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, 2018

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 þ No o

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 þ ~~(Do not check if a smaller reporting company)~~o	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 ~~August 10, 2018,~~February 11, 2019, the Registrant had ~~58,755,211.413~~70,438,775.169 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, 2018 (unaudited) and September 30, ~~2017~~2018	3
	Consolidated Statements of Operations for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 (unaudited) and 2017 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the ~~nine~~three months ended ~~June 30,~~December 31, 2018 (unaudited) and 2017 (unaudited)	5
	Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~June 30,~~December 31, 2018 (unaudited) and 2017 (unaudited)	6
	Consolidated Schedules of Investments as of ~~June 30,~~December 31, 2018 (unaudited) and September 30, ~~2017~~2018	8
	Notes to Consolidated Financial Statements (unaudited)	3642
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	7281
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~102~~110
Item 4.	Controls and Procedures	~~103~~111
Part II. Other Information
Item 1.	Legal Proceedings	~~104~~112
Item 1A.	Risk Factors	~~104~~112
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~104~~116
Item 3.	Defaults Upon Senior Securities	~~104~~116
Item 4.	Mine Safety Disclosures	~~104~~116
Item 5.	Other Information	~~104~~116
Item 6.	Exhibits	~~105~~116

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	June 30, 2018			September 30, 2017
	(unaudited)						December 31, 2018		September 30, 2018
Assets							(unaudited)
Investments, at fair value
Non-controlled/non-affiliate company investments	$	1,588,631		$	1,347,597		$	1,813,454	$	1,620,783
Non-controlled affiliate company investments							4,130		3,716
Controlled affiliate company investments	54,004			50,104			50,069		49,939
Total investments at fair value (amortized cost of $1,627,695 and $1,386,209, respectively)	1,642,635			1,397,701
Total investments at fair value (amortized cost of $1,858,068 and $1,663,122, respectively)							1,867,653		1,674,438
Cash and cash equivalents	9,331			22,859			26,760		14,443
Foreign currencies (cost of $251 and $0, respectively)	251			—
Restricted cash and cash equivalents	29,352			28,272
Foreign currencies (cost of $553 and $216, respectively)							553		216
Restricted cash, cash equivalents and foreign currencies							54,819		23,857
Interest receivable	5,643			5,027			5,658		5,813
Capital call receivable	1,704			1,058			1,375		189
Other assets	147			178			65		105
Total Assets	$	1,689,063		$	1,455,095		$	1,956,883	$	1,719,061
Liabilities
Debt	$	747,750		$	670,200		$	860,751	$	762,330
Less unamortized debt issuance costs	2,309			2,671			6,011		1,921
Debt less unamortized debt issuance costs	745,441			667,529			854,740		760,409
Other short-term borrowings (proceeds of $12,400 and $0, respectively)	12,287			—
Other short-term borrowings (proceeds of $24,755 and $0, respectively)							24,719		—
Interest payable	3,091			2,141			2,613		2,916
Distributions payable	20,476			8,239			7,235		11,840
Management and incentive fees payable	10,042			7,536			9,127		10,102
Accounts payable and accrued expenses	1,543			1,404			1,809		1,563
Accrued trustee fees	25			26			59		22
Total Liabilities	$	792,905		$	686,875		900,302		786,852
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, 2018 and September 30, 2017	—			—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 59,743,807.048 and 51,214,683.496 shares issued and outstanding as of June 30, 2018 and September 30, 2017, respectively	60			51
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2018 and September 30, 2018							—		—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 70,438,775.169 and 62,147,237.484 shares issued and outstanding as of December 31, 2018 and September 30, 2018, respectively							70		62
Paid in capital in excess of par	895,837			767,908			1,056,249		931,885
Capital distributions in excess of net investment income	(16,135		)	(11,366		)
Net unrealized appreciation (depreciation) on investments and foreign currency translation	15,050			11,492
Net realized gain (loss) on investments and foreign currency transactions	1,346			135
Distributable earnings							262		262
Total Net Assets	896,158			768,220			1,056,581		932,209
Total Liabilities and Total Net Assets	$	1,689,063		$	1,455,095		$	1,956,883	$	1,719,061
Number of common shares outstanding	59,743,807.048			51,214,683.496
Number of common shares outstanding at end of period							70,438,775.169		62,147,237.484
Net asset value per common share	$	15.00		$	15.00		$	15.00	$	15.00

See Notes to Consolidated Financial Statements.

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,
	2018			2017			2018			2017			2018			2017
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	33,520		$	24,498		$	94,089		$	66,060		$	38,170		$	29,071
Dividend income	3			157			80			158			30			2
Fee income	1,147			827			2,435			1,038			380			391
Total investment income from non-controlled/non-affiliate company investments	34,670			25,482			96,604			67,256			38,580			29,464
From non-controlled affiliate company investments:
Interest income													29			—
Total investment income from non-controlled affiliate company investments													29			—
From controlled affiliate company investments:
Interest income	—			—			—			732
Dividend income	1,641			1,216			4,065			2,879			1,036			1,130
Total investment income from controlled affiliate company investments	1,641			1,216			4,065			3,611			1,036			1,130
Total investment income	36,311			26,698			100,669			70,867			39,645			30,594
Expenses
Interest and other debt financing expenses	8,270			5,844			22,659			16,079			10,958			6,879
Base management fee	5,580			4,263			15,815			11,940			6,168			4,986
Incentive fee	4,658			3,314			13,469			8,280			2,858			4,164
Professional fees	465			502			1,437			1,424			765			522
Administrative service fee	538			401			1,564			1,106			651			495
General and administrative expenses	52			22			160			48			48			53
Total expenses	19,563			14,346			55,104			38,877			21,448			17,099
Base management fee waived (Note 4)	(1,522		)	(1,162		)	(4,313		)	(3,256		)	(1,682		)	(1,360		)
Incentive fee waived (Note 4)	(1,146		)	(733		)	(3,014		)	(749		)	(314		)	(926		)
Net expenses	16,895			12,451			47,777			34,872			19,452			14,813
Net investment income	19,416			14,247			52,892			35,995			20,193			15,781

Net gain (loss) on investments and foreign currency
Net realized gain (loss) on investments and foreign currency transactions
Net realized gain (loss) on investments and foreign currency transactions:
Non-controlled/non-affiliate company investments	2,510			91			2,621			422			38			(449		)
Foreign currency transactions	(56		)	—			(73		)	—			(15		)	(37		)
Net realized gain (loss) on investments and foreign currency transactions	2,454			91			2,548			422			23			(486		)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:
Non-controlled/non-affiliate company investments	(1,433		)	12			2,039			4,905			(1,969		)	1,767
Non-controlled affiliate company investments													108			—
Controlled affiliate company investments	(74		)	(140		)	1,406			162			130			744
Foreign currency translation	113			—			113			—
Translation of assets and liabilities in foreign currencies													253			8
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(1,394		)	(128		)	3,558			5,067			(1,478		)	2,519
Net gain (loss) on investments and foreign currency	1,060			(37		)	6,106			5,489			(1,455		)	2,033
Net increase in net assets resulting from operations	$	20,476		$	14,210		$	58,998		$	41,484		$	18,738		$	17,814
Per Common Share Data
Basic and diluted earnings per common share	$	0.35		$	0.31		$	1.06		$	0.96		$	0.28		$	0.34
Basic and diluted weighted average common shares outstanding	58,083,180			45,882,813			55,363,298			43,006,959			65,402,150			52,091,851

See Notes to Consolidated Financial Statements.

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 Net Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation Net Realized Gain (loss) on Investments and Foreign Currency Transactions
Common Stock Paid in Capital in Excess of Par Total Net Assets
Shares Par Amount
Balance at September 30, 2016 41,087,178.250
$ 41
$ 616,018
$ (7,158 ) $ 8,334
$ (928 ) $ 616,307
Issuance of common stock ⁽¹⁾
4,410,571.066
4
66,154
—
—
66,158
Net increase in net assets resulting from operations —
—
—
35,995
5,067
422
41,484
Distributions to stockholders:






Stock issued in connection with dividend reinvestment plan 1,331,594.620
2
19,973
—
—
—
19,975
Distributions from net investment income —
—
—
(27,134 ) —
—
(27,134 )
Distributions from net realized gain —
—
—
—
—
(140 ) (140 )
Distributions declared and payable —
—
—
(14,210 ) —
—
(14,210 )
Total increase (decrease) for the period ended June 30, 2017 5,742,165.686
6
86,127
(5,349 ) 5,067
282
86,133
Balance at June 30, 2017 46,829,343.936
$ 47
$ 702,145
$ (12,507 ) $ 13,401
$ (646 ) $ 702,440

Balance at September 30, 2017 51,214,683.496
$ 51
$ 767,908
$ (11,366 ) $ 11,492
$ 135
$ 768,220
Issuance of common stock ⁽²⁾
6,867,829.319
7
103,011
—
—
—
103,018
Net increase in net assets resulting from operations —
—
—
52,892
3,558
2,548
58,998
Distributions to stockholders:






Stock issued in connection with dividend reinvestment plan 1,661,294.233
2
24,918
—
—
—
24,920
Distributions from net investment income —
—
—
(37,185 ) —
—
(37,185 )
Distributions from net realized gain —
—
—
—
—
(1,337 ) (1,337 )
Distributions declared and payable —
—
—
(20,476 ) —
—
(20,476 )
Total increase (decrease) for the period ended June 30, 2018 8,529,123.552
9
127,929
(4,769 ) 3,558
1,211
127,938
Balance at June 30, 2018 59,743,807.048
$ 60
$ 895,837
$ (16,135 ) $ 15,050
$ 1,346
$ 896,158



	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings ⁽¹⁾			Total Net Assets
	Shares	Par Amount		Paid in Capital in Excess of Par		Distributable Earnings ⁽¹⁾			Total Net Assets
Balance at September 30, 2017	51,214,683.496	$	51	$	767,908	$	261		$	768,220
Issuance of common stock ⁽²⁾	2,223,285.533	2		33,347		—			33,349
Net investment income	—	—		—		15,781			15,781
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		(486		)	(486		)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		2,519			2,519
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	684,766.325	1		10,271		—			10,272
Distributions from distributable earnings ⁽³⁾	—	—		—		(11,098		)	(11,098		)
Distributions declared and payable	—	—		—		(6,716		)	(6,716		)
Total increase (decrease) for the period ended December 31, 2017	2,908,051.858	3		43,618		—			43,621
Balance at December 31, 2017	54,122,735.354	$	54	$	811,526	$	261		$	811,841

Balance at September 30, 2018	62,147,237.484	$	62	$	931,885	$	262		$	932,209
Issuance of common stock ⁽⁴⁾	7,435,092.597	7		111,519		—			111,526
Net investment income	—	—		—		20,193			20,193
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		23			23
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		(1,478		)	(1,478		)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	856,445.088	1		12,845		—			12,846
Distributions from distributable earnings	—	—		—		(11,503		)	(11,503		)
Distributions declared and payable	—	—		—		(7,235		)	(7,235		)
Total increase (decrease) for the period ended December 31, 2018	8,291,537.685	8		124,364		—			124,372
Balance at December 31, 2018	70,438,775.169	$	70	$	1,056,249	$	262		$	1,056,581

⁽¹⁾The following table provides the reconciliation of the components of distributable earnings to conform to the current period presentation for the period ended December 31, 2017:



	Total increase (decrease) for the period ended December 31, 2017
	Capital Distributions in Excess of Net Investment		Net Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments			Distributable Earnings
Net investment income	$	15,781	$	—	$	—		$	15,781
Net realized gain (loss) on investments and foreign currency transactions	—		—		(486		)	(486		)
Net change in unrealized gain (loss) on investments and foreign currency translation	—		2,519		—			2,519
Net increase in net assets from operations	$	15,781	$	2,519	$	(486	)	$	17,814

~~Refer to Note 3 for a detailed listing of the common stock issuances for the nine months ended June 30, 2017.~~


⁽²⁾	Refer to Note 3 for a detailed listing of the common stock issuances for the ~~nine~~three months ended ~~June 30,~~December 31, 2017.

⁽³⁾ The following table provides the reconciliation of the components of distributions from distributable earnings to conform to the current period presentation for the period ended December 31, 2017:



	Total increase (decrease) for the period ended December 31, 2017
Distributions to stockholders:
Distributions from net investment income	$	(9,761	)
Distributions from realized gain	(1,337		)
Distributions from distributable earnings	$	(11,098	)


⁽⁴⁾	Refer to Note 3 for a detailed listing of the common stock issuances for the three months ended December 31, 2018.

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Nine months ended June 30,						Three months ended December 31,
	2018			2017			2018			2017
Cash flows from operating activities
Net increase in net assets resulting from operations	$	58,998		$	41,484		$	18,738		$	17,814
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 costs	1,610			2,522			1,668			553
Accretion of discounts and origination fees	(6,782		)	(4,590		)	(1,998		)	(2,026		)
Net realized (gain) loss on investments	(2,621		)	(422		)	(38		)	449
Net change in unrealized (appreciation) depreciation on investments	(3,445		)	(5,067		)	1,731			(2,511		)
Net change in unrealized appreciation (depreciation) on foreign currency and other transactions	(113		)	—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies							(253		)	—
Proceeds from (fundings of) revolving loans, net	536			282			(1,464		)	851
Fundings of investments	(563,692		)	(432,300		)	(230,120		)	(202,486		)
Proceeds from principal payments and sales of portfolio investments	332,464			208,863			39,176			90,731
PIK interest	(1,394		)	(1,016		)	(502		)	(456		)
Changes in operating assets and liabilities:
Interest receivable	(616		)	(981		)	155			(188		)
Receivable for investments sold	—			(2,118		)
Other assets	31			64			40			104
Interest payable	950			707			(303		)	258
Management and incentive fees payable	2,506			2,355			(975		)	915
Payable for investments purchased	—			3,076			—			355
Accounts payable and accrued expenses	139			244			246			(92		)
Accrued trustee fees	(1		)	21			37			15
Net cash (used in) provided by operating activities	(181,430		)	(186,876		)	(173,862		)	(95,714		)
Cash flows from financing activities
Borrowings on debt	480,050			397,900			790,868			129,750
Repayments of debt	(402,500		)	(287,650		)	(692,230		)	(75,400		)
Capitalized debt issuance costs	(1,248		)	(359		)	(5,758		)	(11		)
Proceeds from other short-term borrowings	12,400			—			24,755			—
Proceeds from issuance of common shares	102,372			66,158			110,340			34,407
Distributions paid	(21,841		)	(17,168		)	(10,497		)	(9,065		)
Net cash provided by (used in) financing activities	169,233			158,881			217,478			79,681
Net change in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents	(12,197		)	(27,995		)	43,616			(16,033		)
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period	51,131			75,731			38,516			51,131
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period	$	38,934		$	47,736		$	82,132		$	35,098
Supplemental information:
Cash paid during the period for interest	$	20,099		$	12,850		$	(9,592	)	$	(6,069	)
Distributions declared during the period	58,998			41,484			18,738			17,814
Supplemental disclosure of noncash operating activity:
Funding of LLC equity interest in GCIC SLF	$	—		$	(34,917	)
Proceeds from subordinated notes in GCIC SLF principal payment	—			34,917
Supplemental disclosure of noncash financing activity:
Capital call receivable	$	646		$	—		$	1,186		$	(1,058	)
Stock issued in connection with dividend reinvestment plan	24,920			19,975			12,846			10,272
Distributions payable	20,476			14,210			7,235			6,716

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited) - (continued)

(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies 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 June 30,				As of December 31,
	2018		2017		2018		2017
Cash and cash equivalents	$	9,331	$	5,220	$	26,760	$	8,886
Foreign currencies	251		—		553		526
Restricted cash and cash equivalents	29,352		42,516		54,819		25,686
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	38,934	$	47,736	$	82,132	$	35,098

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.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

~~June 30,~~December 31, 2018

(In thousands)


	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾			Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
ILC Dover, LP^#	Senior loan	L + 4.75%	^(c)(f)	7.09%	12/2023	$	1,334	$	1,322		0.2	%	$	1,334
ILC Dover, LP^*																Senior loan	L + 4.75%	^(c)(d)	7.63%	12/2023	$	1,324	$	1,313		0.1	%	$	1,324
NTS Technical Systems^{^*}																One stop	L + 6.25%	^(a)(c)	8.60%	06/2021	3,337		3,305			0.3		3,337
NTS Technical Systems^*	One stop	L + 6.25%	^(a)	8.23%	06/2021	3,250		3,214			0.4		3,250			One stop	L + 6.25%	^(c)	8.87%	06/2021	550		544			0.1		550
NTS Technical Systems⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	06/2021	—		(9		)	—		—			One stop	L + 6.25%		N/A⁽⁶⁾	06/2021	—		(7		)	—		—
Tresys Technology Holdings, Inc.⁽⁷⁾	One stop	L + 6.75%	^(a)	8.84%	12/2018	53		28			—		16			One stop	L + 6.75%	^(a)	9.27%	12/2019	53		28			—		11
Tresys Technology Holdings, Inc.⁽⁷⁾	One stop	L + 6.75%	^(a)	8.84%	12/2018	9		9			—		9			One stop	L + 6.75%	^(a)	9.27%	12/2019	9		9			—		9
Tronair Parent, Inc.^#	Senior loan	L + 4.75%	^(c)(f)	7.11%	09/2023	367		364			—		367
Tronair Parent, Inc.^*																Senior loan	L + 4.75%	^(a)(c)	7.56%	09/2023	365		363			—		351
Tronair Parent, Inc.	Senior loan	L + 4.50%	^(a)(c)(f)	7.33%	09/2021	55		54			—		55			Senior loan	L + 4.50%	^(a)(c)(f)	7.28%	09/2021	80		79			—		77
Whitcraft LLC^#*	One stop	L + 6.25%	^(c)	8.58%	04/2023	16,185		15,991			1.8		16,185
Whitcraft LLC	One stop	L + 6.25%	^(c)	8.58%	04/2023	4,155		4,122			0.5		4,155
Whitcraft LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	04/2023	—		(1		)	—		—
Whitcraft LLC^{^}																One stop	L + 6.25%	^(c)	9.05%	04/2023	16,103		15,930			1.5		16,103
Whitcraft LLC^{^}																One stop	L + 6.25%	^(c)	9.05%	04/2023	4,134		4,105			0.4		4,134
Whitcraft LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	04/2023	—		(56		)	—		—			One stop	L + 6.25%		N/A⁽⁶⁾	04/2023	—		(1		)	—		—
						25,408		25,038			2.9		25,371								25,955		25,668			2.4		25,896
Automobile
Dent Wizard International Corporation^*	Senior loan	L + 4.00%	^(a)	6.10%	04/2020	2,166		2,158			0.2		2,166
Dent Wizard International Corporation^{^}																Senior loan	L + 4.00%	^(a)	6.51%	04/2020	2,155		2,149			0.2		2,155
Grease Monkey International, LLC^{^}																Senior loan	L + 5.00%	^(a)	7.52%	11/2022	3,043		3,014			0.3		3,043
Grease Monkey International, LLC^*																Senior loan	L + 5.00%	^(a)	7.52%	11/2022	2,263		2,228			0.2		2,263
Grease Monkey International, LLC^{^}																Senior loan	L + 5.00%	^(a)	7.52%	11/2022	1,149		1,145			0.1		1,149
Grease Monkey International, LLC^*	Senior loan	L + 4.75%	^(a)	6.84%	11/2022	3,058		3,025			0.3		3,058			Senior loan	L + 5.00%	^(a)	7.52%	11/2022	1,003		993			0.1		1,003
Grease Monkey International, LLC	Senior loan	L + 4.75%	^(a)	6.73%	11/2022	1,155		1,150			0.1		1,155			Senior loan	L + 5.00%	^(c)	7.47%	11/2022	115		104			—		115
Grease Monkey International, LLC	Senior loan	L + 4.75%	^(a)	6.84%	11/2022	26		25			—		26			Senior loan	L + 5.00%	^(a)(c)	7.52%	11/2022	49		48			—		49
Grease Monkey International, LLC⁽⁵⁾	Senior loan	L + 4.75%		N/A⁽⁶⁾	11/2022	—		(25		)	—		—
Polk Acquisition Corp.^*	Senior loan	L + 5.00%	^(a)	7.09%	06/2022	4,767		4,751			0.5		4,672
Quick Quack Car Wash Holdings, LLC^#	One stop	L + 6.50%	^(a)	8.59%	04/2023	4,611		4,556			0.5		4,565
Polk Acquisition Corp.^{^}																Senior loan	L + 5.00%	^(a)	7.52%	06/2022	4,742		4,728			0.4		4,647
Power Stop, LLC^*																Senior loan	L + 4.75%	^(c)	7.55%	10/2025	1,537		1,530			0.1		1,530
Quick Quack Car Wash Holdings, LLC^{^}																One stop	L + 6.50%	^(a)	9.02%	04/2023	4,588		4,539			0.4		4,588
Quick Quack Car Wash Holdings, LLC																One stop	L + 6.50%	^(a)(c)	8.98%	04/2023	1,949		1,933			0.2		1,949
Quick Quack Car Wash Holdings, LLC																One stop	L + 6.50%	^(a)	9.02%	04/2023	1,303		1,292			0.1		1,303
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	^(a)	8.57%	04/2023	50		49			—		49			One stop	L + 6.50%	^(a)	8.98%	04/2023	40		39			—		40
Quick Quack Car Wash Holdings, LLC⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	04/2023	—		(78		)	—		(65		)	One stop	L + 6.50%		N/A⁽⁶⁾	04/2023	—		(42		)	—		—
						15,833		15,611			1.6		15,626								23,936		23,700			2.1		23,834
Beverage, Food and Tobacco
Abita Brewing Co., L.L.C.^#	One stop	L + 5.75%	^(a)	7.84%	04/2021	3,420		3,398			0.4		3,420
Abita Brewing Co., L.L.C.^*																One stop	L + 5.75%	^(a)	8.27%	04/2021	3,377		3,359			0.3		3,377
Abita Brewing Co., L.L.C.	One stop	L + 5.75%		N/A⁽⁶⁾	04/2021	—		—			—		—			One stop	L + 5.75%		N/A⁽⁶⁾	04/2021	—		—			—		—
C. J. Foods, Inc.^#*	One stop	L + 6.25%	^(c)	8.58%	05/2020	20,946		20,811			2.3		20,946
C. J. Foods, Inc.^{^*}																One stop	L + 6.25%	^(c)	9.05%	05/2020	20,840		20,745			2.0		20,840
C. J. Foods, Inc.	One stop	L + 6.25%	^(c)	8.58%	05/2020	1,584		1,583			0.2		1,584			One stop	L + 6.25%	^(c)	9.05%	05/2020	1,576		1,576			0.1		1,576
C. J. Foods, Inc.	One stop	L + 6.25%	^(b)(c)	8.52%	05/2019	839		838			0.1		839			One stop	L + 6.25%	^(c)	8.91%	05/2020	1,259		1,258			0.1		1,259
Cafe Rio Holding, Inc.^#*	One stop	L + 5.75%	^(a)	7.84%	09/2023	8,645		8,514			1.0		8,645
Cafe Rio Holding, Inc.^{^}																One stop	L + 5.75%	^(a)	8.27%	09/2023	8,602		8,483			0.8		8,602
Cafe Rio Holding, Inc.^{^}																One stop	L + 5.75%	^(a)	8.27%	09/2023	1,373		1,362			0.1		1,373
Cafe Rio Holding, Inc.	One stop	L + 5.75%	^(a)	7.84%	09/2023	1,380		1,368			0.2		1,380			One stop	L + 5.75%	^(a)	8.27%	09/2023	689		633			0.1		689
Cafe Rio Holding, Inc.	One stop	P + 4.75%	^(f)	9.75%	09/2023	30		28			—		30			One stop	P + 4.75%	^(f)	10.25%	09/2023	65		63			—		65
Cafe Rio Holding, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	09/2023	—		(63		)	—		—
Firebirds International, LLC^*	One stop	L + 5.75%	^(a)	7.82%	12/2018	3,252		3,250			0.4		3,252
Firebirds International, LLC^*	One stop	L + 5.75%	^(a)	7.82%	12/2018	916		915			0.1		916
Firebirds International, LLC^*	One stop	L + 5.75%	^(a)	7.82%	12/2018	294		294			—		294
Firebirds International, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2018	—		(2		)	—		—
Firebirds International, LLC	One stop	L + 5.75%		N/A⁽⁶⁾	12/2018	—		—			—		—
Flavor Producers, LLC^#	Senior loan	L + 4.75%	^(c)	7.07%	12/2023	2,730		2,693			0.3		2,730
Flavor Producers, LLC	Senior loan	L + 4.75%	^(c)	7.09%	12/2022	2		1			—		2
FWR Holding Corporation^*	One stop	L + 6.00%	^(d)	8.14%	08/2023	4,059		4,006			0.5		4,059
Fintech Midco, LLC^*																One stop	L + 6.00%	^(a)	8.53%	08/2024	11,885		11,774			1.1		11,885
Fintech Midco, LLC⁽⁵⁾																One stop	L + 6.00%		N/A⁽⁶⁾	08/2024	—		(1		)	—		—
Fintech Midco, LLC⁽⁵⁾																One stop	L + 6.00%		N/A⁽⁶⁾	08/2024	—		(31		)	—		—
Flavor Producers, LLC^{^}																Senior loan	L + 4.75%	^(c)	7.56%	12/2023	2,830		2,795			0.3		2,830
Flavor Producers, LLC⁽⁵⁾																Senior loan	L + 4.75%		N/A⁽⁶⁾	12/2022	—		(1		)	—		—
FWR Holding Corporation^																One stop	L + 5.75%	^(a)	8.26%	08/2023	4,028		3,981			0.4		4,028
FWR Holding Corporation	One stop	L + 6.00%	^(b)(d)	7.96%	08/2023	1,115		1,079			0.1		1,115			One stop	L + 5.75%	^(a)	8.26%	08/2023	1,746		1,722			0.2		1,746
FWR Holding Corporation	One stop	L + 6.00%	^(a)(f)	7.96%	08/2023	22		21			—		22			One stop	L + 5.75%	^(a)	8.26%	08/2023	1,107		1,098			0.1		1,107
Global Franchise Group, LLC^*	Senior loan	L + 5.75%	^(a)	7.84%	12/2019	4,189		4,162			0.5		4,189
Global Franchise Group, LLC	Senior loan	L + 5.75%		N/A⁽⁶⁾	12/2019	—		—			—		—
Global ID Corporation^#	One stop	L + 6.50%	^(c)	8.83%	11/2021	5,115		5,072			0.6		5,115
FWR Holding Corporation																One stop	P + 4.75%	^(f)	10.25%	08/2023	25		24			—		25
Global ID Corporation^{^}																One stop	L + 6.50%	^(c)	9.30%	11/2021	5,089		5,052			0.5		5,089
Global ID Corporation^{^}																One stop	L + 6.50%	^(c)	9.30%	11/2021	756		750			0.1		756
Global ID Corporation	One stop	L + 6.50%	^(c)	8.84%	11/2021	760		742			0.1		760			One stop	L + 6.50%	^(c)	9.30%	11/2021	452		443			0.1		452
Global ID Corporation	One stop	L + 6.50%	^(c)	8.83%	11/2021	9		9			—		9
Hopdoddy Holdings, LLC	One stop	L + 8.00%	^(c)	10.31%	08/2020	846		843			0.1		846
Hopdoddy Holdings, LLC	One stop	L + 8.00%	^(c)	10.31%	08/2020	96		87			—		96

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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⁾
Beverage, Food and Tobacco - (continued)



Hopdoddy Holdings, LLC One stop L + 8.00%
^(c)
10.30% 08/2020 $ 3
$ 2
—
% $ 3
Mendocino Farms, LLC⁽⁵⁾
One stop L + 8.50%
N/A⁽⁶⁾
06/2023 —
(25 ) —
(25 )
Mid-America Pet Food, L.L.C.^#*
One stop L + 6.00%
^(c)
8.33% 12/2021 12,216
12,108
1.4
12,216
Mid-America Pet Food, L.L.C.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
12/2021 —
(1 ) —
—
Purfoods, LLC^*
One stop L + 6.00%
^(c)
8.31% 05/2021 7,797
7,729
0.9
7,797
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 352
349
—
352
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 268
266
—
268
Purfoods, LLC One stop N/A 7.00% PIK 05/2026 108
108
—
110
Purfoods, LLC One stop L + 6.00%
^(a)
8.05% 05/2021 65
64
—
65
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 24
23
—
24
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 15
15
—
15
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 15
15
—
15
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 14
14
—
14
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 11
11
—
11
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 11
11
—
11
Purfoods, LLC One stop L + 6.00%
^(c)
8.33% 05/2021 10
10
—
10
Purfoods, LLC⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
05/2021 —
(10 ) —
—
Rubio's Restaurants, Inc.^*
Senior loan L + 5.25%
^(c)
7.58% 10/2019 296
280
—
296
Uinta Brewing Company^#(7)
One stop L + 8.50%
^(a)
10.59% 08/2019 898
897
0.1
718
Uinta Brewing Company⁽⁷⁾
One stop L + 8.50%
^(a)
10.59% 08/2019 167
167
—
132
82,519
81,682
9.3
82,281
Broadcasting and Entertainment


TouchTunes Interactive Networks, Inc.^*
Senior loan L + 4.75%
^(a)
6.84% 05/2021 685
683
0.1
688

Buildings and Real Estate
Brooks Equipment Company, LLC^*
One stop L + 5.00%
^(c)
7.31% 08/2020 5,634
5,634
0.6
5,634
Brooks Equipment Company, LLC^*
One stop L + 5.00%
^(c)
7.31% 08/2020 1,196
1,190
0.1
1,196
Brooks Equipment Company, LLC One stop L + 5.00%
N/A⁽⁶⁾
08/2020 —
—
—
—
Jensen Hughes, Inc.^#
Senior loan L + 4.50%
^(a)
6.58% 03/2024 430
428
0.1
430
Jensen Hughes, Inc.^#
Senior loan L + 4.50%
^(a)
6.59% 03/2024
132

130

—
132
Jensen Hughes, Inc. Senior loan L + 4.50%
^(a)
6.59% 03/2024 28
26
—
28
MRI Software LLC^#*
One stop L + 6.00%
^(c)
8.34% 06/2023 18,688
18,391
2.1
18,688
MRI Software LLC^#
One stop L + 5.50%
^(c)
7.84% 06/2023 17,304
17,133
1.9
17,304
MRI Software LLC^*
One stop L + 5.50%
^(a)
7.56% 06/2023 3,107
3,090
0.4
3,107
MRI Software LLC^#
One stop L + 5.50%
^(c)
7.84% 06/2023 346
343
—
346
MRI Software LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
06/2023 —
(3 ) —
—
MRI Software LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
06/2023 —
(142 ) —
—
Paradigm DKD Group, LLC^#
Senior loan L + 6.25%
^(a)
8.34% 11/2018
2,126

2,122

0.2
1,595
Paradigm DKD Group, LLC Senior loan L + 6.25%
^(a)
8.34% 11/2018 856
855
0.1
696
49,847
49,197
5.5
49,156
Chemicals, Plastics and Rubber


Flexan, LLC^*
One stop L + 5.75%
^(c)
8.08% 02/2020 1,033
1,026
0.1
1,033
Flexan, LLC^#
One stop L + 5.75%
^(c)
8.08% 02/2020 487
485
0.1
487
Flexan, LLC One stop P + 4.50%
^(f)
9.50% 02/2020 11
11
—
11
1,531
1,522
0.2
1,531
Diversified/Conglomerate Manufacturing



Chase Industries, Inc.^#
Senior loan L + 4.00%
^(c)
6.36% 05/2025 5,404
5,311
0.6
5,377
Chase Industries, Inc.⁽⁵⁾
Senior loan L + 4.00%
N/A⁽⁶⁾
05/2025 —
(53 ) —
(15 )
Chase Industries, Inc.⁽⁵⁾
Senior loan L + 4.00%
N/A⁽⁶⁾
05/2023 —
(2 ) —
—
Inventus Power, Inc.^#
One stop L + 6.50%
^(a)
8.59% 04/2020 9,108
9,068
0.9
8,197
Inventus Power, Inc. One stop L + 6.50%
^(a)(c)
8.68% 04/2020 286
284
—
242
Onicon Incorporated^#*
One stop L + 5.50%
^(c)
7.83% 04/2022 249
248
—
247
Onicon Incorporated One stop L + 5.50%
N/A⁽⁶⁾
04/2022 —
—
—
—
PetroChoice Holdings, Inc.^*
Senior loan L + 5.00%
^(b)(c)
7.10% 08/2022 1,616
1,584
0.2
1,616



	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)
Global ID Corporation	One stop	L + 6.50%		N/A⁽⁶⁾	11/2021	$	—	$	—		—	%	$	—
Mendocino Farms, LLC⁽⁵⁾	One stop	L + 1.00%		N/A⁽⁶⁾	06/2023	—		(22		)	—		—
Mid-America Pet Food, L.L.C.^{^}	One stop	L + 6.00%	^(c)	8.80%	12/2021	12,155		12,062			1.2		12,155
Mid-America Pet Food, L.L.C.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	12/2021	—		(1		)	—		—
NBC Intermediate, LLC ^{^}	Senior loan	L + 4.25%	^(a)	6.78%	09/2023	1,383		1,370			0.1		1,383
Purfoods, LLC^{^}	One stop	L + 6.00%	^(c)	8.71%	05/2021	7,797		7,741			0.7		7,797
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.78%	05/2021	492		487			0.1		492
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	352		349			—		352
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	268		266			—		268
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	268		266			—		268
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	267		265			—		267
Purfoods, LLC	One stop	N/A		7.00% PIK	05/2026	108		108			—		108
Purfoods, LLC	One stop	L + 6.00%	^(a)	8.43%	05/2021	35		34			—		35
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	24		23			—		24
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	14		14			—		14
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.80%	05/2021	10		10			—		10
Rubio's Restaurants, Inc.^{^}	Senior loan	L + 5.25%	^(c)	8.05%	10/2019	295		285			—		295
Uinta Brewing Company^*(7)	One stop	L + 8.50%	^(a)	11.02%	08/2019	898		898			—		404
Uinta Brewing Company⁽⁷⁾	One stop	L + 8.50%	^(a)	11.02%	08/2019	167		167			—		70
Wood Fired Holding Corp.^{^}	One stop	L + 5.75%	^(c)	8.65%	12/2023	7,298		7,226			0.7		7,225
Wood Fired Holding Corp.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2023	—		(1		)	—		(1		)
Wood Fired Holding Corp.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2023	—		(6		)	—		(6		)
						97,582		96,678			9.1		96,911
Broadcasting and Entertainment
TouchTunes Interactive Networks, Inc.^{^}	Senior loan	L + 4.75%	^(a)	7.27%	05/2021	681		680			0.1		681

Buildings and Real Estate
Brooks Equipment Company, LLC^{^}	One stop	L + 5.00%	^(c)	7.71%	08/2020	5,634		5,634			0.5		5,634
Brooks Equipment Company, LLC^{^}	One stop	L + 5.00%	^(b)(c)	7.67%	08/2020	563		561			0.1		563
Brooks Equipment Company, LLC	One stop	P + 3.75%	^(f)	9.25%	08/2020	48		48			—		48
Jensen Hughes, Inc.^*	Senior loan	L + 4.50%	^(c)	6.99%	03/2024	430		428			0.1		430
Jensen Hughes, Inc.	Senior loan	L + 4.50%	^(c)	6.96%	03/2024	373		371			—		373
Jensen Hughes, Inc.^*	Senior loan	L + 4.50%	^(c)(f)	7.31%	03/2024	132		130			—		132
MRI Software LLC^{^}	One stop	L + 5.50%	^(c)	8.31%	06/2023	18,593		18,326			1.8		18,593
MRI Software LLC^*	One stop	L + 5.50%	^(c)	8.31%	06/2023	17,217		17,063			1.6		17,217
MRI Software LLC^{^}	One stop	L + 5.50%	^(c)	8.31%	06/2023	3,091		3,076			0.3		3,091
MRI Software LLC^*	One stop	L + 5.50%	^(c)	7.90%	06/2023	1,978		1,971			0.2		1,978
MRI Software LLC^{^}	One stop	L + 5.50%	^(c)	8.31%	06/2023	345		341			—		345
MRI Software LLC	One stop	L + 5.50%	^(a)	7.98%	06/2023	19		16			—		19
MRI Software LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	06/2023	—		(121		)	—		—
Paradigm DKD Group, LLC^*(7)	Senior loan	L + 6.25%	^(a)	8.77%	05/2020	2,110		2,110			0.1		844
Paradigm DKD Group, LLC⁽⁷⁾	Senior loan	L + 6.25%	^(a)	8.77%	05/2020	856		852			—		343
						51,389		50,806			4.7		49,610
Chemicals, Plastics and Rubber
Flexan, LLC^{^}	One stop	L + 5.75%	^(c)	8.55%	02/2020	1,028		1,023			0.1		1,028
Flexan, LLC^{^}	One stop	L + 5.75%	^(c)	8.55%	02/2020	485		483			0.1		485
Flexan, LLC	One stop	P + 4.50%	^(f)	10.00%	02/2020	11		11			—		11
Inhance Technologies Holdings LLC^{^}	One stop	L + 5.25%	^(c)	8.03%	07/2024	6,048		5,979			0.6		6,048
Inhance Technologies Holdings LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	07/2024	—		(1		)	—		—
Inhance Technologies Holdings LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	07/2024	—		(19		)	—		—
						7,572		7,476			0.8		7,572

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(In thousands)

Investment
Type

Spread
Above
Index⁽¹⁾

Interest
Rate⁽²⁾

Maturity
Date

Principal ($) /
Shares⁽³⁾
Amortized Cost
Percentage
of Net
Assets

Fair
Value ⁽⁴⁾
Diversified/Conglomerate Manufacturing - (continued)
Reladyne, Inc.^#*
Senior loan L + 5.00%
^(c)
7.31% 07/2022 $ 10,725
$ 10,630
1.2
% $ 10,725
Reladyne, Inc. Senior loan L + 5.00%
^(c)
7.34% 07/2022 1,123
1,110
0.1
1,123
Reladyne, Inc. Senior loan L + 5.00%
^(c)
7.10% 07/2022 973
965
0.1
973
Reladyne, Inc.⁽⁵⁾
Senior loan L + 5.00%
N/A⁽⁶⁾
07/2022 —
(20 ) —
—
Source Refrigeration & HVAC, Inc.^#
Senior loan L + 4.75%
^(c)
7.11% 04/2023 7,255
7,174
0.8
7,183
Source Refrigeration & HVAC, Inc. Senior loan P + 3.75%
^(f)
8.75% 04/2023 67
65
—
65
Source Refrigeration & HVAC, Inc.⁽⁵⁾
Senior loan L + 4.75%
N/A⁽⁶⁾
04/2023 —
(50 ) —
(45 )
Sunless Merger Sub, Inc.^#
Senior loan L + 5.00%
^(a)
7.09% 07/2019 274
257
—
274
Sunless Merger Sub, Inc. Senior loan P + 3.75%
^(f)
8.75% 07/2019 66
65
—
66
Togetherwork Holdings, LLC^#
One stop L + 6.50%
^(a)
8.59% 03/2025 6,742
6,645
0.8
6,742
Togetherwork Holdings, LLC One stop L + 6.50%
^(a)
8.59% 03/2025 1,629
1,614
0.2
1,629
Togetherwork Holdings, LLC One stop L + 6.50%
^(a)
8.59% 03/2025 1,517
1,502
0.2
1,517
Togetherwork Holdings, LLC One stop L + 6.50%
^(a)
8.59% 03/2024 63
62
—
63
Togetherwork Holdings, LLC⁽⁵⁾
One stop L + 6.50%
N/A⁽⁶⁾
03/2025 —
(40 ) —
—
   47,097
46,419
5.1
45,979
Diversified/Conglomerate Service



Accela, Inc.^#
One stop L + 6.00%
^(c)
8.33% 09/2023 6,665
6,575
0.7
6,665
Accela, Inc.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
09/2023 —
(1 ) —
—
Agility Recovery Solutions Inc.^*
One stop L + 6.50%
^(a)
8.59% 03/2020 6,159
6,127
0.7
6,159
Agility Recovery Solutions Inc.⁽⁵⁾
One stop L + 6.50%
N/A⁽⁶⁾
03/2020 —
(1 ) —
—
Anaqua, Inc.^#
One stop L + 6.50%
^(c)
8.86% 07/2022 8,872
8,764
1.0
8,872
Anaqua, Inc.⁽⁵⁾
One stop L + 6.50%
N/A⁽⁶⁾
07/2022 —
(1 ) —
—
Apttus Corporation One stop L + 7.85% 10.06% 01/2023 6,843
6,598
0.8
6,843
Bazaarvoice, Inc.^#
One stop L + 8.00%
^(a)
10.09% 02/2024 10,922
10,719
1.2
10,922
Bazaarvoice, Inc. One stop P + 7.00%
^(f)
12.00% 02/2024 30
28
—
30
Browz LLC One stop L + 9.50%
^(a)
9.98% cash/1.50% PIK 03/2023 1,830
1,808
0.2
1,830
Browz LLC One stop L + 9.50%
N/A⁽⁶⁾
03/2023 —
—
—
—
Centrify Corporation One stop L + 10.00%
^(a)
12.09% 05/2023 4,036
4,017
0.5
4,218
Centrify Corporation⁽⁵⁾
One stop L + 10.00%
N/A⁽⁶⁾
05/2023 —
(9 ) —
—
Centrify Corporation One stop L + 5.50%
N/A⁽⁶⁾
05/2023 —
—
—
—
Clearwater Analytics, LLC^#*
One stop L + 5.00%
^(a)
7.09% 09/2022 8,070
7,870
0.9
8,070
Clearwater Analytics, LLC One stop L + 5.00%
^(a)
7.08% 09/2022 5
3
—
5
Cloudbees, Inc. One stop L + 9.00%
^(a)
10.59% cash/0.50% PIK 05/2023 2,274
2,215
0.3
2,209
Cloudbees, Inc. One stop L + 9.00%
N/A⁽⁶⁾
05/2023 —
—
—
—
Confluence Technologies, Inc. One stop L + 7.50%
^(a)
9.55% 03/2024 8,616
8,513
1.0
8,616
Confluence Technologies, Inc. One stop L + 7.50%
^(a)(b)(f)
9.76% 03/2024 30
29
—
30
Connexin Software, Inc. One stop L + 8.50%
^(a)
10.59% 02/2024 2,920
2,879
0.3
2,920
Connexin Software, Inc. One stop L + 8.50%
N/A⁽⁶⁾
02/2024 —
—
—
—
Datto, Inc. One stop L + 8.00%
^(a)
10.05% 12/2022 14,093
13,843
1.6
14,093
Datto, Inc.⁽⁵⁾
One stop L + 8.00%
N/A⁽⁶⁾
12/2022 —
(1 ) —
—
Daxko Acquisition Corporation^#*
One stop L + 6.50%
^(a)
8.59% 09/2022 11,183
11,056
1.3
11,183
Daxko Acquisition Corporation One stop L + 6.50%
N/A⁽⁶⁾
09/2022 —
—
—
—
Digital Guardian, Inc. One stop L + 9.00%
^(c)
10.34% cash/1.00% PIK 06/2023 4,352
4,319
0.5
4,318
Digital Guardian, Inc. Subordinated debt N/A 8.00% PIK 01/2019 218
218
—
218
Digital Guardian, Inc. One stop L + 6.00%
N/A⁽⁶⁾
06/2023 —
—
—
—
Digital Guardian, Inc.⁽⁵⁾
One stop L + 9.00%
N/A⁽⁶⁾
06/2023 —
(2 ) —
(2 )
DISA Holdings Acquisition Subsidiary Corp.^#*
Senior loan L + 4.00%
^(c)(f)
6.69% 06/2022 2,055
2,038
0.2
2,044
DISA Holdings Acquisition Subsidiary Corp.⁽⁵⁾
Senior loan L + 4.00% N/A(6) 06/2022 —
(3 ) —
(3 )
DISA Holdings Acquisition Subsidiary Corp.⁽⁵⁾
Senior loan L + 4.00%
N/A⁽⁶⁾
06/2022 —
(3 ) —
(2 )
EGD Security Systems, LLC^#*
One stop L + 6.25%
^(c)
8.58% 06/2022 10,372
10,286
1.2
10,372
EGD Security Systems, LLC^*
One stop L + 6.25%
^(c)
8.56% 06/2022 98
97
—
98
EGD Security Systems, LLC One stop L + 6.25%
^(c)
8.25% 06/2022 52
51
—
52
EGD Security Systems, LLC One stop L + 6.25%
^(c)
8.58% 06/2022 35
34
—
35
GS Acquisitionco, Inc.^#
One stop L + 4.75%
^(a)
6.85% 05/2024 12,169
12,050
1.3
12,048
GS Acquisitionco, Inc.^#
One stop L + 4.75%
^(a)
6.85% 05/2024 2,196
2,174
0.2
2,174



	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
Chase Industries, Inc.^*	Senior loan	L + 4.00%	^(c)(f)	6.61%	05/2025	$	5,377	$	5,291		0.5	%	$	5,377
Chase Industries, Inc.	Senior loan	L + 4.00%	^(c)(f)	6.82%	05/2025	165		115			—		165
Chase Industries, Inc.	Senior loan	L + 4.00%	^(c)(f)	6.76%	05/2023	43		41			—		43
Inventus Power, Inc.^*	One stop	L + 6.50%	^(a)	9.02%	04/2020	9,054		9,025			0.8		8,149
Inventus Power, Inc.	One stop	L + 6.50%	^(a)(c)	9.09%	04/2020	338		337			—		294
Onicon Incorporated^{^*}	One stop	L + 5.50%	^(c)	8.30%	04/2022	308		305			—		302
Onicon Incorporated⁽⁸⁾⁽⁹⁾	One stop	L + 5.50%	^(c)	6.50%	04/2022	61		60			—		60
Onicon Incorporated⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	04/2022	—		(1		)	—		(1		)
Pasternack Enterprises, Inc. and Fairview Microwave, Inc^*	Senior loan	L + 4.00%	^(c)(f)	6.52%	07/2025	5,245		5,220			0.5		5,245
Pasternack Enterprises, Inc. and Fairview Microwave, Inc	Senior loan	L + 4.00%		N/A⁽⁶⁾	07/2023	—		—			—		—
PetroChoice Holdings, Inc.^{^}	Senior loan	L + 5.00%	^(c)	7.53%	08/2022	1,608		1,579			0.2		1,608
Reladyne, Inc.^{^}	Senior loan	L + 5.00%	^(c)	7.40%	07/2022	10,670		10,587			1.0		10,670
Reladyne, Inc.	Senior loan	L + 5.00%	^(b)(c)	7.39%	07/2022	1,121		1,110			0.1		1,121
Reladyne, Inc.	Senior loan	L + 5.00%	^(b)(c)	7.40%	07/2022	970		964			0.1		970
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.80%	07/2022	441		438			0.1		441
Reladyne, Inc.⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	07/2022	—		(15		)	—		—
Reladyne, Inc.⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	07/2022	—		(40		)	—		—
Source Refrigeration & HVAC, Inc.^{^}	Senior loan	L + 4.75%	^(c)	7.56%	04/2023	7,219		7,147			0.7		7,219
Source Refrigeration & HVAC, Inc.^{^}	Senior loan	L + 4.75%	^(c)	7.56%	04/2023	1,434		1,422			0.1		1,434
Source Refrigeration & HVAC, Inc.	Senior loan	L + 4.75%	^(c)	7.56%	04/2023	737		730			0.1		737
Source Refrigeration & HVAC, Inc.	Senior loan	P + 3.75%	^(f)	9.25%	04/2023	43		42			—		43
Source Refrigeration & HVAC, Inc.⁽⁵⁾	Senior loan	L + 4.75%		N/A⁽⁶⁾	04/2023	—		(26		)	—		—
Sunless Merger Sub, Inc.^*	Senior loan	L + 5.00%	^(a)	7.52%	07/2019	262		253			—		262
Sunless Merger Sub, Inc.	Senior loan	P + 3.75%	^(f)	9.25%	07/2019	52		51			—		52
Togetherwork Holdings, LLC^{^}	One stop	L + 6.50%	^(a)	9.02%	03/2025	6,708		6,619			0.6		6,708
Togetherwork Holdings, LLC^*	One stop	L + 6.50%	^(a)	9.02%	03/2025	1,714		1,698			0.2		1,714
Togetherwork Holdings, LLC^*	One stop	L + 6.50%	^(a)	9.02%	03/2025	1,621		1,607			0.2		1,621
Togetherwork Holdings, LLC^*	One stop	L + 6.50%	^(a)	9.02%	03/2025	1,509		1,496			0.1		1,509
Togetherwork Holdings, LLC	One stop	L + 6.50%	^(a)	9.02%	03/2025	1,357		1,329			0.1		1,357
Togetherwork Holdings, LLC^{^}	One stop	L + 6.50%	^(a)	9.02%	03/2025	679		669			0.1		679
Togetherwork Holdings, LLC	One stop	L + 6.50%	^(a)	9.02%	03/2025	56		34			—		56
Togetherwork Holdings, LLC	One stop	L + 6.50%	^(a)	9.01%	03/2024	18		16			—		18
						58,810		58,103			5.5		57,853
Diversified/Conglomerate Service
Accela, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	09/2023	6,665		6,583			0.6		6,665
Accela, Inc.	One stop	P + 5.00%	^(f)	10.50%	09/2023	36		35			—		36
Agility Recovery Solutions Inc.^{^}	One stop	L + 6.50%	^(a)	9.02%	03/2020	6,138		6,115			0.6		6,138
Agility Recovery Solutions Inc.	One stop	L + 6.50%	^(c)	8.89%	03/2020	124		123			—		124
Anaqua, Inc.^{^}	One stop	L + 6.50%	^(c)	8.98%	07/2022	8,828		8,731			0.8		8,828
Anaqua, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	07/2022	—		(1		)	—		—
AutoQuotes, LLC^*	One stop	L + 6.00%	^(c)	8.69%	11/2024	5,252		5,200			0.5		5,199
AutoQuotes, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	11/2024	—		—			—		(1		)
Bazaarvoice, Inc.^{^*}	One stop	L + 5.75%	^(a)	8.27%	02/2024	23,523		23,225			2.2		23,288
Bazaarvoice, Inc.	One stop	L + 5.75%	^(a)(f)	8.27%	02/2024	50		46			—		48
Browz LLC	One stop	L + 9.50%	^(b)(c)(f)	10.40% cash/1.50% PIK	03/2023	1,843		1,824			0.2		1,843
Browz LLC	One stop	L + 9.50%		N/A⁽⁶⁾	03/2023	—		—			—		—
Caliper Software, Inc.^{^}	One stop	L + 5.50%	^(a)	8.02%	11/2025	7,025		6,967			0.7		6,972
Caliper Software, Inc.	One stop	L + 5.50%	^(b)	8.04%	11/2023	4		4			—		4
Centrify Corporation	One stop	L + 6.25%	^(c)	9.06%	08/2024	12,606		12,429			1.2		12,606
Centrify Corporation	One stop	P + 5.25%	^(f)	10.75%	08/2024	50		48			—		50
Clearwater Analytics, LLC^{^}	One stop	L + 5.00%	^(a)	7.52%	09/2022	7,926		7,750			0.8		7,926
Clearwater Analytics, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	09/2022	—		(2		)	—		—
Cloudbees, Inc.	One stop	L + 9.00%	^(a)	10.85% cash/0.50% PIK	05/2023	2,277		2,224			0.2		2,277
Cloudbees, Inc.	One stop	L + 9.00%		N/A⁽⁶⁾	05/2023	—		—			—		—

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(In thousands)

Investment
Type

Spread
Above
Index⁽¹⁾

Interest
Rate⁽²⁾

Maturity
Date

Principal ($) /
Shares⁽³⁾
Amortized Cost
Percentage
of Net
Assets

Fair
Value ⁽⁴⁾
Diversified/Conglomerate Service - (continued)
GS Acquisitionco, Inc.⁽⁵⁾
One stop L + 4.75%
N/A⁽⁶⁾
05/2024 $ —
$ (1 ) —
% $ (1 )
GS Acquisitionco, Inc.⁽⁵⁾
One stop L + 4.75%
N/A⁽⁶⁾
05/2024 —
(30 ) —
(30 )
HealthcareSource HR, Inc.^#*
One stop L + 6.75%
^(c)
9.08% 05/2020 11,088
11,004
1.2
11,088
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 1,404
1,392
0.2
1,404
Host Analytics, Inc. One stop N/A 8.50% cash/2.25% PIK 08/2021 1,177
1,129
0.1
1,177
Host Analytics, Inc. One stop N/A 8.50% cash/2.25% PIK 08/2021 329
325
—
329
Host Analytics, Inc.⁽⁵⁾
One stop N/A 8.50% cash/2.25% PIK 08/2021 2
(2 ) —
2
III US Holdings, LLC One stop L + 6.50%
N/A⁽⁶⁾
09/2022 —
—
—
—
Imprivata, Inc.^#
Senior loan L + 4.00%
^(c)
6.33% 10/2023 16,570
16,386
1.9
16,570
Imprivata, Inc.⁽⁵⁾
Senior loan L + 4.00%
N/A⁽⁶⁾
10/2023 —
(2 ) —
—
Infogix, Inc.^*
One stop L + 6.00%
^(c)
8.33% 04/2024 4,005
3,986
0.4
3,965
Infogix, Inc. One stop L + 6.00%
N/A⁽⁶⁾
04/2024 —
—
—
—
Integration Appliance, Inc. One stop L + 8.25%
^(a)
10.23% 09/2020 1,550
1,543
0.2
1,550
Integration Appliance, Inc. One stop L + 8.25%
^(a)
10.23% 09/2020 124
123
—
124
Integration Appliance, Inc. One stop L + 8.25%
^(a)
10.23% 09/2020 25
25
—
25
JAMF Holdings, Inc. One stop L + 8.00%
^(c)
10.36% 11/2022 5,765
5,664
0.6
5,765
JAMF Holdings, Inc.⁽⁵⁾
One stop L + 8.00%
N/A⁽⁶⁾
11/2022 —
(1 ) —
—
Maverick Bidco Inc.^#
One stop L + 6.25%
^(c)
8.58% 04/2023 22,868
22,493
2.6
22,868
Maverick Bidco Inc. One stop L + 6.25%
^(c)
8.61% 04/2023 3,088
3,088
0.3
3,088
Maverick Bidco Inc.⁽⁵⁾
One stop L + 6.25%
N/A⁽⁶⁾
04/2023 —
(2 ) —
—
Maverick Bidco Inc.⁽⁵⁾
One stop L + 6.25%
N/A⁽⁶⁾
04/2023
—

