______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01128

Golub Capital Investment Corporation

(Exact name of registrant as specified in its charter)

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

666 Fifth Avenue, 18th Floor

New York, NY 10103

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

Large accelerated filer  o	Accelerated filer o
Non-accelerated filer  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 12, 2019, the Registrant had 78,881,643.736 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, 2019 (unaudited) and September 30, 2018	3
	Consolidated Statements of Operations for the three and nine months ended June 30, 2019 (unaudited) and 2018 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2019 (unaudited) and 2018 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2019 (unaudited) and 2018 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2019 (unaudited) and September 30, 2018	8
	Notes to Consolidated Financial Statements (unaudited)	46
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	86
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	116
Item 4.	Controls and Procedures	117
Part II. Other Information
Item 1.	Legal Proceedings	118
Item 1A.	Risk Factors	118
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	118
Item 3.	Defaults Upon Senior Securities	118
Item 4.	Mine Safety Disclosures	118
Item 5.	Other Information	118
Item 6.	Exhibits	119

2

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	June 30, 2019		September 30, 2018
Assets	(unaudited)
Investments, at fair value
Non-controlled/non-affiliate company investments	$	2,085,062	$	1,620,783
Non-controlled affiliate company investments	4,425		3,716
Controlled affiliate company investments	49,808		49,939
Total investments at fair value (amortized cost of $2,134,595 and $1,663,122, respectively)	2,139,295		1,674,438
Cash and cash equivalents	12,926		14,443
Foreign currencies (cost of $149 and $216, respectively)	149		216
Restricted cash and cash equivalents	50,130		23,857
Restricted foreign currencies (cost of $616 and $0, respectively)	618		—
Interest receivable	7,114		5,813
Capital call receivable	—		189
Other assets	204		105
Total Assets	$	2,210,436	$	1,719,061
Liabilities
Debt	$	997,823	$	762,330
Less unamortized debt issuance costs	6,410		1,921
Debt less unamortized debt issuance costs	991,413		760,409
Other short-term borrowings (proceeds of $4,120 and $0, respectively)	4,001		—
Interest payable	7,132		2,916
Distributions payable	24,241		11,840
Management and incentive fees payable	10,482		10,102
Payable for investments purchased	177		—
Accounts payable and accrued expenses	2,082		1,563
Accrued trustee fees	98		22
Total Liabilities	1,039,626		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, 2019 and September 30, 2018	—		—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 78,053,988.796 and 62,147,237.484 shares issued and outstanding as of June 30, 2019 and September 30, 2018, respectively	78		62
Paid in capital in excess of par	1,170,470		931,885
Distributable earnings	262		262
Total Net Assets	1,170,810		932,209
Total Liabilities and Total Net Assets	$	2,210,436	$	1,719,061
Number of common shares outstanding at end of period	78,053,988.796		62,147,237.484
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements.

3

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

	Three months ended June 30,						Nine months ended June 30,
	2019			2018			2019			2018
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	45,833		$	33,520		$	125,659		$	94,089
Dividend income	26			3			56			80
Fee income	848			1,147			1,321			2,435
Total investment income from non-controlled/non-affiliate company investments	46,707			34,670			127,036			96,604
From non-controlled affiliate company investments:
Interest income	17			—			98			—
Total investment income from non-controlled affiliate company investments	17			—			98			—
From controlled affiliate company investments:
Dividend income	1,206			1,641			3,434			4,065
Total investment income from controlled affiliate company investments	1,206			1,641			3,434			4,065
Total investment income	47,930			36,311			130,568			100,669
Expenses
Interest and other debt financing expenses	11,613			8,270			33,516			22,659
Base management fee	7,212			5,580			20,047			15,815
Incentive fee	5,697			4,683			13,238			13,787
Professional fees	796			465			2,073			1,437
Administrative service fee	721			538			2,019			1,564
General and administrative expenses	63			52			166			160
Total expenses	26,102			19,588			71,059			55,422
Base management fee waived (Note 4)	(1,967		)	(1,522		)	(5,467		)	(4,313		)
Incentive fee waived (Note 4)	(1,424		)	(1,171		)	(2,739		)	(3,332		)
Net expenses	22,711			16,895			62,853			47,777
Net investment income	25,219			19,416			67,715			52,892
Net gain (loss) on investments and foreign currency
Net realized gain (loss) on investments and foreign currency transactions:
Non-controlled/non-affiliate company investments	3,814			2,510			2,872			2,621
Foreign currency transactions	(26		)	(56		)	(1		)	(73		)
Net realized gain (loss) on investments and foreign currency transactions	3,788			2,454			2,871			2,548
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:
Non-controlled/non-affiliate company investments	(4,681		)	(1,433		)	(6,665		)	2,039
Non-controlled affiliate company investments	(45		)	—			180			—
Controlled affiliate company investments	8			(74		)	(131		)	1,406
Translation of assets and liabilities in foreign currencies	(48		)	113			108			113
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(4,766		)	(1,394		)	(6,508		)	3,558
Net gain (loss) on investments and foreign currency	(978		)	1,060			(3,637		)	6,106
Net increase in net assets resulting from operations	$	24,241		$	20,476		$	64,078		$	58,998
Per Common Share Data
Basic and diluted earnings per common share	$	0.32		$	0.35		$	0.90		$	1.06
Basic and diluted weighted average common shares outstanding	75,516,790			58,083,180			70,731,718			55,363,298

See Notes to Consolidated Financial Statements.

4

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (1)			Total Net Assets
	Shares	Par Amount
Balance at September 30, 2017	51,214,683.496	$	51	$	767,908	$	261		$	768,220
Issuance of common stock (2)	6,867,829.319	7		103,011		—			103,018
Net investment income	—	—		—		52,892			52,892
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		2,548			2,548
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		3,558			3,558
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,661,294.233	2		24,918		—			24,920
Distributions from distributable earnings (1)	—	—		—		(38,522		)	(38,522		)
Distributions declared and payable	—	—		—		(20,476		)	(20,476		)
Total increase (decrease) for the nine months ended June 30, 2018	8,529,123.552	9		127,929		—			127,938
Balance at June 30, 2018	59,743,807.048	$	60	$	895,837	$	261		$	896,158
Balance at March 31, 2018	57,819,693.450	$	57	$	866,977	$	261		$	867,295
Issuance of common stock (2)	1,418,421.266	2		21,275		—			21,277
Net investment income	—	—		—		19,416			19,416
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		2,454			2,454
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		(1,394		)	(1,394		)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	505,692.332	1		7,585		—			7,586
Distributions declared and payable	—	—		—		(20,476		)	(20,476		)
Total increase (decrease) for the three months ended June 30, 2018	1,924,113.598	3		28,860		—			28,863
Balance at June 30, 2018	59,743,807.048	$	60	$	895,837	$	261		$	896,158
Balance at September 30, 2018	62,147,237.484	$	62	$	931,885	$	262		$	932,209
Issuance of common stock (3)	14,042,454.793	14		210,623		—			210,637
Net investment income	—	—		—		67,715			67,715
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		2,871			2,871
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		(6,508		)	(6,508		)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,864,296.519	2		27,962		—			27,964
Distributions from distributable earnings	—	—		—		(39,837		)	(39,837		)
Distributions declared and payable	—	—		—		(24,241		)	(24,241		)
Total increase (decrease) for the nine months ended June 30, 2019	15,906,751.312	16		238,585		—			238,601
Balance at June 30, 2019	78,053,988.796	$	78	$	1,170,470	$	262		$	1,170,810
Balance at March 31, 2019	73,242,692.661	$	73	$	1,098,305	$	262		$	1,098,640
Issuance of common stock (3)	4,350,199.997	4		65,249		—			65,253
Net investment income	—	—		—		25,219			25,219
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		3,788			3,788
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		(4,766		)	(4,766		)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	461,096.138	1		6,916		—			6,917
Distributions declared and payable	—	—		—		(24,241		)	(24,241		)
Total increase (decrease) for the three months ended June 30, 2019	4,811,296.135	5		72,165		—			72,170
Balance at June 30, 2019	78,053,988.796	$	78	$	1,170,470	$	262		$	1,170,810

⁽¹⁾ See Note 2. Significant Accounting Policies and Recent Accounting Updates.

⁽²⁾ Refer to Note 3 for a detailed listing of the common stock issuances for the three and nine months ended June 30, 2018.

⁽³⁾ Refer to Note 3 for a detailed listing of the common stock issuances for the three and nine months ended June 30, 2019.

See Notes to Consolidated Financial Statements.

5

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Nine months ended June 30,
	2019			2018
Cash flows from operating activities
Net increase in net assets resulting from operations	$	64,078		$	58,998
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	2,969			1,610
Accretion of discounts and amortization of premiums	(7,038		)	(6,782		)
Net realized (gain) loss on investments	(2,872		)	(2,621		)
Net realized (gain) loss on other short-term borrowings	(83		)	—
Net change in unrealized (appreciation) depreciation on investments	6,616			(3,445		)
Net change in unrealized (appreciation) depreciation on other short-term borrowings	(119		)	—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	15			(113		)
Proceeds from (fundings of) revolving loans, net	(2,054		)	536
Fundings of investments	(710,807		)	(563,692		)
Proceeds from principal payments and sales of portfolio investments	253,385			332,464
PIK interest	(2,087		)	(1,394		)
Changes in operating assets and liabilities:
Interest receivable	(1,301		)	(616		)
Other assets	(99		)	31
Interest payable	4,216			950
Management and incentive fees payable	380			2,506
Payable for investments purchased	177			—
Accounts payable and accrued expenses	519			139
Accrued trustee fees	76			(1		)
Net cash (used in) provided by operating activities	(394,029		)	(181,430		)
Cash flows from financing activities
Borrowings on debt	1,341,967			480,050
Repayments of debt	(1,106,489		)	(402,500		)
Capitalized debt issuance costs	(7,458		)	(1,248		)
Proceeds from other short-term borrowings	40,187			12,400
Repayments on other short-term borrowings	(35,984		)	—
Proceeds from issuance of common shares	210,826			102,372
Distributions paid	(23,713		)	(21,841		)
Net cash provided by (used in) financing activities	419,336			169,233
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	25,307			(12,197		)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	38,516			51,131
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	63,823		$	38,934
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	26,331		$	20,099
Distributions declared during the period	64,078			58,998
Supplemental disclosure of noncash financing activity:
Capital call receivable	$	(189	)	$	646
Stock issued in connection with dividend reinvestment plan	27,964			24,920
Distributions payable	24,241			20,476

6

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, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

	As of June 30,
	2019		2018
Cash and cash equivalents	$	12,926	$	9,331
Foreign currencies (cost of $148 and $251, respectively)	149		251
Restricted cash and cash equivalents	50,130		29,352
Restricted foreign currencies (cost of $617 and $0, respectively)	618		—
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	63,823	$	38,934

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

See Notes to Consolidated Financial Statements.

7

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2019

(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)(d)	6.96%	12/2023	$	1,317	$	1,307		0.1	%	$	1,317
NTS Technical Systems*	One stop	L + 6.25%	(a)	8.69%	06/2021	3,340		3,306			0.3		3,340
NTS Technical Systems^	One stop	L + 6.25%	(a)	8.69%	06/2021	548		543			0.1		548
NTS Technical Systems(5)	One stop	L + 6.25%		N/A(6)	06/2021	—		(7		)	—		—
Tresys Technology Holdings, Inc.(7)	One stop	L + 6.75%	(a)	9.15%	06/2020	53		28			—		43
Tresys Technology Holdings, Inc.(7)	One stop	L + 6.75%	(a)	9.15%	06/2020	9		9			—		9
Tronair Parent, Inc.^	Senior loan	L + 4.75%	(c)	7.57%	09/2023	363		361			—		342
Tronair Parent, Inc.	Senior loan	L + 4.50%	(c)(f)	7.33%	09/2021	80		79			—		76
Whitcraft LLC^*	One stop	L + 5.50%	(c)	7.83%	04/2023	26,004		25,727			2.2		25,743
Whitcraft LLC(5)	One stop	L + 5.50%		N/A(6)	04/2023	—		(1		)	—		(1		)
Whitcraft LLC(5)	One stop	L + 5.50%		N/A(6)	04/2023	—		(117		)	—		(120		)
						31,714		31,235			2.7		31,297
Automobile
Dent Wizard International Corporation^*	Senior loan	L + 4.00%	(a)	6.40%	04/2022	4,032		4,019			0.3		4,012
Grease Monkey International, LLC*	Senior loan	L + 5.00%	(a)	7.40%	11/2022	3,028		3,002			0.3		3,028
Grease Monkey International, LLC#	Senior loan	L + 5.00%	(a)	7.40%	11/2022	2,252		2,221			0.2		2,252
Grease Monkey International, LLC*	Senior loan	L + 5.00%	(a)	7.40%	11/2022	1,143		1,140			0.1		1,143
Grease Monkey International, LLC^	Senior loan	L + 5.00%	(a)	7.40%	11/2022	998		989			0.1		998
Grease Monkey International, LLC	Senior loan	L + 5.00%	(a)	7.40%	11/2022	114		105			—		114
Grease Monkey International, LLC	Senior loan	L + 5.00%	(a)	7.40%	11/2022	55		54			—		55
Polk Acquisition Corp.*	Senior loan	L + 5.25%	(c)	7.58%	06/2022	5,072		5,045			0.4		4,971
Power Stop, LLC^	Senior loan	L + 4.75%	(c)(f)	7.08%	10/2025	1,530		1,523			0.1		1,530
Quick Quack Car Wash Holdings, LLC*	One stop	L + 6.50%	(a)	8.90%	04/2023	4,565		4,522			0.4		4,565
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	8.90%	04/2023	1,940		1,925			0.2		1,940
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	8.90%	04/2023	1,296		1,286			0.1		1,296
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	8.90%	04/2023	651		614			0.1		651
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	8.90%	04/2023	40		40			—		40
						26,716		26,485			2.3		26,595
Beverage, Food and Tobacco
Abita Brewing Co., L.L.C.^	One stop	L + 5.75%	(a)	8.15%	04/2021	3,250		3,236			0.3		3,217
Abita Brewing Co., L.L.C.(5)	One stop	L + 5.75%		N/A(6)	04/2021	—		—			—		(1		)
C. J. Foods, Inc.#*	One stop	L + 6.25%	(c)	8.58%	05/2020	20,735		20,673			1.8		20,735
C. J. Foods, Inc.	One stop	L + 6.25%	(c)	8.58%	05/2020	1,568		1,568			0.1		1,568
C. J. Foods, Inc.	One stop	L + 6.25%	(c)	8.65%	05/2020	1,364		1,364			0.1		1,364
Cafe Rio Holding, Inc.*	One stop	L + 5.50%	(d)	7.70%	09/2023	8,558		8,448			0.7		8,558
Cafe Rio Holding, Inc.*	One stop	L + 5.50%	(c)	7.70%	09/2023	2,152		2,136			0.2		2,152
Cafe Rio Holding, Inc.*	One stop	L + 5.50%	(c)	7.70%	09/2023	1,366		1,356			0.1		1,366
Cafe Rio Holding, Inc.*	One stop	L + 5.50%	(d)	7.70%	09/2023	1,206		1,198			0.1		1,206
Cafe Rio Holding, Inc.	One stop	P + 4.50%	(f)	10.00%	09/2023	10		8			—		10
Cafe Rio Holding, Inc.(5)	One stop	L + 5.50%		N/A(6)	09/2023	—		(28		)	—		—
Cafe Rio Holding, Inc.(5)	One stop	L + 5.50%		N/A(6)	09/2023	—		(29		)	—		—
Fintech Midco, LLC#*	One stop	L + 5.25%	(a)	7.66%	08/2024	11,826		11,724			1.0		11,826
Fintech Midco, LLC	One stop	L + 5.25%	(a)	7.66%	08/2024	1,065		1,056			0.1		1,065

See Notes to Consolidated Financial Statements.

