments from its members:members (in the aggregate):
 As of June 30, 2017 As of September 30, 2016
  Committed 
Funded(1)
 Committed Funded
Subordinated note commitments (2)(3)
$—
 $—
 $100,000
 $39,905
LLC equity commitments (3)
125,000
 53,914
 25,000
 14,009
Total$125,000
 $53,914
 $125,000
 $53,914
 As of December 31, 2017 As of September 30, 2017
  Committed 
Funded(1)
 Committed 
Funded(1)
LLC equity commitments$125,000
 $63,214
 $125,000
 $56,914
Total$125,000
 $63,214
 $125,000
 $56,914
 
(1) 
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
(2)
The subordinated note commitments were terminated as of December 30, 2016.
(3)
Commitments presented are combined for the Company and Aurora.
As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF had total assets at fair value of $146,083$177,039 and $149,467,$164,551, respectively. As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF did not have any investments on non-accrual status. The portfolio companies in GCIC SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling $6,225$14,026 and $10,725,$10,020 respectively.

Below is a summary of GCIC SLF’s portfolio, followed by a listing of the individual investments in GCIC SLF’s portfolio as of June 30,December 31, 2017 and September 30, 2016:2017:
As of As ofAs of As of
June 30, 2017 September 30, 2016December 31, 2017 September 30, 2017
Senior secured loans (1)
$143,363
 $146,481
$174,708
 $162,815
Weighted average current interest rate on senior secured loans (2)
6.4% 6.0%6.8% 6.4%
Number of borrowers in GCIC SLF37
 41
40
 40
Largest portfolio company investments (1)
$8,950
 $8,346
$8,904
 $8,928
Total of five largest portfolio company investments (1)
$40,099
 $39,053
$39,415
 $39,540
 
(1) 
At principal amount.
(2) 
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.


47
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

GCIC SLF Investment Portfolio as of June 30, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.0% $1,355
 $1,356
Accellos, Inc. Diversified/Conglomerate Service Senior loan 07/2020 7.0  6,698
 6,698
American Seafoods Group LLC Beverage, Food and Tobacco Senior loan 08/2021 6.3  2,971
 2,971
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.0  2,949
 2,949
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.8  5,285
 5,285
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.0  4,172
 4,168
Certara L.P. (3) Healthcare, Education and Childcare Senior loan 12/2018 6.8  3,689
 3,689
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3  2,054
 2,013
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3  1,035
 1,014
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  2,100
 2,100
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  1,056
 1,056
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  36
 36
Curo Health Services LLC (3)
 Healthcare, Education and Childcare Senior loan 02/2022 5.9  4,888
 4,952
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.8  2,113
 2,113
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 8.5  72
 72
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.0  2,697
 2,697
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.0  753
 753
Gamma Technologies, LLC (3)
 Electronics Senior loan 06/2021 6.2  4,423
 4,423
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.1  1,981
 1,981
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 7.4  5,152
 5,152
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4  2,009
 2,009
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.2  89
 89
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.2  56
 56
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0  1,939
 1,939
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.2  5,026
 5,026
Polk Acquisition Corp. (3)
 Automobile Senior loan 06/2022 6.2  8,548
 8,548
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2  54
 54
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6  43
 43
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 6.0  7,126
 7,126
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 5.8  5,940
 5,940
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7  2,352
 2,352
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7  79
 79
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.0  7,113
 7,113
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.0  543
 543
Radiology Partners, Inc. Healthcare, Education and Childcare Senior loan 09/2020 7.0  461
 461
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.5  3,331
 3,315
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.0  15
 15
Rubio's Restaurants, Inc. Beverage, Food and Tobacco Senior loan 11/2018 6.0  1,680
 1,680
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.5  1,535
 1,535
Saldon Holdings, Inc. Diversified/Conglomerate Service Senior loan 09/2021 5.7  2,060
 2,060
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.0  3,309
 3,309
SEI, Inc. (3)
 Electronics Senior loan 07/2021 6.0  5,230
 5,178
Self Esteem Brands, LLC (3)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.0  6,558
 6,558
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 6.2  7,868
 7,864


48
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

GCIC SLF Investment Portfolio as of June 30, 2017 - (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.3% $1,082 $1,086
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  5,523 5,247
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  436 414
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  435 413
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  434 412
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  433 411
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(5) 
 — (35)
Tate's Bake Shop, Inc. (3)
 Beverage, Food and Tobacco Senior loan 08/2019 6.3  707 707
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.5  1,103 1,098
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.6  3,902 3,902
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.7  22 21
Young Innovations, Inc. (3)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3  753 753
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2019 6.3  31 31
            $143,363 $142,889
GCIC SLF Investment Portfolio as of December 31, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.4% $1,348
 $1,354
1A Smart Start LLC (3)
 Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.2 598
 599
Aimbridge Hospitality, LLC (3)
 Hotels, Motels, Inns, and Gaming Senior loan 06/2022 7.1 5,985
 5,985
Aimbridge Hospitality, LLC (3)
 Hotels, Motels, Inns, and Gaming Senior loan 06/2022 7.1 239
 239
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.3 2,816
 2,816
Boot Barn, Inc. Retail Stores Senior loan 06/2021 6.2 5,285
 5,285
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.4 4,023
 4,019
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9 2,044
 2,003
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9 1,030
 1,009
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 2,090
 2,090
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 1,051
 1,051
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 40
 40
Curo Health Services LLC (3)
 Healthcare, Education and Childcare Senior loan 02/2022 5.4 4,863
 4,867
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.9 3,086
 3,092
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.7 1,241
 1,235
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.9 638
 640
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6 217
 218
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.9 97
 97
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6 93
 93
Elite Sportswear, L.P. (4)
 Retail Stores Senior loan 03/2020 
 N/A(5)
 —
 (2)
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 7.2 2,103
 2,103
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4 2,683
 2,683
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4 745
 745
Flexan, LLC (3)
 Chemicals, Plastics and Rubber Senior loan 02/2020 9.0 125
 125
G & H Wire Company, Inc (3)
 Healthcare, Education and Childcare Senior loan 09/2023 7.2 5,985
 5,985
Gamma Technologies, LLC (3)
 Electronics Senior loan 06/2021 6.3 4,400
 4,400
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 8.2 4,989
 4,989
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4 1,973
 1,973
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6 103
 103
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6 55
 55
Mills Fleet Farm Group LLC (3)
 Retail Stores Senior loan 02/2022 7.1 6,000
 6,000
Park Place Technologies LLC (3)
 Electronics Senior loan 06/2022 6.7 5,992
 5,992
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.6 5,001
 5,001
Polk Acquisition Corp. (3)
 Automobile Senior loan 06/2022 6.6 8,276
 8,110
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.9 80
 78
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6 53
 52
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 6.8 7,126
 7,126
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 6.2 5,910
 5,910
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.1 2,470
 2,470
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.1 167
 167
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.1 149
 149
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 9.8 27
 27
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 12/2023 7.6 8,097
 8,016
Radiology Partners, Inc. (3)(4)
 Healthcare, Education and Childcare Senior loan 12/2023 
 N/A(5)
 —
 (3)


49
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

GCIC SLF Investment Portfolio as of December 31, 2017 - (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.9% $3,314
 $3,298
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.2 15
 15
Rubio's Restaurants, Inc (MRCC) Beverage, Food and Tobacco Senior loan 11/2018 6.4 1,672
 1,672
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.8 1,466
 1,466
Saldon Holdings, Inc. (3)
 Diversified/Conglomerate Service Senior loan 09/2022 6.0 1,958
 1,958
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.3 3,292
 3,292
SEI, Inc. (3)
 Electronics Senior loan 07/2021 6.3 5,204
 5,204
Self Esteem Brands, LLC (3)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.3 6,291
 6,291
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 6.4 7,828
 7,825
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.6 1,076
 1,080
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 5,233
 4,972
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 413
 393
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 412
 392
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 411
 391
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 410
 390
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 
 N/A(5)
 —
 (35)
Summit Behavioral Healthcare, LLC (3)
 Healthcare, Education and Childcare Senior loan 10/2023 6.4 6,000
 5,940
Summit Behavioral Healthcare, LLC  (3)
 Healthcare, Education and Childcare Senior loan 10/2023 6.4 21
 20
Summit Behavioral Healthcare, LLC (3)(4)
 Healthcare, Education and Childcare Senior loan 10/2023 
 N/A(5)
 —
 (22)
Tate's Bake Shop, Inc. (3)
 Beverage, Food and Tobacco Senior loan 08/2019 7.9 703
 698
Tate's Bake Shop, Inc. (4)
 Beverage, Food and Tobacco Senior loan 08/2019 
 N/A(5)
 —
 (1)
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1 1,094
 1,094
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.4 855
 855
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1 161
 161
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1 59
 59
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.9 3,883
 3,883
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 6.2 11
 10
Vendor Credentialing Service LLC (3)
 Diversified/Conglomerate Service Senior loan 11/2021 7.6 5,970
 5,970
WHCG Management, LLC (3)
 Healthcare, Education and Childcare Senior loan 03/2023 6.4 2,196
 2,196
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.7 5,408
 5,408
           $174,708
 $173,920
 
(1) 
Represents the weighted average annual current interest rate as of June 30,December 31, 2017. All interest rates are payable in cash.
(2) 
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
(3) 
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
(4) 
The negative fair value is the result of the unfunded commitment being valued below par.
(5) 
The entire commitment was unfunded as of June 30,December 31, 2017. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.


49
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

GCIC SLF Investment Portfolio as of September 30, 2016
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 5.8
%  $1,365
 $1,361
Aimbridge Hospitality, LLC Hotels, Motels, Inns, and Gaming Senior loan 10/2018 5.8
  
 2,431
 2,431
American Seafoods Group LLC Beverage, Food and Tobacco Senior loan 08/2021 6.0
  
 3,108
 3,100
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 5.8
  
 3,444
 3,444
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.5
  5,596
 5,596
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 5.8
  
 4,255
 4,246
C.B. Fleet Company, Incorporated Personal and Non Durable Consumer Products Senior loan 12/2021 5.8
  
 8,346
 8,346
Checkers Drive-In Restaurants, Inc. Beverage, Food and Tobacco Senior loan 01/2022 6.5
  3,945
 3,915
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3
  
 1,043
 1,043
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3
  2,070
 2,070
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.5
  
 1,064
 1,059
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.5
  2,117
 2,106
Curo Health Services LLC Healthcare, Education and Childcare Senior loan 02/2022 6.5
  
 4,925
 4,940
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 7.8
  
 73
 73
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.3
  
 2,130
 2,130
Express Oil Change, LLC Retail Stores Senior loan 12/2017 6.0
  
 340
 340
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 6.3
  
 2,718
 2,718
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.0
  
 2,005
 2,005
Jensen Hughes, Inc. Diversified/Conglomerate Service Senior loan 12/2021 6.2
  
 56
 56
Jensen Hughes, Inc. Diversified/Conglomerate Service Senior loan 12/2021 6.0
  
 89
 89
Jensen Hughes, Inc. Diversified/Conglomerate Service Senior loan 12/2021 6.3
  2,014
 2,014
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 5.8
  
 2,000
 2,000
Mediaocean LLC Diversified/Conglomerate Service Senior loan 08/2022 5.8
  
 2,025
 2,025
Pasternack Enterprises, Inc. and Fairview Microwave, Inc (3)
 Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.0
  
 1,530
 1,515
Pentec Acquisition Sub, Inc. Healthcare, Education and Childcare Senior loan 05/2018 6.3
  
 438
 438
PetVet Care Centers LLC Personal, Food and Miscellaneous Services Senior loan 12/2020 5.8
  
 605
 605
PetVet Care Centers LLC Personal, Food and Miscellaneous Services Senior loan 12/2020 5.8
  
 2,911
 2,911
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 5.8
  7,521
 7,521
PPT Management, LLC Healthcare, Education and Childcare Senior loan 04/2020 6.0
  
 10
 10
PPT Management, LLC (3)
 Healthcare, Education and Childcare Senior loan 04/2020 6.0
  
 6,293
 6,293
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 5.5
  5,985
 5,985
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.8
  
 90
 90
Pyramid Healthcare, Inc. (3)
 Healthcare, Education and Childcare Senior loan 08/2019 6.8
  2,012
 2,012
Radiology Partners, Inc. Healthcare, Education and Childcare Senior loan 09/2020 6.5
  
 465
 460
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 6.5
  
 728
 722
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 6.5
  
 6,438
 6,373
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 N/A
(5) 
 —
 (5)
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 N/A
(5) 
 —
 (3)
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.8
  33
 33
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.3
  
 148
 148
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.3
  
 3,209
 3,209
Rubio's Restaurants, Inc Beverage, Food and Tobacco Senior loan 11/2018 6.0
  
 1,693
 1,693
Rug Doctor LLC Personal and Non Durable Consumer Products Senior loan 06/2018 6.3
  
 2,016
 2,016
Saldon Holdings, Inc. Diversified/Conglomerate Service Senior loan 09/2021 5.5
  
 2,186
 2,186
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 5.8
  
 3,334
 3,334
SEI, Inc. Electronics Senior loan 07/2021 5.8
  
 5,270
 5,270


50
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

GCIC SLF Investment Portfolio as of September 30, 2016 – (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
Self Esteem Brands, LLC Leisure, Amusement, Motion Pictures and Entertainment Senior loan 02/2020 5.0
%  $5,106
 $5,106
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 5.9
  7,928
 7,890
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  455
 445
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 456
 447
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 457
 448
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 458
 449
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 5,800
 5,685
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(5) 
 —
 (14)
Tate's Bake Shop, Inc. (3)
 Beverage, Food and Tobacco Senior loan 08/2019 6.0
  712
 712
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.3
  
 1,104
 1,100
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.5
  
 9
 8
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.3
  2,763
 2,763
Worldwide Express Operations, LLC Cargo Transport Senior loan 07/2019 6.0
  100
 100
Worldwide Express Operations, LLC (3)
 Cargo Transport Senior loan 07/2019 6.0
  
 5,963
 5,963
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2018 6.8
  
 10
 10
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2019 5.3
  
 354
 356
Zest Holdings, LLC Healthcare, Education and Childcare Senior loan 08/2020 5.8
  
 4,732
 4,732
            $146,481
 $146,123
GCIC SLF Investment Portfolio as of September 30, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.1% $1,351
 $1,358
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 5.8
 599
 599
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.0
 2,816
 2,816
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.8
 5,285
 5,285
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.1
 4,172
 4,167
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
 2,049
 2,008
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
 1,033
 1,012
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 2,095
 2,095
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 1,053
 1,053
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 41
 41
Curo Health Services LLC (3)
 Healthcare, Education and Childcare Senior loan 02/2022 5.3
 4,875
 4,890
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 3,093
 3,100
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.3
 1,244
 1,239
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 640
 641
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 218
 218
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 97
 97
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.5
 93
 93
Elite Sportswear, L.P. (4)
 Retail Stores Senior loan 03/2020 
N/A (5)

 —
 (2)
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.8
 2,108
 2,108
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
 2,690
 2,690
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
 752
 752
Flexan, LLC (3)
 Chemicals, Plastics and Rubber Senior loan 02/2020 8.8
 21
 21
Gamma Technologies, LLC (3)
 Electronics Senior loan 06/2021 6.0
 4,411
 4,411
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.1
 1,976
 1,976
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 7.9
 5,002
 5,002
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.3
 1,973
 1,973
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
 87
 87
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
 55
 55
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
 1,939
 1,939
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
 1,337
 1,337
Mills Fleet Farm Group LLC (3)
 Retail Stores Senior loan 02/2022 6.7
 6,000
 6,000
Park Place Technologies LLC (3)
 Electronics Senior loan 06/2022 6.3
 5,996
 5,936
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.2
 5,013
 5,013
Polk Acquisition Corp. (3)
 Automobile Senior loan 06/2022 6.2
 8,297
 8,131
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.7
 83
 81
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2
 53
 52
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 6.5
 7,126
 7,126
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 5.8
 5,925
 5,925
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7
 2,346
 2,346
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.9
 144
 144
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
 7,095
 7,095
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
 542
 542
Radiology Partners, Inc. Healthcare, Education and Childcare Senior loan 09/2020 7.1
 460
 460
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.6
 3,323
 3,323


51
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

GCIC SLF Investment Portfolio as of September 30, 2017 - (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.1% $15
 $15
Rubio's Restaurants, Inc. Beverage, Food and Tobacco Senior loan 11/2018 6.1
 1,676
 1,676
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.6
 1,501
 1,501
Saldon Holdings, Inc. (3)
 Diversified/Conglomerate Service Senior loan 09/2022 5.8
 2,028
 2,003
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.0
 3,301
 3,301
SEI, Inc. (3)
 Electronics Senior loan 07/2021 6.0
 5,217
 5,217
Self Esteem Brands, LLC (3)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.0
 6,443
 6,443
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 6.1
 7,848
 7,844
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.2
 1,079
 1,083
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
 5,291
 4,603
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
 418
 364
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
 417
 363
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
 416
 362
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
 415
 361
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 
N/A (5)

 —
 (90)
Tate's Bake Shop, Inc. (3) Beverage, Food and Tobacco Senior loan 08/2019 6.3
 705
 705
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.6
 1,097
 1,097
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
 859
 859
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
 165
 165
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
 61
 61
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.6
 3,892
 3,892
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.8
 22
 21
Vendor Credentialing Service LLC (3)
 Diversified/Conglomerate Service Senior loan 11/2021 7.2
 5,985
 5,985
WHCG Management, LLC (3)
 Healthcare, Education and Childcare Senior loan 03/2023 6.1
 2,202
 2,202
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.3
 5,421
 5,421
Young Innovations, Inc. (3)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
 751
 751
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2019 6.3
 23
 23
           $162,815
 $161,522
 
(1) 
Represents the weighted average annual current interest rate as of September 30, 2016.2017. All interest rates are payable in cash.
(2) 
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
(3) 
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
(4) 
The negative fair value is the result of the unfunded commitment being valued below par.
(5) 
The entire commitment was unfunded at September 30, 2016.2017. As such, no interest is being earned on this investment.
As of June 30, 2017, the Company has committed to fund $109,375 of LLC equity interest subscriptions to GCIC SLF. As of June 30, 2017 and September 30, 2016, $47,175 and $12,258, respectively, of the Company's LLC equity interest subscriptions to GCIC SLF had been called and contributed, net of return of capital distributions subject to recall. For the three and nine months ended June 30, 2017, the Company received $1,216 and $2,879, respectively, in dividend income from the GCIC SLF LLC equity interests. For each of the three and nine months ended June 30, 2016, the Company received $0 in dividend income from the GCIC SLF LLC equity interests.