(71 )
—
—
Ministry Brands, LLC^#
Senior loan L + 4.00%
^(a)
6.10% 12/2022 610
607
0.1
607
Ministry Brands, LLC^#
Senior loan L + 4.00%
^(a)
6.10% 12/2022 349
347
—
347
Ministry Brands, LLC⁽⁵⁾
Senior loan L + 4.00%
N/A⁽⁶⁾
12/2022 —
(4 ) —
(4 )
MMan Acquisition Co.^#
One stop L + 6.00%
^(a)
8.09% 08/2023 12,419
12,261
1.4
12,419
MMan Acquisition Co. One stop L + 6.00%
^(a)(c)
8.14% 08/2023 86
85
—
86
Net Health Acquisition Corp.^#
One stop L + 5.50%
^(a)
7.59% 12/2023 4,885
4,840
0.6
4,885
Net Health Acquisition Corp.⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
12/2023 —
(1 ) —
—
Netsmart Technologies, Inc.^#
Senior loan L + 4.50%
^(a)
6.57% 04/2023 1,620
1,609
0.2
1,633
Netsmart Technologies, Inc.⁽⁵⁾
Senior loan L + 4.75%
N/A⁽⁶⁾
04/2023 —
(7 ) —
—
Nextech Systems, LLC^#
One stop L + 6.00%
^(a)
8.09% 03/2024 12,688
12,643
1.4
12,688
Nextech Systems, LLC One stop L + 6.00%
N/A⁽⁶⁾
03/2024 —
—
—
—
Nexus Brands Group, Inc.^#
One stop L + 6.00%
^(c)
8.34% 11/2023 3,830
3,787
0.4
3,830
Nexus Brands Group, Inc. One stop L + 6.00%
^(c)(f)
8.33% 11/2023 1,379
1,358
0.2
1,379
Nexus Brands Group, Inc. One stop L + 6.00%
^(a)
8.09% 11/2023 3
2
—
3
Property Brands, Inc.^#
One stop L + 6.00%
^(a)
8.09% 01/2024 9,404
9,295
1.1
9,404
Property Brands, Inc. One stop L + 6.00%
^(a)
8.09% 01/2024 3,098
3,069
0.4
3,098
Property Brands, Inc.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
01/2024 —
(11 ) —
—
Property Brands, Inc.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
01/2024 —
(10 ) —
—
Quickbase, Inc. ^#*
One stop L + 5.00%
^(c)
7.33% 04/2022 37,700
37,135
4.2
37,512
Quickbase, Inc. ⁽⁵⁾
One stop L + 5.00%
N/A⁽⁶⁾
04/2022 —
(3 ) —
—
Saba Software, Inc.^#*
Senior loan L + 4.50%
^(a)
6.59% 05/2023 29,470
29,062
3.3
29,470
Saba Software, Inc.⁽⁵⁾
Senior loan L + 4.50%
N/A⁽⁶⁾
05/2023 —
(2 ) —
—
Saldon Holdings, Inc. ^*
Senior loan L + 4.50%
^(a)
6.59% 09/2022 625
618
0.1
625
Severin Acquisition, LLC^#
Senior loan L + 4.75%
^(c)
7.11% 07/2021 8,482
8,395
0.9
8,451
Severin Acquisition, LLC^*
Senior loan L + 5.38%
^(c)
7.74% 07/2021 1,416
1,403
0.2
1,435
Severin Acquisition, LLC^*
Senior loan L + 5.00%
^(c)
7.36% 07/2021 1,261
1,250
0.1
1,265
Severin Acquisition, LLC^#
Senior loan L + 5.38%
^(c)
7.74% 07/2021 964
955
0.1
977
Severin Acquisition, LLC^#*
Senior loan L + 4.88%
^(c)
7.24% 07/2021 459
454
0.1
458
Severin Acquisition, LLC Senior loan L + 4.75%
^(c)
7.08% 07/2021 39
34
—
39
Switchfly, Inc. One stop L + 10.00%
^(c)
10.85% cash/1.50% PIK 04/2020 3,241
3,155
0.4
3,241
Switchfly, Inc. One stop L + 10.00%
^(a)
10.57% cash/1.50% PIK 06/2018 270
270
—
270
Switchfly, Inc. One stop L + 10.00%
N/A⁽⁶⁾
04/2020 —
—
—
—



	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)
Confluence Technologies, Inc.	One stop	L + 7.50%	^(a)	9.94%	03/2024	$	8,573	$	8,480		0.8	%	$	8,573
Confluence Technologies, Inc.⁽⁵⁾	One stop	L + 7.50%		N/A⁽⁶⁾	03/2024	—		(1		)	—		—
Connexin Software, Inc.	One stop	L + 8.50%	^(a)	11.02%	02/2024	2,920		2,883			0.3		2,920
Connexin Software, Inc.	One stop	L + 8.50%		N/A⁽⁶⁾	02/2024	—		—			—		—
Conservice, LLC^*	One stop	L + 5.25%	^(a)	7.77%	12/2024	2,025		2,005			0.2		2,005
Conservice, LLC	One stop	P + 4.25%	^(f)	9.75%	12/2024	1		1			—		1
Datto, Inc.	One stop	L + 8.00%	^(a)	10.46%	12/2022	14,093		13,872			1.3		14,093
Datto, Inc.⁽⁵⁾	One stop	L + 8.00%		N/A⁽⁶⁾	12/2022	—		(1		)	—		—
Daxko Acquisition Corporation^{^}	One stop	L + 5.25%	^(a)	7.77%	09/2023	11,126		10,903			1.1		11,126
Daxko Acquisition Corporation⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	09/2023	—		(1		)	—		—
Digital Guardian, Inc.	One stop	L + 9.00%	^(c)	10.40% cash/1.00% PIK	06/2023	4,364		4,334			0.4		4,364
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	01/2019	218		218			—		320
Digital Guardian, Inc.⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	06/2023	—		—			—		(2		)
Digital Guardian, Inc.⁽⁵⁾	One stop	L + 9.00%		N/A⁽⁶⁾	06/2023	—		(2		)	—		—
DISA Holdings Acquisition Subsidiary Corp.^{^*}	Senior loan	L + 4.00%	^(a)(c)	6.35%	06/2022	2,380		2,365			0.2		2,380
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%	^(a)(c)(f)	6.51%	06/2022	21		20			—		21
DISA Holdings Acquisition Subsidiary Corp.⁽⁵⁾	Senior loan	L + 4.00%		N/A⁽⁶⁾	06/2022	—		(2		)	—		—
E2open, LLC^*	One stop	L + 5.00%	^(c)	7.68%	11/2024	31,324		30,862			2.9		31,011
E2open, LLC	One stop	L + 5.00%	^(c)	7.68%	11/2024	1,265		1,148			0.1		1,153
E2open, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	11/2024	—		(4		)	—		(2		)
EGD Security Systems, LLC^{^}	One stop	L + 6.25%	^(c)	9.03%	06/2022	10,371		10,297			1.0		10,371
EGD Security Systems, LLC	One stop	L + 6.25%	^(c)	9.00%	06/2022	891		878			0.1		891
EGD Security Systems, LLC^{^}	One stop	L + 6.25%	^(c)	8.96%	06/2022	98		97			—		98
EGD Security Systems, LLC	One stop	L + 6.25%	^(c)	8.85%	06/2022	52		51			—		52
EGD Security Systems, LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	06/2022	—		(1		)	—		—
GS Acquisitionco, Inc.^{^*}	One stop	L + 5.25%	^(a)	7.78%	05/2024	13,431		13,305			1.3		13,431
GS Acquisitionco, Inc.^{^}	One stop	L + 5.25%	^(a)	7.78%	05/2024	12,109		12,000			1.1		12,109
GS Acquisitionco, Inc.^*	One stop	L + 5.25%	^(a)	7.78%	05/2024	2,901		2,874			0.3		2,901
GS Acquisitionco, Inc.⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	05/2024	—		(1		)	—		—
GS Acquisitionco, Inc.⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	05/2024	—		(46		)	—		—
HealthcareSource HR, Inc.^{^}	One stop	L + 6.75%	^(c)	9.55%	05/2020	11,031		10,969			1.0		11,031
HealthcareSource HR, Inc.⁽⁵⁾	One stop	L + 6.75%		N/A⁽⁶⁾	05/2020	—		(1		)	—		—
Hydraulic Authority III Limited^{(8)(9)(10)(11)}	One stop	L + 6.00%	^(h)(j)	7.03%	11/2025	6,734		6,668			0.6		6,655
Hydraulic Authority III Limited^(8)(9)(10)	One stop	N/A		11.00% PIK	11/2028	96		96			—		96
Hydraulic Authority III Limited^{(5)(8)(9)(10)}	One stop	L + 6.00%		N/A⁽⁶⁾	11/2025	—		(1		)	—		(1		)
ICIMS, Inc.	One stop	L + 6.50%	^(a)	8.94%	09/2024	6,183		6,066			0.6		6,183
ICIMS, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	09/2024	—		(1		)	—		—
III US Holdings, LLC	One stop	L + 6.50%		N/A⁽⁶⁾	09/2022	—		—			—		—
Imprivata, Inc.^{^*}	Senior loan	L + 4.00%	^(c)	6.80%	10/2023	13,323		13,174			1.3		13,323
Imprivata, Inc.⁽⁵⁾	Senior loan	L + 4.00%		N/A⁽⁶⁾	10/2023	—		(2		)	—		—
Infogix, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	04/2024	3,985		3,967			0.4		3,985
Infogix, Inc.^*	One stop	L + 6.00%	^(c)	8.80%	04/2024	614		605			0.1		614
Infogix, Inc.	One stop	L + 6.00%		N/A⁽⁶⁾	04/2024	—		—			—		—
Integral Ad Science, Inc.	One stop	L + 7.25%	^(a)	8.53% cash/1.25% PIK	07/2024	5,758		5,652			0.5		5,758
Integral Ad Science, Inc.⁽⁵⁾	One stop	L + 7.25%		N/A⁽⁶⁾	07/2023	—		(1		)	—		—
Integration Appliance, Inc.	One stop	L + 7.25%	^(a)	9.60%	08/2023	27,263		27,029			2.6		27,263
Integration Appliance, Inc.	One stop	L + 7.25%		N/A⁽⁶⁾	08/2023	—		—			—		—
JAMF Holdings, Inc.	One stop	L + 8.00%	^(c)	10.61%	11/2022	5,764		5,675			0.5		5,764
JAMF Holdings, Inc.⁽⁵⁾	One stop	L + 8.00%		N/A⁽⁶⁾	11/2022	—		(1		)	—		—
Kareo, Inc.	One stop	L + 9.00%	^(a)	11.52%	06/2022	5,755		5,573			0.5		5,755
Kareo, Inc.	One stop	L + 9.00%	^(a)	11.52%	06/2022	421		418			0.1		421
Kareo, Inc.	One stop	L + 9.00%		N/A⁽⁶⁾	06/2022	—		—			—		—
Keais Records Service, LLC^*	One stop	L + 4.50%	^(a)	7.02%	10/2024	9,400		9,331			0.9		9,353
Keais Records Service, LLC⁽⁵⁾	One stop	L + 4.50%		N/A⁽⁶⁾	10/2024	—		(1		)	—		(1		)

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(In thousands)

Investment
Type

Spread
Above
Index⁽¹⁾

Interest
Rate⁽²⁾

Maturity
Date

Principal ($) /
Shares⁽³⁾
Amortized Cost
Percentage
of Net
Assets

Fair
Value ⁽⁴⁾
Diversified/Conglomerate Service - (continued)
Telesoft, LLC^#
One stop L + 5.50%
^(c)
7.81% 07/2022 $ 5,313
$ 5,270
0.6
% $ 5,313
Telesoft, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
07/2022 —
(1 ) —
—
Transaction Data Systems, Inc.^#*
One stop L + 5.25%
^(a)
7.34% 06/2021 46,250
46,038
5.1
46,036
Transaction Data Systems, Inc.⁽⁵⁾
One stop L + 5.25%
N/A⁽⁶⁾
06/2021 —
(1 ) —
(1 )
Trintech, Inc. ^#*
One stop L + 6.00%
^(c)
8.36% 12/2023 12,014
11,877
1.3
12,014
Trintech, Inc. ^#*
One stop L + 6.00%
^(c)
8.36% 12/2023 6,081
6,011
0.7
6,081
Trintech, Inc. One stop L + 6.00%
^(c)
8.36% 12/2023 30
28
—
30
True Commerce, Inc.^#
One stop L + 5.75%
^(c)
8.08% 11/2023 7,126
7,046
0.8
7,126
True Commerce, Inc.⁽⁸⁾⁽⁹⁾
One stop L + 5.75%
^(c)
8.08% 11/2023 2,797
2,766
0.3
2,799
True Commerce, Inc. One stop L + 5.75%
^(c)
8.08% 11/2023 930
920
0.1
930
True Commerce, Inc.⁽⁵⁾
One stop L + 5.75%
N/A⁽⁶⁾
11/2023 —
(1 ) —
—
Valant Medical Solutions, Inc. One stop L + 11.00%
^(a)
10.78% cash/2.25% PIK 10/2020 1,044
971
0.1
1,044
Valant Medical Solutions, Inc. One stop N/A 6.00% PIK 02/2020 189
189
—
265
Valant Medical Solutions, Inc. One stop L + 11.00%
^(a)
10.78% cash/2.25% PIK 10/2020 10
10
—
10
Velocity Technology Solutions, Inc.^#
One stop L + 6.00%
^(c)
8.33% 12/2023 10,451
10,285
1.2
10,451
Velocity Technology Solutions, Inc.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
12/2023 —
(1 ) —
—
Vendavo, Inc. One stop L + 8.50%
^(c)
10.67% 10/2022 6,970
6,870
0.8
6,900
Vendavo, Inc.⁽⁵⁾
One stop L + 8.50%
N/A⁽⁶⁾
10/2022 —
(5 ) —
(3 )
Vendor Credentialing Service LLC^#*
One stop L + 6.00%
^(a)
8.09% 11/2021 7,573
7,503
0.9
7,573
Vendor Credentialing Service LLC⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
11/2021 —
(1 ) —
—
Verisys Corporation^#
One stop L + 7.75%
^(c)
10.08% 01/2023 4,769
4,714
0.5
4,769
Verisys Corporation⁽⁵⁾
One stop L + 7.75%
N/A⁽⁶⁾
01/2023 —
(1 ) —
—
Workforce Software, LLC One stop L + 10.50%
^(c)
5.84% cash/7.00% PIK 06/2021 24,147
24,054
2.7
24,147
Workforce Software, LLC One stop L + 10.50%
^(c)
5.84% cash/7.00% PIK 06/2021 23
23
—
23
   462,105
456,498
51.7
461,566
Ecological
Pace Analytical Services, LLC^#*
One stop L + 6.25%
^(a)
8.34% 09/2022 15,105
14,916
1.7
15,105
Pace Analytical Services, LLC^#
One stop L + 6.25%
^(a)
8.34% 09/2022 1,405
1,387
0.2
1,405
Pace Analytical Services, LLC One stop L + 6.25%
^(a)
8.33% 09/2022 1,132
1,123
0.1
1,132
Pace Analytical Services, LLC^*
One stop L + 6.25%
^(a)
8.34% 09/2022
346

342

—
346
Pace Analytical Services, LLC One stop L + 6.25%
^(a)
8.33% 09/2022 91
90
—
91
Pace Analytical Services, LLC⁽⁵⁾
One stop L + 6.25%
N/A⁽⁶⁾
09/2022 —
(31 ) —
—
WRE Holding Corp.^#
Senior loan L + 4.75%
^(a)
6.84% 01/2023 1,312
1,300
0.1
1,312
WRE Holding Corp. Senior loan L + 4.75%
^(a)
6.84% 01/2023 916
906
0.1
916
WRE Holding Corp. Senior loan L + 4.75%
^(c)
7.08% 01/2023 109
108
—
109
WRE Holding Corp. Senior loan L + 4.75%
^(a)
6.84% 01/2023 17
17
—
17
20,433
20,158
2.2
20,433
Electronics



Appriss Holdings, Inc.^#*
One stop L + 6.00%
^(c)
8.33% 11/2020 14,657
14,544
1.6
14,657
Appriss Holdings, Inc.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
11/2020 —
(8 ) —
—
Compusearch Software Holdings, Inc.^*
Senior loan L + 4.25%
^(c)
6.58% 05/2021 1,000
999
0.1
1,000
Diligent Corporation^#*
One stop L + 5.50%
^(c)
7.94% 04/2022 31,460
30,822
3.5
31,460
Diligent Corporation^#*
One stop L + 5.50%
^(c)
7.94% 04/2022 8,823
8,693
1.0
8,823
Diligent Corporation^#
One stop L + 5.50%
^(c)
7.94% 04/2022 7,806
7,699
0.9
7,806
Diligent Corporation⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
04/2022 —
(2 ) —
—
Gamma Technologies, LLC^#*
One stop L + 5.50%
^(a)
7.59% 06/2024 12,303
12,200
1.4
12,194
Gamma Technologies, LLC One stop L + 5.50%
^(a)
7.60% 06/2024 20
19
—
20
SEI, Inc.^#*
Senior loan L + 5.25%
^(a)
7.34% 07/2023 6,474
6,411
0.7
6,474
Sloan Company, Inc., The^#
One stop L + 7.25%
^(c)
9.58% 04/2020 3,101
3,078
0.3
2,791
Sloan Company, Inc., The One stop L + 7.25%
^(c)
9.58% 04/2020 209
209
—
188
Sloan Company, Inc., The One stop L + 7.25%
^(c)
9.60% 04/2020 50
50
—
45
Sovos Compliance^#*
One stop L + 6.00%
^(a)
8.09% 03/2022 32,175
31,777
3.6
32,175
Sovos Compliance^*
One stop L + 6.00%
^(a)
8.09% 03/2022 5,386
5,321
0.6
5,386
Sovos Compliance One stop L + 6.00%
N/A⁽⁶⁾
03/2022 —
—
—
—



	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)
Keais Records Service, LLC⁽⁵⁾	One stop	L + 4.50%		N/A⁽⁶⁾	10/2024	$	—	$	(5	)	—	%	$	(3	)
Maverick Bidco Inc.^{^*}	One stop	L + 6.25%	^(c)	9.05%	04/2023	22,753		22,418			2.2		22,753
Maverick Bidco Inc.	One stop	L + 6.25%	^(c)	9.05%	04/2023	3,073		3,073			0.3		3,073
Maverick Bidco Inc.	One stop	L + 6.25%	^(a)	8.73%	04/2023	33		32			—		33
Ministry Brands, LLC^*	Senior loan	L + 4.00%	^(a)	6.52%	12/2022	607		605			0.1		607
Ministry Brands, LLC^*	Senior loan	L + 4.00%	^(a)	6.52%	12/2022	347		346			—		347
Ministry Brands, LLC	Senior loan	L + 4.00%	^(a)	6.52%	12/2022	241		237			—		241
MMan Acquisition Co.^*	One stop	L + 6.00%	^(c)	8.53%	08/2023	12,388		12,245			1.1		11,769
MMan Acquisition Co.	One stop	L + 6.00%	^(c)	8.53%	08/2023	100		99			—		95
Net Health Acquisition Corp.^{^}	One stop	L + 5.50%	^(a)	8.02%	12/2023	4,861		4,820			0.5		4,861
Net Health Acquisition Corp.^{^}	One stop	L + 5.50%	^(a)	8.02%	12/2023	678		673			0.1		678
Net Health Acquisition Corp.	One stop	L + 5.50%		N/A⁽⁶⁾	12/2023	—		—			—		—
Netsmart Technologies, Inc.^*	Senior loan	L + 3.75%	^(a)	6.27%	04/2023	1,612		1,602			0.2		1,606
Netsmart Technologies, Inc.⁽⁵⁾	Senior loan	L + 4.75%		N/A⁽⁶⁾	04/2023	—		(6		)	—		(1		)
Nextech Systems, LLC^{^}	One stop	L + 6.00%	^(a)	8.52%	03/2024	12,624		12,583			1.2		12,624
Nextech Systems, LLC	One stop	L + 6.00%		N/A⁽⁶⁾	03/2024	—		—			—		—
Nexus Brands Group, Inc.^*(8)(9)	One stop	L + 6.00%	⁽ⁱ⁾	7.00%	11/2023	4,116		4,075			0.4		4,081
Nexus Brands Group, Inc.^{^}	One stop	L + 6.00%	^(c)	8.78%	11/2023	3,811		3,772			0.4		3,811
Nexus Brands Group, Inc.	One stop	L + 6.00%	^(c)	8.80%	11/2023	1,373		1,367			0.1		1,373
Nexus Brands Group, Inc.	One stop	L + 6.00%	^(a)	8.48%	11/2023	34		33			—		34
Nexus Brands Group, Inc.⁽⁸⁾⁽⁹⁾	One stop	L + 6.00%		N/A⁽⁶⁾	11/2023	—		—			—		—
Nexus Brands Group, Inc.^(5)(8)(9)	One stop	L + 6.00%		N/A⁽⁶⁾	11/2023	—		(12		)	—		(12		)
Nexus Brands Group, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	11/2023	—		(14		)	—		—
Personify, Inc.^*	One stop	L + 5.75%	^(c)	8.55%	09/2024	8,418		8,338			0.8		8,334
Personify, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	09/2024	—		(1		)	—		(1		)
Property Brands, Inc.^{^}	One stop	L + 6.00%	^(a)	8.52%	01/2024	9,357		9,259			0.9		9,357
Property Brands, Inc.	One stop	L + 6.00%	^(a)	8.52%	01/2024	3,083		3,057			0.3		3,083
Property Brands, Inc.	One stop	L + 6.00%	^(a)	8.52%	01/2024	847		838			0.1		847
Property Brands, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	01/2024	—		(10		)	—		—
Quickbase, Inc. ^{^*}	One stop	L + 5.00%	^(c)	7.80%	04/2022	35,692		35,211			3.4		35,692
Quickbase, Inc. ⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	04/2022	—		(2		)	—		—
RegEd Aquireco, LLC^*	Senior loan	L + 4.25%	^(c)	6.72%	12/2024	2,826		2,798			0.3		2,804
RegEd Aquireco, LLC⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	12/2024	—		(1		)	—		(1		)
RegEd Aquireco, LLC⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	12/2024	—		(78		)	—		(59		)
Saba Software, Inc.^{^*}	Senior loan	L + 4.50%	^(a)	7.02%	05/2023	29,321		28,956			2.8		29,174
Saba Software, Inc.^*	Senior loan	L + 4.50%	^(a)	7.02%	05/2023	4,354		4,312			0.4		4,332
Saba Software, Inc.⁽⁵⁾	Senior loan	L + 4.50%		N/A⁽⁶⁾	05/2023	—		(2		)	—		(1		)
Saldon Holdings, Inc. ^{^*}	Senior loan	L + 4.25%	^(a)(c)	6.78%	09/2022	1,130		1,122			0.1		1,130
Telesoft, LLC^{^}	One stop	L + 5.00%	^(c)	7.40%	07/2022	5,286		5,248			0.5		5,286
Telesoft, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	07/2022	—		(1		)	—		—
TI Intermediate Holdings, LLC^*	Senior loan	L + 4.50%	^(a)	7.02%	12/2024	1,904		1,885			0.2		1,885
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	^(a)	7.02%	12/2024	4		3			—		3
Transaction Data Systems, Inc.^{^*}	One stop	L + 5.25%	^(a)	7.78%	06/2021	46,018		45,844			4.4		46,018
Transaction Data Systems, Inc.	One stop	L + 5.25%	^(a)	7.74%	06/2021	65		64			—		65
Trintech, Inc. ^{^}	One stop	L + 6.00%	^(c)	8.53%	12/2023	11,954		11,829			1.1		11,954
Trintech, Inc. ^{^*}	One stop	L + 6.00%	^(c)	8.53%	12/2023	6,050		5,988			0.6		6,050
Trintech, Inc.	One stop	L + 6.00%	^(c)	8.52%	12/2023	50		48			—		50
True Commerce, Inc.^{^}	One stop	L + 5.75%	^(c)	8.55%	11/2023	7,090		7,018			0.7		7,090
True Commerce, Inc.⁽⁸⁾⁽⁹⁾	One stop	L + 5.75%	^(c)	8.55%	11/2023	2,783		2,755			0.3		2,690
True Commerce, Inc.⁽⁸⁾	One stop	L + 5.75%	^(c)	8.55%	11/2023	926		916			0.1		926
True Commerce, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	11/2023	—		(1		)	—		—
Upserve, Inc.	One stop	L + 5.50%	^(a)	8.02%	07/2023	2,172		2,157			0.2		2,172
Upserve, Inc.	One stop	L + 5.50%		N/A⁽⁶⁾	07/2023	—		—			—		—
Upserve, Inc.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	07/2023	—		(9		)	—		—
Valant Medical Solutions, Inc.	One stop	L + 11.00%	^(c)	11.15% cash/2.25% PIK	10/2020	1,051		994			0.1		1,051

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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⁾
Electronics - (continued)
Sovos Compliance⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
03/2022 $ —
$ (2 ) —
% $ —
123,464
121,810
13.7
123,019
Grocery
Teasdale Quality Foods, Inc.^*
Senior loan L + 4.75%
^(c)
7.06% 10/2020 119
118
—
119







Healthcare, Education and Childcare



Active Day, Inc.^#*
One stop L + 6.00%
^(a)
8.09% 12/2021 11,437
11,321
1.3
11,437
Active Day, Inc.^*
One stop L + 6.00%
^(a)
8.09% 12/2021 883
877
0.1
883
Active Day, Inc.^#
One stop L + 6.00%
^(a)
8.09% 12/2021 569
566
0.1
569
Active Day, Inc.^#
One stop L + 6.00%
^(a)
8.09% 12/2021 393
391
—
393
Active Day, Inc.⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
12/2021 —
(1 ) —
—
Acuity Eyecare Holdings, LLC^#
One stop L + 6.75%
^(b)
8.87% 03/2022 3,426
3,382
0.4
3,426
Acuity Eyecare Holdings, LLC One stop L + 6.75%
^(b)
8.87% 03/2022 3,191
3,156
0.4
3,191
Acuity Eyecare Holdings, LLC One stop L + 6.75%
^(b)
8.85% 03/2022 432
397
0.1
432
Acuity Eyecare Holdings, LLC⁽⁵⁾
One stop L + 6.75%
N/A⁽⁶⁾
03/2022 —
(1 ) —
—
ADCS Clinics Intermediate Holdings, LLC^#
One stop L + 5.75%
^(b)
7.92% 05/2022 21,738
21,408
2.4
21,304
ADCS Clinics Intermediate Holdings, LLC^#
One stop L + 5.75%
^(b)
7.92% 05/2022 107
107
—
105
ADCS Clinics Intermediate Holdings, LLC One stop L + 5.75%
^(b)
7.92% 05/2022 83
83
—
81
ADCS Clinics Intermediate Holdings, LLC One stop L + 5.75%
^(b)(f)
8.34% 05/2022 65
63
—
63
ADCS Clinics Intermediate Holdings, LLC^*
One stop L + 5.75%
^(b)
7.92% 05/2022 32
31
—
31
Advanced Pain Management Holdings, Inc.^#
Senior loan L + 5.00%
^(a)
7.09% 08/2018 5,593
5,593
0.5
4,195
Advanced Pain Management Holdings, Inc.^#
Senior loan L + 5.00%
^(a)
7.09% 08/2018 383
382
—
287
Advanced Pain Management Holdings, Inc. Senior loan L + 5.00%
N/A⁽⁶⁾
08/2018 —
—
—
—
Agilitas USA, Inc.^#
One stop L + 6.25%
^(c)
8.56% 04/2022 1,961
1,946
0.2
1,922
Agilitas USA, Inc. One stop L + 6.25%
^(c)
8.56% 04/2022 10
9
—
8
Agilitas USA, Inc.⁽⁵⁾
One stop L + 6.25%
N/A⁽⁶⁾
04/2022 —
(12 ) —
—
Apothecary Products, LLC^*
Senior loan L + 3.75%
^(a)
5.84% 02/2019 1,857
1,857
0.2
1,857
Apothecary Products, LLC Senior loan L + 3.75%
N/A⁽⁶⁾
02/2019 —
—
—
—
Aris Teleradiology Company, LLC^#*
Senior loan L + 5.50%
^(c)
8.00% 03/2021 2,500
2,486
0.2
1,625
Aris Teleradiology Company, LLC Senior loan L + 5.50%
^(c)
7.83% 03/2021 116
116
—
60
Avalign Technologies, Inc.^*
Senior loan L + 4.50%
^(a)
6.60% 07/2021 943
940
0.1
943
BIORECLAMATIONIVT, LLC^#*
One stop L + 5.75%
^(a)
7.84% 01/2021 14,945
14,811
1.7
14,945
BIORECLAMATIONIVT, LLC One stop P + 4.75%
^(f)
9.75% 01/2021 100
99
—
100
California Cryobank, LLC^*
One stop L + 5.50%
^(c)
7.83% 08/2019 2,466
2,466
0.3
2,466
California Cryobank, LLC^*
One stop L + 5.50%
^(c)
7.83% 08/2019 945
938
0.1
945
California Cryobank, LLC One stop L + 5.50%
^(c)
7.82% 08/2019 925
915
0.1
925
California Cryobank, LLC^*
One stop L + 5.50%
^(c)
7.83% 08/2019 313
313
—
313
California Cryobank, LLC One stop L + 5.50%
N/A⁽⁶⁾
08/2019 —
—
—
—
CLP Healthcare Services, Inc.^*
Senior loan L + 5.50%
^(a)
7.59% 12/2020 929
922
0.1
911
Curo Health Services LLC^#
Senior loan P + 3.00%
^(f)
8.00% 02/2022 821
821
0.1
823
DCA Investment Holding, LLC^#*
One stop L + 5.25%
^(c)
7.58% 07/2021 14,490
14,393
1.6
14,490
DCA Investment Holding, LLC^#*
One stop L + 5.25%
^(c)
7.58% 07/2021 13,520
13,400
1.5
13,520
DCA Investment Holding, LLC^#*
One stop L + 5.25%
^(c)
7.58% 07/2021 6,057
5,980
0.7
6,057
DCA Investment Holding, LLC One stop L + 5.25%
^(c)
7.58% 07/2021 420
253
0.1
420
DCA Investment Holding, LLC One stop L + 5.25%
^(c)
7.58% 07/2021 152
150
—
152
DCA Investment Holding, LLC One stop L + 5.25%
^(c)
7.58% 07/2021 47
47
—
47
DCA Investment Holding, LLC⁽⁵⁾
One stop L + 5.25% N/A(6) 07/2021 —
(10 ) —
—
Deca Dental Management LLC One stop L + 6.25%
^(c)
8.58% 07/2020 7,462
7,415
0.8
7,462
Deca Dental Management LLC^*
One stop L + 6.25%
^(a)(c)
8.47% 07/2020 908
904
0.1
908
Deca Dental Management LLC One stop L + 6.25%
^(a)
8.34% 07/2020 50
50
—
50
Deca Dental Management LLC⁽⁵⁾
One stop L + 6.25%
N/A⁽⁶⁾
07/2020 —
(5 ) —
—
Dental Holdings Corporation^*
One stop L + 5.50%
^(d)
8.02% 02/2020 3,183
3,160
0.4
3,183
Dental Holdings Corporation One stop L + 5.50%
^(d)
8.02% 02/2020 505
501
0.1
505
Dental Holdings Corporation One stop L + 5.50%
^(a)(b)(f)
7.54% 02/2020 196
193
—
196
Elite Dental Partners LLC^#
One stop L + 5.25%
^(c)
7.58% 06/2023 2,019
1,989
0.2
1,999



	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)
Valant Medical Solutions, Inc.	Subordinated debt	N/A		6.00% PIK	02/2020	$	189	$	189		—	%	$	283
Valant Medical Solutions, Inc.	One stop	L + 11.00%	^(c)	11.15% cash/2.25% PIK	10/2020	10		10			—		10
Velocity Technology Solutions, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	12/2023	10,398		10,247			1.0		10,398
Velocity Technology Solutions, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	12/2023	—		(1		)	—		—
Vendavo, Inc.	One stop	L + 8.50%	^(c)	11.21%	10/2022	6,970		6,882			0.7		6,970
Vendavo, Inc.⁽⁵⁾	One stop	L + 8.50%		N/A⁽⁶⁾	10/2022	—		(5		)	—		—
Verisys Corporation^{^}	One stop	L + 7.75%	^(c)	10.55%	01/2023	4,744		4,696			0.4		4,744
Verisys Corporation⁽⁵⁾	One stop	L + 7.75%		N/A⁽⁶⁾	01/2023	—		(1		)	—		—
Workforce Software, LLC	One stop	L + 6.50%	^(c)	8.91%	06/2021	24,823		24,691			2.3		24,823
Workforce Software, LLC	One stop	L + 6.50%	^(c)	9.21%	06/2021	2,454		2,433			0.2		2,454
Workforce Software, LLC⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	06/2021	—		(1		)	—		—
						595,457		588,668			56.5		593,601
Ecological
Pace Analytical Services, LLC^{^*}	One stop	L + 5.50%	^(a)	8.02%	09/2022	15,027		14,826			1.4		15,027
Pace Analytical Services, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	09/2022	1,397		1,379			0.1		1,397
Pace Analytical Services, LLC^{^}	One stop	L + 5.50%	^(a)(c)	8.01%	09/2022	1,126		1,115			0.1		1,126
Pace Analytical Services, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	09/2022	831		822			0.1		831
Pace Analytical Services, LLC	One stop	L + 5.50%	^(a)	8.02%	09/2022	515		483			0.1		515
Pace Analytical Services, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	09/2022	345		340			—		345
Pace Analytical Services, LLC	One stop	L + 5.50%	^(a)	8.01%	09/2022	10		8			—		10
Pace Analytical Services, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	09/2022	—		(11		)	—		—
WRE Holding Corp.^{^}	Senior loan	L + 5.00%	^(a)(f)	7.53%	01/2023	1,309		1,298			0.1		1,309
WRE Holding Corp.	Senior loan	L + 5.00%	^(a)(f)	7.53%	01/2023	914		905			0.1		914
WRE Holding Corp.	Senior loan	L + 5.00%	^(a)(f)	7.44%	01/2023	254		253			—		254
WRE Holding Corp.	Senior loan	L + 5.00%	^(a)(c)(f)	7.52%	01/2023	12		12			—		12
						21,740		21,430			2.0		21,740
Electronics
Appriss Holdings, Inc.^{^*}	One stop	L + 6.25%	^(c)	9.05%	05/2022	24,166		23,940			2.3		24,166
Appriss Holdings, Inc.⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	05/2022	—		(12		)	—		—
Compusearch Software Holdings, Inc.^{^}	Senior loan	L + 4.25%	^(c)	7.05%	05/2021	995		994			0.1		995
Diligent Corporation^{^*}	One stop	L + 5.50%	^(c)	8.09%	04/2022	31,302		30,750			3.0		31,302
Diligent Corporation^{^}	One stop	L + 5.50%	^(c)	8.09%	04/2022	8,779		8,666			0.8		8,779
Diligent Corporation^{^}	One stop	L + 5.50%	^(c)	8.09%	04/2022	7,767		7,674			0.7		7,767
Diligent Corporation	One stop	L + 5.50%	^(c)	8.28%	04/2022	52		49			—		52
Diligent Corporation⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	04/2022	—		(35		)	—		—
Episerver, Inc.^(8)(9)(11)	One stop	L + 6.00%	^(a)	6.00%	10/2024	11,408		11,263			1.1		11,270
Episerver, Inc.⁽¹¹⁾	One stop	L + 5.75%	^(a)	8.27%	10/2024	6,613		6,529			0.6		6,547
Episerver, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	10/2024	—		(3		)	—		(2		)
Gamma Technologies, LLC^{^*}	One stop	L + 5.50%	^(a)	8.02%	06/2024	12,241		12,149			1.2		12,241
Gamma Technologies, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	06/2024	—		(1		)	—		—
SEI, Inc.^{^}	Senior loan	L + 5.25%	^(a)	7.77%	07/2023	5,938		5,885			0.6		5,938
Sloan Company, Inc., The^*	One stop	L + 8.50%	^(c)	11.30%	04/2020	3,149		3,133			0.2		2,205
Sloan Company, Inc., The	One stop	L + 8.50%	^(c)	11.30%	04/2020	212		212			—		148
Sloan Company, Inc., The	One stop	L + 8.50%	^(c)	11.30%	04/2020	51		51			—		36
Sovos Compliance^{^*}	One stop	L + 6.00%	^(a)	8.52%	03/2022	32,012		31,669			3.0		32,012
Sovos Compliance^{^}	One stop	L + 6.00%	^(a)	8.52%	03/2022	5,359		5,303			0.5		5,359
Sovos Compliance	One stop	L + 6.00%	^(a)	8.52%	03/2022	2,553		2,553			0.2		2,553
Sovos Compliance⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	03/2022	—		(1		)	—		—
Sovos Compliance⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	03/2022	—		(33		)	—		—
						152,597		150,735			14.3		151,368
Grocery
Teasdale Quality Foods, Inc.^{^}	Senior loan	L + 4.75%	^(c)	7.15%	10/2020	115		115			—		110
Teasdale Quality Foods, Inc.^*	Senior loan	L + 5.25%	^(c)(f)	7.65%	10/2020	76		75			—		72
						191		190			—		182

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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)
Elite Dental Partners LLC One stop P + 4.25%
^(f)
9.25% 06/2023 $ 10
$ 8
—
% $ 9
Elite Dental Partners LLC⁽⁵⁾
One stop L + 5.25%
N/A⁽⁶⁾
06/2023 —
(204 ) —
(137 )
ERG Buyer, LLC^#
One stop L + 5.50%
^(c)
7.83% 05/2024 6,358
6,264
0.7
6,294
ERG Buyer, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
05/2024 —
(153 ) —
(104 )
ERG Buyer, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
05/2024 —
(2 ) —
(2 )
eSolutions, Inc.^#*
One stop L + 6.50%
^(c)
8.83% 03/2022 17,709
17,544
2.0
17,709
eSolutions, Inc.⁽⁵⁾
One stop L + 6.50%
N/A⁽⁶⁾
03/2022 —
(1 ) —
—
Excelligence Learning Corporation^*
One stop L + 6.00%
^(a)
8.09% 04/2023 6,252
6,202
0.7
6,127
Eyecare Services Partners Holdings LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2023 10,415
10,266
1.2
10,415
Eyecare Services Partners Holdings LLC One stop L + 6.25%
^(c)
8.58% 05/2023 7,475
7,328
0.8
7,475
Eyecare Services Partners Holdings LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2023 6,696
6,696
0.8
6,696
Eyecare Services Partners Holdings LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2023 2,236
2,236
0.2
2,236
Eyecare Services Partners Holdings LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2023 1,085
1,085
0.1
1,085
Eyecare Services Partners Holdings LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2023 956
956
0.1
956
Eyecare Services Partners Holdings LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2023 617
466
0.1
617
Eyecare Services Partners Holdings LLC One stop L + 6.25%
^(c)
8.58% 05/2023 461
371
0.1
461
Eyecare Services Partners Holdings LLC One stop P + 5.25%
^(f)
10.25% 05/2023 85
82
—
85
G & H Wire Company, Inc.^#
One stop L + 5.75%
^(a)
7.84% 09/2023 1,140
1,130
0.1
1,140
G & H Wire Company, Inc.⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
09/2022 —
(1 ) —
—
Immucor, Inc. ^#
Senior loan L + 5.00%
^(a)
7.09% 06/2021 2,039
2,035
0.2
2,068
Kareo, Inc. One stop L + 9.00%
^(a)
11.09% 06/2022 5,755
5,547
0.6
5,755
Kareo, Inc. One stop L + 9.00%
^(a)
11.09% 06/2022 421
417
0.1
421
Kareo, Inc. One stop L + 9.00%
N/A⁽⁶⁾
06/2022 —
—
—
—
Katena Holdings, Inc.^*
One stop L + 6.75%
^(c)
9.08% 06/2021 4,486
4,453
0.5
4,396
Katena Holdings, Inc.^*
One stop L + 6.75%
^(c)
9.08% 06/2021 438
435
0.1
429
Katena Holdings, Inc.^#
One stop L + 6.75%
^(c)
9.08% 06/2021 302
298
—
296
Katena Holdings, Inc. One stop P + 5.75%
^(f)
10.75% 06/2021 100
99
—
98
Lombart Brothers, Inc.^#
One stop L + 6.75%
^(c)
9.08% 04/2022 3,352
3,301
0.4
3,352
Lombart Brothers, Inc.^#(8)
One stop L + 6.75%
^(c)
9.08% 04/2022 1,538
1,515
0.2
1,538
Lombart Brothers, Inc.⁽⁵⁾
One stop L + 6.75%
N/A⁽⁶⁾
04/2022 —
(1 ) —
—
Lombart Brothers, Inc.⁽⁸⁾
One stop L + 6.75%
N/A⁽⁶⁾
04/2022 —
—
—
—
Maverick Healthcare Group, LLC^#
Senior loan L + 7.50%
^(a)
7.59% cash/2.00% PIK 12/2017 455
455
0.1
455
MWD Management, LLC & MWD Services, Inc.^#
One stop L + 5.25%
^(c)
7.58% 06/2023 4,392
4,392
0.5
4,392
MWD Management, LLC & MWD Services, Inc.^#
One stop L + 5.25%
^(c)
7.58% 06/2023 1,298
1,285
0.1
1,298
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 —
(76 ) —
—
Oliver Street Dermatology Holdings, LLC^#*
One stop L + 6.25%
^(c)
8.58% 05/2022 8,739
8,614
1.0
8,739
Oliver Street Dermatology Holdings, LLC One stop L + 6.25%
^(c)
8.60% 05/2022 1,901
1,874
0.2
1,901
Oliver Street Dermatology Holdings, LLC^*
One stop L + 6.25%
^(c)
8.58% 05/2022 1,890
1,871
0.2
1,890
Oliver Street Dermatology Holdings, LLC One stop L + 6.25%
^(c)
8.58% 05/2022 1,355
1,341
0.2
1,355
Oliver Street Dermatology Holdings, LLC^#
One stop L + 6.25%
^(c)
8.58% 05/2022 1,046
1,035
0.1
1,046
Oliver Street Dermatology Holdings, LLC One stop L + 6.25%
^(c)
8.58% 05/2022 1,043
1,033
0.1
1,043
Oliver Street Dermatology Holdings, LLC One stop L + 6.25%
^(c)
8.58% 05/2022 812
804
0.1
812
Oliver Street Dermatology Holdings, LLC^*
One stop L + 6.25%
^(c)
8.58% 05/2022 46
45
—
46
Oliver Street Dermatology Holdings, LLC^*
One stop L + 6.25%
^(c)
8.58% 05/2022 42
41
—
42
Oliver Street Dermatology Holdings, LLC^*
One stop L + 6.25%
^(c)
8.58% 05/2022 32
32
—
32
Oliver Street Dermatology Holdings, LLC^*
One stop L + 6.25%
^(c)
8.58% 05/2022 30
30
—
30
Oliver Street Dermatology Holdings, LLC One stop L + 6.25%
^(c)(f)
8.87% 05/2022 20
18
—
20
ONsite Mammography, LLC One stop L + 6.75%
^(a)
8.84% 11/2023 2,845
2,813
0.3
2,845
ONsite Mammography, LLC One stop L + 6.75%
^(c)(d)
8.93% 11/2023 237
225
—
237
ONsite Mammography, LLC⁽⁵⁾
One stop L + 6.75%
N/A⁽⁶⁾
11/2023 —
(1 ) —
—
Pinnacle Treatment Centers, Inc.^#
One stop L + 6.25%
^(c)
8.61% 08/2021 9,674
9,568
1.1
9,674
Pinnacle Treatment Centers, Inc. One stop L + 6.25%
^(c)
8.61% 08/2021 55
55
—
55
Pinnacle Treatment Centers, Inc. One stop L + 6.25%
^(c)(f)
8.81% 08/2021 35
34
—
35
Pinnacle Treatment Centers, Inc.⁽⁵⁾
One stop L + 6.25%
N/A⁽⁶⁾
08/2021 —
(1 ) —
—



	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
Active Day, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	12/2021	$	11,379	$	11,280		1.0	%	$	11,038
Active Day, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	12/2021	878		874			0.1		852
Active Day, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	12/2021	566		564			0.1		549
Active Day, Inc.^{^}	One stop	L + 6.00%	^(c)	8.80%	12/2021	391		389			—		379
Active Day, Inc.	One stop	P + 5.00%	^(f)	10.50%	12/2021	50		49			—		49
Acuity Eyecare Holdings, LLC^{^}	One stop	L + 6.75%	^(c)	9.40%	03/2022	3,426		3,388			0.3		3,426
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%	^(c)	9.41%	03/2022	3,187		3,156			0.3		3,187
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%	^(c)	9.46%	03/2022	430		399			0.1		430
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%		N/A⁽⁶⁾	03/2022	—		—			—		—
Acuity Eyecare Holdings, LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	12/2020	—		(74		)	—		—
ADCS Clinics Intermediate Holdings, LLC^{^*}	One stop	L + 5.75%	^(a)	8.27%	05/2022	21,627		21,341			2.0		21,627
ADCS Clinics Intermediate Holdings, LLC^{^}	One stop	L + 5.75%	^(a)	8.27%	05/2022	107		106			—		107
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	^(a)	8.27%	05/2022	83		82			—		83
ADCS Clinics Intermediate Holdings, LLC^{^}	One stop	L + 5.75%	^(a)	8.27%	05/2022	31		31			—		31
ADCS Clinics Intermediate Holdings, LLC	One stop	P + 4.75%	^(f)	10.25%	05/2022	25		24			—		25
Advanced Pain Management Holdings, Inc.^*(7)	Senior loan	L + 5.00%	^(a)	7.52%	02/2019	5,593		5,593			0.3		2,796
Advanced Pain Management Holdings, Inc.^*(7)	Senior loan	L + 5.00%	^(a)	7.52%	02/2019	383		382			—		191
Advanced Pain Management Holdings, Inc.⁽⁷⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	02/2019	—		—			—		—
Agilitas USA, Inc.^{^}	One stop	L + 5.50%	^(c)	7.90%	04/2022	1,951		1,938			0.2		1,951
Agilitas USA, Inc.	One stop	L + 5.50%	^(c)	7.90%	04/2022	10		10			—		10
Agilitas USA, Inc.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	04/2022	—		(11		)	—		—
Apothecary Products, LLC^{^*}	Senior loan	L + 4.25%	^(d)	6.77%	07/2023	3,294		3,252			0.3		3,294
Apothecary Products, LLC⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	07/2023	—		(7		)	—		—
Aris Teleradiology Company, LLC^*(7)	Senior loan	L + 5.50%	^(c)	8.30%	03/2021	2,500		2,486			0.1		1,036
Aris Teleradiology Company, LLC⁽⁷⁾	Senior loan	L + 5.50%	^(c)(d)	8.10%	03/2021	296		296			—		65
BIO18 Borrower, LLC^*	One stop	L + 5.50%	^(b)	8.12%	11/2024	4,030		3,981			0.4		3,990
BIO18 Borrower, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	11/2024	—		(1		)	—		(1		)
BIO18 Borrower, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	11/2024	—		(56		)	—		(46		)
BIOVT, LLC^{^}	One stop	L + 5.75%	^(a)	8.27%	01/2021	16,314		16,195			1.5		16,151
BIOVT, LLC	One stop	L + 5.75%	^(a)	8.27%	01/2021	1,949		1,931			0.2		1,929
BIOVT, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	01/2021	—		(1		)	—		(1		)
BIOVT, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	01/2021	—		(26		)	—		(29		)
CLP Healthcare Services, Inc.^{^}	Senior loan	L + 5.50%	^(a)	8.02%	12/2020	924		919			0.1		924
CRH Healthcare Purchaser, Inc.^*	Senior loan	L + 4.50%	^(c)	7.30%	12/2024	5,851		5,793			0.5		5,792
CRH Healthcare Purchaser, Inc.⁽⁵⁾	Senior loan	L + 4.50%		N/A⁽⁶⁾	12/2024	—		(1		)	—		(2		)
CRH Healthcare Purchaser, Inc.⁽⁵⁾	Senior loan	L + 4.50%		N/A⁽⁶⁾	12/2020	—		(38		)	—		(39		)
DCA Investment Holding, LLC^{^*}	One stop	L + 5.25%	^(c)	8.05%	07/2021	14,415		14,334			1.4		14,415
DCA Investment Holding, LLC^{^*}	One stop	L + 5.25%	^(c)	8.05%	07/2021	13,450		13,351			1.3		13,450
DCA Investment Holding, LLC^{^}	One stop	L + 5.25%	^(c)	8.05%	07/2021	6,026		5,962			0.6		6,026
DCA Investment Holding, LLC	One stop	L + 5.25%	^(a)(c)	7.92%	07/2021	3,169		3,060			0.3		3,169
DCA Investment Holding, LLC	One stop	L + 5.25%	^(c)	8.05%	07/2021	2,408		2,378			0.2		2,408
DCA Investment Holding, LLC	One stop	L + 5.25%	^(c)	8.05%	07/2021	151		150			—		151
DCA Investment Holding, LLC	One stop	P + 4.25%	^(f)	9.75%	07/2021	99		91			—		99
DCA Investment Holding, LLC	One stop	L + 5.25%	^(c)	8.05%	07/2021	47		47			—		47
Deca Dental Management LLC	One stop	L + 6.00%	^(c)	8.80%	07/2020	7,423		7,334			0.7		7,423
Deca Dental Management LLC^{^}	One stop	L + 6.00%	^(a)(c)	8.67%	07/2020	903		894			0.1		903
Deca Dental Management LLC^*	One stop	L + 6.00%	^(c)	8.80%	12/2021	650		644			0.1		650
Deca Dental Management LLC	One stop	L + 6.00%	^(a)	8.52%	07/2020	8		7			—		8
Deca Dental Management LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	12/2021	—		(14		)	—		—
Dental Holdings Corporation^{^}	One stop	L + 5.50%	^(c)	8.03%	02/2020	3,178		3,162			0.3		3,178
Dental Holdings Corporation	One stop	L + 5.50%	^(c)	8.03%	02/2020	505		502			0.1		505
Dental Holdings Corporation	One stop	L + 5.50%	^(c)(f)	7.90%	02/2020	98		96			—		98
Elite Dental Partners LLC^{^}	One stop	L + 5.25%	^(a)	7.77%	06/2023	2,009		1,982			0.2		2,009

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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)
PPT Management Holdings, LLC^#(7)
One stop P + 7.00%
^(f)
12.00% 12/2022 $ 11,652
$ 11,453
1.0
% $ 8,739
PPT Management Holdings, LLC⁽⁷⁾
One stop P + 7.00%
^(f)
12.00% 12/2022 200
197
—
150
PPT Management Holdings, LLC⁽⁷⁾
One stop P + 7.00%
^(f)
12.00% 12/2022 134
134
—
101
PPT Management Holdings, LLC⁽⁷⁾
One stop P + 7.00%
^(f)
12.00% 12/2022 81
80
—
60
PPT Management Holdings, LLC⁽⁵⁾⁽⁷⁾
One stop L + 6.00%
^(c)(f)
8.88% 12/2022 38
29
—
(33 )
Premise Health Holding Corp.^*
One stop L + 4.50%
^(c)
6.83% 06/2020 1,972
1,972
0.2
1,972
Premise Health Holding Corp. One stop L + 4.50%
N/A⁽⁶⁾
06/2020 —
—
—
—
Radiology Partners, Inc.^#
One stop P + 4.75%
^(f)
9.75% 12/2023 30,768
30,441
3.4
30,768
Radiology Partners, Inc. One stop P + 4.75%
^(f)
9.75% 12/2023 116
114
—
116
Radiology Partners, Inc.⁽⁵⁾
One stop L + 5.75%
N/A⁽⁶⁾
12/2023 —
(74 ) —
—
Reliant Pro ReHab, LLC^*
Senior loan L + 5.00%
^(a)
12.09% 12/2018 1,117
1,117
0.1
1,117
Reliant Pro ReHab, LLC Senior loan P + 4.00%
^(f)
9.00% 12/2018 118
118
—
118
Riverchase MSO, LLC^#*
Senior loan L + 5.25%
^(c)
7.58% 10/2022 4,903
4,849
0.6
4,903
Riverchase MSO, LLC Senior loan L + 5.25%
^(c)
7.59% 10/2022 44
43
—
44
RXH Buyer Corporation^#
One stop L + 5.75%
^(c)
8.08% 09/2021 11,049
10,931
1.2
11,049
RXH Buyer Corporation^*
One stop L + 5.75%
^(c)
8.08% 09/2021 1,250
1,244
0.1
1,250
RXH Buyer Corporation One stop P + 4.75%
^(c)(f)
9.03% 09/2021 92
90
—
92
SLMP, LLC One stop L + 6.00%
^(a)
8.09% 05/2023 5,611
5,538
0.6
5,611
SLMP, LLC^#
One stop L + 6.00%
^(a)
8.09% 05/2023 4,713
4,653
0.5
4,713
SLMP, LLC One stop N/A 7.50% PIK 05/2027 117
117
—
118
SLMP, LLC⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
05/2023 —
(10 ) —
—
SLMP, LLC⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
05/2023 —
(1 ) —
—
Spear Education, LLC^*
One stop L + 6.25%
^(c)
8.56% 08/2019 3,477
3,470
0.4
3,477
Spear Education, LLC One stop L + 6.25%
^(c)
8.56% 08/2019 179
178
—
179
Spear Education, LLC One stop L + 6.25%
N/A⁽⁶⁾
08/2019 —
—
—
—
Summit Behavioral Healthcare, LLC^#
Senior loan L + 4.75%
^(c)
7.05% 10/2023 2,407
2,385
0.3
2,407
Summit Behavioral Healthcare, LLC Senior loan L + 4.75%
^(c)
7.07% 10/2023 19
18
—
19
Summit Behavioral Healthcare, LLC⁽⁵⁾
Senior loan L + 4.75%
N/A⁽⁶⁾
10/2023 —
(8 ) —
—
WHCG Management, LLC^*
Senior loan L + 5.00%
^(c)
7.33% 03/2023 3,960
3,921
0.4
3,960
WHCG Management, LLC Senior loan L + 5.00%
^(c)
7.31% 03/2023 50
49
—
50
WHCG Management, LLC⁽⁵⁾
Senior loan L + 4.75%
N/A⁽⁶⁾
03/2023 —
(21 ) —
—
WIRB-Copernicus Group, Inc.^#
Senior loan L + 4.25%
^(a)
6.34% 08/2022 10,455
10,385
1.2
10,455
WIRB-Copernicus Group, Inc.⁽⁵⁾
Senior loan L + 4.25%
N/A⁽⁶⁾
08/2022 —
(24 ) —
—
WIRB-Copernicus Group, Inc.⁽⁵⁾
Senior loan L + 4.25%
N/A⁽⁶⁾
08/2022 —
(1 ) —
—
336,567
332,047
36.9
330,026
Home and Office Furnishings, Housewares, and Durable Consumer

1A Smart Start LLC^*
Senior loan L + 4.50%
^(a)
6.59% 02/2022 354
354
—
355
CST Buyer Company^*
One stop L + 5.00%
^(c)
7.45% 03/2023 3,086
3,012
0.3
3,086
CST Buyer Company⁽⁵⁾
One stop L + 5.00%
N/A⁽⁶⁾
03/2023 —
(1 ) —
—
Plano Molding Company, LLC^#
One stop L + 8.00%
^(a)
10.09% 05/2021 6,306
6,245
0.7
6,053
9,746
9,610
1.0
9,494
Hotels, Motels, Inns, and Gaming