8

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Fintech Midco, LLC(5)	One stop	L + 5.25%		N/A(6)	08/2024	$	—	$	(1	)	—	%	$	—
Fintech Midco, LLC(5)	One stop	L + 5.25%		N/A(6)	08/2024	—		(19		)	—		—
Flavor Producers, LLC*	Senior loan	L + 4.75%	(c)	7.06%	12/2023	2,815		2,784			0.2		2,731
Flavor Producers, LLC	Senior loan	L + 4.75%	(c)	7.24%	12/2022	6		5			—		4
FWR Holding Corporation*	One stop	L + 5.50%	(a)	7.9%	08/2023	4,008		3,966			0.3		4,008
FWR Holding Corporation	One stop	L + 5.50%	(a)	7.90%	08/2023	1,742		1,720			0.1		1,742
FWR Holding Corporation	One stop	L + 5.50%	(a)	7.90%	08/2023	1,101		1,094			0.1		1,101
FWR Holding Corporation	One stop	L + 5.50%	(a)	7.90%	08/2023	226		224			—		226
FWR Holding Corporation	One stop	L + 5.50%	(a)	7.90%	08/2023	35		34			—		35
FWR Holding Corporation(5)	One stop	L + 5.50%		N/A(6)	08/2023	—		(5		)	—		—
Global ID Corporation^*	One stop	L + 6.50%	(a)	8.89%	11/2021	6,011		5,962			0.5		6,011
Global ID Corporation	One stop	L + 6.50%	(a)(c)	8.89%	11/2021	1,109		1,102			0.1		1,109
Global ID Corporation*	One stop	L + 6.50%	(a)	8.89%	11/2021	752		747			0.1		752
Global ID Corporation	One stop	L + 6.50%		N/A(6)	11/2021	—		—			—		—
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	3.40% cash/7.50% PIK	06/2023	703		698			0.1		703
Mendocino Farms, LLC(5)	One stop	L + 1.00%		N/A(6)	06/2023	—		(14		)	—		—
Mid-America Pet Food, L.L.C.*	One stop	L + 6.00%	(c)	8.33%	12/2021	11,990		11,913			1.0		11,990
Mid-America Pet Food, L.L.C.	One stop	L + 6.00%		N/A(6)	12/2021	—		—			—		—
NBC Intermediate, LLC*	Senior loan	L + 4.25%	(a)	6.66%	09/2023	1,289		1,278			0.1		1,276
Purfoods, LLC*	One stop	L + 5.50%	(c)	8.02%	05/2021	7,797		7,753			0.7		7,797
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	489		487			0.1		489
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	352		350			—		352
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	266		265			—		266
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	266		265			—		266
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	266		264			—		266
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	134		133			—		134
Purfoods, LLC	One stop	N/A		7.00% PIK	05/2026	116		116			—		116
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	87		86			—		87
Purfoods, LLC	One stop	L + 5.50%	(a)	7.90%	05/2021	30		29			—		30
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	24		23			—		24
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	14		14			—		14
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 5.50%	(c)	7.83%	05/2021	10		10			—		10
Rubio's Restaurants, Inc.*	Senior loan	L + 5.25%	(c)	7.58%	10/2019	293		287			—		287
Rubio's Restaurants, Inc.	Senior loan	L + 4.75%	(a)(f)	7.38%	10/2019	40		39			—		38
Uinta Brewing Company^(7)	One stop	L + 4.00%	(a)	6.40%	08/2021	186		186			—		151
Uinta Brewing Company(7)	One stop	L + 4.00%	(a)	6.40%	08/2021	37		37			—		32
Wood Fired Holding Corp.*	One stop	L + 5.75%	(c)	8.35%	12/2023	7,280		7,215			0.6		7,280
Wood Fired Holding Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2023	—		(1		)	—		—
Wood Fired Holding Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2023	—		(6		)	—		—
						102,626		101,802			8.5		102,445
Broadcasting and Entertainment
TouchTunes Interactive Networks, Inc.*	Senior loan	L + 4.75%	(a)	7.15%	05/2021	678		677			0.1		678

See Notes to Consolidated Financial Statements.

9

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Buildings and Real Estate
Brooks Equipment Company, LLC*	One stop	L + 5.00%	(c)	7.52%	08/2020	$	5,634	$	5,634		0.5	%	$	5,634
Brooks Equipment Company, LLC*	One stop	L + 5.00%	(c)	7.49%	08/2020	422		421			0.1		422
Brooks Equipment Company, LLC	One stop	L + 5.00%		N/A(6)	08/2020	—		—			—		—
Jensen Hughes, Inc.	Senior loan	L + 4.25%	(c)(f)	6.58%	03/2024	944		935			0.1		944
Jensen Hughes, Inc.^	Senior loan	L + 4.25%	(c)(f)	6.59%	03/2024	428		426			0.1		428
Jensen Hughes, Inc.	Senior loan	L + 4.25%	(c)(f)	6.59%	03/2024	412		410			0.1		412
Jensen Hughes, Inc.^	Senior loan	L + 4.25%	(c)	6.58%	03/2024	131		130			—		131
MRI Software LLC*	One stop	L + 5.75%	(a)	8.16%	06/2023	18,499		18,261			1.6		18,499
MRI Software LLC^#	One stop	L + 5.75%	(a)	8.16%	06/2023	17,130		16,994			1.5		17,130
MRI Software LLC	One stop	L + 5.75%	(a)	8.16%	06/2023	6,245		6,224			0.5		6,245
MRI Software LLC*	One stop	L + 5.75%	(a)	8.16%	06/2023	3,075		3,062			0.3		3,075
MRI Software LLC^	One stop	L + 5.75%	(a)	8.16%	06/2023	1,968		1,962			0.2		1,968
MRI Software LLC	One stop	L + 5.75%	(a)	8.16%	06/2023	1,149		1,035			0.1		1,149
MRI Software LLC*	One stop	L + 5.75%	(a)	8.16%	06/2023	343		340			—		343
MRI Software LLC	One stop	L + 5.75%	(a)(c)	8.16%	06/2023	53		51			—		53
MRI Software LLC(5)	One stop	L + 5.75%		N/A(6)	06/2023	—		(27		)	—		—
Paradigm DKD Group, LLC^(7)	Senior loan	P + 5.00%	(f)	10.50%	05/2020	2,110		2,110			0.1		844
Paradigm DKD Group, LLC(7)	Senior loan	P + 5.00%	(f)	10.50%	05/2020	644		640			—		258
						59,187		58,608			5.2		57,535
Chemicals, Plastics and Rubber
Flexan, LLC*	One stop	L + 5.75%	(c)	8.08%	02/2020	1,023		1,020			0.1		1,023
Flexan, LLC*	One stop	L + 5.75%	(c)	8.08%	02/2020	482		481			0.1		482
Flexan, LLC	One stop	P + 4.50%	(f)	10.00%	02/2020	18		18			—		18
Inhance Technologies Holdings LLC*	One stop	L + 5.25%	(c)	7.65%	07/2024	6,018		5,955			0.5		6,018
Inhance Technologies Holdings LLC	One stop	L + 5.25%	(b)	7.78%	07/2024	798		781			0.1		798
Inhance Technologies Holdings LLC	One stop	P + 4.25%	(f)	9.75%	07/2024	10		9			—		10
						8,349		8,264			0.8		8,349
Diversified/Conglomerate Manufacturing
Blackbird Purchaser, Inc. ^	Senior loan	L + 4.50%	(c)	6.83%	04/2026	8,526		8,444			0.7		8,399
Blackbird Purchaser, Inc.	Senior loan	L + 4.50%	(c)	6.83%	04/2026	557		530			0.1		515
Blackbird Purchaser, Inc.	Senior loan	P + 3.50%	(f)	9.00%	04/2024	14		13			—		13
Chase Industries, Inc.^	Senior loan	L + 4.00%	(c)(f)	6.34%	05/2025	5,363		5,284			0.5		5,363
Chase Industries, Inc.	Senior loan	L + 4.00%	(c)(f)	6.33%	05/2025	929		883			0.1		929
Chase Industries, Inc.	Senior loan	L + 4.00%	(c)(f)	6.38%	05/2023	99		97			—		99
Inventus Power, Inc.^	One stop	L + 6.50%	(a)	8.90%	04/2020	8,919		8,901			0.7		8,027
Inventus Power, Inc.	One stop	L + 6.50%	(a)	8.90%	04/2020	338		337			—		294
Pasternack Enterprises, Inc. and Fairview Microwave, Inc^	Senior loan	L + 4.00%	(c)(f)	6.33%	07/2025	6,632		6,602			0.6		6,632
Pasternack Enterprises, Inc. and Fairview Microwave, Inc(6)	Senior loan	L + 4.00%		N/A(6)	07/2023	—		—			—		—
PetroChoice Holdings, Inc.*	Senior loan	L + 5.00%	(c)	7.58%	08/2022	1,600		1,575			0.1		1,597
Reladyne, Inc.*	Senior loan	L + 5.00%	(c)	7.59%	07/2022	10,616		10,545			0.9		10,616
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.59%	07/2022	2,069		2,056			0.2		2,069
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.59%	07/2022	1,465		1,453			0.1		1,465
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.59%	07/2022	1,115		1,106			0.1		1,115
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.59%	07/2022	966		960			0.1		966
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.59%	07/2022	440		437			0.1		440
Reladyne, Inc.(5)	Senior loan	L + 5.00%		N/A(6)	07/2022	—		(22		)	—		—
Sunless Merger Sub, Inc.^	Senior loan	L + 5.00%	(a)(f)	7.20%	07/2019	256		255			—		256
Sunless Merger Sub, Inc.	Senior loan	P + 3.75%	(f)	9.25%	07/2019	31		31			—		31

See Notes to Consolidated Financial Statements.

10

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Togetherwork Holdings, LLC*	One stop	L + 6.25%	(a)	8.65%	03/2025	$	6,674	$	6,592		0.6	%	$	6,674
Togetherwork Holdings, LLC^	One stop	L + 6.25%	(a)	8.65%	03/2025	1,705		1,691			0.1		1,705
Togetherwork Holdings, LLC#	One stop	L + 6.25%	(a)	8.65%	03/2025	1,613		1,600			0.1		1,613
Togetherwork Holdings, LLC^	One stop	L + 6.25%	(a)	8.65%	03/2025	1,502		1,489			0.1		1,502
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	8.65%	03/2025	1,351		1,339			0.1		1,351
Togetherwork Holdings, LLC*	One stop	L + 6.25%	(a)	8.65%	03/2025	675		666			0.1		675
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	8.65%	03/2025	609		604			0.1		609
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	8.65%	03/2024	73		71			—		73
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	8.65%	03/2025	56		35			—		56
Togetherwork Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	03/2025	—		(9		)	—		—
						64,193		63,565			5.5		63,084
Diversified/Conglomerate Service
3ES Innovation, Inc.^(8)(11)	One stop	L + 5.75%	(c)	8.29%	05/2025	8,578		8,390			0.7		8,385
3ES Innovation, Inc.(5)(8)(11)	One stop	L + 5.75%		N/A(6)	05/2025	—		(2		)	—		(2		)
Accela, Inc.*	One stop	L + 6.25%	(c)	8.58%	09/2023	6,665		6,592			0.5		5,932
Accela, Inc.	One stop	L + 6.25%	(a)	8.65%	08/2019	556		555			0.1		556
Accela, Inc.	One stop	L + 6.25%	(c)	8.58%	09/2023	52		51			—		48
Agility Recovery Solutions Inc.*	One stop	L + 6.00%	(a)	8.40%	03/2023	7,018		6,954			0.6		7,018
Agility Recovery Solutions Inc.	One stop	L + 6.00%	(b)	8.53%	03/2023	62		58			—		62
Apptio, Inc. #	One stop	L + 7.25%	(a)	9.67%	01/2025	29,785		29,231			2.5		29,190
Apptio, Inc. (5)	One stop	L + 7.25%		N/A(6)	01/2025	—		(2		)	—		(2		)
Arch Global CCT Holdings Corp.*	Senior loan	L + 4.75%	(a)(c)	7.15%	04/2026	1,352		1,341			0.1		1,338
Arch Global CCT Holdings Corp.	Senior loan	L + 4.75%		N/A(6)	04/2025	—		—			—		—
Arch Global CCT Holdings Corp.	Senior loan	L + 4.75%		N/A(6)	04/2026	—		—			—		—
Astute Holdings, Inc. #	One stop	L + 6.00%	(a)	8.42%	04/2025	6,237		6,178			0.5		6,175
Astute Holdings, Inc.	One stop	L + 6.00%	(a)	8.40%	04/2025	10		9			—		9
Astute Holdings, Inc. (5)	One stop	L + 6.00%		N/A(6)	04/2025	—		(25		)	—		(26		)
AutoQuotes, LLC#	One stop	L + 6.00%	(c)	8.53%	11/2024	5,252		5,204			0.4		5,252
AutoQuotes, LLC(6)	One stop	L + 6.00%		N/A(6)	11/2024	—		—			—		—
Axiom Merger Sub Inc.#	One stop	L + 5.50%	(b)(c)	7.99%	04/2026	2,582		2,557			0.2		2,556
Axiom Merger Sub Inc.^(8)(9)	One stop	E + 5.75%	(g)	5.75%	04/2026	1,076		1,065			0.1		1,070
Axiom Merger Sub Inc.(6)	One stop	L + 5.50%		N/A(6)	04/2026	—		—			—		—
Axiom Merger Sub Inc.(5)	One stop	L + 5.50%		N/A(6)	04/2026	—		(39		)	—		(29		)
Bazaarvoice, Inc.^*	One stop	L + 5.75%	(a)	8.15%	02/2024	23,406		23,137			2.0		23,406
Bazaarvoice, Inc.	One stop	L + 5.75%	(a)(c)	8.12%	02/2024	130		127			—		130
Calabrio, Inc. #	One stop	L + 6.50%	(c)	8.83%	06/2025	4,940		4,891			0.4		4,891
Calabrio, Inc. (5)	One stop	L + 6.50%		N/A(6)	06/2025	—		(1		)	—		(1		)
Caliper Software, Inc.#*	One stop	L + 6.00%	(c)(f)	8.33%	11/2025	15,133		14,945			1.3		15,133
Caliper Software, Inc.	One stop	L + 6.00%	(c)	8.33%	11/2023	100		98			—		100
Centrify Corporation*	One stop	L + 6.25%	(c)	8.58%	08/2024	12,543		12,382			1.0		12,292
Centrify Corporation	One stop	P + 5.25%	(f)	10.75%	08/2024	150		148			—		147
Clearwater Analytics, LLC*	One stop	L + 5.00%	(a)	7.40%	09/2022	7,926		7,774			0.7		7,728
Clearwater Analytics, LLC(5)	One stop	L + 5.00%		N/A(6)	09/2022	—		(2		)	—		(2		)
Cloudbees, Inc.	One stop	L + 9.00%	(a)	10.94% cash/0.50% PIK	05/2023	2,282		2,236			0.2		2,282
Cloudbees, Inc.	One stop	L + 8.50%		N/A(6)	05/2023	—		—			—		—
Confluence Technologies, Inc.	One stop	L + 5.50%	(a)	7.91%	03/2024	8,529		8,446			0.7		8,529
Confluence Technologies, Inc.(5)	One stop	L + 5.50%		N/A(6)	03/2024	—		(1		)	—		—

See Notes to Consolidated Financial Statements.