As of September 30, 2016, the amortized cost and fair value of the GCIC SLF subordinated notes held by the Company was $34,917 and $34,917, respectively. As of September 30, 2016, the subordinated notes paid a weighted average interest rate of three-month LIBOR plus 8.0%. For the three and nine months ended June 30, 2017, the Company earned interest income on the subordinated notes of $0 and $732, respectively. For the three and nine months ended June 30, 2016, the Company earned interest income on the subordinated notes of $733 and $1,948, respectively.



51
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

See below for certain summarized financial information for GCIC SLF as of June 30, 2017 and September 30, 2016 and for the three and nine months ended June 30, 2017 and 2016:
 As of As of
  June 30, 2017 September 30, 2016
Selected Balance Sheet Information:  
   
Investments, at fair value$142,889
 $146,123
Cash and other assets3,194
 3,344
Total assets$146,083
 $149,467
Senior credit facility$90,450
 $95,500
Unamortized debt issuance costs(916) (1,122)
Payable for investments purchased1,229
 —
Other liabilities328
 282
Total liabilities91,091
 94,660
Subordinated notes and members’ equity54,992
 54,807
Total liabilities and members' equity$146,083
 $149,467
 Three months ended June 30, Nine months ended June 30,
  2017 2016 2017 2016
Selected Statement of Operations Information:  
   
    
Interest income$2,478
 $2,140
 $7,531
 $4,493
Total investment income2,478
 2,140
 7,531
 4,493
Interest expense961
 1,620
 3,577
 3,869
Administrative service fee57
 38
 163
 112
Other expenses25
 26
 73
 65
Total expenses1,043
 1,684
 3,813
 4,046
Net investment income (loss)1,435
 456
 3,718
 447
Net change in unrealized appreciation (depreciation) on investments and subordinated notes(205) 171
 (242) 840
Net increase (decrease) in net assets$1,230
 $627
 $3,476
 $1,287

Note 6.Transactions with Affiliated Companies

An affiliated company is generally a portfolio company in which the Company owns 5% or more of the portfolio company’s voting securities. A controlled affiliate is generally a portfolio company in which the Company owns more than 25% of the portfolio company’s outstanding voting securities. Transactions related to investments with controlled affiliates for the nine months ended June 30, 2017 and 2016 were as follows:
For the nine months ended June 30, 2017
Portfolio
Company
 Fair value at September 30, 2016 
Purchases
(cost)
 
Redemptions
(cost)
 
Discount
accretion
 
Net change in unrealized
gain/(loss)
 Fair value at June 30, 2017 Net realized gain/(loss) 
Interest and
fee income
 
Dividend
income
Controlled Affiliates   
   
   
   
   
   
     
   
GCIC Senior Loan Fund LLC* $47,956
 $43,720
 $(43,720) $—
 $162
 $48,118
 $—
 $732
 $2,879
Total Controlled Affiliates $47,956
 $43,720
 $(43,720) $—
 $162
 $48,118
 $—
 $732
 $2,879
*Together with Aurora, the Company co-invests through GCIC SLF. GCIC SLF is capitalized as transactions are completed and all portfolio and The investment decisions in respectmay be subject to GCIC SLF must be approved by the GCIC SLF investment committee consisting of two representatives of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). Therefore, although the Company owns more than 25% of the voting securities of GCIC SLF, the Company does not believe that it has control over GCIC SLF for purposes of the 1940 Act or otherwise.an unused facility fee.


52
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

As of December 31, 2017 and September 30, 2017, the Company has committed to fund $109,375 and $109,375 of LLC equity interest subscriptions to GCIC SLF, respectively. As of December 31, 2017 and September 30, 2017, $55,312 and $49,800, respectively, of the Company's LLC equity interest subscriptions to GCIC SLF had been called and contributed, net of return of capital distributions subject to recall. For the three months ended December 31, 2017 and 2016, the Company received $1,130 and $421, respectively, in dividend income from the GCIC SLF LLC equity interests.
For the nine months ended June 30, 2016
Portfolio
Company
 Fair value at September 30, 2015 
Purchases
(cost)
 
Redemptions
(cost)
 
Discount
accretion
 
Net change in unrealized
gain/(loss)
 Fair value at June 30, 2016 Net realized gain/(loss) 
Interest and
fee income
 
Dividend
income
Controlled Affiliates   
   
   
   
   
   
     
   
GCIC Senior Loan Fund LLC* $—
 $47,175
 $—
 $—
 $777
 $47,952
 $—
 $1,948
 $—
Total Controlled Affiliates $—
 $47,175
 $—
 $—
 $777
 $47,952
 $—
 $1,948
 $—

On December 30, 2016, GCIC SLF issued a capital call in an aggregate amount of $39,905 the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments. For the three months ended December 31, 2017 and 2016, the Company earned interest income on the subordinated notes of $0 and $732, respectively.

See below for certain summarized financial information for GCIC SLF as of December 31, 2017 and September 30, 2017 and for the three months ended December 31, 2017 and 2016:
 As of As of
  December 31, 2017 September 30, 2017
Selected Balance Sheet Information:  
   
Investments, at fair value$173,920
 $161,522
Cash and other assets3,119
 3,029
Total assets$177,039
 $164,551
Senior credit facility$113,250
 $108,150
Unamortized debt issuance costs(1,043) (1,199)
Other liabilities419
 338
Total liabilities112,626
 107,289
Members’ equity64,413
 57,262
Total liabilities and members' equity$177,039
 $164,551
*Together with Aurora, the Company co-invests through GCIC SLF. GCIC SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect to GCIC SLF must be approved by the GCIC SLF investment committee consisting of two representatives of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). Therefore, although the Company owns more than 25% of the voting securities of GCIC SLF, the Company does not believe that it has control over GCIC SLF for purposes of the 1940 Act or otherwise.
 Three months ended December 31,
  2017 2016
Selected Statement of Operations Information:  
   
Interest income$2,811
 $2,441
Fee income7
 —
Total investment income2,818
 2,441
Interest and other debt financing expenses1,193
 1,713
Administrative service fee54
 55
Other expenses34
 24
Total expenses1,281
 1,792
Net investment income1,537
 649
Net change in unrealized appreciation (depreciation) on investments and subordinated notes605
 62
Net increase in members' equity$2,142
 $711

Note 7.6.    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


53
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: 

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and nine months ended June 30,December 31, 2017 and 2016. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.



53
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30,December 31, 2017 and September 30, 2016,2017, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and investments measured at fair value using the NAV per share (or its equivalent) of the underlying investment company as a practical expedient, were valued using Level 3 inputs of the fair value hierarchy.inputs.

When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’sEBITDA may include pro-formapro forma adjustments for items such as acquisitions, divestures,divestitures, or expense reductions. The enterprise value analysis is


54
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

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

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



5455
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   


The following tables present fair value measurements of the Company’s investments and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30,December 31, 2017 and September 30, 2016:2017:
As of June 30, 2017 Fair Value Measurements Using
As of December 31, 2017 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets:   
   
   
   
Assets, at fair value:   
   
   
   
Debt investments(1)
 $—
 $—
 $1,236,695
 $1,236,695
 $—
 $—
 $1,434,503
 $1,434,503
Equity investments(1)
 —
 —
 19,147
 19,147
 —
 —
 22,285
 22,285
Money market funds(1)(2)
 309
 —
 —
 309
 21
 —
 —
 21
Investment measured at NAV(3)(4)
 —
 —
 —
 48,118
 —
 —
 —
 56,361
Total assets: $309
 $—
 $1,255,842
 $1,304,269
Total assets, at fair value: $21
 $—
 $1,456,788
 $1,513,170
As of September 30, 2016 Fair Value Measurements Using
As of September 30, 2017 Fair Value Measurements Using
Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets:   
   
   
   
Assets, at fair value:   
   
   
   
Debt investments(1)
 $—
 $—
 $1,042,600
 $1,042,600
 $—
 $—
 $1,326,950
 $1,326,950
Equity investments(1)
 —
 —
 14,071
 14,071
 —
 —
 20,647
 20,647
Money market funds(1)(2)
 3,644
 —
 —
 3,644
Investment measured at NAV(3)(4)
 —
 —
 —
 13,039
 —
 —
 —
 50,104
Total assets: $—
 $—
 $1,056,671
 $1,069,710
Total assets, at fair value: $3,644
 $—
 $1,347,597
 $1,401,345
 
(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.
(3) 
Certain investments that are measured at fair value using the NAV per share (or its equivalent) of the underlying investment company as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statementsConsolidated Statements of financial condition.Financial Condition.
(4) 
Represents the Company's investment in LLC equity interest in GCIC SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in members’ capital.
The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30,December 31, 2017 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 June 30, 2017 was $1,314 and $6,201, respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2016 reported within the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Company’s consolidated statementsConsolidated Statements of operationsOperations attributable to the Company’s Level 3 assets held as of June 30,December 31, 2017 and 2016 was $2,324$1,947 and $3,177,$3,987, respectively.



5556
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

The following tables present the changes in investments measured at fair value using Level 3 inputs for the ninethree months ended June 30,December 31, 2017 and 2016:
For the nine months ended June 30, 2017For the three months ended December 31, 2017
Debt
Investments
 
Equity
Investments
 
Total
Investments
Debt
Investments
 
Equity
Investments
 
Total
Investments
Fair value, beginning of period$1,042,600
 $14,071
 $1,056,671
$1,326,950
 $20,647
 $1,347,597
Net change in unrealized appreciation (depreciation)
on investments
2,799
 2,106
 4,905
1,250
 517
 1,767
Realized gain (loss) on investments293
 129
 422
(562) 113
 (449)
Proceeds from (funding of) revolving loans, net(282) —
 (282)
Funding of (proceeds from) revolving loans, net(851) —
 (851)
Fundings of investments419,643
 3,855
 423,498
195,576
 1,397
 196,973
PIK interest1,016
 —
 1,016
456
 —
 456
Proceeds from principal payments and sales of portfolio
investments
(199,047) (1,014) (200,061)(90,342) (389) (90,731)
Noncash proceeds from subordinated notes in GCIC SLF
principal payments
(34,917) —
 (34,917)
Accretion of discounts and amortization of premiums4,590
 —
 4,590
2,026
 —
 2,026
Fair value, end of period$1,236,695
 $19,147
 $1,255,842
$1,434,503
 $22,285
 $1,456,788

For the nine months ended June 30, 2016For the three months ended December 31, 2016
Debt
Investments
 
Equity
Investments
 
Total
Investments
Debt
Investments
 
Equity
Investments
 
Total
Investments
Fair value, beginning of period$546,757
 $5,121
 $551,878
$1,042,600
 $14,071
 $1,056,671
Net change in unrealized appreciation (depreciation)
on investments
2,138
 289
 2,427
2,520
 858
 3,378
Realized gain (loss) on investments710
 —
 710
197
 —
 197
Proceeds from (funding of) revolving loans, net2,362
 —
 2,362
Funding of (proceeds from) revolving loans, net601
 —
 601
Fundings of investments569,443
 6,783
 576,226
94,225
 157
 94,382
PIK interest74
 —
 74
431
 —
 431
Proceeds from principal payments and sales of portfolio
investments
(236,082) (196) (236,278)(65,292) (46) (65,338)
Noncash proceeds from subordinated notes in GCIC SLF
principal payments
(34,917) —
 (34,917)
Accretion of discounts and amortization of premiums2,055
 —
 2,055
1,390
 —
 1,390
Fair value, end of period$887,457
 $11,997
 $899,454
$1,041,755
 $15,040
 $1,056,795


5657
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(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 June 30,December 31, 2017 and September 30, 2016:2017:
Quantitative information about Level 3 Fair Value Measurements
Fair value as of June 30, 2017 Valuation Techniques Unobservable Input Range (Weighted Average)Fair value as of December 31, 2017 Valuation Techniques Unobservable Input Range (Weighted Average)
Assets:  
           
         
Senior secured loans(1)
$146,483
 Market rate approach Market interest rate 5.3% - 10.8% (7.0%)$164,273
 Market rate approach Market interest rate 5.5% - 11.0% (7.0%)
  
 Market comparable companies EBITDA multiples 6.0x - 17.5x (11.8x)  
 Market comparable companies EBITDA multiples 5.0x - 15.0x (11.5x)
8,807
 Market comparable Broker/dealer bids or quotes N/A8,182
 Market comparable Broker/dealer bids or quotes N/A
One stop loans(1)(2)
$1,080,931
 Market rate approach Market interest rate 5.5% - 11.8% (8.1%)$1,261,967
 Market rate approach Market interest rate 2.3% - 39.5% (8.3%)
  Market comparable companies 
EBITDA multiples (3)
 4.0x - 35.0x (13.0x)  Market comparable companies 
EBITDA multiples (3)
 4.5x - 35.0x (13.6x)
      
Revenue multiples (3)
 2.0x - 7.5x (5.1x)      
Revenue multiples (3)
 2.0x - 7.5x (5.2x)
Subordinated debt(1)
$54
 Market rate approach Market interest rate 19.5%$56
 Market rate approach Market interest rate 19.5%
  
 Market comparable companies EBITDA multiples 10.5x  
 Market comparable companies EBITDA multiples 11.5x
Equity (4)
$19,147
 Market comparable companies 
EBITDA multiples(5)
 4.0x - 21.5x (13.4x)$22,285
 Market comparable companies 
EBITDA multiples(5)
 3.7x - 28.7x (13.7x)
      
Revenue multiples(5)
 3.3x - 5.8x (4.2x)      
Revenue multiples(5)
 2.7x - 5.0x (4.0x)
 
(1) 
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of June 30,December 31, 2017 was determined using the market rate approach.
(2) 
Excludes $420$25 of non-accrual loans at fair value, which the Company valued on a liquidation basis.
(3) 
The Company valued $1,013,990$1,174,946 and $66,941$87,021 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(4) 
Excludes $48,118$56,361 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.
(5) 
The Company valued $17,188$20,341 and $1,959$1,944 of equity investments using EBITDA and revenue multiples, respectively.



5758
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2016 Valuation Techniques Unobservable Input 
Range
(Weighted Average)
Fair value as of September 30, 2017 Valuation Techniques Unobservable Input Range (Weighted Average)
Assets:  
           
         
Senior secured loans (1)
$105,395
 Market rate approach Market interest rate 4.5% - 9.3% (6.4%)$157,645
 Market rate approach Market interest rate 5.3% - 12.8% (7.0%)
  
 Market comparable companies EBITDA multiples 6.0x - 17.5x (11.8x)  
 Market comparable companies EBITDA multiples 5.0x - 17.5x (11.9x)
7,599
 Market comparable Broker/dealer bids or quotes N/A7,975
 Market comparable Broker/dealer bids or quotes N/A
Subordinated Notes of GCIC SLF$34,917
 Discounted cash flow analysis Discount rate 8.2%
One stop loans (1)(2)
$894,633
 Market rate approach Market interest rate 5.5% - 23.5% (7.8%)$1,160,964
 Market rate approach Market interest rate 2.3% - 39.5% (8.0%)
  Market comparable companies 
EBITDA multiples (3)
 4.0x - 35.4x (12.8x)  Market comparable companies 
EBITDA multiples (3)
 4.0x - 35.0x (13.3x)
      
Revenue multiples (3)
 2.0x - 7.5x (5.0x)      
Revenue multiples (3)
 2.0x - 7.5x (5.1x)
Subordinated debt (1)
$40
 Market rate approach Market interest rate 19.5%$55
 Market rate approach Market interest rate 19.5%
  
 Market comparable companies EBITDA multiples 9.3x  
 Market comparable companies EBITDA multiples 11.0x
Equity (4)
$14,071
 Market comparable companies 
EBITDA multiples (5)
 7.5x - 19.4x (12.9x)$20,647
 Market comparable companies 
EBITDA multiples (5)
 4.0x - 28.7x (13.6x)
      
Revenue multiples (5)
 2.0x - 5.5x (3.9x)      
Revenue multiples (5)
 3.5x - 5.8x (4.2x)
 
(1) 
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of September 30, 20162017 was determined using the market rate approach.
(2) 
Excludes $16$311 of non-accrual loans at fair value, which the Company valued on a liquidation basis.
(3) 
The Company valued $837,035$1,093,222 and $57,598$67,742 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(4) 
Excludes $13,039$50,104 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.
(5) 
The Company valued $12,546$18,505 and $1,525$2,142 of equity investments using EBITDA and revenue multiples, respectively.
The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

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

Other Financial Assets and Liabilities

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

The following are the carrying values and fair values of the Company’s debt as of December 31, 2017 and September 30, 2017. Fair value is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if available.


5859
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

The following are the carrying values and fair values of the Company’s debt as of June 30, 2017 and September 30, 2016. Fair value is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if available.
 As of June 30, 2017 As of September 30, 2016
  Carrying Value Fair Value Carrying Value Fair Value
Debt$630,850
 $630,850
 $520,600
 $520,371
 As of December 31, 2017 As of September 30, 2017
  Carrying Value Fair Value Carrying Value Fair Value
Debt$724,550
 $724,550
 $670,200
 $670,200

Note 8.7.    Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. As of June 30,December 31, 2017, the Company’s asset coverage for borrowed amounts was 211.0%211.7%.