Aimbridge Hospitality, LLC^*
One stop L + 5.00%
^(a)
7.09% 06/2022 6,345
6,254
0.7
6,250
Aimbridge Hospitality, LLC^#*
One stop L + 5.00%
^(a)
7.09% 06/2022 5,006
4,937
0.6
4,931
Aimbridge Hospitality, LLC^*
One stop L + 5.00%
^(a)
7.09% 06/2022 1,057
1,042
0.1
1,042
Aimbridge Hospitality, LLC One stop L + 5.00%
^(a)
7.09% 06/2022 62
57
—
62
Aimbridge Hospitality, LLC⁽⁵⁾
One stop L + 5.00%
N/A⁽⁶⁾
06/2022 —
(1 ) —
(1 )
12,470
12,289
1.4
12,284
Insurance
Captive Resources Midco, LLC^#*
One stop L + 6.00%
^(a)
8.09% 12/2021 12,689
12,528
1.4
12,689
Captive Resources Midco, LLC⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
12/2021 —
(13 ) —
—
Captive Resources Midco, LLC⁽⁵⁾
One stop L + 6.00%
N/A⁽⁶⁾
12/2021 —
(4 ) —
—
Internet Pipeline, Inc.^#*
One stop L + 7.25%
^(a)
9.35% 08/2022 10,245
10,122
1.2
10,398
Internet Pipeline, Inc.^#*
One stop L + 6.25%
^(a)
8.34% 08/2022 4,417
4,381
0.5
4,334



	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)
Elite Dental Partners LLC^*	One stop	L + 5.25%	^(a)	7.77%	06/2023	$	1,574	$	1,560		0.1	%	$	1,574
Elite Dental Partners LLC	One stop	L + 5.25%	^(a)	7.77%	06/2023	1,509		1,496			0.1		1,509
Elite Dental Partners LLC	One stop	L + 5.25%	^(a)	7.77%	06/2023	43		42			—		43
Elite Dental Partners LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	06/2023	—		(155		)	—		—
ERG Buyer, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	05/2024	6,326		6,241			0.6		6,073
ERG Buyer, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2024	—		(2		)	—		(6		)
ERG Buyer, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2024	—		(140		)	—		(415		)
eSolutions, Inc.^{^*}	One stop	L + 6.50%	^(a)	9.02%	03/2022	29,342		29,121			2.8		29,342
eSolutions, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	03/2022	—		(1		)	—		—
Excelligence Learning Corporation^{^}	One stop	L + 6.00%	^(a)	8.52%	04/2023	5,844		5,822			0.5		5,494
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2023	10,362		10,229			1.0		10,155
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	9.05%	05/2023	7,437		7,306			0.7		7,289
Eyecare Services Partners Holdings LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2023	6,663		6,663			0.6		6,529
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2023	2,224		2,224			0.2		2,180
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	9.05%	05/2023	1,438		1,438			0.1		1,409
Eyecare Services Partners Holdings LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2023	1,079		1,079			0.1		1,058
Eyecare Services Partners Holdings LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2023	951		951			0.1		932
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2023	614		478			0.1		602
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	9.05%	05/2023	459		365			0.1		449
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	9.03%	05/2023	200		197			—		196
G & H Wire Company, Inc.^{^}	One stop	L + 5.75%	^(b)	8.37%	09/2023	1,101		1,093			0.1		1,101
G & H Wire Company, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	09/2022	—		(1		)	—		—
Immucor, Inc. ^*	Senior loan	L + 5.00%	^(c)	7.80%	06/2021	2,029		2,010			0.2		2,000
Katena Holdings, Inc.^{^}	One stop	L + 5.50%	^(c)	8.30%	06/2021	4,463		4,435			0.4		4,463
Katena Holdings, Inc.^{^}	One stop	L + 5.50%	^(c)	8.30%	06/2021	436		433			0.1		436
Katena Holdings, Inc.^{^}	One stop	L + 5.50%	^(c)	8.30%	06/2021	300		297			—		300
Katena Holdings, Inc.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	06/2021	—		(1		)	—		—
Lombart Brothers, Inc.^{^}	One stop	L + 6.75%	^(c)	9.55%	04/2022	4,680		4,608			0.4		4,680
Lombart Brothers, Inc.^{^(8)}	One stop	L + 6.75%	^(c)	9.55%	04/2022	1,531		1,507			0.1		1,531
Lombart Brothers, Inc.	One stop	P + 5.50%	^(f)	11.00%	04/2022	33		32			—		33
Lombart Brothers, Inc.⁽⁸⁾	One stop	P + 5.50%	^(f)	11.00%	04/2022	3		3			—		3
Maverick Healthcare Group, LLC^*	Senior loan	L + 7.50%	^(a)	8.02% cash/2.00% PIK	04/2017	409		409			—		409
MD Now Holdings, Inc.^*	One stop	L + 5.25%	^(c)	8.05%	08/2024	7,052		6,986			0.7		7,052
MD Now Holdings, Inc.⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	08/2024	—		(1		)	—		—
MD Now Holdings, Inc.⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	08/2024	—		(19		)	—		—
MWD Management, LLC & MWD Services, Inc.^{^}	One stop	L + 5.25%	^(c)	8.05%	06/2023	4,370		4,370			0.4		4,370
MWD Management, LLC & MWD Services, Inc.^{^}	One stop	L + 5.25%	^(c)	8.05%	06/2023	1,292		1,280			0.1		1,292
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	—		(68		)	—		—
Oliver Street Dermatology Holdings, LLC^{^*}	One stop	L + 6.25%	^(c)	9.05%	05/2022	8,694		8,586			0.8		8,694
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2022	1,880		1,864			0.2		1,880
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	1,349		1,336			0.1		1,349
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	1,192		1,182			0.1		1,192
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	1,041		1,031			0.1		1,041
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	1,037		1,029			0.1		1,037
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	808		801			0.1		808
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	700		695			0.1		700
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	^(c)	9.05%	05/2022	432		428			0.1		432
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.25%	^(c)(f)	9.34%	05/2022	82		80			—		82
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2022	46		45			—		46
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2022	41		41			—		41
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2022	32		32			—		32
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.25%	^(c)	9.05%	05/2022	30		29			—		30
Oliver Street Dermatology Holdings, LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	05/2022	—		(6		)	—		—

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(In thousands)

Investment
Type

Spread
Above
Index⁽¹⁾

Interest
Rate⁽²⁾

Maturity
Date

Principal ($) /
Shares⁽³⁾
Amortized Cost
Percentage
of Net
Assets

Fair
Value ⁽⁴⁾
Insurance - (continued)
Internet Pipeline, Inc.⁽⁸⁾⁽⁹⁾
One stop L + 6.50%
^(a)
8.60% 08/2022 $ 3,559
$ 3,519
0.4
% $ 3,476
Internet Pipeline, Inc.^*
One stop L + 6.25%
^(a)
8.34% 08/2022
1,672

1,658

0.2
1,641
Internet Pipeline, Inc. One stop L + 7.25%
N/A⁽⁶⁾
08/2021 —
—
—
1
RSC Acquisition, Inc.^#*
Senior loan L + 4.25%
^(c)(d)(f)
6.75% 11/2022 20,392
20,273
2.3
20,392
RSC Acquisition, Inc. Senior loan L + 4.25%
^(d)
6.75% 11/2021 42
42
—
42
RSC Acquisition, Inc.⁽⁵⁾
Senior loan L + 4.25%
N/A⁽⁶⁾
11/2022 —
(37 ) —
—
53,016
52,469
6.0
52,973
Leisure, Amusement, Motion Pictures, Entertainment
NFD Operating, LLC^*
One stop L + 7.00%
^(a)
8.98% 06/2021 2,153
2,134
0.2
2,153
NFD Operating, LLC One stop L + 7.00%
N/A⁽⁶⁾
06/2021 —
—
—
—
PADI Holdco, Inc.^#
One stop L + 5.75%
^(a)
7.85% 04/2023 12,669
12,501
1.4
12,669
PADI Holdco, Inc.^(8)(9)(10)
One stop E + 5.75%
^(g)
5.75% 04/2023 12,537
12,537
1.4
12,257
PADI Holdco, Inc. One stop L + 5.75%
^(a)
7.85% 04/2022 102
101
—
102
Self Esteem Brands, LLC^#*
Senior loan L + 4.75%
^(a)
6.84% 02/2020 8,852
8,812
1.0
8,852
Sunshine Sub, LLC^#
One stop L + 4.75%
^(a)
6.84% 05/2024 5,482
5,374
0.6
5,373
Sunshine Sub, LLC⁽⁵⁾
One stop L + 4.75%
N/A⁽⁶⁾
05/2024 —
(41 ) —
(42 )
Sunshine Sub, LLC⁽⁵⁾
One stop L + 4.75%
N/A⁽⁶⁾
05/2024 —
(1 ) —
(1 )
Teaching Company, The^#*
One stop L + 7.00%
^(a)(c)
9.31% 08/2020 12,093
12,054
1.4
12,093
Teaching Company, The One stop L + 7.00%
^(c)(f)
9.58% 08/2020 95
94
—
95
Titan Fitness, LLC^*
One stop L + 6.50%
^(a)
8.48% 09/2019 1,938
1,938
0.2
1,938
Titan Fitness, LLC^*
One stop L + 6.50%
^(a)
8.48% 09/2019 292
292
—
292
Titan Fitness, LLC^#
One stop L + 6.50%
^(a)
8.48% 09/2019 257
257
—
257
Titan Fitness, LLC^*
One stop L + 6.50%
^(a)
8.48% 09/2019 139
137
—
139
Titan Fitness, LLC One stop L + 6.50%
N/A⁽⁶⁾
09/2019
—

—

—
—
56,609
56,189
6.2
56,177
Mining, Steel, Iron and Non-Precious Metals
Benetech, Inc.^#
One stop L + 11.00%
^(a)
11.09% cash/2.00% PIK 05/2019 187
187
—
168
Benetech, Inc. One stop P + 9.75%
^(a)(f)
12.66% cash/2.00% PIK 05/2019 10
10
—
5

197

197

—
173
Oil and Gas
Drilling Info, Inc.^#*
One stop L + 5.50%
^(b)
7.67% 06/2020 38,316
38,082
4.3
38,316
Drilling Info, Inc. One stop L + 5.75%
N/A⁽⁶⁾
06/2020 —
—
—
—
38,316
38,082
4.3
38,316
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC^*
One stop L + 5.50%
^(c)
7.83% 11/2021 4,836
4,808
0.5
4,836
Georgica Pine Clothiers, LLC^#
One stop L + 5.50%
^(c)
7.83% 11/2021 422
420
0.1
422
Georgica Pine Clothiers, LLC^*
One stop L + 5.50%
^(c)
7.83% 11/2021 296
294
—
296
Georgica Pine Clothiers, LLC One stop L + 5.50%
^(c)
7.83% 11/2021 33
32
—
33
IMPLUS Footwear, LLC^#*
One stop L + 6.75%
^(a)
8.84% 04/2021 13,403
13,315
1.5
13,403
IMPLUS Footwear, LLC^*
One stop L + 6.75%
^(a)
8.84% 04/2021 2,360
2,344
0.3
2,360
Massage Envy, LLC^*
One stop L + 6.75%
^(c)(f)
9.06% 09/2020 3,128
3,113
0.4
3,128
Massage Envy, LLC One stop L + 6.75%
^(c)(f)
9.08% 09/2020 113
113
—
113
Massage Envy, LLC^*
One stop L + 6.75%
^(c)(f)
9.08% 09/2020 99
98
—
99
Massage Envy, LLC One stop L + 6.75%
^(c)
9.08% 09/2020 99
98
—
99
Massage Envy, LLC^*
One stop L + 6.75%
^(c)(f)
9.07% 09/2020 94
94
—
94
Massage Envy, LLC One stop L + 6.75%
^(c)(f)
9.11% 09/2020 90
90
—
90
Massage Envy, LLC^*
One stop L + 6.75%
^(c)(f)
9.07% 09/2020 71
70
—
71
Massage Envy, LLC^*
One stop L + 6.75%
^(c)(f)
9.10% 09/2020 46
45
—
46
Massage Envy, LLC^*
One stop L + 6.75%
^(c)(f)
9.10% 09/2020 30
30
—
30
Massage Envy, LLC One stop L + 6.75%
N/A⁽⁶⁾
09/2020 —
—
—
—
Massage Envy, LLC⁽⁵⁾
One stop L + 6.75%
N/A⁽⁶⁾
09/2020 —
(1 ) —
—
Orthotics Holdings, Inc.^#
One stop L + 5.50%
^(a)
7.59% 02/2020
3,666

3,645

0.4
3,592
Orthotics Holdings, Inc.^#(8)
One stop L + 5.50%
^(a)
7.59% 02/2020 601
598
0.1
589
Orthotics Holdings, Inc.⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
02/2020 —
(3 ) —
(2 )
Orthotics Holdings, Inc.⁽⁸⁾
One stop L + 5.50%
N/A⁽⁶⁾
02/2020 —
—
—
—



	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)
ONsite Mammography, LLC	One stop	L + 6.75%	^(a)	9.27%	11/2023	$	2,831	$	2,798		0.3	%	$	2,831
ONsite Mammography, LLC	One stop	L + 6.75%	^(c)(d)	9.44%	11/2023	427		414			0.1		427
ONsite Mammography, LLC	One stop	L + 6.75%	^(d)	9.62%	11/2023	4		3			—		4
Pinnacle Treatment Centers, Inc.^{^}	One stop	L + 5.75%	^(c)	8.28%	08/2021	9,625		9,524			0.9		9,625
Pinnacle Treatment Centers, Inc.^*	One stop	L + 5.75%	^(a)	8.26%	08/2021	357		353			—		357
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	^(c)	8.28%	08/2021	55		54			—		55
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	^(c)	8.28%	08/2021	42		41			—		42
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	^(b)(c)	8.28%	08/2021	23		22			—		23
Pinnacle Treatment Centers, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	08/2021	—		(14		)	—		—
PPT Management Holdings, LLC^*	One stop	L + 7.50%	^(a)	9.85%	12/2022	12,660		12,486			1.0		10,745
PPT Management Holdings, LLC	One stop	L + 7.50%	^(a)	9.85%	12/2022	146		146			—		124
PPT Management Holdings, LLC	One stop	L + 7.50%	^(a)	9.85%	12/2022	86		86			—		73
PPT Management Holdings, LLC	One stop	L + 7.50%	^(a)	9.85%	12/2022	42		34			—		34
PPT Management Holdings, LLC⁽⁵⁾	One stop	L + 7.50%	^(a)	9.85%	12/2022	8		5			—		(24		)
Pyramid Healthcare, Inc.^*	One stop	L + 6.50%	^(c)	9.03%	08/2020	326		323			—		322
Pyramid Healthcare, Inc.	One stop	L + 6.50%	^(a)	9.02%	08/2020	70		67			—		67
Riverchase MSO, LLC^{^}	Senior loan	L + 5.75%	^(c)	8.55%	10/2022	4,878		4,830			0.5		4,878
Riverchase MSO, LLC	Senior loan	L + 5.75%	^(c)	8.51%	10/2022	56		56			—		56
RXH Buyer Corporation^{^*}	One stop	L + 5.75%	^(c)	8.55%	09/2021	10,992		10,892			1.0		10,992
RXH Buyer Corporation^{^}	One stop	L + 5.75%	^(c)	8.55%	09/2021	1,244		1,239			0.1		1,244
RXH Buyer Corporation	One stop	P + 4.75%	^(c)(f)	9.51%	09/2021	92		90			—		92
SLMP, LLC	One stop	L + 6.00%	^(a)	8.52%	05/2023	5,583		5,517			0.5		5,583
SLMP, LLC^{^}	One stop	L + 6.00%	^(a)	8.52%	05/2023	4,689		4,635			0.4		4,689
SLMP, LLC	Subordinated debt	N/A		7.50% PIK	05/2027	117		117			—		117
SLMP, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	05/2023	—		(1		)	—		—
SLMP, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	05/2023	—		(9		)	—		—
Spear Education, LLC^{^}	One stop	L + 6.00%	^(c)	8.50%	08/2019	3,459		3,455			0.3		3,459
Spear Education, LLC	One stop	L + 6.00%	^(c)	8.34%	08/2019	178		177			—		178
Spear Education, LLC	One stop	L + 6.00%		N/A⁽⁶⁾	08/2019	—		—			—		—
Summit Behavioral Healthcare, LLC^{^}	Senior loan	L + 4.75%	^(c)	7.46%	10/2023	2,395		2,375			0.2		2,395
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	^(c)	7.50%	10/2023	118		111			—		118
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	^(b)(c)	7.44%	10/2023	19		18			—		19
WHCG Management, LLC^{^}	Senior loan	L + 5.00%	^(c)	7.80%	03/2023	3,940		3,905			0.4		3,861
WHCG Management, LLC	Senior loan	L + 5.00%	^(c)	7.75%	03/2023	100		99			—		98
WHCG Management, LLC⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	03/2023	—		(19		)	—		—
WIRB-Copernicus Group, Inc.^{^}	Senior loan	L + 4.25%	^(a)	6.77%	08/2022	10,901		10,839			1.0		10,901
WIRB-Copernicus Group, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	08/2022	—		(1		)	—		—
WIRB-Copernicus Group, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	08/2022	—		(19		)	—		—
						336,405		332,331			30.8		327,165
Home and Office Furnishings, Housewares, and Durable Consumer
1A Smart Start LLC^*	Senior loan	L + 4.50%	^(a)	7.02%	02/2022	549		548			0.1		547
CST Buyer Company	One stop	L + 5.00%	^(a)	7.52%	03/2023	3,038		2,972			0.3		3,038
CST Buyer Company⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	03/2023	—		(1		)	—		—
Plano Molding Company, LLC^*	One stop	L + 7.50%	^(a)	9.98%	05/2021	4,838		4,794			0.4		4,451
						8,425		8,313			0.8		8,036
Hotels, Motels, Inns, and Gaming
Aimbridge Hospitality, LLC^{^}	One stop	L + 5.00%	^(a)	7.52%	06/2022	6,313		6,234			0.6		6,313
Aimbridge Hospitality, LLC^{^}	One stop	L + 5.00%	^(a)	7.52%	06/2022	4,981		4,920			0.5		4,981
Aimbridge Hospitality, LLC^{^}	One stop	L + 5.00%	^(a)	7.52%	06/2022	1,052		1,038			0.1		1,052
Aimbridge Hospitality, LLC	One stop	L + 5.00%	^(a)	7.52%	06/2022	61		58			—		61
Aimbridge Hospitality, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	06/2022	—		(1		)	—		—
						12,407		12,249			1.2		12,407

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(In thousands)

Investment
Type

Spread
Above
Index⁽¹⁾

Interest
Rate⁽²⁾

Maturity
Date

Principal ($) /
Shares⁽³⁾
Amortized Cost
Percentage
of Net
Assets

Fair
Value ⁽⁴⁾
Personal and Non Durable Consumer Products (Mfg. Only) - (continued)
Team Technologies Acquisition Company^*
Senior loan L + 5.00%
^(c)(f)
7.36% 12/2018 $ 258
$ 258
—
% $ 258
Team Technologies Acquisition Company^#
Senior loan L + 5.50%
^(c)(f)
7.86% 12/2018 48
48
—
48
Team Technologies Acquisition Company Senior loan P + 3.75%
^(f)
8.75% 12/2018 4
4
—
4
29,697
29,513
3.3
29,609
Personal, Food and Miscellaneous Services
Captain D's, LLC^#
Senior loan L + 4.50%
^(a)
6.57% 12/2023 2,224
2,204
0.2
2,224
Captain D's, LLC Senior loan L + 4.50%
^(a)
6.57% 12/2023 3
3
—
3
Clarkson Eyecare LLC^#*
One stop L + 5.75%
^(c)
8.08% 04/2021 17,059
16,872
1.9
17,059
Clarkson Eyecare LLC One stop L + 5.75%
^(c)
8.08% 04/2021 8,465
8,397
0.9
8,465
Clarkson Eyecare LLC One stop L + 5.75%
^(a)
7.84% 04/2021 4,016
4,016
0.4
4,016
Clarkson Eyecare LLC^#
One stop L + 5.75%
^(c)
8.08% 04/2021 2,934
2,910
0.3
2,934
Clarkson Eyecare LLC^#
One stop L + 5.75%
^(c)
8.08% 04/2021 2,497
2,478
0.3
2,497
Clarkson Eyecare LLC One stop L + 5.75%
^(c)
8.08% 04/2021 711
670
0.1
711
Clarkson Eyecare LLC^#
One stop L + 5.75%
^(c)
8.08% 04/2021 658
656
0.1
658
Clarkson Eyecare LLC^#
One stop L + 5.75%
^(c)
8.08% 04/2021 485
478
0.1
485
Clarkson Eyecare LLC One stop L + 5.75%
^(a)(c)
8.00% 04/2021 364
304
—
364
Clarkson Eyecare LLC One stop L + 5.75%
^(c)
8.08% 04/2021 347
342
—
347
Clarkson Eyecare LLC⁽⁵⁾
One stop L + 5.75%
N/A⁽⁶⁾
04/2021 —
(38 ) —
—
Community Veterinary Partners, LLC One stop L + 5.50%
^(b)
7.60% 10/2021 1,950
1,945
0.2
1,950
Community Veterinary Partners, LLC^*
One stop L + 5.50%
^(b)
7.60% 10/2021 99
98
—
99
Community Veterinary Partners, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
10/2021 —
(33 ) —
—
PPV Intermediate Holdings II, LLC One stop N/A 7.90% PIK 05/2023 19
19
—
19
PPV Intermediate Holdings II, LLC⁽⁵⁾
One stop L + 5.00%
N/A⁽⁶⁾
05/2023 —
(1 ) —
(1 )
PPV Intermediate Holdings II, LLC⁽⁵⁾
One stop L + 5.00%
N/A⁽⁶⁾
05/2020 —
(90 ) —
(98 )
R.G. Barry Corporation^#
Senior loan L + 5.00%
^(a)
7.09% 09/2019 1,164
1,164
0.1
1,164
Ruby Slipper Cafe LLC, The One stop L + 7.50%
^(c)
9.86% 01/2023 70
55
—
70
Ruby Slipper Cafe LLC, The One stop L + 7.50%
^(c)
9.86% 01/2023 60
59
—
60
Ruby Slipper Cafe LLC, The One stop L + 7.50%
N/A⁽⁶⁾
01/2023 —
—
—
—
Southern Veterinary Partners, LLC^#
One stop L + 5.50%
^(a)
7.59% 05/2025 3,616
3,580
0.4
3,616
Southern Veterinary Partners, LLC One stop L + 5.50%
^(a)
7.59% 05/2025 1,921
1,902
0.2
1,921
Southern Veterinary Partners, LLC^*
One stop L + 5.50%
^(a)
7.59% 05/2025 1,577
1,552
0.2
1,577
Southern Veterinary Partners, LLC^#
One stop L + 5.50%
^(a)
7.59% 05/2025 1,042
1,031
0.1
1,042
Southern Veterinary Partners, LLC One stop L + 5.50%
^(a)
7.59% 05/2025 855
847
0.1
855
Southern Veterinary Partners, LLC One stop L + 5.50%
^(a)
7.59% 05/2025 779
733
0.1
779
Southern Veterinary Partners, LLC One stop L + 5.50%
^(a)
7.59% 05/2023 88
86
—
88
Southern Veterinary Partners, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
05/2025
—

(104 )
—
(106 )
Southern Veterinary Partners, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
05/2025 —
(38 ) —
—
Vetcor Professional Practices LLC^#*
One stop P + 5.25%
^(f)
10.25% 04/2021 27,067
26,761
3.0
27,067
Vetcor Professional Practices LLC^#
One stop P + 5.25%
^(f)
10.25% 04/2021 6,543
6,454
0.7
6,543
Vetcor Professional Practices LLC^#
One stop P + 5.25%
^(f)
10.25% 04/2021 2,343
2,315
0.3
2,343
Vetcor Professional Practices LLC One stop P + 5.25%
^(f)
10.25% 04/2021 2,254
2,102
0.3
2,254
Vetcor Professional Practices LLC^#
One stop P + 5.25%
^(f)
10.25% 04/2021 623
619
0.1
623
Vetcor Professional Practices LLC^*
One stop P + 5.25%
^(f)
10.25% 04/2021 618
611
0.1
618
Vetcor Professional Practices LLC^*
One stop P + 5.25%
^(f)
10.25% 04/2021 485
485
0.1
485
Vetcor Professional Practices LLC^*
One stop P + 5.25%
^(f)
10.25% 04/2021 473
467
0.1
473
Vetcor Professional Practices LLC^*
One stop P + 5.25%
^(f)
10.25% 04/2021 186
185
—
186
Vetcor Professional Practices LLC^*
One stop P + 5.25%
^(f)
10.25% 04/2021 152
151
—
152
Vetcor Professional Practices LLC One stop P + 5.25%
^(f)
10.25% 04/2021 130
127
—
130
Veterinary Specialists of North America, LLC^#*
One stop L + 5.50%
^(c)
7.86% 07/2021 3,823
3,792
0.4
3,823
Veterinary Specialists of North America, LLC One stop L + 5.50%
^(a)
7.59% 07/2021 465
461
0.1
465
Veterinary Specialists of North America, LLC One stop L + 5.50%
^(a)
7.59% 07/2021 421
417
—
421
Veterinary Specialists of North America, LLC^*
One stop L + 5.50%
^(a)
7.59% 07/2021 229
228
—
229
Veterinary Specialists of North America, LLC^*
One stop L + 5.50%
^(a)
7.59% 07/2021 88
88
—
88
Veterinary Specialists of North America, LLC^#
One stop L + 5.50%
^(a)
7.59% 07/2021 33
33
—
33
Veterinary Specialists of North America, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
07/2021 —
(8 ) —
—
Veterinary Specialists of North America, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
07/2021 —
(1 ) —
—
Wetzel's Pretzels, LLC^#*
One stop L + 6.75%
^(a)
8.73% 09/2021 8,336
8,250
0.9
8,273



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Insurance
Captive Resources Midco, LLC^{^}	One stop	L + 5.75%	^(a)	8.27%	12/2021	$	12,296	$	12,162		1.2	%	$	12,296
Captive Resources Midco, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2021	—		(3		)	—		—
Captive Resources Midco, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2021	—		(11		)	—		—
Integrity Marketing Acquisition, LLC^*	Senior loan	L + 4.25%	^(c)	6.96%	11/2025	1,522		1,514			0.1		1,514
Integrity Marketing Acquisition, LLC⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	11/2025	—		(2		)	—		(2		)
Internet Pipeline, Inc.^{^}	One stop	L + 4.75%	^(a)	7.28%	08/2022	10,224		10,094			1.0		10,224
Internet Pipeline, Inc.^{^}	One stop	L + 4.75%	^(a)	7.28%	08/2022	4,394		4,354			0.4		4,394
Internet Pipeline, Inc.⁽⁸⁾⁽⁹⁾	One stop	L + 4.75%	^(a)	7.28%	08/2022	3,523		3,481			0.3		3,357
Internet Pipeline, Inc.^{^}	One stop	L + 4.75%	^(a)	7.28%	08/2022	1,664		1,648			0.2		1,664
Internet Pipeline, Inc.	One stop	L + 4.75%		N/A⁽⁶⁾	08/2021	—		—			—		—
Orchid Underwriters Agency, LLC^*	Senior loan	L + 4.50%	^(c)	7.38%	12/2024	1,872		1,853			0.2		1,853
Orchid Underwriters Agency, LLC	Senior loan	L + 4.50%		N/A⁽⁶⁾	12/2024	—		—			—		—
Orchid Underwriters Agency, LLC⁽⁵⁾	Senior loan	L + 4.50%		N/A⁽⁶⁾	12/2024	—		(9		)	—		(9		)
RSC Acquisition, Inc.^{^*}	Senior loan	L + 4.25%	^(c)(f)	7.05%	11/2022	28,810		28,673			2.7		28,810
RSC Acquisition, Inc.	Senior loan	L + 4.25%	^(c)	7.05%	11/2021	31		31			—		31
RSC Acquisition, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	11/2022	—		(26		)	—		—
						64,336		63,759			6.1		64,132
Leisure, Amusement, Motion Pictures, Entertainment
NFD Operating, LLC^{^}	One stop	L + 7.00%	^(a)(c)	9.35%	06/2021	2,142		2,126			0.2		2,142
NFD Operating, LLC	One stop	L + 7.00%		N/A⁽⁶⁾	06/2021	—		—			—		—
PADI Holdco, Inc.^*(8)(9)	One stop	E + 5.75%	^(g)	5.75%	04/2023	12,474		12,474			1.1		11,968
PADI Holdco, Inc.^{^}	One stop	L + 5.75%	^(a)	8.28%	04/2023	12,605		12,455			1.2		12,605
PADI Holdco, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	04/2022	—		(1		)	—		—
Self Esteem Brands, LLC^{^}	Senior loan	L + 4.75%	^(a)	7.27%	02/2020	8,451		8,423			0.8		8,451
Sunshine Sub, LLC^{^}	One stop	L + 4.75%	^(a)	7.27%	05/2024	5,455		5,356			0.5		5,455
Sunshine Sub, LLC⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	05/2024	—		(1		)	—		—
Sunshine Sub, LLC⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	05/2024	—		(37		)	—		—
Teaching Company, The^{^}	One stop	L + 4.75%	^(c)	7.35%	07/2023	7,023		6,993			0.7		7,023
Teaching Company, The⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	07/2023	—		(1		)	—		—
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)(c)	8.85%	06/2021	1,928		1,928			0.2		1,928
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)(c)	8.85%	06/2021	291		290			—		291
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)(c)	8.85%	06/2021	255		255			—		255
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)(c)	8.85%	06/2021	138		137			—		138
Titan Fitness, LLC	One stop	L + 6.50%		N/A(6)	06/2021	—		—			—		—
WBZ Investment LLC^*	One stop	L + 5.50%	^(a)	7.93%	09/2024	3,454		3,422			0.3		3,454
WBZ Investment LLC	One stop	L + 5.50%	^(c)	8.31%	09/2024	20		19			—		20
WBZ Investment LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	09/2024	—		(26		)	—		—
						54,236		53,812			5.0		53,730
Mining, Steel, Iron and Non-Precious Metals
Benetech, Inc.^*	One stop	L + 10.00%	^(a)	10.52% cash/2.00% PIK	05/2019	183		183			—		183
Benetech, Inc.	One stop	P + 8.75%	^(a)(f)	11.87% cash/2.00% PIK	05/2019	7		7			—		7
						190		190			—		190
Oil and Gas
Drilling Info Holdings, Inc.^{^}	Senior loan	L + 4.25%	^(a)	6.77%	07/2025	15,203		15,022			1.4		15,203
Drilling Info Holdings, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	07/2023	—		(2		)	—		—
Drilling Info Holdings, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	07/2025	—		(40		)	—		—
						15,203		14,980			1.4		15,203

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(In thousands)

Investment
Type

Spread
Above
Index⁽¹⁾

Interest
Rate⁽²⁾

Maturity
Date

Principal ($) /
Shares⁽³⁾
Amortized Cost
Percentage
of Net
Assets

Fair
Value ⁽⁴⁾
Personal, Food and Miscellaneous Services - (continued)
Wetzel's Pretzels, LLC⁽⁵⁾
One stop L + 6.75%
N/A⁽⁶⁾
09/2021 $ —
$ (1 ) —
% $ —
107,272
105,633
11.8
107,004
Printing and Publishing



Brandmuscle, Inc.^*
Senior loan L + 5.00%
^(c)
7.33% 12/2021 534
530
0.1
537
   534
530
0.1
537
Retail Stores
Batteries Plus Holding Corporation^#*
One stop L + 6.75%
^(a)(f)
8.84% 07/2022 11,409
11,274
1.3
11,409
Batteries Plus Holding Corporation One stop L + 6.75%
^(a)
8.81% 07/2022 15
13
—
15
Cycle Gear, Inc.^*
One stop L + 6.50%
^(c)
8.81% 01/2020 7,514
7,474
0.8
7,514
Cycle Gear, Inc.^*
One stop L + 6.50%
^(c)
8.81% 01/2020 706
702
0.1
706
Cycle Gear, Inc.⁽⁵⁾
One stop L + 6.50%
N/A⁽⁶⁾
01/2020 —
(5 ) —
—
DTLR, Inc.^#*
One stop L + 6.50%
^(c)
8.86% 08/2022 19,557
19,314
2.2
19,557
Feeders Supply Company, LLC^#*
One stop L + 5.75%
^(a)
7.84% 04/2021 4,504
4,471
0.5
4,504
Feeders Supply Company, LLC Subordinated debt N/A 12.50% cash/7.00% PIK 04/2021 59
59
—
59
Feeders Supply Company, LLC One stop L + 5.75%
N/A⁽⁶⁾
04/2021 —
—
—
—
Marshall Retail Group LLC, The^#
One stop L + 6.00%
^(c)
8.31% 08/2020 3,124
3,124
0.3
3,124
Marshall Retail Group LLC, The One stop P + 4.75%
^(f)
9.75% 08/2019 96
96
—
96
Mills Fleet Farm Group LLC^#*
One stop L + 5.50%
^(a)
7.59% 02/2022 5,650
5,458
0.6
5,650
Pet Holdings ULC^#*(8)(11)
One stop L + 5.50%
^(c)
7.81% 07/2022 32,645
32,202
3.6
32,645
Pet Holdings ULC^*(8)(11)
One stop L + 5.50%
^(b)(c)
7.81% 07/2022 130
128
—
130
Pet Holdings ULC^(5)(8)(11)
One stop L + 5.50%
N/A⁽⁶⁾
07/2022 —
(2 ) —
—
PetPeople Enterprises, LLC^*
One stop L + 5.50%
^(a)
7.60% 09/2023 2,355
2,329
0.3
2,355
PetPeople Enterprises, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
09/2023 —
(2 ) —
—
PetPeople Enterprises, LLC⁽⁵⁾
One stop L + 5.50%
N/A⁽⁶⁾
09/2023 —
(1 ) —
—
   87,764
86,634
9.7
87,764
Telecommunications



NetMotion Wireless Holdings, Inc.^*
One stop L + 6.25%
^(c)
8.58% 10/2021 6,356
6,270
0.7
6,356
NetMotion Wireless Holdings, Inc.⁽⁵⁾
One stop L + 6.50%
N/A⁽⁶⁾
10/2021 —
(1 ) —
—
   6,356
6,269
0.7
6,356
Textiles and Leather
SHO Holding I Corporation^*
Senior loan L + 5.00%
^(c)
7.36% 10/2022 1903
1873
0.2
1827
SHO Holding I Corporation Senior loan L + 4.00%
^(c)
6.31% 10/2021 15
15
—
12
1,918
1,888
0.2
1,839
Utilities
Arcos, LLC^*
One stop L + 6.00%
^(c)
8.33% 02/2021 3294
3275
0.4
3294
Arcos, LLC One stop L + 6.00%
N/A⁽⁶⁾
02/2021 0
0
—
0
3,294
3,275
0.4
3,294

Total non-controlled/non-affiliate company debt investments $ 1,572,797
$ 1,553,361
174.3
% $ 1,561,615

Equity investments^(12)(13)

Aerospace and Defense

Whitcraft LLC Common stock N/A N/A N/A
7

$ 688

0.1
$ 955

Automobile
Grease Monkey International, LLC LLC units N/A N/A N/A 448
448
0.1
515
Polk Acquisition Corp. LP interest N/A N/A N/A 4
401
—
259
Quick Quack Car Wash Holdings, LLC LLC units N/A N/A N/A —
248
—
248
1,097
0.1
1,022
Beverage, Food and Tobacco
Cafe Rio Holding, Inc. Common stock N/A N/A N/A 3
283
—
307
Global ID Corporation LLC interest N/A N/A N/A 2
240
—
297
Hopdoddy Holdings, LLC LLC units N/A N/A N/A 17
84
—
83
Hopdoddy Holdings, LLC LLC units N/A N/A N/A 8
24
—
24
Mendocino Farms, LLC Common stock N/A N/A N/A 157
690
0.1
690



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	11/2021	$	4,811	$	4,787		0.5	%	$	4,763
Georgica Pine Clothiers, LLC^*	One stop	L + 5.50%	^(c)	8.30%	11/2022	3,019		2,989			0.3		2,989
Georgica Pine Clothiers, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	11/2021	420		418			—		416
Georgica Pine Clothiers, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	11/2021	295		293			—		292
Georgica Pine Clothiers, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	11/2021	—		(1		)	—		(1		)
IMPLUS Footcare, LLC^{^*}	One stop	L + 6.75%	^(c)	9.55%	04/2021	13,089		13,016			1.2		13,089
IMPLUS Footcare, LLC^{^}	One stop	L + 6.75%	^(c)	9.55%	04/2021	2,305		2,292			0.2		2,305
IMPLUS Footcare, LLC	One stop	L + 6.75%	^(c)	9.55%	04/2021	698		689			0.1		698
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.46%	09/2020	3,112		3,101			0.3		3,112
Massage Envy, LLC	One stop	L + 6.75%	^(c)(f)	9.54%	09/2020	152		151			—		152
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.50%	09/2020	113		112			—		113
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.45%	09/2020	99		98			—		99
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.55%	09/2020	98		98			—		98
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.50%	09/2020	94		93			—		94
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.51%	09/2020	90		89			—		90
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.51%	09/2020	70		70			—		70
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.45%	09/2020	45		45			—		45
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.54%	09/2020	30		30			—		30
Massage Envy, LLC	One stop	L + 6.75%	^(c)(f)	9.58%	09/2020	25		21			—		25
Massage Envy, LLC	One stop	L + 6.75%		N/A⁽⁶⁾	09/2020	—		—			—		—
Orthotics Holdings, Inc.^{^}	One stop	L + 5.50%	^(a)	8.02%	02/2020	3,647		3,632			0.3		3,647
Orthotics Holdings, Inc.^{^(8)}	One stop	L + 5.50%	^(a)	8.02%	02/2020	598		595			0.1		598
Orthotics Holdings, Inc.⁽⁸⁾	One stop	L + 5.50%		N/A⁽⁶⁾	02/2020	—		—			—		—
Orthotics Holdings, Inc.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	02/2020	—		(2		)	—		—
						32,810		32,616			3.0		32,724
Personal, Food and Miscellaneous Services
Captain D's, LLC^{^}	Senior loan	L + 4.50%	^(c)	7.30%	12/2023	2,213		2,194			0.2		2,213
Captain D's, LLC	Senior loan	P + 3.50%	^(a)(f)	8.15%	12/2023	9		9			—		9
Clarkson Eyecare LLC^{^*}	One stop	L + 6.25%	^(c)	8.77%	04/2021	43,393		43,071			4.1		43,393
Clarkson Eyecare LLC	One stop	L + 6.25%	^(a)	8.60%	04/2021	1,246		1,237			0.1		1,246
Clarkson Eyecare LLC	One stop	L + 6.25%	^(c)	8.77%	04/2021	257		253			—		257
Community Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	10/2021	1,940		1,936			0.2		1,940
Community Veterinary Partners, LLC	One stop	L + 5.50%	^(c)	8.30%	10/2021	767		767			0.1		767
Community Veterinary Partners, LLC	One stop	L + 5.50%	^(c)	8.30%	10/2021	578		578			0.1		578
Community Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	10/2021	515		515			0.1		515
Community Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(c)	8.30%	10/2021	99		97			—		99
Community Veterinary Partners, LLC	One stop	L + 5.50%	^(c)	8.30%	10/2021	45		6			—		45
Community Veterinary Partners, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	10/2021	—		(22		)	—		—
Imperial Optical Midco Inc.	One stop	L + 4.75%	^(b)(c)	7.38%	08/2023	658		601			0.1		658
Imperial Optical Midco Inc.	One stop	L + 4.75%	^(b)	7.25%	08/2023	150		148			—		150
Imperial Optical Midco Inc.	One stop	L + 4.75%		N/A⁽⁶⁾	08/2023	—		—			—		—
PPV Intermediate Holdings II, LLC	One stop	P + 4.00%	^(f)	9.50%	05/2023	32		31			—		32
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	19		19			—		19
PPV Intermediate Holdings II, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	05/2020	—		(65		)	—		—
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	^(c)	9.98%	01/2023	59		59			—		59
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	^(c)	10.03%	01/2023	70		56			—		70
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	^(c)	10.13%	01/2023	5		5			—		5
Southern Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	05/2025	3,598		3,565			0.3		3,598
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	8.02%	05/2025	2,171		2,151			0.2		2,171
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	8.02%	05/2025	1,911		1,894			0.2		1,911
Southern Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	05/2025	1,569		1,546			0.1		1,569
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	8.02%	05/2025	1,189		1,178			0.1		1,189
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	8.02%	05/2025	1,108		1,072			0.1		1,108
Southern Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	05/2025	1,036		1,027			0.1		1,036

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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⁾
Beverage, Food and Tobacco - (continued)
Purfoods, LLC LLC interest N/A N/A N/A 355
$ 355
0.1
% $ 429
1,676
0.2
1,830
Chemicals, Plastics and Rubber
Flexan, LLC Preferred stock N/A N/A N/A —
40
—
32
Flexan, LLC Common stock N/A N/A N/A —

—

—
—
40
—
32
Diversified/Conglomerate Manufacturing
Inventus Power, Inc. Preferred stock N/A N/A N/A —
259
—
—
Inventus Power, Inc. LLC units N/A N/A N/A —

38

—
38
Inventus Power, Inc. Common stock N/A N/A N/A —
—
—
—
Reladyne, Inc. LP interest N/A N/A N/A —
242
0.1
501
539
0.1
539
Diversified/Conglomerate Service
Accela, Inc. LLC units N/A N/A N/A 374
374
0.1
397
Agility Recovery Solutions Inc. Preferred stock N/A N/A N/A 30

152

—
182
Apttus Corporation Preferred stock N/A N/A N/A 21
319
0.1
341
Apttus Corporation Warrant N/A N/A N/A 41
235
—
257
Cloudbees, Inc. Preferred stock N/A N/A N/A 39
247
—
247
Cloudbees, Inc. Warrant N/A N/A N/A 35
46
—
46
Confluence Technologies, Inc. LLC interest N/A N/A N/A 1
106
—
106
Connexin Software, Inc. LLC interest N/A N/A N/A 84
84
—
84
Digital Guardian, Inc. Warrant N/A N/A N/A 67
11
—
11
GS Acquisitionco, Inc. LP interest N/A N/A N/A 1
117
—
117
HealthcareSource HR, Inc. LLC interest N/A N/A N/A —
165
—
154
Host Analytics, Inc. Warrant N/A N/A N/A 164
60
—
203
Maverick Bidco Inc. LLC units N/A N/A N/A 1
597
0.1
589
MMan Acquisition Co. LP interest N/A N/A N/A 334
334
—
323
Net Health Acquisition Corp. LP interest N/A N/A N/A —
436
0.1
454
Nexus Brands Group, Inc. LP interest N/A N/A N/A —
172
—
200
Project Alpha Intermediate Holding, Inc. Common stock N/A N/A N/A —
399
0.1
416
Project Alpha Intermediate Holding, Inc. Common stock N/A N/A N/A 99
4
—
—
Property Brands, Inc. Preferred stock N/A N/A N/A 34
345
0.1
357
Quickbase, Inc. Common stock N/A N/A N/A 615
260
0.1
691
Switchfly, Inc. Warrant N/A N/A N/A 86
118
—
102
Valant Medical Solutions, Inc. Warrant N/A N/A N/A 6
86
—
71
Verisys Corporation LLC interest N/A N/A N/A 318
318
—
334
Workforce Software, LLC LLC units N/A N/A N/A 1,373
1,373
0.2
1,666
Xmatters, Inc. and Alarmpoint, Inc. Preferred stock N/A N/A N/A 232
212
—
249
Xmatters, Inc. and Alarmpoint, Inc. Warrant N/A N/A N/A 41
33
—
20
6,603
0.9
7,617
Ecological

Pace Analytical Services, LLC Common stock N/A N/A N/A 3
302
—
269

Electronics
Diligent Corporation⁽¹⁸⁾
Preferred stock N/A N/A N/A 359
4
0.1
973
SEI, Inc. LLC units N/A N/A N/A 207
161
0.1
374
Sloan Company, Inc., The LLC units N/A N/A N/A —
74
—
—
Sloan Company, Inc., The LLC units N/A N/A N/A 1
7
—
—
246
0.2
1,347
Healthcare, Education and Childcare
Active Day, Inc. LLC interest N/A N/A N/A 1
529
0.1
480
Acuity Eyecare Holdings, LLC LLC interest N/A N/A N/A 419

419

0.1
396
ADCS Clinics Intermediate Holdings, LLC Preferred stock N/A N/A N/A 1
596
0.1
372
ADCS Clinics Intermediate Holdings, LLC Common stock N/A N/A N/A —
6
—
—
BIORECLAMATIONIVT, LLC LLC units N/A N/A N/A —
360
0.1
603
DCA Investment Holding, LLC LLC units N/A N/A N/A 5,253
525
0.1
656



	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)
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	8.02%	05/2025	$	851	$	843		0.1	%	$	851
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	8.02%	05/2025	775		740			0.1		775
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)(c)	8.01%	05/2023	54		53			—		54
Southern Veterinary Partners, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2025	—		(66		)	—		—
Veterinary Specialists of North America, LLC^{^}	One stop	L + 5.50%	^(a)(c)	7.97%	07/2021	3,804		3,778			0.4		3,804
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)(b)	8.07%	07/2021	501		497			0.1		501
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)	8.02%	07/2021	463		459			0.1		463
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)	8.02%	07/2021	419		415			0.1		419
Veterinary Specialists of North America, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	07/2021	228		227			—		228
Veterinary Specialists of North America, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	07/2021	88		88			—		88
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)	8.01%	07/2021	35		34			—		35
Veterinary Specialists of North America, LLC^{^}	One stop	L + 5.50%	^(a)	8.02%	07/2021	33		32			—		33
Veterinary Specialists of North America, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	07/2021	—		(2		)	—		—
Wetzel's Pretzels, LLC^{^}	One stop	L + 6.75%	^(a)	9.27%	09/2021	8,268		8,195			0.8		8,268
Wetzel's Pretzels, LLC	One stop	L + 6.75%	^(a)	9.27%	09/2021	19		19			—		19
						80,175		79,240			7.8		80,175
Printing and Publishing
Brandmuscle, Inc.^{^}	Senior loan	L + 5.00%	^(c)	7.80%	12/2021	531		528			0.1		534
Messenger, LLC^*	One stop	L + 6.00%	^(a)(f)	8.51%	08/2023	3,917		3,880			0.4		3,917
Messenger, LLC	One stop	L + 6.00%		N/A⁽⁶⁾	08/2023	—		—			—		—
						4,448		4,408			0.5		4,451
Retail Stores
Batteries Plus Holding Corporation^{^}	One stop	L + 6.75%	^(a)	9.27%	07/2022	11,350		11,231			1.1		11,350
Batteries Plus Holding Corporation⁽⁵⁾	One stop	L + 6.75%		N/A⁽⁶⁾	07/2022	—		(1		)	—		—
Boot Barn, Inc.^*	Senior loan	L + 4.50%	^(c)	7.31%	06/2021	206		202			—		206
Cycle Gear, Inc.^{^*}	One stop	L + 4.50%	^(c)	6.90%	01/2021	7,540		7,450			0.7		7,540
Cycle Gear, Inc.	One stop	L + 4.50%	^(a)(c)	7.21%	01/2021	837		824			0.1		837
Cycle Gear, Inc.^{^}	One stop	L + 4.50%	^(c)	6.90%	01/2021	703		700			0.1		703
DTLR, Inc.^{^*}	One stop	L + 6.50%	^(c)	9.06%	08/2022	19,458		19,245			1.8		19,458
Feeders Supply Company, LLC^{^}	One stop	L + 5.75%	^(a)	8.27%	04/2021	4,479		4,452			0.4		4,479
Feeders Supply Company, LLC	Subordinated debt	N/A		12.50% cash/7.00% PIK	04/2021	63		63			—		63
Feeders Supply Company, LLC	One stop	L + 5.75%		N/A⁽⁶⁾	04/2021	—		—			—		—
Jet Equipment & Tools Ltd^.*(8)(9)(12)	One stop	L + 5.75%	^(a)	8.03%	11/2024	9,791		9,672			0.9		9,300
Jet Equipment & Tools Ltd.^*(8)(12)	One stop	L + 5.75%	^(c)	8.55%	11/2024	2,327		2,304			0.2		2,304
Jet Equipment & Tools Ltd.^{(5)(8)(9)(12)}	One stop	L + 5.75%		N/A⁽⁶⁾	11/2024	—		(2		)	—		(1		)
Marshall Retail Group LLC, The^{^}	One stop	L + 6.00%	^(c)	8.40%	08/2020	3,124		3,124			0.3		3,124
Marshall Retail Group LLC, The	One stop	P + 4.75%	^(f)	10.25%	08/2019	115		115			—		115
Mills Fleet Farm Group LLC^{^*}	One stop	L + 6.25%	^(a)	8.77%	10/2024	37,030		36,408			3.5		37,030
Pet Holdings ULC^{^*(8)(12)}	One stop	L + 5.50%	^(c)	7.90%	07/2022	32,596		32,399			3.1		32,596
Pet Holdings ULC^{^(8)(12)}	One stop	L + 5.50%	^(c)	7.90%	07/2022	130		128			—		130
Pet Holdings ULC^(5)(8)(12)	One stop	L + 5.50%		N/A⁽⁶⁾	07/2022	—		(2		)	—		—
Pet Supplies Plus, LLC^*	Senior loan	L + 4.50%	^(c)	7.28%	12/2024	7,678		7,602			0.7		7,601
Pet Supplies Plus, LLC	Senior loan	P + 3.50%	^(f)	9.00%	12/2023	28		27			—		27
PetPeople Enterprises, LLC^{^}	One stop	L + 5.00%	^(a)	7.53%	09/2023	2,343		2,320			0.2		2,343
PetPeople Enterprises, LLC	One stop	L + 5.00%	^(a)	7.52%	09/2023	15		15			—		15
PetPeople Enterprises, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	09/2023	—		(2		)	—		—
Sola Franchise, LLC and Sola Salon Studios, LLC^*	One stop	L + 5.50%	^(c)	8.03%	10/2024	2,232		2,210			0.2		2,209
Sola Franchise, LLC and Sola Salon Studios, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	10/2024	—		—			—		(1		)
Sola Franchise, LLC and Sola Salon Studios, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	10/2024	—		(15		)	—		(16		)
Sola Franchise, LLC and Sola Salon Studios, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	10/2024	—		(19		)	—		(20		)
						142,045		140,450			13.3		141,392
Telecommunications
NetMotion Wireless Holdings, Inc.^{^}	One stop	L + 6.25%	^(c)	9.05%	10/2021	6,324		6,250			0.6		6,324
NetMotion Wireless Holdings, Inc.⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	10/2021	—		(1		)	—		—
						6,324		6,249			0.6		6,324

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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)
DCA Investment Holding, LLC LLC units N/A N/A N/A 53
$ 5
—
% $ 48
Deca Dental Management LLC LLC units N/A N/A N/A 651
651
0.1
764
Dental Holdings Corporation LLC units N/A N/A N/A 394
370
—
335
Elite Dental Partners LLC Common stock N/A N/A N/A —
426
0.1
426
Encore GC Acquisition, LLC LLC units N/A N/A N/A 8
81
—
104
Encore GC Acquisition, LLC LLC units N/A N/A N/A 8
—
—
—
ERG Buyer, LLC LLC units N/A N/A N/A —
418
0.1
418
ERG Buyer, LLC LLC units N/A N/A N/A 4
4
—
4
Eyecare Services Partners Holdings LLC LLC units N/A N/A N/A —
304
—
331
Eyecare Services Partners Holdings LLC LLC units N/A N/A N/A —
3
—
191
G & H Wire Company, Inc. LLC interest N/A N/A N/A 187
187
—
141
Kareo, Inc. Warrant N/A N/A N/A 29
203
—
4
Katena Holdings, Inc. LLC units N/A N/A N/A —
205
—
150
Lombart Brothers, Inc. Common stock N/A N/A N/A —
139
—
94
MWD Management, LLC & MWD Services, Inc. LLC interest N/A N/A N/A 230
230
—
196
Oliver Street Dermatology Holdings, LLC LLC units N/A N/A N/A 218
218
—
314
Pinnacle Treatment Centers, Inc. Preferred stock N/A N/A N/A —
226
—
250
Pinnacle Treatment Centers, Inc. Common stock N/A N/A N/A 2
2
—
—
RXH Buyer Corporation LP interest N/A N/A N/A 4
443
—
181
SLMP, LLC LLC interest N/A N/A N/A 378
378
0.1
471
Summit Behavioral Healthcare, LLC LLC interest N/A N/A N/A 1
86
—
76
Summit Behavioral Healthcare, LLC LLC interest N/A N/A N/A 1
—
—
—
WHCG Management, LLC LLC interest N/A N/A N/A —
281
—
188
7,295
0.9
7,193
Insurance
Internet Pipeline, Inc. Preferred stock N/A N/A N/A —

153

—
205
Internet Pipeline, Inc. Common stock N/A N/A N/A 93
2
—
340
155
—
545
Leisure, Amusement, Motion Pictures, Entertainment
PADI Holdco, Inc. LLC units N/A N/A N/A 1

539

0.1
534

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, LLC LLC units N/A N/A N/A 9
91
—
130

Personal, Food and Miscellaneous Services
Captain D's, LLC LLC interest N/A N/A N/A 88
88
—
90
Clarkson Eyecare LLC LLC units N/A N/A N/A —
86
—
134
Community Veterinary Partners, LLC Common stock N/A N/A N/A 2
210
—
244
PPV Intermediate Holdings II, LLC LLC interest N/A N/A N/A 160
160
—
160
Ruby Slipper Cafe LLC, The LLC units N/A N/A N/A 19
186
—
186
Southern Veterinary Partners, LLC LLC units N/A N/A N/A —
282
0.1
417
Southern Veterinary Partners, LLC LLC units N/A N/A N/A 83
3
—
—
Vetcor Professional Practices LLC LLC units N/A N/A N/A 498
234
—
283
Vetcor Professional Practices LLC LLC units N/A N/A N/A 55
55
0.2
1,527
Veterinary Specialists of North America, LLC LLC units N/A N/A N/A —
56
—
85
Wetzel's Pretzels, LLC Common stock N/A N/A N/A —
149
—
206
1,509
0.3
3,332
Printing and Publishing
Brandmuscle, Inc. LLC interest N/A N/A N/A —
207
—
168

Retail Stores
Batteries Plus Holding Corporation LP interest N/A N/A N/A 5
505
0.1
744
Cycle Gear, Inc. LLC units N/A N/A N/A 8
111
—
202
Elite Sportswear, L.P. LLC interest N/A N/A N/A —
70
—
23



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost		Percentage of Net Assets		Fair Value ⁽⁴⁾
Textiles and Leather
SHO Holding I Corporation^{^}	Senior loan	L + 5.00%	^(c)	7.53%	10/2022	$	1,893	$	1,867	0.2	%	$	1,817
SHO Holding I Corporation	Senior loan	L + 4.00%	^(c)	6.44%	10/2021	15		15		—		13
						1,908		1,882		0.2		1,830
Utilities
Arcos, LLC^{^}	One stop	L + 6.00%	^(c)	8.8%	02/2021	3294		3278		0.3		3294
Arcos, LLC	One stop	L + 6.00%		N/A⁽⁶⁾	02/2021	—		—		—		—
						3,294		3,278		0.3		3,294