11

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Connexin Software, Inc.#	One stop	L + 8.50%	(c)	10.83%	02/2024	$	3,025	$	2,990		0.3	%	$	3,025
Connexin Software, Inc.	One stop	L + 8.50%		N/A(6)	02/2024	—		—			—		—
Conservice, LLC^	One stop	L + 5.25%	(c)	7.58%	12/2024	2,020		2,002			0.2		2,020
Conservice, LLC	One stop	L + 5.25%		N/A(6)	12/2024	—		—			—		—
Daxko Acquisition Corporation*	One stop	L + 4.75%	(b)	7.10%	09/2023	11,070		10,870			0.9		11,070
Daxko Acquisition Corporation(5)	One stop	L + 4.75%		N/A(6)	09/2023	—		(1		)	—		—
Digital Guardian, Inc.	One stop	L + 9.50%	(c)	9.09% cash/3.00% PIK	06/2023	4,386		4,359			0.4		4,568
Digital Guardian, Inc.	One stop	L + 5.00%		N/A(6)	06/2023	—		—			—		—
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	06/2023	4		—			—		4
Digital Guardian, Inc.(5)	One stop	L + 6.50%		N/A(6)	06/2023	—		(2		)	—		17
DISA Holdings Acquisition Subsidiary Corp.^*	Senior loan	L + 4.00%	(c)(f)	6.68%	06/2022	2,651		2,636			0.2		2,651
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%	(c)(f)	6.85%	06/2022	82		80			—		82
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%		N/A(6)	06/2022	—		—			—		—
DISA Holdings Acquisition Subsidiary Corp.(5)	Senior loan	L + 4.00%		N/A(6)	06/2022	—		(3		)	—		—
E2open, LLC^#	One stop	L + 5.00%	(c)	7.52%	11/2024	31,168		30,745			2.6		30,856
E2open, LLC*	One stop	L + 5.00%	(c)	7.52%	11/2024	11,215		11,061			0.9		11,102
E2open, LLC(5)	One stop	L + 5.00%		N/A(6)	11/2024	—		(3		)	—		(2		)
EGD Security Systems, LLC*	One stop	L + 5.75%	(c)	8.34%	06/2023	15,139		15,007			1.3		14,987
EGD Security Systems, LLC	One stop	L + 5.75%	(c)	8.34%	06/2023	25		23			—		23
EGD Security Systems, LLC(5)	One stop	L + 5.75%		N/A(6)	06/2023	—		(22		)	—		(22		)
GS Acquisitionco, Inc.^#*	One stop	L + 5.25%	(a)	7.66%	05/2024	24,990		24,762			2.1		24,990
GS Acquisitionco, Inc.*	One stop	L + 5.25%	(a)	7.66%	05/2024	12,048		11,950			1.0		12,048
GS Acquisitionco, Inc.*	One stop	L + 5.25%	(a)	7.66%	05/2024	3,129		3,102			0.3		3,129
GS Acquisitionco, Inc.^	One stop	L + 5.25%	(a)	7.66%	05/2024	2,887		2,862			0.2		2,887
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	—		(15		)	—		—
HealthcareSource HR, Inc.*	One stop	L + 5.25%	(c)	7.58%	05/2023	10,974		10,825			0.9		10,974
HealthcareSource HR, Inc.(5)	One stop	L + 5.25%		N/A(6)	05/2023	—		(2		)	—		—
Hydraulic Authority III Limited(8)(9)(10)	One stop	L + 6.00%	(h)(j)	7.00%	11/2025	6,701		6,639			0.6		6,658
Hydraulic Authority III Limited(8)(9)(10)	One stop	N/A		11.00% PIK	11/2028	96		96			—		96
Hydraulic Authority III Limited(8)(9)(10)	One stop	L + 6.00%	(h)	7.00%	11/2025	8		8			—		8
ICIMS, Inc.	One stop	L + 6.50%	(a)	8.90%	09/2024	6,183		6,076			0.5		6,183
ICIMS, Inc.#	One stop	L + 6.50%	(a)	8.91%	06/2025	2,501		2,476			0.2		2,501
ICIMS, Inc.(5)	One stop	L + 6.50%		N/A(6)	09/2024	—		(1		)	—		—
III US Holdings, LLC	One stop	L + 6.00%		N/A(6)	09/2022	—		—			—		—
Imprivata, Inc.^*	Senior loan	L + 4.00%	(c)	6.33%	10/2023	10,325		10,195			0.9		10,325
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	3,965		3,949			0.3		3,965
Infogix, Inc.^	One stop	L + 6.00%	(c)	8.33%	04/2024	611		603			0.1		611
Infogix, Inc.	One stop	L + 6.00%	(c)	8.15%	04/2024	14		13			—		14
Integral Ad Science, Inc.	One stop	L + 7.25%	(a)	8.41% cash/1.25% PIK	07/2024	5,794		5,697			0.5		5,794
Integral Ad Science, Inc.(5)	One stop	L + 6.00%		N/A(6)	07/2023	—		(1		)	—		(2		)
Integration Appliance, Inc.#	One stop	L + 7.25%	(a)	9.69%	08/2023	30,574		30,333			2.6		30,268
Integration Appliance, Inc.	One stop	L + 7.25%		N/A(6)	08/2023	—		—			—		—
Internet Truckstop Group LLC#	One stop	L + 5.50%	(a)	7.91%	04/2025	17,998		17,567			1.5		17,998
Internet Truckstop Group LLC(5)	One stop	L + 5.50%		N/A(6)	04/2025	—		(3		)	—		—
Invoice Cloud, Inc.#	One stop	L + 6.50%	(c)	5.79% cash/3.25% PIK	02/2024	2,380		2,359			0.2		2,380
Invoice Cloud, Inc.	One stop	L + 6.00%		N/A(6)	02/2024	—		—			—		—
Invoice Cloud, Inc.(5)	One stop	L + 6.00%		N/A(6)	02/2024	—		(18		)	—		—

See Notes to Consolidated Financial Statements.

12

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
JAMF Holdings, Inc.	One stop	L + 7.00%	(c)	9.53%	11/2022	$	6,683	$	6,561		0.6	%	$	6,683
JAMF Holdings, Inc.	One stop	L + 7.00%	(a)	9.41%	11/2022	34		33			—		34
Kareo, Inc.	One stop	L + 9.00%	(a)	11.40%	06/2022	5,755		5,599			0.5		5,796
Kareo, Inc.#	One stop	L + 9.00%	(a)	11.40%	06/2022	527		522			0.1		531
Kareo, Inc.	One stop	L + 9.00%	(a)	11.40%	06/2022	421		418			0.1		424
Kareo, Inc.	One stop	L + 9.00%		N/A(6)	06/2022	—		—			—		—
Kaseya Traverse Inc#	One stop	L + 6.50%	(a)	7.94% cash/1.00% PIK	05/2025	28,306		27,756			2.4		27,740
Kaseya Traverse Inc(5)	One stop	L + 5.50%		N/A(6)	05/2025	—		(2		)	—		(2		)
Kaseya Traverse Inc(5)	One stop	L + 5.50%		N/A(6)	05/2025	—		(36		)	—		(37		)
Keais Records Service, LLC^#	One stop	L + 4.50%	(a)	6.90%	10/2024	9,353		9,290			0.8		9,353
Keais Records Service, LLC(5)	One stop	L + 4.50%		N/A(6)	10/2024	—		(1		)	—		—
Keais Records Service, LLC(5)	One stop	L + 4.50%		N/A(6)	10/2024	—		(4		)	—		—
Learn-it Systems, LLC#	Senior loan	L + 4.50%	(c)	6.90%	03/2025	1,695		1,670			0.1		1,695
Learn-it Systems, LLC	Senior loan	L + 4.50%	(a)(c)	6.90%	03/2025	10		10			—		10
Learn-it Systems, LLC(5)	Senior loan	L + 4.50%		N/A(6)	03/2025	—		(18		)	—		—
Litera Bidco LLC^	One stop	L + 5.75%	(d)	7.95%	05/2026	1,076		1,063			0.1		1,076
Litera Bidco LLC	One stop	L + 5.75%		N/A(6)	05/2026	—		—			—		—
Litera Bidco LLC	One stop	L + 5.75%		N/A(6)	05/2025	—		—			—		—
Litera Bidco LLC(5)	One stop	L + 5.75%		N/A(6)	05/2026	—		(8		)	—		—
Maverick Bidco Inc.^#*	One stop	L + 6.25%	(c)	8.58%	04/2023	22,638		22,341			1.9		22,185
Maverick Bidco Inc.*	One stop	L + 6.25%	(c)	8.58%	04/2023	3,058		3,058			0.3		2,996
Maverick Bidco Inc.	One stop	L + 6.25%	(c)	8.83%	04/2023	33		32			—		32
MetricStream, Inc.#	One stop	L + 7.00%	(c)	9.34%	05/2024	4,356		4,195			0.4		4,226
MetricStream, Inc.	One stop	L + 7.00%		N/A(6)	05/2024	—		—			—		—
MetricStream, Inc.(5)	One stop	L + 7.00%		N/A(6)	04/2024	—		(9		)	—		3
Mindbody, Inc.#	One stop	L + 7.00%	(a)	9.39%	02/2025	25,742		25,501			2.2		25,742
Mindbody, Inc.(5)	One stop	L + 7.00%		N/A(6)	02/2025	—		(1		)	—		—
Ministry Brands, LLC^	Senior loan	L + 4.00%	(c)	6.33%	12/2022	604		602			0.1		604
Ministry Brands, LLC	Senior loan	L + 4.00%	(c)	6.33%	12/2022	354		352			—		354
Ministry Brands, LLC^	Senior loan	L + 4.00%	(c)	6.33%	12/2022	346		344			—		346
MMan Acquisition Co.^	One stop	L + 3.00%	(c)	5.58%	08/2023	12,551		12,423			0.9		10,041
Namely, Inc.#	One stop	L + 7.50%	(c)	8.56% cash/1.25% PIK	06/2024	1,834		1,805			0.2		1,810
Namely, Inc.	One stop	L + 6.25%		N/A(6)	06/2024	—		—			—		—
Namely, Inc.(5)	One stop	L + 6.25%		N/A(6)	06/2024	—		(16		)	—		(16		)
Net Health Acquisition Corp.*	One stop	L + 5.50%	(c)	7.83%	12/2023	4,836		4,800			0.4		4,836
Net Health Acquisition Corp.*	One stop	L + 5.50%	(c)	7.83%	12/2023	675		670			0.1		675
Net Health Acquisition Corp.	One stop	L + 5.50%		N/A(6)	12/2023	—		—			—		—
Netsmart Technologies, Inc.(5)	Senior loan	P + 3.75%	(f)	9.25%	04/2021	2		(1		)	—		1
Nextech Holdings, LLC^	One stop	L + 5.50%	(c)	7.90%	06/2025	2,652		2,626			0.2		2,626
Nextech Holdings, LLC	One stop	L + 5.50%	(c)	7.90%	06/2025	50		47			—		47
Nextech Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(20		)	—		(20		)
Nexus Brands Group, Inc.^(8)(9)	One stop	L + 6.00%	(i)	7.00%	11/2023	4,095		4,059			0.3		4,083
Nexus Brands Group, Inc.*	One stop	L + 6.00%	(c)	8.43%	11/2023	3,792		3,757			0.3		3,792
Nexus Brands Group, Inc.*	One stop	L + 6.00%	(c)	8.33%	11/2023	1,887		1,880			0.2		1,887

See Notes to Consolidated Financial Statements.

13

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Nexus Brands Group, Inc.*	One stop	L + 6.00%	(c)	8.33%	11/2023	$	1,366	$	1,361		0.1	%	$	1,366
Nexus Brands Group, Inc.	One stop	L + 6.00%	(a)(c)	8.42%	11/2023	40		39			—		40
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	—		(10		)	—		—
Nexus Brands Group, Inc.(5)	One stop	L + 6.00%		N/A(6)	11/2023	—		(16		)	—		—
Personify, Inc.^	One stop	L + 5.75%	(c)	8.08%	09/2024	8,376		8,303			0.7		8,376
Personify, Inc.	One stop	L + 5.75%	(c)	8.06%	09/2024	20		19			—		20
PlanSource Holdings, Inc. #	One stop	L + 6.25%	(d)	8.81%	04/2025	4,976		4,927			0.4		4,926
PlanSource Holdings, Inc. (5)	One stop	L + 6.25%		N/A(6)	04/2025	—		(1		)	—		(1		)
Project Power Buyer, LLC^	One stop	L + 5.75%	(c)	8.28%	05/2026	6,717		6,634			0.6		6,649
Project Power Buyer, LLC(5)	One stop	L + 5.75%		N/A(6)	05/2025	—		(1		)	—		(1		)
Property Brands, Inc.*	One stop	L + 6.00%	(a)	8.40%	01/2024	9,310		9,221			0.8		9,310
Property Brands, Inc.*	One stop	L + 6.00%	(a)	8.40%	01/2024	3,696		3,662			0.3		3,696
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.40%	01/2024	3,067		3,044			0.3		3,067
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.40%	01/2024	1,301		1,289			0.1		1,301
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.40%	01/2024	1,124		1,115			0.1		1,124
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.40%	01/2024	1,101		1,091			0.1		1,101
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.40%	01/2024	458		454			0.1		458
Property Brands, Inc.(5)	One stop	L + 6.00%		N/A(6)	01/2024	—		(8		)	—		—
Property Brands, Inc.(5)	One stop	L + 6.00%		N/A(6)	01/2024	—		(37		)	—		—
Qgenda Intermediate Holdings, LLC^	One stop	L + 4.75%	(a)	7.15%	06/2025	4,900		4,851			0.4		4,851
Qgenda Intermediate Holdings, LLC(5)	One stop	L + 4.75%		N/A(6)	06/2025	—		(1		)	—		(1		)
RegEd Aquireco, LLC^	Senior loan	L + 4.25%	(a)	6.65%	12/2024	2,812		2,786			0.2		2,812
RegEd Aquireco, LLC(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(1		)	—		—
RegEd Aquireco, LLC(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(72		)	—		—
Saba Software, Inc.^#*	Senior loan	L + 4.50%	(c)	6.83%	05/2023	27,929		27,613			2.4		27,929
Saba Software, Inc.^	Senior loan	L + 4.50%	(c)	6.83%	05/2023	4,148		4,111			0.4		4,148
Saba Software, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	05/2023	—		(2		)	—		—
Telesoft, LLC*	One stop	L + 5.00%	(c)	7.59%	07/2022	4,446		4,413			0.4		4,446
Telesoft, LLC	One stop	L + 5.00%		N/A(6)	07/2022	—		—			—		—
TI Intermediate Holdings, LLC^	Senior loan	L + 4.50%	(a)(f)	6.91%	12/2024	1,899		1,882			0.2		1,899
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	6.90%	12/2024	4		3			—		4
Transaction Data Systems, Inc.^#*	One stop	L + 5.25%	(a)	7.66%	06/2021	45,787		45,648			3.9		45,787
Transaction Data Systems, Inc.	One stop	L + 5.25%	(a)	7.66%	06/2021	70		70			—		70
Trintech, Inc.*	One stop	L + 6.50%	(c)	9.09%	12/2023	11,894		11,781			1.0		11,894

See Notes to Consolidated Financial Statements.

14

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Trintech, Inc.#*	One stop	L + 6.50%	(c)	9.09%	12/2023	$	6,020	$	5,963		0.5	%	$	6,020
Trintech, Inc.	One stop	L + 6.50%	(c)	9.04%	12/2023	60		59			—		60
True Commerce, Inc.^*	One stop	L + 5.75%	(c)	8.08%	11/2023	8,921		8,838			0.8		8,921
True Commerce, Inc.^(8)(9)	One stop	L + 5.75%	(i)	8.08%	11/2023	2,769		2,744			0.2		2,664
True Commerce, Inc.(8)	One stop	L + 5.75%	(c)	8.08%	11/2023	921		913			0.1		921
True Commerce, Inc.(5)	One stop	L + 5.75%		N/A(6)	11/2023	—		(1		)	—		—
Upserve, Inc.	One stop	L + 5.50%	(a)	7.90%	07/2023	2,172		2,159			0.2		2,172
Upserve, Inc.	One stop	L + 5.50%	(a)	7.90%	07/2023	1,351		1,343			0.1		1,351
Upserve, Inc.	One stop	L + 5.50%		N/A(6)	07/2023	—		—			—		—
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(13)	One stop	L + 7.25%	(i)	5.31% cash/2.75% PIK	05/2024	4,120		4,080			0.3		3,961
Vector CS Midco Limited & Cloudsense Ltd.(5)(8)(9)(10)	One stop	L + 4.50%		N/A(6)	05/2024	—		(1		)	—		(1		)
Velocity Technology Solutions, Inc.*	One stop	L + 6.00%	(c)	8.33%	12/2023	10,346		10,210			0.9		10,346
Velocity Technology Solutions, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2023	—		(1		)	—		—
Vendavo, Inc.	One stop	L + 8.50%	(c)	10.83%	10/2022	6,953		6,876			0.6		6,953
Vendavo, Inc.	One stop	P + 7.25%	(f)	12.75%	10/2022	80		76			—		80
Verisys Corporation*	One stop	L + 7.75%	(c)	10.08%	01/2023	4,720		4,678			0.4		4,720
Verisys Corporation	One stop	L + 7.75%	(c)	10.15%	01/2023	20		19			—		20
Workforce Software, LLC	One stop	L + 6.50%	(c)	9.08%	06/2021	24,823		24,718			2.1		25,078
Workforce Software, LLC	One stop	L + 6.50%	(c)	9.02%	06/2021	2,454		2,437			0.2		2,454
Workforce Software, LLC	One stop	L + 6.50%		N/A(6)	06/2021	—		—			—		1
						730,863		722,084			61.8		723,920
Ecological
Pace Analytical Services, LLC#*	One stop	L + 5.50%	(a)	7.90%	09/2022	14,951		14,776			1.3		14,951
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	7.90%	09/2022	1,514		1,504			0.1		1,514
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	7.90%	09/2022	1,390		1,374			0.1		1,390
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	7.90%	09/2022	1,121		1,111			0.1		1,121
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	7.90%	09/2022	827		819			0.1		827
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	7.90%	09/2022	513		510			0.1		513
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	7.90%	09/2022	343		339			—		343
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	7.90%	09/2022	30		28			—		30
Pace Analytical Services, LLC(5)	One stop	L + 5.50%		N/A(6)	09/2022	—		(9		)	—		—
Pace Analytical Services, LLC(5)	One stop	L + 5.50%		N/A(6)	09/2022	—		(16		)	—		—
WRE Holding Corp.*	Senior loan	L + 5.00%	(a)	7.44%	01/2023	1,302		1,293			0.1		1,302
WRE Holding Corp.	Senior loan	L + 5.00%	(a)	7.44%	01/2023	909		902			0.1		909
WRE Holding Corp.	Senior loan	L + 5.00%	(a)	7.44%	01/2023	253		252			—		253
WRE Holding Corp.	Senior loan	L + 5.00%	(a)(f)	7.44%	01/2023	18		18			—		18
						23,171		22,901			2.0		23,171

See Notes to Consolidated Financial Statements.