Debt Securitization:Securitization: On August 16, 2016, the Company completed a $410,086 term debt securitization (the “GCIC 2016 Debt Securitization”). The notes (“GCIC 2016 Notes”) offered in the GCIC 2016 Debt Securitization were issued by the GCIC 2016 Issuer and are secured by a diversified portfolio of senior secured and second lien loans held by the GCIC 2016 Issuer. The GCIC 2016 Debt Securitization consists of $220,000 of Aaa/AAA Class A GCIC 2016 Notes and $32,500 of Aa1 Class B GCIC 2016 Notes. In partial consideration for the loans transferred to the GCIC 2016 Issuer as part of the GCIC 2016 Debt Securitization, the Company received $42,300 of Class C GCIC 2016 Notes, $28,600 of Class D GCIC 2016 Notes and $86,686 of LLC equity interests in the GCIC 2016 Issuer. The Company retained all of the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes and LLC equity interests totaling $42,300, $28,600 and $86,686, respectively. The Class A and Class B GCIC 2016 Notes are included in the June 30,December 31, 2017 and September 30, 2016 consolidated statements2017 Consolidated Statements of financial conditionFinancial Condition as debt of the Company. As of June 30,December 31, 2017 and September 30, 2016,2017, the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes and LLC equity interests were eliminated in consolidation.

Through August 8, 2020, all principal collections received on the underlying collateral may be used by the GCIC 2016 Issuer to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2016 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2016 Debt Securitization. The GCIC 2016 Notes are scheduled to mature on August 8, 2028.

As of June 30,December 31, 2017 and September 30, 2016,2017, there were 97100 and 10099 portfolio companies with a total fair value of $381,779$394,291 and $346,494,$389,204, respectively, securing the GCIC 2016 Notes. The pool of loans in the GCIC 2016 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 GCIC 2016 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2017 based on the last interest rate reset was 1.4%. For the three months ended December 31, 2017 and 2016, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2016 Debt Securitization were as follows:
 For the three months ended December 31,
  2017 2016
Stated interest expense$2,337
 $1,954
Amortization of debt issuance costs193
 191
Total interest and other debt financing expenses$2,530
 $2,145
Cash paid for interest expense$2,305
 $—
Annualized average stated interest rate3.7% 3.1%
Average outstanding balance$252,500
 $252,500






5960
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

The interest charged under the GCIC 2016 Debt Securitization is based on three-month LIBOR, which as of June 30, 2017 was 1.2%. For the three and nine months ended June 30, 2017 and 2016, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2016 Debt Securitization were as follows:
 For the three months ended June 30, For the nine months ended June 30,
  2017 2016 2017 2016
Stated interest expense$2,158
 N/A $6,195
 N/A
Amortization of debt issuance costs191
 N/A 570
 N/A
Total interest and other debt financing expenses$2,349
 N/A $6,765
 N/A
Cash paid for interest expense$2,059
 N/A $5,870
 N/A
Annualized average stated interest rate3.4% N/A 3.3% N/A
Average outstanding balance$252,500
 N/A $252,500
 N/A

As of June 30,December 31, 2017, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A and B GCIC 2016 Notes were as follows:
Description Class A GCIC 2016 Notes Class B GCIC 2016 Notes Class A GCIC 2016 Notes Class B GCIC 2016 Notes
Type Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate Senior Secured Floating Rate
Amount Outstanding $220,000 $32,500 $220,000 $32,500
Moody’s Rating “Aaa” “Aa1” “Aaa” “Aa1”
S&P Rating “AAA” N/A “AAA” N/A
Interest Rate LIBOR + 2.15% LIBOR + 3.00% LIBOR + 2.15% LIBOR + 3.00%
Stated Maturity August 8, 2028 August 8, 2028

The Investment Adviser serves as collateral manager to the GCIC 2016 Issuer under a separate collateral management agreement and receives a fee for providing these services. The total fees payable by the Company under its Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees that are paid to the Investment Adviser by the GCIC 2016 Issuer for rendering such collateral management services.

As part of the GCIC 2016 Debt Securitization, the Company entered into a master loan sale agreement under which the Company agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2016 Issuer and to purchase or otherwise acquire the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes and LLC equity interests in the GCIC 2016 Issuer. The GCIC 2016 Notes are the secured obligations of the GCIC 2016 Issuer and indentures governing the GCIC 2016 Notes include customary covenants and events of default. The pool of loans in the GCIC 2016 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

Revolving Credit Facility: On December 31, 2014, as part of the Company’s acquisition of GCIC Funding as part of its formation transactions, the Company and GCIC Funding entered into an amendment to the senior secured revolving credit facility (as amended, the “Credit Facility”) with Wells Fargo Bank, N.A., as administrative agent and lender, which as of June 30,December 31, 2017 allowed GCIC Funding to borrow up to $420,000 at any one time outstanding, subject to leverage and borrowing base restrictions.



60
Golub Capital Investment CorporationThrough a series of amendments, most recently on August 30, 2017, the Company and Subsidiaries
NotesGCIC Funding amended the Credit Facility to, Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

Throughamong other things, extend the expiration of the reinvestment period to August 29, 2018, during which as of Juneperiod GCIC Funding, subject to certain conditions, may make borrowings under the facility and extend the stated maturity date to August 30, 2017 ended August 10, 2017, the2022.

The Credit Facility bears interest at one-month LIBOR plus 2.25% per annum. After the reinvestment period through the stated maturity date, which was August 11, 2020 as of June 30, 2017, the rate will reset to one-month LIBOR plus 2.75% per annum for the remaining term of the Credit Facility. In addition to the stated interest expense on the Credit Facility, the Company is required to pay a non-usage fee rate between 0.50% and 2.00% per annum depending on the size of the unused portion of the Credit Facility.

On March 9, 2016 the Credit Facility was amended to, among other things, make certain amendments to the computation of the borrowing base restrictions in the Credit Facility. The maximum borrowing capacity under the Credit Facility, the expiration of the reinvestment period and the stated maturity date of the Credit Facility did not change in connection with this amendment.

On July 12, 2016, the Company and GCIC Funding amended the Credit Facility to, among other things, increase the size of the Credit Facility from $370,000 to $420,000.

On May 11, 2017, the Company and GCIC Funding amended the Credit Facility to, among other things, (a) extend the expiration of the reinvestment period from May 12, 2017 to August 10, 2017 and (b) extend the stated maturity date to August 11, 2020.

The Credit Facility is collateralized by all of the assets held by GCIC Funding, and GCIC has pledged its interests in GCIC Funding as collateral to Wells Fargo Bank, N.A., as the collateral agent, under an ancillary agreement to secure the obligations of GCIC as the transferor and servicer under the Credit Facility. Both GCIC and GCIC Funding have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowing under the Credit Facility is subject to the leverage restrictions contained in the 1940 Act.

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

As of June 30,December 31, 2017 and September 30, 2016,2017, the Company had outstanding debt under the Credit Facility of $303,350$397,050 and $193,100,$342,700, respectively. For the three and nine months ended June 30,December 31, 2017 the Company had borrowings on the Credit Facility of $170,350 and $338,900, respectively, and repayments on the Credit Facility of $137,200 and $228,650, respectively. For the three and nine months ended June 30, 2016, the Company had borrowings on the Credit Facility of $215,900 and $474,350, respectively, and repayments on the Credit Facility of $190,450 and $394,700, respectively.



61
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

borrowings on the Credit Facility of $129,750 and $72,650, respectively, and repayments on the Credit Facility of $75,400 and $75,200, respectively.

For the three and nine months ended June 30,December 31, 2017 and 2016, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the Credit Facility were as follows:
For the three months ended June 30, For the nine months ended June 30,For the three months ended December 31,
2017 2016 2017 20162017 2016
Stated interest expense$2,332
 $2,170
 $5,442
 $5,513
$3,368
 $1,355
Facility fees179
 65
 719
 361
68
 300
Amortization of debt issuance costs475
 517
 1,735
 1,481
280
 636
Total interest and other debt financing expenses$2,986
 $2,752
 $7,896
 $7,355
$3,716
 $2,291
Cash paid for interest expense and facility fees$2,421
 $2,213
 $5,870
 $5,721
$3,209
 $1,596
Annualized average stated interest rate3.4% 2.7% 3.2% 2.7%3.6% 2.9%
Average outstanding balance$278,657
 $318,773
 $230,538
 $275,210
$366,799
 $185,732

Revolver: On February 3, 2015, the Company entered into the Revolver with the Investment Adviser, with a maximum credit limit of $40,000 and expiration date of February 3, 2018. See Note 12. The Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”), which was 1.2%1.5% as of June 30,December 31, 2017. As of June 30,December 31, 2017 and September 30, 2016,2017, the Company had no outstanding debt under the Revolver. For each of the three and nine months ended June 30,December 31, 2017 the Company had borrowings on the Revolver of $0 and repayments on the Revolver of $0. For the three and nine months ended June 30, 2016, the Company had no borrowings on the Revolver of $12,200 and $78,000 andno repayments on the Revolver of $12,200 and $78,000, respectively.Revolver.

For the three and nine months ended June 30, 2017 and 2016, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Revolver were as follows:
 For the three months ended June 30, For the nine months ended June 30,
  2017 2016 2017 2016
Stated interest expense$—
 $1
 $—
 $8
Cash paid for interest expense$—
 $1
 $—
 $8
Annualized average stated interest rateN/A 0.7% N/A 0.6%
Average outstanding balance$—
 $546
 $—
 $1,845

SMBC Revolver: On May 17, 2016, the Company entered into a revolving credit agreement with Sumitomo Mitsui Banking Corporation (the “SMBC Revolver”), which as of June 30,December 31, 2017 allowed GCIC to borrow up to $75,000 at any one time outstanding, subject to leverage and borrowing base restrictions, with a stated maturity date of May 17, 2018.

The SMBC Revolver bears an interest rate at the Company's election of either one-month LIBOR plus 1.60% per annum or Prime. In addition to the stated interest rate on the SMBC Revolver, the Company is required to pay a non-usage fee at a rate of 0.25% per annum on the unused portion of the SMBC Revolver.

The SMBC Revolver is secured by the unfunded capital commitments of certain GCIC stockholders. GCIC has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowing under the SMBC Revolver is subject to the leverage restrictions contained in the 1940 Act.



62
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   


As of June 30,December 31, 2017 and September 30, 2016,2017, the Company had outstanding debt under the SMBC Revolver of $75,000 and $75,000, respectively. For the three and nine months ended June 30,December 31, 2017 and 2016, the Company had no borrowings on the SMBC Revolver of $39,800 and $59,000, respectively, andno repayments on the SMBC Revolver of $14,000 and $59,000, respectively. For each of the three and nine months ended June 30, 2016, the Company had borrowings on the SMBC Revolver of $75,000 and repayments on the SMBC Revolver of $0.

Revolver. For the three and nine months ended June 30,December 31, 2017 and 2016, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the SMBC Revolver were as follows:
For the three months ended June 30, For the nine months ended June 30,For the three months ended December 31,
2017 2016 2017 20162017 2016
Stated interest expense$416
 $193
 $1,183
 $193
$553
 $414
Facility fees18
 1
 18
 1
Amortization of debt issuance costs75
 28
 217
 28
80
 72
Total interest and other debt financing expenses$509
 $222
 $1,418
 $222
$633
 $486
Cash paid for interest expense$322
 $132
 $1,110
 $132
$555
 $434
Annualized average stated interest rate2.7% 2.1%
2.4% 2.1%2.9% 2.2%
Average outstanding balance$62,760
 $36,264
 $65,426
 $12,044
$75,000
 $75,000

The Company’s average total debt outstanding (including the debt under the Credit Facility, Revolver, SMBC Revolver, and GCIC 2016 Debt Securitization) for the three and nine months ended June 30,December 31, 2017 was $593,917 and $548,464, respectively. The Company’s average total debt outstanding (including the debt under the Credit Facility and Revolver) for the three and nine months ended June 30, 2016 was $355,583$694,299 and $289,099,$513,232, respectively.

For the three and nine months ended June 30,December 31, 2017 the effective annualized average interest rate, which includes amortization of debt issuance costs and non-usage facility fees, on the Company’s total debt outstanding was 4.0% and 3.9%, respectively. For the three and nine months ended June 30, 2016, the effective annualized average interest rate, which includes amortization of debt issuance costs and non-usage facility fees, on the Company’s total debt outstanding was 3.4%3.9% and 3.5%3.8%, respectively.

A summary of the Company’s maturity requirements for borrowings as of June 30,December 31, 2017 is as follows:
Payments Due by PeriodPayments Due by Period
Total 
Less Than
1 Year
 1 – 3 Years 3 – 5 Years 
More Than
5 Years
Total 
Less Than
1 Year
 1 – 3 Years 3 – 5 Years 
More Than
5 Years
GCIC 2016 Debt Securitization$252,500
 $—
 $—
 $—
 $252,500
$252,500
 $—
 $—
 $—
 $252,500
Credit Facility303,350
 —
 —
 303,350
 —
397,050
 —
 —
 397,050
 —
SMBC Revolver75,000
 75,000
 —
 —
 —
75,000
 75,000
 —
 —
 —
Revolver—
 —
 —
 —
 —
—
 —
 —
 —
 —
Total borrowings$630,850
 $75,000
 $—
 $303,350
 $252,500
$724,550
 $75,000
 $—
 $397,050
 $252,500

Note 9.8.    Commitments and Contingencies

Commitments: The Company had outstanding commitments to fund investments totaling $126,954$155,343 and $42,747$133,566 under various undrawn revolvers and other credit facilities as of JuneDecember 31, 2017 and September 30, 2017, and Septem


63
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

ber 30, 2016, respectively. In addition, as described in Note 5, the Company had commitments of up to $62,200$54,063 and $62,200$59,575 to GCIC SLF as of June 30,December 31, 2017 and September 30, 2016,2017, respectively, that may be contributed primarily for the purpose of funding new investments approved by the GCIC SLF investment committee.

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 that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the consolidated statementsConsolidated Statements of financial condition.Financial Condition. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk.


63
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

There were no commitments outstanding for derivative contracts as of June 30,December 31, 2017 and September 30, 2016.2017. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of any derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company may engage in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on 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 may be 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.



64
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

Note 10.9. Financial Highlights

The financial highlights for the Company are as follows:
 Nine months ended June 30, Three months ended December 31, 
Per share data:(1)
 2017 2016 2017 2016 
Net asset value at beginning of period $15.00
 $15.00
 $15.00
 $15.00
 
Distributions declared:(2)
         
From net investment income (0.96) (0.92) (0.31) (0.35) 
From capital gains 0.00
(3) 
—
 (0.03) (0.00)
(3) 
Net investment income 0.83
 0.77
 0.30
 0.26
 
Net realized gain (loss) on investments 0.01
 0.02
Net change in unrealized appreciation (depreciation) on investments 0.12
 0.14
Other (4)
 —
 (0.01)
Net realized gain (loss) on investments and foreign currency transactions (0.01) —
 
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation 0.05
 0.09
 
Net asset value at end of period $15.00
 $15.00
 $15.00
 $15.00
 
Per share net asset value at end of period $15.00
 $15.00
Total return based on net asset value per share(5)
 6.57% 6.25%
Total return based on net asset value per share(4)
 2.29% 2.37% 
Number of common shares outstanding 46,829,343.936
 34,122,546.688
 54,122,735.354
 41,769,495.016
 
 Nine months ended June 30, Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights: 2017 2016 2017 2016
Ratio of net investment income to average net assets*
 7.47 % 6.85 % 8.03 % 6.94 %
Ratio of total expenses to average net assets (6)*
 7.64 % 6.48 %
Ratio of total expenses to average net assets (5)*
 7.10 % 6.58 %
Ratio of management fee waiver to average net assets *
 (0.68)% (0.64)% (0.69)% (0.67)%
Ratio of incentive fee waiver to average net assets (0.12)% N/A
 (0.10)% (0.00)%
Ratio of net expenses to average net assets (6)*
 6.84 % 5.84 %
Ratio of net expenses to average net assets (5)*
 6.31 % 5.91 %
Ratio of incentive fees to average net assets 1.29 % 0.96 % 0.52 % 0.44 %
Ratio of total expenses (without incentive fees, incentive fee waiver and management fee waiver) to average net assets*
 6.35 % 5.52 %
Ratio of total expenses (without incentive fees, incentive fee waiver and management fee waiver) to average net assets(5)*
 6.58 % 6.14 %
Net assets at end of period $702,440
 $511,838
 $811,841
 $626,543
Average debt outstanding $548,464
 $289,099
 $694,299
 $513,232
Average debt outstanding per share $11.71
 $8.47
 $12.83
 $12.29
Asset coverage ratio(7)
 210.98 % 226.39 %
Portfolio turnover *
 24.09 % 46.84 %
Portfolio Turnover*
 20.34 % 23.90 %
Asset coverage ratio(6)
 211.68 % 220.15 %
Asset coverage ratio per unit(7)
 $2,117
 $2,202
Average market value per unit (8):
    
2016 Debt Securitization N/A
 N/A
Credit Facility N/A
 N/A
SMBC Revolver N/A
 N/A
Revolver N/A
 N/A
GEMS Note N/A
 N/A
 
* Annualized for a period less than one year.
(1) 
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2) 
The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period.
(3) 
Represents an amount less than $0.01 per share.
(4) 
Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the period end.
(5)
Total return based on net asset value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(6)(5) 
Expenses, other than incentive fees, are annualized for a period less than one year.
(7)(6) 
In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.


65
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)

(7)
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 dollars amounts per $1,000 of indebtedness.
(8)
Not applicable because such senior securities are not registered for public trading.