Total non-controlled/non-affiliate company debt investments						$	1,798,116	$	1,777,891	168.5	%	$	1,780,301

Equity investments^(12)(13)
Aerospace and Defense
Whitcraft LLC	Common stock	N/A		N/A	N/A	7		$	688	0.1	%	$	1,166

Automobile
Grease Monkey International, LLC	LLC units	N/A		N/A	N/A	448		448		0.1		720
Polk Acquisition Corp.	LP interest	N/A		N/A	N/A	4		401		—		172
Quick Quack Car Wash Holdings, LLC	LLC units	N/A		N/A	N/A	—		248		—		248
								1,097		0.1		1,140
Beverage, Food and Tobacco
Cafe Rio Holding, Inc.	Common stock	N/A		N/A	N/A	3		283		—		349
Global ID Corporation	LLC interest	N/A		N/A	N/A	2		240		—		320
Hopdoddy Holdings, LLC	LLC units	N/A		N/A	N/A	17		84		—		73
Hopdoddy Holdings, LLC	LLC units	N/A		N/A	N/A	8		24		—		21
Mendocino Farms, LLC	Common stock	N/A		N/A	N/A	157		690		0.1		668
Purfoods, LLC	LLC interest	N/A		N/A	N/A	355		355		0.1		555
Wood Fired Holding Corp.	LLC units	N/A		N/A	N/A	232		232		—		232
Wood Fired Holding Corp.	LLC units	N/A		N/A	N/A	232		—		—		—
								1,908		0.2		2,218
Chemicals, Plastics and Rubber
Flexan, LLC	Preferred stock	N/A		N/A	N/A	—		40		—		31
Flexan, LLC	Common stock	N/A		N/A	N/A	—		—		—		—
Inhance Technologies Holdings LLC	LLC units	N/A		N/A	N/A	—		80		—		80
								120		—		111
Diversified/Conglomerate Manufacturing
Inventus Power, Inc.	Preferred stock	N/A		N/A	N/A	—		259		—		—
Inventus Power, Inc.	LLC units	N/A		N/A	N/A	—		38		—		37
Inventus Power, Inc.	Common stock	N/A		N/A	N/A	—		—		—		—
Reladyne, Inc.	LP interest	N/A		N/A	N/A	—		242		0.1		576
								539		0.1		613

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~June 30,~~December 31, 2018

(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⁾
Retail Stores - (continued)
Feeders Supply Company, LLC Preferred stock N/A N/A N/A 2
$ 179
—
% $ 219
Feeders Supply Company, LLC Common stock N/A N/A N/A —

—

—
55
Pet Holdings ULC^(8)(11)
LP interest N/A N/A N/A 222
188
—
260
1,053
0.1
1,503

Total non-controlled/non-affiliate company equity investments
$ 22,040

3.0
% $ 27,016

Total non-controlled/non-affiliate company investments $ 1,572,797
$ 1,575,401
177.3
% $ 1,588,631

Controlled affiliate company investments⁽¹⁵⁾

Equity investments
Investment Funds and Vehicles
GCIC Senior Loan Fund LLC^(8)(16)
LLC interest N/A N/A N/A 52,294
$ 52,294
6.0
$ 54,004

Total controlled affiliate company equity investments
$ 52,294

6.0
% $ 54,004

Total controlled affiliate company investments
$ 52,294

6.0
% $ 54,004

Total investments
$ 1,572,797

$ 1,627,695

183.3
% $ 1,642,635

Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents



Cash, foreign currencies and restricted cash
$ 38,893
4.3
% $ 38,893
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
1.77% ⁽¹⁷⁾

41
—
41
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
$ 38,934

4.3
% $ 38,934

Total investments and cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
$ 1,666,629

187.6
% $ 1,681,569



	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
Accela, Inc.	LLC units	N/A	N/A	N/A	374	$	374	0.1	%	$	381
Agility Recovery Solutions Inc.	Preferred stock	N/A	N/A	N/A	30	152		—		231
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	1	1,326		0.1		1,382
Caliper Software, Inc.	Common stock	N/A	N/A	N/A	117	117		—		117
Centrify Corporation	LP interest	N/A	N/A	N/A	—	400		0.1		400
Centrify Corporation	LP interest	N/A	N/A	N/A	141	—		—		—
Cloudbees, Inc.	Preferred stock	N/A	N/A	N/A	39	247		—		248
Cloudbees, Inc.	Warrant	N/A	N/A	N/A	35	46		—		81
Confluence Technologies, Inc.	LLC interest	N/A	N/A	N/A	1	106		—		131
Connexin Software, Inc.	LLC interest	N/A	N/A	N/A	84	84		—		117
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	67	11		—		67
GS Acquisitionco, Inc.	LP interest	N/A	N/A	N/A	1	117		—		172
HealthcareSource HR, Inc.	LLC interest	N/A	N/A	N/A	—	165		—		196
Host Analytics, Inc.	Warrant	N/A	N/A	N/A	164	60		—		66
Hydraulic Authority III Limited^(8)(9)(10)	Preferred stock	N/A	N/A	N/A	151	192		—		192
Hydraulic Authority III Limited^(8)(9)(10)	Common stock	N/A	N/A	N/A	3	—		—		—
Kareo, Inc.	Warrant	N/A	N/A	N/A	29	203		—		2
Kareo, Inc.	Preferred stock	N/A	N/A	N/A	1	5		—		6
Maverick Bidco Inc.	LLC units	N/A	N/A	N/A	1	597		0.1		630
MMan Acquisition Co.	LP interest	N/A	N/A	N/A	334	334		—		123
MMan Acquisition Co.	Preferred stock	N/A	N/A	N/A	—	26		—		27
Net Health Acquisition Corp.	LP interest	N/A	N/A	N/A	—	436		0.1		452
Nexus Brands Group, Inc.	LP interest	N/A	N/A	N/A	—	236		—		274
Personify, Inc.	LLC units	N/A	N/A	N/A	342	342		—		339
Pride Midco, Inc.	Preferred stock	N/A	N/A	N/A	1	1,256		0.1		1,306
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	—	399		0.1		488
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	99	4		—		82
Property Brands, Inc.	Preferred stock	N/A	N/A	N/A	34	345		0.1		393
Quickbase, Inc.	Common stock	N/A	N/A	N/A	615	—		0.2		1,773
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	—	157		—		157
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	2	—		—		—
Valant Medical Solutions, Inc.	Warrant	N/A	N/A	N/A	6	86		—		47
Verisys Corporation	LLC interest	N/A	N/A	N/A	318	318		—		239
Workforce Software, LLC	LLC units	N/A	N/A	N/A	1,373	1,373		0.1		1,519
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	232	212		—		211
Xmatters, Inc. and Alarmpoint, Inc.	Warrant	N/A	N/A	N/A	41	33		—		16
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	10	10		—		12
						9,769		1.1		11,877
Ecological
Pace Analytical Services, LLC	Common stock	N/A	N/A	N/A	3	302		—		296

Electronics
Diligent Corporation	Preferred stock	N/A	N/A	N/A	359	4		0.1		1,438
Episerver, Inc.	Common stock	N/A	N/A	N/A	40	404		0.1		404
SEI, Inc.	LLC units	N/A	N/A	N/A	207	161		0.1		378
Sloan Company, Inc., The	LLC units	N/A	N/A	N/A	—	74		—		—
Sloan Company, Inc., The	LLC units	N/A	N/A	N/A	1	7		—		—
						650		0.3		2,220

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2018

(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
Active Day, Inc.	LLC interest	N/A	N/A	N/A	1	$	529	—	%	$	317
Acuity Eyecare Holdings, LLC	LLC interest	N/A	N/A	N/A	796	852		0.1		915
ADCS Clinics Intermediate Holdings, LLC	Preferred stock	N/A	N/A	N/A	1	596		0.1		432
ADCS Clinics Intermediate Holdings, LLC	Common stock	N/A	N/A	N/A	—	6		—		—
BIO18 Borrower, LLC	LLC interest	N/A	N/A	N/A	105	548		0.1		548
BIOVT, LLC	LLC units	N/A	N/A	N/A	—	360		0.1		631
CRH Healthcare Purchaser, Inc.	LP interest	N/A	N/A	N/A	228	228		—		228
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	5,253	525		0.1		681
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	53	5		—		12
Deca Dental Management LLC	LLC units	N/A	N/A	N/A	651	651		0.1		674
Dental Holdings Corporation	LLC units	N/A	N/A	N/A	394	370		—		239
Elite Dental Partners LLC	Common stock	N/A	N/A	N/A	—	426		0.1		474
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8	81		—		109
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8	—		—		16
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	—	418		—		213
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	4	4		—		—
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—	304		—		198
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—	3		—		—
G & H Wire Company, Inc.	LLC interest	N/A	N/A	N/A	187	188		—		138
Katena Holdings, Inc.	LLC units	N/A	N/A	N/A	—	205		—		175
Lombart Brothers, Inc.	Common stock	N/A	N/A	N/A	1	146		—		175
MD Now Holdings, Inc.	LLC units	N/A	N/A	N/A	8	78		—		78
MWD Management, LLC & MWD Services, Inc.	LLC interest	N/A	N/A	N/A	230	230		—		155
Oliver Street Dermatology Holdings, LLC	LLC units	N/A	N/A	N/A	218	218		—		286
Pinnacle Treatment Centers, Inc.	Preferred stock	N/A	N/A	N/A	—	226		—		267
Pinnacle Treatment Centers, Inc.	Common stock	N/A	N/A	N/A	2	2		—		17
RXH Buyer Corporation	LP interest	N/A	N/A	N/A	4	443		—		234
SLMP, LLC	LLC interest	N/A	N/A	N/A	378	378		—		417
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	86		—		60
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	—		—		—
WHCG Management, LLC	LLC interest	N/A	N/A	N/A	—	314		—		105
						8,420		0.7		7,794
Insurance
Internet Pipeline, Inc.	Preferred stock	N/A	N/A	N/A	—	153		—		209
Internet Pipeline, Inc.	Common stock	N/A	N/A	N/A	93	2		0.1		367
Orchid Underwriters Agency, LLC	LP interest	N/A	N/A	N/A	42	42		—		42
						197		0.1		618
Leisure, Amusement, Motion Pictures, Entertainment
PADI Holdco, Inc.	LLC units	N/A	N/A	N/A	1	539		0.1		602
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	36	56		—		56
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	25	38		—		38
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	20	31		—		31
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	18	27		—		27
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	8	12		—		12
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	1	1		—		1
						704		0.1		767
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	—		—		1
						—		—		1
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC⁽¹⁵⁾	LLC units	N/A	N/A	N/A	9	91		—		114

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost		Percentage of Net Assets		Fair Value ⁽⁴⁾
Personal, Food and Miscellaneous Services
Captain D's, LLC	LLC interest	N/A		N/A	N/A	88		$	88	—	%	$	70
Clarkson Eyecare LLC	LLC units	N/A		N/A	N/A	—		86		—		182
Community Veterinary Partners, LLC	Common stock	N/A		N/A	N/A	2		210		0.1		290
PPV Intermediate Holdings II, LLC	LLC interest	N/A		N/A	N/A	160		160		—		180
Ruby Slipper Cafe LLC, The	LLC units	N/A		N/A	N/A	19		186		—		222
Southern Veterinary Partners, LLC	LLC units	N/A		N/A	N/A	—		282		0.1		446
Southern Veterinary Partners, LLC	LLC units	N/A		N/A	N/A	83		3		—		56
Veterinary Specialists of North America, LLC	LLC units	N/A		N/A	N/A	—		56		—		112
Wetzel's Pretzels, LLC	Common stock	N/A		N/A	N/A	—		149		—		202
								1,220		0.2		1,760
Printing and Publishing
Brandmuscle, Inc.	LLC interest	N/A		N/A	N/A	—		207		—		139

Retail Stores
Batteries Plus Holding Corporation	LP interest	N/A		N/A	N/A	5		505		0.1		802
Cycle Gear, Inc.	LLC units	N/A		N/A	N/A	8		111		—		212
Elite Sportswear, L.P.	LLC interest	N/A		N/A	N/A	—		73		—		10
Feeders Supply Company, LLC	Preferred stock	N/A		N/A	N/A	2		179		—		229
Feeders Supply Company, LLC	Common stock	N/A		N/A	N/A	—		—		—		32
Jet Equipment & Tools Ltd.^(8)(9)(12)	LLC units	N/A		N/A	N/A	1		384		0.1		485
Pet Holdings ULC^(8)(12)	LP interest	N/A		N/A	N/A	222		188		—		225
Pet Supplies Plus, LLC	LLC units	N/A		N/A	N/A	77		77		—		77
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	2		206		—		206
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	—		41		—		41
								1,764		0.2		2,319

Total non-controlled/non-affiliate company equity investments								$	27,676	3.2	%	$	33,153

Total non-controlled/non-affiliate company investments						$	1,798,116	$	1,805,567	171.7	%	$	1,813,454

Non-controlled affiliate company investments⁽¹⁶⁾
Debt investments
Diversified/Conglomerate Service
Switchfly LLC⁽⁸⁾	One stop	L + 3.00%	^(c)	5.40%	10/2023	$	3,067	$	3,010	0.3	%	$	2,761
Switchfly LLC⁽⁸⁾	One stop	L + 3.00%	^(c)	5.40%	10/2023	256		251		—		230
Switchfly LLC⁽⁸⁾	One stop	L + 3.00%	^(c)	5.40%	10/2023	17		17		—		15
Switchfly LLC⁽⁸⁾	One stop	L + 8.50%		N/A⁽⁶⁾	10/2023	—		—		—		—
						3,340		3,278		0.3		3,006

Total non-controlled affiliate company debt investments						$	3,340	$	3,278	0.3		$	3,006

Equity investments^(13)(14)
Diversified/Conglomerate Service
Switchfly LLC⁽⁸⁾	LLC units	N/A		N/A	N/A	1,734		$	867	0.1	%	$	1,124

Total non-controlled affiliate company equity investments								$	867	0.1		$	1,124

Total non-controlled affiliate company investments						$	3,340	$	4,145	0.4		$	4,130

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2018

(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⁽¹⁷⁾
Equity investments^(13)(14)
Investment Funds and Vehicles
GCIC Senior Loan Fund LLC^(8)(18)	LLC interest	N/A	N/A	N/A	48,356		$	48,356	4.7	%	$	50,069

Total controlled affiliate company equity investments							$	48,356	4.7	%	$	50,069

Total controlled affiliate company investments							$	48,356	4.7	%	$	50,069

Total investments					$	1,801,456	$	1,858,068	176.7	%	$	1,867,653

Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
Cash, foreign currencies and restricted cash							$	82,132	7.8	%	$	82,132
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents							$	82,132	7.8	%	$	82,132

Total investments and cash, cash equivalents, foreign currencies and restricted cash and cash equivalents							$	1,940,200	184.5	%	$	1,949,785



^#	Denotes that all or a portion of the investment collateralizes the Credit Facility (as defined in Note 7).
^*	Denotes that all or a portion of the investment secures the notes offered in the ~~GCIC 2016~~CLO III 2018 Debt Securitization (as defined in Note 7).

⁽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’’), Euro Interbank Offered Rate ("EURIBOR" or "E") or Prime (‘‘P’’) and which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of ~~June~~December 31, 2018. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of December 31, 2018, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2018, as the loan may have priced or repriced based on an index rate prior to December 31, 2018.

^(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 2.50% as of December 31, 2018.

^(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 2.61% as of December 31, 2018.

^(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 2.81% as of December 31, 2018.

^(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 2.88% as of December 31, 2018.

^(e)Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 3.01% as of December 31, 2018.

^(f)Denotes that all or a portion of the loan was indexed to the Prime rate, which was 5.50% as of December 31, 2018.

^(g)Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.31% as of December 31, 2018.

^(h)Denotes that all or a portion of the loan was indexed to the 30-day GBP LIBOR, which was 0.73% as of December 31, 2018.

⁽ⁱ⁾Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.91% as of December 31, 2018.

^(j)Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 1.03% as of December 31, 2018.


⁽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, 2018.


⁽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, 2018. 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, 2018, 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, 2018, total non-qualifying assets at fair value represented 6.5% of the Company’s assets calculated in accordance with the 1940 Act.


⁽⁹⁾	Loan is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.


⁽¹⁰⁾	The headquarters of this portfolio company is located in United Kingdom.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2018

(In thousands)


⁽¹¹⁾	The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing ("ASC Topic 860"), and therefore, the entire one stop loan asset remains in the Consolidated Schedule of Investments. See Note 7. Borrowings.


⁽¹²⁾	The headquarters of this portfolio company is located in Canada.


⁽¹³⁾	Equity investments are non-income producing securities unless otherwise noted.


⁽¹⁴⁾	Ownership of certain equity investments may occur through a holding company or partnership.


⁽¹⁵⁾	The Company holds an equity investment that entitles it to receive preferential dividends.


⁽¹⁶⁾	As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2018 were as follows:



Portfolio Company	Fair value as of September 30, 2018		Purchases(cost)		Redemptions (cost)		Discount accretion			Net change in unrealized gain/(loss)		Fair value as of December 31, 2018		Net realized gain/(loss)		Interest and fee income		Dividend income
Switchfly LLC^(k)	$	3,716	$	325	$	—	$	(19	)	$	108	$	4,130	$	—	$	29	$	—
Total Non -Controlled Affiliates	$	3,716	$	325	$	—	$	(19	)	$	108	$	4,130	$	—	$	29	$	—

(k) Purchases at cost includes amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans.

⁽¹⁷⁾ 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, 2018 were as follows:



Portfolio Company	Fair value as of September 30, 2018		Purchases(cost)		Redemptions (cost)		Discount accretion		Net change in unrealized gain/(loss)		Fair value as of December 31, 2018		Net realized gain/(loss)		Interest and fee income		Dividend income
GCIC Senior Loan Fund LLC ^(l)	$	49,939	$	—	$	—	$	—	$	130	$	50,069	$	—	$	—	$	1,036
Total Controlled Affiliates	$	49,939	$	—	$	—	$	—	$	130	$	50,069	$	—	$	—	$	1,036

^(l)Together with Aurora National Life Assurance Company ("Aurora"), the Company co-invests through GCIC Senior Loan Fund ("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 have sole control over significant actions of GCIC SLF for purposes of the 1940 Act or otherwise.


⁽¹⁸⁾	The Company receives quarterly profit distributions from its equity investment in GCIC Senior Loan Fund LLC. See Note 5. Investments.


⁽¹⁹⁾	The rate shown is the annualized seven-day yield as of December 31, 2018.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
ILC Dover, LP^*	Senior loan	L + 4.75%	^(c)	7.14%	12/2023	$	1,327	$	1,315		0.1	%	$	1,327
NTS Technical Systems^{^}	One stop	L + 6.25%	^(a)	8.36%	06/2021	3,242		3,209			0.4		3,242
NTS Technical Systems⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	06/2021	—		(8		)	—		—
Tresys Technology Holdings, Inc.⁽⁷⁾	One stop	L + 6.75%	^(a)	8.99%	12/2018	53		28			—		11
Tresys Technology Holdings, Inc.⁽⁷⁾	One stop	L + 6.75%	^(a)	8.99%	12/2018	9		9			—		9
Tronair Parent, Inc.^*	Senior loan	L + 4.75%	^(c)	7.56%	09/2023	366		363			—		366
Tronair Parent, Inc.	Senior loan	L + 4.50%	^(a)(b)(c)(f)	7.03%	09/2021	80		79			—		80
Whitcraft LLC^{*^}	One stop	L + 6.25%	^(c)	8.64%	04/2023	16,144		15,961			1.7		16,144
Whitcraft LLC^{^}	One stop	L + 6.25%	^(c)	8.64%	04/2023	4,145		4,114			0.4		4,145
Whitcraft LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	04/2023	—		(1		)	—		—
Whitcraft LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	04/2023	—		(53		)	—		—
						25,366		25,016			2.6		25,324
Automobile
Dent Wizard International Corporation^{^}	Senior loan	L + 4.00%	^(a)	6.23%	04/2020	2,161		2,154			0.2		2,161
Grease Monkey International, LLC^{^}	Senior loan	L + 5.00%	^(a)	7.24%	11/2022	3,051		3,020			0.3		3,016
Grease Monkey International, LLC^{^}	Senior loan	L + 5.00%	^(a)	7.24%	11/2022	1,152		1,147			0.1		1,139
Grease Monkey International, LLC	Senior loan	L + 5.00%	^(a)	7.24%	11/2022	410		383			0.1		385
Grease Monkey International, LLC	Senior loan	L + 5.00%	^(a)	7.24%	11/2022	21		20			—		20
Grease Monkey International, LLC⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	11/2022	—		(21		)	—		(22		)
Polk Acquisition Corp.^	Senior loan	L + 5.00%	^(a)	7.24%	06/2022	4,755		4,740			0.5		4,755
Quick Quack Car Wash Holdings, LLC^*	One stop	L + 6.50%	^(a)	8.74%	04/2023	4,600		4,548			0.5		4,600
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	^(a)	8.67%	04/2023	1,954		1,936			0.2		1,954
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	^(a)	8.70%	04/2023	40		39			—		40
Quick Quack Car Wash Holdings, LLC⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	04/2023	—		(56		)	—		—
						18,144		17,910			1.9		18,048
Beverage, Food and Tobacco
Abita Brewing Co., L.L.C.^*	One stop	L + 5.75%	^(a)	7.99%	04/2021	3,377		3,357			0.4		3,377
Abita Brewing Co., L.L.C.	One stop	L + 5.75%		N/A⁽⁶⁾	04/2021	—		—			—		—
C. J. Foods, Inc.^{*^}	One stop	L + 6.25%	^(c)	8.64%	05/2020	20,893		20,778			2.2		20,893
C. J. Foods, Inc.	One stop	L + 6.25%	^(c)	8.64%	05/2020	1,580		1,579			0.2		1,580
C. J. Foods, Inc.	One stop	L + 6.25%	^(c)	8.58%	05/2020	1,259		1,258			0.1		1,259
Cafe Rio Holding, Inc.^{*^}	One stop	L + 5.75%	^(a)	7.99%	09/2023	8,623		8,499			0.9		8,623
Cafe Rio Holding, Inc.^{^}	One stop	L + 5.75%	^(a)	7.99%	09/2023	1,377		1,365			0.2		1,377
Cafe Rio Holding, Inc.	One stop	L + 5.75%	^(a)	7.99%	09/2023	691		631			0.1		691
Cafe Rio Holding, Inc.	One stop	P + 4.75%	^(f)	10.00%	09/2023	10		8			—		10
Fintech Midco, LLC^*	One stop	L + 6.00%	^(a)	8.25%	08/2024	11,915		11,799			1.3		11,796
Fintech Midco, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	08/2024	—		(1		)	—		(1		)
Fintech Midco, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	08/2024	—		(33		)	—		(33		)
Firebirds International, LLC^{^}	One stop	L + 5.75%	^(a)	7.89%	12/2018	3,252		3,251			0.4		3,252
Firebirds International, LLC^{^}	One stop	L + 5.75%	^(a)	7.89%	12/2018	916		916			0.1		916
Firebirds International, LLC^{^}	One stop	L + 5.75%	^(a)	7.89%	12/2018	294		294			—		294
Firebirds International, LLC	One stop	L + 5.75%	^(c)	7.99%	12/2018	129		128			—		129
Firebirds International, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2018	—		(1		)	—		—
Flavor Producers, LLC^*	Senior loan	L + 4.75%	^(c)	7.13%	12/2023	2,723		2,688			0.3		2,723
Flavor Producers, LLC⁽⁵⁾	Senior loan	L + 4.75%		N/A⁽⁶⁾	12/2022	—		(1		)	—		—
FWR Holding Corporation^{^}	One stop	L + 5.75%	^(a)	7.99%	08/2023	4,038		3,989			0.4		4,038
FWR Holding Corporation	One stop	L + 5.75%	^(a)	7.99%	08/2023	1,110		1,101			0.1		1,110
FWR Holding Corporation	One stop	L + 5.75%	^(a)(f)	8.80%	08/2023	42		41			—		42
FWR Holding Corporation⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	08/2023	—		(26		)	—		—
Global Franchise Group, LLC^{^}	Senior loan	L + 5.75%	^(a)	7.99%	12/2019	4,080		4,058			0.4		4,080

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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⁾
Beverage, Food and Tobacco - (continued)
Global Franchise Group, LLC	Senior loan	L + 5.75%		N/A⁽⁶⁾	12/2019	$	—	$	—		—	%	$	—
Global ID Corporation^*	One stop	L + 6.50%	^(c)	8.84%	11/2021	5,102		5,062			0.5		5,102
Global ID Corporation^{^}	One stop	L + 6.50%	^(c)	8.84%	11/2021	758		752			0.1		758
Global ID Corporation	One stop	L + 6.50%		N/A⁽⁶⁾	11/2021	—		—			—		—
Global ID Corporation⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	11/2021	—		(10		)	—		—
Hopdoddy Holdings, LLC	One stop	L + 9.50%	^(c)	10.31% cash/1.50% PIK	08/2020	843		841			0.1		843
Hopdoddy Holdings, LLC	One stop	L + 9.50%	^(c)	10.34% cash/1.50% PIK	08/2020	454		447			0.1		454
Hopdoddy Holdings, LLC	One stop	L + 9.50%	^(c)	10.32% cash/1.50% PIK	08/2020	3		2			—		3
Mendocino Farms, LLC⁽⁵⁾	One stop	L + 8.50%		N/A⁽⁶⁾	06/2023	—		(23		)	—		—
Mid-America Pet Food, L.L.C.^{*^}	One stop	L + 6.00%	^(c)	8.39%	12/2021	12,185		12,085			1.3		12,185
Mid-America Pet Food, L.L.C.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	12/2021	—		(1		)	—		—
NBC Intermediate, LLC ^*	Senior loan	L + 4.25%	^(a)	6.50%	09/2023	1,387		1,373			0.1		1,373
Purfoods, LLC^{*^}	One stop	L + 6.00%	^(c)	8.31%	05/2021	7,797		7,735			0.8		7,797
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	352		349			—		352
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	268		266			—		268
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	268		266			—		268
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.33%	05/2021	268		266			—		268
Purfoods, LLC	One stop	N/A		7.00% PIK	05/2026	108		108			—		108
Purfoods, LLC	One stop	L + 6.00%	^(a)	8.15%	05/2021	65		64			—		65
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	24		23			—		24
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	14		14			—		14
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2021	10		10			—		10
Purfoods, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	05/2021	—		(5		)	—		—
Rubio's Restaurants, Inc.^{^}	Senior loan	L + 5.25%	^(c)	7.64%	10/2019	295		282			—		295
Uinta Brewing Company^*(7)	One stop	L + 8.50%	^(a)	10.74%	08/2019	898		898			0.1		592
Uinta Brewing Company⁽⁷⁾	One stop	L + 8.50%	^(a)	10.74%	08/2019	167		166			—		107
						97,627		96,700			10.2		97,094
Broadcasting and Entertainment
TouchTunes Interactive Networks, Inc.^{^}	Senior loan	L + 4.75%	^(a)	6.99%	05/2021	683		682			0.1		683

Buildings and Real Estate
Brooks Equipment Company, LLC^{^}	One stop	L + 5.00%	^(c)	7.31%	08/2020	5,634		5,634			0.6		5,634
Brooks Equipment Company, LLC^{^}	One stop	L + 5.00%	^(b)(c)	7.28%	08/2020	704		701			0.1		704
Brooks Equipment Company, LLC	One stop	L + 5.00%		N/A⁽⁶⁾	08/2020	—		—			—		—
Jensen Hughes, Inc.^*	Senior loan	L + 4.50%	^(a)	6.71%	03/2024	430		428			0.1		430
Jensen Hughes, Inc.	Senior loan	L + 4.50%	^(a)	6.65%	03/2024	373		371			0.1		373
Jensen Hughes, Inc.^*	Senior loan	L + 4.50%	^(a)	6.74%	03/2024	132		130			—		132
MRI Software LLC^{*^}	One stop	L + 5.50%	^(c)	7.89%	06/2023	18,641		18,359			2.0		18,641
MRI Software LLC^*	One stop	L + 5.50%	^(c)	7.89%	06/2023	17,261		17,098			1.9		17,261
MRI Software LLC^{^}	One stop	L + 5.50%	^(a)	7.65%	06/2023	3,099		3,083			0.3		3,099
MRI Software LLC^*	One stop	L + 5.50%	^(c)	7.89%	06/2023	345		342			—		345
MRI Software LLC	One stop	L + 5.50%	^(a)	7.67%	06/2023	35		32			—		35
MRI Software LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	06/2023	—		(135		)	—		—
Paradigm DKD Group, LLC^*	Senior loan	L + 6.25%	^(a)	8.49%	05/2020	2,115		2,114			0.2		1,481
Paradigm DKD Group, LLC	Senior loan	L + 6.25%	^(a)	8.49%	05/2020	759		754			0.1		566
						49,528		48,911			5.4		48,701
Chemicals, Plastics and Rubber
Flexan, LLC^{^}	One stop	L + 5.75%	^(c)	8.14%	02/2020	1,031		1,024			0.1		1,031
Flexan, LLC^{*^}	One stop	L + 5.75%	^(c)	8.14%	02/2020	486		484			0.1		486
Flexan, LLC	One stop	P + 4.50%	^(f)	9.75%	02/2020	11		11			—		11
Inhance Technologies Holdings LLC^*	One stop	L + 5.25%	^(b)	7.43%	07/2024	6,048		5,976			0.6		5,988

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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⁾
Chemicals, Plastics and Rubber - (continued)
Inhance Technologies Holdings LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	07/2024	$	—	$	(1	)	—	%	$	(1	)
Inhance Technologies Holdings LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	07/2024	—		(19		)	—		(20		)
						7,576		7,475			0.8		7,495
Diversified/Conglomerate Manufacturing
Chase Industries, Inc.^*	Senior loan	L + 4.00%	^(c)	6.34%	05/2025	5,404		5,314			0.6		5,404
Chase Industries, Inc.	Senior loan	L + 4.00%	^(c)	6.38%	05/2025	165		114			—		165
Chase Industries, Inc.	Senior loan	L + 4.00%	^(c)	6.34%	05/2023	16		14			—		16
Inventus Power, Inc.^*	One stop	L + 6.50%	^(a)	8.74%	04/2020	9,081		9,047			0.9		8,173
Inventus Power, Inc.	One stop	L + 6.50%	^(a)(c)	8.78%	04/2020	338		336			—		294
Onicon Incorporated^{*^}	One stop	L + 5.50%	^(a)(c)	7.88%	04/2022	245		244			—		245
Onicon Incorporated	One stop	L + 5.50%		N/A⁽⁶⁾	04/2022	—		—			—		—
Pasternack Enterprises, Inc. and Fairview Microwave, Inc^*	Senior loan	L + 4.00%	^(a)(f)	6.24%	07/2025	5,258		5,233			0.6		5,232
Pasternack Enterprises, Inc. and Fairview Microwave, Inc	Senior loan	L + 4.00%		N/A⁽⁶⁾	07/2023	—		—			—		—
PetroChoice Holdings, Inc.^{^}	Senior loan	L + 5.00%	^(b)	7.20%	08/2022	1,612		1,581			0.2		1,612
Reladyne, Inc.^{*^}	Senior loan	L + 5.00%	^(c)	7.34%	07/2022	10,697		10,609			1.1		10,697
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.34%	07/2022	1,122		1,110			0.1		1,122
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.34%	07/2022	973		965			0.1		973
Reladyne, Inc.⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	07/2022	—		(19		)	—		—
Source Refrigeration & HVAC, Inc.^*	Senior loan	L + 4.75%	^(c)	7.14%	04/2023	7,237		7,161			0.8		7,237
Source Refrigeration & HVAC, Inc.^{^}	Senior loan	L + 4.75%	^(c)	7.10%	04/2023	1,438		1,425			0.2		1,438
Source Refrigeration & HVAC, Inc.	Senior loan	L + 4.75%	^(c)	7.09%	04/2023	738		732			0.1		738
Source Refrigeration & HVAC, Inc.	Senior loan	P + 3.75%	^(f)	9.00%	04/2023	89		86			—		89
Source Refrigeration & HVAC, Inc.⁽⁵⁾	Senior loan	L + 4.75%		N/A⁽⁶⁾	04/2023	—		(28		)	—		—
Sunless Merger Sub, Inc.^*	Senior loan	L + 5.00%	^(a)(f)	7.28%	07/2019	274		261			—		274
Sunless Merger Sub, Inc.	Senior loan	P + 3.75%	^(f)	8.75%	07/2019	56		55			—		56
Togetherwork Holdings, LLC^*	One stop	L + 6.50%	^(a)	8.74%	03/2025	6,725		6,632			0.7		6,658
Togetherwork Holdings, LLC	One stop	L + 6.50%	^(a)	8.74%	03/2025	1,625		1,610			0.2		1,609
Togetherwork Holdings, LLC	One stop	L + 6.50%	^(a)	8.74%	03/2025	1,513		1,499			0.2		1,498
Togetherwork Holdings, LLC^*	One stop	L + 6.50%	^(a)	8.74%	03/2025	680		670			0.1		673
Togetherwork Holdings, LLC⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	03/2024	—		(1		)	—		(1		)
Togetherwork Holdings, LLC⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	03/2025	—		(30		)	—		(20		)
Togetherwork Holdings, LLC⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	03/2025	—		(39		)	—		(18		)
						55,286		54,581			5.9		54,164
Diversified/Conglomerate Service
Accela, Inc.^*	One stop	L + 6.00%	^(c)	8.39%	09/2023	6,665		6,579			0.7		6,665
Accela, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	09/2023	—		(1		)	—		—
Agility Recovery Solutions Inc.^{^}	One stop	L + 6.50%	^(a)	8.74%	03/2020	6,154		6,127			0.7		6,154
Agility Recovery Solutions Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	03/2020	—		(1		)	—		—
Anaqua, Inc.^{*^}	One stop	L + 6.50%	^(c)	8.85%	07/2022	8,850		8,748			1.0		8,850
Anaqua, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	07/2022	—		(1		)	—		—
Apttus Corporation	One stop	L + 7.85%	^(e)	10.06%	01/2023	5,018		4,848			0.6		5,244
Bazaarvoice, Inc.^*	One stop	L + 8.00%	^(a)	10.24%	02/2024	10,895		10,701			1.2		10,895
Bazaarvoice, Inc.	One stop	P + 7.00%	^(f)	12.25%	02/2024	30		28			—		30
Browz LLC	One stop	L + 9.50%	^(b)	10.17% cash/1.50% PIK	03/2023	1,837		1,816			0.2		1,837
Browz LLC	One stop	L + 9.50%		N/A⁽⁶⁾	03/2023	—		—			—		—
Centrify Corporation	One stop	L + 6.25%	^(c)	8.59%	08/2024	12,637		12,452			1.3		12,511
Centrify Corporation⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	08/2024	—		(2		)	—		(2		)
Clearwater Analytics, LLC^{*^}	One stop	L + 5.00%	^(a)	7.24%	09/2022	7,926		7,739			0.9		7,926
Clearwater Analytics, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	09/2022	—		(2		)	—		—
Cloudbees, Inc.	One stop	L + 9.00%	^(a)	10.61% cash/0.50% PIK	05/2023	2,274		2,218			0.2		2,240
Cloudbees, Inc.	One stop	L + 9.00%		N/A⁽⁶⁾	05/2023	—		—			—		—
Confluence Technologies, Inc.	One stop	L + 7.50%	^(a)	9.65%	03/2024	8,594		8,496			0.9		8,594
Confluence Technologies, Inc.	One stop	P + 6.50%	^(a)(f)	10.96%	03/2024	16		15			—		16
Connexin Software, Inc.	One stop	L + 8.50%	^(a)	10.74%	02/2024	2,920		2,881			0.3		2,920
Connexin Software, Inc.	One stop	L + 8.50%		N/A⁽⁶⁾	02/2024	—		—			—		—
Datto, Inc.	One stop	L + 8.00%	^(a)	10.15%	12/2022	14,093		13,857			1.5		14,093

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Diversified/Conglomerate Service - (continued)
Datto, Inc.⁽⁵⁾	One stop	L + 8.00%		N/A⁽⁶⁾	12/2022	$	—	$	(1	)	—	%	$	—
Daxko Acquisition Corporation^{*^}	One stop	L + 5.25%	^(b)	7.54%	09/2023	11,155		10,921			1.2		11,155
Daxko Acquisition Corporation⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	09/2023	—		(1		)	—		—
Digital Guardian, Inc.	One stop	L + 9.00%	^(c)	10.33% cash/1.00% PIK	06/2023	4,352		4,320			0.5		4,352
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	01/2019	218		218			—		218
Digital Guardian, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	06/2023	—		—			—		(2		)
Digital Guardian, Inc.⁽⁵⁾	One stop	L + 9.00%		N/A⁽⁶⁾	06/2023	—		(2		)	—		—
DISA Holdings Acquisition Subsidiary Corp.^{*^}	Senior loan	L + 4.00%	^(a)(f)	6.10%	06/2022	2,055		2,039			0.2		2,055
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%	^(a)	6.10%	06/2022	23		21			—		23
DISA Holdings Acquisition Subsidiary Corp.⁽⁵⁾	Senior loan	L + 4.00%		N/A⁽⁶⁾	06/2022	—		(3		)	—		—
EGD Security Systems, LLC^{*^}	One stop	L + 6.25%	^(c)	8.58%	06/2022	10,372		10,291			1.1		10,372
EGD Security Systems, LLC^{^}	One stop	L + 6.25%	^(c)	8.56%	06/2022	98		97			—		98
EGD Security Systems, LLC	One stop	L + 6.25%	^(c)	8.58%	06/2022	75		74			—		75
EGD Security Systems, LLC	One stop	L + 6.25%	^(c)	8.59%	06/2022	52		51			—		52
GS Acquisitionco, Inc.^*	One stop	L + 5.00%	^(a)	7.25%	05/2024	13,466		13,333			1.4		13,331
GS Acquisitionco, Inc.^*	One stop	L + 5.00%	^(a)	7.25%	05/2024	12,139		12,025			1.3		12,018
GS Acquisitionco, Inc.⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	05/2024	—		(1		)	—		(1		)
GS Acquisitionco, Inc.⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	05/2024	—		(76		)	—		(78		)
HealthcareSource HR, Inc.^{*^}	One stop	L + 6.75%	^(c)	9.14%	05/2020	11,059		10,987			1.2		11,059
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	1,412		1,401			0.2		1,412
Host Analytics, Inc.	One stop	N/A		8.50% cash/2.25% PIK	08/2021	1,184		1,140			0.1		1,184
Host Analytics, Inc.	One stop	N/A		8.50% cash/2.25% PIK	08/2021	330		327			—		330
Host Analytics, Inc.⁽⁵⁾	One stop	N/A		N/A⁽⁶⁾	08/2021	—		(3		)	—		—
ICIMS, Inc.	One stop	L + 6.50%	^(c)	8.64%	09/2024	6,183		6,061			0.7		6,059
ICIMS, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	09/2024	—		(1		)	—		(1		)
III US Holdings, LLC	One stop	L + 6.50%		N/A⁽⁶⁾	09/2022	—		—			—		—
Imprivata, Inc.^{*^}	Senior loan	L + 4.00%	^(c)	6.39%	10/2023	16,528		16,354			1.8		16,528
Imprivata, Inc.⁽⁵⁾	Senior loan	L + 4.00%		N/A⁽⁶⁾	10/2023	—		(2		)	—		—
Infogix, Inc.^{^}	One stop	L + 6.00%	^(c)	8.39%	04/2024	3,995		3,977			0.4		3,995
Infogix, Inc.	One stop	P + 5.00%	^(f)	10.25%	04/2024	9		9			—		9
Integral Ad Science, Inc.	One stop	L + 7.25%	^(a)	8.25% cash/1.25% PIK	07/2024	5,739		5,629			0.6		5,624
Integral Ad Science, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	07/2023	—		(1		)	—		(1		)
Integration Appliance, Inc.	One stop	L + 7.25%	^(a)	9.36%	08/2023	27,263		27,017			2.9		26,990
Integration Appliance, Inc.	One stop	L + 7.25%		N/A⁽⁶⁾	08/2023	—		—			—		—
JAMF Holdings, Inc.	One stop	L + 8.00%	^(c)	10.32%	11/2022	5,765		5,670			0.6		5,765
JAMF Holdings, Inc.⁽⁵⁾	One stop	L + 8.00%		N/A⁽⁶⁾	11/2022	—		(1		)	—		—
Jobvite, Inc.	One stop	L + 8.00%	^(a)	10.15%	07/2023	1,414		1,352			0.1		1,358
Jobvite, Inc.	One stop	L + 8.00%		N/A⁽⁶⁾	07/2023	—		—			—		—
Jobvite, Inc.⁽⁵⁾	One stop	L + 8.00%		N/A⁽⁶⁾	07/2023	—		(7		)	—		(7		)
Kareo, Inc.	One stop	L + 9.00%	^(a)	11.24%	06/2022	5,755		5,560			0.6		5,755
Kareo, Inc.	One stop	L + 9.00%	^(a)	11.24%	06/2022	421		417			0.1		421
Kareo, Inc.	One stop	L + 9.00%		N/A⁽⁶⁾	06/2022	—		—			—		—
Maverick Bidco Inc.^*	One stop	L + 6.25%	^(c)	8.64%	04/2023	22,810		22,456			2.4		22,810
Maverick Bidco Inc.	One stop	L + 6.25%	^(c)	8.59%	04/2023	3,081		3,081			0.3		3,081
Maverick Bidco Inc.	One stop	L + 6.25%	^(c)	8.60%	04/2023	34		32			—		34
Maverick Bidco Inc.⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	04/2023	—		(67		)	—		—
Ministry Brands, LLC^*	Senior loan	L + 4.00%	^(a)	6.24%	12/2022	609		606			0.1		609
Ministry Brands, LLC^*	Senior loan	L + 4.00%	^(a)	6.24%	12/2022	348		347			—		348
Ministry Brands, LLC	Senior loan	L + 4.00%	^(a)	6.24%	12/2022	121		118			—		121
MMan Acquisition Co.^*	One stop	L + 6.00%	^(c)	8.34%	08/2023	12,388		12,237			1.3		12,140
MMan Acquisition Co.	One stop	L + 6.00%	^(c)	8.34%	08/2023	100		99			—		98
Net Health Acquisition Corp.^*	One stop	L + 5.50%	^(a)	7.74%	12/2023	4,873		4,830			0.5		4,873
Net Health Acquisition Corp.^*	One stop	L + 5.50%	^(a)	7.74%	12/2023	680		675			0.1		680
Net Health Acquisition Corp.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	12/2023	—		(1		)	—		—

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Diversified/Conglomerate Service - (continued)
Netsmart Technologies, Inc.^*	Senior loan	L + 3.75%	^(a)	5.99%	06/2025	$	1,616	$	1,606		0.2	%	$	1,628
Netsmart Technologies, Inc.⁽⁵⁾	Senior loan	L + 4.75%		N/A⁽⁶⁾	04/2023	—		(6		)	—		—
Nextech Systems, LLC^*	One stop	L + 6.00%	^(a)	8.24%	03/2024	12,656		12,613			1.4		12,656
Nextech Systems, LLC	One stop	L + 6.00%		N/A⁽⁶⁾	03/2024	—		—			—		—
Nexus Brands Group, Inc.^*	One stop	L + 6.00%	^(c)	8.33%	11/2023	3,820		3,780			0.4		3,820
Nexus Brands Group, Inc.	One stop	L + 6.00%	^(c)	8.39%	11/2023	1,376		1,370			0.1		1,376
Nexus Brands Group, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	11/2023	—		(1		)	—		—
Nexus Brands Group, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	11/2023	—		(14		)	—		—
Personify, Inc.^*	One stop	L + 5.75%	^(c)	8.14%	09/2024	6,159		6,099			0.7		6,098
Personify, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	09/2024	—		(1		)	—		(1		)
Property Brands, Inc.^*	One stop	L + 6.00%	^(a)	8.24%	01/2024	9,381		9,277			1.0		9,381
Property Brands, Inc.	One stop	L + 6.00%	^(a)	8.24%	01/2024	3,090		3,063			0.3		3,090
Property Brands, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	01/2024	—		(10		)	—		—
Property Brands, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	01/2024	—		(10		)	—		—
Quickbase, Inc.^{*^}	One stop	L + 5.00%	^(c)	7.39%	04/2022	37,700		37,172			4.0		37,700
Quickbase, Inc.⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	04/2022	—		(2		)	—		—
Saba Software, Inc.^{*^}	Senior loan	L + 4.50%	^(a)	6.74%	05/2023	29,396		29,009			3.2		29,396
Saba Software, Inc.⁽⁵⁾	Senior loan	L + 4.50%		N/A⁽⁶⁾	05/2023	—		(2		)	—		—
Saldon Holdings, Inc.^{^}	Senior loan	L + 4.25%	^(a)	6.41%	09/2022	604		598			0.1		601
Saldon Holdings, Inc.^*	Senior loan	L + 4.25%	^(a)	6.41%	09/2022	578		575			0.1		575
Telesoft, LLC^*	One stop	L + 5.00%	^(c)	7.34%	07/2022	5,299		5,259			0.6		5,299
Telesoft, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	07/2022	—		(1		)	—		—
Transaction Data Systems, Inc.^{*^}	One stop	L + 5.25%	^(a)	7.50%	06/2021	46,134		45,942			4.9		46,134
Transaction Data Systems, Inc.	One stop	L + 5.25%	^(c)	7.64%	06/2021	15		14			—		15
Trintech, Inc.^{*^}	One stop	L + 6.00%	^(b)	8.20%	12/2023	11,984		11,853			1.3		11,984
Trintech, Inc. ^{*^}	One stop	L + 6.00%	^(b)	8.20%	12/2023	6,066		5,999			0.7		6,066
Trintech, Inc.	One stop	L + 6.00%	^(b)	8.20%	12/2023	30		28			—		30
True Commerce, Inc.^*	One stop	L + 5.75%	^(c)	8.14%	11/2023	7,108		7,032			0.8		7,108
True Commerce, Inc.⁽⁸⁾⁽⁹⁾	One stop	L + 5.75%	^(c)	8.14%	11/2023	2,790		2,760			0.3		2,755
True Commerce, Inc.⁽⁸⁾	One stop	L + 5.75%	^(c)	8.14%	11/2023	928		918			0.1		928
True Commerce, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	11/2023	—		(1		)	—		—
Upserve, Inc.	One stop	L + 5.50%	^(a)	7.65%	07/2023	2,172		2,156			0.2		2,155
Upserve, Inc.	One stop	L + 5.50%		N/A⁽⁶⁾	07/2023	—		—			—		—
Upserve, Inc.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	07/2023	—		(10		)	—		(10		)
Valant Medical Solutions, Inc.	One stop	L + 11.00%	^(a)	10.88% cash/2.25% PIK	10/2020	1,050		985			0.1		1,050
Valant Medical Solutions, Inc.	One stop	N/A		6.00% PIK	02/2020	189		189			—		232
Valant Medical Solutions, Inc.	One stop	L + 11.00%	^(a)	10.88% cash/2.25% PIK	10/2020	10		10			—		10
Velocity Technology Solutions, Inc.^{*^}	One stop	L + 6.00%	^(c)	8.39%	12/2023	10,424		10,267			1.1		10,424
Velocity Technology Solutions, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	12/2023	—		(1		)	—		—
Vendavo, Inc.	One stop	L + 8.50%	^(c)	10.81%	10/2022	6,970		6,876			0.7		6,970
Vendavo, Inc.⁽⁵⁾	One stop	L + 8.50%		N/A⁽⁶⁾	10/2022	—		(5		)	—		—
Vendor Credentialing Service LLC^{*^}	One stop	L + 5.75%	^(a)	7.99%	11/2021	7,553		7,490			0.8		7,553
Vendor Credentialing Service LLC	One stop	L + 5.75%		N/A⁽⁶⁾	11/2021	—		—			—		—
Verisys Corporation^*	One stop	L + 7.75%	^(c)	10.14%	01/2023	4,757		4,705			0.5		4,757
Verisys Corporation⁽⁵⁾	One stop	L + 7.75%		N/A⁽⁶⁾	01/2023	—		(1		)	—		—
Workforce Software, LLC	One stop	L + 6.50%	^(c)	8.83%	06/2021	24,823		24,677			2.7		24,823
Workforce Software, LLC	One stop	L + 6.50%	^(c)	8.81%	06/2021	2,454		2,431			0.3		2,454
Workforce Software, LLC⁽⁵⁾	One stop	L + 6.50%	^(c)	N/A⁽⁶⁾	06/2021	—		(1		)	—		—
						521,147		514,789			55.8		519,972
Ecological
Pace Analytical Services, LLC^{*^}	One stop	L + 6.25%	^(a)	8.49%	09/2022	15,066		14,889			1.6		15,066
Pace Analytical Services, LLC^*	One stop	L + 6.25%	^(a)	8.49%	09/2022	1,401		1,385			0.2		1,401
Pace Analytical Services, LLC^{^}	One stop	L + 6.25%	^(a)	8.47%	09/2022	1,129		1,120			0.1		1,129
Pace Analytical Services, LLC^*	One stop	L + 6.25%	^(a)	8.48%	09/2022	833		825			0.1		833
Pace Analytical Services, LLC^{^}	One stop	L + 6.25%	^(a)	8.49%	09/2022	346		341			—		346

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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⁾
Ecological - (continued)
Pace Analytical Services, LLC	One stop	L + 6.25%	^(a)	8.49%	09/2022	$	10	$	8		—	%	$	10
Pace Analytical Services, LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	09/2022	—		(29		)	—		—
WRE Holding Corp.^*	Senior loan	L + 4.75%	^(a)	6.99%	01/2023	1,309		1,297			0.1		1,309
WRE Holding Corp.	Senior loan	L + 4.75%	^(a)	6.99%	01/2023	914		904			0.1		914
WRE Holding Corp.	Senior loan	L + 4.75%	^(a)	6.99%	01/2023	109		108			—		109
WRE Holding Corp.	Senior loan	L + 4.75%	^(a)	6.99%	01/2023	21		21			—		21
						21,138		20,869			2.2		21,138
Electronics
Appriss Holdings, Inc.^{*^}	One stop	L + 6.25%	^(c)	8.64%	05/2022	24,226		23,984			2.6		23,984
Appriss Holdings, Inc.⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	05/2022	—		(13		)	—		(14		)
Compusearch Software Holdings, Inc.^{^}	Senior loan	L + 4.25%	^(c)	6.64%	05/2021	998		996			0.1		998
Diligent Corporation^{*^}	One stop	L + 5.50%	^(d)	8.09%	04/2022	31,382		30,787			3.4		31,382
Diligent Corporation^{*^}	One stop	L + 5.50%	^(d)	8.09%	04/2022	8,801		8,679			0.9		8,801
Diligent Corporation^*	One stop	L + 5.50%	^(d)	8.09%	04/2022	7,787		7,687			0.8		7,787
Diligent Corporation⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	04/2022	—		(2		)	—		—
Gamma Technologies, LLC^{*^}	One stop	L + 5.50%	^(a)	7.74%	06/2024	12,272		12,175			1.3		12,272
Gamma Technologies, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	06/2024	—		(1		)	—		—
SEI, Inc.^{*^}	Senior loan	L + 5.25%	^(a)	7.49%	07/2023	6,458		6,398			0.7		6,458
Sloan Company, Inc., The^*	One stop	L + 13.00%	^(c)	10.89% cash/4.50% PIK	04/2020	3,121		3,101			0.3		2,497
Sloan Company, Inc., The	One stop	L + 13.00%	^(c)	10.89% cash/4.50% PIK	04/2020	210		210			—		168
Sloan Company, Inc., The	One stop	L + 13.00%	^(c)	10.89% cash/4.50% PIK	04/2020	50		50			—		40
Sovos Compliance^{*^}	One stop	L + 6.00%	^(a)	8.24%	03/2022	32,094		31,723			3.4		32,094
Sovos Compliance^{^}	One stop	L + 6.00%	^(a)	8.24%	03/2022	5,373		5,312			0.6		5,373
Sovos Compliance	One stop	L + 6.00%	^(a)	8.24%	03/2022	2,560		2,559			0.3		2,560
Sovos Compliance⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	03/2022	—		(1		)	—		—
Sovos Compliance⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	03/2022	—		(36		)	—		—
						135,332		133,608			14.4		134,400
Grocery
Teasdale Quality Foods, Inc.^{^}	Senior loan	L + 4.75%	^(b)	6.92%	10/2020	117		116			—		115
Teasdale Quality Foods, Inc.^*	Senior loan	L + 4.75%	^(c)	6.92%	10/2020	78		77			—		76
						195		193			—		191
Healthcare, Education and Childcare
Active Day, Inc.^{*^}	One stop	L + 6.00%	^(a)	8.24%	12/2021	11,408		11,300			1.2		11,180
Active Day, Inc.^{^}	One stop	L + 6.00%	^(a)	8.24%	12/2021	880		876			0.1		863
Active Day, Inc.^*	One stop	L + 6.00%	^(a)	8.24%	12/2021	567		565			0.1		556
Active Day, Inc.^*	One stop	L + 6.00%	^(a)	8.24%	12/2021	392		390			0.1		384
Active Day, Inc.	One stop	P + 5.00%	^(f)	10.25%	12/2021	22		21			—		20
Acuity Eyecare Holdings, LLC^*	One stop	L + 6.75%	^(b)	9.01%	03/2022	3,426		3,385			0.4		3,392
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%	^(b)	9.02%	03/2022	3,189		3,156			0.3		3,157
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%	^(b)	9.04%	03/2022	431		398			0.1		393
Acuity Eyecare Holdings, LLC	One stop	P + 5.75%	^(f)	11.00%	03/2022	10		10			—		9
ADCS Clinics Intermediate Holdings, LLC^*	One stop	L + 5.75%	^(b)	8.04%	05/2022	21,683		21,375			2.3		21,249
ADCS Clinics Intermediate Holdings, LLC^*	One stop	L + 5.75%	^(b)	8.04%	05/2022	107		106			—		105
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	^(b)	8.04%	05/2022	83		83			—		81
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	^(b)	8.04%	05/2022	50		49			—		48
ADCS Clinics Intermediate Holdings, LLC^{^}	One stop	L + 5.75%	^(b)	8.04%	05/2022	31		31			—		31
Advanced Pain Management Holdings, Inc.^*(7)	Senior loan	L + 5.00%	^(a)	7.24%	11/2018	5,593		5,593			0.3		3,076
Advanced Pain Management Holdings, Inc.^*(7)	Senior loan	L + 5.00%	^(a)	7.24%	11/2018	383		382			—		210
Advanced Pain Management Holdings, Inc.⁽⁷⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	11/2018	—		—			—		—
Agilitas USA, Inc.^*	One stop	L + 6.00%	^(c)	8.34%	04/2022	1,956		1,942			0.2		1,917
Agilitas USA, Inc.	One stop	L + 6.00%	^(c)	8.34%	04/2022	10		10			—		8
Agilitas USA, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	04/2022	—		(12		)	—		—
Apothecary Products, LLC^{*^}	Senior loan	L + 4.25%	^(d)	6.77%	07/2023	3,423		3,379			0.4		3,389
Apothecary Products, LLC⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	07/2023	—		(7		)	—		(8		)
Aris Teleradiology Company, LLC^{*^(7)}	Senior loan	L + 5.50%	^(c)	8.00%	03/2021	2,499		2,486			0.1		1,148