15

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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
Appriss Holdings, Inc.^	One stop	L + 5.50%	(c)	7.83%	06/2026	$	19,599	$	19,212		1.7	%	$	19,403
Appriss Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(4		)	—		(2		)
Compusearch Software Holdings, Inc.*	Senior loan	L + 4.25%	(c)	6.58%	05/2021	972		971			0.1		972
Diligent Corporation^#*	One stop	L + 5.50%	(c)	7.83%	04/2022	31,143		30,676			2.7		31,143
Diligent Corporation*	One stop	L + 5.50%	(c)	7.83%	04/2022	8,735		8,639			0.7		8,735
Diligent Corporation*	One stop	L + 5.50%	(c)	7.83%	04/2022	7,728		7,649			0.7		7,728
Diligent Corporation	One stop	L + 5.50%	(d)	8.35%	04/2022	436		431			—		436
Diligent Corporation	One stop	L + 5.50%	(c)(d)	8.14%	04/2022	113		111			—		113
Diligent Corporation(5)	One stop	L + 5.50%		N/A(6)	04/2022	—		(25		)	—		—
Episerver, Inc.#(8)(9)	One stop	L + 6.00%	(a)	6.00%	10/2024	11,351		11,203			1.0		11,234
Episerver, Inc.*	One stop	L + 5.75%	(a)	8.15%	10/2024	6,580		6,504			0.6		6,580
Episerver, Inc.(5)	One stop	L + 5.75%		N/A(6)	10/2024	—		(2		)	—		—
Gamma Technologies, LLC#*	One stop	L + 5.25%	(a)	7.65%	06/2024	12,180		12,096			1.0		12,180
Gamma Technologies, LLC(5)	One stop	L + 5.25%		N/A(6)	06/2024	—		(1		)	—		—
SEI, Inc.*	Senior loan	L + 4.75%	(a)	7.15%	07/2023	5,938		5,891			0.5		5,938
Silver Peak Systems, Inc. #	One stop	L + 7.00%	(a)	9.39%	04/2024	2,117		2,088			0.2		2,127
Silver Peak Systems, Inc.	One stop	L + 7.00%		N/A(6)	04/2024	—		—			—		—
Sloan Company, Inc., The^	One stop	L + 8.50%	(c)	10.83%	04/2020	3,203		3,192			0.2		1,922
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	10.83%	04/2020	216		216			—		129
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	10.83%	04/2020	65		63			—		65
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	10.83%	04/2020	52		52			—		31
Sovos Compliance^	One stop	L + 4.75%	(a)	7.15%	04/2024	16,282		15,968			1.4		15,956
Sovos Compliance#	Second lien	N/A		12.00% PIK	04/2025	7,118		6,948			0.6		6,940
Sovos Compliance	Second lien	N/A		12.00% PIK	04/2025	926		902			0.1		915
Sovos Compliance	One stop	L + 4.75%	(a)	7.15%	04/2024	612		583			0.1		605
Sovos Compliance(5)	One stop	L + 4.75%		N/A(6)	04/2024	—		(2		)	—		(2		)
						135,366		133,361			11.6		133,148
Finance
Institutional Shareholder Services#	Senior loan	L + 4.50%	(c)	6.83%	03/2026	14,225		14,089			1.2		14,118
Institutional Shareholder Services	Senior loan	L + 4.50%	(c)	6.83%	03/2024	30		28			—		27
						14,255		14,117			1.2		14,145
Grocery
Teasdale Quality Foods, Inc.*	Senior loan	L + 5.75%	(c)	8.34%	10/2020	106		105			—		97
Teasdale Quality Foods, Inc.^	Senior loan	L + 5.75%	(c)	8.34%	10/2020	71		70			—		65
						177		175			—		162
Healthcare, Education and Childcare
Active Day, Inc.*	One stop	L + 6.50%	(c)	8.83%	12/2021	11,320		11,214			1.0		11,320
Active Day, Inc.*	One stop	L + 6.50%	(c)	8.83%	12/2021	874		868			0.1		874
Active Day, Inc.*	One stop	L + 6.50%	(c)	8.83%	12/2021	563		560			0.1		563
Active Day, Inc.*	One stop	L + 6.50%	(c)	8.83%	12/2021	389		387			—		389
Active Day, Inc.	One stop	L + 6.50%	(c)(f)	8.83%	12/2021	33		32			—		33
Active Day, Inc.(5)	One stop	L + 6.50%		N/A(6)	12/2021	—		(17		)	—		—
Acuity Eyecare Holdings, LLC*	One stop	L + 6.25%	(c)	8.79%	03/2023	3,426		3,393			0.3		3,426
Acuity Eyecare Holdings, LLC	One stop	L + 6.25%	(c)	8.79%	03/2023	3,183		3,155			0.3		3,183
Acuity Eyecare Holdings, LLC	One stop	L + 6.25%	(c)	8.64%	03/2023	1,266		1,238			0.1		1,266
Acuity Eyecare Holdings, LLC	One stop	L + 6.25%		N/A(6)	03/2023	—		—			—		—
Acuity Eyecare Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	03/2023	—		(65		)	—		—
ADCS Clinics Intermediate Holdings, LLC^#*	One stop	L + 5.75%	(c)	8.08%	05/2022	21,516		21,272			1.8		21,516
ADCS Clinics Intermediate Holdings, LLC*	One stop	L + 5.75%	(c)	8.08%	05/2022	106		106			—		106
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	(c)	8.08%	05/2022	82		82			—		82

See Notes to Consolidated Financial Statements.

16

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	(c)	8.12%	05/2022	$	37	$	36		—	%	$	37
ADCS Clinics Intermediate Holdings, LLC*	One stop	L + 5.75%	(c)	8.08%	05/2022	31		31			—		31
Advanced Pain Management Holdings, Inc.^(7)	Senior loan	L + 5.00%	(c)	7.33%	12/2019	5,261		5,261			0.2		2,631
Advanced Pain Management Holdings, Inc.^(7)	Senior loan	L + 5.00%	(c)	7.33%	12/2019	360		360			—		180
Advanced Pain Management Holdings, Inc.(5)(7)	Senior loan	L + 5.00%	(c)	7.33%	12/2019	164		164			—		(181		)
Advanced Pain Management Holdings, Inc.(7)	Senior loan	L + 8.50%	(c)	10.83%	12/2019	1,823		33			—		3
Agilitas USA, Inc.*	One stop	L + 5.00%	(c)	7.59%	04/2022	1,941		1,930			0.2		1,941
Agilitas USA, Inc.	One stop	L + 5.00%	(c)	7.59%	04/2022	10		10			—		10
Apothecary Products, LLC^*	Senior loan	L + 4.50%	(c)	7.35%	07/2023	3,241		3,204			0.3		3,241
Apothecary Products, LLC(5)	Senior loan	L + 4.50%		N/A(6)	07/2023	—		(6		)	—		—
Aris Teleradiology Company, LLC^(7)	Senior loan	L + 5.50%	(c)	7.82%	03/2021	2,500		2,486			0.1		678
Aris Teleradiology Company, LLC(7)	Senior loan	L + 5.50%	(a)(c)	8.22%	03/2021	445		445			—		60
Aspen Medical Products, LLC^	One stop	L + 5.25%	(c)	7.70%	06/2025	2,302		2,279			0.2		2,279
Aspen Medical Products, LLC	One stop	L + 5.25%		N/A(6)	06/2025	—		—			—		—
BIO18 Borrower, LLC#	One stop	L + 5.25%	(b)	7.74%	11/2024	4,010		3,965			0.3		4,010
BIO18 Borrower, LLC	One stop	L + 5.25%	(b)	7.74%	11/2024	33		32			—		33
BIO18 Borrower, LLC(5)	One stop	L + 5.25%		N/A(6)	11/2024	—		(51		)	—		—
BIOVT, LLC*	One stop	L + 5.75%	(a)	8.15%	01/2021	16,230		16,140			1.4		16,230
BIOVT, LLC*	One stop	L + 5.75%	(a)	8.15%	01/2021	1,939		1,926			0.2		1,939
BIOVT, LLC(5)	One stop	L + 5.75%		N/A(6)	01/2021	—		(1		)	—		—
BIOVT, LLC(5)	One stop	L + 5.75%		N/A(6)	01/2021	—		(19		)	—		—
CLP Healthcare Services, Inc.*	Senior loan	L + 5.25%	(a)	7.65%	12/2020	920		915			0.1		920
CRH Healthcare Purchaser, Inc.^	Senior loan	L + 4.50%	(c)	6.83%	12/2024	5,822		5,769			0.5		5,822
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(1		)	—		—
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(35		)	—		—
DCA Investment Holding, LLC^#*	One stop	L + 5.25%	(c)	7.58%	07/2021	14,341		14,277			1.2		14,341
DCA Investment Holding, LLC^*	One stop	L + 5.25%	(c)	7.58%	07/2021	13,381		13,301			1.1		13,381
DCA Investment Holding, LLC*	One stop	L + 5.25%	(c)	7.58%	07/2021	5,995		5,944			0.5		5,995
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.58%	07/2021	3,500		3,465			0.3		3,500
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.58%	07/2021	2,396		2,372			0.2		2,396
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.58%	07/2021	2,241		2,189			0.2		2,241
DCA Investment Holding, LLC	One stop	P + 4.25%	(f)	9.75%	07/2021	236		229			—		236
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.58%	07/2021	150		149			—		150
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.58%	07/2021	47		46			—		47
Deca Dental Management LLC*	One stop	L + 5.50%	(c)	7.83%	12/2021	7,385		7,315			0.6		7,385
Deca Dental Management LLC*	One stop	L + 5.50%	(a)(c)	7.86%	12/2021	899		892			0.1		899
Deca Dental Management LLC^	One stop	L + 5.50%	(c)	7.83%	12/2021	647		642			0.1		647
Deca Dental Management LLC	One stop	L + 5.50%	(c)	8.00%	12/2021	484		473			—		484
Deca Dental Management LLC	One stop	L + 5.50%	(a)	7.90%	12/2021	8		7			—		8
Dental Holdings Corporation*	One stop	L + 6.00%	(b)	8.35%	02/2020	3,161		3,152			0.3		3,161
Dental Holdings Corporation	One stop	L + 6.00%	(b)	8.35%	02/2020	504		502			—		504
Dental Holdings Corporation	One stop	L + 6.00%	(b)	8.35%	02/2020	255		254			—		255
Elite Dental Partners LLC*	One stop	L + 5.25%	(a)	7.65%	06/2023	1,999		1,975			0.2		1,999
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.65%	06/2023	1,752		1,738			0.1		1,752
Elite Dental Partners LLC*	One stop	L + 5.25%	(a)	7.65%	06/2023	1,642		1,629			0.1		1,642
Elite Dental Partners LLC^	One stop	L + 5.25%	(a)	7.65%	06/2023	1,566		1,553			0.1		1,566
Elite Dental Partners LLC*	One stop	L + 5.25%	(a)	7.65%	06/2023	1,502		1,490			0.1		1,502
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.65%	06/2023	100		99			—		100
Elite Dental Partners LLC(5)	One stop	L + 5.25%		N/A(6)	06/2023	—		(111		)	—		—
ERG Buyer, LLC*	One stop	L + 5.50%	(c)	7.83%	05/2024	6,294		6,218			0.5		6,106

See Notes to Consolidated Financial Statements.

17

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
ERG Buyer, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2024	$	—	$	(2	)	—	%	$	(4	)
ERG Buyer, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2024	—		(127		)	—		(311		)
eSolutions, Inc.^#*	One stop	L + 6.50%	(a)	8.90%	03/2022	34,177		33,942			2.9		33,836
eSolutions, Inc.(5)	One stop	L + 6.50%		N/A(6)	03/2022	—		(1		)	—		(1		)
Excelligence Learning Corporation*	One stop	L + 6.00%	(a)	8.40%	04/2023	5,813		5,795			0.4		5,115
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	8.58%	05/2023	10,309		10,191			0.9		10,103
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.58%	05/2023	7,400		7,284			0.6		7,252
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	8.58%	05/2023	6,629		6,630			0.6		6,496
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	8.58%	05/2023	2,213		2,213			0.2		2,169
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.58%	05/2023	1,431		1,431			0.1		1,402
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	8.58%	05/2023	1,074		1,074			0.1		1,053
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	8.58%	05/2023	946		946			0.1		927
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.69%	05/2023	1,033		885			0.1		1,023
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	8.58%	05/2023	611		490			0.1		599
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.83%	05/2023	160		158			—		156
G & H Wire Company, Inc.*	One stop	L + 5.75%	(a)	8.15%	09/2023	1,014		1,006			0.1		1,014
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)	7.33%	06/2021	2,019		2,003			0.2		2,016
Katena Holdings, Inc.*	One stop	L + 5.50%	(c)	7.83%	06/2021	4,440		4,418			0.4		4,440
Katena Holdings, Inc.*	One stop	L + 5.50%	(c)	7.83%	06/2021	433		431			—		433
Katena Holdings, Inc.*	One stop	L + 5.50%	(c)	7.83%	06/2021	299		296			—		299
Katena Holdings, Inc.	One stop	P + 4.50%	(f)	10.00%	06/2021	25		25			—		25
Krueger-Gilbert Health Physics, LLC#	One stop	L + 4.75%	(a)	7.17%	05/2025	130		129			—		129
Krueger-Gilbert Health Physics, LLC	One stop	L + 4.75%		N/A(6)	05/2025	—		—			—		—
Krueger-Gilbert Health Physics, LLC(5)	One stop	L + 4.75%		N/A(6)	05/2025	—		(37		)	—		(38		)
Lombart Brothers, Inc.^*	One stop	L + 6.25%	(c)	8.58%	04/2023	12,623		12,460			1.1		12,623
Lombart Brothers, Inc.*(8)(9)	One stop	L + 6.25%	(c)	8.58%	04/2023	1,523		1,499			0.1		1,523
Lombart Brothers, Inc.	One stop	P + 5.00%	(f)	10.50%	04/2023	62		60			—		62
Lombart Brothers, Inc.(8)(9)	One stop	P + 5.00%	(f)	10.50%	04/2023	9		9			—		9
MD Now Holdings, Inc.^#	One stop	L + 5.00%	(c)	7.33%	08/2024	7,017		6,957			0.6		7,017
MD Now Holdings, Inc.(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(1		)	—		—
MD Now Holdings, Inc.(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(17		)	—		—
MWD Management, LLC & MWD Services, Inc.*	One stop	L + 5.25%	(c)	7.58%	06/2023	4,348		4,348			0.4		4,174
MWD Management, LLC & MWD Services, Inc.*	One stop	L + 5.25%	(c)	7.58%	06/2023	1,285		1,274			0.1		1,234
MWD Management, LLC & MWD Services, Inc.(5)	One stop	L + 5.25%		N/A(6)	06/2022	—		(1		)	—		(3		)
Oliver Street Dermatology Holdings, LLC#*	One stop	L + 6.25%	(c)	7.58% cash/1.00% PIK	05/2022	9,093		9,001			0.7		7,729
Oliver Street Dermatology Holdings, LLC*	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	1,967		1,952			0.1		1,672
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	7.58% cash/1.00% PIK	05/2022	1,411		1,399			0.1		1,199
Oliver Street Dermatology Holdings, LLC^	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	1,246		1,238			0.1		1,059
Oliver Street Dermatology Holdings, LLC#	One stop	L + 6.25%	(c)	7.58% cash/1.00% PIK	05/2022	1,088		1,080			0.1		925
Oliver Street Dermatology Holdings, LLC^	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	1,085		1,078			0.1		922
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	7.58% cash/1.00% PIK	05/2022	845		839			0.1		718
Oliver Street Dermatology Holdings, LLC^	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	732		728			0.1		623
Oliver Street Dermatology Holdings, LLC^	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	452		449			—		384
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.25%	(c)(f)	7.58% cash/1.00% PIK	05/2022	142		141			—		121
Oliver Street Dermatology Holdings, LLC*	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	48		47			—		40
Oliver Street Dermatology Holdings, LLC*	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	43		43			—		37
Oliver Street Dermatology Holdings, LLC*	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	34		33			—		29

See Notes to Consolidated Financial Statements.