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, 2017 and 2016:
 Three months ended December 31,
  2017 2016
Earnings available to stockholders$17,814
 $14,580
Basic and diluted weighted average shares outstanding52,091,851
 41,252,583
Basic and diluted earnings per share$0.34
 $0.35

Note 11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 2017 and 2016:
Date Declared Record Date Payment Date Shares Outstanding Amount Per Share Cash Distribution DRIP Shares Value DRIP Shares Issued
               
For the three months ended December 31, 2017
08/02/2017 10/23/2017 12/28/2017 51,214,683.496
 $0.1122
 $2,692
 $3,053
 203,562.960
11/17/2017 11/24/2017 12/28/2017 51,214,683.496
 $0.1045
 $2,508
 $2,845
 189,639.012
11/17/2017 12/26/2017 02/26/2018 53,729,533.382
 $0.1250
 $3,140
 $3,576
 
N/A(1)

For the three months ended December 31, 2016
08/03/2016 10/24/2016 12/30/2016 41,087,178.250
 $0.0729
 $1,366
 $1,627
 108,467.710
11/14/2016 11/18/2016 12/30/2016 41,087,178.250
 $0.1469
 $2,754
 $3,280
 218,653.262
11/14/2016 12/26/2016 02/27/2017 41,442,374.044
 $0.1340
 $2,563
 $2,990
 
N/A(2)

(1)
The DRIP shares were not issued as of December 31, 2017.
(2)
The DRIP shares were not issued as of December 31, 2016. On February 27, 2017, the Company issued 199,352.082 shares of common stock through the DRIP.



6566
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
   

Note 11. 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 and nine months ended June 30, 2017 and 2016:
 Three months ended June 30, Nine months ended June 30,
  2017 2016 2017 2016
Earnings available to stockholders$14,210
 $10,033
 $41,484
 $23,985
Basic and diluted weighted average shares outstanding45,882,813
 29,278,962
 43,006,959
 25,697,689
Basic and diluted earnings per share$0.31
 $0.35
 $0.96
 $0.93


Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended June 30, 2017 and 2016:
Date Declared Record Date Payment Date Shares Outstanding Amount Per Share Cash Distribution DRIP Shares Value DRIP Shares Issued
               
For the nine months ended June 30, 2017        
08/03/2016 10/24/2016 12/30/2016 41,087,178.250
 $0.0729
 $1,366
 $1,627
 108,467.710
11/14/2016 11/18/2016 12/30/2016 41,087,178.250
 $0.1469
 $2,754
 $3,280
 218,653.262
11/14/2016 12/26/2016 02/27/2017 41,442,374.044
 $0.1340
 $2,563
 $2,990
 199,352.082
11/14/2016 01/23/2017 02/27/2017 41,769,495.016
 $0.0902
 $1,727
 $2,042
 136,150.388
02/07/2017 02/20/2017 05/19/2017 41,769,495.016
 $0.1050
 $2,080
 $2,305
 153,637.410
02/07/2017 03/24/2017 05/19/2017 42,104,997.486
 $0.1078
 $2,138
 $2,402
 160,137.974
02/07/2017 04/30/2017 07/28/2017 44,292,283.019
 $0.1067
 $2,241
 $2,486
 
N/A (1)

05/04/2017 05/18/2017 07/28/2017 46,515,568.552
 $0.0982
 $2,171
 $2,395
 
N/A (1)

05/04/2017 06/16/2017 07/28/2017 46,829,343.936
 $0.1050
 $2,323
 $2,594
 
N/A (1)

               
For the nine months ended June 30, 2016        
08/04/2015 10/27/2015 12/30/2015 20,843,155.219
 $0.0818
 $744
 $961
 64,075.512
11/17/2015 11/19/2015 12/30/2015 22,172,613.752
 $0.1252
 $1,213
 $1,563
 104,219.497
11/17/2015 12/17/2015 02/26/2016 24,433,662.992
 $0.0891
 $950
 $1,228
 81,866.709
11/17/2015 01/22/2016 02/26/2016 24,601,958.001
 $0.0957
 $1,019
 $1,335
 88,981.506
02/08/2016 02/22/2016 05/20/2016 24,601,958.001
 $0.0705
 $876
 $858
 57,176.462
02/08/2016 03/24/2016 05/20/2016 27,261,737.139
 $0.1176
 $1,596
 $1,609
 107,293.202
05/03/2016 04/30/2016 07/28/2016 27,261,737.139
 $0.1046
 $1,420
 $1,432
 
N/A (2)

05/03/2016 05/19/2016 07/28/2016 29,256,215.216
 $0.1331
 $1,925
 $1,968
 
N/A (2)

05/03/2016 06/20/2016 07/28/2016 31,415,162.957
 $0.1047
 $1,608
 $1,680
 
N/A (2)

(1)
The DRIP shares were not issued as of June 30, 2017.
(2)
The DRIP shares were not issued as of June 30, 2016. On July 28, 2016, the Company issued 338,670.977 of shares through the DRIP.

Note 13. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through AugustFebruary 9, 2017,2018, the date the financial statements were available to be issued. There are no subsequent events to disclose except for the following:

On May 4,November 17, 2017 and August 2, 2017,February 6, 2018, the Board declared distributions to holders of record as set forth in the table below:

Record Date Payment Date Amount Per Share
July 21, 2017January 23, 2018 September 25, 2017February 26, 2018 Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period JulyJanuary 1, 20172018 through JulyJanuary 31, 20172018 per share
August 31, 2017February 23, 2018 November 27, 2017May 23, 2018 Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period AugustFebruary 1, 20172018 through August 31, 2017February 28, 2018 per share
September 22, 2017March 30, 2018 November 27, 2017May 23, 2018 Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period SeptemberMarch 1, 20172018 through September 30, 2017March 31, 2018 per share
October 23, 2017April 27, 2018 December 28, 2017July 24, 2018 Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period OctoberApril 1, 20172018 through October 31, 2017April 30, 2018 per share

On January 1, 2018, the Company reached agreements to cancel undrawn subscriptions totaling $55,806 in the aggregate.

The Company issued capital calls to stockholders that were due on July 31, 2017,January 29, 2018, which are summarized in the following table:
  Date Shares Issued NAV ($) per share Proceeds
Issuance of shares 7/31/2017 2,223,285.533 $15.00
 $33,350



66
Golub Capital Investment Corporation and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(In thousands, except shares and per share data)
  Date Shares Issued NAV ($) per share Proceeds
Issuance of shares 1/29/2018 1,407,782.320 $15.00
 $21,117

On August 8, 2017,February 7, 2018, GCIC Funding entered into an amendment or the Credit Facility Amendment, to the documents governing the Credit Facility. The Credit Facility Amendment is effective as of August 8, 2017. The Credit Facility Amendment, among other things, (a) extended the expiration of the reinvestment period from August 10, 2017Revolver to August 29, 2017, during which period GCIC Funding, subject to certain conditions, may make borrowings under the facility and (b) extend the stated maturity date to August 30, 2020. The size, interest rate andFebruary 5, 2021. No other material terms of the Credit Facility were unchanged.Revolver changed pursuant to such amendment.



67


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 interim and unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, "we," "us," "our" and "GCIC" refer to Golub Capital Investment Corporation 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;
the effect of investments that we expect to make and the competition for those investments;
our contractual arrangements and relationships with third parties;
completion of a public offering of our securities or other liquidity event;
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;
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;
our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
general price and volume fluctuations in the stock markets;
the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act 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 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 elsewhere in this quarterly report on Form 10-Q and as “Risk Factors” in our amended registration statementannual report on Form 10, filed with10-K for the Securities and Exchange Commission, or the SEC, on Novemberyear ended September 30, 2016.



68
2017.

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 may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, 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.




68

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. We were formed in September 2014 and commenced operations on December 31, 2014.

Our investment objective is to generate current income and capital appreciation by investing primarily in senior secured and one stop loans of U.S. middle-market companies. We may 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 $20.0 billion in capital under management as of June 30,December 31, 2017, (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, which was most recently reapproved by our board of directors in May 2017, 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. 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 senior secured and one stop loans by primarily investing approximately $5.0 million to $30.0 million of capital, on average, in the securities of U.S. middle-market companies. We may also selectively invest more than $30.0 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.


69

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 may be referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which may increase our risk of losing part or all of our investment.



69

As of June 30,December 31, 2017 and September 30, 2016,2017, our portfolio at fair value was comprised of the following:
 As of June 30, 2017 As of September 30, 2016  As of December 31, 2017 As of September 30, 2017
Investment Type 
Investments at
 Fair Value
(In thousands)
 Percentage of
Total
Investments		 
Investments at
 Fair Value
(In thousands)
 
Percentage of
Total
Investments
  
Investments at
 Fair Value
(In thousands)
 Percentage of
Total
Investments		 
Investments at
 Fair Value
(In thousands)
 
Percentage of
Total
Investments
Senior secured $155,290
 11.9%$112,994
 10.6% $172,455
 11.4% $165,620
 11.8%
One stop 1,081,351
 82.9 894,649
 83.6  1,261,992
 83.4
 1,161,275
 83.1
Subordinated debt 54
 0.0*40
 0.0* 56
 0.0* 55
 0.0*
Subordinated notes in GCIC SLF(1)(2)
 —
 — 34,917
 3.3 
LLC equity interests in GCIC SLF(2)
 48,118
 3.7 13,039
 1.2 
LLC equity interests in GCIC SLF(1)
 56,361
 3.7
 50,104
 3.6
Equity 19,147
 1.5 14,071
 1.3  22,285
 1.5
 20,647
 1.5
Total $1,303,960
 100.0%$1,069,710
 100.0% $1,513,149
 100.0% $1,397,701
 100.0%
 
* Represents an amount less than 0.1%
(1) 
On December 30, 2016, GCIC Senior Loan Fund LLC, or GCIC SLF, issued a capital call in an aggregate amount of $39.9 million the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments.
(2)
Proceeds from the subordinated notes and limited liability company, or LLC, equity interests invested in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as late stage lending loans. Other targeted characteristics of late stage lending businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we may adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30,December 31, 2017 and September 30, 2016,2017, one stop loans included $66.9$87.0 million and $57.6$67.7 million, respectively, of late stage lending loans at fair value.

As of June 30,December 31, 2017 and September 30, 2016,2017, we had debt and equity investments in 165173 and 158167 portfolio companies, respectively, and an investment in GCIC Senior Loan Fund LLC, or GCIC SLF.



70

The weighted average annualized income yield and weighted average annualized investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, for the three and nine months ended June 30,December 31, 2017 and 2016 was as follows:
For the three months ended June 30, For the nine months ended June 30,For the three months ended December 31,
2017 2016 2017 20162017 2016
Weighted average annualized income yield(1)(3)
7.9% 7.4% 7.7% 7.3%7.9% 7.6%
Weighted average annualized investment income yield(2)(3)
8.6% 7.7% 8.3% 7.7%8.4% 8.1%
 
(1) 
Represents income from interest, including subordinated notes in GCIC SLF, and fees excluding amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2) 
Represents income from interest, including subordinated notes in GCIC SLF, fees and amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(3) 
For the three months ending June 30,December 31, 2017, weighted average annualized income yield and weighted average annualized investment income yield do not reflect interest income from subordinated notes in GCIC SLF, which were redeemed on December 30, 2016.
The total return, based on the change in the net asset value, or NAV, per share and assuming distributions were reinvested in accordance with the dividend reinvestment plan, or DRIP, for the ninethree months ended June 30,December 31, 2017 and 2016, was 6.57%2.29% and 6.25%2.37%, respectively. The total return does not include sales load.

As of June 30,December 31, 2017, GCIC has earned an inception-to-date internal rate of return, or IRR, of 8.8% for stockholders taken as a whole. For the ninethree months ended June 30,December 31, 2017 and 2016, GCIC has earned an annual IRR of 8.9%9.4% and 8.5%9.6%, respectively, for stockholders taken as a whole. An individual stockholder’s IRR may vary based on the timing of their capital transactions. The IRR is the annualized effective compound rate of return


70

that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the DRIP), outflows (capital distributions), the stockholders’ NAV at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

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 typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies - Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are


71

measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the consolidated statementsConsolidated Statements of operations.Operations.

Significant U.S. federal tax reform legislation was recently enacted that, among other things, permanently reduces the maximum federal corporate income tax rate, reduces the maximum individual income tax rate (effective for taxable years 2018 through 2025), restricts the deductibility of business interest expense, changes the rules regarding the calculation of net operating loss deductions that may be used to offset taxable income, expands the circumstances in which a foreign corporation will be treated as a “controlled foreign corporation” and, under certain circumstances, requires accrual method taxpayers to recognize income for U.S. federal income tax purposes no later than the income is taken into account as revenue in an applicable reporting period. Although we do not expect any material, negative impact on us and our portfolio companies as a result of this legislation, we are continuing to evaluate.

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 out-of-pocket costs and expenses of our operations and transactions, including:

reimbursement to GC Advisors of organizational and offering expenses up to an aggregate amount of $0.7 million;
calculating our 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 may include, among other items, due diligence reports, appraisal reports, any studies that may be commissioned by GC Advisors and travel and lodging expenses;
expenses related to unsuccessful portfolio acquisition efforts;
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);


71

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;
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, 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.

GC Advisors, as collateral manager for Golub Capital Investment Corporation 2016(M) LLC, or the GCIC 2016 Issuer, our wholly-owned subsidiary, under a collateral management agreement, or the GCIC 2016 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the GCIC 2016 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GCIC 2016 Collateral Management Agreement, the term “collection period” refers to a quarterly


72

period running from the day after the end of the prior collection period to the tenth business day prior to the payment date.

Collateral management fees are paid directly by the GCIC 2016 Issuer to GC Advisors and offset against the management fees payable under the Investment Advisory Agreement. In addition, the GCIC 2016 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of a $410.1 million term debt securitization, or the GCIC 2016 Debt Securitization. The GCIC 2016 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 GCIC 2016 Debt Securitization.

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.



72

Recent Developments

On May 4,November 17, 2017 and August 2, 2017,February 6, 2018, our board of directors declared distributions to holders of record as set forth in the table below:

Record Date Payment Date Amount Per Share
July 21, 2017January 23, 2018 September 25, 2017February 26, 2018 Net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period JulyJanuary 1, 20172018 through JulyJanuary 31, 20172018 per share
August 31, 2017February 23, 2018 November 27, 2017May 23, 2018 Net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period AugustFebruary 1, 20172018 through August 31, 2017February 28, 2018 per share
September 22, 2017March 30, 2018 November 27, 2017May 23, 2018 Net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period SeptemberMarch 1, 20172018 through September 30, 2017March 31, 2018 per share
October 23, 2017April 27, 2018 December 28, 2017July 24, 2018 Net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period OctoberApril 1, 20172018 through October 31, 2017April 30, 2018 per share

WeOn January 1, 2018, we reached agreements to cancel undrawn subscriptions totaling $55.8 million in the aggregate.

On January 19, 2018, we issued capital calls to stockholders that were due on July 31, 2017,January 29, 2018, which are summarized in the following table:
  Date Shares Issued NAV ($) per share Proceeds
        (In thousands)
Issuance of shares 7/31/2017 2,223,285.533 $15.00
 $33,350
  Date Shares Issued NAV ($) per share Proceeds
        (In thousands)
Issuance of shares 1/29/2018 1,407,782.320 $15.00
 $21,117

On February 7, 2018, we entered into an amendment to the Revolver to extend the maturity date to February 5, 2021. No other terms of the Revolver changed pursuant to such amendment.



73

On August 8, 2017, GCIC Funding, LLC, or GCIC Funding, our wholly-owned subsidiary, entered into an amendment, or the Credit Facility Amendment, to the documents governing the senior secured revolving credit facility, as amended, entered into by GCIC Funding with Wells Fargo Bank, N.A., as administrative agent and lender, or the Credit Facility. The Credit Facility Amendment is effective as of August 8, 2017. The Credit Facility Amendment, among other things, (a) extended the expiration of the reinvestment period from August 10, 2017 to August 29, 2017, during which period GCIC Funding, subject to certain conditions, may make borrowings under the facility and (b) extended the stated maturity date to August 30, 2020. The size, interest rate and other material terms of the Credit Facility were unchanged.

Consolidated Results of Operations

Consolidated operating results for for the three and nine months ended June 30,December 31, 2017 and 2016 are as follows:
For the three months ended June 30, Variances For the nine months ended June 30, VariancesFor the three months ended December 31, Variances
2017 2016 2017 vs. 2016 2017 2016 2017 vs. 20162017 2016 2017 vs. 2016
(In thousands) (In thousands)(In thousands)
Interest income$22,287
 $13,204
 $9,083
 $61,470
 $33,007
 $28,463
$27,045
 $19,359
 $7,686
Income from accretion of discounts and origination fees2,211
 652
 1,559
 4,590
 2,055
 2,535
2,026
 1,390
 636
Interest and dividend income from investments in GCIC SLF (1)
1,216
 733
 483
 3,611
 1,948
 1,663
1,130
 1,153
 (23)
Dividend income157
 48
 109
 158
 65
 93
2
 1
 1
Fee income827
 1
 826
 1,038
 376
 662
391
 146
 245
Total investment income26,698
 14,638
 12,060
 70,867
 37,451
 33,416
30,594
 22,049
 8,545
Net expenses12,451
 7,103
 5,348
 34,872
 17,730
 17,142
14,813
 11,245
 3,568
Net investment income14,247
 7,535
 6,712
 35,995
 19,721
 16,274
15,781
 10,804
 4,977
Net realized gain (loss) on investments91
 (23) 114
 422
 710
 (288)
Net change in unrealized appreciation
(depreciation) on investments
(128) 2,521
 (2,649) 5,067
 3,554
 1,513
Net realized gain (loss) on investments and foreign currency transactions(486) 197
 (683)
Net change in unrealized appreciation (depreciation) on investments and translation of assets in foreign currencies2,519
 3,579
 (1,060)
Net increase in net assets resulting from operations$14,210
 $10,033
 $4,177
 $41,484
 $23,985
 $17,499
$17,814
 $14,580
 $3,234
Average earning debt investments, at fair value (2)
$1,177,222
 $727,014
 $450,208
 $1,084,981
 $616,508
 $468,473
$1,374,161
 $1,017,973
 $356,188
Average investment in subordinated notes
of GCIC SLF, at fair value
—
 34,567
 (34,567) 11,511
 31,049
 (19,538)—
 34,157
 (34,157)
Average earning portfolio company investments, at fair value(2)$1,177,222
 $761,581
 $415,641
 $1,096,492
 $647,557
 $448,935
$1,374,161
 $1,052,130
 $322,031
 
(1) 
TheFor the three months ended December 31, 2016, the investments in GCIC SLF include our investments in both subordinated notes and LLC equity interests in(prior to their redemption by GCIC SLF for the threeon December 30, 2016) and nine months ended June 30, 2016 and the nine months ended June 30, 2017.  For the three months ended June 30, 2017, the investments in GCIC SLF include our investment in LLC equity interests in GCIC SLF.
(2) 
Does not include our investment in LLC equity interests in GCIC SLF.