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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)
Aris Teleradiology Company, LLC⁽⁷⁾	Senior loan	L + 5.50%	^(c)(d)	8.01%	03/2021	$	132	$	132		—	%	$	44
Avalign Technologies, Inc.^{^}	Senior loan	L + 4.50%	^(a)	6.75%	07/2021	894		892			0.1		894
BIORECLAMATIONIVT, LLC^{*^}	One stop	L + 6.25%	^(a)	8.49%	01/2021	14,906		14,786			1.6		14,906
BIORECLAMATIONIVT, LLC	One stop	P + 5.25%	^(f)	10.50%	01/2021	100		99			—		100
CLP Healthcare Services, Inc.^{^}	Senior loan	L + 5.50%	^(c)	7.89%	12/2020	927		920			0.1		908
DCA Investment Holding, LLC^{*^}	One stop	L + 5.25%	^(c)	7.64%	07/2021	14,453		14,363			1.6		14,453
DCA Investment Holding, LLC^{*^}	One stop	L + 5.25%	^(c)	7.64%	07/2021	13,485		13,375			1.4		13,485
DCA Investment Holding, LLC^{*^}	One stop	L + 5.25%	^(c)	7.64%	07/2021	6,042		5,971			0.7		6,042
DCA Investment Holding, LLC	One stop	L + 5.25%	^(c)	7.64%	07/2021	2,414		2,381			0.3		2,414
DCA Investment Holding, LLC	One stop	L + 5.25%	^(c)	7.64%	07/2021	151		150			—		151
DCA Investment Holding, LLC	One stop	L + 5.25%	^(c)	7.64%	07/2021	47		47			—		47
DCA Investment Holding, LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	07/2021	—		(9		)	—		—
DCA Investment Holding, LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	07/2021	—		(120		)	—		—
Deca Dental Management LLC	One stop	L + 6.25%	^(c)	8.64%	07/2020	7,443		7,402			0.8		7,443
Deca Dental Management LLC^{^}	One stop	L + 6.25%	^(a)(c)	8.57%	07/2020	906		902			0.1		906
Deca Dental Management LLC	One stop	L + 6.25%	^(a)	8.49%	07/2020	50		50			—		50
Deca Dental Management LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	07/2020	—		(4		)	—		—
Dental Holdings Corporation^{^}	One stop	L + 5.50%	^(d)	8.02%	02/2020	3,183		3,164			0.3		3,183
Dental Holdings Corporation	One stop	L + 5.50%	^(d)	8.02%	02/2020	505		502			0.1		505
Dental Holdings Corporation	One stop	L + 5.50%	^(b)	7.67%	02/2020	98		95			—		98
Elite Dental Partners LLC^*	One stop	L + 5.25%	^(a)	7.49%	06/2023	2,014		1,986			0.2		2,014
Elite Dental Partners LLC	One stop	L + 5.25%	^(a)	7.49%	06/2023	1,578		1,384			0.2		1,578
Elite Dental Partners LLC⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	06/2023	—		(1		)	—		—
ERG Buyer, LLC^*	One stop	L + 5.50%	^(c)	7.89%	05/2024	6,342		6,252			0.7		6,342
ERG Buyer, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2024	—		(2		)	—		—
ERG Buyer, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2024	—		(146		)	—		—
eSolutions, Inc.^{*^}	One stop	L + 6.50%	^(a)	8.74%	03/2022	29,419		29,180			3.1		29,198
eSolutions, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	03/2022	—		(1		)	—		(1		)
Excelligence Learning Corporation^{*^}	One stop	L + 6.00%	^(a)	8.24%	04/2023	6,236		6,189			0.6		5,862
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	8.64%	05/2023	10,388		10,247			1.1		10,388
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	8.64%	05/2023	7,456		7,317			0.8		7,456
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	8.64%	05/2023	6,679		6,679			0.7		6,679
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	8.64%	05/2023	2,230		2,230			0.2		2,230
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	8.59%	05/2023	1,441		1,441			0.2		1,441
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	8.64%	05/2023	1,082		1,082			0.1		1,082
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	8.64%	05/2023	953		953			0.1		953
Eyecare Services Partners Holdings LLC^*	One stop	L + 6.25%	^(c)	8.64%	05/2023	616		472			0.1		616
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	8.64%	05/2023	460		361			0.1		460
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	^(c)	8.63%	05/2023	25		22			—		25
G & H Wire Company, Inc.^*	One stop	L + 5.75%	^(a)	7.99%	09/2023	1,104		1,095			0.1		1,104
G & H Wire Company, Inc.⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	09/2022	—		(1		)	—		—
Immucor, Inc.^*	Senior loan	L + 5.00%	^(c)	7.39%	06/2021	2,034		2,034			0.2		2,071
Katena Holdings, Inc.^{^}	One stop	L + 6.00%	^(c)	8.39%	06/2021	4,475		4,444			0.5		4,385
Katena Holdings, Inc.^{^}	One stop	L + 6.00%	^(c)	8.39%	06/2021	437		434			0.1		428
Katena Holdings, Inc.^*	One stop	L + 6.00%	^(c)	8.39%	06/2021	301		298			—		295
Katena Holdings, Inc.⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	06/2021	—		(1		)	—		(2		)
Lombart Brothers, Inc.^{*^}	One stop	L + 6.75%	^(c)	9.14%	04/2022	4,692		4,615			0.5		4,622
Lombart Brothers, Inc.^*(8)	One stop	L + 6.75%	^(c)	9.14%	04/2022	1,534		1,509			0.2		1,511
Lombart Brothers, Inc.	One stop	P + 5.50%	^(f)	10.75%	04/2022	29		28			—		28
Lombart Brothers, Inc.⁽⁸⁾	One stop	P + 5.50%	^(f)	10.75%	04/2022	8		8			—		8
Maverick Healthcare Group, LLC^*	Senior loan	L + 7.50%	^(a)	7.89% cash/2.00% PIK	04/2017	432		432			0.1		432
MD Now Holdings, Inc.^*	One stop	L + 5.25%	^(c)	7.64%	08/2024	7,070		7,001			0.8		6,999
MD Now Holdings, Inc.⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	08/2024	—		(1		)	—		(2		)
MD Now Holdings, Inc.⁽⁵⁾	One stop	L + 5.25%		N/A⁽⁶⁾	08/2024	—		(20		)	—		(20		)
MWD Management, LLC & MWD Services, Inc.^*	One stop	L + 5.25%	^(c)	7.64%	06/2023	4,381		4,381			0.5		4,381

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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)
MWD Management, LLC & MWD Services, Inc.^*	One stop	L + 5.25%	^(c)	7.64%	06/2023	$	1,295	$	1,282		0.1	%	$	1,295
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	—		(72		)	—		—
Oliver Street Dermatology Holdings, LLC^{*^}	One stop	L + 6.00%	^(c)	8.39%	05/2022	8,717		8,600			0.9		8,717
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.00%	^(c)	8.39%	05/2022	1,885		1,867			0.2		1,885
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2022	1,352		1,338			0.1		1,352
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2022	1,195		1,184			0.1		1,195
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.00%	^(c)	8.39%	05/2022	1,043		1,033			0.1		1,043
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2022	1,040		1,031			0.1		1,040
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2022	810		802			0.1		810
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.00%	^(c)	8.39%	05/2022	702		696			0.1		702
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.00%	^(c)(f)	8.85%	05/2022	81		80			—		81
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.00%	^(c)	8.39%	05/2022	46		45			—		46
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.00%	^(c)	8.39%	05/2022	41		41			—		41
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.00%	^(c)	8.39%	05/2022	32		32			—		32
Oliver Street Dermatology Holdings, LLC^{^}	One stop	L + 6.00%	^(c)	8.39%	05/2022	30		30			—		30
Oliver Street Dermatology Holdings, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	05/2022	—		(10		)	—		—
ONsite Mammography, LLC	One stop	L + 6.75%	^(a)	8.99%	11/2023	2,838		2,807			0.3		2,838
ONsite Mammography, LLC	One stop	L + 6.75%	^(c)(d)	9.15%	11/2023	335		323			—		335
ONsite Mammography, LLC⁽⁵⁾	One stop	L + 6.75%		N/A⁽⁶⁾	11/2023	—		(1		)	—		—
Pinnacle Treatment Centers, Inc.^*	One stop	L + 6.25%	^(c)	8.59%	08/2021	9,649		9,552			1.0		9,649
Pinnacle Treatment Centers, Inc.	One stop	L + 6.25%	^(b)(c)	8.52%	08/2021	58		57			—		58
Pinnacle Treatment Centers, Inc.	One stop	L + 6.25%	^(c)	8.59%	08/2021	55		54			—		55
Pinnacle Treatment Centers, Inc.	One stop	L + 6.25%	^(a)	8.46%	08/2021	43		41			—		43
PPT Management Holdings, LLC^{*^}	One stop	L + 7.50%	^(b)(f)	9.69%	12/2022	12,273		12,089			1.1		10,033
PPT Management Holdings, LLC	One stop	L + 7.50%	^(b)(c)(f)	9.69%	12/2022	141		141			—		116
PPT Management Holdings, LLC	One stop	L + 7.50%	^(b)(f)	9.69%	12/2022	84		84			—		68
PPT Management Holdings, LLC	One stop	L + 7.50%	^(b)(f)	9.69%	12/2022	40		31			—		32
PPT Management Holdings, LLC⁽⁵⁾	One stop	L + 7.50%	^(b)(f)	9.69%	12/2022	7		4			—		(30		)
Riverchase MSO, LLC^{*^}	Senior loan	L + 5.25%	^(c)	7.64%	10/2022	4,890		4,840			0.5		4,890
Riverchase MSO, LLC	Senior loan	L + 5.25%	^(c)	7.63%	10/2022	54		53			—		54
RXH Buyer Corporation^*	One stop	L + 5.75%	^(c)	8.14%	09/2021	11,021		10,912			1.2		11,021
RXH Buyer Corporation^{^}	One stop	L + 5.75%	^(c)	8.14%	09/2021	1,247		1,241			0.1		1,247
RXH Buyer Corporation	One stop	P + 4.75%	^(c)(f)	9.19%	09/2021	92		90			—		92
SLMP, LLC	One stop	L + 6.00%	^(a)	8.24%	05/2023	5,597		5,528			0.6		5,597
SLMP, LLC^*	One stop	L + 6.00%	^(a)	8.24%	05/2023	4,701		4,644			0.5		4,701
SLMP, LLC	One stop	N/A		7.50% PIK	05/2027	117		117			—		117
SLMP, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	05/2023	—		(1		)	—		—
SLMP, LLC⁽⁵⁾	One stop	L + 6.00%		N/A⁽⁶⁾	05/2023	—		(9		)	—		—
Spear Education, LLC^{^}	One stop	L + 6.25%	^(c)	8.75%	08/2019	3,468		3,463			0.4		3,468
Spear Education, LLC	One stop	L + 6.25%	^(c)	8.59%	08/2019	178		178			—		178
Spear Education, LLC	One stop	L + 6.25%	^(c)	8.56%	08/2019	62		61			—		62
Summit Behavioral Healthcare, LLC^*	Senior loan	L + 4.75%	^(c)	7.06%	10/2023	2,401		2,380			0.3		2,401
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	^(c)	7.07%	10/2023	118		111			—		118
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	^(c)	7.07%	10/2023	19		18			—		19
WHCG Management, LLC^{^}	Senior loan	L + 5.00%	^(c)	7.39%	03/2023	3,950		3,913			0.4		3,950
WHCG Management, LLC	Senior loan	L + 5.00%	^(c)	7.35%	03/2023	100		99			—		100
WHCG Management, LLC⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	03/2023	—		(20		)	—		—
WIRB-Copernicus Group, Inc.*	Senior loan	L + 4.25%	^(a)	6.49%	08/2022	10,429		10,364			1.1		10,429
WIRB-Copernicus Group, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	08/2022	—		(1		)	—		—
WIRB-Copernicus Group, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	08/2022	—		(22		)	—		—
						317,531		313,636			33.2		309,310
Home and Office Furnishings, Housewares, and Durable Consumer
1A Smart Start LLC^{^}	Senior loan	L + 4.50%	^(a)	6.74%	02/2022	354		353			—		355
CST Buyer Company^{^}	One stop	L + 5.00%	^(a)	7.24%	03/2023	3,086		3,016			0.3		3,086

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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⁾
Home and Office Furnishings, Housewares, and Durable Consumer - (continued)
CST Buyer Company⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	03/2023	$	—	$	(1	)	—	%	$	—
Plano Molding Company, LLC^*	One stop	L + 7.50%	^(a)	9.67%	05/2021	4,850		4,801			0.5		4,753
						8,290		8,169			0.8		8,194
Hotels, Motels, Inns, and Gaming
Aimbridge Hospitality, LLC^{^}	One stop	L + 5.00%	^(a)	7.24%	06/2022	6,329		6,244			0.7		6,329
Aimbridge Hospitality, LLC^{*^}	One stop	L + 5.00%	^(a)	7.24%	06/2022	4,993		4,928			0.5		4,993
Aimbridge Hospitality, LLC^{^}	One stop	L + 5.00%	^(a)	7.24%	06/2022	1,055		1,040			0.1		1,055
Aimbridge Hospitality, LLC	One stop	L + 5.00%	^(a)	7.24%	06/2022	61		57			—		61
Aimbridge Hospitality, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	06/2022	—		(1		)	—		—
						12,438		12,268			1.3		12,438
Insurance
Captive Resources Midco, LLC^{*^}	One stop	L + 5.75%	^(a)	7.99%	12/2021	12,505		12,359			1.3		12,505
Captive Resources Midco, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2021	—		(4		)	—		—
Captive Resources Midco, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	12/2021	—		(12		)	—		—
Internet Pipeline, Inc.^{*^}	One stop	L + 4.75%	^(a)	7.00%	08/2022	10,245		10,106			1.1		10,245
Internet Pipeline, Inc.^{*^}	One stop	L + 4.75%	^(a)	7.00%	08/2022	4,406		4,362			0.5		4,406
Internet Pipeline, Inc.⁽⁸⁾⁽⁹⁾		L + 4.75%	^(a)	7.00%	08/2022	3,541		3,495			0.4		3,447
Internet Pipeline, Inc.^{^}	One stop	L + 4.75%	^(a)	7.00%	08/2022	1,668		1,651			0.2		1,668
Internet Pipeline, Inc.⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	08/2021	—		(1		)	—		—
RSC Acquisition, Inc.^{*^}	Senior loan	L + 4.25%	^(c)(d)(f)	6.72%	11/2022	26,852		26,712			2.9		26,784
RSC Acquisition, Inc.	Senior loan	L + 4.25%	^(d)(e)	6.76%	11/2021	21		21			—		21
RSC Acquisition, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	11/2022	—		(32		)	—		(13		)
						59,238		58,657			6.4		59,063
Leisure, Amusement, Motion Pictures, Entertainment
NFD Operating, LLC^{^}	One stop	L + 7.00%	^(a)	9.11%	06/2021	2,148		2,130			0.2		2,148
NFD Operating, LLC	One stop	L + 7.00%		N/A⁽⁶⁾	06/2021	—		—			—		—
PADI Holdco, Inc.⁽⁸⁾⁽⁹⁾	One stop	E + 5.75%	^(g)	5.75%	04/2023	12,505		12,505			1.3		12,142
PADI Holdco, Inc.^*	One stop	L + 5.75%	^(c)	8.14%	04/2023	12,637		12,478			1.4		12,637
PADI Holdco, Inc.	One stop	L + 5.75%	^(c)	8.14%	04/2022	125		123			—		125
Self Esteem Brands, LLC^{*^}	Senior loan	L + 4.75%	^(a)	6.99%	02/2020	8,681		8,646			0.9		8,681
Sunshine Sub, LLC^*	One stop	L + 4.75%	^(a)	6.99%	05/2024	5,468		5,366			0.6		5,468
Sunshine Sub, LLC⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	05/2024	—		(1		)	—		—
Sunshine Sub, LLC⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	05/2024	—		(39		)	—		—
Teaching Company, The^{*^}	One stop	L + 4.75%	^(c)	7.09%	07/2023	7,024		6,990			0.8		7,024
Teaching Company, The⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	07/2023	—		(1		)	—		—
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)	8.61%	06/2021	1,933		1,933			0.2		1,933
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)	8.61%	06/2021	292		291			—		292
Titan Fitness, LLC^*	One stop	L + 6.50%	^(a)	8.61%	06/2021	256		256			—		256
Titan Fitness, LLC^{^}	One stop	L + 6.50%	^(a)	8.61%	06/2021	138		137			—		138
Titan Fitness, LLC	One stop	L + 6.50%		N/A⁽⁶⁾	06/2021	—		—			—		—
WBZ Investment LLC^*	One stop	L + 5.50%	^(a)	7.64%	09/2020	3,463		3,429			0.4		3,428
WBZ Investment LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	09/2024	—		—			—		(1		)
WBZ Investment LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	09/2024	—		(27		)	—		(27		)
						54,670		54,216			5.8		54,244
Mining, Steel, Iron and Non-Precious Metals
Benetech, Inc.^*	One stop	L + 10.00%	^(a)	10.24% cash/2.00% PIK	05/2019	185		185			—		185
Benetech, Inc.	One stop	P + 8.75%	^(a)(f)	11.77% cash/2.00% PIK	05/2019	10		10			—		10
						195		195			—		195
Oil and Gas
Drilling Info Holdings, Inc.^{*^}	Senior loan	L + 4.25%	^(b)	6.54%	07/2025	13,964		13,783			1.5		13,895
Drilling Info Holdings, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	07/2023	—		(2		)	—		—
Drilling Info Holdings, Inc.⁽⁵⁾	Senior loan	L + 4.25%		N/A⁽⁶⁾	07/2025	—		(48		)	—		(14		)
						13,964		13,733			1.5		13,881
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC^{^}	One stop	L + 5.50%	^(c)	7.89%	11/2021	4,823		4,798			0.5		4,823

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Personal and Non Durable Consumer Products (Mfg. Only) - (continued)
Georgica Pine Clothiers, LLC^*	One stop	L + 5.50%	^(c)	7.89%	11/2021	$	421	$	419		0.1	%	$	421
Georgica Pine Clothiers, LLC^{^}	One stop	L + 5.50%	^(c)	7.89%	11/2021	296		294			—		296
Georgica Pine Clothiers, LLC	One stop	L + 5.50%	^(c)(f)	8.42%	11/2021	46		45			—		46
IMPLUS Footwear, LLC^{*^}	One stop	L + 6.75%	^(c)	9.14%	04/2021	13,124		13,044			1.4		13,124
IMPLUS Footwear, LLC^{*^}	One stop	L + 6.75%	^(c)	9.09%	04/2021	2,311		2,296			0.3		2,311
IMPLUS Footcare, LLC	One stop	L + 6.75%	^(c)	9.14%	04/2021	700		690			0.1		700
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.06%	09/2020	3,120		3,107			0.3		3,120
Massage Envy, LLC	One stop	L + 6.75%	^(c)	9.09%	09/2020	152		151			—		152
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.07%	09/2020	113		112			—		113
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.09%	09/2020	99		98			—		99
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)	9.06%	09/2020	99		98			—		99
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.08%	09/2020	94		93			—		94
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.12%	09/2020	90		90			—		90
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.07%	09/2020	71		70			—		71
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.08%	09/2020	45		45			—		45
Massage Envy, LLC^{^}	One stop	L + 6.75%	^(c)(f)	9.13%	09/2020	30		30			—		30
Massage Envy, LLC	One stop	L + 6.75%	^(c)	9.09%	09/2020	25		21			—		25
Massage Envy, LLC	One stop	L + 6.75%		N/A⁽⁶⁾	09/2020	—		—			—		—
Orthotics Holdings, Inc.^*	One stop	L + 5.50%	^(a)	7.74%	02/2020	3,656		3,639			0.4		3,583
Orthotics Holdings, Inc.^*(8)	One stop	L + 5.50%	^(a)	7.74%	02/2020	599		597			0.1		587
Orthotics Holdings, Inc.⁽⁸⁾	One stop	L + 5.50%		N/A⁽⁶⁾	02/2020	—		—			—		—
Orthotics Holdings, Inc.⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	02/2020	—		(3		)	—		(2		)
Team Technologies Acquisition Company^{^}	Senior loan	L + 5.00%	^(c)(f)	7.35%	12/2018	258		258			—		257
Team Technologies Acquisition Company^*	Senior loan	L + 5.50%	^(c)(f)	7.85%	12/2018	48		48			—		48
Team Technologies Acquisition Company	Senior loan	L + 5.00%		N/A⁽⁶⁾	12/2018	—		—			—		—
						30,220		30,040			3.2		30,132
Personal, Food and Miscellaneous Services
Captain D's, LLC^*	Senior loan	L + 4.50%	^(b)	6.71%	12/2023	2,218		2,199			0.2		2,218
Captain D's, LLC	Senior loan	P + 3.50%	^(a)(f)	7.86%	12/2023	9		9			—		9
Clarkson Eyecare LLC^{*^}	One stop	L + 6.25%	^(c)	8.64%	04/2021	17,015		16,846			1.8		17,015
Clarkson Eyecare LLC	One stop	L + 6.25%	^(c)	8.64%	04/2021	8,443		8,382			0.9		8,443
Clarkson Eyecare LLC	One stop	L + 6.25%	^(a)(c)	8.43%	04/2021	4,678		4,639			0.5		4,678
Clarkson Eyecare LLC	One stop	L + 6.25%	^(c)	8.58%	04/2021	4,006		4,006			0.4		4,006
Clarkson Eyecare LLC^*	One stop	L + 6.25%	^(c)	8.64%	04/2021	2,926		2,905			0.3		2,926
Clarkson Eyecare LLC^*	One stop	L + 6.25%	^(c)	8.64%	04/2021	2,491		2,474			0.3		2,491
Clarkson Eyecare LLC	One stop	L + 6.25%	^(c)	8.64%	04/2021	1,392		1,392			0.1		1,392
Clarkson Eyecare LLC	One stop	L + 6.25%	^(c)	8.64%	04/2021	709		672			0.1		709
Clarkson Eyecare LLC^*	One stop	L + 6.25%	^(c)	8.64%	04/2021	656		655			0.1		656
Clarkson Eyecare LLC^*	One stop	L + 6.25%	^(c)	8.64%	04/2021	484		477			0.1		484
Clarkson Eyecare LLC	One stop	L + 6.25%	^(c)	8.63%	04/2021	257		253			—		257
Clarkson Eyecare LLC⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	04/2021	—		(16		)	—		—
Community Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(c)	7.89%	10/2021	1,945		1,940			0.2		1,945
Community Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(c)	7.89%	10/2021	516		516			0.1		516
Community Veterinary Partners, LLC^{^}	One stop	L + 5.50%	^(c)	7.89%	10/2021	99		97			—		99
Community Veterinary Partners, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	10/2021	—		(30		)	—		—
Imperial Optical Midco Inc.	One stop	L + 4.75%	^(b)	6.96%	08/2023	592		533			0.1		531
Imperial Optical Midco Inc.	One stop	L + 4.75%	^(b)	7.04%	08/2023	150		148			—		148
Imperial Optical Midco Inc.	One stop	L + 4.75%		N/A⁽⁶⁾	08/2023	—		—			—		—
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	19		19			—		19
PPV Intermediate Holdings II, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	05/2023	—		(1		)	—		—
PPV Intermediate Holdings II, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	05/2020	—		(77		)	—		—
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	^(c)	9.85%	01/2023	60		59			—		60
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	^(c)	9.84%	01/2023	70		56			—		70
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	^(c)	9.82%	01/2023	5		5			—		5
Southern Veterinary Partners, LLC^*	One stop	L + 5.50%	^(a)	7.74%	05/2025	3,607		3,573			0.4		3,607

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Personal, Food and Miscellaneous Services - (continued)
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	7.74%	05/2025	$	2,177	$	2,156		0.2	%	$	2,177
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	7.74%	05/2025	1,916		1,898			0.2		1,916
Southern Veterinary Partners, LLC^{*^}	One stop	L + 5.50%	^(a)	7.74%	05/2025	1,573		1,549			0.2		1,573
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	7.74%	05/2025	1,110		1,071			0.1		1,110
Southern Veterinary Partners, LLC^*	One stop	L + 5.50%	^(a)	7.74%	05/2025	1,039		1,029			0.1		1,039
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	7.74%	05/2025	853		845			0.1		853
Southern Veterinary Partners, LLC	One stop	L + 5.50%	^(a)	7.74%	05/2025	777		737			0.1		777
Southern Veterinary Partners, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2023	—		(2		)	—		—
Southern Veterinary Partners, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	05/2025	—		(79		)	—		—
Veterinary Specialists of North America, LLC^{*^}	One stop	L + 5.50%	^(a)	7.69%	07/2021	3,813		3,785			0.4		3,813
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)	7.74%	07/2021	464		460			0.1		464
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)	7.74%	07/2021	420		416			0.1		420
Veterinary Specialists of North America, LLC^{^}	One stop	L + 5.50%	^(a)	7.74%	07/2021	229		227			—		229
Veterinary Specialists of North America, LLC^{^}	One stop	L + 5.50%	^(a)	7.74%	07/2021	88		88			—		88
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	^(a)	7.74%	07/2021	45		37			—		45
Veterinary Specialists of North America, LLC^*	One stop	L + 5.50%	^(a)	7.74%	07/2021	33		33			—		33
Veterinary Specialists of North America, LLC⁽⁵⁾	One stop	L + 5.50%		N/A⁽⁶⁾	07/2021	—		(1		)	—		—
Wetzel's Pretzels, LLC^{*^}	One stop	L + 6.75%	^(a)	8.99%	09/2021	8,290		8,212			0.9		8,290
Wetzel's Pretzels, LLC	One stop	L + 6.75%	^(a)	8.86%	09/2021	3		2			—		3
						75,177		74,194			8.1		75,114
Printing and Publishing
Brandmuscle, Inc.^{^}	Senior loan	L + 5.00%	^(c)	7.39%	12/2021	532		529			0.1		535
Messenger, LLC^*	One stop	L + 6.00%	^(a)(f)	8.23%	08/2023	3,926		3,888			0.4		3,887
Messenger, LLC	One stop	P + 5.00%	^(f)	10.25%	08/2023	3		3			—		3
						4,461		4,420			0.5		4,425
Retail Stores
Batteries Plus Holding Corporation^{*^}	One stop	L + 6.75%	^(a)	8.99%	07/2022	11,379		11,253			1.2		11,379
Batteries Plus Holding Corporation⁽⁵⁾	One stop	L + 6.75%		N/A⁽⁶⁾	07/2022	—		(1		)	—		—
Cycle Gear, Inc.^{^}	One stop	L + 6.50%	^(c)	8.84%	01/2020	7,495		7,461			0.8		7,495
Cycle Gear, Inc.^{^}	One stop	L + 6.50%	^(c)	8.84%	01/2020	705		701			0.1		705
Cycle Gear, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	01/2020	—		(4		)	—		—
DTLR, Inc.^{*^}	One stop	L + 6.50%	^(b)	8.68%	08/2022	19,507		19,280			2.1		19,507
Feeders Supply Company, LLC^{*^}	One stop	L + 5.75%	^(a)	8.01%	04/2021	4,491		4,461			0.5		4,491
Feeders Supply Company, LLC	Subordinated debt	N/A		12.50% cash/7.00% PIK	04/2021	62		62			—		62
Feeders Supply Company, LLC	One stop	L + 5.75%		N/A⁽⁶⁾	04/2021	—		—			—		—
Marshall Retail Group LLC, The^*	One stop	L + 6.00%	^(c)	8.34%	08/2020	3,124		3,124			0.3		3,124
Marshall Retail Group LLC, The	One stop	L + 6.00%		N/A⁽⁶⁾	08/2019	—		—			—		—
Mills Fleet Farm Group LLC^{*^}	One stop	L + 5.50%	^(a)	7.74%	02/2022	5,650		5,471			0.6		5,650
Pet Holdings ULC^{*^(8)(10)}	One stop	L + 5.50%	^(c)	7.84%	07/2022	32,645		32,434			3.5		32,645
Pet Holdings ULC^{^(8)(10)}	One stop	L + 5.50%	^(c)	7.84%	07/2022	130		128			—		130
Pet Holdings ULC^(5)(8)(10)	One stop	L + 5.50%		N/A⁽⁶⁾	07/2022	—		(2		)	—		—
PetPeople Enterprises, LLC^{^}	One stop	L + 5.00%	^(a)	7.25%	09/2023	2,349		2,325			0.3		2,349
PetPeople Enterprises, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	09/2023	—		(1		)	—		—
PetPeople Enterprises, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	09/2023	—		(2		)	—		—
						87,537		86,690			9.4		87,537
Telecommunications
NetMotion Wireless Holdings, Inc.^{^}	One stop	L + 6.25%	^(c)	8.64%	10/2021	6,340		6,260			0.7		6,340
NetMotion Wireless Holdings, Inc.⁽⁵⁾	One stop	L + 6.25%		N/A⁽⁶⁾	10/2021	—		(1		)	—		—
						6,340		6,259			0.7		6,340
Textiles and Leather
SHO Holding I Corporation^{^}	Senior loan	L + 5.00%	^(c)	7.34%	10/2022	1,898		1,870			0.2		1,822
SHO Holding I Corporation	Senior loan	L + 4.00%	^(a)(c)	6.14%	10/2021	15		15			—		12
						1,913		1,885			0.2		1,834
Utilities
Arcos, LLC^{^}	One stop	L + 6.00%	^(c)	8.39%	02/2021	3294		3276			0.4		3294
Arcos, LLC	One stop	L + 6.00%		N/A⁽⁶⁾	02/2021	0		0			—		0
						3,294		3,276			0.4		3,294

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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⁾

Total non-controlled/non-affiliate company debt investments					$	1,607,290	$	1,588,372	170.8	%	$	1,593,211

Equity investments^(11)(12)
Aerospace and Defense
Whitcraft LLC	Common stock	N/A	N/A	N/A	7		$	688	0.1	%	$	1,121

Automobile
Grease Monkey International, LLC	LLC units	N/A	N/A	N/A	448		448		0.1		648
Polk Acquisition Corp.	LP interest	N/A	N/A	N/A	4		401		—		264
Quick Quack Car Wash Holdings, LLC	LLC units	N/A	N/A	N/A	—		248		—		248
							1,097		0.1		1,160
Beverage, Food and Tobacco
Cafe Rio Holding, Inc.	Common stock	N/A	N/A	N/A	3		283		—		335
Global ID Corporation	LLC interest	N/A	N/A	N/A	2		240		—		343
Hopdoddy Holdings, LLC	LLC units	N/A	N/A	N/A	17		84		—		79
Hopdoddy Holdings, LLC	LLC units	N/A	N/A	N/A	8		24		—		22
Mendocino Farms, LLC	Common stock	N/A	N/A	N/A	157		690		0.1		690
Purfoods, LLC	LLC interest	N/A	N/A	N/A	355		355		0.1		491
							1,676		0.2		1,960
Chemicals, Plastics and Rubber
Flexan, LLC	Preferred stock	N/A	N/A	N/A	—		40		—		32
Flexan, LLC	Common stock	N/A	N/A	N/A	—		—		—		—
Inhance Technologies Holdings LLC	LLC units	N/A	N/A	N/A	—		80		—		80
							120		—		112
Diversified/Conglomerate Manufacturing
Inventus Power, Inc.	Preferred stock	N/A	N/A	N/A	—		259		—		—
Inventus Power, Inc.	LLC units	N/A	N/A	N/A	—		38		—		33
Inventus Power, Inc.	Common stock	N/A	N/A	N/A	—		—		—		—
Reladyne, Inc.	LP interest	N/A	N/A	N/A	—		242		0.1		484
							539		0.1		517
Diversified/Conglomerate Service
Accela, Inc.	LLC units	N/A	N/A	N/A	374		374		0.1		411
Agility Recovery Solutions Inc.	Preferred stock	N/A	N/A	N/A	30		152		—		189
Apttus Corporation	Preferred stock	N/A	N/A	N/A	21		319		0.1		431
Apttus Corporation	Warrant	N/A	N/A	N/A	41		235		—		225
Centrify Corporation	LP interest	N/A	N/A	N/A	—		400		0.1		400
Centrify Corporation	LP interest	N/A	N/A	N/A	141		—		—		—
Cloudbees, Inc.	Preferred stock	N/A	N/A	N/A	39		247		—		247
Cloudbees, Inc.	Warrant	N/A	N/A	N/A	35		46		—		46
Confluence Technologies, Inc.	LLC interest	N/A	N/A	N/A	1		106		—		122
Connexin Software, Inc.	LLC interest	N/A	N/A	N/A	84		84		—		111
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	67		11		—		11
GS Acquisitionco, Inc.	LP interest	N/A	N/A	N/A	1		117		—		151
HealthcareSource HR, Inc.	LLC interest	N/A	N/A	N/A	—		165		—		196
Host Analytics, Inc.	Warrant	N/A	N/A	N/A	164		60		—		171
Jobvite, Inc.	Warrant	N/A	N/A	N/A	86		56		—		56
Kareo, Inc.	Warrant	N/A	N/A	N/A	29		203		—		2
Kareo, Inc.	Preferred stock	N/A	N/A	N/A	1		5		—		6
Maverick Bidco Inc.	LLC units	N/A	N/A	N/A	1		597		0.1		707
MMan Acquisition Co.	LP interest	N/A	N/A	N/A	334		334		—		261
Net Health Acquisition Corp.	LP interest	N/A	N/A	N/A	—		436		0.1		489
Nexus Brands Group, Inc.	LP interest	N/A	N/A	N/A	—		172		—		195
Personify, Inc.	LLC units	N/A	N/A	N/A	342		342		—		342
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	—		399		0.1		479
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	99		4		—		49

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾	Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾	Amortized Cost		Percentage of Net Assets		Fair Value ⁽⁴⁾
Diversified/Conglomerate Service - (continued)
Property Brands, Inc.	Preferred stock	N/A	N/A	N/A	34	$	345	0.1	%	$	373
Quickbase, Inc.	Common stock	N/A	N/A	N/A	615	—		0.1		1,052
Valant Medical Solutions, Inc.	Warrant	N/A	N/A	N/A	6	86		—		65
Verisys Corporation	LLC interest	N/A	N/A	N/A	318	318		—		291
Workforce Software, LLC	LLC units	N/A	N/A	N/A	1,373	1,373		0.2		1,576
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	232	212		—		202
Xmatters, Inc. and Alarmpoint, Inc.	Warrant	N/A	N/A	N/A	41	33		—		15
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	10	10		—		12
						7,241		1.0		8,883
Ecological
Pace Analytical Services, LLC	Common stock	N/A	N/A	N/A	3	302		—		278

Electronics
Diligent Corporation⁽¹³⁾	Preferred stock	N/A	N/A	N/A	359	4		0.2		1,328
SEI, Inc.	LLC units	N/A	N/A	N/A	207	161		0.1		391
Sloan Company, Inc., The	LLC units	N/A	N/A	N/A	—	74		—		—
Sloan Company, Inc., The	LLC units	N/A	N/A	N/A	1	7		—		—
						246		0.3		1,719
Healthcare, Education and Childcare
Active Day, Inc.	LLC interest	N/A	N/A	N/A	1	529		0.1		384
Acuity Eyecare Holdings, LLC	LLC interest	N/A	N/A	N/A	419	419		0.1		416
ADCS Clinics Intermediate Holdings, LLC	Preferred stock	N/A	N/A	N/A	1	596		0.1		374
ADCS Clinics Intermediate Holdings, LLC	Common stock	N/A	N/A	N/A	—	6		—		—
BIORECLAMATIONIVT, LLC	LLC units	N/A	N/A	N/A	—	360		0.1		589
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	5,253	525		0.1		653
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	53	5		—		—
Deca Dental Management LLC	LLC units	N/A	N/A	N/A	651	651		0.1		782
Dental Holdings Corporation	LLC units	N/A	N/A	N/A	394	370		—		326
Elite Dental Partners LLC	Common stock	N/A	N/A	N/A	—	426		0.1		426
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8	81		—		107
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8	—		—		9
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	—	418		0.1		418
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	4	4		—		4
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—	304		—		338
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—	3		—		11
G & H Wire Company, Inc.	LLC interest	N/A	N/A	N/A	187	188		—		154
Katena Holdings, Inc.	LLC units	N/A	N/A	N/A	—	205		—		155
Lombart Brothers, Inc.	Common stock	N/A	N/A	N/A	1	146		—		166
MD Now Holdings, Inc.	LLC units	N/A	N/A	N/A	8	78		—		78
MWD Management, LLC & MWD Services, Inc.	LLC interest	N/A	N/A	N/A	230	230		—		155
Oliver Street Dermatology Holdings, LLC	LLC units	N/A	N/A	N/A	218	218		—		323
Pinnacle Treatment Centers, Inc.	Preferred stock	N/A	N/A	N/A	—	226		—		262
Pinnacle Treatment Centers, Inc.	Common stock	N/A	N/A	N/A	2	2		—		6
RXH Buyer Corporation	LP interest	N/A	N/A	N/A	4	443		—		188
SLMP, LLC	LLC interest	N/A	N/A	N/A	378	378		0.1		403
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	86		—		93
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	—		—		3
WHCG Management, LLC	LLC interest	N/A	N/A	N/A	—	314		—		172
						7,211		0.9		6,995
Insurance
Internet Pipeline, Inc.	Preferred stock	N/A	N/A	N/A	—	154		—		211
Internet Pipeline, Inc.	Common stock	N/A	N/A	N/A	93	2		—		369
						156		—		580
Leisure, Amusement, Motion Pictures, Entertainment
PADI Holdco, Inc.	LLC units	N/A	N/A	N/A	1	539		0.1		591
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	36	56		—		56
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	25	38		—		38
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	20	31		—		31

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost		Percentage of Net Assets		Fair Value ⁽⁴⁾
Leisure, Amusement, Motion Pictures, Entertainment - (continued)
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	18		$	27	—	%	$	27
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	8		12		—		12
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	1		1		—		1
								704		0.1		756
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		—		—		1
								—		—		1
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC	LLC units	N/A		N/A	N/A	9		91		—		151

Personal, Food and Miscellaneous Services
Captain D's, LLC	LLC interest	N/A		N/A	N/A	88		88		—		81
Clarkson Eyecare LLC	LLC units	N/A		N/A	N/A	—		86		—		158
Community Veterinary Partners, LLC	Common stock	N/A		N/A	N/A	2		210		—		266
PPV Intermediate Holdings II, LLC	LLC interest	N/A		N/A	N/A	160		160		—		160
Ruby Slipper Cafe LLC, The	LLC units	N/A		N/A	N/A	19		186		—		227
Southern Veterinary Partners, LLC	LLC units	N/A		N/A	N/A	—		282		0.1		435
Southern Veterinary Partners, LLC	LLC units	N/A		N/A	N/A	83		3		—		31
Veterinary Specialists of North America, LLC	LLC units	N/A		N/A	N/A	—		56		—		97
Wetzel's Pretzels, LLC	Common stock	N/A		N/A	N/A	—		149		—		206
								1,220		0.1		1,661
Printing and Publishing
Brandmuscle, Inc.	LLC interest	N/A		N/A	N/A	—		207		—		143

Retail Stores
Batteries Plus Holding Corporation	LP interest	N/A		N/A	N/A	5		505		0.1		778
Cycle Gear, Inc.	LLC units	N/A		N/A	N/A	8		111		—		207
Elite Sportswear, L.P.	LLC interest	N/A		N/A	N/A	—		74		—		16
Feeders Supply Company, LLC	Preferred stock	N/A		N/A	N/A	2		$	179	—		$	224
Feeders Supply Company, LLC	Common stock	N/A		N/A	N/A	—		$	—	—		$	49
Pet Holdings ULC^(8)(10)	LP interest	N/A		N/A	N/A	222		188		—		261
								1,057		0.1		1,535

Total non-controlled/non-affiliate company equity investments								$	22,555	3.0	%	$	27,572

Total non-controlled/non-affiliate company investments						$	1,607,290	$	1,610,927	173.8	%	$	1,620,783

Non-controlled affiliate company investments⁽¹⁴⁾
Debt investments
Diversified/Conglomerate Service
Switchfly LLC⁽⁸⁾	One stop	P + 2.00%	^(c)(f)	7.25%	04/2020	$	3,067	$	3,025	0.3	%	$	2,761
Switchfly LLC⁽⁸⁾	One stop	P + 2.00%	^(f)	7.25%	06/2018	256		256		—		230
Switchfly LLC⁽⁸⁾	One stop	P + 2.00%	^(f)	7.25%	04/2020	17		16		—		15

Total non-controlled affiliate company debt investments						3,340		3,297		0.3		3,006

Equity investments^(11)(12)
Diversified/Conglomerate Service
Switchfly LLC⁽⁸⁾	LLC units	N/A		N/A	N/A	542		$	542	0.1	%	$	710

Total non-controlled/affiliate company equity investments								$	542	0.1	%	$	710

Total non-controlled/affiliate company investments								$	3,839	0.4	%	$	3,716

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(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⁽¹⁵⁾
Equity investments
Investment Funds and Vehicles
GCIC Senior Loan Fund LLC^(8)(16)	LLC interest	N/A	N/A	N/A	48,356		$	48,356	5.4	%	$	49,939

Total controlled affiliate company equity investments							$	48,356	5.4	%	$	49,939

Total controlled affiliate company investments							$	48,356	5.4	%	$	49,939

Total investments					$	1,610,630	$	1,663,122	179.3	%	$	1,674,438

Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
Cash, foreign currencies and restricted cash							$	37,848	4.1	%	$	37,848
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			2.00% ⁽¹⁷⁾				668		—		668
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents							$	38,516	4.1	%	$	38,516

Total investments and cash, cash equivalents, foreign currencies and restricted cash and cash equivalents							$	1,701,638	183.4	%	$	1,712,954



^{^}	Denotes that all or a portion of the investment collateralizes the Credit Facility (as defined in Note 7).
^*	Denotes that all or a portion of the investment secures the notes offered in the GCIC 2016 Debt Securitization (as defined in Note 7).

⁽¹⁾

The majority of the investments bear interest at a rate that may be determined by reference to LIBOR, EURIBOR or Prime and which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of September 30, 2018. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of ~~June 29,~~September 28, 2018, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of ~~June 29,~~September 28, 2018, as the loan may have priced or repriced based on an index rate prior to ~~June 29,~~September 28, 2018.

^(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was ~~2.09%~~2.26% as of ~~June 29,~~September 28, 2018.

^(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was ~~2.17%~~2.31% as of ~~June 29,~~September 28, 2018.

^(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was ~~2.34%~~2.40% as of ~~June 29,~~September 28, 2018.

^(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was ~~2.50%~~2.60% as of ~~June 29,~~September 28, 2018.

^(e)Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was ~~2.76%~~2.92% as of ~~June 29,~~September 28, 2018.

^(f)Denotes that all or a portion of the loan was indexed to the Prime rate, which was ~~5.00%~~5.25% as of ~~June 29,~~September 28, 2018.

^(g)Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.32% as of ~~June 29,~~September 28, 2018.


⁽²⁾	For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of ~~June~~September 30, 2018.


⁽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 ~~June~~September 30, 2018. 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 ~~June~~September 30, 2018, meaning that the Company has ceased recognizing interest income on the loan.

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Consolidated Schedule of Investments (unaudited) - (continued)~~

~~June 30, 2018~~

~~(In thousands)~~

⁽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’’).~~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~~September 30, 2018, total non-qualifying assets at fair value represented ~~6.5%~~6.3% of the Company’s total assets calculated in accordance with the 1940 Act.


⁽⁹⁾	Loan is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.


⁽¹⁰⁾	~~The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 -~~ ~~Transfers and Servicing~~ ~~("ASC Topic 860"), and therefore, the entire one stop loan asset remains in the Consolidated Schedule of Investments. See Note 7. Borrowings.~~


⁽¹¹⁾	The headquarters of this portfolio company is located in Canada.


^(12)(11)	Equity investments are non-income producing securities unless otherwise noted.


^(13)(12)	Ownership of certain equity investments may occur through a holding company or partnership.


^(14)(13)	The Company holds an equity investment that entitles it to receive preferential dividends.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2018

(In thousands)


⁽¹⁴⁾	As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2018 were as follows:



Portfolio Company	Fair value as of September 30, 2017		Purchases(cost)^(h)		Redemptions (cost)		Transfer in (out)		Discount accretion		Net change in unrealized gain/(loss)		Fair value as of September 30, 2018		Net realized gain/(loss)		Interest and fee income		Dividend income
Switchfly LLC ⁽ⁱ⁾	$	—	$	338	$	—	$	2,829	$	33	$	516	$	3,716	$	—	$	38	$	—
Total Controlled Affiliates	$	—	$	338	$	—	$	2,829	$	33	$	516	$	3,716	$	—	$	38	$	—

^(h)Purchases at cost includes amounts related to PIK interest capitalized and added to the principal balance of the respective loans.

⁽ⁱ⁾During the three months ended September 30, 2018, the Company's ownership increased to over five percent of the portfolio company's voting securities.

⁽¹⁵⁾ 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 ~~nine months~~year ended ~~June~~September 30, 2018 were as follows:


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 June 30, 2018		Net realized gain/(loss)		Interest and fee income		Dividend income		Fair value as of September 30, 2017		Purchases(cost)		Redemptions (cost)			Transfer in (out)		Discount accretion		Net change in unrealized gain/(loss)		Fair value as of September 30, 2018		Net realized gain/(loss)		Interest and fee income		Dividend income
GCIC Senior Loan Fund LLC ^(h)(j)	$	50,104	$	11,900	$	(9,406	)	$	—	$	1,406	$	54,004	$	—	$	—	$	4,065	$	50,104	$	13,650	$	(15,094	)	$	—	$	—	$	1,279	$	49,939	$	—	$	—	$	5,647
Total Controlled Affiliates	$	50,104	$	11,900	$	(9,406	)	$	—	$	1,406	$	54,004	$	—	$	—	$	4,065	$	50,104	$	13,650	$	(15,094	)	$	—	$	—	$	1,279	$	49,939	$	—	$	—	$	5,647

^(h)Together with Aurora National Life Assurance Company ("Aurora"), the Company co-invests through GCIC Senior Loan Fund ("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.


⁽¹⁶⁾	~~The Company receives quarterly profit distributions from its equity investment in GCIC Senior Loan Fund LLC. See Note 5. Investments.~~


⁽¹⁷⁾	~~The rate shown is the annualized seven-day yield as of June 30, 2018.~~


⁽¹⁸⁾	~~The Company holds an equity investment that entitles it to receive preferential dividends.~~

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Consolidated Schedule of Investments~~

~~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⁾
Investments



Non-controlled/non-affiliate company investments



Debt investments



Aerospace and Defense



ILC Dover, LP One stop L + 9.00%
^(a)
8.24% cash/2.00% PIK 03/2020 $ 2,355
$ 2,316
0.3
% $ 2,355
ILC Dover, LP One 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 LLC One 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 Corporation One stop L + 6.25%
^(a)
7.48% 03/2022 3,496
3,465
0.5
3,496
T5 Merger Corporation One stop L + 6.25%
^(a)
7.48% 03/2022 1,104
1,094
0.1
1,104
T5 Merger Corporation One 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 Corporation Senior 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 Corporation One 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, LLC Senior loan L + 5.75%
N/A⁽⁵⁾
12/2019 —
—
—
—
Hopdoddy Holdings, LLC One stop L + 8.00%
^(a)
9.24% 08/2020 421
419
0.1
421
Hopdoddy Holdings, LLC One stop L + 8.00%
^(a)
9.24% 08/2020 172
171
—
172

~~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⁾
Beverage, Food and Tobacco - (continued)
Hopdoddy Holdings, LLC One 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 Company One stop L + 5.50%
^(a)(e)
6.74% 12/2018 308
308
0.1
308
Julio & Sons Company One 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, LLC Senior 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, LLC One stop N/A 7.00% PIK 05/2026 101
101
—
104
Purfoods, LLC One stop L + 6.25%
^(a)(c)
7.55% 05/2021 70
69
—
70
Purfoods, LLC One stop L + 6.25%
^(c)
7.58% 05/2021 15
15
—
15
Purfoods, LLC One stop L + 6.25%
^(a)
7.49% 05/2021 15
15
—
15
Purfoods, LLC One stop L + 6.25%
^(c)
7.58% 05/2021 14
14
—
14
Purfoods, LLC One stop L + 6.25%
^(c)
7.58% 05/2021 11
10
—
11
Purfoods, LLC One 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 LLC One stop L + 5.25%
^(c)
6.58% 06/2020 176
175
—
176
Surfside Coffee Company LLC One 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 Company One 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, LLC One 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 LLC One 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, LLC Senior 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, LLC One 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

~~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⁾
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 Incorporated One 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, LLC One 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 Corporation One 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, LLC One 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, LLC One 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 ) —
—

~~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⁾
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, LLC One 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, LLC One stop L + 10.50%
^(c)
4.80% cash/7.00% PIK 06/2021 22,905
22,788
3.0
22,905
Workforce Software, LLC One 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, LLC One stop L + 6.00%
^(a)
7.24% 09/2022 349
344
—
349
Pace Analytical Services, LLC One 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

~~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)
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., The One 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, LLC One 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, LLC One 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, LLC One 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, LLC One 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, LLC Senior 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, LLC Senior 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, LLC One 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, LLC One 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, LLC One 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 LLC One 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 LLC One 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 ) —
—

~~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⁾
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 Corporation One stop L + 5.50%
^(b)
6.78% 02/2020 505
500
0.1
495
Dental Holdings Corporation One 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 LLC One 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, LLC Senior 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, LLC One 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, LLC One 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, LLC One stop L + 6.50%
^(c)
7.83% 05/2022 33
32
—
33
Oliver Street Dermatology Holdings, LLC One 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, LLC One stop L + 6.00%
^(c)
7.33% 12/2022 135
132
—
132
PPT Management Holdings, LLC One 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, LLC Senior 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, LLC Senior 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

~~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⁾
Healthcare, Education and Childcare - (continued)
RXH Buyer Corporation One 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, LLC One 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⁾
One stop 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, LLC One 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, LLC One stop L + 5.00%
^(a)
6.24% 06/2021 113
112
—
113
Summit Behavioral Holdings I, LLC One 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, LLC One 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, LLC One 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, The One 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, LLC One 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, LLC One stop L + 7.00%
N/A⁽⁵⁾
09/2019 —
—
—
—

~~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⁾
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, LLC One 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, LLC One stop L + 6.75%
^(c)(e)
8.07% 09/2020 100
99
—
100
Massage Envy, LLC One stop L + 6.75%
^(c)
8.07% 09/2020 95
94
—
95
Massage Envy, LLC One stop L + 6.75%
^(c)(e)
8.08% 09/2020 71
71
—
71
Massage Envy, LLC One stop L + 6.75%
^(c)(e)
8.10% 09/2020 31
30
—
31
Massage Envy, LLC One 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 Company Senior 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 LLC One 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 LLC One 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 LLC One stop L + 6.25%
^(c)
7.58% 04/2021 277
273
—
259
Community Veterinary Partners, LLC One 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 LLC One stop L + 6.00%
^(c)
7.32% 06/2023 2,665
2,608
0.3
2,665
PetVet Care Centers LLC One 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, LLC One 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, LLC One 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 LLC One stop L + 6.00%
^(c)
7.33% 04/2021 2,980
2,867
0.4
2,980
Vetcor Professional Practices LLC One 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

~~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⁾
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 LLC One 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, LLC One 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, LP One 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, LLC Subordinated debt N/A 12.50% cash/7.00% PIK 04/2021 55
55
—
55
Feeders Supply Company, LLC One 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, The One 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 Corporation Senior 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, LLC One 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

~~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 LLC Common 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, LLC LLC units N/A

N/A N/A 17
84
—
57
Hopdoddy Holdings, LLC LLC 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, LLC LLC interest N/A

N/A N/A 355
355
0.1
383
949
0.1
948
Chemicals, Plastics and Rubber
Flexan, LLC Preferred stock N/A

N/A N/A —
40
—
48
Flexan, LLC Common 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 Corporation Common stock N/A

N/A N/A 1
620
0.1
694
Bomgar Corporation Common 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 Corporation LLC interest N/A

N/A N/A 318
318
0.1
346
Workforce Software, LLC LLC 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, LLC Common stock N/A

N/A N/A 3
302
—
362

Electronics
Diligent Corporation Preferred stock N/A

N/A N/A 535
424
0.1
779
Gamma Technologies, LLC LLC units N/A

N/A N/A 1
82
—
201

~~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., The LLC units N/A

N/A N/A —
59
—
—
Sloan Company, Inc., The LLC 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, LLC LLC interest N/A

N/A N/A 419
419
0.1
522
ADCS Clinics Intermediate Holdings, LLC Preferred stock N/A

N/A N/A 1
596
0.1
480
ADCS Clinics Intermediate Holdings, LLC Common stock N/A

N/A N/A —
6
—
—
BIORECLAMATIONIVT, LLC LLC units N/A

N/A N/A —
360
0.1
543
DCA Investment Holding, LLC LLC units N/A

N/A N/A 5,253
525
0.1
571
DCA Investment Holding, LLC LLC units N/A

N/A N/A 53
5
—
—
Deca Dental Management LLC LLC units N/A

N/A N/A 651
651
0.1
748
Dental Holdings Corporation LLC units N/A

N/A N/A 359
359
—
245
Encore GC Acquisition, LLC LLC units N/A

N/A N/A 8
81
—
67
Encore GC Acquisition, LLC LLC units N/A

N/A N/A 8
—
—
—
Eyecare Services Partners Holdings LLC LLC interests N/A

N/A N/A —
304
0.1
304
Eyecare Services Partners Holdings LLC LLC interests N/A

N/A N/A —
3
—
3
G & H Wire Company, Inc LLC 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, LLC LLC 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 Corporation LP interest N/A

N/A N/A 4
443
—
155
SLMP, LLC LLC interest N/A

N/A N/A 334
334
0.1
334
WHCG Management, LLC LLC 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, LLC LLC units N/A

N/A N/A 9
91
—
89

Personal, Food and Miscellaneous Services
Clarkson Eyecare LLC LLC units N/A

N/A N/A —
63
—
75
Community Veterinary Partners, LLC Common stock N/A

N/A N/A 1
126
—
132
Southern Veterinary Partners, LLC LLC units N/A

N/A N/A —
49
—
49
Southern Veterinary Partners, LLC LLC units N/A

N/A N/A 52
3
—
3
Vetcor Professional Practices LLC LLC units N/A

N/A N/A 498
298
0.1
331
Vetcor Professional Practices LLC LLC units N/A

N/A N/A 55
55
0.1
667
Veterinary Specialists of North America, LLC LLC units N/A

N/A N/A —
56
—
74
Wetzel's Pretzels, LLC Common stock N/A

N/A N/A —
149
—
173
799
0.2
% 1,504

~~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 Corporation LP 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, LLC Preferred stock N/A

N/A N/A 2
179
—
204
Feeders Supply Company, LLC Common 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 investment collateralizes the Credit Facility (as defined in Note 7).~~
^*		~~Denotes that all or a portion of the investment secures the notes offered in the GCIC 2016 Debt Securitization (as defined in Note 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 as of September 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. 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 29, 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.~~

^(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 as of September 30, 2017.~~

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Consolidated Schedule of Investments - (continued)~~

~~September 30, 2017~~

~~(In thousands)~~


⁽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. 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, 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, 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, 2017, total non-qualifying assets at fair value represented 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⁾	~~Equity investments are non-income producing securities unless otherwise noted.~~


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


⁽¹¹⁾	~~The Company holds an equity investment that entitles it to 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 ^(f)
$ 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)(j)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~~have sole control over significant actions of GCIC SLF for purposes of the 1940 Act or otherwise.