18

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)

	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost			Percentage of Net Assets		Fair Value (4)
Healthcare, Education and Childcare - (continued)
Oliver Street Dermatology Holdings, LLC*	One stop	L + 7.25%	(c)	8.58% cash/1.00% PIK	05/2022	$	31	$	31		—	%	$	26
ONsite Mammography, LLC	One stop	L + 6.75%	(a)	9.15%	11/2023	2,816		2,787			0.2		2,816
ONsite Mammography, LLC	One stop	L + 6.75%	(a)(d)	9.21%	11/2023	814		802			0.1		814
ONsite Mammography, LLC	One stop	L + 6.75%	(a)(d)	9.38%	11/2023	8		7			—		8
Pinnacle Treatment Centers, Inc.*	One stop	L + 5.75%	(c)	8.33%	08/2021	9,576		9,494			0.8		9,576
Pinnacle Treatment Centers, Inc.^	One stop	L + 5.75%	(c)	8.33%	08/2021	355		352			—		355
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.33%	08/2021	316		304			—		316
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.33%	08/2021	95		94			—		95
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.33%	08/2021	54		54			—		54
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.33%	08/2021	33		32			—		33
PPT Management Holdings, LLC^	One stop	L + 7.50%	(a)	5.94% cash/4.00% PIK	12/2022	12,968		12,816			0.9		11,003
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	5.94% cash/4.00% PIK	12/2022	149		149			—		127
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	5.94% cash/4.00% PIK	12/2022	88		88			—		75
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	5.94% cash/4.00% PIK	12/2022	43		36			—		36
PPT Management Holdings, LLC(5)	One stop	L + 7.50%	(a)	5.94% cash/4.00% PIK	12/2022	8		5			—		(23		)
Pyramid Healthcare, Inc.^	One stop	L + 6.50%	(b)(c)	8.83%	08/2020	324		322			—		324
Pyramid Healthcare, Inc.	One stop	L + 6.50%	(c)	9.01%	08/2020	262		261			—		262
Pyramid Healthcare, Inc.(5)	One stop	L + 6.50%		N/A(6)	08/2020	—		(1		)	—		—
Riverchase MSO, LLC*	Senior loan	L + 5.75%	(c)	8.08%	10/2022	4,853		4,812			0.4		4,853
Riverchase MSO, LLC	Senior loan	L + 5.75%	(a)	8.15%	10/2022	10		10			—		10
RXH Buyer Corporation#*	One stop	L + 5.75%	(c)	8.08%	09/2021	10,935		10,854			0.9		10,935
RXH Buyer Corporation*	One stop	L + 5.75%	(c)	8.08%	09/2021	1,237		1,234			0.1		1,237
RXH Buyer Corporation	One stop	L + 5.75%	(c)(f)	9.14%	09/2021	79		77			—		79
SLMP, LLC*	One stop	L + 6.00%	(a)	8.40%	05/2023	5,533		5,474			0.5		5,533
SLMP, LLC*	One stop	L + 6.00%	(a)	8.40%	05/2023	4,647		4,599			0.4		4,647
SLMP, LLC	Subordinated debt	N/A		7.50% PIK	05/2027	126		126			—		126
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	—		(8		)	—		—
Spear Education, LLC*	One stop	L + 5.75%	(c)	8.35%	08/2019	3,441		3,440			0.3		3,441
Spear Education, LLC	One stop	L + 5.75%	(c)	8.35%	08/2019	177		177			—		177
Spear Education, LLC	One stop	L + 5.75%		N/A(6)	08/2019	—		—			—		—
Summit Behavioral Healthcare, LLC*	Senior loan	L + 4.75%	(d)	7.44%	10/2023	2,383		2,365			0.2		2,383
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(d)	7.43%	10/2023	117		111			—		117
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(c)(d)	7.39%	10/2023	40		40			—		40
WHCG Management, LLC*	Senior loan	L + 5.00%	(c)	7.33%	03/2023	3,920		3,889			0.3		3,685
WHCG Management, LLC	Senior loan	L + 5.00%	(c)	7.43%	03/2023	100		99			—		94
WHCG Management, LLC(5)	Senior loan	L + 5.00%		N/A(6)	03/2023	—		(17		)	—		—
WIRB-Copernicus Group, Inc.*	Senior loan	L + 4.25%	(c)	6.58%	08/2022	11,546		11,490			1.0		11,546
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	—		(14		)	—		—
						362,605		357,082			29.5		347,949
Home and Office Furnishings, Housewares, and Durable Consumer
1A Smart Start LLC^	Senior loan	L + 4.50%	(c)	6.83%	02/2022	546		545			0.1		546
CST Buyer Company	One stop	L + 5.00%	(a)	7.40%	03/2023	2,990		2,932			0.3		2,990
CST Buyer Company	One stop	L + 5.00%		N/A(6)	03/2023	—		—			—		—
Plano Molding Company, LLC^	One stop	L + 7.00%	(a)	9.40%	05/2021	4,813		4,779			0.4		4,621
						8,349		8,256			0.8		8,157

See Notes to Consolidated Financial Statements.

19

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)

	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost			Percentage of Net Assets		Fair Value (4)
Insurance
Captive Resources Midco, LLC^*	One stop	L + 6.00%	(c)	8.20%	05/2025	$	19,080	$	18,732		1.6	%	$	18,842
Captive Resources Midco, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2025	—		(6		)	—		(4		)
Captive Resources Midco, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2025	—		(20		)	—		(16		)
Integrity Marketing Acquisition, LLC^	Senior loan	L + 4.25%	(c)(f)	6.58%	11/2025	1,518		1,511			0.1		1,518
Integrity Marketing Acquisition, LLC	Senior loan	L + 4.25%	(c)(f)	6.58%	11/2025	363		361			—		363
Internet Pipeline, Inc.*	One stop	L + 4.75%	(a)	7.16%	08/2022	10,171		10,059			0.9		10,171
Internet Pipeline, Inc.*	One stop	L + 4.75%	(a)	7.16%	08/2022	4,372		4,337			0.4		4,372
Internet Pipeline, Inc.^(8)(9)	One stop	L + 4.75%	(h)	7.16%	08/2022	3,487		3,450			0.3		3,308
Internet Pipeline, Inc.*	One stop	L + 4.75%	(a)	7.16%	08/2022	1,655		1,641			0.1		1,655
Internet Pipeline, Inc.	One stop	L + 4.75%		N/A(6)	08/2021	—		—			—		—
Orchid Underwriters Agency, LLC^	Senior loan	L + 4.50%	(c)	6.70%	12/2024	1,862		1,845			0.2		1,862
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	—		(8		)	—		—
RSC Acquisition, Inc.^*	Senior loan	L + 4.25%	(b)	6.60%	11/2022	30,940		30,818			2.6		30,940
RSC Acquisition, Inc.	Senior loan	L + 4.25%		N/A(6)	11/2021	—		—			—		—
RSC Acquisition, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	11/2022	—		(2		)	—		—
RSC Acquisition, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	11/2022	—		(19		)	—		—
						73,448		72,699			6.2		73,011
Leisure, Amusement, Motion Pictures, Entertainment
EOS Fitness Opco Holdings, LLC^	One stop	L + 4.75%	(c)	7.08%	01/2025	4,013		3,977			0.3		4,013
EOS Fitness Opco Holdings, LLC	One stop	L + 4.75%	(c)	7.06%	01/2025	155		141			—		155
EOS Fitness Opco Holdings, LLC	One stop	P + 3.75%	(f)	9.25%	01/2025	6		5			—		6
PADI Holdco, Inc.^(8)(9)	One stop	E + 5.75%	(g)	5.75%	04/2023	12,323		12,323			1.0		11,727
PADI Holdco, Inc.*	One stop	L + 5.75%	(c)	8.08%	04/2023	12,453		12,320			1.1		12,453
PADI Holdco, Inc.	One stop	L + 5.75%	(a)(c)	8.13%	04/2022	91		90			—		91
Self Esteem Brands, LLC#*	Senior loan	L + 4.25%	(a)	6.65%	02/2022	14,652		14,559			1.3		14,652
Sunshine Sub, LLC*	One stop	L + 4.75%	(a)	7.15%	05/2024	5,427		5,338			0.5		5,427
Sunshine Sub, LLC*	One stop	L + 4.75%	(a)	7.15%	05/2024	5,302		5,218			0.5		5,302
Sunshine Sub, LLC(5)	One stop	L + 4.75%		N/A(6)	05/2024	—		(1		)	—		—
Teaching Company, The*	One stop	L + 4.75%	(c)	7.29%	07/2023	7,023		6,996			0.6		7,023
Teaching Company, The(5)	One stop	L + 4.75%		N/A(6)	07/2023	—		(1		)	—		—
Titan Fitness, LLC*	One stop	L + 4.75%	(a)	7.19%	02/2025	15,016		14,876			1.3		15,016
Titan Fitness, LLC(5)	One stop	L + 4.75%		N/A(6)	02/2025	—		(2		)	—		—
Titan Fitness, LLC(5)	One stop	L + 4.75%		N/A(6)	02/2025	—		(29		)	—		—
WBZ Investment LLC^	One stop	L + 5.50%	(a)	7.90%	09/2024	3,437		3,407			0.3		3,437
WBZ Investment LLC	One stop	L + 5.50%	(a)	7.94%	09/2024	792		785			0.1		792
WBZ Investment LLC	One stop	L + 5.50%	(a)	7.90%	09/2024	426		410			—		426
WBZ Investment LLC	One stop	L + 5.50%		N/A(6)	09/2024	—		—			—		—
						81,116		80,412			7.0		80,520
Mining, Steel, Iron and Non-Precious Metals
Benetech, Inc.^	One stop	L + 11.00%	(a)	11.40% cash/2.00% PIK	05/2020	179		178			—		170
Benetech, Inc.	One stop	P + 9.75%	(a)(f)	13.07% cash/2.00% PIK	05/2020	20		20			—		17
						199		198			—		187
Oil and Gas
Drilling Info Holdings, Inc.*	Senior loan	L + 4.25%	(a)	6.65%	07/2025	16,581		16,408			1.4		16,499
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(2		)	—		(1		)
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2025	—		(31		)	—		—
						16,581		16,375			1.4		16,498

See Notes to Consolidated Financial Statements.

20

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	7.83%	11/2022	$	4,786	$	4,766		0.4	%	$	4,786
Georgica Pine Clothiers, LLC^	One stop	L + 5.50%	(c)	7.83%	11/2022	3,004		2,978			0.3		3,004
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	7.83%	11/2022	418		416			—		418
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	7.83%	11/2022	293		292			—		293
Georgica Pine Clothiers, LLC	One stop	L + 5.50%	(c)	7.83%	11/2022	5		4			—		5
IMPLUS Footwear, LLC^*	One stop	L + 6.25%	(c)	8.58%	04/2024	17,395		17,076			1.5		17,395
IMPLUS Footwear, LLC^*	One stop	L + 6.25%	(c)	8.67%	04/2024	2,970		2,915			0.3		2,970
IMPLUS Footwear, LLC	One stop	L + 6.25%	(c)	8.58%	04/2024	695		678			0.1		695
Orthotics Holdings, Inc.*	One stop	L + 6.00%	(a)	8.40%	05/2020	3,628		3,616			0.3		3,555
Orthotics Holdings, Inc.*(8)(9)	One stop	L + 6.00%	(a)	8.40%	05/2020	595		593			0.1		583
Orthotics Holdings, Inc.(5)	One stop	L + 6.00%		N/A(6)	05/2020	—		(1		)	—		—
WU Holdco, Inc. *	One stop	L + 5.50%	(c)	7.83%	03/2026	2,074		2,074			0.2		2,074
WU Holdco, Inc.	One stop	L + 5.50%		N/A(6)	03/2026	—		—			—		—
WU Holdco, Inc.	One stop	L + 5.50%		N/A(6)	03/2025	—		—			—		—
						35,863		35,407			3.2		35,778
Personal, Food and Miscellaneous Services
Captain D's, LLC*	Senior loan	L + 4.50%	(a)	6.89%	12/2023	2,166		2,149			0.2		2,122
Captain D's, LLC	Senior loan	L + 4.50%	(a)(f)	7.36%	12/2023	8		8			—		8
Clarkson Eyecare LLC^#*	One stop	L + 6.25%	(c)	8.58%	04/2021	48,158		47,861			4.1		47,675
Clarkson Eyecare LLC	One stop	L + 6.25%	(c)	8.83%	04/2021	1,240		1,232			0.1		1,227
Clarkson Eyecare LLC	One stop	L + 6.25%	(c)	8.58%	04/2021	397		394			—		391
Clarkson Eyecare LLC(5)	One stop	L + 6.25%		N/A(6)	04/2021	—		(36		)	—		(40		)
Community Veterinary Partners, LLC*	One stop	L + 5.50%	(c)	7.83%	10/2021	1,930		1,927			0.2		1,930
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	7.83%	10/2021	764		764			0.1		764
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	7.83%	10/2021	649		649			0.1		649
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	7.83%	10/2021	575		575			0.1		575
Community Veterinary Partners, LLC*	One stop	L + 5.50%	(c)	7.83%	10/2021	513		513			—		513
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	7.83%	10/2021	275		249			—		275
Community Veterinary Partners, LLC*	One stop	L + 5.50%	(c)	7.83%	10/2021	98		97			—		98
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	7.83%	10/2021	45		13			—		45
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)(c)	7.15%	08/2023	1,806		1,783			0.2		1,783
Imperial Optical Midco Inc.	One stop	L + 4.75%	(c)	7.16%	08/2023	1,176		1,161			0.1		1,161
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)(c)	7.10%	08/2023	676		662			0.1		662
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)	7.23%	08/2023	149		147			—		147
Imperial Optical Midco Inc.	One stop	L + 4.75%		N/A(6)	08/2023	—		—			—		—
Imperial Optical Midco Inc.(5)	One stop	L + 4.75%		N/A(6)	08/2023	—		(41		)	—		(41		)
PPV Intermediate Holdings II, LLC	One stop	L + 5.00%	(c)	7.56%	05/2020	2,150		2,109			0.2		2,150
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	20		20			—		20
PPV Intermediate Holdings II, LLC(5)	One stop	L + 5.00%		N/A(6)	05/2023	—		(1		)	—		—
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.04%	01/2023	422		410			—		422
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.08%	01/2023	59		59			—		59
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.02%	01/2023	5		5			—		5
Southern Veterinary Partners, LLC*	One stop	L + 5.50%	(a)	7.90%	05/2025	3,579		3,549			0.3		3,579
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	2,160		2,142			0.2		2,160

See Notes to Consolidated Financial Statements.

21

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)	7.90%	05/2025	$	1,902	$	1,886		0.2	%	$	1,902
Southern Veterinary Partners, LLC*	One stop	L + 5.50%	(a)	7.90%	05/2025	1,561		1,540			0.1		1,561
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	1,391		1,379			0.1		1,391
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	1,387		1,376			0.1		1,387
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	1,183		1,173			0.1		1,183
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	1,102		1,075			0.1		1,102
Southern Veterinary Partners, LLC*	One stop	L + 5.50%	(a)	7.90%	05/2025	1,031		1,022			0.1		1,031
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	847		839			0.1		847
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	7.90%	05/2025	771		746			0.1		771
Southern Veterinary Partners, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2023	—		(1		)	—		—
Southern Veterinary Partners, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2025	—		(37		)	—		—
Veterinary Specialists of North America, LLC#*	Senior loan	L + 4.25%	(a)	6.65%	04/2025	38,351		37,983			3.3		38,351
Veterinary Specialists of North America, LLC(5)	Senior loan	L + 4.25%		N/A(6)	04/2025	—		(5		)	—		—
Veterinary Specialists of North America, LLC(5)	Senior loan	L + 4.25%		N/A(6)	04/2025	—		(147		)	—		—
Wetzel's Pretzels, LLC*	One stop	L + 6.75%	(a)	9.15%	09/2021	8,222		8,163			0.7		8,222
Wetzel's Pretzels, LLC	One stop	L + 6.75%	(a)	9.15%	09/2021	28		28			—		28
						126,796		125,420			11.0		126,115
Printing and Publishing
Brandmuscle, Inc.*	Senior loan	L + 5.00%	(c)	7.33%	12/2021	528		525			0.1		531
Messenger, LLC^	One stop	L + 6.00%	(a)(f)	8.41%	08/2023	3,907		3,874			0.3		3,907
Messenger, LLC	One stop	P + 5.00%	(f)	10.50%	08/2023	20		20			—		20
						4,455		4,419			0.4		4,458
Retail Stores
Batteries Plus Holding Corporation*	One stop	L + 6.75%	(a)	9.15%	07/2022	11,292		11,190			1.0		11,292
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)	6.83%	06/2023	4,188		4,172			0.4		4,188
Cycle Gear, Inc.^*	One stop	L + 5.00%	(c)	7.59%	01/2021	7,501		7,441			0.6		7,501
Cycle Gear, Inc.*	One stop	L + 5.00%	(c)	7.59%	01/2021	699		698			0.1		699
DTLR, Inc.^*	One stop	L + 6.50%	(c)	9.08%	08/2022	19,359		19,176			1.7		19,359
Feeders Supply Company, LLC*	One stop	L + 5.75%	(a)	8.15%	04/2021	4,346		4,324			0.4		4,346
Feeders Supply Company, LLC	Subordinated debt	N/A		12.50% cash/7.00% PIK	04/2021	65		65			—		65
Feeders Supply Company, LLC	One stop	L + 5.75%		N/A(6)	04/2021	—		—			—		—
Jet Equipment & Tools Ltd.^(8)(9)(11)	One stop	L + 5.75%	(a)	7.71%	11/2024	9,742		9,633			0.8		9,735
Jet Equipment & Tools Ltd.*(8)(11)	One stop	L + 5.75%	(a)	8.15%	11/2024	7,534		7,463			0.6		7,534
Jet Equipment & Tools Ltd.^(8)(11)	One stop	L + 5.75%	(a)	8.15%	11/2024	2,315		2,294			0.2		2,315
Jet Equipment & Tools Ltd.(8)(11)	One stop	P + 4.75%	(f)	10.25%	11/2024	15		15			—		15
Jet Equipment & Tools Ltd.(5)(8)(9)(11)	One stop	L + 5.75%		N/A(6)	11/2024	—		(2		)	—		—
Marshall Retail Group LLC, The*	One stop	L + 6.00%	(c)	8.59%	08/2020	3,109		3,109			0.3		3,109
Marshall Retail Group LLC, The	One stop	L + 6.00%		N/A(6)	08/2019	—		—			—		—
Mills Fleet Farm Group LLC^#*	One stop	L + 6.25%	(a)	8.65%	10/2024	37,296		36,724			3.2		37,296
Pet Holdings ULC^#*(8)(11)	One stop	L + 5.50%	(c)	8.09%	07/2022	32,429		32,185			2.8		32,429
Pet Holdings ULC*(8)(11)	One stop	L + 5.50%	(c)	8.09%	07/2022	129		127			—		129

See Notes to Consolidated Financial Statements.