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

As we have continued to raise and deploy capital, we have experienced significant growth in total assets, total liabilities and net assets from June 30,December 31, 2016 to June 30,December 31, 2017. As a result, quarterly comparisons of operating results may not be meaningful.



74

Investment Income

Investment income increased from the three months ended June 30,December 31, 2016 to the three months ended June 30,December 31, 2017 by $12.1$8.5 million primarily as a result of an increase in the average earning debt investment balance, which is the average balance of accruing loans, excluding our investment in the subordinated notes of GCIC SLF, in our investment portfolio of $450.2$322.0 million and increases in prepayment fee income and accretion of discounts resulting from increased debt investment payoffs.

Investment income increased from the nine months ended June 30, 2016 to the nine months ended June 30, 2017 by $33.4 million primarily as a result of an increase in the average earning debt investment balance of $468.5 million, increases in prepayment fee income and accretion of discounts resulting from increased debt investment payoffs and an increase of $1.7 million of interest and dividend income from our investments in GCIC SLF.


74

The annualized income yield by debt security type for the three and nine months ended June 30,December 31, 2017 and 2016 was as follows:
For the three months ended June 30, For the nine months ended June 30,For the three months ended December 31,
2017 2016 2017 20162017 2016
Senior secured6.5% 6.4% 6.3% 6.2%6.5% 6.2%
One stop8.1% 7.4% 7.9% 7.4%8.1% 7.8%
Subordinated debt (1)
19.8% 19.8% 19.8% 19.8%19.8% 19.8%
Subordinated notes in GCIC SLF (2)
N/A 8.5% 8.5% 8.4%N/A 8.5%
 
(1) 
Represents one portfolio company investment.
(2) 
GCIC SLF’s proceeds from the subordinated notes were utilized by GCIC SLF to invest in senior secured loans. GCIC SLF redeemed the outstanding balance on the subordinated notes on December 30, 2016.
Annualized income yields on senior secured loans remained relatively stable for the three and nine months ended June 30, 2017 compared to the three and nine months ended June 30, 2016. Annualized income yields on one-stopone stop loans have increased for the three and nine months ended June 30,December 31, 2017 compared to the three and nine months ended June 30,December 31, 2016 asprimarily due to the result of several larger transactions with attractive pricing originated duringrise in the second half of our 2016 fiscal year.London Interbank Offered Rate, or LIBOR. As of June 30,December 31, 2017, we have one subordinated debt investment as shown in the consolidated scheduleConsolidated Schedule of investments.Investments.

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



75

Expenses

The following table summarizes our expenses:expenses for the three months ended December 31, 2017 and 2016:
 For the three months ended June 30, Variances For the nine months ended June 30, Variances For the three months ended December 31, Variances
 2017 2016 2017 vs. 2016 2017 2016 2017 vs. 2016 2017 2016 2017 vs. 2016
 (In thousands) (In thousands) (In thousands)
Interest and other debt financing expenses $5,103
 $2,430
 $2,673
 $13,557
 6,076
 $7,481
 $6,326
 $4,023
 $2,303
Amortization of debt issuance costs 741
 545
 196
 2,522
 1,509
 1,013
 553
 899
 (346)
Base management fee, net of waiver 3,101
 1,943
 1,158
 8,684
 4,949
 3,735
 3,626
 2,761
 865
Income Incentive Fee, net of waiver 2,523
 1,336
 1,187
 6,383
 3,041
 3,342
 2,853
 2,030
 823
Capital gain incentive fee accrued under GAAP 58
 383
 (325) 1,148
 657
 491
 385
 698
 (313)
Professional fees 502
 198
 304
 1,424
 771
 653
 522
 442
 80
Administrative service fee 401
 216
 185
 1,106
 661
 445
 495
 362
 133
General and administrative expenses 22
 52
 (30) 48
 66
 (18) 53
 30
 23
Total expenses $12,451
 $7,103
 $5,348
 $34,872
 $17,730
 $17,142
 $14,813
 $11,245
 $3,568
Average debt outstanding $593,917
 $355,583
 $238,334
 $548,464
 $289,099
 $259,365
 $694,299
 $513,232
 $181,067

Interest Expense

Interest and other debt financing expenses increased by $2.7$2.3 million from the three months ended June 30,December 31, 2016 to the three months ended June 30,December 31, 2017 primarily due to an increase in the weighted average of outstanding borrowings from $355.6$513.2 million for the three months ended June 30,December 31, 2016 to $593.9$694.3 million for the three months ended June 30,December 31, 2017 and an increase in the London Interbank Offered Rate, or LIBOR, which is the index that determines the interest rate on our floating rate liabilities. The increase in our weighted average debt outstanding was driven by the issuance of $252.5 million of notes pursuant to the GCIC 2016 Debt Securitization as well as the use of our revolving credit facility, or SMBC Revolver, entered into on May 17, 2016 by GCIC with Sumitomo Mitsui Banking Corporation, or SMBC, as administrative agent, sole lead arranger and sole manager, which was outstanding for the entire three months ended June 30, 2017 and had an outstanding balance of $75.0 million as of each June 30, 2017 and 2016, respectively. These increases were partially offset by a decrease in our use of debt under the Credit Facility, to $303.4 million as of June 30, 2017 from an outstanding balance of $329.4 million as of June 30, 2016. The effective annualized average interest rate on our outstanding debt increased to 4.0% for the three months ended June 30, 2017 from 3.4% for the three months ended June 30, 2016 primarily due to the increase in LIBOR.

Interest and other debt financing expenses increased by $7.5 million from the nine months ended June 30, 2016 to the nine months ended June 30, 2017 primarily due to an increase in the weighted average ofdebt outstanding borrowingsbalance under the Credit Facility from $289.1$185.7 million for the ninethree months ended June 30,December 31, 2016 to $548.5$366.8 million for the ninethree months ended June 30,December 31, 2017. The effective


75

annualized average interest rate on our outstanding debt increased to 3.9% for the ninethree months ended June 30,December 31, 2017 from 3.5%3.8% for the ninethree months ended June 30,December 31, 2016 primarily due to the increase in LIBOR.LIBOR, which was offset by a decrease in amortization of debt issuance costs.

Management Fees

The base management fee increased as a result of a sequential increase in average assets from June 30,the three months ended December 31, 2016 to June 30,the three months ended December 31, 2017.



76

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 $1.2$0.8 million and $3.3 million, respectively, from three months ended December 31, 2017tothe three and nine months ended June 30,December 31, 2016 to the three and nine months ended June 30, 2017 primarily as a result of the $450.2$322.0 million and $468.5 million increasesincrease in our average earning debt investment balances that resulted in an increase in our Pre-Incentive Fee Net Investment Income (as defined below). For the three months ended June 30,December 31, 2017 and 2016, we were fully through the catch-up provision of the Income Incentive Fee calculation and the Income Incentive Fee earned by GC Advisors as a percentage of Pre-Incentive Fee Net Investment Income increased to 15.0% compared to 14.4% for the three months ended June 30, 2016. For the nine months ended June 30, 2017, while still not fully through the catch-up provision of the Income Incentive Fee calculation, the Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income increased to 14.7% compared to 13.0% for the nine months ended June 30, 2016.Income. "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 we receive from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that we have not yet received in cash.

The Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement for each of the three and nine months ended June 30, 2017 and 2016 was $0. However, inIn 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.

We recorded an accrual for capital gain incentive fee under GAAP of $58,000, or less than $0.01 per share, and $1.1$0.4 million or $0.03$0.01 per share, for the three and nine months ended June 30,December 31, 2017, respectively. We recorded an accrual for capital gain incentive fee under GAAP of $0.4 million, or $0.01 per share, and $0.7 million, or $0.02 per share, for the three and nine months ended June 30,December 31, 2016, respectively. The decrease in the accrual for capital gain incentive fee under GAAP for the three months ended June 30,December 31, 2017 from the three months ended June 30,December 31, 2016 was primarily the result of a $2.6 million decrease indecreased unrealized appreciation on portfolio company investments. The increase ininvestments and the accrual for capital gain incentive fee under GAAP forrealized loss on the nine months ended June 30, 2017 from the nine months ended June 30, 2016 was primarily the resultwrite off of a $1.5 million increase in unrealized appreciation onone non-accrual portfolio company investments.Forinvestment. For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” see section below.



77
As of December 31, 2017 and September 30, 2017, the cumulative capital gain incentive fee accrual in accordance with GAAP was $2,056 and $1,671, respectively, of which $0 and $0, respectively, was payable as a Capital Gain Incentive Fee pursuant to the Investment Advisory Agreement.

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

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.5$0.2 million from the three months ended June 30,December 31, 2016 to the three months ended June 30,December 31, 2017 and increased by $1.1 million from the nine months ended June 30, 2016 to nine months ended June 30, 2017.. These increases are associated with increased costs to service a growing portfolio. In general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth and increase as a percentage of our total assets during periods of asset declines.

Thedeclines.The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed by us to the Administrator for the three and nine months ended June 30,December 31, 2017 and 2016 were $0.2$0.5 million and $1.0 million, respectively. Total expenses reimbursed by us to the Administrator for the three and nine months ended June 30, 2016 were an amount less than $0.1 million and $0.5$0.3 million, respectively.


76


As of June 30,December 31, 2017 and September 30, 2016,2017, included in accounts payable and accrued expenses were $0.2$0.4 million and $0.3$0.5 million, respectively, for accrued expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the periods presented:
 For the three months ended June 30, Variances For the nine months ended June 30, Variances
  2017 2016 2017 vs. 2016 2017 2016 2017 vs. 2016
  (In thousands) (In thousands)
Net realized gain (loss) on investments$91
 $(23) $114
 $422
 $710
 $(288)
Net realized gain (loss)91
 (23) 114
 422
 710
 (288)
Unrealized appreciation on investments5,484
 5,507
 (23) 11,315
 8,074
 3,241
Unrealized (depreciation) on investments(5,472) (3,534) (1,938) (6,410) (5,297) (1,113)
Unrealized appreciation on investments in GCIC SLF(1)
—
 548
 (548) 162
 1,126
 (964)
Unrealized (depreciation) on investments in GCIC SLF(1)(2)
(140) —
 (140)   (349) 349
Net change in unrealized appreciation (depreciation) on
   investments, investments in GCIC SLF
$(128) $2,521
 $(2,649) $5,067
 $3,554
 $1,513
 For the three months ended December 31, Variances
  2017 2016 2017 vs. 2016
  (In thousands)
Net realized gain (loss) on investments$(449) $197
 $(646)
Foreign currency transactions(37) —
 (37)
Net realized gain (loss) on investments and foreign currency transactions(486) 197
 (683)
Unrealized appreciation on investments6,360
 6,022
 338
Unrealized (depreciation) on investments(4,593) (2,644) (1,949)
Unrealized appreciation on investments in GCIC SLF (1)
744
 201
 543
Unrealized appreciation on translation of assets in foreign currencies8
 —
 8
Net change in unrealized appreciation (depreciation) on investments, investments in GCIC SLF, and foreign currency transactions$2,519
 $3,579
 $(1,060)
 
(1) 
Unrealized appreciation on investments in GCIC SLF includes our investment in LLC equity interests in GCIC SLF.
(2)
Unrealized (depreciation) on investments in GCIC SLF for the nine months ended June 30, 2016 includes our investment in subordinated notes in GCIC SLF.
For the three months ended June 30,December 31, 2017, we had a net realized gainloss of $0.1$0.5 million primarily due to the salerealized loss on the write off of one equitynon-accrual portfolio company investment that was partially offset by the realized loss on the sale of a debt and equity investment in a single portfolio company. For the nine months ended June 30, 2017, we had a net realized gain of $0.4 million primarily due togains resulting from the sale of portfolio company investments to GCIC SLF and the sale of onetwo equity investment, which were partially offset by the realized loss on the sale of a debt and equity investment in a single portfolio company.investments above their fair value.

For the three months ended June 30,December 31, 2017, we had $5.5$6.4 million in unrealized appreciation on 88 portfolio company investments, which was partially offset by $4.6 million in unrealized depreciation on 140 portfolio company investments. Unrealized depreciation primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sales of portfolio company investments during the three months ended December 31, 2017.

For the three months ended December 31, 2017, we had $0.7 million in unrealized appreciation on our investment in GCIC SLF LLC equity interests. Unrealized appreciation during the three months ended December 31, 2017 resulted from an increase in fair value primarily due to the rise in market prices of portfolio company investments held by GCIC SLF.

For the three months ended December 31, 2016, we had a net realized gain of $0.2 million resulting from the sale of portfolio company investments to GCIC SLF.

For the three months ended December 31, 2016, we had $6.0 million in unrealized appreciation on 87 portfolio company investments, which was partially offset by $5.5 million in unrealized depreciation on 131 portfolio company


78

investments. For the nine months ended June 30, 2017, we had $11.3 million in unrealized appreciation on 122 portfolio company investments, which was partially offset by $6.4$2.6 million in unrealized depreciation on 114 portfolio company investments. Unrealized appreciation during the three and nine months ended June 30, 2017December 31, 2016 resulted from an increase in fair value primarily due to the rise in market prices of portfolio company investments. Unrealized depreciation primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sales of portfolio company investments during the three and nine months ended June 30, 2017.December 31, 2016.

For the three months ended June 30, 2017, we had $0.1 millionin unrealized depreciation on our investment in GCIC SLF LLC equity interests, which was primarily driven by net negative credit related adjustments associated with GCIC SLF's investment portfolio. For the nine months ended June 30, 2017,December 31, 2016, we had $0.2 million in unrealized appreciation on our investment in GCIC SLF LLC equity interests, which was driven by net positive credit related adjustments associated with GCIC SLF's investment portfolio.

For the three months ended June 30, 2016, we had net realized losses in an amount less than $0.1 million primarily due to the realized loss on the sale of one non-accrual portfolio company investment that was partially offset by the sale of portfolio company investments to GCIC SLF. For the nine months ended June 30, 2016, we had net realized gains of $0.7 million primarily due to the sale of portfolio company investments to GCIC SLF.

During the three months ended June 30, 2016, we had $5.5 million in unrealized appreciation on 87 portfolio company investments, which was partially offset by $3.5 million in unrealized depreciation on 96 portfolio company investments. For the nine months ended June 30, 2016, we had $8.1 million in unrealized appreciation on 104 portfolio company investments, which was partially offset by $5.3 million in unrealized depreciation on 87 portfolio company investments. Unrealized depreciation primarily resulted from the amortization of discounts and negative credit related adjustments that caused a reduction in fair value.interests. Unrealized appreciation during the three and nine months ended June 30,December 31, 2016 resulted


77

from an increase in fair value primarily due to the rise in market prices of portfolio company investments.

For the three months ended June 30, 2016 we had $0.5 million in unrealized appreciation on our investment ininvestments held by GCIC SLF equity interests, which was driven by positive credit related adjustments associated with GCIC SLF’s investment portfolio. For the nine months ended June 30, 2016, we had $1.1 million in unrealized appreciation on our investment in GCIC SLF LLC equity interests which was partially offset by $0.3 million in unrealized depreciation on our investment in GCIC SLF subordinated notes. The unrealized depreciation was the result of the lower yielding contractual rate compared to comparable market pricing of subordinated notes. The unrealized appreciation on the GCIC SLF LLC equity interests was driven by the offsetting impact of the pricing on the subordinated notes and positive credit related adjustments associated with GCIC SLF’s investment portfolio.

SLF.

Liquidity and Capital Resources

For the ninethree months ended June 30,December 31, 2017, we experienced a net increasedecrease in cash, cash equivalents and restricted cash and cash equivalents of $0.5$16.0 million. During the period we used $186.9$95.7 million in operating activities, primarily as a result of fundings of portfolio investments of $432.3$202.5 million, partially offset by proceeds from principal payments and sales of portfolio investments of $208.9$90.7 million and net investment income of $36.0$15.8 million. During the same period, cash provided by investment activities of $28.6 million was driven by a decrease in restricte


79

d cash and cash equivalents. Lastly, cash provided by financing activities was $158.9$79.7 million, primarily driven by borrowings on debt of $397.9$129.8 million and proceeds from the issuance of common shares of $66.2$34.4 million that were partially offset by repayments of debt of $287.7$75.4 million million and distributions paid of $17.2$9.1 million.

For the ninethree months ended June 30,December 31, 2016, we experienced a net increasedecrease in cash, cash equivalents and restricted cash and cash equivalents of $2.1$36.4 million. During the period we used $332.5$25.2 million in operating activities, primarily as a result of fundings of portfolio investments of $588.5 million. This was$103.2 million, partially offset by proceeds from principal payments and sales of portfolio investments of $236.3$65.3 million and net investment income of $24.0$10.8 million. During the same period, cash provided by investment activities of $0.3 million was driven by the decrease in restricted cash and cash equivalents. Lastly, cash providedused by financing activities was $334.3$11.2 million, primarily driven by borrowings onrepayments of debt of $627.4$75.2 million and proceeds from issuancedistributions paid of common shares of $188.9$8.7 million that were partially offset by repayments ofborrowings on debt of $472.7 million and distributions paid of $8.5$72.7 million.