^(13)(16)	The Company receives quarterly profit distributions from its equity investment in GCIC ~~SLF.~~Senior Loan Fund LLC. See Note 5. Investments.


^(14)(17)	The rate shown is the annualized seven-day yield as of September 30, ~~2017.~~


⁽¹⁵⁾	~~The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.~~2018.

3541

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, GCIC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company 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.

On November 27, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Golub Capital BDC, Inc., a Delaware corporation (“GBDC”), Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of GBDC (“Merger Sub”), the Investment Adviser and, for certain limited purposes, the Administrator. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of GBDC (the “Initial Merger”) and, immediately thereafter, the Company will merge with and into GBDC, with GBDC continuing as the surviving company (together with the Initial Merger, the “Merger”). The parties to the Merger Agreement intend the Merger to be treated as a “reorganization” within the meaning of Section 368(a) of the Code.

In connection with the closing of the Merger, each share of the Company’s common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into 0.865 shares of GBDC’s common stock (the “Exchange Ratio”). The Exchange Ratio will only be adjusted if, between the date of the Merger Agreement and the effective time of the Merger, the respective outstanding shares of the Company’s common stock or GBDC’s common stock shall have been increased or decreased or changed into or exchanged for a different number or kind of shares or securities, in each case, as a result of any reclassification, recapitalization, stock split, reverse stock split, split-up, combination or exchange of shares, or if a stock dividend or dividend payable in any other securities shall be declared with a record date within such period. No fractional shares of GBDC’s common stock will be issued, and holders of the Company’s common stock will receive cash in lieu of fractional shares.

The Merger is subject to approval by the Company’s and GBDC’s stockholders and other customary closing conditions. Consummation of the Merger is currently anticipated to occur during the first half of calendar year 2019. The combined company will trade under the ticker symbol “GBDC” on The Nasdaq Global Select Market and will remain externally managed by the Investment Adviser. Additional information on the Merger can be located in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on November 28, 2018.

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”).

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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”) as established by the Financial Accounting Standards Board ("FASB") for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10, and 12 of Regulation S-X.

Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim 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,~~2018, as filed with the ~~U.S. Securities and Exchange Commission (the "SEC").~~SEC.

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

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

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

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”) ~~and Golub Capital Investment Corporation~~, GCIC CLO 2016(M) LLC (“GCIC 2016 Issuer”), GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”), GCIC CLO II LLC (“GCIC 2018 Issuer”) and GCIC Funding II LLC (“GCIC Funding II”), in its consolidated financial statements. The Company does not consolidate its non-controlling interest in GCIC 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 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including GCIC Funding, GCIC Holdings, ~~and~~ GCIC 2016 Issuer, GCIC 2018 CLO Depositor, GCIC 2018 Issuer and GCIC Funding II, which are consolidated in the Company’s consolidated financial

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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


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

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

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

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 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, 2018 and 2017, interest income included ~~$2,611~~$1,996 and ~~$6,782,~~$2,026, respectively, of accretion of discounts and origination fees. For the three ~~and nine~~ months ended ~~June 30, 2017, interest income included $2,211~~December 31, 2018 and $4,590, respectively, of accretion of discounts and origination fees. For the three and nine months ended June 30, 2018, the Company received loan origination fees of $2,434 and $7,701, respectively. For the three and nine months ended June 30, 2017, the Company received loan origination fees of ~~$4,482~~$3,147 and ~~$7,402,~~$3,172, 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, 2018 and 2017, the Company recorded PIK income of ~~$484~~$83 and ~~$1,423,~~$468, respectively, and received PIK payments in cash of $0$19 and an amount less than $1, respectively. For the three and nine months ended June 30, 2017, the Company recorded PIK income of $469 and $1,377, respectively, and received PIK payments in cash of $9 and $74,$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 months

Golub Capital Investment Corporation and ~~nine months~~ Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

ended ~~June 30,~~December 31, 2018 ~~fee income included $1,140~~ and ~~$2,367, respectively, of prepayment premiums, which fees are non-recurring. For the three and nine months ended June 30,~~ 2017, fee income included ~~$820~~$300 and ~~$1,025,~~$386, respectively, of prepayment premiums, which fees are non-recurring.

For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~the Company received interest~~ and ~~fee income in cash, which excludes capitalized loan origination fees, in the amounts of $32,236 and $87,703, respectively. For the three and nine months ended June 30,~~ 2017, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of ~~$22,275~~$36,674 and ~~$60,956,~~$26,780, 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 limited liability company ("LLC") and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the amortized cost basis of the investment.

For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, excluding the Company's investment in LLC equity interests in GCIC SLF, the Company recorded dividend income of $3$30 and ~~$80,~~$2, respectively, and return of capital distributions of $0 and ~~$635,~~$217, respectively. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, the Company recorded dividend income of ~~$1,641~~$1,036 and ~~$4,065,~~$1,130, respectively, and return of capital distributions of $0 and $0, respectively, from the Company's investment in LLC equity interests in GCIC ~~SLF of $9,406 and $9,406, respectively. For the three and nine months ended June 30, 2017, excluding the Company's investment in LLC equity interests in GCIC SLF, the Company recorded dividend~~

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

income of $157 and $158, respectively, and return of capital distributions of $314 and $485, respectively. For the three and nine months ended June 30, 2017, the Company recorded dividend income of $1,216 and $2,879, respectively, and return of capital distributions from the Company's investment in LLC equity interests in GCIC SLF of $4,165 and $8,803, respectively.SLF.

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

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 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 ~~$9,892~~$5,769 and ~~$311~~$5,197 as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, 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 may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

income as taxable income is earned. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, 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 tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through ~~June 30,~~December 31, 2018. The Company's tax returns for the ~~2014~~2015 through 2017 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 as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

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 (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, 2018 and September 30, ~~2017,~~2018, the Company had deferred debt issuance costs of ~~$2,309~~$6,011 and ~~$2,671,~~$1,921, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~was $526~~ and ~~$1,610, respectively. Amortization expense for the three and nine months ended June 30,~~ 2017 was ~~$741~~$1,668 and ~~$2,522,~~$553, respectively.

~~Recent accounting pronouncements:~~Securities Exchange Commission ("SEC") Disclosure Update and Simplification: In ~~November 2016,~~August 2018, the ~~Financial Accounting Standards Board (“FASB”) issued Accounting Standards~~SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update ~~(“ASU”~~and Simplification (the "SEC Release") ~~2016-18,~~ ~~Statement~~, amending certain disclosure requirements intended to facilitate the disclosure 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,~~information to investors and ~~amounts generally described as restricted cash or restricted cash equivalents. This guidance~~simplify compliance. The SEC Release is effective for ~~annual reporting periods, and the interim periods within those periods, beginning~~all filings on or after ~~December 15, 2017.~~November 5, 2018. The Company first adopted the ~~ASU, which did not have a material impact on~~SEC Release for the ~~Company’s consolidated financial statements.~~fiscal year ended September 30, 2018. The SEC Release required presentation changes to the Company's Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Net Assets. 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 inaccordance with previous SEC rules, distributable earnings on the Consolidated Statements of ~~Cash Flows~~Financial Condition, as three components: 1) undistributed net investment income; 2) net unrealized appreciation (depreciation) on investments; and 3) net realized gain (loss) on investments and presented distributions from distributable earnings on the Consolidated Statements of Changes in Net Assets as two components: 1) distributions from net investment income; and 2) distributions from realized gain. In accordance with the SEC Release, distributable earnings and distributions from distributable earnings are shown in total on the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Net Assets, respectively. The changes in presentation have been retrospectively ~~restated~~applied to the ~~nine months~~Consolidated Statements of Changes in Net Assets for the period ended ~~June 30,~~December 31, 2017.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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, 2018 and September 30, 2017, GCIC had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:~~

As of June 30, 2018 As of September 30, 2017
Subscriptions Contributions Subscriptions Contributions
GCIC Stockholders $ 1,197,145
$ 819,022
$ 1,301,643
$ 716,004
Total $ 1,197,145
$ 819,022
$ 1,301,643
$ 716,004

As of June 30, 2018 and September 30, 2017, the ratio of total contributed capital to total capital subscriptions was 68.4% and 55.0%, respectively, and GCIC had uncalled capital commitments of $378,123 and $585,639,

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

~~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, GCIC 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. ~~On January 1, 2018 and April 1,~~

Through December 31, 2018, the Company had reached agreements to cancel undrawn subscriptions totaling ~~$55,806 and $20,670~~$76,476 in the ~~aggregate, respectively.~~aggregate. On July 1, 2018, the Company entered into agreements with certain stockholders to repurchase shares of common stock and, as a result, cancel subscriptions totaling $30,250. Additionally, as of ~~June 30,~~December 31, 2018 undrawn subscriptions totaling ~~$28,022~~$77,325 had expired pursuant to the terms of the respective Subscription Agreements.

As of December 31, 2018 and September 30, 2018, GCIC had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:



	As of December 31, 2018				As of September 30, 2018
	Subscriptions		Contributions		Subscriptions		Contributions
GCIC Stockholders	$	1,117,592	$	953,106	$	1,136,940	$	841,580
Total	$	1,117,592	$	953,106	$	1,136,940	$	841,580

As of December 31, 2018 and September 30, 2018, the ratio of total contributed capital to total capital subscriptions was 85.3% and 74.0%, respectively, and GCIC had uncalled capital commitments of $164,486 and $295,360, respectively. For the three months ended December 31, 2018, undrawn subscriptions totaling $19,348, expired pursuant to the terms of the respective Subscription Agreements.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table summarizes the shares of GCIC common stock issued and outstanding for the ~~nine~~three months ended ~~June 30,~~December 31, 2018 and 2017:


	Date	Shares Issued	NAV ($) per share		Proceeds		Date	Shares Issued	NAV ($) per share		Proceeds
Shares outstanding, September 30, 2016		41,087,178.250	$	15.00	$	616,307
Issuance of shares	04/03/2017	2,187,285.533	15.00		32,809
Shares outstanding, September 30, 2017								51,214,683.496	$	15.00	$	768,220
Issuance of shares	05/01/2017	2,223,285.533	15.00		33,349		12/01/2017	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		11/27/2017	291,564.353	15.00		4,374
Issuance of shares ⁽¹⁾	12/30/2016	327,120.972	15.00		4,907		12/28/2017	393,201.972	15.00		5,898
Issuance of shares ⁽¹⁾	02/27/2017	335,502.470	15.00		5,032
Issuance of shares ⁽¹⁾	05/19/2017	313,775.384	15.00		4,707
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

Shares outstanding, September 30, 2017		51,214,683.496	$	15.00	$	768,220
Issuance of shares	12/01/2017	2,223,285.533	15.00		33,349
Shares outstanding, September 30, 2018								62,147,237.484	$	15.00	$	932,209
Issuance of shares	01/29/2018	1,407,782.320	15.00		21,116		10/15/2018	2,018,759.065	15.00		30,281
Issuance of shares	02/26/2018	1,818,340.200	15.00		27,276		11/26/2018	2,497,171.129	15.00		37,458
Issuance of shares	06/28/2018	1,418,421.266	15.00		21,277		12/20/2018	2,919,162.403	15.00		43,787
Shares issued for capital drawdowns		6,867,829.319	$	15.00	$	103,018		7,435,092.597	$	15.00	$	111,526
Issuance of shares ⁽¹⁾	11/27/2017	291,564.353	15.00		4,374		11/27/2018	439,833.975	15.00		6,597
Issuance of shares ⁽¹⁾	12/28/2017	393,201.972	15.00		5,898		12/28/2018	416,611.113	15.00		6,249
Issuance of shares ⁽¹⁾	02/26/2018	470,835.576	15.00		7,062
Issuance of shares ⁽¹⁾	05/23/2018	505,692.332	15.00		7,586
Shares issued through DRIP		1,661,294.233	$	15.00	$	24,920		856,445.088	$	15.00	$	12,846
Shares outstanding, June 30, 2018		59,743,807.048	$	15.00	$	896,158
Shares outstanding, December 31, 2018								70,438,775.169	$	15.00	$	1,056,581


⁽¹⁾	Shares issued through the DRIP.

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 2018. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to the lesser of (a) 1.50% or (b) the base management fee of ~~Golub Capital BDC, Inc.~~GBDC (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. Additionally, the Investment Adviser

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

may voluntarily exclude assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents 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

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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, 2018 and 2017, the base management fees incurred by the Company were $6,168 and $4,986, respectively, and the base management fees irrevocably waived by the Investment Adviser were ~~$1,522~~$1,682 and ~~$4,313, respectively. For the three and nine months ended June 30, 2017, the base management fees irrevocably waived by the Investment Adviser were $1,162 and $3,256,~~$1,360, respectively.

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 fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

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 Incentive Fee, 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 losses unless the payment of such Income Incentive Fee would be subject to the Incentive Fee Cap described 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~~considering 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

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

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.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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, 2018 ~~the Income Incentive Fee incurred was $4,585~~ and ~~$12,516, respectively. For the three and nine months ended June 30,~~ 2017, the Income Incentive Fee incurred was ~~$3,256~~$4,013 and ~~$7,132,~~$3,651, respectively.

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):

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, 2018 ~~the Income Incentive Fees irrevocably waived by the Investment Adviser were $1,146~~ and ~~$3,014, respectively. For the three and nine months ended June 30,~~ 2017, the Income Incentive Fees irrevocably waived by the Investment Adviser were ~~$733~~$603 and ~~$749,~~$798, 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 ended December 31, 2015, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (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 financing 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.

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

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 each of the three and nine months ended June 30, 2018 and 2017. 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 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 capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15.0% 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 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~~December 31, 2018, there was a reversal of the Capital Gain Incentive Fee of $1,156. For the three months ended December 31, 2017, the Capital Gain Incentive Fee incurred was $513.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

For the three months ended December 31, 2018, there was a reversal of the Capital Gain Incentive Fee waiver by the Investment Adviser of $289. For the three months ended December 31, 2017, the Capital Gain Incentive Fee waived by the Investment Adviser was $128.

There was no Capital Gain Incentive Fee as calculated under the Investment Advisory Agreement (as described above) payable as of December 31, 2018 and September 30, ~~2018,~~2018. However, in accordance with GAAP, the Company ~~accrued~~is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under ~~GAAP of $73 and $953, respectively, which accruals are included in incentive fee in~~ the Consolidated Statements of Operations. For the three and nine months ended June 30, 2017, the Company accrued a capital gain incentive fee under GAAP of $58 and $1,148, respectively, which accruals are included in incentive fee in the Consolidated Statements of Operations.Investment Advisory Agreement. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, included in management and incentive fees payable on the Consolidated Statements of Financial Condition were ~~$2,624~~$1,448 and ~~$1,671,~~$2,315, respectively, for cumulative accruals for capital gain incentive fees (net of waiver) under 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 of common 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

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

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 Account to the Company for the benefit of its stockholders. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~the Company deposited $1,070~~ and ~~$2,857, respectively, into the Escrow Account. For the three and nine months ended June 30,~~ 2017, the Company deposited ~~$610~~$1,234 and ~~$1,910,~~$836, respectively, into the Escrow Account. As of ~~June 30,~~December 31, 2018, the Company has made deposits totaling ~~$7,035~~$9,415 into the Escrow Account.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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

Included in accounts payable and accrued expenses is ~~$538~~$651 and ~~$449~~$555 as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Company 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 each of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, the organization and offering costs incurred by the Company totaled $700.

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, 2018 ~~were $186~~ and ~~$1,003, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30,~~ 2017 were ~~$180~~$247 and ~~$962,~~$461, respectively.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, included in accounts payable and accrued expenses were ~~$405~~$788 and ~~$461,~~$247, respectively, for accrued expenses paid on behalf of the Company by the Administrator.

During the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, the Company sold $0 and ~~$43,759,~~$22,756, respectively, of investments and unfunded commitments to GCIC SLF at fair value and recognized $0 and ~~$400, respectively, of net~~

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~

realized gains. During the three and nine months ended June 30, 2017, the Company sold $1,692 and $38,565, respectively, of investments and unfunded commitments to GCIC SLF at fair value and recognized $8 and $339,$195, respectively, of net realized gains.

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, 2018, the Company has issued ~~1,004,905.973~~1,038,048.522 shares of its common stock, including through the DRIP, to GCOP LLC in exchange for aggregate capital contributions totaling ~~$15,074.~~$15,571.

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, 2018, the Company has issued ~~3,491,739.305~~ 3,690,222.305

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

shares of its common stock, including through the DRIP, to GEMS in exchange for aggregate capital contributions totaling ~~$52,376.~~$55,353.

On February 3, 2015, the Company entered into an unsecured revolving credit facility with the Investment Adviser (as amended, the “Revolver”) with a maximum credit limit of $40,000 and expiration date of February 3, 2018. On February 7, 2018, the Company 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. Refer to Note 7 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 ~~$27,908~~$27,440 as of ~~June 30,~~December 31, 2018, to purchase shares of the Company’s common stock in a private placement. As of ~~June 30,~~December 31, 2018, the Company has issued ~~1,563,026.331~~1,829,329.064 shares of its common stock to GEMS Fund 4, L.P in exchange for aggregate capital contributions totaling ~~$23,445.~~$27,440.

During the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~GCIC SLF incurred an administrative service fee of $63~~ and $179, 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, 2017, GCIC SLF incurred an administrative service fee of ~~$57~~$60 and ~~$163,~~$54, respectively, to reimburse the Administrator for expenses pursuant to an administrative and loan services agreement by and between GCIC SLF and the Administrator.

On November 27, 2018, the Company entered into the Merger Agreement with GBDC, Merger Sub, the Investment Adviser and, for certain limited purposes, the Administrator.

4653

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 5. Investments

Investments as of ~~June 30,~~December 31, 2018 and September 30, ~~2017~~2018 consisted of the following:


	As of June 30, 2018						As of September 30, 2017						As of December 31, 2018						As of September 30, 2018
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	200,274	$	198,217	$	196,835	$	167,646	$	165,642	$	165,620	$	242,682	$	240,211	$	235,409	$	216,389	$	214,208	$	211,035
One stop	1,372,246		1,354,867		1,364,503		1,169,007		1,152,979		1,161,275		1,558,187		1,540,371		1,547,115		1,393,961		1,377,181		1,384,902
Subordinated debt	277		277		277		55		55		55		587		587		783		280		280		280
LLC equity interests in GCIC SLF⁽¹⁾	N/A		52,294		54,004		N/A		49,800		50,104		N/A		48,356		50,069		N/A		48,356		49,939
Equity	N/A		22,040		27,016		N/A		17,733		20,647		N/A		28,543		34,277		N/A		23,097		28,282
Total	$	1,572,797	$	1,627,695	$	1,642,635	$	1,336,708	$	1,386,209	$	1,397,701	$	1,801,456	$	1,858,068	$	1,867,653	$	1,610,630	$	1,663,122	$	1,674,438


⁽¹⁾	GCIC SLF’s proceeds from the 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, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
Amortized Cost:
United States
Mid-Atlantic	$	314,459	19.3	%	$	248,290	17.9	%	$	364,723	19.6	%	$	329,743	19.8	%
Midwest	334,479		20.6		358,990		25.9		415,068		22.4		367,463		22.1
West	237,053		14.6		181,740		13.1		247,402		13.3		238,063		14.3
Southeast	317,556		19.5		286,057		20.6		388,769		20.9		357,059		21.5
Southwest	179,589		11.0		122,242		8.8		219,350		11.8		162,285		9.7
Northeast	212,043		13.0		156,817		11.3		170,730		9.2		175,761		10.6
Canada	32,516		2.0		32,073		2.4		45,071		2.4		32,748		2.0
United Kingdom									6,955		0.4		—		—
Total	$	1,627,695	100.0	%	$	1,386,209	100.0	%	$	1,858,068	100.0	%	$	1,663,122	100.0	%

Fair Value:
United States
Mid-Atlantic	$	317,708	19.3	%	$	251,278	18.0	%	$	368,099	19.7	%	$	333,327	19.9	%
Midwest	335,094		20.4		358,219		25.6		414,224		22.2		366,439		21.9
West	239,548		14.6		184,438		13.2		247,934		13.3		239,414		14.3
Southeast	319,519		19.5		288,780		20.7		392,260		21.0		359,417		21.4
Southwest	180,874		11.0		122,670		8.8		219,603		11.7		163,550		9.8
Northeast	216,857		13.2		159,684		11.4		173,552		9.3		179,255		10.7
Canada	33,035		2.0		32,632		2.3		45,039		2.4		33,036		2.0
United Kingdom									6,942		0.4		—		—
Total	$	1,642,635	100.0	%	$	1,397,701	100.0	%	$	1,867,653	100.0	%	$	1,674,438	100.0	%

4754

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, 2018 and September 30, ~~2017~~2018 were as follows:


	As of June 30, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
Amortized Cost:
Aerospace and Defense	$	25,726	1.6	%	$	22,539	1.6	%	$	26,356	1.4	%	$	25,704	1.6	%
Automobile	16,708		1.0		58,138		4.2		24,797		1.3		19,007		1.2
Beverage, Food and Tobacco	83,358		5.1		69,045		5.0		98,586		5.3		98,376		5.9
Broadcasting and Entertainment	683		0.0	*	688		0.0	*	680		0.0	*	682		0.0	*
Buildings and Real Estate	49,197		3.0		49,135		3.6		50,806		2.7		48,911		2.9
Chemicals, Plastics and Rubber	1,562		0.1		1,075		0.1		7,596		0.4		7,595		0.5
Diversified/Conglomerate Manufacturing	46,958		2.9		44,499		3.2		58,642		3.2		55,120		3.3
Diversified/Conglomerate Service	463,101		28.5		285,360		20.6		602,582		32.4		525,869		31.6
Ecological	20,460		1.3		18,304		1.3		21,732		1.2		21,171		1.3
Electronics	122,056		7.5		123,756		8.9		151,385		8.2		133,854		8.1
Grocery	118		0.0	*	123		0.0	*	190		0.0	*	193		0.0	*
Healthcare, Education and Childcare	339,342		20.9		270,217		19.5		340,751		18.3		320,847		19.3
Home and Office Furnishings, Housewares, and Durable Consumer	9,610		0.6		10,187		0.7		8,313		0.5		8,169		0.5
Hotels, Motels, Inns, and Gaming	12,289		0.8		11,138		0.8		12,249		0.7		12,268		0.7
Insurance	52,624		3.2		32,050		2.3		63,956		3.4		58,813		3.5
Investment Funds and Vehicles	52,294		3.2		49,800		3.6		48,356		2.6		48,356		2.9
Leisure, Amusement, Motion Pictures, Entertainment	56,728		3.5		52,209		3.8		54,516		2.9		54,920		3.3
Mining, Steel, Iron and Non-Precious Metals	197		0.0	*	208		0.0	*	190		0.0	*	195		0.0	*
Oil and Gas	38,082		2.3		16,948		1.2		14,980		0.8		13,733		0.8
Personal and Non Durable Consumer Products (Mfg. Only)	29,604		1.8		29,474		2.1		32,707		1.8		30,131		1.8
Personal, Food and Miscellaneous Services	107,142		6.6		98,161		7.1		80,460		4.3		75,414		4.5
Printing and Publishing	737		0.0	*	20,899		1.5		4,615		0.3		4,627		0.3
Retail Stores	87,687		5.4		106,377		7.7		142,214		7.7		87,747		5.3
Telecommunications	6,269		0.4		7,189		0.5		6,249		0.3		6,259		0.4
Textiles and Leather	1,888		0.1		1,898		0.2		1,882		0.1		1,885		0.1
Utilities	3,275		0.2		6,792		0.5		3,278		0.2		3,276		0.2
Total	$	1,627,695	100.0	%	$	1,386,209	100.0	%	$	1,858,068	100.0	%	$	1,663,122	100.0	%

* Represents an amount less than 0.1%

4855

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)


	As of June 30, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
Fair Value:
Aerospace and Defense	$	26,326	1.6	%	$	22,970	1.7	%	$	27,062	1.5	%	$	26,445	1.6	%
Automobile	16,648		1.0		58,724		4.2		24,974		1.3		19,208		1.1
Beverage, Food and Tobacco	84,111		5.1		69,322		5.0		99,129		5.3		99,054		5.9
Broadcasting and Entertainment	688		0.1		694		0.1		681		0.0	*	683		0.1
Buildings and Real Estate	49,156		3.0		49,333		3.5		49,610		2.7		48,701		2.9
Chemicals, Plastics and Rubber	1,563		0.1		1,099		0.1		7,683		0.4		7,607		0.5
Diversified/Conglomerate Manufacturing	46,518		2.8		43,639		3.1		58,466		3.1		54,681		3.3
Diversified/Conglomerate Service	469,183		28.6		289,884		20.7		609,608		32.6		532,571		31.8
Ecological	20,702		1.3		18,700		1.3		22,036		1.2		21,416		1.3
Electronics	124,366		7.6		125,426		9.0		153,588		8.2		136,119		8.1
Grocery	119		0.0	*	124		0.0	*	182		0.0	*	191		0.0	*
Healthcare, Education and Childcare	337,219		20.5		271,283		19.4		334,959		17.9		316,305		18.8
Home and Office Furnishings, Housewares, and Durable Consumer	9,494		0.6		9,293		0.7		8,036		0.4		8,194		0.5
Hotels, Motels, Inns, and Gaming	12,284		0.7		11,345		0.8		12,407		0.7		12,438		0.7
Insurance	53,518		3.3		32,706		2.4		64,750		3.5		59,643		3.6
Investment Funds and Vehicles	54,004		3.3		50,104		3.6		50,069		2.7		49,939		3.0
Leisure, Amusement, Motion Pictures and Entertainment	56,711		3.5		52,466		3.8		54,497		2.9		55,000		3.3
Mining, Steel, Iron and Non-Precious Metals	173		0.0	*	160		0.0	*	191		0.0	*	196		0.0	*
Oil and Gas	38,316		2.3		16,919		1.2		15,203		0.8		13,881		0.8
Personal and Non-Durable Consumer Products (Mfg. Only)	29,739		1.8		29,624		2.1		32,838		1.8		30,283		1.8
Personal, Food and Miscellaneous Services	110,336		6.7		98,359		7.0		81,935		4.4		76,775		4.6
Printing and Publishing	705		0.0	*	21,385		1.5		4,590		0.3		4,568		0.3
Retail Stores	89,267		5.4		107,958		7.7		143,711		7.7		89,072		5.3
Telecommunications	6,356		0.4		7,278		0.5		6,324		0.3		6,340		0.4
Textiles and Leather	1,839		0.1		1,932		0.1		1,830		0.1		1,834		0.1
Utilities	3,294		0.2		6,974		0.5		3,294		0.2		3,294		0.2
Total	$	1,642,635	100.0	%	$	1,397,701	100.0	%	$	1,867,653	100.0	%	$	1,674,438	100.0	%

* Represents an amount less than 0.1%.

GCIC Senior Loan Fund LLC:

The Company co-invests with Aurora, a wholly-owned subsidiary of RGA Reinsurance Company, 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 6.

As of ~~June~~December 31, 2018 and September 30, 2018, GCIC SLF was capitalized by 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, 2018 and September 30, ~~2017,~~2018, 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.

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,~~December 31, 2018 allowed GCIC SLF II to borrow up to ~~$150,000~~$73,758 at any one time outstanding, subject to leverage and borrowing base restrictions.

On November 19, 2018, GCIC SLF II entered into an amendment to the documents governing the GCIC SLF Credit Facility. Which was effective as of November 19, 2018 and among other things, allowed for one final advance to the borrowing base for $3,094, decreased the size of the GCIC SLF Credit Facility from $150,000 to advances outstanding and reduced interest from one-month LIBOR plus 2.15% to one-month LIBOR plus 2.05%. The other material terms of the GCIC SLF Credit Facility were unchanged.

4956

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, 2018 and September 30, ~~2017,~~2018, GCIC SLF had the following commitments from its members (in the aggregate):


	As of June 30, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
	Committed		Funded⁽¹⁾		Committed		Funded⁽¹⁾		Committed		Funded⁽¹⁾		Committed		Funded⁽¹⁾
LLC equity commitments	$	125,000	$	59,764	$	125,000	$	56,914	$	125,000	$	55,264	$	125,000	$	55,264
Total	$	125,000	$	59,764	$	125,000	$	56,914	$	125,000	$	55,264	$	125,000	$	55,264


⁽¹⁾	Funded LLC equity commitments are presented net of return of capital distributions subject to recall.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, GCIC SLF had total assets at fair value of ~~$165,123~~$130,888 and ~~$164,551,~~$136,557, respectively. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, 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, 2018 and September 30, ~~2017,~~2018, GCIC SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling ~~$13,178~~$10,968 and ~~$10,020~~$11,524 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, 2018 and September 30, ~~2017:~~2018:


	As of			As of			As of			As of
	June 30, 2018			September 30, 2017			December 31, 2018			September 30, 2018
Senior secured loans⁽¹⁾	$	162,539		$	162,815		$	127,307		$	134,270
Weighted average current interest rate on senior secured loans⁽²⁾	7.5		%	6.4		%	7.7		%	7.4		%
Number of borrowers in GCIC SLF	37			40			32			33
Largest portfolio company investments⁽¹⁾	$	8,900		$	8,928		$	8,307		$	8,357
Total of five largest portfolio company investments⁽¹⁾	$	38,793		$	39,540		$	34,114		$	33,966


⁽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.

5057

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, 2018
GCIC SLF Investment Portfolio as of December 31, 2018										GCIC SLF Investment Portfolio as of December 31, 2018
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⁾
1A Smart Start LLC(3)	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.8	%	$	1,341	$	1,346
1A Smart Start LLC⁽³⁾	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.6		596		597			Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	7.0	%	$	1,925	$	1,918
Aimbridge Hospitality, LLC⁽³⁾	Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.1		5,955		5,866			Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.5		5,925		5,925
Aimbridge Hospitality, LLC⁽³⁾	Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.1		238		238			Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.5		236		236
Boot Barn, Inc.	Retail Stores	Senior loan	06/2021	6.8		5,001		5,001
Boot Barn, Inc.⁽³⁾											Retail Stores	Senior loan	06/2021	7.3		5,001		5,001
Brandmuscle, Inc.											Printing and Publishing	Senior loan	12/2021	7.6		3,800		3,797
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	7.1		4,023		4,020			Printing and Publishing	Senior loan	12/2021	N/A⁽⁴⁾		—		—
Captain D's, LLC⁽³⁾	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.6		5,963		5,963			Personal, Food and Miscellaneous Services	Senior loan	12/2023	7.3		5,933		5,933
Captain D's, LLC⁽³⁾	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.6		8		8			Personal, Food and Miscellaneous Services	Senior loan	12/2023	8.2		25		25
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.6		2,034		1,993			Healthcare, Education and Childcare	Senior loan	12/2020	8.0		2,023		2,023
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.6		1,025		1,004			Healthcare, Education and Childcare	Senior loan	12/2020	8.0		1,019		1,019
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		2,079		2,079			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		2,069		2,069
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		1,045		1,045			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		1,040		1,040
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		58		58			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		58		58
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		40		40			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		40		40
Curo Health Services LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	02/2022	8.0		4,838		4,850
Community Veterinary Partners, LLC											Personal, Food and Miscellaneous Services	Senior loan	10/2021	N/A⁽⁴⁾		—		—
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		3,070		3,070			Retail Stores	Senior loan	06/2020	8.6		3,054		3,054
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		1,235		1,235			Retail Stores	Senior loan	06/2020	8.6		1,228		1,228
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		635		635			Retail Stores	Senior loan	06/2020	8.6		632		632
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	7.8		377		377			Retail Stores	Senior loan	06/2020	8.6		215		215
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		216		216			Retail Stores	Senior loan	06/2020	8.6		96		96
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		96		96			Retail Stores	Senior loan	06/2020	8.6		92		92
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		92		92			Retail Stores	Senior loan	06/2020	N/A⁽⁴⁾		—		—
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	9.5		20		20			Retail Stores	Senior loan	06/2020	N/A⁽⁴⁾		—		—
Encore GC Acquisition, LLC	Healthcare, Education and Childcare	Senior loan	01/2020	7.7		2,026		2,026			Healthcare, Education and Childcare	Senior loan	01/2020	7.8		1,991		1,991
Encore GC Acquisition, LLC											Healthcare, Education and Childcare	Senior loan	01/2020	N/A⁽⁴⁾		—		—
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		2,669		2,669			Chemicals, Plastics and Rubber	Senior loan	02/2020	8.6		2,656		2,656
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		741		741
Flexan, LLC⁽³⁾											Chemicals, Plastics and Rubber	Senior loan	02/2020	8.6		737		737
Flexan, LLC⁽³⁾	Chemicals, Plastics and Rubber	Senior loan	02/2020	9.5		136		136			Chemicals, Plastics and Rubber	Senior loan	02/2020	10.0		136		136
G & H Wire Company, Inc⁽³⁾	Healthcare, Education and Childcare	Senior loan	09/2023	7.8		5,955		5,955			Healthcare, Education and Childcare	Senior loan	09/2023	8.4		5,754		5,754
Gamma Technologies, LLC⁽³⁾	Electronics	Senior loan	06/2024	7.6		4,389		4,351			Electronics	Senior loan	06/2024	8.0		4,367		4,367
III US Holdings, LLC	Diversified/Conglomerate Service	Senior loan	09/2022	8.8		4,887		4,887			Diversified/Conglomerate Service	Senior loan	09/2022	9.3		4,533		4,533
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		1,973		1,973			Buildings and Real Estate	Senior loan	03/2024	7.0		1,973		1,973
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		103		103			Buildings and Real Estate	Senior loan	03/2024	7.3		103		103
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		55		55			Buildings and Real Estate	Senior loan	03/2024	7.3		55		55
Mediaocean LLC											Diversified/Conglomerate Service	Senior loan	08/2020	N/A⁽⁴⁾		—		—
Mills Fleet Farm Group LLC⁽³⁾	Retail Stores	Senior loan	02/2022	7.6		6,000		6,000			Retail Stores	Senior loan	10/2024	8.8		6,000		6,000
NBC Intermediate, LLC	Beverage, Food and Tobacco	Senior loan	09/2023	6.4		2,686		2,686			Beverage, Food and Tobacco	Senior loan	09/2023	6.8		2,565		2,565
Pasternack Enterprises, Inc. and Fairview Microwave, Inc	Diversified/Conglomerate Manufacturing	Senior loan	05/2022	9.0		4,975		4,975
NBC Intermediate, LLC											Beverage, Food and Tobacco	Senior loan	09/2023	N/A⁽⁴⁾		—		—
Pasternack Enterprises, Inc. and Fairview Microwave, Inc⁽³⁾											Diversified/Conglomerate Manufacturing	Senior loan	07/2025	6.5		4,950		4,950
Polk Acquisition Corp.⁽³⁾	Automobile	Senior loan	06/2022	7.1		8,233		8,068			Automobile	Senior loan	06/2022	7.5		8,189		8,026
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.3		53		52			Automobile	Senior loan	06/2022	7.8		65		63
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.1		50		48			Automobile	Senior loan	06/2022	7.5		53		52
Premise Health Holding Corp.⁽³⁾	Healthcare, Education and Childcare	Senior loan	06/2020	6.8		5,880		5,880
Pyramid Healthcare, Inc.⁽³⁾											Healthcare, Education and Childcare	Senior loan	08/2020	9.0		2,445		2,420
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.9		2,457		2,457			Healthcare, Education and Childcare	Senior loan	08/2020	9.0		370		366
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.9		167		167			Healthcare, Education and Childcare	Senior loan	08/2020	9.0		148		146
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.6		149		149
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.9		55		55
Radiology Partners, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	12/2023	9.8		8,061		8,061

5158

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, 2018 - (continued)
Portfolio Company Business Description Security Type
Maturity
Date

Current
Interest
Rate⁽¹⁾
Principal ($)
Fair
Value⁽²⁾
Radiology Partners, Inc.⁽³⁾
Healthcare, Education and Childcare Senior loan 12/2023 9.8 % $ 149
$ 149
Reladyne, Inc.⁽³⁾
Diversified/Conglomerate Manufacturing Senior loan 07/2022 7.3
5,985
5,985
Reladyne, Inc.⁽³⁾
Diversified/Conglomerate Manufacturing Senior loan 07/2022 7.3
626
626
Reladyne, Inc.⁽³⁾
Diversified/Conglomerate Manufacturing Senior loan 07/2022 7.1
543
543
RSC Acquisition, Inc.⁽³⁾
Insurance Senior loan 11/2022 6.8
3,306
3,306
RSC Acquisition, Inc.⁽³⁾
Insurance Senior loan 11/2021 6.8
33
33
Rubio's Restaurants, Inc⁽³⁾
Beverage, Food and Tobacco Senior loan 10/2019 7.6
1,663
1,663
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 04/2019 7.6
1,346
1,346
Saldon Holdings, Inc.⁽³⁾
Diversified/Conglomerate Service Senior loan 09/2022 6.6
1,958
1,958
SEI, Inc.⁽³⁾
Electronics Senior loan 07/2023 7.3
5,191
5,191
Self Esteem Brands, LLC⁽³⁾
Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.8
5,890
5,890
Severin Acquisition, LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 07/2021 7.2
7,788
7,788
Severin Acquisition, LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 07/2021 7.4
1,071
1,074
Severin Acquisition, LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 07/2021 7.1
41
41
Summit Behavioral Healthcare, LLC⁽³⁾
Healthcare, Education and Childcare Senior loan 10/2023 7.1
5,970
5,970
Summit Behavioral Healthcare, LLC⁽³⁾
Healthcare, Education and Childcare Senior loan 10/2023 7.1
46
46
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 7.1
1,088
1,088
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.8
853
853
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.8
159
159
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.9
58
58
Upstream Intermediate, LLC Healthcare, Education and Childcare Senior loan 01/2024 6.8
3,585
3,585
Vendor Credentialing Service LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 11/2021 8.1
5,939
5,939
WHCG Management, LLC⁽³⁾
Healthcare, Education and Childcare Senior loan 03/2023 7.3
2,185
2,185
WIRB-Copernicus Group, Inc.⁽³⁾
Healthcare, Education and Childcare Senior loan 08/2022 6.3
5,381
5,381
$ 162,539
$ 162,200



GCIC SLF Investment Portfolio as of December 31, 2018 - (continued)
Portfolio Company	Business Description	Security Type	Maturity Date	Current Interest Rate⁽¹⁾	Principal ($)		Fair Value⁽²⁾
Pyramid Healthcare, Inc.⁽⁵⁾	Healthcare, Education and Childcare	Senior loan	08/2020	N/A⁽⁴⁾	$	—	$	(2	)
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.4	5,955		5,955
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.4	625		625
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.4	542		542
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.8	246		246
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	N/A⁽⁴⁾	—		—
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2022	7.1	3,280		3,280
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2021	7.1	25		25
Rubio's Restaurants, Inc⁽³⁾	Beverage, Food and Tobacco	Senior loan	10/2019	8.1	1,654		1,654
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	7.8	1,276		1,276
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	8.5	411		411
Saldon Holdings, Inc. ⁽³⁾	Diversified/Conglomerate Service	Senior loan	09/2022	6.8	1,811		1,811
Saldon Holdings, Inc.	Diversified/Conglomerate Service	Senior loan	09/2022	N/A⁽⁴⁾	—		—
SEI, Inc.⁽³⁾	Electronics	Senior loan	07/2023	7.8	4,761		4,761
SEI, Inc.	Electronics	Senior loan	07/2023	N/A⁽⁴⁾	—		—
Self Esteem Brands, LLC⁽³⁾	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2020	7.3	5,623		5,623
Self Esteem Brands, LLC	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2020	9.0	83		83
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.5	5,940		5,940
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.5	292		292
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.4	46		46
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.7	1,083		1,029
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.7	847		804
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.7	154		147
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.6	57		54
Upstream Intermediate, LLC	Healthcare, Education and Childcare	Senior loan	01/2024	6.8	3,567		3,567
WHCG Management, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	03/2023	7.8	2,174		2,131
WHCG Management, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	03/2023	N/A⁽⁴⁾	—		—
WIRB-Copernicus Group, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2022	6.8	5,354		5,354
					$	127,307	$	126,948


⁽¹⁾	Represents the weighted average annual current interest rate as of ~~June 30,~~December 31, 2018. ~~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.~~

~~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
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

~~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, 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 entire commitment was unfunded as of December 31, 2018. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.


⁽⁵⁾	The negative fair value is the result of the unfunded commitment being valued below par.

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, 2018
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	7.0	%	$	1,337	$	1,344
1A Smart Start LLC⁽³⁾	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.7		595		596
Aimbridge Hospitality, LLC⁽³⁾	Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.2		5,940		5,940
Aimbridge Hospitality, LLC⁽³⁾	Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.2		237		237
Boot Barn, Inc.	Retail Stores	Senior loan	06/2021	6.9		5,001		5,001
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	7.1		4,023		4,020
Captain D's, LLC⁽³⁾	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.7		5,947		5,947
Captain D's, LLC⁽³⁾	Personal, Food and Miscellaneous Services	Senior loan	12/2023	7.9		23		23
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.9		2,028		1,988
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.9		1,022		1,001
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		2,074		2,074
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		1,043		1,043
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		58		58
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		40		40
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		3,062		3,062
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		1,231		1,231
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		634		634
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		216		216
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		96		96
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		92		92
Encore GC Acquisition, LLC	Healthcare, Education and Childcare	Senior loan	01/2020	7.5		2,026		2,026
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		2,662		2,662
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		739		739
Flexan, LLC⁽³⁾	Chemicals, Plastics and Rubber	Senior loan	02/2020	9.8		136		136
G & H Wire Company, Inc⁽³⁾	Healthcare, Education and Childcare	Senior loan	09/2023	8.0		5,769		5,769
Gamma Technologies, LLC⁽³⁾	Electronics	Senior loan	06/2024	7.7		4,378		4,378
III US Holdings, LLC	Diversified/Conglomerate Service	Senior loan	09/2022	9.0		4,887		4,887
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.7		1,973		1,973
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.7		103		103
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.7		55		55
Mills Fleet Farm Group LLC⁽³⁾	Retail Stores	Senior loan	02/2022	7.7		6,000		6,000
NBC Intermediate, LLC⁽³⁾	Beverage, Food and Tobacco	Senior loan	09/2023	6.5		2,634		2,608
NBC Intermediate, LLC⁽³⁾	Beverage, Food and Tobacco	Senior loan	09/2023	8.5		5		4
Pasternack Enterprises, Inc. and Fairview Microwave, Inc⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2025	6.2		4,963		4,938
Polk Acquisition Corp.⁽³⁾	Automobile	Senior loan	06/2022	7.2		8,211		8,211
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.5		93		93
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.2		53		53
Pyramid Healthcare, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2019	8.8		2,451		2,451
Pyramid Healthcare, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2019	8.8		166		166
Pyramid Healthcare, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2019	8.8		148		148
Pyramid Healthcare, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2019	8.8		109		109

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, 2018 - (continued)
Portfolio Company	Business Description	Security Type	Maturity Date	Current Interest Rate⁽¹⁾		Principal ($)		Fair Value⁽²⁾
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.3	%	$	5,970	$	5,970
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.3		626		626
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.3		543		543
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2022	6.7		3,289		3,281
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2021	6.8		17		17
Rubio's Restaurants, Inc ⁽³⁾	Beverage, Food and Tobacco	Senior loan	10/2019	7.6		1,659		1,659
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	7.6		1,311		1,311
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	7.6		257		257
Saldon Holdings, Inc.⁽³⁾	Diversified/Conglomerate Service	Senior loan	09/2022	6.4		1,893		1,884
SEI, Inc.⁽³⁾	Electronics	Senior loan	07/2023	7.5		5,178		5,178
Self Esteem Brands, LLC⁽³⁾	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2020	7.0		5,776		5,776
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.1		5,955		5,955
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.1		292		292
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.1		46		46
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	6.9		1,086		1,064
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	6.9		851		834
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.1		156		153
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.1		58		57
Upstream Intermediate, LLC ⁽³⁾	Healthcare, Education and Childcare	Senior loan	01/2024	6.6		3,576		3,576
Vendor Credentialing Service LLC⁽³⁾	Diversified/Conglomerate Service	Senior loan	11/2021	8.0		5,924		5,924
WHCG Management, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	03/2023	7.4		2,180		2,180
WIRB-Copernicus Group, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2022	6.5		5,367		5,367
						$	134,270	$	134,102


⁽¹⁾	Represents the weighted average annual current interest rate as of September 30, 2018.


⁽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 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, ~~2017.~~2018. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

5461

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, 2018, the Company has committed to fund $109,375 of LLC equity interest subscriptions to GCIC SLF. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017, $52,294~~2018, $48,356 and ~~$49,800,~~$48,356, 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,~~December 31, 2018 and 2017, the Company received ~~$1,641~~$1,036 and ~~$4,065,~~$1,130, respectively, in dividend income from the GCIC SLF LLC equity interests. ~~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.~~

The subordinated notes previously issued by GCIC SLF to the Company and Aurora were redeemed and terminated on December 30, 2016. For the three and nine months ended June 30, 2017, 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 ~~June 30,~~December 31, 2018 and September 30, ~~2017~~2018 and for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017:


	As of June 30, 2018			As of September 30, 2017			As of December 31, 2018			As of September 30, 2018
Selected Balance Sheet Information:
Investments, at fair value	$	162,200		$	161,522		$	126,948		$	134,102
Cash and other assets	2,923			3,029			3,940			2,455
Total assets	$	165,123		$	164,551		$	130,888		$	136,557
Senior credit facility	$	103,750		$	108,150		$	73,758		$	79,650
Unamortized debt issuance costs	(730		)	(1,199		)	(519		)	(569		)
Other liabilities	384			338			428			403
Total liabilities	103,404			107,289			73,667			79,484
Members’ equity	61,719			57,262			57,221			57,073
Total liabilities and members' equity	$	165,123		$	164,551		$	130,888		$	136,557


	Three months ended June 30,						Nine months ended June 30,					Three months ended December 31,
	2018			2017			2018		2017			2018			2017
Selected Statement of Operations Information:
Interest income	$	3,241		$	2,478		$	9,274	$	7,531		$	2,573		$	2,811
Fee income	—			—			7		—			—			7
Total investment income	3,241			2,478			9,281		7,531			2,573			2,818
Interest and other debt financing expenses	1,307			961			3,783		3,577			954			1,193
Administrative service fee	63			57			179		163			60			54
Other expenses	26			25			84		73			25			34
Total expenses	1,396			1,043			4,046		3,813			1,039			1,281
Net investment income	1,845			1,435			5,235		3,718			1,534			1,537
Net change in unrealized appreciation (depreciation) on investments	(54		)	(205		)	1,018		(242		)	(202		)	605
Net increase in members' equity	$	1,791		$	1,230		$	6,253	$	3,476		$	1,332		$	2,142

5562

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 6. Fair Value Measurements

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

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

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

Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and 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, 2018 and 2017. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, 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.

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

5663

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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’s EBITDA may include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, 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.

5764

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, 2018 and September 30, ~~2017:~~2018:


As of June 30, 2018	Fair Value Measurements Using
As of December 31, 2018									Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments⁽¹⁾	$	—	$	—	$	1,561,615	$	1,561,615	$	—	$	—	$	1,783,307	$	1,783,307
Equity investments⁽¹⁾	—		—		27,016		27,016		—		—		34,277		34,277
Money market funds⁽¹⁾⁽²⁾	41		—		—		41
Investment measured at NAV⁽³⁾⁽⁴⁾	—		—		—		54,004		—		—		—		50,069
Total assets, at fair value:	$	41	$	—	$	1,588,631	$	1,642,676	$	—	$	—	$	1,817,584	$	1,867,653


As of September 30, 2017	Fair Value Measurements Using
As of September 30, 2018									Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments⁽¹⁾	$	—	$	—	$	1,326,950	$	1,326,950	$	—	$	—	$	1,596,217	$	1,596,217
Equity investments⁽¹⁾	—		—		20,647		20,647		—		—		28,282		28,282
Money market funds⁽¹⁾⁽²⁾	3,644		—		—		3,644		668		—		—		668
Investment measured at NAV⁽³⁾⁽⁴⁾	—		—		—		50,104		—		—		—		49,939
Total assets, at fair value:	$	3,644	$	—	$	1,347,597	$	1,401,345	$	668	$	—	$	1,624,499	$	1,675,106


⁽¹⁾	Refer to the Consolidated Schedules of Investments for further details.


⁽²⁾	Included in 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 Statements of Financial Condition.


⁽⁴⁾	Represents the Company's investment in LLC equity interests 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) ~~attributable to the Company’s Level 3 assets held as of June 30, 2018~~ for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~reported within the net change in unrealized appreciation (depreciation) on investments~~ and foreign currency translation in the Company’s Consolidated Statements of Operations was ($1,433) and $2,039, respectively. The net change in unrealized appreciation (depreciation) attributable to the Company’s Level 3 assets held as of June 30, 2017 for the three and nine months ended June 30, 2017, reported within the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Company’s Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of December 31, 2018 and 2017 was ~~$1,314~~$4,274 and ~~$6,201,~~$1,947, respectively.

5865

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 ~~nine~~three months ended ~~June 30,~~December 31, 2018 and 2017:


	For the nine months ended June 30, 2018									For the three months ended December 31, 2018
	Debt Investments			Equity Investments			Total Investments			Debt Investments			Equity Investments			Total Investments
Fair value, beginning of period	$	1,326,950		$	20,647		$	1,347,597		$	1,596,217		$	28,282		$	1,624,499
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(21		)	2,060			2,039			(2,410		)	549			(1,861		)
Realized gain (loss) on investments on foreign currency transactions	(327		)	2,948			2,621
Realized gain (loss) on investments										26			12			38
Funding of (proceeds from) revolving loans, net	(536		)	—			(536		)	1,464			—			1,464
Fundings of investments	545,951			5,841			551,792			223,996			6,124			230,120
PIK interest	1,394			—			1,394			502			—			502
Proceeds from principal payments and sales of portfolio investments	(318,578		)	(4,480		)	(323,058		)	(38,486		)	(690		)	(39,176		)
Accretion of discounts and origination fees	6,782			—			6,782			1,998			—			1,998
Fair value, end of period	$	1,561,615		$	27,016		$	1,588,631		$	1,783,307		$	34,277		$	1,817,584


	For the nine months ended June 30, 2017									For 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
Realized gain (loss) on investments	293			129			422
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation										1,250			517			1,767
Realized gain (loss) on investments on foreign currency transactions										(562		)	113			(449		)
Funding of (proceeds from) revolving loans, net	(282		)	—			(282		)	(851		)	—			(851		)
Fundings of investments	419,643			3,855			423,498			195,576			1,397			196,973
PIK interest	1,016			—			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 origination fees	4,590			—			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

5966

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, 2018 and September 30, ~~2017:~~2018:

Quantitative information about Level 3 Fair Value Measurements

Fair value as of June 30, 2018

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Fair value as of December 31, 2018

Valuation Techniques

Unobservable Input

Range (Weighted Average)⁽¹⁾

Assets:

Senior secured loans⁽¹⁾⁽³⁾

191,268

Market rate approach

Market interest rate

4.0% - 26.8% (7.6%)

225,982

Market rate approach

Market interest rate

4.3% - 10.3% (7.4%)

Market comparable companies

EBITDA multiples

5.0x - 15.0x (11.4x)

Market comparable companies

EBITDA multiples

5.0x - 22.7x (11.7x)

5,567

Market comparable

Broker/dealer bids or quotes

N/A

4,152

Market comparable

Broker/dealer bids or quotes

N/A

One stop loans⁽³⁾⁽⁴⁾

1,354,611

Market rate approach

Market interest rate

5.5% - 19.0% (8.7%)

1,546,621

Market rate approach

Market interest rate

2.0% - 15.8% (8.8%)

Market comparable companies

EBITDA multiples

4.5x - 35.0x (14.1x)

Market comparable companies

EBITDA multiples

4.5x - 35.0x (14.1x)

Revenue multiples

2.5x - 10.2x (5.0x)

Revenue multiples

1.3x - 6.5x (4.5x)

Subordinated debt⁽⁴⁾⁽⁶⁾

277

Market rate approach

Market interest rate

8.0% - 19.5% (10.4%)

783

Market rate approach

Market interest rate

6.0% - 19.5% (8.1%)

Market comparable companies

EBITDA multiples

11.0x

Market comparable companies

EBITDA multiples

11.0x - 13.0x (12.3x)

Revenue multiples

5.1x

Revenue multiples

3.5x - 4.0x (3.8x)

Equity⁽⁶⁾⁽⁸⁾

27,016

Market comparable companies

EBITDA multiples

4.5x - 28.5x (14.3x)

34,277

Market comparable companies

EBITDA multiples

4.5x - 26.9x (14.8x)

Revenue multiples

2.5x - 10.2x (5.2x)

Revenue multiples

1.3x - 5.5x (3.8x)


⁽¹⁾	Unobservable inputs were weighted by the relative fair value of the instruments.


⁽²⁾	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, 2018 was determined using the market rate approach.


⁽²⁾⁽³⁾	Excludes ~~$9,892~~$5,275 of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.


⁽³⁾⁽⁴⁾	Excludes $494 of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.


⁽⁵⁾	The Company valued ~~$1,257,087~~$1,420,923 and ~~$97,524~~$125,698 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.


⁽⁴⁾⁽⁶⁾	The Company valued ~~$59~~$180 and ~~$218~~$603 of subordinated debt using EBITDA and revenue multiples, respectively. All subordinated debt was also valued using the market rate approach.


⁽⁵⁾⁽⁷⁾	Excludes ~~$54,004~~$50,069 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.


⁽⁶⁾⁽⁸⁾	The Company valued ~~$23,609~~$29,324 and ~~$3,407~~$4,953 of equity investments using EBITDA and revenue multiples, respectively.

6067

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, 2017

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Fair value as of September 30, 2018

Valuation Techniques

Unobservable Input

Range (Weighted Average)⁽¹⁾

Assets:

Senior secured loans ⁽¹⁾⁽³⁾

157,645

Market rate approach

Market interest rate

5.3% - 12.8% (7.0%)

202,503

Market rate approach

Market interest rate

4.3% - 9.9% (7.3%)

Market comparable companies

EBITDA multiples

5.0x - 17.5x (11.9x)

Market comparable companies

EBITDA multiples

5.0x - 15.0x (11.7x)

7,975

Market comparable

Broker/dealer bids or quotes

N/A

4,054

Market comparable

Broker/dealer bids or quotes

N/A

One stop loans ⁽³⁾⁽⁵⁾

1,160,964

Market rate approach

Market interest rate

2.3% - 39.5% (8.0%)

1,384,183

Market rate approach

Market interest rate

2.0% - 13.8% (8.7%)

Market comparable companies

EBITDA multiples

4.0x - 35.0x (13.3x)

Market comparable companies

EBITDA multiples

4.5x - 35.0x (14.0x)

Revenue multiples

2.0x - 7.5x (5.1x)

Revenue multiples

1.3x - 10.2x (4.8x)

Subordinated debt ⁽¹⁾⁽⁶⁾

Market rate approach

Market interest rate

19.5%

280

Market rate approach

Market interest rate

8.0% - 19.5% (10.5%)

Market comparable companies

EBITDA multiples

11.0x

Market comparable companies

EBITDA multiples

11.0x

Equity ⁽⁴⁾⁽⁵⁾

20,647

Market comparable companies

EBITDA multiples

4.0x - 28.7x (13.6x)

Revenue multiples

3.5x - 5.8x (4.2x)

Revenue multiples

5.1x

Equity⁽⁷⁾⁽⁸⁾

28,282

Market comparable companies

EBITDA multiples

4.5x - 28.5x (14.6x)

Revenue multiples

1.3x - 10.2x (4.5x)


⁽¹⁾	Unobservable inputs were weighted by the relative fair value of the instruments.