22

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Pet Holdings ULC(5)(8)(11)	One stop	L + 5.50%		N/A(6)	07/2022	$	—	$	(2	)	—	%	$	—
Pet Supplies Plus, LLC^	Senior loan	L + 4.50%	(a)	6.91%	12/2024	7,640		7,570			0.7		7,640
Pet Supplies Plus, LLC(5)	Senior loan	L + 4.50%		N/A(6)	12/2023	—		(1		)	—		—
PetPeople Enterprises, LLC*	One stop	L + 5.00%	(c)	7.33%	09/2023	2,331		2,311			0.2		2,331
PetPeople Enterprises, LLC	One stop	L + 5.00%	(c)	7.33%	09/2023	1,041		1,029			0.1		1,041
PetPeople Enterprises, LLC	One stop	L + 5.00%	(c)	7.33%	09/2023	15		15			—		15
Sola Franchise, LLC and Sola Salon Studios, LLC^	One stop	L + 5.25%	(c)	7.58%	10/2024	2,221		2,201			0.2		2,221
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 5.25%	(c)	7.58%	10/2024	1,610		1,581			0.1		1,610
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 5.25%		N/A(6)	10/2024	—		—			—		—
Sola Franchise, LLC and Sola Salon Studios, LLC(5)	One stop	L + 5.25%		N/A(6)	10/2024	—		(18		)	—		—
Vermont Aus Pty Ltd#(8)(9)(12)	One stop	L + 5.75%	(k)	7.00%	12/2024	1,030		1,009			0.1		1,023
Vermont Aus Pty Ltd(5)(8)(9)(12)	One stop	L + 5.75%		N/A(6)	12/2024	—		(7		)	—		(7		)
						155,907		154,301			13.5		155,886
Telecommunications
NetMotion Wireless Holdings, Inc.*	One stop	L + 6.25%	(c)	8.58%	10/2021	5,790		5,729			0.5		5,790
NetMotion Wireless Holdings, Inc.	One stop	L + 6.25%		N/A(6)	10/2021	—		—			—		—
						5,790		5,729			0.5		5,790
Textiles and Leather
SHO Holding I Corporation*	Senior loan	L + 5.00%	(c)	7.58%	10/2022	1,883		1,861			0.2		1,845
SHO Holding I Corporation	Senior loan	L + 4.00%	(c)	6.6%	10/2021	15		15			—		13
						1,898		1,876			0.2		1,858
Utilities
Arcos, LLC*	One stop	L + 5.75%	(c)	8.08%	02/2021	7,857		7,803			0.7		7,857
Arcos, LLC	One stop	L + 5.75%		N/A(6)	02/2021	—		—			—		—
						7,857		7,803			0.7		7,857
Total non-controlled/non-affiliate company debt investments						$	2,078,159	$	2,053,251		176.1	%	$	2,048,593
Equity investments(14)(15)
Aerospace and Defense
Whitcraft LLC	Common stock	N/A		N/A	N/A	7		$	688		0.1	%	$	1,394
Automobile
Grease Monkey International, LLC	LLC units	N/A		N/A	N/A	448		448			0.1		877
Polk Acquisition Corp.	LP interest	N/A		N/A	N/A	4		401			—		178
Quick Quack Car Wash Holdings, LLC	LLC units	N/A		N/A	N/A	—		248			—		248
								1,097			0.1		1,303

See Notes to Consolidated Financial Statements.

23

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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
Cafe Rio Holding, Inc.	Common stock	N/A	N/A	N/A	3	$	283	—	%	$	360
Global ID Corporation	LLC interest	N/A	N/A	N/A	2	240		—		347
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		664
Purfoods, LLC	LLC interest	N/A	N/A	N/A	355	355		0.1		661
Uinta Brewing Company	Common stock	N/A	N/A	N/A	30	—		—		31
Wood Fired Holding Corp.	LLC units	N/A	N/A	N/A	232	232		—		238
Wood Fired Holding Corp.	LLC units	N/A	N/A	N/A	232	—		—		—
						1,908		0.2		2,408
Chemicals, Plastics and Rubber
Flexan, LLC	Preferred stock	N/A	N/A	N/A	—	40		—		40
Flexan, LLC	Common stock	N/A	N/A	N/A	—	—		—		—
Inhance Technologies Holdings LLC	LLC units	N/A	N/A	N/A	—	80		—		71
						120		—		111
Diversified/Conglomerate Manufacturing
Inventus Power, Inc.	Preferred stock	N/A	N/A	N/A	—	259		—		2
Inventus Power, Inc.	LLC units	N/A	N/A	N/A	—	38		—		16
Inventus Power, Inc.	Preferred stock	N/A	N/A	N/A	—	4		—		13
Inventus Power, Inc.	Common stock	N/A	N/A	N/A	—	—		—		—
Reladyne, Inc.	LP interest	N/A	N/A	N/A	—	264		0.1		608
						565		0.1		639
Diversified/Conglomerate Service
Accela, Inc.	LLC units	N/A	N/A	N/A	374	374		—		197
Agility Recovery Solutions Inc.	Preferred stock	N/A	N/A	N/A	30	152		—		231
Astute Holdings, Inc.	LP interest	N/A	N/A	N/A	—	182		—		182
Calabrio, Inc.	Common stock	N/A	N/A	N/A	13	100		—		100
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	1	1,326		0.1		1,482
Caliper Software, Inc.	Common stock	N/A	N/A	N/A	117	117		—		183
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	—	18		—		19
Centrify Corporation	LP interest	N/A	N/A	N/A	—	400		—		363
Centrify Corporation	LP interest	N/A	N/A	N/A	141	—		—		—
Cloudbees, Inc.	Preferred stock	N/A	N/A	N/A	39	247		—		267
Cloudbees, Inc.	Warrant	N/A	N/A	N/A	35	46		—		109
Confluence Technologies, Inc.	LLC interest	N/A	N/A	N/A	1	106		—		174
Connexin Software, Inc.	LLC interest	N/A	N/A	N/A	84	84		—		125
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	1,930	232		—		218
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	660	114		—		132
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	400	73		—		82
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	67	11		—		16
GS Acquisitionco, Inc.	LP interest	N/A	N/A	N/A	1	117		—		461
HealthcareSource HR, Inc.	LLC interest	N/A	N/A	N/A	—	165		—		252
Hydraulic Authority III Limited(8)(9)(10)	Preferred stock	N/A	N/A	N/A	151	192		—		204
Hydraulic Authority III Limited(8)(9)(10)	Common stock	N/A	N/A	N/A	3	—		—		63
Internet Truckstop Group LLC	LP interest	N/A	N/A	N/A	320	320		—		320
Kareo, Inc.	Warrant	N/A	N/A	N/A	29	203		—		2
Kareo, Inc.	Preferred stock	N/A	N/A	N/A	1	5		—		5
Kareo, Inc.	Warrant	N/A	N/A	N/A	3	—		—		7
Maverick Bidco Inc.	LLC units	N/A	N/A	N/A	1	597		—		343
MetricStream, Inc.	Warrant	N/A	N/A	N/A	94	143		—		143

See Notes to Consolidated Financial Statements.

24

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
MMan Acquisition Co.	Common stock	N/A	N/A	N/A	—	$	25	0.1	%	$	967
Namely, Inc.	Warrant	N/A	N/A	N/A	12	20		—		20
Net Health Acquisition Corp.	LP interest	N/A	N/A	N/A	—	436		0.1		596
Nexus Brands Group, Inc.	LP interest	N/A	N/A	N/A	—	236		—		264
Personify, Inc.	LLC units	N/A	N/A	N/A	342	342		—		482
Pride Midco, Inc.	Preferred stock	N/A	N/A	N/A	1	1,256		0.1		1,382
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	—	399		—		513
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	99	4		—		234
Property Brands, Inc.	LLC units	N/A	N/A	N/A	34	345		—		459
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	—	157		—		166
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	2	—		—		3
Verisys Corporation	LLC interest	N/A	N/A	N/A	318	318		—		266
Workforce Software, LLC	LLC units	N/A	N/A	N/A	1,373	1,373		0.2		2,134
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	232	212		—		247
Xmatters, Inc. and Alarmpoint, Inc.	Warrant	N/A	N/A	N/A	41	33		—		14
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	10	10		—		15
						10,490		0.6		13,442
Ecological
Pace Analytical Services, LLC	Common stock	N/A	N/A	N/A	3	302		—		338
Electronics
Appriss Holdings, Inc.	Preferred stock	N/A	N/A	N/A	—	98		—		98
Diligent Corporation	Preferred stock	N/A	N/A	N/A	359	4		0.1		1,580
Episerver, Inc.	Common stock	N/A	N/A	N/A	40	404		—		445
SEI, Inc.	LLC units	N/A	N/A	N/A	207	161		—		458
Silver Peak Systems, Inc.	Warrant	N/A	N/A	N/A	24	9		—		9
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		—		—
						757		0.1		2,590
Healthcare, Education and Childcare
Active Day, Inc.	LLC interest	N/A	N/A	N/A	1	529		—		289
Acuity Eyecare Holdings, LLC	LLC interest	N/A	N/A	N/A	796	852		0.1		842
ADCS Clinics Intermediate Holdings, LLC	Preferred stock	N/A	N/A	N/A	1	596		—		494
ADCS Clinics Intermediate Holdings, LLC	Common stock	N/A	N/A	N/A	—	6		—		—
Aris Teleradiology Company, LLC	Preferred stock	N/A	N/A	N/A	—	—		—		—
Aris Teleradiology Company, LLC	One stop	N/A	N/A	N/A	1	—		—		—
Aris Teleradiology Company, LLC	Preferred stock	N/A	N/A	N/A	2	—		—		—
Aspen Medical Products, LLC	Common stock	N/A	N/A	N/A	—	40		—		40
BIO18 Borrower, LLC	LLC interest	N/A	N/A	N/A	105	548		0.1		589
BIOVT, LLC	LLC units	N/A	N/A	N/A	—	360		0.1		712
CRH Healthcare Purchaser, Inc.	LP interest	N/A	N/A	N/A	228	228		—		241
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	5,253	525		0.1		708
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	53	5		—		186
Deca Dental Management LLC	LLC units	N/A	N/A	N/A	651	651		0.1		925
Dental Holdings Corporation	LLC units	N/A	N/A	N/A	394	370		—		158
Elite Dental Partners LLC	Common stock	N/A	N/A	N/A	—	426		—		536
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8	81		—		84
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8	—		—		39
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	—	442		—		234
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	4	4		—		—

See Notes to Consolidated Financial Statements.

25

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—	$	304	—	%	$	161
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		—		115
Katena Holdings, Inc.	LLC units	N/A	N/A	N/A	—	205		—		185
Krueger-Gilbert Health Physics, LLC	LLC units	N/A	N/A	N/A	82	82		—		82
Lombart Brothers, Inc.	Common stock	N/A	N/A	N/A	1	146		—		311
MD Now Holdings, Inc.	LLC units	N/A	N/A	N/A	8	78		—		84
MWD Management, LLC & MWD Services, Inc.	LLC interest	N/A	N/A	N/A	230	230		—		127
Oliver Street Dermatology Holdings, LLC	LLC units	N/A	N/A	N/A	218	218		—		—
Pinnacle Treatment Centers, Inc.	Preferred stock	N/A	N/A	N/A	—	226		—		278
Pinnacle Treatment Centers, Inc.	Common stock	N/A	N/A	N/A	2	2		—		98
RXH Buyer Corporation	LP interest	N/A	N/A	N/A	4	443		—		303
SLMP, LLC	LLC interest	N/A	N/A	N/A	378	378		—		465
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	86		—		41
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		—		85
						8,566		0.5		8,412
Insurance
Internet Pipeline, Inc.	Preferred stock	N/A	N/A	N/A	—	153		—		232
Internet Pipeline, Inc.	Common stock	N/A	N/A	N/A	93	2		—		522
Orchid Underwriters Agency, LLC	LP interest	N/A	N/A	N/A	42	42		—		46
						197		—		800
Leisure, Amusement, Motion Pictures, Entertainment
PADI Holdco, Inc.	LLC units	N/A	N/A	N/A	1	539		0.1		606
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	36	56		—		57
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	25	38		—		39
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	20	31		—		32
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	18	27		—		28
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		775
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(16)	LLC units	N/A	N/A	N/A	9	91		—		157
Personal, Food and Miscellaneous Services
Captain D's, LLC	LLC interest	N/A	N/A	N/A	88	88		—		60
Clarkson Eyecare LLC	LLC units	N/A	N/A	N/A	—	86		—		213
Community Veterinary Partners, LLC	Common stock	N/A	N/A	N/A	2	210		—		295
PPV Intermediate Holdings II, LLC	LLC interest	N/A	N/A	N/A	160	160		—		155
Ruby Slipper Cafe LLC, The	LLC units	N/A	N/A	N/A	19	186		—		236
Southern Veterinary Partners, LLC	LLC units	N/A	N/A	N/A	—	282		—		468
Southern Veterinary Partners, LLC	LLC units	N/A	N/A	N/A	83	3		—		94
Wetzel's Pretzels, LLC	Common stock	N/A	N/A	N/A	—	149		—		232
						1,164		—		1,753

See Notes to Consolidated Financial Statements.

26

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Printing and Publishing
Brandmuscle, Inc.	LLC interest	N/A		N/A	N/A	—		$	207	—	%	$	80
Retail Stores
Batteries Plus Holding Corporation	LP interest	N/A		N/A	N/A	5		505		0.1		747
Cycle Gear, Inc.	LLC units	N/A		N/A	N/A	8		111		—		181
Elite Sportswear, L.P.	LLC interest	N/A		N/A	N/A	—		73		—		—
Feeders Supply Company, LLC	Preferred stock	N/A		N/A	N/A	2		179		—		186
Feeders Supply Company, LLC	Common stock	N/A		N/A	N/A	—		—		—		—
Jet Equipment & Tools Ltd.(8)(9)(11)	LLC units	N/A		N/A	N/A	1		384		0.1		606
Pet Holdings ULC(8)(11)	LP interest	N/A		N/A	N/A	222		188		—		86
Pet Supplies Plus, LLC	LLC units	N/A		N/A	N/A	77		77		—		105
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	2		206		—		295
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	—		41		—		61
								1,764		0.2		2,267
Total non-controlled/non-affiliate company equity investments								$	28,620	2.0	%	$	36,469
Total non-controlled/non-affiliate company investments						$	2,078,159	$	2,081,871	178.1	%	$	2,085,062
Non-controlled affiliate company investments(17)
Debt investments
Diversified/Conglomerate Service
Switchfly LLC(8)	One stop	L + 3.00%	(c)	5.59%	10/2023	$	3,067	$	3,015	0.2	%	$	2,761
Switchfly LLC(8)	One stop	L + 3.00%	(c)	5.59%	10/2023	256		252		—		230
Switchfly LLC(8)	One stop	L + 3.00%	(c)	5.59%	10/2023	17		17		—		15
Switchfly LLC(8)	One stop	L + 8.50%		N/A(6)	10/2023	—		—		—		—
						3,340		3,284		0.2		3,006
Total non-controlled affiliate company debt investments						$	3,340	$	3,284	0.2	%	$	3,006
Equity investments(14)(15)
Diversified/Conglomerate Service
Switchfly LLC(8)	LLC units	N/A		N/A	N/A	1,951		$	1,084	0.1	%	1,419
Total non-controlled affiliate company equity investments								$	1,084	0.1	%	$	1,419
Total non-controlled affiliate company investments						$	3,340	$	4,368	0.3	%	$	4,425
Controlled affiliate company investments(18)
Equity investments (14)(15)
Investment Funds and Vehicles
GCIC Senior Loan Fund LLC(8)(19)	LLC interest	N/A		N/A	N/A	48,356		$	48,356	4.3	%	$	49,808
Total controlled affiliate company equity investments								$	48,356	4.3	%	$	49,808
Total controlled affiliate company investments								$	48,356	4.3	%	$	49,808
Total investments						$	2,081,499	$	2,134,595	182.7	%	$	2,139,295

See Notes to Consolidated Financial Statements.