As of June 30,December 31, 2017 and September 30, 2016,2017, we had cash and cash equivalents of $5.2$8.9 million and $4.7$22.9 million, respectively. In addition, we had restricted cash and cash equivalents of $42.5$25.7 million and $71.1$28.3 million as of June 30,December 31, 2017 and September 30, 2016,2017, respectively. Cash and cash equivalents are available to fund new investments, pay operating expenses and pay distributions. As of June 30,December 31, 2017, $23.9$13.6 million of our restricted cash and cash equivalents could be used to fund new investments that meet the investment guidelines established in the GCIC 2016 Debt Securitization, which is described in further detail in Note 87 to our consolidated financial statements, and for the payment of interest expense on the notes issued in the GCIC 2016 Debt Securitization. As of June 30,December 31, 2017, $18.6$12.1 million of our restricted cash and cash equivalents could be used to fund investments that meet the guidelines under the Credit Facility as well as for the payment of interest expense and revolving debt of the Credit Facility.

As of June 30,December 31, 2017, the Credit Facility allowed GCIC Funding to borrow up to $420.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30,December 31, 2017 and September 30, 2016,2017, we had $303.4$397.1 million and $193.1$342.7 million outstanding under the Credit Facility, respectively. As of June 30,December 31, 2017 and September 30, 2016,2017, subject to leverage and borrowing base restrictions, we had approximately $116.6$22.9 million and $226.9$77.3 million, respectively, of remaining commitments and $76.6$20.9 million and $109.7$59.0 million, respectively, of availability on the Credit Facility.

As of June 30,December 31, 2017, the SMBC Revolver allowed us to borrow up to $75.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of each of June 30,December 31, 2017 and September 30, 2016,2017, we had $75.0$75,000.0 million outstanding under the SMBC Revolver. As of each of June 30,December 31, 2017 and September 30, 2016,2017, subject to leverage and borrowing base restrictions, we had $0 million of remaining commitments and $0 million of availability under the SMBC Revolver.

As of June 30,December 31, 2017, we were permitted to borrow up to $40.0 million at any one time outstanding, under the terms of our unsecured revolving credit facility, orthe Revolver with GC Advisors. We entered into the Revolver in order to have the ability to borrow funds on a short-term basis and have in the past, and generally intend in the future, that borrowings under the Revolver will be repaid within the same quarter in which they are drawn. As of each of June 30,December 31, 2017 and September 30, 2016,2017, we had no amounts outstanding under the Revolver.

On August 16, 2016, we completed the GCIC 2016 Debt Securitization in which the GCIC 2016 Issuer issued an aggregate of $410.1 million of notes, or the GCIC 2016 Notes, including $220.0 million of Class A GCIC 2016 Notes, which bear interest at a rate of three-month LIBOR plus 2.15%, $32.5 million


80

of Class B GCIC 2016 Notes, which bear interest at a rate of three-month LIBOR plus 3.00%, $42.3 million of Class C GCIC 2016 Notes, which bear interest


78

at a rate of three-month LIBOR plus 3.10%, and $28.6 million of Class D GCIC 2016 Notes, which bear interest at a rate of three-month LIBOR plus 3.25%, and $86.7 million of LLC equity interests in the GCIC 2016 Issuer that do not bear interest. We retained all of the Class C GCIC 2016 Notes,and Class D GCIC 2016 Notes and LLC equity interests in the GCIC 2016 Issuer totaling $42.3 million, $28.6 million and $86.7 million, respectively. The Class A and Class B GCIC 2016 Notes are included in the June 30,December 31, 2017 and September 30, 2016 consolidated statements2017 Consolidated Statements of financial conditionFinancial Condition as our debt and the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes and LLC equity interests in the GCIC 2016 issuer were eliminated in consolidation. As of June 30,each of December 31, 2017 and September 30, 2016,2017, we had outstanding debt under the GCIC 2016 Debt Securitization of $252.5 million.

As of June 30,December 31, 2017 and September 30, 2016,2017, we had investor capital subscriptions totaling $1,301.6 million and $942.9$1,301.6 million, respectively, of which $660.4$749.3 million and $594.3$716.0 million, respectively, had been called and contributed, leaving $641.2$552.3 million and $348.6$585.6 million of uncalled investor capital subscriptions, respectively. Prior to the completion of a public offering or other liquidity event, we expect to target a leverage ratio of between 0.85x to 0.90x and may issue capital calls to stock holders as our leverage ratio is at or approaching its target. GC Advisors has determined that it is possible that not all remaining undrawn commitments to purchase our common stock will be drawn prior to a public offering or other liquidity event and, we expect to reach agreements from time to time with one or more stockholders to cancel all or a portion of their remaining undrawn commitments. On January 1, 2018, we reached agreements to cancel undrawn subscriptions totaling $55.8 million in the aggregate. We do not expect such agreements to be material to us, individually or in the aggregate.

In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. As of June 30,December 31, 2017, our asset coverage for borrowed amounts was 211.0%211.7%.

As of June 30,December 31, 2017 and September 30, 2016,2017, we had outstanding commitments to fund investments, excluding our investment in GCIC SLF, totaling $127.0$155.3 million and $42.7$133.6 million, respectively. These amounts may or may not 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 as of June 30,December 31, 2017 and September 30, 2016,2017, respectively, subject to the terms of each loan’s respective credit agreement. As of June 30,December 31, 2017, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under our Credit Facility, SMBC Revolver and Revolver, ongoing principal repayments on debt investments assets and uncalled investor capital subscriptions.

Although we expect to fund the growth of our investment portfolio through net proceeds from capital calls on existing and future investor capital subscriptions and through our dividend reinvestment plan as well as 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, we may, from time to time, amend or refinance our leverage facilities and borrowings, including refinancing the 2016 Notes, in order to, among other things, modify covenants or the interest rates payable and extend the reinvestment period or maturity date. In addition to capital not being available, it also may not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing in capital generated by 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 may receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy.

Portfolio Composition, Investment Activity and Yield

As of June 30,December 31, 2017 and September 30, 20162017 we had investments in 165173 and 158165 portfolio companies, respectively, with a total fair value of $1,255.8$1,456.8 million and $1,021.8$1,347.6 million, respectively. As of June 30, 2


81

017December 31, 2017 and September 30, 2016,2017, we had investments in GCIC SLF with a total fair value of $48.1$56.4 million and $48.0$50.1 million, respectively.


79


The following table shows the asset mix of our new investment commitments for the three and nine months ended June 30,December 31, 2017 and 2016:
 For the three months ended June 30, For the nine months ended June 30, 
  2017 2016 2017 2016 
  (In thousands) 
Percentage of
Commitments
 (In thousands) Percentage of
Commitments		 (In thousands) 
Percentage of
Commitments
 (In thousands) 
Percentage of
Commitments
 
Senior secured$35,235
 10.7% $35,136
 12.9% $100,922
 18.9% $105,523
 16.9% 
One stop291,173
 88.6
 229,468
 84.2
 419,265
 78.7
 465,428
 74.5
 
Subordinated debt—
 —
 39
 0.0
* 
11
 0.0
* 
39
 0.0
* 
Subordinated notes in GCIC SLF(1)
—
 —
 —
 —
 —
 —
 34,917
 5.6
 
LLC equity interests in GCIC SLF(1)
—
 —
 2,914
 1.1
 8,803
 1.7
 12,258
 1.9
 
Equity2,448
 0.7
 4,915
 1.8
 3,855
 0.7
 6,599
 1.1
 
Total new investment commitments$328,856
 100.0% $272,472
 100.0% $532,856
 100.0% $624,764
 100.0% 
 For the three months ended December 31,
  2017 2016
  (In thousands) 
Percentage of
Commitments
 (In thousands) Percentage of
Commitments
Senior secured$56,324
 24.2% $16,990
 16.5%
One stop169,015
 72.8
 76,870
 74.8
Subordinated debt—
 —
 11
 0.0*
LLC equity interests in GCIC SLF(1)
5,513
 2.4
 8,803
 8.6
Equity1,397
 0.6
 157
 0.1
Total new investment commitments$232,249
 100.0% $102,831
 100.0%
 
* Represents an amount less than 0.1%.
(1) 
GCIC SLF’s proceeds from the subordinated notes and LLC equity interests were utilized by GCIC SLF to invest in senior secured loans. As of June 30,December 31, 2017, GCIC SLF had investments in senior secured loans to 3740 different borrowers.

For the three and nine months ended June 30,December 31, 2017, we had approximately $109.1$71.7 million in proceeds from principal payments and $169.9return of capital distributions of portfolio companies. For the three months ended December 31, 2016, we had approximately $42.5 million respectively, in proceeds from principal payments and return of capital distributions of portfolio companies, excluding $34.9 million of proceeds from the repayment in full and termination of our investment in subordinated notes of GCIC SLF. For the three and nine months ended June 30,December 31, 2017 and 2016, we had sales of securities in 515 and 208 portfolio companies, respectively, aggregating approximately $3.0 million$19.0 and $39.0$22.8 million, respectively, in net proceeds.

For the three and nine months ended June 30, 2016, we had approximately $19.4 million and $81.2 million, respectively, in proceeds from principal payments and return of capital distributions of portfolio companies. For the three and nine months ended June 30, 2016, we had sales in securities in 7 and 40 portfolio companies, respectively, aggregating approximately $27.9 million and $155.1 million, respectively in net proceeds.




82

The following table shows the par,principal, amortized cost and fair value of our portfolio of investments by asset class:
As of June 30, 2017 (1)
 
As of September 30, 2016 (1)
As of December 31, 2017 (1)
 
As of September 30, 2017 (1)
Par 
Amortized
Cost
 
Fair
Value
 Par 
Amortized
Cost
 
Fair
Value
Principal 
Amortized
Cost
 
Fair
Value
 Principal 
Amortized
Cost
 
Fair
Value
(In thousands) (In thousands)(In thousands) (In thousands)
Senior secured:  
   
   
   
   
   
  
   
   
   
   
   
Performing$156,762
 $154,820
 $155,290
 $113,576
 $112,122
 $112,994
$174,397
 $172,417
 $172,455
 $167,646
 $165,642
 $165,620
Non-accrual (2)
—
 —
 —
 —
 —
 —
One stop:  
   
   
   
   
   
  
   
   
   
   
   
Performing1,087,124
 1,071,318
 1,080,931
 902,025
 888,864
 894,633
1,269,738
 1,252,469
 1,261,967
 1,167,906
 1,151,903
 1,160,964
Non-accrual (2)
1,100
 1,076
 420
 53
 28
 16
62
 37
 25
 1,101
 1,076
 311
Subordinated debt:  
   
   
   
   
   
  
   
   
   
   
   
Performing54
 54
 54
 40
 40
 40
56
 56
 56
 55
 55
 55
Non-accrual (2)
—
 —
 —
 —
 —
 —
Subordinated notes in GCIC SLF (3)(4)
  
   
   
   
   
   
Performing—
 —
 —
 34,917
 34,917
 34,917
Non-accrual (2)
—
 —
 —
 —
 —
 —
LLC equity interests in GCIC SLF (3)(4)
N/A
 47,175
 48,118
 N/A
 12,258
 13,039
LLC equity interests in GCIC SLF (3)
N/A
 55,312
 56,361
 N/A
 49,800
 50,104
EquityN/A
 16,117
 19,147
 N/A
 13,147
 14,071
N/A
 18,855
 22,285
 N/A
 17,733
 20,647
Total$1,245,040
 $1,290,560
 $1,303,960
 $1,050,611
 $1,061,376
 $1,069,710
$1,444,253
 $1,499,146
 $1,513,149
 $1,336,708
 $1,386,209
 $1,397,701
 
(1) 
1516 and 1215 of our loans included a feature permitting a portion of the interest due on such loan to be PIK interest as of June 30,December 31, 2017 and September 30, 2016,2017, respectively.
(2) 
We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”


80

(3) 
On December 30, 2016, GCIC SLF issued a capital call in an aggregate amount of $39.9 million the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments.
(4)
GCIC SLF's proceeds from the subordinated notes and LLC equity interestinterests in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.
As of June 30,December 31, 2017 and September 30, 2016,2017, the fair value of our debt investments as a percentage of the outstanding parprincipal value was 99.3% and 99.2%99.3%, respectively.



83

The following table shows the weighted average rate, spread over LIBOR of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three and nine months ended June 30,December 31, 2017 and 2016:
For the three months ended June 30, For the nine months ended June 30,For the three months ended December 31,
2017 2016 2017 20162017 2016
Weighted average rate of new investment fundings(1)
7.4% 7.7% 7.2% 7.2%7.5% 7.0%
Weighted average spread over LIBOR of new floating rate investment fundings(1)
6.2% 6.7% 6.0% 6.2%6.0% 6.0%
Weighted average rate of new fixed rate investment fundings7.5% 10.6% 7.5% 10.6%
Weighted average fees of new investment fundings1.4% 1.7% 1.4% 1.7%1.3% 1.7%
Weighted average rate of sales and payoffs of portfolio investments(1)
7.7% 6.1% 7.2% 6.2%
Weighted average annualized income yield (2)(3)
7.9% 7.4% 7.7% 7.3%
Weighted average rate of sales and payoffs of portfolio investments(1)(2)
7.1% 6.5%
Weighted average annualized income yield (3)(4)
7.9% 7.6%
 
(1) 
Excludes our subordinated note investment in GCIC SLF.
(2) 
Excludes exits on investments on non-accrual status.
(3)
Represents income from interest, including our subordinated note investment in GCIC SLF, and fees excluding amortization of capitalized fees and discounts divided by the average fair value of earning debt investments and does not represent a return to any investor in us.
(3)(4) 
For the three months ending June 30,December 31, 2017, weighted average annualized income yield does not reflect interest income from subordinated notes in GCIC SLF, which were redeemed on December 30, 2016.
As of June 30,December 31, 2017, 99.1%99.8% and 99.1%99.8% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2016, 96.4%2017, 99.8% and 96.4%99.8% of our debt portfolio including our investment in GCIC SLF subordinated notes which were not subject to an interest rate floor, at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
As of JuneDecember 31, 2017 and September 30, 2017, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies (excluding GCIC SLF and its underlying borrowers) was $26.8 million.$26.5 million and $25.2 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.



8481

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 may 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 may 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.



8582

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30,December 31, 2017 and September 30, 2016:2017:
 June 30, 2017 September 30, 2016 December 31, 2017 September 30, 2017
Internal
Performance
Rating
 
Investments
at Fair Value
(In thousands)
 
Percentage of
Total
Investments
 
Investments
at Fair Value
(In thousands)
 
Percentage of
Total
Investments
  
Investments
at Fair Value
(In thousands)
 
Percentage of
Total
Investments
 
Investments
at Fair Value
(In thousands)
 
Percentage of
Total
Investments
5 $33,641
 2.6%  $5,889
 0.6
%  $43,056
 2.8% $22,656
 1.6%
4 1,187,982
 91.1 995,410
 93.0
  1,343,033
 88.8
 1,246,641
 89.2
3 81,769
 6.3 64,783
 6.1
  124,712
 8.2
 127,947
 9.2
2 157
 0.0
* 
 3,628
 0.3
  2,332
 0.2
 155
 0.0*
1 411
 0.0
* 
 —
 —
  16
 0.0* 302
 0.0*
Total $1,303,960
 100.0%  $1,069,710
 100.0
%  $1,513,149
 100.0% $1,397,701
 100.0%
 
* Represents an amount less than 0.1%.

GCIC Senior Loan Fund LLC:

We co-invest with Aurora National Life Assurance Company, a wholly-owned subsidiary of RGA Reinsurance Company, or Aurora, in senior secured loans through GCIC SLF, an unconsolidated Delaware LLC. GCIC SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect of GCIC SLF must be approved by the GCIC SLF investment committee consisting of two representatives of each of us and Aurora (with unanimous approval required from (i) one representative of each of us and Aurora or (ii) both representatives of each of us and Aurora). GCIC SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business.

As of June 30,December 31, 2017, GCIC SLF is capitalized fromby LLC equity interest subscriptions from its members. On December 14, 2016, the GCIC SLF investment committee approved the recapitalization of the commitments of GCIC SLF’s members. On December 30, 2016, GCIC SLF’s members entered into additional LLC equity interest subscriptions totaling $100.0 million, GCIC SLF issued capital calls totaling $39.9 million to us and Aurora and the subordinated notes previously issued by GCIC SLF were redeemed and terminated. As of June 30,December 31, 2017 and September 30, 2016,2017, we and Aurora owned 87.5% and 12.5%, respectively, of the LLC equity interests. GCIC SLF’s profits and losses are allocated to us and Aurora in accordance with our respective ownership interests. As of September 30, 2016, we and Aurora owned 87.5% and 12.5%, respectively, of the outstanding subordinated notes issued by GCIC SLF.


86

As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF had the following commitments from its members:members (int the aggregate):
 As of June 30, 2017 As of September 30, 2016
  Committed 
Funded(1)
 Committed Funded
  (Dollars in thousands)
Subordinated note commitments (2)(3)
$—
 $—
 $100,000
 $39,905
LLC equity commitments (3)
125,000
 53,914
 25,000
 14,009
Total$125,000
 $53,914
 $125,000
 $53,914
 As of December 31, 2017 As of September 30, 2017
  Committed 
Funded(1)
 Committed Funded
  (In thousands)
LLC equity commitments$125,000
 $63,214
 $125,000
 $56,914
Total$125,000
 $63,214
 $125,000
 $56,914
 
(1) 
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
(2)


83

The subordinated note commitments were terminated as of December 30, 2016.
(3)
Commitments presented are combined for us and Aurora.
On October 21, 2015, GCIC Senior Loan Fund II LLC, or GCIC SLF II, a wholly-owned subsidiary of GCIC SLF, entered into a senior secured revolving credit facility, or, as amended, the GCIC SLF Credit Facility, with Wells Fargo Bank, N.A., which allowed GCIC SLF II to borrow up to $150 million at any one time outstanding, subject to leverage and borrowing base restrictions. The reinvestment period of the GCIC SLF Credit Facility ends October 22, 2017,September 27, 2018, and the stated maturity date is October 21, 2020.September 28, 2022. As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF II had outstanding debt under the GCIC SLF Credit Facility of $90.5$113.3 million and $95.5$108.2 million, respectively.