⁽²⁾	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, ~~2017~~2018 was determined using the market rate approach.


⁽²⁾⁽³⁾	Excludes ~~$311~~$4,478 of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.


⁽³⁾⁽⁴⁾	Excludes $719 of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.


⁽⁵⁾	The Company valued ~~$1,093,222~~$1,249,310 and ~~$67,742~~$134,873 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.


⁽⁴⁾⁽⁶⁾	The Company valued $62 and $218 of subordinated debt using EBITDA and revenue multiples, respectively. All subordinated debt was also valued using the market rate approach.


⁽⁷⁾	Excludes ~~$50,104~~$49,939 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.


⁽⁵⁾⁽⁸⁾	The Company valued ~~$18,505~~$24,274 and ~~$2,142~~$4,008 of equity investments using EBITDA and revenue multiples, respectively.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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~~would have resulted in a significantly lower or higher fair value measurement. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield iswas significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may behave been lower.

Other Financial Assets and Liabilities

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

~~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 and other short-term borrowings as of ~~June 30,~~December 31, 2018 and September 30, ~~2017.~~2018. 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, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	747,750	$	747,750	$	670,200	$	670,200	$	860,751	$	860,751	$	762,330	$	762,330
Other short-term borrowings	12,287		12,287		—		—		24,719		24,719		—		—

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The Small Business Credit Availability Act (“SBCAA”), which was signed into law on March 23, 2018, among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to business development companies from 200% to 150% so long as the business development company meets certain disclosure requirements, obtains certain approvals and, in the case of unlisted business development companies, makes an offer to repurchase the shares of its stockholders. The reduced asset coverage requirement would permit a business development company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. Effectiveness of the reduced asset coverage requirement to a business development company requires approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of such business development company’s board of directors with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of such business development company’s stockholders at which a quorum is present, which is effective the day after such stockholder approval. The Company has not sought or obtained either approval and, as a result, remains subject to the 200% asset coverage requirement under ~~Section 61(a)(1) of~~ the 1940 Act. As of ~~June 30,~~December 31, 2018, the Company’s asset coverage for borrowed amounts was ~~217.4%~~219.0%.

Debt ~~Securitization:~~Securitizations: On August 16, 2016, the Company completed a $410,086 term debt securitization (the “GCIC 2016 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations ("CLOs") and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements. 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~~Through December 13, 2018, the GCIC 2016 Debt

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Securitization ~~consists~~consisted 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. On December 13, 2018, in connection with a new term debt securitization, the GCIC 2016 Issuer redeemed the outstanding GCIC 2016 Notes pursuant to the terms of the indenture governing such GCIC 2016 Notes. Following such redemption, the agreements governing the GCIC 2016 Debt Securitization were terminated. The Class A and Class B GCIC 2016 Notes are included in the ~~June~~September 30, 2018 ~~and September 30, 2017~~ Consolidated Statements of Financial Condition as debt of the ~~Company. As of June 30, 2018~~Company and ~~September 30, 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~~December 31, 2018, the GCIC 2016 Notes were no longer outstanding. As of September 30, 2018, ~~and September 30, 2017,~~ there were ~~95 and 99~~93 portfolio companies with a total fair value of ~~$391,771 and $389,204, respectively,~~$397,419 securing the GCIC 2016 Notes. The pool of loans in the GCIC 2016 Debt Securitization ~~must~~was required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the GCIC 2016 Debt Securitization was based on three-month LIBOR. For the three months ended December 31, 2018 and 2017, 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,
	2018			2017
Stated interest expense	$	2,418		$	2,337
Amortization of debt issuance costs	1,419			193
Total interest and other debt financing expenses	$	3,837		$	2,530
Cash paid for interest expense	$	4,161		$	2,305
Annualized average stated interest rate	4.8		%	3.7		%
Average outstanding balance	$	200,353		$	252,500

On December 13, 2018, the Company completed a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). Term debt securitizations are also known as CLOs and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. The Class A-1, Class A-2 and Class B-1 GCIC 2018 Notes are included in the December 31, 2018 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2018 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

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

6270

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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

As of December 31, 2018 there were 123 portfolio companies with a total fair value of $873,393 securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the GCIC ~~2016~~2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of ~~June 30,~~December 31, 2018 based on the last interest rate reset was ~~2.4%~~2.47%. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018, ~~and 2017,~~ the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC ~~2016~~2018 Debt Securitization were as follows:


	For the three months ended June 30,						For the nine months ended June 30,						For the three months ended December 31,
	2018			2017			2018			2017			2018			2017
Stated interest expense	$	2,804		$	2,158		$	7,593		$	6,195		$	1,160		$	—
Amortization of debt issuance costs	191			191			572			570			39			—
Total interest and other debt financing expenses	$	2,995		$	2,349		$	8,165		$	6,765		$	1,199		$	—
Cash paid for interest expense	$	2,528		$	2,059		$	7,192		$	5,870		$	—		$	—
Annualized average stated interest rate	4.5		%	3.4		%	4.0		%	3.3		%	4.1		%	N/A
Average outstanding balance	$	252,500		$	252,500		$	252,500		$	252,500		$	112,864		$	—

As of ~~June 30,~~December 31, 2018, the classes, amounts, ratings and interest rates (expressed as a spread to three-month ~~LIBOR)~~LIBOR, as applicable) of the Class AA-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and BClass B-1 GCIC ~~2016~~2018 Notes were as follows:

Description

Class A GCIC 2016 Notes

Class B GCIC 2016 Notes

Class A-1 GCIC 2018 Notes

Class A-2 GCIC 2018 Notes

Class B-1 GCIC 2018 Notes

Type

Senior Secured Floating Rate

Senior Secured Fixed Rate

Senior Secured Floating Rate

Amount Outstanding

$220,000

$32,500

$490,000

$38,500

$18,000

Moody’s Rating

“Aaa”

“Aa1”

Fitch’s Rating

"AAA"

"NR"

S&P Rating

“AAA”

N/A

"AAA"

"AA"

Interest Rate

LIBOR + 2.15%

LIBOR + 3.00%

LIBOR + 1.48%

4.67%

LIBOR + 2.25%

The Investment Adviser ~~serves~~served as collateral manager to the GCIC 2016 Issuer and serves as collateral manager to the GCIC 2018 Issuer under a separate collateral management ~~agreement~~agreements 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 and the GCIC 2018 Issuer for rendering such collateral management services.

As part of each of the 2016 GCIC ~~2016~~ Debt Securitization and the ~~Company~~2018 GCIC Debt Securitization, GCIC entered into a master loan sale ~~agreement~~agreements under which ~~the Company~~GCIC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2016 GCIC ~~2016~~ Issuer and the 2018 GCIC Issuer, as applicable, and to purchase or otherwise, directly or indirectly, acquire the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes, ~~and~~ LLC equity interests in the GCIC 2016 ~~Issuer. The~~Issuer, Class B-2 GCIC 2018 Notes, Class C GCIC 2018 Notes, Class D GCIC 2018 Notes and Subordinated GCIC 2018 Notes, as applicable. As of December 31, 2018, the GCIC 2016 Notes ~~are~~were no longer outstanding and the GCIC 2018 Notes (other than the Subordinated GCIC 2018

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Notes) were the secured obligations of the GCIC 2018 Issuer. The indenture that governed the GCIC 2016 ~~Issuer~~Notes and ~~indentures~~the indenture governing the GCIC ~~2016~~2018 Notes each 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:~~Facilities: 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 the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent, which as of ~~June 30,~~December 31, 2018 allowed GCIC Funding to borrow up to ~~$500,000~~$275,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

Through a series of amendments, most recently on May 25, 2018, the Company and GCIC Funding amended the Credit Facility to, among other things, (a) increase the borrowing capacity from $420,000 to $500,000, (b) decrease the interest rate from one-month LIBOR plus 2.25% to one month LIBOR plus 2.15%, (c) extend the expiration of the reinvestment period from August 30, 2018 to May 24, 2019, during which period GCIC Funding, subject to certain conditions, may make borrowings under the facility, (d) extend the maturity date from August 30, 2022 to May 25, 2023, and (e) permit borrowings in foreign currencies.

~~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, 2018, the Credit Facility bears interest at one-month LIBOR plus 2.15% per annum and the Company is required to pay a non-usage fee rate between 0.50% and 1.75% per annum depending on the size of the unused portion of the Credit Facility. In addition, in connection with the Credit Facility, the Company has agreed to pay a contingent structuring fee equal to approximately 0.25% of the aggregate commitment held by Wells Fargo Bank, N.A. as of the end of the reinvestment period to the extent ~~that~~ the ~~borrowing capacity under the Credit Facility~~aggregate commitment held by Wells Fargo Bank N.A. exceeds $125,000 on the last business day prior to the end of the reinvestment period. The Company may seek to reduce the borrowing capacity under the Credit Facility in connection with a new secured debt financing facility with one or more lenders or a new debt securitization, to the extent permitted by applicable law and interpretive positions of the SEC and its staff. As a result, the Company is not accruing for this contingent fee as additional interest expense as the Company believes it will reduce the borrowing capacity of the Credit Facility to an amount equal to or less than ~~$125,000~~$200,000 as of the last business day before the end of the reinvestment period on May 24, 2019. The Credit Facility matures on May 25, 2023.

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, 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 200% asset coverage requirements contained in the 1940 Act. The reinvestment period of the DB Credit Facility expires on December 31, 2021 and the DB Credit Facility matures on December 31, 2024.

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~~caused GCIC Funding to originate or acquire loans, ~~in the future,~~ consistent with the Company’s investment objectives.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, the Company had outstanding debt under the Credit Facility of ~~$420,250~~$253,659 and ~~$342,700,~~$434,830, respectively. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~the Company had borrowings on the Credit Facility of $219,200~~ and ~~$465,050, respectively, and repayments on the Credit Facility of $204,750 and $356,100, respectively. For the three and nine months ended June 30,~~ 2017, the Company had borrowings on the Credit Facility of ~~$170,350~~$169,376 and ~~$338,900,~~$129,750, respectively, and repayments on the Credit Facility of ~~$137,200~~$350,328 and ~~$228,650,~~$75,400, respectively.

For the three and nine months ended June 30, 2018 and 2017, 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,
2018 2017 2018 2017
Stated interest expense $ 4,136
$ 2,332
$ 11,400
$ 5,442
Facility fees 76
179
170
719
Amortization of debt issuance costs 264
475
809
1,735
Total interest and other debt financing expenses $ 4,476
$ 2,986
$ 12,379
$ 7,896
Cash paid for interest expense and facility fees $ 4,119
$ 2,421
$ 11,151
$ 5,870
Annualized average stated interest rate 4.2 % 3.4 % 3.9 % 3.2 %
Average outstanding balance $ 392,069
$ 278,657
$ 385,894
$ 230,538

6472

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

For the three months ended December 31, 2018 and 2017, 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 December 31,
	2018			2017
Stated interest expense	$	4,682		$	3,368
Facility fees	80			68
Amortization of debt issuance costs	159			280
Total interest and other debt financing expenses	$	4,921		$	3,716
Cash paid for interest expense and facility fees	$	4,926		$	3,209
Annualized average stated interest rate	4.5		%	3.6		%
Average outstanding balance	$	415,608		$	366,799

On December 31, 2018, the Company and GCIC Funding II entered into a loan financing and servicing agreement (the “DB Credit Facility”) with the Company, as equityholder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian, which as of December 31, 2018 allowed GCIC Funding II to borrow up to $250,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

As of December 31, 2018, the DB Credit Facility bears interest at the applicable base rate plus 1.90% per annum. The base rate under the DB Credit Facility is (i) the three-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars and (iv) the three-month LIBOR with respect to any other advances. A non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and an additional fee based on unfunded commitments of the lenders may be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. In addition, a syndication/agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day.

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

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

As of December 31, 2018 and September 30, 2018, the Company did not have any outstanding debt under the DB Credit Facility. For the three months ended December 31, 2018 and 2017, the Company had no borrowings or repayments on the DB Credit Facility.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)



	For the three months ended December 31,
	2018		2017
Facility fees	$	3	$	—
Amortization of debt issuance costs	2		—
Total interest and other debt financing expenses	$	5	$	—
Cash paid for interest expense and facility fees	$	—	$	—
Annualized average stated interest rate	N/A		N/A
Average outstanding balance	$	—	$	—

Revolver: On February 3, 2015, the Company entered into the Revolver with the Investment Adviser, with a maximum credit limit of $40,000. On February 7, 2018, the Company 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. The Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”), which was ~~2.32%~~2.7% as of ~~June 30,~~December 31, 2018. As of each of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, the Company had no outstanding debt under the Revolver.

For the three ~~and nine~~ months ended June 30, 2018, the Company had borrowings on the Revolver of $0 and $15,000, respectively, and repayments on the Revolver of $0 and $15,000, respectively. For the three and nine months ended June 30, 2017, the Company had no borrowings and no repayments on the Revolver. For the three and nine months ended June 30,December 31, 2018 and 2017, 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,					For the three months ended December 31,
	2018		2017		2018			2017		2018		2017
Stated interest expense	$	—	$	—	$	5		$	—	$	—	$	—
Cash paid for interest expense	$	—	$	—	$	5		$	—	$	9	$	—
Annualized average stated interest rate	N/A		N/A		1.7		%	N/A
Average stated interest rate										N/A		N/A
Average outstanding balance	$	—	$	—	$	353		$	—	$	—	$	—

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, 2018 allowed GCIC to borrow up to ~~$75,000~~$60,600 at any one time outstanding, subject to leverage and borrowing base restrictions, with a stated maturity date of May 17, 2019. On May 17, 2018, the Company entered into an amendment to the SMBC Revolver to, among other things, (a) extend the maturity date from May 17, 2018 to May 17, 2019 and (b) decrease the interest rate for borrowings from one-month LIBOR plus 1.60% to one-month LIBOR plus 1.50%. As of December 31, 2018, the borrowing capacity on our credit facility with SMBC was reduced from $75,000 to $60,600 as certain of the uncalled capital commitments that secure the facility were fully funded.

As of ~~June 30,~~December 31, 2018, the SMBC Revolver bears an interest rate at the Company's election of either one-month LIBOR plus 1.50% 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 0.20% 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.

6574

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, 2018 and September 30, ~~2017,~~2018, the Company had outstanding debt under the SMBC Revolver of ~~$75,000~~$60,600 and $75,000, respectively. For each of the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, the Company had no borrowings ~~and no repayments~~ on the SMBC Revolver. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, the Company had ~~borrowings~~repayments of $14,400 and $0, respectively, on the SMBC ~~Revolver of $39,800 and $59,000, respectively, and repayments on the SMBC Revolver of $14,000 and $59,000, respectively.~~ Revolver.

For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, 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,
	2018			2017			2018			2017			2018			2017
Stated interest expense	$	660		$	416		$	1,813		$	1,183		$	705		$	553
Facility fees	—			18			—			18			1			—
Amortization of debt issuance costs	71			75			229			217			49			80
Total interest and other debt financing expenses	$	731		$	509		$	2,042		$	1,418		$	755		$	633
Cash paid for interest expense	$	592		$	322		$	1,751		$	1,109		$	496		$	555
Annualized average stated interest rate	3.5		%	2.7		%	3.2		%	2.4		%	3.8		%	2.9		%
Average outstanding balance	$	75,000		$	62,760		$	75,000		$	65,426		$	72,972		$	75,000

Other Short-Term Borrowings: Borrowings with original maturities of less than one year are classified as short-term. The Company’s short-term borrowings as of ~~June 30,~~December 31, 2018 are the result of an investment that was sold under a repurchase agreement. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition. The investment sold under the repurchase agreement is denominated in foreign currency and the Company entered into the repurchase agreement to help mitigate the impact that an adverse change in exchange rates would have on the value of that investment.

As of ~~June 30,~~December 31, 2018, the Company had ~~$12,287~~$24,719 of short-term borrowings and the fair value of the ~~loan that is~~loans associated with the short-term borrowing was ~~$12,257.~~$24,472. For ~~each of~~ the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018, the annualized effective interest rate on short-term borrowings was 4.9% and interest expense was ~~$68.~~$241. The ~~maturity date~~net change in unrealized appreciation (depreciation) for the three months ended December 31, 2018 and 2017 reported within the net change in unrealized appreciation (depreciation) on ~~the short-term borrowing is August 17, 2018.~~translation of assets and liabilities in foreign currencies was $36 and $0, respectively.

The Company’s average total debt outstanding (including the debt under the Credit Facility, DB Credit Facility, Revolver, SMBC Revolver, GCIC 2016 Debt Securitization, GCIC 2018 Debt Securitization and ~~other short-term borrowings)~~Other Short-Term Borrowings) for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 was ~~$725,156 and $715,609, respectively.~~$821,252. 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.~~$694,299.

For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 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 4.6% and 4.2%, respectively. For the three and nine months ended June 30, 2017, the effective annualized average interest rate, which includes amortization of debt issuance costs and nonusage facility fees, on the Company’s total debt outstanding was 4.0%5.3% and 3.9%, respectively.

A summary of the Company’s maturity requirements for borrowings as of December 31, 2018 is as follows:



	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
GCIC 2018 Debt Securitization	$	546,492	$	—	$	—	$	—	$	546,492
Credit Facility	253,659		—		—		253,659		—
SMBC Revolver	60,600		60,600		—		—		—
Other short-term borrowings	24,719		24,719		—		—		—
Total borrowings	$	885,470	$	85,319	$	—	$	253,659	$	546,492

6675

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

~~A summary of the Company’s maturity requirements for borrowings as of June 30, 2018 is as follows:~~

Payments Due by Period
Total
Less Than
1 Year
1 – 3 Years 3 – 5 Years
More Than
5 Years
GCIC 2016 Debt Securitization $ 252,500
$ —
$ —
$ —
$ 252,500
Credit Facility 420,250
—
—
420,250
—
SMBC Revolver 75,000
75,000
—
—
—
Revolver —
—
—
—
—
Other short-term borrowings 12,287
12,287
—
—
—
Total borrowings $ 760,037
$ 87,287
$ —
$ 420,250
$ 252,500

Note 8. Commitments and Contingencies

Commitments: The Company had outstanding commitments to fund investments totaling ~~$223,209~~$223,747 and ~~$133,566~~$205,543 under various undrawn revolvers and other credit facilities as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, respectively. ~~In addition, as~~As described in Note 5, the Company had commitments of up to ~~$57,081~~$61,019 and ~~$59,575~~$61,019 to GCIC SLF as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, respectively, which 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 Statements of Financial Condition. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. There were no commitments outstanding for derivative contracts as of ~~June 30,~~December 31, 2018 and September 30, ~~2017.~~2018. 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.

6776

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 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⁾	2018				2017				2018				2017
Net asset value at beginning of period	$	15.00			$	15.00			$	15.00			$	15.00
Distributions declared:⁽²⁾
From net investment income	(1.04		)		(0.96		)		(0.28		)		(0.31		)
From capital gains	(0.02		)		(0.00		)	⁽³⁾	0.00				(0.03		)
Net investment income	0.95				0.83				0.31				0.30
Net realized gain (loss) on investments and foreign currency transactions	0.05			⁽³⁾	0.01			⁽³⁾	0.00			⁽³⁾	(0.01		)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	0.06				0.12				(0.03		)		0.05
Net asset value at end of period	$	15.00			$	15.00			$	15.00			$	15.00
Total return based on net asset value per share⁽⁴⁾	7.30		%		6.57		%		1.88		%		2.29		%
Number of common shares outstanding	59,743,807.048				46,829,343.936
Number of common shares outstanding at the end of the period									70,438,775.169				54,122,735.354


	Nine months ended June 30,						Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:	2018			2017			2018			2017
Ratio of net investment income to average net assets^*	8.53		%	7.47		%	8.17		%	8.03		%
Ratio of total expenses to average net assets^(5)*	8.34		%	7.64		%	7.82		%	7.04		%
Ratio of management fee waiver to average net assets ^*	(0.70		)%	(0.68		)%	(0.68		)%	(0.69		)%
Ratio of incentive fee waiver to average net assets	(0.36		)%	(0.12		)%	(0.06		)%	(0.12		)%
Ratio of net expenses to average net assets^(5)*	7.28		%	6.84		%	7.08		%	6.23		%
Ratio of incentive fees to average net assets	1.62		%	1.29		%	0.29		%	0.53		%
Ratio of total expenses (without incentive fees, incentive fee waiver and management fee waiver) to average net assets^(5)*	6.23		%	6.35		%	7.40		%	6.51		%
Total return based on average net asset value^(6)*	9.52		%	8.61		%	7.59		%	9.06		%
Net assets at end of period	$	896,158		$	702,440		$	1,056,581		$	811,841
Average debt outstanding	$	715,610		$	548,464		$	821,252		$	694,299
Average debt outstanding per share	$	11.98		$	11.71		$	11.66		$	12.83
Portfolio Turnover^*	29.05		%	24.09		%	9.93		%	24.83		%
Asset coverage ratio⁽⁷⁾	217.43		%	210.98		%	218.97		%	211.68		%
Asset coverage ratio per unit⁽⁸⁾	$	2,174		$	2,110		$	2,190		$	2,117
Average market value per unit⁽⁹⁾:
2016 Debt Securitization	N/A			N/A			N/A			N/A
2018 Debt Securitization							N/A			N/A
Credit Facility	N/A			N/A			N/A			N/A
DB Credit Facility							N/A			N/A
SMBC Revolver	N/A			N/A			N/A			N/A
Revolver	N/A			N/A			N/A			N/A
GEMS Note	N/A			N/A
Other short-term borrowings							N/A			N/A

* Annualized for periods of 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⁾	Total return based on net asset value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.


⁽⁵⁾	Expenses, other than incentive fees, are annualized for a period less than one year.

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)


⁽⁶⁾	Total return based on average net asset value is calculated as (a) the net increase in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

~~Golub Capital Investment Corporation and Subsidiaries~~

~~Notes to Unaudited Consolidated Financial Statements~~

~~(In thousands, except shares and per share data)~~


⁽⁷⁾	In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.


⁽⁸⁾	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.


⁽⁹⁾	Not applicable 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 ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017:


	Three months ended June 30,				Nine months ended June 30,				Three months ended December 31,
	2018		2017		2018		2017		2018		2017
Earnings available to stockholders	$	20,476	$	14,210	$	58,998	$	41,484	$	18,738	$	17,814
Basic and diluted weighted average shares outstanding	58,083,180		45,882,813		55,363,298		43,006,959		65,402,150		52,091,851
Basic and diluted earnings per share	$	0.35	$	0.31	$	1.06	$	0.96	$	0.28	$	0.34

6978

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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 during the ~~nine~~three months ended ~~June 30,~~December 31, 2018 and 2017:

Date Declared Record Date Payment Date Shares Outstanding Amount Per Share Total Dividends Declared
For the nine months ended June 30, 2017
08/03/2016 10/24/2016 12/30/2016 41,087,178.250
$ 0.0729
$ 2,993
11/14/2016 11/18/2016 12/30/2016 41,087,178.250
0.1469
6,034
11/14/2016 12/26/2016 02/27/2017 41,442,374.044
0.1340
5,553
11/14/2016 01/23/2017 02/27/2017 41,769,495.016
0.0902
3,769
02/07/2017 02/20/2017 05/19/2017 41,769,495.016
0.1050
4,385
02/07/2017 03/24/2017 05/19/2017 42,104,997.486
0.1078
4,540
02/07/2017 04/30/2017 07/28/2017 44,292,283.019
0.1067
4,727
05/04/2017 05/18/2017 07/28/2017 46,515,568.552
0.0982
4,566
05/04/2017 06/16/2017 07/28/2017 46,829,343.936
0.1050
4,917
Total dividends declared for the nine months ended June 30, 2017

$ 41,484

For the nine months ended June 30, 2018
08/02/2017 10/23/2017 12/28/2017 51,214,683.496
$ 0.1122
$ 5,745
11/17/2017 11/24/2017 12/28/2017 51,214,683.496
0.1045
5,353
11/17/2017 12/26/2017 02/26/2018 53,729,533.382
0.1250
6,716
11/17/2017 01/23/2018 02/26/2018 54,122,735.354
0.1202
6,509
02/06/2018 02/24/2018 05/23/2018 55,530,517.674
0.1005
5,579
02/06/2018 03/30/2018 05/23/2018 57,819,693.450
0.1491
8,620
02/06/2018 04/27/2018 07/24/2018 57,819,693.450
0.1351
7,812
05/04/2018 05/18/2018 07/24/2018 57,819,693.450
0.1046
6,047
05/04/2018 06/15/2018 07/24/2018 58,325,385.782
0.1135
6,617
Total dividends declared for the nine months ended June 30, 2018

$ 58,998



Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
For the three months ended December 31, 2017
08/02/2017	10/23/2017	12/28/2017	51,214,683.496	$	0.1122	$	5,745
11/17/2017	11/24/2017	12/28/2017	51,214,683.496	0.1045		5,353
11/17/2017	12/26/2017	02/26/2018	53,729,533.382	0.1250		6,716
Total dividends declared for the three months ended December 31, 2017						$	17,814
For the three months ended December 31, 2018
08/07/2018	10/17/2018	12/28/2018	64,165,996.549	$	0.0924	$	5,931
11/27/2018	11/28/2018	12/28/2018	67,103,001.653	0.0831		5,573
11/27/2018	12/26/2018	02/27/2019	70,022,164.056	0.1033		7,234
Total dividends declared for the three months ended December 31, 2018						$	18,738

The following table summarizes the Company’s dividends reinvested during the three months ended December 31, 2018 and 2017:



Payment Date	DRIP Shares Issued	NAV ($) per share		DRIP Shares Value
For the three months ended December 31, 2017
November 27, 2017	291,564.353	$	15.00	$	4,374
December 28, 2017	393,201.972	15.00		5,898
	684,766.325	$	15.00	$	10,272
For the three months ended December 31, 2018
November 27, 2018	439,833.975	$	15.00	$	6,597
December 28, 2018	416,611.113	15.00		6,249
	856,445.088	$	15.00	$	12,846

7079

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

~~The following table summarizes the Company’s dividends reinvested during the nine months ended June 30, 2018 and 2017:~~

Payment Date DRIP Shares Issued
NAV ($)
per share

DRIP Shares
Value
For the nine months ended June 30, 2017
November 21, 2016 355,195.794
$ 15.00
$ 5,329
December 30, 2016 327,120.972
15.00
4,907
February 27, 2017 335,502.470
15.00
5,032
May 19, 2017 313,775.384
15.00
4,707
1,331,594.620
$ 15.00
$ 19,975
For the nine months ended June 30, 2018
November 27, 2017 291,564.353
$ 15.00
$ 4,374
December 28, 2017 393,201.972
15.00
5,898
February 26, 2018 470,835.576
15.00
7,062
May 23, 2018 505,692.332
15.00
7,586
1,661,294.233
$ 15.00
$ 24,920

Note 12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through ~~August 10, 2018,~~February 11, 2019, 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 27, 2018 and ~~August 7, 2018,~~February 5, 2019, the Board declared distributions to holders of record as set forth in the table below:



Record Date	Payment Date	Amount Per Share
~~July~~January 21, ~~2018~~2019	~~September 25, 2018~~February 27, 2019	Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period ~~July~~January 1, ~~2018~~2019 through ~~July~~January 31, ~~2018~~2019 per share
~~August 31, 2018~~February 26, 2019	~~November 27, 2018~~May 24, 2019	Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period ~~August~~February 1, ~~2018~~2019 through ~~August 31,~~ ~~2018~~February 28, 2019 per share
~~September 21, 2018~~March 27, 2019	~~November 27, 2018~~May 24, 2019	Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period ~~September 1, 2018~~March 1,2019 through ~~September 30,~~ ~~2018~~March 31, 2019 per share
~~October 17, 2018~~April 29, 2019	~~December 28, 2018~~July 26, 2019	Net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period ~~October~~April 1, ~~2018~~2019 through ~~October 31,~~ ~~2018~~April 30, 2019 per share

~~Effective July 1, 2018,~~On February 8, 2019, GCIC Funding, as permitted under the ~~Company entered into agreements with certain stockholders~~terms of the Credit Facility, decreased the size of the Credit Facility from $275,000 to ~~repurchase 1,706,418.667 shares of common stock at a NAV per share of $15.00 totaling $25,596 in the aggregate.~~

~~On July 24, 2018, the Company issued 717,823.032 shares of common stock through the DRIP.~~$200,000.

7180

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~~thereof

the effect of changes to tax legislation and our tax ~~position.~~position; and

the Merger (as defined below), the likelihood the Merger is completed and the anticipated timing of its completion

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~~forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth elsewhere in this quarterly report on Form 10-Q and as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, ~~2017 and our quarterly report on Form 10-Q for the quarter ended March 31,~~ 2018.

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 Securities and Exchange Commission, or 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.

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

7281

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 one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We 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 ~~$25.0~~$30.0 billion in capital under management as of ~~June 30,~~December 31, 2018, (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 2018, 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 one stop and other senior secured 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.

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.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, our portfolio at fair value was comprised of the following:


	As of June 30, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
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	$	196,835	12.0	%	$	165,620	11.8	%	$	235,409	12.6	%	$	211,035	12.6	%
One stop	1,364,503		83.1		1,161,275		83.1		1,547,115		82.9		1,384,902		82.7
Subordinated debt	277		0.0	*	55		0.0	*	783		0.0	*	280		0.0	*
LLC equity interests in GCIC SLF⁽¹⁾	54,004		3.3		50,104		3.6		50,069		2.7		49,939		3.0
Equity	27,016		1.6		20,647		1.5		34,277		1.8		28,282		1.7
Total	$	1,642,635	100.0	%	$	1,397,701	100.0	%	$	1,867,653	100.0	%	$	1,674,438	100.0	%

* Represents an amount less than 0.1%


⁽¹⁾	Proceeds from the limited liability company, or LLC, equity interests invested in GCIC Senior Loan Fund LLC, or 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

7382

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, 2018 and September 30, ~~2017,~~2018, one stop loans included ~~$97.5~~$125.7 million and ~~$67.7~~$134.9 million, respectively, of late stage lending loans at fair value.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had debt and equity investments in ~~181~~200 and ~~167~~186 portfolio companies, respectively, and an investment in GCIC SLF.

The following table shows 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, as well as the total return based on our average net asset value and the total return based on the change in the net asset value of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017 was as follows:


	For the three months ended June 30,		For the nine months ended June 30,		For the three months ended December 31,
	2018	2017	2018	2017	2018	2017
Weighted average annualized income yield⁽²⁾⁽¹⁾	8.8%	7.9%	8.4%	7.7%	8.6%	7.9%
Weighted average annualized investment income yield⁽³⁾⁽²⁾	9.5%	8.6%	9.0%	8.3%	9.1%	8.4%
Total return based on average net asset value^(4)*	9.5%	8.3%	9.5%	8.6%
Total return based on average net asset value^(3)*					7.6%	9.1%
Total return based on net asset value per share⁽⁵⁾⁽⁴⁾	2.5%	2.1%	7.3%	6.6%	1.9%	2.3%


*	Annualized for periods of less than one year


⁽¹⁾	For the three and nine months ended June 30, 2018 and for the three months ended June 30, 2017, the 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.


⁽²⁾	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.


⁽³⁾⁽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.


⁽⁴⁾⁽³⁾	Total return based on average net asset value is calculated as (a) the net increase in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.


⁽⁵⁾⁽⁴⁾	Total return based on net asset value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

As of ~~June 30,~~December 31, 2018, GCIC has earned an inception-to-date internal rate of return, or IRR, of ~~9.0%~~8.8% for stockholders taken as a whole. For the ~~nine~~three months ended ~~June 30,~~December 31, 2018 and 2017, GCIC ~~has~~ earned a year-to-date IRR of ~~9.8%~~7.8% and ~~8.9%~~9.4%, 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 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’ net asset value, or 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, whether in the form of senior secured, one stop, or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we 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 measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments and foreign currency translation in the Consolidated Statements of Operations.

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 net asset value, or NAV (including the cost and expenses of any independent valuation firm);

fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses 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);

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

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

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. Term debt securitizations are also known as collateralized loan

obligations, or CLOs, and are a form of secured financing incurred by us, which is consolidated by us and subject to our overall asset coverage requirement. 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.

Collateral management fees are paid directly by the GCIC 2016 and GCIC 2018 Issuer to GC Advisors and offset against the management fees payable under the Investment Advisory Agreement. In addition, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of each of a $908.2 million term debt securitization, or the GCIC 2018 Debt Securitization a $908.2 million term deb securitization, or the GCIC 2018 Debt Securitization. Term debt securitizations are also known as CLOs and are a form of secured financing incurred by us, which is consolidated by us and subject to our overall asset coverage requirement. Each of GCIC 2016 and GCIC 2018 Issuer also agreed to pay ongoing administrative expenses to the applicable 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 and GCIC 2018 Debt Securitization, as applicable.

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

Pending Merger with GBDC: On November 27, 2018, we entered into an Agreement and Plan of Merger, or the Merger Agreement, with Golub Capital BDC, Inc., a Delaware corporation, or GBDC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of GBDC, or the Merger Sub, the Investment Adviser and, for certain limited purposes, the Administrator. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into GCIC, with GCIC continuing as the surviving company and as a wholly-owned subsidiary of GBDC and, immediately thereafter, GCIC will merge with and into GBDC, with GBDC continuing as the surviving company. See Note 1 in the notes to our consolidated financial statements for further information.

Recent Developments

On ~~May 4,~~November 27, 2018 and ~~August 7, 2018,~~February 5, 2019, 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~~January 21, ~~2018~~2019	~~September 25, 2018~~February 27, 2019	Net increase in net assets resulting from operations earned by usthe Company (if positive) as determined in accordance with ~~generally accepted accounting principles in the United States of America, or~~ GAAP for the period ~~July~~January 1, ~~2018~~2019 through ~~July~~January 31, ~~2018~~2019 per share
~~August 31, 2018~~February 26, 2019	~~November 27, 2018~~May 24, 2019	Net increase in net assets resulting from operations earned by usthe Company (if positive) as determined in accordance with GAAP for the period ~~August~~February 1, ~~2018~~2019 through ~~August 31, 2018~~February 28, 2019 per share
~~September 21, 2018~~March 27, 2019	~~November 27, 2018~~May 24, 2019	Net increase in net assets resulting from operations earned by usthe Company (if positive) as determined in accordance with GAAP for the period ~~September 1, 2018~~March 1,2019 through ~~September 30, 2018~~March 31, 2019 per share
~~October 17, 2018~~April 29, 2019	~~December 28, 2018~~July 26, 2019	Net increase in net assets resulting from operations earned by usthe Company (if positive) as determined in accordance with GAAP for the period ~~October~~April 1, ~~2018~~2019 through ~~October 31, 2018~~April 30, 2019 per share

~~Effective July 1, 2018, we entered into agreements with certain stockholders~~On February 8, 2019, GCIC Funding, as permitted under the terms of the Credit Facility, decreased the size of the Credit Facility from $275,000 to ~~repurchase 1,706,418.667 shares of common stock at a net asset value per share of $15.00 totaling $25.6 million in the aggregate.~~$200,000.

~~On July 24, 2018, we issued 717,823.032 shares of common stock through the DRIP.~~

Consolidated Results of Operations

Consolidated operating results for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017 are as follows:


	For the three months ended June 30,						Variances			For the nine months ended June 30,				Variances			For the three months ended December 31,						Variances
	2018			2017			2018 vs. 2017			2018		2017		2018 vs. 2017			2018			2017			2018 vs. 2017
	(In thousands)									(In thousands)							(In thousands)
Interest income	$	30,909		$	22,287		$	8,622		$	87,307	$	61,470	$	25,837		$	36,203		$	27,045		$	9,158
Income from accretion of discounts and origination fees	2,611			2,211			400			6,782		4,590		2,192			1,996			2,026			(30		)
Interest and dividend income from investments in GCIC SLF ⁽¹⁾	1,641			1,216			425			4,065		3,611		454
Dividend income from investments in GCIC SLF ⁽¹⁾																	1,036			1,130			(94		)
Dividend income	3			157			(154		)	80		158		(78		)	30			2			28
Fee income	1,147			827			320			2,435		1,038		1,397			380			391			(11		)
Total investment income	36,311			26,698			9,613			100,669		70,867		29,802			39,645			30,594			9,051
Net expenses	16,895			12,451			4,444			47,777		34,872		12,905			19,452			14,813			4,639
Net investment income	19,416			14,247			5,169			52,892		35,995		16,897			20,193			15,781			4,412
Net realized gain (loss) on investments and foreign currency transactions	2,454			91			2,363			2,548		422		2,126			23			(486		)	509
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(1,394		)	(128		)	(1,266		)	3,558		5,067		(1,509		)	(1,478		)	2,519			(3,997		)
Net increase in net assets resulting from operations	$	20,476		$	14,210		$	6,266		$	58,998	$	41,484	$	17,514		$	18,738		$	17,814		$	924
Average earning debt investments, at fair value(2)	$	1,465,996		$	1,177,222		$	288,774		$	1,432,555	$	1,084,981	$	347,574		$	1,690,295		$	1,374,161		$	316,134
Average investment in subordinated notes of GCIC SLF, at fair value	—			—			—			—		11,511		(11,511		)
Average earning portfolio company investments, at fair value ⁽²⁾	$	1,465,996		$	1,177,222		$	288,774		$	1,432,555	$	1,096,492	$	336,063

⁽¹⁾

The investments in GCIC SLF include our investments in LLC equity interests in GCIC SLF for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and ~~the three months ended June 30,~~ 2017. For the nine months ended June 30, 2017, the investments in GCIC SLF include our investments in both subordinated notes (prior to their redemption by GCIC SLF on December 30, 2016) and 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. In addition, 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, 2017 to ~~June 30,~~December 31, 2018. As a result, quarterly comparisons of operating results may not be meaningful.

Investment Income

Investment income increased from the three months ended ~~June 30,~~December 31, 2017 to the three months ended ~~June 30,~~December 31, 2018 by ~~$9.6~~$9.1 million primarily as a result of an increase in the average earning debt investment balance, which is the average balance of accruing loans in our investment portfolio, of ~~$288.8~~$316.1 million and an increase in the London Interbank Offered Rate, or ~~LIBOR, as well as increases in dividend income from investments in GCIC SLF, prepayment fee income and accretion of discounts and origination fees resulting from increased debt investment payoffs.~~

Investment income increased from the nine months ended June 30, 2017 to the nine months ended June 30, 2018 by $29.8 million primarily as a result of an increase in the average earning debt investment balance of $347.6 million, an increase in LIBOR as well as increases in prepayment fee income and accretion of discounts and origination fees resulting from increased debt investment payoffs.LIBOR.

The annualized income yield by debt security type for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017 was as follows:


	For the three months ended June 30,		For the nine months ended June 30,		For the three months ended December 31,
	2018	2017	2018	2017	2018	2017
Senior secured	7.2%	6.5%	7.0%	6.3%	7.8%	6.5%
One stop	9.0%	8.1%	8.6%	7.9%	8.7%	8.1%
Subordinated debt(1)	19.7%	19.8%	19.7%	19.8%	8.0%	19.8%
Subordinated notes in GCIC SLF ⁽¹⁾	N/A	N/A	N/A	8.5%


⁽¹⁾	~~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~~Represents one portfolio company investment as of December 30, ~~2016.~~2017.

Annualized income yields on one stop and other senior secured loans have increased for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 compared to the three ~~and nine~~ months ended ~~June 30,~~December 31, 2017 primarily due to the rise in LIBOR. As of ~~June 30,~~December 31, 2018, we have two subordinated debt investments as shown in the Consolidated Schedule of Investments. ~~Although the income yield on subordinated debt investments has remained relatively stable for the periods presented, due~~Due to the limited number of subordinated debt investments, quarterly income yields on subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017:


	For the three months ended June 30,				Variances			For the nine months ended June 30,				Variances			For the three months ended December 31,					Variances
	2018		2017		2018 vs. 2017			2018		2017		2018 vs. 2017			2018			2017		2018 vs. 2017
	(In thousands)							(In thousands)							(In thousands)
Interest and other debt financing expenses	$	7,744	$	5,103	$	2,641		$	21,049	$	13,557	$	7,492		$	9,290		$	6,326	$	2,964
Amortization of debt issuance costs	526		741		(215		)	1,610		2,522		(912		)	1,668			553		1,115
Base management fee, net of waiver	4,058		3,101		957			11,502		8,684		2,818			4,486			3,626		860
Income Incentive Fee, net of waiver	3,439		2,523		916			9,502		6,383		3,119			3,411			2,853		558
Capital gain incentive fee accrued under GAAP	73		58		15			953		1,148		(195		)
Capital Gain Incentive Fee, net of waiver															(867		)	385		(1,252		)
Professional fees	465		502		(37		)	1,437		1,424		13			765			522		243
Administrative service fee	538		401		137			1,564		1,106		458			651			495		156
General and administrative expenses	52		22		30			160		48		112			48			53		(5		)
Net expenses	$	16,895	$	12,451	$	4,444		$	47,777	$	34,872	$	12,905		$	19,452		$	14,813	$	4,639
Average debt outstanding	$	725,156	$	593,917	$	131,239		$	715,610	$	548,464	$	167,146		$	821,252		$	694,299	$	126,953

Interest Expense

Interest and other debt financing expenses increased by ~~$2.6~~$3.0 million from the three months ended ~~June 30,~~December 31, 2017 to the three months ended ~~June 30,~~December 31, 2018 primarily due to an increase in the weighted average of outstanding borrowings from ~~$593.9~~$694.3 million for the three months ended ~~June 30,~~December 31, 2017 to ~~$725.2~~$821.3 million for the three months ended ~~June 30,~~December 31, 2018 and an increase in 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 an increase in the weighted average debt outstanding balance under our senior secured revolving credit facility by and among our wholly-owned subsidiary GCIC Funding LLC, or GCIC Funding, Wells Fargo Securities, LLC, as administrative agent, and Wells Fargo Bank, N.A., as lender, or, as amended, the Credit Facility, from ~~$278.7~~$366.8 million for the three months ended ~~June 30,~~December 31, 2017 to ~~$392.1~~$415.6 million for the three months ended ~~June 30,~~December 31, 2018. The amortization of debt issuance costs increased by $1.1 million from the three months ended December 31, 2017 to the three months ended December 31, 2018 primarily attributable to a one-time acceleration of $1.3 million in deferred financing costs associated with the early redemption of notes issued under the 2016 Debt Securitization. This redemption was done in connection with the execution of the 2018 Debt Securitization. This one-time charge will be offset in future quarters as the weighted average interest rate on the 2018 Debt Securitization notes is approximately 73 basis points lower than the weighted average interest rate on the 2016 Debt Securitization notes at the time of their redemption. The effective annualized average interest rate on our outstanding debt increased to ~~4.6%~~5.3% for the three months ended ~~June 30,~~December 31, 2018 from ~~4.0%~~3.9% for the three months ended ~~June 30,~~December 31, 2017 primarily due to the increase in ~~LIBOR, which was partially offset by a decrease in~~ amortization of debt issuance ~~costs.~~costs and LIBOR.

Interest and other debt financing expenses increased by $7.5 million from the nine months ended June 30, 2017 to the nine months ended June 30, 2018 primarily due to an increase in the weighted average of outstanding borrowings from $548.5 million for the nine months ended June 30, 2017 to $715.6 million for the nine months ended June 30, 2018. The effective annualized average interest rate on our outstanding debt increased to 4.2% for the nine months ended June 30, 2018 from 3.9% for the nine months ended June 30, 2017 primarily due to the increase in 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 the three ~~and nine~~ months ended ~~June 30,~~December 31, 2017 to the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018.

7887

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 ~~$0.9~~$0.6 million from the three months ended ~~June 30,~~December 31, 2017 to the three months ended ~~June 30,~~December 31, 2018 primarily as a result of the ~~$288.8~~$316 million increase in our average earning debt investment balances that resulted in an increase in our Pre-Incentive Fee Net Investment Income (as defined in Note 4 to our consolidated financial statements). The Income Incentive Fee increased by $3.1 million from the nine months ended June 30, 2017 to the nine months ended June 30, 2018 primarily as a result of the $336.1 million increase in our average earning debt investment balance that resulted in an increase in our Pre-Incentive Fee Net Investment Income. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, 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, net of waiver, was 15.0%. For the three and 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 earned by GC Advisors as a percentage of Pre-Incentive Fee Net Investment Income was 15.0% and 14.7%, respectively.

We recorded a reversal in accrual for the capital gain incentive fee under GAAP of $1.2 million, or $0.02 per share for the three months ended December 31, 2018. We recorded an accrual for the capital gain incentive fee under GAAP of ~~$0.1~~$0.4 million, or less than $0.01 per share ~~and $1.0 million, or $0.02 per share~~ for the three ~~and nine~~ months ended ~~June 30, 2018, respectively, and $0.1 million, or less than $0.01 per share, and $1.1 million, or $0.03 per share for the three and nine months ended June 30, 2017, respectively.~~December 31, 2017. For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” see section below.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, the cumulative capital gain incentive fee accrual in accordance with GAAP was ~~$2.6~~$1.4 million and ~~$1.7~~$2.3 million, 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 ~~$0.1~~$0.4 million from the three months ended ~~June 30,~~December 31, 2017 to the three months ended ~~June 30, 2018and increased by $0.6 million from the nine months ended June 30, 2017 to nine months ended June 30,~~December 31, 2018. 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.

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, 2018 were $0.2 ~~million and $1.0 million, respectively.~~million. Total expenses reimbursed by us to the Administrator for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2017 were ~~$0.2 million and $1.0 million, respectively.~~$0.5 million.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, included in accounts payable and accrued expenses were ~~$0.4~~$0.8 million and ~~$0.5~~$0.2 million, respectively, for accrued expenses paid on behalf of us by the Administrator.

7988

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			For the three months ended December 31,						Variances
	2018			2017			2018 vs. 2017			2018			2017			2018 vs. 2017			2018			2017			2018 vs. 2017
	(In thousands)									(In thousands)									(In thousands)
Net realized gain (loss) on investments	$	2,510		$	91		$	2,419		$	2,621		$	422		$	2,199		$	38		$	(449	)	$	487
Foreign currency transactions	(56		)	—			(56		)	(73		)	—			(73		)	(15		)	(37		)	22
Net realized gain (loss) on investments and foreign currency transactions	$	2,454		$	91		$	2,363		$	2,548		$	422		$	2,126		$	23		$	(486	)	$	509
Unrealized appreciation on investments	8,151			5,484			2,667			14,752			11,315			3,437			14,610			6,360			8,250
Unrealized (depreciation) on investments	(9,584		)	(5,472		)	(4,112		)	(12,713		)	(6,410		)	(6,303		)	(16,471		)	(4,593		)	(11,878		)
Unrealized appreciation on investments in GCIC SLF ⁽¹⁾	—			—			—			1,406			162			1,244			130			744			(614		)
Unrealized (depreciation) on investments in GCIC SLF ⁽²⁾	(74		)	(140		)	66			—			—			—
Unrealized appreciation on foreign currency translation	113			—			113			113			—			113			253			8			245
Net change in unrealized appreciation (depreciation) on investments, investments in GCIC SLF, and foreign currency	$	(1,394	)	$	(128	)	$	(1,266	)	$	3,558		$	5,067		$	(1,509	)	$	(1,478	)	$	2,519		$	(3,997	)


⁽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 includes our investment in LLC equity interests in GCIC SLF.

For the three months ended ~~June 30,~~December 31, 2018, we had a net realized gain on investments and foreign currency transactions of ~~$2.5~~less than $0.1 million primarily due to realized gains on the sale of equity investments in three portfolio companies. For the nine months ended June 30, 2018, we had a net realized gain on investments and foreign currency transactions of $2.5 million primarily due to realized gains on the sale of equity investments in four portfolio companies and the sale of portfolio company investments to GCIC SLF that were offset by the realized loss on the write off of one non-accrual portfolio company investment.

For the three months ended ~~June 30,~~December 31, 2018, we had ~~$9.6~~$16.5 million in unrealized depreciation on ~~148~~172 portfolio company investments, which was partially offset by ~~$8.2~~$14.6 million in unrealized appreciation on 88 portfolio company investments. For the nine months ended June 30, 2018, we had $14.8 million in unrealized appreciation on 131 portfolio company investments, which was offset by $12.7 million in unrealized depreciation on 138157 portfolio company investments. Unrealized depreciation primarily resulted from ~~the reversal of the net unrealized appreciation associated with the sales of portfolio company investments,~~ the amortization of discounts, and negative credit related adjustments that caused a reduction in fair value in several portfolio company investments during the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018.

For the three months ended ~~June 30,~~December 31, 2018, we had $0.1 million in unrealized ~~depreciation~~appreciation 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, 2018, we had $1.4 million in unrealized appreciation on our~~portfolio netted against net investment inincome at GCIC ~~SLF LLC equity interests, which was driven by net positive credit related adjustments associated with GCIC SLF's investment portfolio.~~SLF.

For the three months ended ~~June 30,~~December 31, 2017, we had a net realized ~~gain~~loss of ~~$0.1~~$0.5 million primarily due to the ~~sale of~~realized loss on the write off on one ~~equity~~non-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 to~~gains resulting from the sale of portfolio company investments to GCIC SLF and the sale of ~~one~~two 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 8788 portfolio company investments, which was partially offset by ~~$5.5~~$4.6 million in unrealized depreciation on ~~131 portfolio company 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 million in unrealized depreciation on 114~~140 portfolio company investments. Unrealized appreciation during the three ~~and nine~~ months ended ~~June 30,~~December 31, 2017 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,~~December 31, 2017.

For the three months ended ~~June 30,~~December 31, 2017, we had $0.1 million in 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, we had $0.2$0.7 million in unrealized appreciation on our investment in GCIC SLF LLC equity ~~interests, which was driven~~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 ~~net positive credit related adjustments associated with~~ GCIC ~~SLF's investment portfolio.~~SLF.

Liquidity and Capital Resources

For the ~~nine~~three months ended ~~June 30,~~December 31, 2018, we experienced a net ~~decrease~~increase in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents of ~~$12.2~~$43.6 million. During the period we used ~~$181.4~~$173.9 million in operating activities, primarily as a result of fundings of portfolio investments of ~~$563.7~~$230.1 million, partially offset by proceeds from principal payments and sales of portfolio investments of ~~$332.5~~$39.2 million and net investment income of ~~$52.9~~$20.2 million. Lastly, cash provided by financing activities was ~~$169.2~~$217.5 million, primarily driven by borrowings on debt of ~~$480.1~~$790.9 million and proceeds from the issuance of common shares of ~~$102.4~~$110.3 million that were partially offset by repayments of debt of ~~$402.5~~$692.2 million and distributions paid of ~~$21.8~~$10.5 million.

For the ~~nine~~three months ended ~~June 30,~~December 31, 2017, we experienced a net decrease in cash, cash equivalents and restricted cash and cash equivalents of ~~$28.0~~$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. 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 and distributions paid of ~~$17.2~~$9.1 million.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had cash, cash equivalents and foreign currencies of ~~$9.6~~$27.3 million and ~~$22.9~~$14.7 million, respectively. In addition, we had restricted cash and cash equivalents and foreign currencies of ~~$29.4~~$54.8 million and ~~$28.3~~$23.9 million as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, respectively. Cash and cash equivalents are available to fund new investments, pay operating expenses and pay distributions. As of ~~June 30,~~December 31, 2018, ~~$15.5~~$3.7 million and $28.6 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 and GCIC 2018 Debt Securitization, respectively, which isare described in further detail in Note 7 to our consolidated financial statements, and for the payment of interest expense on the notes issued in the GCIC 2016 and GCIC 2018 Debt Securitization. As of ~~June 30,~~December 31, 2018, ~~$13.9~~$11.0 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 December 31, 2018, $11.5 million of our restricted cash and cash equivalents could be used to fund investments that meet the guidelines under the DB Credit Facility, as well as for the payment of interest expense and revolving debt of the DB Credit Facility.

As of ~~June 30,~~December 31, 2018, the Credit Facility allowed GCIC Funding to borrow up to ~~$500.0~~$275.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had ~~$420.3~~$253.7 million and $342.7 million outstanding under the Credit Facility, respectively. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, subject to leverage and borrowing base restrictions, we had approximately ~~$79.7~~$21.3 million and $77.3 million, respectively, of remaining commitments and ~~$42.8~~$7.2 million and $59.0 million, respectively, of availability on the Credit Facility.

As of ~~June 30,~~December 31, 2018, our revolving credit facility with Sumitomo Mitsui Banking Corporation as administrative agent, sole lead arranger and sole manager, or, as amended, the SMBC Revolver, allowed us to borrow up to ~~$75.0~~$60.6 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of each of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had $60.6 million and $75.0 million outstanding under the SMBC Revolver. As of each of ~~June 30,~~December 31, 2018

and September 30, ~~2017,~~2018, subject to leverage and borrowing base restrictions, we had $0 of remaining commitments and $0 of availability under the SMBC Revolver.

As of ~~June~~December 31, 2018, our senior secured revolving credit facility with Deutsche Bank AG, New York Branch, as facility agent, or the DB Credit Facility, allowed us to borrow up to $250.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2018, we had $0 outstanding under the DB Credit Facility. As of December 31, 2018, subject to leverage and borrowing base restrictions, we had approximately $250.0 million of remaining commitments and no availability on the DB Credit Facility. The DB Credit Facility was not outstanding as of September 30, 2018.

As of December 31, 2018, we were permitted to borrow up to $40.0 million at any one time outstanding, under the terms of the revolving line of credit with GC Advisors, or, as amended, the Revolver. 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, 2018 and September 30, ~~2017,~~2018, 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~~bore interest at a rate of three-month LIBOR plus 2.15%, $32.5 million of Class B GCIC 2016 Notes, which ~~bear~~bore interest at a rate of three-month LIBOR plus 3.00%, $42.3 million of Class C GCIC 2016 Notes, which ~~bear~~bore interest at a rate of three-month LIBOR plus 3.10%, and $28.6 million of Class D GCIC 2016 Notes, which ~~bear~~bore 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 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. In connection with the notes issued by the 2018 Debt Securitization, we redeemed all of the outstanding notes under the 2016 Debt Securitization and following such redemption, the agreements governing the 2016 Debt Securitization were terminated. The Class A and Class B GCIC 2016 Notes are included in the ~~June~~September 30, 2018 ~~and September 30, 2017~~ Consolidated Statements of Financial 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 ~~each of June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had outstanding debt under the GCIC 2016 Debt Securitization of $0 and $252.5 ~~million.~~million, respectively.