27

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(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)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, and restricted foreign currencies
Cash, foreign currencies, restricted cash and restricted foreign currencies						$	63,823	5.5	%	$	63,823
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, and restricted foreign currencies						$	63,823	5.5	%	$	63,823
Total investments and cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies						$	2,198,418	188.2	%	$	2,203,118

^	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 2018 Debt Securitization (as defined in Note 7).
#	Denotes that all or a portion of the investment collateralizes the DB Credit Facility (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 30, 2019. 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 28, 2019, 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 28, 2019, as the loan may have priced or repriced based on an index rate prior to June 28, 2019.

^(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 2.39% as of June 28, 2019.

^(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 2.33% as of June 28, 2019.

^(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 2.32% as of June 28, 2019.

^(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 2.20% as of June 28, 2019.

^(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 2.18% as of June 28, 2019.

^(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 5.50% as of June 28, 2019.

^(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.39% as of June 28, 2019.

^(h)Denotes that all or a portion of the loan was indexed to the 30-day GBP LIBOR, which was 0.72% as of June 28, 2019.

⁽ⁱ⁾ Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.77% as of June 28, 2019.

^(j) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.85% as of June 28, 2019.

^(k) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 1.25% as of June 28, 2019.

⁽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 30, 2019.

⁽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 30, 2019. 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 30, 2019, 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 June 30, 2019, total non-qualifying assets at fair value represented 7.5% of the Company’s assets calculated in accordance with the 1940 Act.

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

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

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

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

⁽¹³⁾  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 asset remains in the Consolidated Schedule of Investments. See Note 6. Borrowings.

⁽¹⁴⁾  Equity investments are non-income producing securities unless otherwise noted.

⁽¹⁵⁾  Ownership of certain equity investments may occur through a holding company or partnership.

⁽¹⁶⁾  The Company holds an equity investment that entitles it to receive preferential dividends.

See Notes to Consolidated Financial Statements.

28

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)

⁽¹⁷⁾  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 nine months ended June 30, 2019 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 June 30, 2019		Net realized gain/(loss)		Interest and fee income		Dividend income
Switchfly LLC (l)	$	3,716	$	542	$	—	$	(13	)	$	180	$	4,425	$	—	$	98	$	—
Total non-controlled affiliates	$	3,716	$	542	$	—	$	(13	)	$	180	$	4,425	$	—	$	98	$	—

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

⁽¹⁸⁾ 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 ended June 30, 2019 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 June 30, 2019		Net realized gain/(loss)		Interest and fee income		Dividend income
GCIC Senior Loan Fund LLC (m)	$	49,939	$	—	$	—	$	—	$	(131	)	$	49,808	$	—	$	—	$	3,434
Total controlled affiliates	$	49,939	$	—	$	—	$	—	$	(131	)	$	49,808	$	—	$	—	$	3,434

^(m) 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.

⁽¹⁹⁾  The Company receives quarterly profit distributions from its equity investment in GCIC SLF. See Note 5. Investments.

29

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

See Notes to Consolidated Financial Statements.

30

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

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)
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

32

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		)	—		—

33

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

34

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

35

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

36

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

37

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

38

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

39

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

40

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

41

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

42

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

43

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 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 September 28, 2018, as the loan may have priced or repriced based on an index rate prior to September 28, 2018.

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

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

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

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

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

^(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 5.25% as of 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 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 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 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 September 30, 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 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, 2018, total non-qualifying assets at fair value represented 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 headquarters of this portfolio company is located in Canada.

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

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

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

44

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 year ended September 30, 2018 were as follows:

Portfolio Company	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 (j)	$	50,104	$	13,650	$	(15,094	)	$	—	$	—	$	1,279	$	49,939	$	—	$	—	$	5,647
Total Controlled Affiliates	$	50,104	$	13,650	$	(15,094	)	$	—	$	—	$	1,279	$	49,939	$	—	$	—	$	5,647

^(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 have sole control over significant actions of 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 September 30, 2018.

45

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 Semptember 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.

On July 11, 2019, GBDC filed an amended registration statement on Form N-14, which included a joint proxy statement of the Company and GBDC and a prospectus of GBDC.  The registration statement on Form N-14 was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 12, 2019.  Special meetings for each of the Company's and GBDC's stockholders are scheduled for September 4, 2019 to vote on the matters described in the joint proxy statement as required by the Merger Agreement.

46

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 2.Significant Accounting Policies and Recent Accounting Updates

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

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) 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, 2018, as filed with the SEC.

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

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

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

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, GCIC Holdings LLC (“GCIC Holdings”), GCIC Funding LLC (“GCIC Funding”), GCIC 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.

47

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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, GCIC 2016 Issuer, GCIC 2018 CLO Depositor, GCIC 2018 Issuer and GCIC Funding II, which are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GCIC (or any affiliate of GCIC).

Cash, cash equivalents and foreign currencies: Cash, cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits.

Restricted cash and cash equivalents and restricted foreign currencies: Restricted cash, cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash, cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

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

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

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

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

Foreign security and currency transactions 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, 2019, interest income included $3,296 and $7,038, respectively, of accretion of discounts. For the three and nine months ended June 30, 2018, interest income included $2,611 and $6,782, respectively, of accretion of discounts. For the three and nine months ended June 30, 2019, the Company received loan origination fees of $7,579 and $12,856, respectively. For the three and nine months ended June 30, 2018, the Company received loan origination fees of $2,434 and $7,701, respectively.

48

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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, 2019, the Company recorded PIK income of $467 and $817, respectively, and received PIK payments in cash of $0 and $19, respectively. For the three and nine months ended June 30, 2018, the Company recorded PIK income of $484 and $1,423, respectively, and received PIK payments in cash of $0 and an amount less than $1, 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 earned. All other income is recorded into income when earned. For the three and nine months ended June 30, 2019, fee income included $303 and $659, respectively, of prepayment premiums, which fees are non-recurring. For the three and nine months ended June 30, 2018, fee income included $1,140and $2,367, respectively, of prepayment premiums, which fees are non-recurring.

For the three and nine months ended June 30, 2019, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $43,447 and $117,941, respectively. For the three and nine months ended June 30, 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.

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”) andlimited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the amortized cost basis of the investment.

For the three and nine months ended June 30, 2019, excluding the Company's investment in LLC equity interests in GCIC SLF, the Company recorded dividend income of $26 and $56, respectively, and return of capital distributions of $0 and $0, respectively. For the three and nine months ended June 30, 2019, the Company recorded dividend income of $1,206 and $3,434, respectively, and return of capital distributions of $0 and $0, respectively, from the Company's investment in LLC equity interests in GCIC SLF. For the three and nine months ended June 30, 2018, excluding the Company's investment in LLC equity interests in GCIC SLF, the Company recorded dividend income of $3 and $80, respectively, and return of capital distributions of $0 and $635, respectively. For the three and nine months ended June 30, 2018, the Company recorded dividend income of $1,641 and $4,065, respectively, and return of capital distributions of $9,406 and $9,406, respectively, from the Company's investment in LLC equity interests in GCIC 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

49

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $4,708 and $5,197 as of June 30, 2019 and September 30, 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 income as taxable income is earned. For the three and nine months ended June 30, 2019 and 2018, no amount was incurred for U.S. federal excise tax.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the taxpositions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2019. The Company's tax returns for the 2015 through 2018 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 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, 2019 and September 30, 2018, the Company had deferred debt issuance costs of $6,410 and $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, 2019 was $670 and $2,969, respectively. Amortization expense for the three and nine months ended June 30, 2018 was $526 and $1,610, respectively.

50

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

SEC Disclosure Update and Simplification: In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification (the “SEC Release”), amending certain disclosure requirements intended to facilitate the disclosure of information to investors and simplify compliance. The SEC Release is effective for all filings on or after November 5, 2018. The Company first adopted the SEC Release for the 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, in accordance with previous SEC rules, distributable earnings on the Consolidated Statements of 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 applied to the Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2018.

The following table provides the reconciliation of the components of distributable earnings to conform to the current period presentation for the nine months ended June 30, 2018:

	Total increase (decrease) for the nine months ended June 30, 2018
	Capital Distributions in Excess of Net Investment		Net Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments		Distributable Earnings
Net investment income	$	52,892	$	—	$	—	$	52,892
Net realized gain (loss) on investments and foreign currency transactions	—		—		2,548		2,548
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—		3,558		—		3,558
Net increase in net assets from operations	$	52,892	$	3,558	$	2,548	$	58,998

The following table provides the reconciliation of the components of distributions from distributable earnings to conform to the current period presentation for the nine months ended June 30, 2018:

	Total increase (decrease) for the nine months ended June 30, 2018
Distributions to stockholders:
Distributions from net investment income	$	(37,185	)
Distributions from realized gain	(1,337		)
Distributions from distributable earnings	$	(38,522	)

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.

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.

51

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Through June 30, 2019, the Company had reached agreements to cancel undrawn subscriptions totaling $76,476 in the 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, 2019 undrawn subscriptions totaling $84,250 had expired pursuant to the terms of the respective Subscription Agreements.

As of June 30, 2019 and September 30, 2018, GCIC had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

	As of June 30, 2019				As of September 30, 2018
	Subscriptions		Contributions		Subscriptions		Contributions
GCIC Stockholders	$	1,110,667	$	1,052,217	$	1,136,940	$	841,580
Total	$	1,110,667	$	1,052,217	$	1,136,940	$	841,580

As of June 30, 2019 and September 30, 2018, the ratio of total contributed capital to total capital subscriptions was 94.7% and 74.0%, respectively, and GCIC had uncalled capital commitments of $58,450 and $295,360, respectively. For the nine months ended June 30, 2019, undrawn subscriptions totaling $26,273 expired pursuant to the terms of the respective Subscription Agreements.

The following table summarizes the shares of GCIC common stock issued and outstanding for the nine months ended June 30, 2019 and 2018:

	Date	Shares Issued	NAV ($) per share		Proceeds
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
Issuance of shares	01/29/2018	1,407,782.320	15.00		21,116
Issuance of shares	02/26/2018	1,818,340.200	15.00		27,276
Issuance of shares	06/28/2018	1,418,421.266	15.00		21,277
Shares issued for capital drawdowns		6,867,829.319	$	15.00	$	103,018
Issuance of shares (1)	11/27/2017	291,564.353	15.00		4,374
Issuance of shares (1)	12/28/2017	393,201.972	15.00		5,898
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
Shares outstanding, June 30, 2018		59,743,807.048	$	15.00	$	896,158
Shares outstanding, September 30, 2018		62,147,237.484	$	15.00	$	932,209
Issuance of shares	10/15/2018	2,018,759.065	15.00		30,281
Issuance of shares	11/26/2018	2,497,171.129	15.00		37,458
Issuance of shares	12/20/2018	2,919,162.403	15.00		43,787
Issuance of shares	03/04/2019	2,257,162.199	15.00		33,857
Issuance of shares	05/06/2019	2,182,600.000	15.00		32,739
Issuance of shares	05/31/2019	2,167,599.997	15.00		32,515
Shares issued for capital drawdowns		14,042,454.793	$	15.00	$	210,637
Issuance of shares (1)	11/27/2018	439,833.975	15.00		6,597
Issuance of shares (1)	12/28/2018	416,611.113	15.00		6,249
Issuance of shares (1)	02/27/2019	546,755.293	15.00		8,202
Issuance of shares (1)	05/24/2019	461,096.138	15.00		6,916
Shares issued through DRIP		1,864,296.519	$	15.00	$	27,964
Shares outstanding, June 30, 2019		78,053,988.796	$	15.00	$	1,170,810

⁽¹⁾  Shares issued through the DRIP.

52

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 4.Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GCIC. The Board most recently reapproved the Investment Advisory Agreement in May 2019. 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 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, foreign currencies, restricted cash and cash equivalents, and restricted foreign currencies so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser 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 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, 2019, the base management fees irrevocably waived by the Investment Adviser were $1,967 and $5,467, respectively. For the three and nine months ended June 30, 2018, the base management fees irrevocably waived by the Investment Adviser were $1,522 and $4,313, 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 AdministrationAgreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

53

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the Income IncentiveFee, it is possible that an Incentive Fee may be calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Income Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital lossesunless the payment of such Income Incentive Fee would be subject to the Incentive Fee Cap 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 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 also included in the amount of its total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and leverage) used to calculate the base management fee annual rate.

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

• Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

• 50.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which the amount payable to the Investment Adviser equals 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the “catch-up” provision; and

• 20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

The sum of these calculations yields the Income Incentive Fee. This amount is appropriately adjusted for any share issuances or repurchases during the quarter. For the three and nine months ended June 30, 2019, the Income Incentive Fee incurred was $5,898 and $14,878, respectively. For the three and nine months ended June 30, 2018, the Income Incentive Fee incurred was $4,585 and $12,516, 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, 2019, the Income Incentive Fees irrevocably waived by the Investment Adviser were $1,475 and $3,146, respectively. For the three and nine months ended June 30, 2018, the Income Incentive Fees irrevocably waived by the Investment Adviser were $1,146 and $3,014, respectively.

54

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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 anypreviously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (i) realized capital gains, if any, on a cumulative positive basis from December 31, 2014, the date the Company elected to become a BDC, through the end of each calendar year, (ii) all realized capital losses on a cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred 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.

• 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. For the three and nine months ended June 30, 2019, the accrual for the Capital Gain Incentive Fee was a reversal of $201 and a reversal of $1,640, respectively. For the three and nine months ended June 30, 2018, the accrual for the Capital Gain Incentive Fee was $98 and $1,271, respectively.

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.

For the three and nine months ended June 30, 2019, the accrual for the Capital Gain Incentive Fee waiver was a reversal of $51 and a reversal of $407, respectively. For the three and nine months ended June 30, 2018, the accrual for the Capital Gain Incentive Fee waiver was $25 and $318, respectively.

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 30, 2019, the accrual for the Capital Gain Incentive Fee (net of waiver) was a reversal of $150 and a reversal of $1,233, respectively. For the three and nine months ended June 30, 2018, the accrual for the Capital Gain Incentive Fee (net of waiver) was $73 and $953, respectively. Changes in the Capital Gain Incentive Fee and Capital Gain Incentive Fee waiver are included in incentive fee and incentive fee waived in the Consolidated Statements of Operations.

55

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

As of June 30, 2019 and September 30, 2018, included in management and incentive fees payable on the Consolidated Statements of Financial Condition were $1,081 and $2,315, respectively, for cumulative accruals for capital gain incentive fees (net of waiver) under GAAP. 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, 2019 and 2018.

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

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

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

For the three and nine months ended June 30, 2019, the Company deposited $1,299 and $3,670, respectively, into the Escrow Account. For the three and nine months ended June 30, 2018, the Company deposited $1,070 and $2,857, respectively, into the Escrow Account. As of June 30, 2019, the Company has made deposits totaling $11,851 into the Escrow Account.

Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. 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

56

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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 $721 and $555 as of June 30, 2019 and September 30, 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, 2019 and September 30, 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, 2019 were $189 and $1,194, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2018 were $186 and $1,003, respectively.

As of June 30, 2019 and September 30, 2018, included in accounts payable and accrued expenses were $1,014 and $247, respectively, for accrued expenses paid on behalf of the Company by the Administrator.