Through the reinvestment period, the GCIC SLF Credit Facility bears interest at one-month LIBOR plus a rate between 1.75% and 2.25%2.15% per annum, depending on the composition of the collateral asset portfolio. After the reinvestment period, the rate will reset to one-month LIBOR plus 2.75% per annum for the remaining term of the GCIC SLF Credit Facility.

As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF had total assets at fair value of $146.1$177.0 million and $149.5$164.6 million, respectively. As of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF did not have any investments on non-accrual status. The portfolio companies in GCIC SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of June 30,December 31, 2017 and September 30, 2016,2017, GCIC SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling $6.2$14.0 million and $10.7$10.0 million, respectively.


87


Below is a summary of GCIC SLF’s portfolio, followed by a listing of the individual investments in GCIC SLF’s portfolio as of June 30,December 31, 2017 and September 30, 2016:2017:
As of June 30, 2017 As of September 30, 2016As of December 31, 2017 As of September 30, 2017
(Dollars in thousands)(Dollars in thousands)
Senior secured loans (1)
$143,363
 $146,481
$174,708
 $162,815
Weighted average current interest rate on senior secured loans (2)
6.4% 6.0%6.8% 6.4%
Number of borrowers in GCIC SLF37
 41
40
 40
Largest portfolio company investments (1)
$8,950
 $8,346
$8,904
 $8,928
Total of five largest portfolio company investments (1)
$40,099
 $39,053
$39,415
 $39,540
 
(1) 
At principal amount.
(2) 
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.
GCIC SLF Investment Portfolio as of June 30, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
           (In thousands)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.0%  $1,355
 $1,356
Accellos, Inc. Diversified/Conglomerate Service Senior loan 07/2020 7.0  6,698
 6,698
American Seafoods Group LLC Beverage, Food and Tobacco Senior loan 08/2021 6.3  2,971
 2,971
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.0  2,949
 2,949
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.8  5,285
 5,285
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.0  4,172
 4,168
Certara L.P. (3)
 Healthcare, Education and Childcare Senior loan 12/2018 6.8  3,689
 3,689
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3  2,054
 2,013
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3  1,035
 1,014
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  2,100
 2,100
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  1,056
 1,056
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8  36
 36
Curo Health Services LLC (3)
 Healthcare, Education and Childcare Senior loan 02/2022 5.9  4,888
 4,952
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.8  2,113
 2,113
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 8.5  72
 72
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.0  2,697
 2,697
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.0  753
 753
Gamma Technologies, LLC (3)
 Electronics Senior loan 06/2021 6.2  4,423
 4,423
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.1  1,981
 1,981
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 7.4  5,152
 5,152
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4  2,009
 2,009
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.2  89
 89
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.2  56
 56
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0  1,939
 1,939
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.2  5,026
 5,026


8884

GCIC SLF Investment Portfolio as of June 30, 2017 - (continued)
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
           (In thousands)
Polk Acquisition Corp. (3)
 Automobile Senior loan 06/2022 6.2%  $8,548
 $8,548
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2  54
 54
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6  43
 43
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 6.0  7,126
 7,126
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 5.8  5,940
 5,940
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7  2,352
 2,352
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7  79
 79
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.0  7,113
 7,113
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.0  543
 543
Radiology Partners, Inc. Healthcare, Education and Childcare Senior loan 09/2020 7.0  461
 461
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.5  3,331
 3,315
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.0  15
 15
Rubio's Restaurants, Inc (MRCC) Beverage, Food and Tobacco Senior loan 11/2018 6.0  1,680
 1,680
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.5  1,535
 1,535
Saldon Holdings, Inc. Diversified/Conglomerate Service Senior loan 09/2021 5.7  2,060
 2,060
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.0  3,309
 3,309
SEI, Inc. (3)
 Electronics Senior loan 07/2021 6.0  5,230
 5,178
Self Esteem Brands, LLC (3)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.0  6,558
 6,558
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 6.2  7,868
 7,864
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.3  1,082
 1,086
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 5,523
 5,247
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  436
 414
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8  435
 413
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 434
 412
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 433
 411
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(5) 
 —
 (35)
Tate's Bake Shop, Inc. (3)
 Beverage, Food and Tobacco Senior loan 08/2019 6.3
  
 707
 707
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.5
  
 1,103
 1,098
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.6  3,902
 3,902
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.7
  
 22
 21
Young Innovations, Inc. (3)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
  
 753
 753
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2019 6.3  31
 31
            $143,363
 $142,889
GCIC SLF Investment Portfolio as of December 31, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
          (In thousands)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.4% $1,348
 $1,354
1A Smart Start LLC (3)
 Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.2 598
 599
Aimbridge Hospitality, LLC (3)
 Hotels, Motels, Inns, and Gaming Senior loan 06/2022 7.1 5,985
 5,985
Aimbridge Hospitality, LLC (3)
 Hotels, Motels, Inns, and Gaming Senior loan 06/2022 7.1 239
 239
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.3 2,816
 2,816
Boot Barn, Inc. Retail Stores Senior loan 06/2021 6.2 5,285
 5,285
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.4 4,023
 4,019
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9 2,044
 2,003
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.9 1,030
 1,009
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 2,090
 2,090
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 1,051
 1,051
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 7.2 40
 40
Curo Health Services LLC (3)
 Healthcare, Education and Childcare Senior loan 02/2022 5.4 4,863
 4,867
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.9 3,086
 3,092
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.7 1,241
 1,235
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.9 638
 640
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6 217
 218
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.9 97
 97
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6 93
 93
Elite Sportswear, L.P. (4)
 Retail Stores Senior loan 03/2020 
 N/A(5)
 —
 (2)
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 7.2 2,103
 2,103
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4 2,683
 2,683
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.4 745
 745
Flexan, LLC (3)
 Chemicals, Plastics and Rubber Senior loan 02/2020 9.0 125
 125
G & H Wire Company, Inc (3)
 Healthcare, Education and Childcare Senior loan 09/2023 7.2 5,985
 5,985
Gamma Technologies, LLC (3)
 Electronics Senior loan 06/2021 6.3 4,400
 4,400
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 8.2 4,989
 4,989
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4 1,973
 1,973
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6 103
 103
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.6 55
 55
Mills Fleet Farm Group LLC (3)
 Retail Stores Senior loan 02/2022 7.1 6,000
 6,000
Park Place Technologies LLC (3)
 Electronics Senior loan 06/2022 6.7 5,992
 5,992
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.6 5,001
 5,001
Polk Acquisition Corp. (3)
 Automobile Senior loan 06/2022 6.6 8,276
 8,110
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.9 80
 78
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.6 53
 52
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 6.8 7,126
 7,126
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 6.2 5,910
 5,910
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.1 2,470
 2,470
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.1 167
 167
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.1 149
 149
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 9.8 27
 27
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 12/2023 7.6 8,097
 8,016
Radiology Partners, Inc. (3)(4)
 Healthcare, Education and Childcare Senior loan 12/2023 
 N/A(5)
 —
 (3)


85

GCIC SLF Investment Portfolio as of December 31, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
          (In thousands)
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.9% $3,314
 $3,298
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.2 15
 15
Rubio's Restaurants, Inc (MRCC) Beverage, Food and Tobacco Senior loan 11/2018 6.4 1,672
 1,672
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.8 1,466
 1,466
Saldon Holdings, Inc. (3)
 Diversified/Conglomerate Service Senior loan 09/2022 6.0 1,958
 1,958
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 6.3 3,292
 3,292
SEI, Inc. (3)
 Electronics Senior loan 07/2021 6.3 5,204
 5,204
Self Esteem Brands, LLC (3)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.3 6,291
 6,291
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 6.4 7,828
 7,825
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.6 1,076
 1,080
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 5,233
 4,972
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 413
 393
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 412
 392
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 411
 391
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 7.2 410
 390
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 
 N/A(5)
 —
 (35)
Summit Behavioral Healthcare, LLC (3)
 Healthcare, Education and Childcare Senior loan 10/2023 6.4 6,000
 5,940
Summit Behavioral Healthcare, LLC  (3)
 Healthcare, Education and Childcare Senior loan 10/2023 6.4 21
 20
Summit Behavioral Healthcare, LLC (3)(4)
 Healthcare, Education and Childcare Senior loan 10/2023 
 N/A(5)
 —
 (22)
Tate's Bake Shop, Inc. (3)
 Beverage, Food and Tobacco Senior loan 08/2019 7.9 703
 698
Tate's Bake Shop, Inc. (4)
 Beverage, Food and Tobacco Senior loan 08/2019 
 N/A(5)
 —
 (1)
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1 1,094
 1,094
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.4 855
 855
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1 161
 161
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1 59
 59
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.9 3,883
 3,883
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 6.2 11
 10
Vendor Credentialing Service LLC (3)
 Diversified/Conglomerate Service Senior loan 11/2021 7.6 5,970
 5,970
WHCG Management, LLC (3)
 Healthcare, Education and Childcare Senior loan 03/2023 6.4 2,196
 2,196
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.7 5,408
 5,408
           $174,708
 $173,920
 
(1) 
Represents the weighted average annual current interest rate as of June 30,December 31, 2017. All interest rates are payable in cash.
(2) 
Represents the fair value in accordance with Accounting Standards Codification, or ASC, Topic 820 - Fair Value Measurement, or ASC Topic 820. The determination of such fair value is not included in our board of directors' valuation process described elsewhere herein.
(3) 
We also hold a portion of the first lien senior secured loan in this portfolio company.
(4) 
The negative fair value is the result of the unfunded commitment being valued below par.
(5) 
The entire commitment was unfunded as of June 30,December 31, 2017. As such, no interest is being earned on this investment.




8986

GCIC SLF Loan Portfolio as of September 30, 2016
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
           (In thousands)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 5.8
%  $1,365
 $1,361
Aimbridge Hospitality, LLC Hotels, Motels, Inns, and Gaming Senior loan 10/2018 5.8
  
 2,431
 2,431
American Seafoods Group LLC Beverage, Food and Tobacco Senior loan 08/2021 6.0
  
 3,108
 3,100
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 5.8
  
 3,444
 3,444
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.5
  5,596
 5,596
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 5.8
  
 4,255
 4,246
C.B. Fleet Company, Incorporated Personal and Non Durable Consumer Products Senior loan 12/2021 5.8
  
 8,346
 8,346
Checkers Drive-In Restaurants, Inc. Beverage, Food and Tobacco Senior loan 01/2022 6.5
  3,945
 3,915
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3
  
 1,043
 1,043
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.3
  2,070
 2,070
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.5
  
 1,064
 1,059
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.5
  2,117
 2,106
Curo Health Services LLC Healthcare, Education and Childcare Senior loan 02/2022 6.5
  
 4,925
 4,940
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 7.8
  
 73
 73
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.3
  
 2,130
 2,130
Express Oil Change, LLC Retail Stores Senior loan 12/2017 6.0
  
 340
 340
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 6.3
  
 2,718
 2,718
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.0
  
 2,005
 2,005
Jensen Hughes, Inc. Diversified/Conglomerate Service Senior loan 12/2021 6.2
  
 56
 56
Jensen Hughes, Inc. Diversified/Conglomerate Service Senior loan 12/2021 6.0
  
 89
 89
Jensen Hughes, Inc. Diversified/Conglomerate Service Senior loan 12/2021 6.3
  2,014
 2,014
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 5.8
  
 2,000
 2,000
Mediaocean LLC Diversified/Conglomerate Service Senior loan 08/2022 5.8
  2,025
 2,025
Pasternack Enterprises, Inc. and Fairview Microwave, Inc (3)
 Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.0
  
 1,530
 1,515
Pentec Acquisition Sub, Inc. Healthcare, Education and Childcare Senior loan 05/2018 6.3
  
 438
 438
PetVet Care Centers LLC Personal, Food and Miscellaneous Services Senior loan 12/2020 5.8
  605
 605
PetVet Care Centers LLC Personal, Food and Miscellaneous Services Senior loan 12/2020 5.8
  
 2,911
 2,911
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 5.8
  7,521
 7,521
PPT Management, LLC Healthcare, Education and Childcare Senior loan 04/2020 6.0
  
 10
 10
PPT Management, LLC (3)
 Healthcare, Education and Childcare Senior loan 04/2020 6.0
  
 6,293
 6,293
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 5.5
  5,985
 5,985
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.8
  
 90
 90
Pyramid Healthcare, Inc. (3)
 Healthcare, Education and Childcare Senior loan 08/2019 6.8
  2,012
 2,012
Radiology Partners, Inc. Healthcare, Education and Childcare Senior loan 09/2020 6.5
  465
 460
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 6.5
  
 728
 722
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 6.5
  
 6,438
 6,373
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 N/A
(5) 
 —
 (5)
Radiology Partners, Inc. (4)
 Healthcare, Education and Childcare Senior loan 09/2020 N/A
(5) 
 —
 (3)
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.8
  33
 33
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.3
  
 148
 148
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.3
  
 3,209
 3,209
Rubio's Restaurants, Inc Beverage, Food and Tobacco Senior loan 11/2018 6.0
  
 1,693
 1,693
GCIC SLF Loan Portfolio as of September 30, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
          (In thousands)
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 6.1% $1,351
 $1,358
1A Smart Start LLC Home and Office Furnishings, Housewares, and Durable Consumer Senior loan 02/2022 5.8
 599
 599
Argon Medical Devices, Inc. Healthcare, Education and Childcare Senior loan 12/2021 6.0
 2,816
 2,816
Boot Barn, Inc. Retail Stores Senior loan 06/2021 5.8
 5,285
 5,285
Brandmuscle, Inc. Printing and Publishing Senior loan 12/2021 6.1
 4,172
 4,167
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
 2,049
 2,008
CLP Healthcare Services, Inc. Healthcare, Education and Childcare Senior loan 12/2020 6.6
 1,033
 1,012
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 2,095
 2,095
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 1,053
 1,053
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 59
 59
Community Veterinary Partners, LLC Personal, Food and Miscellaneous Services Senior loan 10/2021 6.8
 41
 41
Curo Health Services LLC (3)
 Healthcare, Education and Childcare Senior loan 02/2022 5.3
 4,875
 4,890
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 3,093
 3,100
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.3
 1,244
 1,239
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 640
 641
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 218
 218
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.6
 97
 97
Elite Sportswear, L.P. Retail Stores Senior loan 03/2020 6.5
 93
 93
Elite Sportswear, L.P. (4)
 Retail Stores Senior loan 03/2020 
N/A (5)

 —
 (2)
Encore GC Acquisition, LLC Healthcare, Education and Childcare Senior loan 01/2020 6.8
 2,108
 2,108
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
 2,690
 2,690
Flexan, LLC Chemicals, Plastics and Rubber Senior loan 02/2020 7.1
 752
 752
Flexan, LLC (3)
 Chemicals, Plastics and Rubber Senior loan 02/2020 8.8
 21
 21
Gamma Technologies, LLC (3)
 Electronics Senior loan 06/2021 6.0
 4,411
 4,411
Harvey Tool Company, LLC Diversified/Conglomerate Manufacturing Senior loan 03/2020 6.1
 1,976
 1,976
III US Holdings, LLC Diversified/Conglomerate Service Senior loan 09/2022 7.9
 5,002
 5,002
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.3
 1,973
 1,973
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
 87
 87
Jensen Hughes, Inc. Buildings and Real Estate Senior loan 12/2021 6.4
 55
 55
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
 1,939
 1,939
Loar Group Inc. Aerospace and Defense Senior loan 01/2022 6.0
 1,337
 1,337
Mills Fleet Farm Group LLC (3)
 Retail Stores Senior loan 02/2022 6.7
 6,000
 6,000
Park Place Technologies LLC (3)
 Electronics Senior loan 06/2022 6.3
 5,996
 5,936
Pasternack Enterprises, Inc. and Fairview Microwave, Inc Diversified/Conglomerate Manufacturing Senior loan 05/2022 6.2
 5,013
 5,013
Polk Acquisition Corp. (3)
 Automobile Senior loan 06/2022 6.2
 8,297
 8,131
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.7
 83
 81
Polk Acquisition Corp. Automobile Senior loan 06/2022 6.2
 53
 52
PowerPlan Holdings, Inc. (3)
 Utilities Senior loan 02/2022 6.5
 7,126
 7,126
Premise Health Holding Corp. (3)
 Healthcare, Education and Childcare Senior loan 06/2020 5.8
 5,925
 5,925
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.7
 2,346
 2,346
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 7.9
 144
 144


9087

GCIC SLF Loan Portfolio as of September 30, 2016 - (continued)
GCIC SLF Loan Portfolio as of September 30, 2017GCIC SLF Loan Portfolio as of September 30, 2017
Portfolio Company Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
 Business Description Security Type 
Maturity
Date
 
Current
Interest
Rate(1)
 Principal ($) 
Fair
Value(2)
          (In thousands)         (In thousands)
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1% $7,095
 $7,095
Radiology Partners, Inc. (3)
 Healthcare, Education and Childcare Senior loan 09/2020 7.1
 542
 542
Radiology Partners, Inc. Healthcare, Education and Childcare Senior loan 09/2020 7.1
 460
 460
RSC Acquisition, Inc. (3)
 Insurance Senior loan 11/2022 6.6
 3,323
 3,323
RSC Acquisition, Inc. Insurance Senior loan 11/2020 6.1
 15
 15
Rubio's Restaurants, Inc. Beverage, Food and Tobacco Senior loan 11/2018 6.1
 1,676
 1,676
Rug Doctor LLC Personal and Non Durable Consumer Products Senior loan 06/2018 6.3
% $2,016
 $2,016
 Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 06/2018 6.6
 1,501
 1,501
Saldon Holdings, Inc. Diversified/Conglomerate Service Senior loan 09/2021 5.5
 2,186
 2,186
Saldon Holdings, Inc. (3)
 Diversified/Conglomerate Service Senior loan 09/2022 5.8
 2,028
 2,003
Sarnova HC, LLC Healthcare, Education and Childcare Senior loan 01/2022 5.8
  
 3,334
 3,334
 Healthcare, Education and Childcare Senior loan 01/2022 6.0
 3,301
 3,301
SEI, Inc. Electronics Senior loan 07/2021 5.8
  