As of ~~June~~December 31, 2018, the GCIC 2016 Notes were no longer outstanding. As of September 30, 2018, there were 93 portfolio companies with a total fair value of $391,419 securing the GCIC 2016 Notes. The pool of loans in the GCIC 2016 Debt Securitization was required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

On December 13, 2018, we completed the GCIC 2018 Debt Securitization. Term debt securitizations are also known as CLOs and are a form of secured financing incurred by us, which is consolidated by us and subject to our overall asset coverage requirements. The notes offered in the GCIC 2018 Debt Securitization, or the GCIC 2018 Notes were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. GCIC CLO II Depositor LLC, or the GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, we indirectly retained all of the Class B-2, C and D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes totaling $27,000, $95,000, $60,000, and $179,695, respectively. The Class A-1, Class A-2 and Class B-1 GCIC 2018 Notes are included in the December 31, 2018 Consolidated Statements of the Company. As of December 31, 2018 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

As part of each of the 2016 GCIC Debt Securitization and the 2018 GCIC Debt Securitization, GCIC entered into master loan sale agreements under which GCIC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2016 GCIC Issuer and the 2018 GCIC Issuer, as applicable, and to purchase or otherwise, directly or indirectly, acquire the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes, LLC equity interests in the GCIC 2016 Issuer, Class B-2 GCIC 2018 Notes, Class C GCIC 2018 Notes, Class D GCIC 2018 Notes and Subordinated GCIC 2018 Notes, as applicable. As of December 31, 2018, the GCIC 2016 Notes were no longer outstanding and the GCIC 2018 Notes (other than the Subordinated GCIC 2018 Notes) were the secured obligations of the GCIC 2018 Issuer. The indenture that governed the GCIC 2016 Notes and the indenture governing the GCIC 2018 Notes each include customary covenants and events of default.

As of December 31, 2018 and September 30, ~~2017,~~2018, we had investor capital subscriptions totaling ~~$1,197.1~~$1,117.6 million and ~~$1,301.6~~$1,136.9 million, respectively, of which ~~$819.0~~$953.1 million and ~~$716.0~~$841.6 million, respectively, had been called and contributed, leaving ~~$378.1~~$164.5 million and ~~$585.6~~$295.4 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 as a result, 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. We do not expect such agreements to be material to us, individually or in the aggregate. On January 1, 2018 and April 1, 2018, we reached agreements to cancel undrawn subscriptions totaling $55.8 million and $20.7 million in the aggregate, respectively. Additionally, as of ~~June 30,~~December 31, 2018 undrawn subscriptions totaling ~~$28.0~~$19.3 million had expired pursuant to the terms of the respective subscription agreements. On May 4, 2018, our board of directors authorized us to negotiate from time to time certain repurchases shares of our common stock in an aggregate amount not to exceed $100 million at prices not in excess of the most recently computed net asset value of common stock at the time of any such repurchase. Effective July 1, 2018, we entered into agreements with certain stockholders to repurchase 1,706,418.667 shares of common stock at a net asset value per share of $15.00 totaling $25.6 million in the aggregate.

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The Small Business Credit Availability Act, or SBCAA, which was signed into law on March 23, 2018, among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to business development companies from 200% to 150% so long as the business development company meets certain disclosure requirements, obtains certain approvals and, in the case of unlisted business development companies, makes an offer to repurchase the shares of its stockholders. The reduced asset coverage requirement would permit a business development company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. Effectiveness of the reduced asset coverage requirement to a business development company requires approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of such business development company’s board of directors with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of such business development company’s stockholders at which a quorum is present, which is effective the day after such stockholder approval. We are still evaluating the merits of operating with a higher leverage ratio, and have not

sought or obtained either approval and, as a result, remain subject to the 200% asset coverage requirement under Section 61(a)(1) of the 1940 Act. As of ~~June 30,~~December 31, 2018, our asset coverage for borrowed amounts was ~~217.4%~~219.0%.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had outstanding commitments to fund investments, excluding our investment in GCIC SLF, totaling ~~$223.2~~$223.7 million and ~~$133.6~~$205.5 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, 2018 and September 30, ~~2017,~~2018, respectively, subject to the terms of each loan’s respective credit agreement. As of ~~June 30,~~December 31, 2018, 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, DB Credit Facility, SMBC Revolver and Revolver, ongoing principal repayments on debt investments assets and uncalled investor capital subscriptions.

Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention rules adopted pursuant to Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, as a business development company we may be unable to enter into certain types of securitization transactions. We have requested no action relief from the SEC that, if granted, would permit us to once again utilize securitizations in which assets are transferred through GC Advisors, but we cannot provide assurance that the SEC or any other regulatory authority will grant our request, which would permit us to enter into certain types of securitization transactions, on a timely basis or at all.

Although we expect to fund the growth of our investment portfolio through net proceeds from capital calls on existing 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 securitization financings, to the extent permitted by applicable law. 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, 2018 and September 30, ~~2017~~2018 we had investments in ~~181~~200 and ~~165~~186 portfolio companies, respectively, with a total fair value of ~~$1,588.6~~$1,817.6 million and ~~$1,347.6~~$1,624.5 million, respectively. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, we had investments in GCIC SLF with a total fair value of ~~$54.0~~$50.1 million and ~~$50.1~~$49.9 million, respectively.

The following table shows the asset mix of our new investment commitments for the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017:


	For the three months ended June 30,								For the nine months ended June 30,								For the three months ended December 31,
	2018				2017				2018				2017				2018				2017
	(In thousands)		Percentage of Commitments		(In thousands)		Percentage of Commitments		(In thousands)		Percentage of Commitments		(In thousands)		Percentage of Commitments		New Commitments (In thousands)		Percentage of Commitments		New Commitments (In thousands)		Percentage of Commitments
Senior secured	$	23,920	9.4	%	$	35,235	10.7	%	$	104,527	15.5	%	$	100,922	18.9	%	$	45,920	17.5	%	$	56,324	24.2	%
One stop	227,445		89.4		291,173		88.6		549,495		81.8		419,265		78.7		210,685		80.2		169,015		72.8
Subordinated debt	218		0.1		—		—		218		0.0	*	11		0.0	*	96		0.0	*	—		—
LLC equity interests in GCIC SLF⁽¹⁾	—		—		—		—		11,900		1.8		8,803		1.7		—		—		5,513		2.4
Equity	2,769		1.1		2,448		0.7		5,830		0.9		3,855		0.7		6,124		2.3		1,397		0.6
Total new investment commitments	$	254,352	100.0	%	$	328,856	100.0	%	$	671,970	100.0	%	$	532,856	100.0	%	$	262,825	100.0	%	$	232,249	100.0	%

^* Represents an amount less than 0.1%.


⁽¹⁾	GCIC SLF’s proceeds from the LLC equity interests were utilized by GCIC SLF to invest in senior secured loans. As of ~~June 30,~~December 31, 2018, GCIC SLF had investments in senior secured loans to 3732 different borrowers.

For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017, we had approximately ~~$134.5~~$38.5 million and ~~$288.1~~$71.7 million, respectively, in proceeds from principal payments and return of capital distributions of portfolio companies. For the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 ~~we had sales of securities in four~~ and ~~23 portfolio companies, respectively, aggregating approximately $6.0 million and $44.3 million, respectively, in net proceeds.~~

For the three and nine months ended June 30, 2017, we had approximately $109.1 million and $169.9 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, 2017, we had sales of securities in ~~five~~9 and 2015 portfolio companies ~~respectively,~~ aggregating approximately ~~$3.0~~$0.7 million and ~~$39.0~~$19.0 million, respectively, in net proceeds.

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


	As of June 30, 2018 ⁽¹⁾						As of September 30, 2017 ⁽¹⁾						As of December 31, 2018 ⁽¹⁾						As of September 30, 2018 ⁽¹⁾
	Principal		Amortized Cost		Fair Value		Principal		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	$	200,274	$	198,217	$	196,835	$	167,646	$	165,642	$	165,620	$	230,944	$	228,492	$	230,134	$	207,782	$	205,615	$	206,557
Non-accrual ⁽²⁾													11,738		11,719		5,275		8,607		8,593		4,478
One stop:
Performing	1,359,014		1,341,873		1,354,611		1,167,906		1,151,903		1,160,964		1,557,060		1,539,269		1,546,621		1,392,834		1,376,080		1,384,183
Non-accrual ⁽²⁾	13,232		12,994		9,892		1,101		1,076		311		1,127		1,102		494		1,127		1,101		719
Subordinated debt:
Performing	277		277		277		55		55		55		587		587		783		280		280		280
LLC equity interests in GCIC SLF ⁽³⁾	N/A		52,294		54,004		N/A		49,800		50,104		N/A		48,356		50,069		N/A		48,356		49,939
Equity	N/A		22,040		27,016		N/A		17,733		20,647		N/A		28,543		34,277		N/A		23,097		28,282
Total	$	1,572,797	$	1,627,695	$	1,642,635	$	1,336,708	$	1,386,209	$	1,397,701	$	1,801,456	$	1,858,068	$	1,867,653	$	1,610,630	$	1,663,122	$	1,674,438


⁽¹⁾	2120 and 1524 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, 2018 and September 30, ~~2017,~~2018, 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.”


⁽³⁾	GCIC SLF's proceeds from the LLC equity interests in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.

As of ~~June~~December 31, 2018, we had five debt investments on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 0.7% and 0.3%, respectively. As of September 30, 2018, we had three debt investments on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were ~~0.8%~~0.6% and ~~0.6%~~0.3%, respectively. As of ~~September 30, 2017, we had one debt investments on non-accrual status and non-accrual investments as a percentage of total investments at cost and fair value were both less than 0.1%. As of June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, the fair value of our debt investments as a percentage of the outstanding principal value was ~~99.3%~~99.4% and ~~99.3%~~99.1%, respectively.

The following table shows the weighted average rate, spread over LIBOR of floating rate investments 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, 2018 and 2017:


	For the three months ended June 30,		For the nine months ended June 30,		For the three months ended December 31,
	2018	2017	2018	2017	2018	2017
Weighted average rate of new investment fundings⁽¹⁾	7.6%	7.4%	7.9%	7.2%	7.8%	7.5%
Weighted average spread over LIBOR of new floating rate investment fundings⁽¹⁾	5.6%	6.2%	6.2%	6.0%	5.5%	6.0%
Weighted average rate of new fixed rate investment fundings	8.0%	7.5%	7.5%	7.5%	11.0%	N/A
Weighted average fees of new investment fundings	0.9%	1.4%	1.2%	1.4%	1.2%	1.3%
Weighted average rate of sales and payoffs of portfolio investments⁽²⁾⁽¹⁾	8.4%	7.7%	7.7%	7.2%	8.7%	7.1%
Weighted average annualized income yield ⁽⁴⁾⁽²⁾	8.8%	7.9%	8.4%	7.7%	8.6%	7.9%


⁽¹⁾	Excludes ~~our subordinated note investment in GCIC SLF, which was redeemed on December 30, 2016.~~


⁽²⁾	~~Excludes~~ exits on investments on non-accrual status.


⁽³⁾⁽²⁾	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.


⁽⁴⁾	For the three and nine months ended June 30, 2018 and for the three months ending June 30, 2017, the 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, 2018, ~~99.7%~~97.3% and ~~99.7%~~97.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, ~~2017, 99.8%~~2018, 98.8% and ~~99.8%~~98.8% 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 ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, 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~~$25.3 million and ~~$25.2~~$26.6 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

8594

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.

8695

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, 2018 and September 30, ~~2017:~~2018:


	June 30, 2018				September 30, 2017				December 31, 2018				September 30, 2018
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	$	199,587	12.1	%	$	22,656	1.6	%	$	125,713	6.7	%	$	104,563	6.3	%
4	1,350,487		82.2		1,246,641		89.2		1,603,406		85.9		1,439,656		86.0
3	76,511		4.7		127,947		9.2		119,105		6.4		110,695		6.6
2	16,050		1.0		155		0.0	*	19,428		1.0		18,813		1.1
1	—		—		302		0.0	*	1		0.0	*	711		0.0	*
Total	$	1,642,635	100.0	%	$	1,397,701	100.0	%	$	1,867,653	100.0	%	$	1,674,438	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, 2018, GCIC SLF is capitalized by 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.commitments. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, 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 ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, GCIC SLF had the following commitments from its members (in the aggregate):


	As of June 30, 2018				As of September 30, 2017				As of December 31, 2018				As of September 30, 2018
	Committed		Funded⁽¹⁾		Committed		Funded⁽¹⁾		Committed		Funded⁽¹⁾		Committed		Funded⁽¹⁾
	(In thousands)				(In thousands)				(In thousands)				(In thousands)
LLC equity commitments	$	125,000	$	59,764	$	125,000	$	56,914	$	125,000	$	55,264	$	125,000	$	55,264
Total	$	125,000	$	59,764	$	125,000	$	56,914	$	125,000	$	55,264	$	125,000	$	55,264


⁽¹⁾	Funded LLC equity commitments are presented net of return of capital distributions subject to recall.

8796

~~On October 21, 2015,~~As of December 31, 2018, the reinvestment period for the senior secured revolving credit facility, or, as amended, the GCIC SLF Credit Facility, that 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,~~with Wells Fargo Bank, N.A., had ended and the maximum commitment under the GCIC SLF Credit Facility ~~with Wells Fargo Bank, N.A., which allowed GCIC SLF II~~was equal to ~~borrow up to $150.0 million at any one time outstanding, subject to leverage and borrowing base restrictions.~~advances outstanding. The reinvestment period of the GCIC SLF Credit Facility ~~ends~~ended September 27, 2018, and as of December 31, 2018, the maximum commitment is equal to advances outstanding. The stated maturity date is September 28, 2022. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, GCIC SLF II had outstanding debt under the GCIC SLF Credit Facility of ~~$103.8~~$73.5 million and ~~$108.2~~$79.7 million, respectively.

Through the reinvestment period, borrowings under the GCIC SLF Credit Facility ~~bears~~bore interest at one-month LIBOR plus a rate between 1.75% and ~~2.15%~~2.05% per annum, depending on the composition of the collateral asset portfolio. ~~After~~Following the expiration of the reinvestment period, ~~the rate will reset to one-month LIBOR plus 2.75% per annum for the remaining term of~~borrowings under the GCIC SLF Credit ~~Facility.~~Facility bear interest at one-month LIBOR plus 2.05%.

As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, GCIC SLF had total assets at fair value of ~~$165.1~~$130.9 million and ~~$164.6~~$136.6 million, respectively. As of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, 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, 2018 and September 30, ~~2017,~~2018, GCIC SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling ~~$13.2~~$11.0 million and ~~$10.0~~$11.5 million, 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, 2018 and September 30, ~~2017:~~2018:


	As of June 30, 2018			As of September 30, 2017			As of December 31, 2018			As of September 30, 2018
	(Dollars in thousands)						(Dollars in thousands)
Senior secured loans⁽¹⁾	$	162,539		$	162,815		$	127,307		$	134,270
Weighted average current interest rate on senior secured loans⁽²⁾	7.5		%	6.4		%	7.7		%	7.4		%
Number of borrowers in GCIC SLF	37			40			32			33
Largest portfolio company investments⁽¹⁾	$	8,900		$	8,928		$	8,307		$	8,357
Total of five largest portfolio company investments⁽¹⁾	$	38,793		$	39,540		$	34,114		$	33,966


⁽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.

8897


GCIC SLF Investment Portfolio as of June 30, 2018
GCIC SLF Investment Portfolio as of December 31, 2018										GCIC SLF Investment Portfolio as of December 31, 2018
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)
1A Smart Start LLC(3)	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.8	%	$	1,341	$	1,346		Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	7.0	%	$	1,925	$	1,918
1A Smart Start LLC⁽³⁾	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.6		596		597
Aimbridge Hospitality, LLC⁽³⁾	Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.1		5,955		5,866			Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.5		5,925		5,925
Aimbridge Hospitality, LLC⁽³⁾	Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.1		238		238			Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.5		236		236
Boot Barn, Inc.	Retail Stores	Senior loan	06/2021	6.8		5,001		5,001
Boot Barn, Inc.⁽³⁾											Retail Stores	Senior loan	06/2021	7.3		5,001		5,001
Brandmuscle, Inc.											Printing and Publishing	Senior loan	12/2021	7.6		3,800		3,797
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	7.1		4,023		4,020			Printing and Publishing	Senior loan	12/2021	N/A⁽⁴⁾		—		—
Captain D's, LLC⁽³⁾	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.6		5,963		5,963			Personal, Food and Miscellaneous Services	Senior loan	12/2023	7.3		5,933		5,933
Captain D's, LLC⁽³⁾	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.6		8		8			Personal, Food and Miscellaneous Services	Senior loan	12/2023	8.2		25		25
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.6		2,034		1,993			Healthcare, Education and Childcare	Senior loan	12/2020	8.0		2,023		2,023
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.6		1,025		1,004			Healthcare, Education and Childcare	Senior loan	12/2020	8.0		1,019		1,019
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		2,079		2,079			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		2,069		2,069
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		1,045		1,045			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		1,040		1,040
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		58		58			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		58		58
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.6		40		40			Personal, Food and Miscellaneous Services	Senior loan	10/2021	8.3		40		40
Curo Health Services LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	02/2022	8.0		4,838		4,850
Community Veterinary Partners, LLC											Personal, Food and Miscellaneous Services	Senior loan	10/2021	N/A⁽⁴⁾		—		—
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		3,070		3,070			Retail Stores	Senior loan	06/2020	8.6		3,054		3,054
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		1,235		1,235			Retail Stores	Senior loan	06/2020	8.6		1,228		1,228
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		635		635			Retail Stores	Senior loan	06/2020	8.6		632		632
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	7.8		377		377			Retail Stores	Senior loan	06/2020	8.6		215		215
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		216		216			Retail Stores	Senior loan	06/2020	8.6		96		96
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		96		96			Retail Stores	Senior loan	06/2020	8.6		92		92
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	8.1		92		92			Retail Stores	Senior loan	06/2020	N/A⁽⁴⁾		—		—
Elite Sportswear, L.P.	Retail Stores	Senior loan	06/2020	9.5		20		20			Retail Stores	Senior loan	06/2020	N/A⁽⁴⁾		—		—
Encore GC Acquisition, LLC	Healthcare, Education and Childcare	Senior loan	01/2020	7.7		2,026		2,026			Healthcare, Education and Childcare	Senior loan	01/2020	7.8		1,991		1,991
Encore GC Acquisition, LLC											Healthcare, Education and Childcare	Senior loan	01/2020	N/A⁽⁴⁾		—		—
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		2,669		2,669			Chemicals, Plastics and Rubber	Senior loan	02/2020	8.6		2,656		2,656
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		741		741
Flexan, LLC⁽³⁾											Chemicals, Plastics and Rubber	Senior loan	02/2020	8.6		737		737
Flexan, LLC⁽³⁾	Chemicals, Plastics and Rubber	Senior loan	02/2020	9.5		136		136			Chemicals, Plastics and Rubber	Senior loan	02/2020	10.0		136		136
G & H Wire Company, Inc⁽³⁾	Healthcare, Education and Childcare	Senior loan	09/2023	7.8		5,955		5,955			Healthcare, Education and Childcare	Senior loan	09/2023	8.4		5,754		5,754
Gamma Technologies, LLC⁽³⁾	Electronics	Senior loan	06/2024	7.6		4,389		4,351			Electronics	Senior loan	06/2024	8.0		4,367		4,367
III US Holdings, LLC	Diversified/Conglomerate Service	Senior loan	09/2022	8.8		4,887		4,887			Diversified/Conglomerate Service	Senior loan	09/2022	9.3		4,533		4,533
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		1,973		1,973			Buildings and Real Estate	Senior loan	03/2024	7.0		1,973		1,973
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		103		103			Buildings and Real Estate	Senior loan	03/2024	7.3		103		103
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		55		55			Buildings and Real Estate	Senior loan	03/2024	7.3		55		55
Mediaocean LLC											Diversified/Conglomerate Service	Senior loan	08/2020	N/A⁽⁴⁾		—		—
Mills Fleet Farm Group LLC⁽³⁾	Retail Stores	Senior loan	02/2022	7.6		6,000		6,000			Retail Stores	Senior loan	10/2024	8.8		6,000		6,000
NBC Intermediate, LLC	Beverage, Food and Tobacco	Senior loan	09/2023	6.4		2,686		2,686			Beverage, Food and Tobacco	Senior loan	09/2023	6.8		2,565		2,565
Pasternack Enterprises, Inc. and Fairview Microwave, Inc	Diversified/Conglomerate Manufacturing	Senior loan	05/2022	9.0		4,975		4,975
NBC Intermediate, LLC											Beverage, Food and Tobacco	Senior loan	09/2023	N/A⁽⁴⁾		—		—
Pasternack Enterprises, Inc. and Fairview Microwave, Inc⁽³⁾											Diversified/Conglomerate Manufacturing	Senior loan	07/2025	6.5		4,950		4,950
Polk Acquisition Corp.⁽³⁾	Automobile	Senior loan	06/2022	7.1		8,233		8,068			Automobile	Senior loan	06/2022	7.5		8,189		8,026
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.3		53		52			Automobile	Senior loan	06/2022	7.8		65		63
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.1		50		48			Automobile	Senior loan	06/2022	7.5		53		52
Premise Health Holding Corp.⁽³⁾	Healthcare, Education and Childcare	Senior loan	06/2020	6.8		5,880		5,880
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.9		2,457		2,457
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.9		167		167
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2019	8.6		149		149
Pyramid Healthcare, Inc.⁽³⁾											Healthcare, Education and Childcare	Senior loan	08/2020	9.0		2,445		2,420

8998

GCIC SLF Investment Portfolio as of June 30, 2018 - (continued)
Portfolio Company Business Description Security Type
Maturity
Date

Current
Interest
Rate⁽¹⁾
Principal ($)
Fair
Value⁽²⁾
(In thousands)
Pyramid Healthcare, Inc. Healthcare, Education and Childcare Senior loan 08/2019 8.9
$ 55
$ 55
Radiology Partners, Inc. ⁽³⁾
Healthcare, Education and Childcare Senior loan 12/2023 9.8
8,061
8,061
Radiology Partners, Inc. ⁽³⁾
Healthcare, Education and Childcare Senior loan 12/2023 9.8
149
149
Reladyne, Inc.⁽³⁾
Diversified/Conglomerate Manufacturing Senior loan 07/2022 7.3
5,985
5,985
Reladyne, Inc.⁽³⁾
Diversified/Conglomerate Manufacturing Senior loan 07/2022 7.3
626
626
Reladyne, Inc.⁽³⁾
Diversified/Conglomerate Manufacturing Senior loan 07/2022 7.1
543
543
RSC Acquisition, Inc.⁽³⁾
Insurance Senior loan 11/2022 6.8
3,306
3,306
RSC Acquisition, Inc.⁽³⁾
Insurance Senior loan 11/2021 6.8
33
33
Rubio's Restaurants, Inc⁽³⁾
Beverage, Food and Tobacco Senior loan 10/2019 7.6
1,663
1,663
Rug Doctor LLC Personal and Non Durable Consumer Products (Mfg. Only) Senior loan 04/2019 7.6
1,346
1,346
Saldon Holdings, Inc.⁽³⁾
Diversified/Conglomerate Service Senior loan 09/2022 6.6
1,958
1,958
SEI, Inc.⁽³⁾
Electronics Senior loan 07/2023 7.3
5,191
5,191
Self Esteem Brands, LLC⁽³⁾
Leisure, Amusement, Motion Pictures, Entertainment Senior loan 02/2020 6.8
5,890
5,890
Severin Acquisition, LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 07/2021 7.2
7,788
7,788
Severin Acquisition, LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 07/2021 7.4
1,071
1,074
Severin Acquisition, LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 07/2021 7.1
41
41
Summit Behavioral Healthcare, LLC⁽³⁾
Healthcare, Education and Childcare Senior loan 10/2023 7.1
5,970
5,970
Summit Behavioral Healthcare, LLC⁽³⁾
Healthcare, Education and Childcare Senior loan 10/2023 7.1
46
46
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 7.1
1,088
1,088
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.8
853
853
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.8
159
159
Teasdale Quality Foods, Inc. Grocery Senior loan 10/2020 6.9
58
58
Upstream Intermediate, LLC Healthcare, Education and Childcare Senior loan 01/2024 6.8
3,585
3,585
Vendor Credentialing Service LLC⁽³⁾
Diversified/Conglomerate Service Senior loan 11/2021 8.1
5,939
5,939
WHCG Management, LLC⁽³⁾
Healthcare, Education and Childcare Senior loan 03/2023 7.3
2,185
2,185
WIRB-Copernicus Group, Inc.⁽³⁾
Healthcare, Education and Childcare Senior loan 08/2022 6.3
5,381
5,381
$ 162,539
$ 162,200



GCIC SLF Investment Portfolio as of December 31, 2018 - (continued)
Portfolio Company	Business Description	Security Type	Maturity Date	Current Interest Rate⁽¹⁾		Principal ($)		Fair Value⁽²⁾
						(In thousands)
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	9.0	%	$	370	$	366
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	9.0		148		146
Pyramid Healthcare, Inc.⁽⁵⁾	Healthcare, Education and Childcare	Senior loan	08/2020	N/A⁽⁴⁾		—		(2		)
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.4		5,955		5,955
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.4		625		625
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.4		542		542
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.8		246		246
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	N/A⁽⁴⁾		—		—
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2022	7.1		3,280		3,280
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2021	7.1		25		25
Rubio's Restaurants, Inc⁽³⁾	Beverage, Food and Tobacco	Senior loan	10/2019	8.1		1,654		1,654
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	7.8		1,276		1,276
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	8.5		411		411
Saldon Holdings, Inc. ⁽³⁾	Diversified/Conglomerate Service	Senior loan	09/2022	6.8		1,811		1,811
Saldon Holdings, Inc.	Diversified/Conglomerate Service	Senior loan	09/2022	N/A⁽⁴⁾		—		—
SEI, Inc.⁽³⁾	Electronics	Senior loan	07/2023	7.8		4,761		4,761
SEI, Inc.	Electronics	Senior loan	07/2023	N/A⁽⁴⁾		—		—
Self Esteem Brands, LLC⁽³⁾	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2020	7.3		5,623		5,623
Self Esteem Brands, LLC	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2020	9.0		83		83
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.5		5,940		5,940
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.5		292		292
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.4		46		46
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.7		1,083		1,029
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.7		847		804
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.7		154		147
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.6		57		54
Upstream Intermediate, LLC	Healthcare, Education and Childcare	Senior loan	01/2024	6.8		3,567		3,567
WHCG Management, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	03/2023	7.8		2,174		2,131
WHCG Management, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	03/2023	N/A⁽⁴⁾		—		—
WIRB-Copernicus Group, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2022	6.8		5,354		5,354
						$	127,307	$	126,948


⁽¹⁾	Represents the weighted average annual current interest rate as of ~~June 30,~~December 31, 2018. 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 entire commitment was unfunded as of December 31, 2018. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.


⁽⁵⁾	The negative fair value is the result of the unfunded commitment being valued below par.

9099


GCIC SLF Loan Portfolio as of September 30, 2017
GCIC SLF Investment Portfolio as of September 30, 2018											GCIC SLF Investment Portfolio as of September 30, 2018
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)
1A Smart Start LLC	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.1	%	$	1,351	$	1,358			Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	7.0	%	$	1,337	$	1,344
1A Smart Start LLC(3)	Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	5.8		599		599				Home and Office Furnishings, Housewares, and Durable Consumer	Senior loan	02/2022	6.7		595		596
Argon Medical Devices, Inc.	Healthcare, Education and Childcare	Senior loan	12/2021	6.0		2,816		2,816
Aimbridge Hospitality, LLC⁽³⁾												Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.2		5,940		5,940
Aimbridge Hospitality, LLC⁽³⁾												Hotels, Motels, Inns, and Gaming	Senior loan	06/2022	7.2		237		237
Boot Barn, Inc.	Retail Stores	Senior loan	06/2021	5.8		5,285		5,285				Retail Stores	Senior loan	06/2021	6.9		5,001		5,001
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	6.1		4,172		4,167				Printing and Publishing	Senior loan	12/2021	7.1		4,023		4,020
Captain D's, LLC⁽³⁾												Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.7		5,947		5,947
Captain D's, LLC⁽³⁾												Personal, Food and Miscellaneous Services	Senior loan	12/2023	7.9		23		23
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	6.6		2,049		2,008				Healthcare, Education and Childcare	Senior loan	12/2020	7.9		2,028		1,988
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	6.6		1,033		1,012				Healthcare, Education and Childcare	Senior loan	12/2020	7.9		1,022		1,001
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	6.8		2,095		2,095				Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		2,074		2,074
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	6.8		1,053		1,053				Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		1,043		1,043
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	6.8		59		59				Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		58		58
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	6.8		41		41				Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.9		40		40
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				Retail Stores	Senior loan	06/2020	8.1		3,062		3,062
Elite Sportswear, L.P.	Retail Stores	Senior loan	03/2020	6.3		1,244		1,239				Retail Stores	Senior loan	06/2020	8.1		1,231		1,231
Elite Sportswear, L.P.	Retail Stores	Senior loan	03/2020	6.6		640		641				Retail Stores	Senior loan	06/2020	8.1		634		634
Elite Sportswear, L.P.	Retail Stores	Senior loan	03/2020	6.6		218		218				Retail Stores	Senior loan	06/2020	8.1		216		216
Elite Sportswear, L.P.	Retail Stores	Senior loan	03/2020	6.6		97		97				Retail Stores	Senior loan	06/2020	8.1		96		96
Elite Sportswear, L.P.	Retail Stores	Senior loan	03/2020	6.5		93		93				Retail Stores	Senior loan	06/2020	8.1		92		92
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				Healthcare, Education and Childcare	Senior loan	01/2020	7.5		2,026		2,026
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	7.1		2,690		2,690				Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		2,662		2,662
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				Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		739		739
Flexan, LLC⁽³⁾												Chemicals, Plastics and Rubber	Senior loan	02/2020	9.8		136		136
G & H Wire Company, Inc⁽³⁾												Healthcare, Education and Childcare	Senior loan	09/2023	8.0		5,769		5,769
Gamma Technologies, LLC ⁽³⁾	Electronics	Senior loan	06/2021	6.0		4,411		4,411				Electronics	Senior loan	06/2024	7.7		4,378		4,378
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				Diversified/Conglomerate Service	Senior loan	09/2022	9.0		4,887		4,887
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	12/2021	6.3		1,973		1,973				Buildings and Real Estate	Senior loan	03/2024	6.7		1,973		1,973
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	12/2021	6.4		87		87				Buildings and Real Estate	Senior loan	03/2024	6.7		103		103
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	12/2021	6.4		55		55				Buildings and Real Estate	Senior loan	03/2024	6.7		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				Retail Stores	Senior loan	02/2022	7.7		6,000		6,000
Park Place Technologies LLC ⁽³⁾	Electronics	Senior loan	06/2022	6.3		5,996		5,936
NBC Intermediate, LLC⁽³⁾												Beverage, Food and Tobacco	Senior loan	09/2023	6.5		2,634		2,608
NBC Intermediate, LLC⁽³⁾												Beverage, Food and Tobacco	Senior loan	09/2023	8.5		5		4
Pasternack Enterprises, Inc. and Fairview Microwave, Inc(3)	Diversified/Conglomerate Manufacturing	Senior loan	05/2022	6.2		5,013		5,013				Diversified/Conglomerate Manufacturing	Senior loan	07/2025	6.2		4,963		4,938
Polk Acquisition Corp. ⁽³⁾	Automobile	Senior loan	06/2022	6.2		8,297		8,131				Automobile	Senior loan	06/2022	7.2		8,211		8,211
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	6.7		83		81				Automobile	Senior loan	06/2022	7.5		93		93
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	6.2		53		52				Automobile	Senior loan	06/2022	7.2		53		53
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.⁽³⁾												Healthcare, Education and Childcare	Senior loan	08/2019	8.8		2,451		2,451
Pyramid Healthcare, Inc.⁽³⁾												Healthcare, Education and Childcare	Senior loan	08/2019	8.8		166		166
Pyramid Healthcare, Inc.⁽³⁾												Healthcare, Education and Childcare	Senior loan	08/2019	8.8		148		148
Pyramid Healthcare, Inc.⁽³⁾												Healthcare, Education and Childcare	Senior loan	08/2019	8.8		109		109

91100

GCIC SLF Loan Portfolio as of September 30, 2017 - (continued)
Portfolio Company Business Description Security Type
Maturity
Date

Current
Interest
Rate⁽¹⁾
Principal ($)
Fair
Value⁽²⁾
(In thousands)
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
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



GCIC SLF Investment Portfolio as of September 30, 2018 - (continued)
Portfolio Company	Business Description	Security Type	Maturity Date	Current Interest Rate⁽¹⁾		Principal ($)		Fair Value⁽²⁾
						(In thousands)
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.3	%	$	5,970	$	5,970
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.3		626		626
Reladyne, Inc.⁽³⁾	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.3		543		543
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2022	6.7		3,289		3,281
RSC Acquisition, Inc.⁽³⁾	Insurance	Senior loan	11/2021	6.8		17		17
Rubio's Restaurants, Inc ⁽³⁾	Beverage, Food and Tobacco	Senior loan	10/2019	7.6		1,659		1,659
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	7.6		1,311		1,311
Rug Doctor LLC	Personal and Non Durable Consumer Products (Mfg. Only)	Senior loan	04/2019	7.6		257		257
Saldon Holdings, Inc.⁽³⁾	Diversified/Conglomerate Service	Senior loan	09/2022	6.4		1,893		1,884
SEI, Inc.⁽³⁾	Electronics	Senior loan	07/2023	7.5		5,178		5,178
Self Esteem Brands, LLC⁽³⁾	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2020	7.0		5,776		5,776
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.1		5,955		5,955
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.1		292		292
Summit Behavioral Healthcare, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	10/2023	7.1		46		46
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	6.9		1,086		1,064
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	6.9		851		834
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.1		156		153
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	7.1		58		57
Upstream Intermediate, LLC ⁽³⁾	Healthcare, Education and Childcare	Senior loan	01/2024	6.6		3,576		3,576
Vendor Credentialing Service LLC⁽³⁾	Diversified/Conglomerate Service	Senior loan	11/2021	8.0		5,924		5,924
WHCG Management, LLC⁽³⁾	Healthcare, Education and Childcare	Senior loan	03/2023	7.4		2,180		2,180
WIRB-Copernicus Group, Inc.⁽³⁾	Healthcare, Education and Childcare	Senior loan	08/2022	6.5		5,367		5,367
						$	134,270	$	134,102


⁽¹⁾	Represents the weighted average annual current interest rate as of September 30, ~~2017.~~2018. 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, ~~2017.~~2018. As such, no interest is being earned on this investment.

92101

As of each of ~~June 30,~~December 31, 2018 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, 2018 and September 30, ~~2017, $52.3~~2018, $48.4 million and ~~$49.8~~$48.4 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, 2018, we received ~~$1.6~~$1.0 million and ~~$4.1 million, respectively, in dividend income from the GCIC SLF LLC equity interests. For the three and nine months ended June 30, 2017, we received $1.2 million and $2.9~~$1.1 million, respectively, in dividend income from the GCIC SLF LLC equity interests.

The subordinated notes issued by GCIC SLF and previously held by us were redeemed on December 30, 2016, and, therefore, no interest income was earned for the three and nine months ended June 30, 2018 and forFor the three months ended ~~June 30, 2017. For the nine months ended June 30, 2017, we earned interest income of $0.7 million on the subordinated notes.~~

~~For the three and nine months ended June 30,~~December 31, 2018, we earned an annualized total return on our weighted average capital invested in GCIC SLF of ~~10.2% and 12.6%, respectively.~~8.2%. 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%~~10.1%, 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.


	As of June 30, 2018			As of September 30, 2017			As of December 31, 2018			As of September 30, 2018
	(In thousands)						(In thousands)
Selected Balance Sheet Information:
Investments, at fair value	$	162,200		$	161,522		$	126,948		$	134,102
Cash and other assets	2,923			3,029			3,940			2,455
Total assets	$	165,123		$	164,551		$	130,888		$	136,557
Senior credit facility	$	103,750		$	108,150		$	73,758		$	79,650
Unamortized debt issuance costs	(730		)	(1,199		)	(519		)	(569		)
Other liabilities	384			338			428			403
Total liabilities	103,404			107,289			73,667			79,484
Members’ equity	61,719			57,262			57,221			57,073
Total liabilities and members' equity	$	165,123		$	164,551		$	130,888		$	136,557



	Three months ended December 31,
	2018			2017
	(In thousands)
Selected Statement of Operations Information:
Interest income	$	2,573		$	2,811
Fee income	—			7
Total investment income	2,573			2,818
Interest and other debt financing expense	954			1,193
Administrative service fee	60			54
Other expenses	25			34
Total expenses	1,039			1,281
Net investment income (loss)	1,534			1,537
Net change in unrealized appreciation (depreciation) on investments	(202		)	605
Net increase in members' equity	$	1,332		$	2,142

93102

Three months ended June 30, Nine months ended June 30,
   2018 2017 2018 2017
(In thousands) (In thousands)
Selected Statement of Operations Information:


Interest income $ 3,241
$ 2,478
$ 9,274
$ 7,531
Fee income —
—
7
—
Total investment income 3,241
2,478
9,281
7,531
Interest and other debt financing expense 1,307
961
3,783
3,577
Administrative service fee 63
57
179
163
Other expenses 26
25
84
73
Total expenses 1,396
1,043
4,046
3,813
Net investment income (loss) 1,845
1,435
5,235
3,718
Net change in unrealized appreciation (depreciation) on investments (54 ) (205 ) 1,018
(242 )
Net increase in members' equity $ 1,791
$ 1,230
$ 6,253
$ 3,476

~~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 the nine months ended June 30, 2017, GCIC SLF did not recognize unrealized appreciation or depreciation on the subordinated notes, which were redeemed by GCIC SLF on December 30, 2016.

Contractual Obligations and Off-Balance Sheet Arrangements

A summary of our significant contractual payment obligations as of ~~June 30,~~December 31, 2018 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
GCIC 2018 Debt Securitization											$	546.5	$	—	$	—	$	—	$	546.5
Credit Facility	420.3		—		—		420.3		—		253.7		—		—		253.7		—
DB Credit Facility											—		—		—		—		—
SMBC Revolver	75.0		75.0		—		—		—		60.6		60.6		—		—		—
Revolver	—		—		—		—		—
Other short-term borrowings	12.3		12.3		—		—		—		24.7		24.7		—		—		—
Unfunded commitments ⁽¹⁾	223.2		223.2		—		—		—		223.7		223.7		—		—		—
Total contractual obligations	$	983.3	$	310.5	$	—	$	420.3	$	252.5	$	1,109.2	$	309.0	$	—	$	253.7	$	546.5

⁽¹⁾

Unfunded commitments represent unfunded commitments to fund investments, excluding our investments in GCIC SLF, as of ~~June 30,~~December 31, 2018. 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, 2018, 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 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, 2018 and September 30, ~~2017,~~2018, we had outstanding commitments to fund investments, excluding our ~~investments in~~commitments to GCIC SLF, totaling ~~$223.2~~$223.7 million and ~~$133.6~~$205.5 million, respectively. We had commitments of up to ~~$57.1~~$61.0 million and ~~$59.6~~$61.0 million to GCIC SLF as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~

2018, respectively, which 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.

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Distributions

We intend to make periodic 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 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~~2018 Issuer under the ~~2016~~2018 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.

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

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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 one stop and other senior secured 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.,~~GBDC, a publicly-traded business development company (NASDAQ: GBDC) and Golub Capital BDC 3, Inc., an unlisted business development company, each of which focuses on investing primarily in one stop and other senior secured loans of U.S. middle-market companies. In addition, our officers and directors serve in similar capacities for ~~Golub Capital BDC, Inc.~~GBDC 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; 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.

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.

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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 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.

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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 each of the three ~~and nine~~ months ended ~~June 30,~~December 31, 2018 and 2017. 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, 2018 and September 30, ~~2017,~~2018, 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.

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

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

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

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

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Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was ~~$9.9~~$5.8 million and ~~$0.3~~$5.2 million as of ~~June 30,~~December 31, 2018 and September 30, ~~2017,~~2018, respectively.

Income taxes:

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

~~100~~108

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 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.

~~101~~109

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, 2018 and September 30, ~~2017,~~2018, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.00% and 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,the DB Credit Facility has a floating interest rate provision that resets daily, and the Class A-1 and B-1 GCIC 2018 Notes issued as part of the GCIC 2018 Debt Securitization have floating interest rate provisions based on three-month LIBOR that reset quarterly. Prior to their redemption on December 23, 2018 the Class A and B GCIC 2016 Notes issued as part of the GCIC 2016 Debt Securitization ~~have~~had 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 Statement of Financial Condition as of ~~June 30,~~December 31, 2018 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	$	(3,678	)	$	(1,869	)	$	(1,809	)	$	(4,468	)	$	(1,420	)	$	(3,048	)
Up 50 basis points	7,356			3,739			3,617			8,936			2,841			6,095
Up 100 basis points	14,712			7,478			7,234			17,874			5,682			12,192
Up 150 basis points	22,067			11,216			10,851			26,810			8,523			18,287
Up 200 basis points	29,423			14,955			14,468			35,747			11,364			24,383

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of ~~June 30,~~December 31, 2018, 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~~2018 Debt Securitization, the Credit Facility, DB 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.

~~102~~110

Item 4: Controls and Procedures.

As of ~~June 30,~~December 31, 2018 (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.

~~103~~111

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

~~There~~Except as set forth below, there have been no material changes during the three months ended ~~June 30,~~December 31, 2018 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, ~~2017 and our~~2018.

You should carefully consider these risk factors, together with all of the other information included in this Quarterly Report on Form 10-Q and the other reports and documents filed by us with the SEC. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value (“NAV”) could decline, and you may lose all or part of your investment. The risk factors described below and in our Annual Report on Form 10-K for the ~~quarter~~year ended ~~March 31, 2018.~~September 30, 2018 are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.

Risks Relating to the Merger

Because the market price of GBDC’s common stock will fluctuate, the Company’s common stockholders cannot be sure of the market value of the Merger Consideration they will receive until the closing of the Merger.

The market value of the shares of GBDC’s common stock to be received by the Company’s common stockholders (together with cash to be received by Company common stockholders in lieu of fractional shares, the “Merger Consideration”) may vary from the closing price of GBDC’s common stock on the date the Merger was announced, on the date of the filing of this Quarterly Report on Form 10-Q, on the date that GBDC and the Company’s joint proxy statement/prospectus (as amended from time to time, the “Joint Proxy Statement/Prospectus”) is mailed to stockholders, on the date of the Company’s special meeting of stockholders or the date of GBDC’s special meeting of stockholders and on the date the Merger is completed and thereafter. Any change in the market price of GBDC’s common stock prior to completion of the Merger will affect the market value of the Merger Consideration that the Company’s stockholders will receive upon completion of the Merger. In addition, if the market price of GBDC’s common stock were to decrease such that the product of the Exchange Ratio and the greater of (i) the closing market price and (ii) the NAV per share of GBDC’s common stock is less than the NAV per share of the Company’s common stock, the conditions to closing of the Initial Merger would not be satisfied, and the Merger would not close, even if all of the proposals considered at GBDC’s special meeting of stockholders and the Company’s special meeting of stockholders were approved by the stockholders of GBDC and the Company, respectively.

Accordingly, at the time of the Company’s special meeting of stockholders, the Company’s stockholders will not know or be able to calculate the market price of the Merger Consideration they would receive upon completion of the Merger. Neither the Company nor GBDC is permitted to terminate the Merger Agreement or resolicit the vote of their respective stockholders solely because of changes in the market price of shares of GBDC’s common stock after the Company’s special meeting of stockholders.

The market price and liquidity of the market for GBDC’s common stock may be significantly affected by numerous factors, some of which are beyond GBDC’s control and may not be directly related to GBDC’s operating performance.

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These factors include, but are not limited to:

significant volatility in the market price and trading volume of securities of business development companies or other companies in GBDC’s sector, which are not necessarily related to the operating performance of the companies;

changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and business development companies;

loss of GBDC’s qualification as a RIC or business development company;

changes in market interest rates and decline in the prices of debt;

changes in earnings or variations in operating results;

changes in the value of GBDC’s portfolio investments;

changes in accounting guidelines governing valuation of GBDC’s investments;

any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

departure of the Investment Adviser’s or any of its affiliates’ key personnel;

operating performance of companies comparable to GBDC;

general economic trends and other external factors; and

loss of a major funding source.

If the Merger does not close, the Company will not benefit from the expenses incurred in its pursuit.

The Merger may not be completed. If the Merger is not completed, the Company will have incurred substantial expenses for which no ultimate benefit will have been received. The Company has incurred out-of-pocket expenses in connection with the Merger for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Merger is not completed.

The termination of the Merger Agreement could negatively impact the Company.

If the Merger Agreement is terminated, there may be various consequences, including:

the Company’s business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger;

the market price of GBDC’s common stock might decline to the extent that the market price prior to termination reflects a market assumption that the Merger will be completed;

the Company may not be able to find a party willing to pay an equivalent or more attractive price than the price GBDC agreed to pay in the Merger; and

the payment of any termination fee, if required under the circumstances, could adversely affect the financial condition and liquidity of the Company.

Under certain circumstances, the Company is obligated to pay GBDC a termination fee upon termination of the Merger Agreement.

No assurance can be given that the Merger will be completed. The Merger Agreement provides for the payment, subject to applicable law, by the Company of a termination fee of $29 million to GBDC if the Merger Agreement is terminated by the Company under certain circumstances, including if:

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	(i)	(a) the Board has changed its recommendation in favor of the proposals for its stockholders set forth in the Joint Proxy Statement/Prospectus and/or has approved an alternative takeover proposal;
		(b) the Company fails to recommend that its stockholders vote in favor of the proposals for its stockholders set forth in the Joint Proxy Statement/Prospectus;
		(c) a takeover proposal by a third-party is announced and the Board fails to reaffirm its recommendation that the Company’s stockholders vote in favor of the proposals for the Company’s stockholders set forth in the Joint Proxy Statement/Prospectus; or
		(d) a tender or exchange offer for the Company’s common stock is initiated by a third-party, and the Board does not recommend rejection of such tender or exchange offer;



	(ii)	the Company materially breaches any of its obligations relating to the solicitation and administration of takeover proposals from third parties; or



	(iii)	(1) the Merger is not completed by November 27, 2019, the Company’s stockholders or GBDC’s stockholders, as applicable, do not approve the applicable proposals set forth in the Joint Proxy Statement/Prospectus at their respective special meetings, or the Company or GBDC, as applicable, willfully or intentionally breaches its representations, warranties, covenants or agreements in the Merger Agreement,
		(2) an alternative takeover proposal of the Company is disclosed after the date of the Merger Agreement; and
		(3) the Company enters into an agreement with respect to such takeover proposal within twelve months after the Merger Agreement is terminated and such takeover is subsequently completed, subject to applicable law.

See “Description of the Merger Agreement-Termination of the Merger Agreement” in the Joint Proxy Statement/Prospectus for a discussion of the circumstances that could result in the payment of a termination fee.

The Merger Agreement limits the ability of the Company to pursue alternatives to the Merger.

The Merger Agreement contains provisions that limit the Company’s ability to discuss, facilitate or commit to competing third-party proposals to acquire all or a significant part of the Company. These provisions, which are typical for transactions of this type, and include a $29 million termination fee payable under certain circumstances, might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of the Company from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share market price than that proposed in the Merger or might result in a potential competing acquiror proposing to pay a lower per share price to acquire the Company than it might otherwise have proposed to pay.

The Merger is subject to closing conditions, including stockholder approvals, that, if not satisfied or waived, will result in the Merger not being completed, which may result in material adverse consequences to the Company’s business and operations.

The Merger is subject to closing conditions, including certain approvals of the Company’s and GBDC’s respective stockholders that, if not satisfied, will prevent the Merger from being completed. The closing condition that the Company’s stockholders approve the Merger may not be waived under applicable law and must be satisfied for the Merger to be completed. The Company currently expects that all directors and executive officers of the Company will vote their shares of the Company’s common stock in favor of the proposals presented at the Company’s special meeting of stockholders. If the Company’s stockholders do not approve the Merger and the Merger is not completed, the resulting failure of the Merger could have a material adverse impact on the Company’s business and operations. The closing condition that GBDC’s stockholders approve certain proposals at the GBDC special meeting of stockholders as described in the Merger Agreement may not be waived under applicable law and must be satisfied for the Merger to be completed. In addition, closing of the Merger is conditioned upon approval by GBDC’s

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stockholders of a new investment advisory agreement between GBDC and the Investment Adviser to take effect upon closing of the Merger. If GBDC’s stockholders do not approve each of the matters required in order for closing of the Merger and the Merger is not completed, the resulting failure of the Merger could have a material adverse impact on the Company’s business and operations. In addition to the required approvals of the Company’s and GBDC’s stockholders, the Merger is subject to a number of other conditions beyond the Company’s and GBDC’s control that may prevent, delay or otherwise materially adversely affect its completion. Neither the Company nor GBDC can predict whether and when these other conditions will be satisfied.

The Company and GBDC are subject to operational uncertainties and contractual restrictions while the Merger is pending.

Uncertainty about the effect of the Merger may have an adverse effect on the Company and GBDC and, consequently, on the combined company following completion of the Merger. These uncertainties may cause those that deal with the Company and GBDC to seek to change their existing business relationships with the Company and GBDC, respectively. In addition, the Merger Agreement restricts the Company and GBDC from taking actions that they might otherwise consider to be in their best interests. These restrictions may prevent the Company and GBDC from pursuing certain business opportunities that may arise prior to the completion of the Merger. Please see the section entitled “Description of the Merger Agreement-Conduct of Business Pending Completion of the Merger” in the Joint Proxy Statement/Prospectus for a description of the restrictive covenants to which the Company is subject.

The Company and GBDC may waive one or more conditions to the Merger without resoliciting stockholder approval.

Certain conditions to the Company’s and GBDC’s obligations to complete the Merger may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of the Company and GBDC. In the event that any such waiver does not require resolicitation of stockholders, the parties to the Merger Agreement will have the discretion to complete the Merger without seeking further stockholder approval. The conditions requiring the approval of the Merger by the Company’s stockholders, however, cannot be waived.

The shares of GBDC’s common stock to be received by the Company’s stockholders as a result of the Merger will have different rights associated with them than shares of the Company’s common stock currently held by them.

The rights associated with the Company’s common stock are different from the rights associated with GBDC’s common stock. See “Comparison of GBDC and GCIC Stockholder Rights” in the Joint Proxy Statement/Prospectus for more information.

The market price of GBDC’s common stock after the Merger may be affected by factors different from those affecting GBDC’s common stock currently.

The businesses of the Company and GBDC differ in some respects and, accordingly, the results of operations of the combined company and the market price of GBDC’s common stock after the Merger may be affected by factors different from those currently affecting the independent results of operations of each of the Company and GBDC. These factors include a larger stockholder base and a different capital structure.

Accordingly, the historical trading prices and financial results of GBDC may not be indicative of these matters for the combined company following the Merger. For a discussion of the business of GBDC and of certain factors to consider in connection with its business, see “Business of Golub Capital BDC, Inc.” in the Joint Proxy Statement/Prospectus. For a discussion of the business of the Company and of certain factors to consider in connection with its business, see “Business of Golub Capital Investment Corporation” in the Joint Proxy Statement/Prospectus. As described elsewhere in this Quarterly Report on Form 10-Q, the Joint Proxy Statement/Prospectus and the Company’s other filings with the SEC, the risks associated with an investment in the Company and GBDC are substantially identical.

115

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

None.

~~104~~

Item 6: Exhibits.

EXHIBIT INDEX




Number		Description

2.1		Agreement and Plan of Merger, by and among Golub Capital BDC, Inc., Golub Capital Investment Corporation, Fifth Ave Subsidiary Inc., GC Advisors, LLC, and solely for purposes of Section 1.9, Golub Capital LLC, dated as of November 27, 2018 (Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (File No 814-01128), filed on November 28, 2018).
2.2		Amendment No. 1 to Agreement and Plan of Merger, dated as of December 21, 2018, by and among Golub Capital Investment Corporation, Golub Capital BDC, Inc., Fifth Ave Subsidiary Inc., GC Advisors LLC, and Golub Capital LLC (Incorporated by reference to Exhibit 4(b) to the Registration Statement on Form N-14 (File No. 333-228998), filed by Golub Capital BDC, Inc. on December 21, 2018).
10.1		~~Amended and Restated Revolving Credit Agreement,~~Joinder Supplement, dated as of ~~May 17,~~November 2, 2018, by and ~~between Golub Capital Investment Corporation,~~among GCIC Funding LLC, as the ~~borrower,~~Borrower, Wells Fargo Bank, N.A., as an Institutional Lender and ~~Sumitomo Mitsui Banking Corporation,~~Wells Fargo Bank, N.A., as the ~~administrative agent, sole lead arranger~~Administrative Agent. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on November 7, 2018).
10.2		Note Purchase Agreement, dated December 13, 2018, by and ~~sole manager~~among GCIC CLO II LLC and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on ~~May 22,~~December 19, 2018).
~~10.2~~10.3		~~Sixth Amendment~~Indenture, dated December 13, 2018, by and between GCIC CLO II LLC and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.4		Collateral Management Agreement, dated December 13, 2018, by and between GCIC CLO II LLC and GC Advisors LLC (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.5		Master Loan Sale Agreement by and among Golub Capital Investment Corporation, as the seller, GC Advisors LLC, as the closing date seller, GCIC CLO II LLC, as the buyer, and GCIC Funding LLC, as the warehouse borrower, dated as of December 13, 2018 (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).

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10.6		Master Loan Sale Agreement by and among Golub Capital Investment Corporation, as the seller, GCIC CLO II Depositor LLC, as the intermediate seller, and GCIC CLO II LLC, as the buyer, dated as of December 13, 2018 (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.7		Termination and Release of Security Interest Letter Agreement, dated as of December 13, 2018, pursuant to the Amended and Restated Loan and Servicing Agreement, ~~First Amendment to Collection Account Agreement and First Amendment to Unfunded Exposure Account Agreement,~~ dated as of May ~~25, 2018,~~13, 2015 and as amended, modified, supplemented or restated, by and among GCIC Funding LLC, as the ~~borrower;~~borrower, Golub Capital Investment Corporation, as the ~~transferor;~~transferor, GC Advisors LLC, as the ~~servicer;~~servicer, the institutional lenders identified ~~on the signature pages thereto;~~therein, and Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent (incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.8		Loan Financing and Servicing Agreement, dated as of December 31, 2018, by and among GCIC Funding II LLC, as borrower, Golub Capital Investment Corporation, as equityholder and as servicer, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries, and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on ~~May 25, 2018)~~January 7, 2019).
10.9		Sale and Contribution Agreement, dated as of December 31, 2018, between Golub Capital Investment Corporation, as seller, and GCIC Funding II LLC, as purchaser. (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on January 7, 2019).
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

~~105~~117

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: ~~August 10, 2018~~February 11, 2019	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)

Dated: ~~August 10, 2018~~February 11, 2019	By	/s/ Ross A. Teune
		Ross A. Teune
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

~~106~~118



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 ^(f)	$	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