 5,270
 5,270
Self Esteem Brands, LLC Leisure, Amusement, Motion Pictures and Entertainment Senior loan 02/2020 5.0
  
 5,106
 5,106
SEI, Inc. (3)
 Electronics Senior loan 07/2021 6.0
 5,217
 5,217
Self Esteem Brands, LLC (3)
 Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.0
 6,443
 6,443
Severin Acquisition, LLC (3)
 Diversified/Conglomerate Service Senior loan 07/2021 5.9
 7,928
 7,890
 Diversified/Conglomerate Service Senior loan 07/2021 6.1
 7,848
 7,844
Severin Acquisition, LLC Diversified/Conglomerate Service Senior loan 07/2021 6.2
 1,079
 1,083
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
 455
 445
 Beverage, Food and Tobacco Senior loan 05/2018 6.8
 5,291
 4,603
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 456
 447
 Beverage, Food and Tobacco Senior loan 05/2018 6.8
 418
 364
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 457
 448
 Beverage, Food and Tobacco Senior loan 05/2018 6.8
 417
 363
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 458
 449
 Beverage, Food and Tobacco Senior loan 05/2018 6.8
 416
 362
Smashburger Finance LLC Beverage, Food and Tobacco Senior loan 05/2018 6.8
  
 5,800
 5,685
 Beverage, Food and Tobacco Senior loan 05/2018 6.8
 415
 361
Smashburger Finance LLC (4)
 Beverage, Food and Tobacco Senior loan 05/2018 N/A
(5) 
 —
 (14) Beverage, Food and Tobacco Senior loan 05/2018 
N/A (5)

 —
 (90)
Tate's Bake Shop, Inc. (3)
 Beverage, Food and Tobacco Senior loan 08/2019 6.0
 712
 712
 Beverage, Food and Tobacco Senior loan 08/2019 6.3
 705
 705
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 5.3
  
 1,104
 1,100
 Grocery Senior loan 10/2020 5.6
 1,097
 1,097
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
 859
 859
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
 165
 165
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.1
 61
 61
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2020 5.5
  
 9
 8
 Diversified/Conglomerate Service Senior loan 06/2021 6.6
 3,892
 3,892
Transaction Data Systems, Inc. Diversified/Conglomerate Service Senior loan 06/2021 6.3
 2,763
 2,763
 Diversified/Conglomerate Service Senior loan 06/2020 5.8
 22
 21
Worldwide Express Operations, LLC Cargo Transport Senior loan 07/2019 6.0
 100
 100
Worldwide Express Operations, LLC (3)
 Cargo Transport Senior loan 07/2019 6.0
  
 5,963
 5,963
Vendor Credentialing Service LLC (3)
 Diversified/Conglomerate Service Senior loan 11/2021 7.2
 5,985
 5,985
WHCG Management, LLC (3)
 Healthcare, Education and Childcare Senior loan 03/2023 6.1
 2,202
 2,202
WIRB-Copernicus Group, Inc. Healthcare, Education and Childcare Senior loan 08/2022 6.3
 5,421
 5,421
Young Innovations, Inc. (3)
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
 751
 751
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2018 6.8
  
 10
 10
 Healthcare, Education and Childcare Senior loan 01/2019 6.3
 23
 23
Young Innovations, Inc. Healthcare, Education and Childcare Senior loan 01/2019 5.3
  
 354
 356
Zest Holdings, LLC Healthcare, Education and Childcare Senior loan 08/2020 5.8
  
 4,732
 4,732
   $146,481
 $146,123
   $162,815
 $161,522
 
(1) 
Represents the weighted average annual current interest rate as of September 30, 2016.2017. All interest rates are payable in cash.
(2) 
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in our board of directors' valuation process described elsewhere herein.
(3) 
We also hold a portion of the first lien senior secured loan in this portfolio company.
(4) 
The negative fair value is the result of the unfunded commitment being valued below par.
(5) 
The entire commitment was unfunded as of September 30, 2016.2017. As such, no interest is being earned on this investment.


9188

As of Juneeach of December 31, 2017 and September 30, 2017, we have committed to fund $109.4 million of LLC equity interest subscriptions to GCIC SLF. As of June 30,December 31, 2017 and September 30, 2016, $47.22017, $55.3 million and $12.3$49.8 million, respectively, of our LLC equity interest subscriptions to GCIC SLF had been called and contributed, net of return of capital distributions subject to recall. For the three and nine months ended June 30,December 31, 2017 and 2016, we received $1.2$1.1 million and $2.9$0.4 million, respectively, in dividend income from the GCIC SLF LLC equity interests. For the three and nine months ended June 30, 2016, we did not earn dividend income from the GCIC SLF LLC equity interests.

As of September 30, 2016, the amortized cost and fair value of theThe subordinated notes held by us was $34.9 million and $34.9 million, respectively. As of September 30, 2016, the subordinated notes paid a weighted average interest rate of three-month LIBOR plus 8.0%. For the nine months ended June 30, 2017, we earned interest income on the subordinated notes of $0.7 million. The subordinated notespreviously held by us were redeemed on December 30, 2016, and, therefore, no interest income was earned for the three months ended June 30,December 31, 2017. For the three and nine months ended June 30,December 31, 2016, we earned interest income on the subordinated notes of $0.7 million and $1.9 million, respectively.million.

For the three and nine months ended June 30,December 31, 2017 we earned an annualized total return on our weighted average capital invested in GCIC SLF of 8.2% and 9.4%, respectively. For the three and nine months ended June 30, 2016, we earned an annualized total return on our weighted average capital invested in GCIC SLF of 11.3%10.1% and 9.3%10.4%, respectively. The annualized total return on weighted average capital invested is calculated by dividing total income earned on our investments in GCIC SLF by the combined daily average of our investments in (1) the principal of the GCIC SLF subordinated notes, if any, and (2) the NAV of the GCIC SLF LLC equity interests.

See below for certain summarized financial information for GCIC SLF as of June 30,December 31, 2017 and September 30, 20162017 and for the three and nine months ended June 30,December 31, 2017 and 2016:
As of June 30, 2017 As of September 30, 2016As of December 31, 2017 As of September 30, 2017
(In thousands)(In thousands)
Selected Balance Sheet Information:  
   
  
   
Investments, at fair value$142,889
 $146,123
$173,920
 $161,522
Cash and other assets3,194
 3,344
3,119
 3,029
Total assets$146,083
 $149,467
$177,039
 $164,551
Senior credit facility$90,450
 $95,500
$113,250
 $108,150
Unamortized debt issuance costs(916) (1,122)(1,043) (1,199)
Payable for investments purchased1,229
 —
Other liabilities328
 282
419
 338
Total liabilities91,091
 94,660
112,626
 107,289
Subordinated notes and members’ equity54,992
 54,807
Members’ equity64,413
 57,262
Total liabilities and members' equity$146,083
 $149,467
$177,039
 $164,551
 Three months ended December 31,
  2017 2016
 (In thousands)
Selected Statement of Operations Information:  
   
Interest income$2,811
 $2,441
Fee income7
 —
Total investment income2,818
 2,441
Interest and other debt financing expense1,193
 1,713
Administrative service fee54
 55
Other expenses34
 24
Total expenses1,281
 1,792
Net investment income (loss)1,537
 649
Net change in unrealized appreciation (depreciation) on investments and subordinated notes605
 62
Net increase in members' equity$2,142
 $711



9289

 Three months ended June 30, Nine months ended June 30,
  2017 2016 2017 2016
 (In thousands) (In thousands)
Selected Statement of Operations Information:  
   
    
Interest income$2,478
 $2,140
 $7,531
 $4,493
Total investment income2,478
 2,140
 7,531
 4,493
Interest expense961
 1,620
 3,577
 3,869
Administrative service fee57
 38
 163
 112
Other expenses25
 26
 73
 65
Total expenses1,043
 1,684
 3,813
 4,046
Net investment income (loss)1,435
 456
 3,718
 447
Net change in unrealized appreciation (depreciation) on investments and subordinated notes(205) 171
 (242) 840
Net increase (decrease) in net assets$1,230
 $627
 $3,476
 $1,287

Prior to their termination, GCIC SLF elected to fair value the subordinated notes issued to us and Aurora under ASC Topic 825 — Financial Instruments, or ASC Topic 825. The subordinated notes were valued by calculating the net present value of the future expected cash flow streams using an appropriate risk-adjusted discount rate model. For each of the three and nine months ended June 30, 2017,December 31, 2016, GCIC SLF did not recognize unrealized appreciation or depreciation on the subordinated notes. For each of the three and nine months ended June 30, 2016, GCIC SLF recognized $0.4 million in unrealized depreciation on the subordinated notes.

As of JuneDecember 31, 2017 and September 30, 2017, GCIC SLF had no subordinated notes outstanding. As of September 30, 2016, GCIC SLF had $39.9 million of aggregate contractual principal amounts of subordinated notes outstanding for which the fair value option was elected with a fair value and carrying value of $39.9 million.

Contractual Obligations and Off-Balance Sheet Arrangements

A summary of our significant contractual payment obligations as of June 30,December 31, 2017 is as follows:
Payments Due by Period (In millions)Payments Due by Period (In millions)
Total 
Less Than
1 Year
 1 – 3 Years 3 – 5 Years 
More Than
5 Years
Total 
Less Than
1 Year
 1 – 3 Years 3 – 5 Years 
More Than
5 Years
GCIC 2016 Debt Securitization$252.5
 $—
 $—
 $—
 $252.5
$252.5
 $—
 $—
 $—
 $252.5
Credit Facility303.4
 —
 —
 303.4
 —
397.1
 —
 —
 397.1
 —
SMBC Revolver75.0
 75.0
 —
 —
 —
75.0
 75.0
 —
 —
 —
Revolver—
 —
 —
 —
 —
—
 —
 —
 —
 —
Unfunded commitments (1)
127.0
 127.0
 —
 —
 —
155.3
 155.3
 —
 —
 —
Total contractual obligations$757.9
 $202.0
 $—
 $303.4
 $252.5
$879.9
 $230.3
 $—
 $397.1
 $252.5
 
(1) 
Unfunded commitments represent unfunded commitments to fund investments, excluding our investments in GCIC SLF, as of June 30, 2017. TheseDecember 31, 2017 these amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one year category as this entire amount was eligible for funding to the borrowers as of June 30,December 31, 2017, subject to the terms of each loan’s respective credit agreement.
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include


93

commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30,December 31, 2017 and September 30, 2016,2017, we had outstanding commitments to fund investments, excluding our investments in GCIC SLF, totaling $127.0$155.3 million and $42.7$133.6 million, respectively. We havehad commitments of up to $62.2$54.1 million and $62.2$59.6 million to GCIC SLF as of June 30,December 31, 2017 and September 30, 2016,2017, respectively, that may be contributed primarily for the purpose of funding new investments approved by the GCIC SLF investment committee.

We have certain contracts under which we have material future commitments. We have entered into the Investment Advisory Agreement with GC Advisors in accordance with the 1940 Act. Under the Investment Advisory Agreement, GC Advisors provides us with investment advisory and management services.

Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, provides us with clerical, bookkeeping and record keeping services at such facilities and provides us with other administrative services necessary to conduct our day-to-day operations. The Administrator also provides on our behalf managerial assistance to those portfolio companies to which we are required to offer to provide such assistance.

If any of the contractual obligations discussed above is terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we receive under our Investment Advisory Agreement and our Administration Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.



90

Distributions

We intend to make monthly or quarterlyperiodic distributions to our stockholders as determined by our board of directors. For additional information on distributions, see “Critical Accounting Policies - Income Taxes.”

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, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a business development company under the 1940 Act. 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.

To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions may 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 may 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


94

reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

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. Each of Mr. Lawrence Golub, our chairman, and Mr. David Golub, our president and chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

Golub Capital LLC provides 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.”

GC Advisors serves as collateral manager to the GCIC 2016 Issuer under the 2016 GCIC Collateral Management Agreement and receives a fee for providing these services that is offset against the base management fee payable by us under the Investment Advisory Agreement.

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


91


Immediately prior to our election to be regulated as a business development company, we acquired our initial portfolio of investments by purchasing (1) all of the outstanding equity interests of GCIC Holdings LLC, or GCIC Holdings, and GCIC Funding, from GEMS Fund, L.P., a Delaware limited partnership whose general partner is controlled by GC Advisors, and (2) loans from certain unaffiliated third-party investors. At the time of our acquisition of their respective equity interests, the only assets (other than certain cash and cash equivalents) of GCIC Funding and GCIC Holdings were senior secured and one stop loans to U.S. middle-market companies consistent with our investment objectives and strategies. Each of the loans acquired in our formation transactions had been underwritten by GC Advisors at the time of origination or acquisition using the same criteria and standards as GC Advisors uses in connection with the origination or acquisition of loans for us.

GC Advisors also sponsors or manages, and may in the future sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., a publicly-traded business development company (NASDAQ: GBDC) and Golub Capital BDC 3, Inc, an unlisted business
development company, each of which that focuses on investing primarily in senior secured and one stop loans of U.S. middle-market companies. In addition, our officers and directors serve in similar capacities for Golub Capital BDC, Inc. and Golub Capital BDC 3, Inc. GC Advisors and its affiliates may determine that an investment is appropriate for us and for one or more of these other accounts. In such event, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates may 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 Maryland.

Critical Accounting Policies

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

Fair Value Measurements

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

Valuation methods may 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;


95

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 may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.



92

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

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

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

In connection with each sale of shares of our common stock, we make a determination that we are not selling shares of our common stock at a price below the then-current net asset value per share of common stock at the time at which the sale is made or otherwise in violation of the 1940 Act.  GC Advisors will consider the following factors, among others, in making such determination:

The net asset value of our common stock disclosed in the most recent periodic report filed with the SEC; 
Its assessment of whether any change in the net asset value per share of our common stock has occurred (including through the realization of gains on the sale of portfolio securities) during the period beginning on the date of the most recently disclosed net asset value per share of our common stock and ending two days prior to the date of the sale; and
The magnitude of the difference between the sale price of the shares of common stock and management’s assessment of any change in the net asset value per share of our common stock during the period discussed above.

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


96

measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.



93

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and nine months ended June 30,December 31, 2017 and 2016. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. As of June 30,December 31, 2017 and September 30, 2016,2017, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and investments measured at fair value using the NAV, all investments were valued using Level 3 inputs of the fair value hierarchy.



97

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

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

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



94

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

Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we may generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees and prepayment premiums on loans and record these fees as fee income when received. Loan origination fees, original issuesissue discount and market discount or premium


98

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

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

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest areis paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $0.4 million and less than $0.1 million and $0.4 million as of June 30,December 31, 2017 and September 30, 2016,2017, respectively.

Income taxes:

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


95

made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.

On January 1, 2015, GCIC Equity LLC, or GCIC Equity, elected to be classified as a corporation for U.S. federal income tax purposes. Effective May 2, 2016, GCIC Equity merged with GCIC Holdings, with GCIC Holdings as the surviving LLC. As part of the merger, GCIC Equity elected deemed-sale treatment and the assetsof GCIC Equity were treated as sold at fair value for tax purposes.This resulted in U.S. federal income tax expense of $44,000 and state income tax expense of $13,100, each of which was paid in August 2016.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year distributions into the next tax year in an amount less than what would trigger payments of U.S. federal income tax under Subchapter M of the Code. We may then be required to incur a


99

4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned.

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



10096

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to floating LIBOR are also 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 June 30,December 31, 2017 and September 30, 2016,2017, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.00% and 1.01%1.00%, respectively. In addition, the Credit Facility has a floating interest rate provision based on one-month LIBOR that resets daily, the SMBC Revolver has a floating interest rate provision based on one-month LIBOR that resets monthly, and the Class A and B GCIC 2016 Notes issued as part of the GCIC 2016 Debt Securitization have floating interest rate provisions based on three-month LIBOR that reset quarterly. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited consolidated statementConsolidated Statement of financial conditionFinancial Condition as of June 30,December 31, 2017 were to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest rates 
Increase (decrease) in
interest income
 
Increase (decrease) in
interest expense
 
Net increase
(decrease) in
 investment income
 
Increase (decrease) in
interest income
 
Increase (decrease) in
interest expense
 
Net increase
(decrease) in
 investment income
 (In thousands) (In thousands)
Down 25 basis points $(3,051) $(1,577) $(1,474) $(3,569) $(1,811) $(1,758)
Up 50 basis points 6,191
 3,154
 3,037
 7,141
 3,623
 3,518
Up 100 basis points 12,380
 6,309
 6,071
 14,283
 7,246
 7,037
Up 150 basis points 18,571
 9,463
 9,108
 21,424
 10,868
 10,556
Up 200 basis points 24,762
 12,617
 12,145
 28,565
 14,491
 14,074

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30,December 31, 2017, 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 GCIC 2016 Debt Securitization, the Credit Facility, the Revolver, the SMBC Revolver or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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



10197

Item 4: Controls and Procedures.

As of June 30,December 31, 2017 (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.



10298

Part II - Other Information

Item 1: Legal Proceedings.

Golub Capital Investment Corporation, GC Advisors and Golub Capital LLC are not currently subject to any material legal proceedings.

Item 1A: Risk Factors.

None.

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

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

None.

Item 6: Exhibits.

EXHIBIT INDEX
   
Number Description
    
10.1Third Amendment to Amended and Restated Loan and Servicing Agreement, dated as of May 11, 2017, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Company, as the transferor, the institutional lenders identified on the signature pages thereto, Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent.*
31.1
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* 
31.2
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* 
32.1
  Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* 

_________________
* Filed herewith




10399

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 Investment Corporation
   
Dated: AugustFebruary 9, 20172018By/s/ David B. Golub
  David B. Golub
  President and Chief Executive Officer
  (Principal Executive Officer)
   
Dated: AugustFebruary 9, 20172018By/s/ Ross A. Teune
  Ross A. Teune
  Chief Financial Officer
  (Principal Accounting and Financial Officer)



104100