During the three and nine months ended June 30, 2019, no investments or unfunded commitments were sold to GCIC SLF by the Company. During the three and nine months ended June 30, 2018, the Company sold $0 and $43,759, respectively, of investments and unfunded commitments to GCIC SLF at fair value and recognized $0 and $400, 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, 2019, the Company has issued 1,065,673.521 shares of its common stock, including through the DRIP, to GCOP LLC in exchange for aggregate capital contributions totaling $15,985.

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, 2019, the Company has issued 3,788,428.061 shares of its common stock, including through the DRIP, to GEMS in exchange for aggregate capital contributions totaling $56,826.

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 $27,440 as of June 30, 2019, to purchase shares of the Company’s common stock in a private placement. As of June 30, 2019, the Company has issued

57

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

1,829,329.064 shares of its common stock to GEMS Fund 4, L.P in exchange for aggregate capital contributions totaling $27,440.

During the three and nine months ended June 30, 2019, GCIC SLF incurred an administrative service fee of $45 and $150, 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, 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.

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.

58

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, 2019 and September 30, 2018 consisted of the following:

	As of June 30, 2019						As of September 30, 2018
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	315,254	$	310,457	$	305,446	$	216,389	$	214,208	$	211,035
One stop	1,758,006		1,738,037		1,738,103		1,393,961		1,377,181		1,384,902
Second lien	8,044		7,850		7,855		—		—		—
Subordinated debt	195		191		195		280		280		280
LLC equity interests in GCIC SLF(1)	N/A		48,356		49,808		N/A		48,356		49,939
Equity	N/A		29,704		37,888		N/A		23,097		28,282
Total	$	2,081,499	$	2,134,595	$	2,139,295	$	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, 2019				As of September 30, 2018
Amortized Cost:
United States
Mid-Atlantic	449,595		21.1	%	$	329,743	19.8	%
Midwest	494,867		23.2		367,463		22.1
West	333,453		15.6		238,063		14.3
Southeast	445,860		20.9		357,059		21.5
Southwest	230,593		10.8		162,285		9.7
Northeast	107,538		5.0		175,761		10.6
Canada	60,673		2.8		32,748		2.0
United Kingdom	11,014		0.5		—		—
Australia	1,002		0.1		—		—	%
Total	$	2,134,595	100.0	%	$	1,663,122	100.0	%
Fair Value:
United States
Mid-Atlantic	454,454		21.2	%	$	333,327	19.9	%
Midwest	493,319		23.1		366,439		21.9
West	332,984		15.6		239,414		14.3
Southeast	450,867		21.1		359,417		21.4
Southwest	227,401		10.6		163,550		9.8
Northeast	107,033		5.0		179,255		10.7
Canada	61,232		2.9		33,036		2.0
United Kingdom	10,989		0.5		—		—
Australia	1,016		—	%	$	—	—	%
Total	$	2,139,295	100.0	%	$	1,674,438	100.0	%

59

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, 2019 and September 30, 2018 were as follows:

	As of June 30, 2019				As of September 30, 2018
Amortized Cost:
Aerospace and Defense	$	31,923	1.5	%	$	25,704	1.6	%
Automobile	27,582		1.3		19,007		1.2
Beverage, Food and Tobacco	103,710		4.8		98,376		5.9
Broadcasting and Entertainment	677		0.0	*	682		0.0	*
Buildings and Real Estate	58,608		2.7		48,911		2.9
Chemicals, Plastics and Rubber	8,384		0.4		7,595		0.5
Diversified/Conglomerate Manufacturing	64,130		3.0		55,120		3.3
Diversified/Conglomerate Service	736,942		34.5		525,869		31.6
Ecological	23,203		1.1		21,171		1.3
Electronics	134,118		6.3		133,854		8.1
Finance	14,117		0.7		—		—
Grocery	175		0.0	*	193		0.0	*
Healthcare, Education and Childcare	365,648		17.1		320,847		19.3
Home and Office Furnishings, Housewares, and Durable Consumer	8,256		0.4		8,169		0.5
Hotels, Motels, Inns, and Gaming	—		—		12,268		0.7
Insurance	72,896		3.4		58,813		3.5
Investment Funds and Vehicles	48,356		2.3		48,356		2.9
Leisure, Amusement, Motion Pictures, Entertainment	81,116		3.8		54,920		3.3
Mining, Steel, Iron and Non-Precious Metals	198		0.0	*	195		0.0	*
Oil and Gas	16,375		0.8		13,733		0.8
Personal and Non Durable Consumer Products (Mfg. Only)	35,498		1.7		30,131		1.8
Personal, Food and Miscellaneous Services	126,584		5.9		75,414		4.5
Printing and Publishing	4,626		0.2		4,627		0.3
Retail Stores	156,065		7.3		87,747		5.3
Telecommunications	5,729		0.3		6,259		0.4
Textiles and Leather	1,876		0.1		1,885		0.1
Utilities	7,803		0.4		3,276		0.2
Total	$	2,134,595	100.0	%	$	1,663,122	100.0	%

* Represents an amount less than 0.1%

60

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

	As of June 30, 2019				As of September 30, 2018
Fair Value:
Aerospace and Defense	$	32,691	1.5	%	$	26,445	1.6	%
Automobile	27,898		1.3		19,208		1.1
Beverage, Food and Tobacco	104,853		4.9		99,054		5.9
Broadcasting and Entertainment	678		0.0	*	683		0.1
Buildings and Real Estate	57,535		2.7		48,701		2.9
Chemicals, Plastics and Rubber	8,460		0.4		7,607		0.5
Diversified/Conglomerate Manufacturing	63,723		3.0		54,681		3.3
Diversified/Conglomerate Service	741,787		34.7		532,571		31.8
Ecological	23,509		1.1		21,416		1.3
Electronics	135,738		6.3		136,119		8.1
Finance	14,145		0.6		—		—
Grocery	162		0.0	*	191		0.0	*
Healthcare, Education and Childcare	356,361		16.7		316,305		18.8
Home and Office Furnishings, Housewares, and Durable Consumer	8,157		0.4		8,194		0.5
Hotels, Motels, Inns, and Gaming	—		—		12,438		0.7
Insurance	73,811		3.4		59,643		3.6
Investment Funds and Vehicles	49,808		2.3		49,939		3.0
Leisure, Amusement, Motion Pictures and Entertainment	81,295		3.8		55,000		3.3
Mining, Steel, Iron and Non-Precious Metals	187		0.0	*	196		0.0	*
Oil and Gas	16,498		0.8		13,881		0.8
Personal and Non-Durable Consumer Products (Mfg. Only)	35,935		1.7		30,283		1.8
Personal, Food and Miscellaneous Services	127,868		6.0		76,775		4.6
Printing and Publishing	4,538		0.2		4,568		0.3
Retail Stores	158,153		7.4		89,072		5.3
Telecommunications	5,790		0.3		6,340		0.4
Textiles and Leather	1,858		0.1		1,834		0.1
Utilities	7,857		0.4		3,294		0.2
Total	$	2,139,295	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 30, 2019 and September 30, 2018, GCIC SLF was capitalized by LLC equity interest subscriptions from its members. As of June 30, 2019 and September 30, 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, 2019 allowed GCIC SLF II to borrow up to $59,788 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, 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.

61

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

As of June 30, 2019 and September 30, 2018, GCIC SLF had the following commitments from its members (in the aggregate):

	As of June 30, 2019				As of September 30, 2018
	Committed		Funded(1)		Committed		Funded(1)
LLC equity commitments	$	125,000	$	55,264	$	125,000	$	55,264
Total	$	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, 2019 and September 30, 2018, GCIC SLF had total assets at fair value of $116,781 and $136,557, respectively. As of June 30, 2019 and September 30, 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, 2019 and September 30, 2018, GCIC SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling $7,256 and $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, 2019 and September 30, 2018:

	As of			As of
	June 30, 2019			September 30, 2018
Senior secured loans (1)	$	113,670		$	134,270
Weighted average current interest rate on senior secured loans (2)	7.5		%	7.4		%
Number of borrowers in GCIC SLF	28			33
Largest portfolio company investments (1)	$	8,486		$	8,357
Total of five largest portfolio company investments (1)	$	34,874		$	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.

62

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Portfolio Company	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	%	$	1,915	$	1,915
Boot Barn, Inc.(3)	Retail Stores	Senior loan	06/2023	6.8		3,159		3,159
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	7.1		3,800		3,796
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	N/A(4)		—		—
Captain D's, LLC(3)	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.9		5,807		5,690
Captain D's, LLC(3)	Personal, Food and Miscellaneous Services	Senior loan	12/2023	7.4		22		21
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.7		2,013		2,013
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.7		1,014		1,014
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		2,058		2,058
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		1,035		1,035
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		58		58
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		40		40
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	N/A(4)		—		—
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		2,814		2,758
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		1,131		1,109
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		582		570
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.9		369		362
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		198		194
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		88		86
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		85		83
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.9		20		19
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		2,642		2,642
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		734		734
Flexan, LLC(3)	Chemicals, Plastics and Rubber	Senior loan	02/2020	10.0		232		232
G & H Wire Company, Inc(3)	Healthcare, Education and Childcare	Senior loan	09/2023	8.2		5,298		5,298
Gamma Technologies, LLC(3)	Electronics	Senior loan	06/2024	7.7		4,345		4,345
III US Holdings, LLC	Diversified/Conglomerate Service	Senior loan	09/2022	8.3		4,452		4,452
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		1,963		1,963
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		102		102
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		55		55
Mediaocean LLC	Diversified/Conglomerate Service	Senior loan	08/2020	N/A(4)		—		—
Mills Fleet Farm Group LLC(3)	Retail Stores	Senior loan	10/2024	8.7		5,970		5,970
NBC Intermediate, LLC	Beverage, Food and Tobacco	Senior loan	09/2023	6.7		2,565		2,539
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	6.3		4,925		4,925
Polk Acquisition Corp.(3)	Automobile	Senior loan	06/2022	7.6		8,146		7,983
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.9		90		88
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.6		52		51
Pyramid Healthcare, Inc.(3)	Healthcare, Education and Childcare	Senior loan	08/2020	8.8		2,432		2,432
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	9.0		368		368
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	8.9		147		147
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	N/A(4)		—		—
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		5,924		5,924
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		1,155		1,155
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		622		622

63

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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	7.59%	$	539	$	539
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6	246		246
RSC Acquisition, Inc.(3)	Insurance	Senior loan	11/2022	6.6	3,263		3,263
RSC Acquisition, Inc.(3)	Insurance	Senior loan	11/2021	N/A(4)	—		—
Rubio's Restaurants, Inc(3)	Beverage, Food and Tobacco	Senior loan	10/2019	7.6	1,646		1,613
SEI, Inc.(3)	Electronics	Senior loan	07/2023	7.2	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	02/2022	6.7	5,445		5,445
Self Esteem Brands, LLC(5)	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2022	N/A(4)	—		—
Summit Behavioral Healthcare, LLC(3)	Healthcare, Education and Childcare	Senior loan	10/2023	7.4	5,910		5,910
Summit Behavioral Healthcare, LLC(3)	Healthcare, Education and Childcare	Senior loan	10/2023	7.4	291		291
Summit Behavioral Healthcare, LLC(3)	Healthcare, Education and Childcare	Senior loan	10/2023	7.4	100		100
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3	1,015		934
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3	795		732
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3	141		130
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3	52		48
Upstream Intermediate, LLC	Healthcare, Education and Childcare	Senior loan	01/2024	6.4	3,549		3,549
WHCG Management, LLC(3)	Healthcare, Education and Childcare	Senior loan	03/2023	7.3	2,163		2,033
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	6.6	5,327		5,327
					$	113,670	$	112,928

⁽¹⁾  Represents the weighted average annual current interest rate as of June 30, 2019. 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 June 30, 2019. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

64

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

65

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. 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 senior secured loan in this portfolio company.

66

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

As of June 30, 2019, the Company has committed to fund $109,375 of LLC equity interest subscriptions to GCIC SLF. As of June 30, 2019 and September 30, 2018, $48,356 and $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, 2019, the Company received $1,206 and $3,434, respectively, in dividend income from the GCIC SLF LLC equity interests. For the three and nine months ended June 30, 2018, the Company received $1,641 and $4,065, respectively, in dividend income from the GCIC SLF LLC equity interests.

See below for certain summarized financial information for GCIC SLF as of June 30, 2019 and September 30, 2018 and for the three and nine months ended June 30, 2019 and 2018:

	As of June 30, 2019			As of September 30, 2018
Selected Balance Sheet Information:
Investments, at fair value	$	112,928		$	134,102
Cash and other assets	3,853			2,455
Total assets	$	116,781		$	136,557
Senior credit facility	$	59,788		$	79,650
Unamortized debt issuance costs	(246		)	(569		)
Other liabilities	316			403
Total liabilities	59,858			79,484
Members’ equity	56,923			57,073
Total liabilities and members' equity	$	116,781		$	136,557

	Three months ended June 30,					Nine months ended June 30,
	2019		2018			2019			2018
Selected Statement of Operations Information:
Interest income	$	2,344	$	3,241		$	7,367		$	9,274
Fee income	7		—			7			7
Total investment income	2,351		3,241			7,374			9,281
Interest and other debt financing expenses	947		1,307			2,778			3,783
Administrative service fee	45		63			150			179
Other expenses	28		26			78			84
Total expenses	1,020		1,396			3,006			4,046
Net investment income	1,331		1,845			4,368			5,235
Net change in unrealized appreciation (depreciation) on investments	57		(54		)	(593		)	1,018
Net increase in members' equity	$	1,388	$	1,791		$	3,775		$	6,253

67

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, 2019 and 2018. 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, 2019 and September 30, 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

68

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’sEBITDA 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.

69

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, 2019 and September 30, 2018:

As of June 30, 2019	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	—		—		2,051,599		2,051,599
Equity investments(1)	—		—		37,888		37,888
Investment measured at NAV(2)(3)	—		—		—		49,808
Total assets, at fair value:	$	—	$	—	$	2,089,487	$	2,139,295

As of September 30, 2018	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	1,596,217	$	1,596,217
Equity investments(1)	—		—		28,282		28,282
Money market funds(1)(4)	668		—		—		668
Investment measured at NAV(2)(3)	—		—		—		49,939
Total assets, at fair value:	$	668	$	—	$	1,624,499	$	1,675,106

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

⁽²⁾  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.

⁽³⁾  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.

⁽⁴⁾  Included in cash and cash equivalents on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2019, 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 June 30, 2019 was $921 and $2,334, respectively. 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, 2018 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 June 30, 2018 was ($1,433) and $2,039, respectively.

70

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 months ended June 30, 2019 and 2018:

	For the nine months ended June 30, 2019
	Debt Investments			Equity Investments			Total Investments
Fair value, beginning of period	$	1,596,217		$	28,282		$	1,624,499
Net change in unrealized appreciation (depreciation) on investments	(9,484		)	2,999			(6,485		)
Realized gain (loss) on investments	(559		)	3,431			2,872
Funding of (proceeds from) revolving loans, net	2,054			—			2,054
Fundings of investments	702,985			7,822			710,807
PIK interest	2,087			—			2,087
Proceeds from principal payments and sales of portfolio investments	(248,739		)	(4,646		)	(253,385		)
Accretion of discounts and origination fees	7,038			—			7,038
Fair value, end of period	$	2,051,599		$	37,888		$	2,089,487

	For the nine months ended June 30, 2018
	Debt Investments			Equity Investments			Total Investments
Fair value, beginning of period	$	1,326,950		$	20,647		$	1,347,597
Net change in unrealized appreciation (depreciation) on investments	(21		)	2,060			2,039
Realized gain (loss) on investments on foreign currency transactions	(327		)	2,948			2,621
Funding of (proceeds from) revolving loans, net	(536		)	—			(536		)
Fundings of investments	545,951			5,841			551,792
PIK interest	1,394			—			1,394
Proceeds from principal payments and sales of portfolio investments	(318,578		)	(4,480		)	(323,058		)
Accretion of discounts and origination fees	6,782			—			6,782
Fair value, end of period	$	1,561,615		$	27,016		$	1,588,631

71

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, 2019 and September 30, 2018:

Quantitative information about Level 3 Fair Value Measurements
	Fair value as of June 30, 2019		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans(2)(3)	$	283,214	Market rate approach	Market interest rate	4.3% - 11.0% (6.9%)
			Market comparable companies	EBITDA multiples	5.0x - 24.0x (13.1x)
	17,759		Market comparable	Broker/dealer bids or quotes	N/A
One stop loans(2)(4)(5)	1,737,868		Market rate approach	Market interest rate	2.0% - 17.8% (8.5%)
			Market comparable companies	EBITDA multiples	5.0x - 47.0x (14.7x)
				Revenue multiples	1.5x - 14.2x (5.9x)
Subordinated debt and second lien loans(2)(6)	8,050		Market rate approach	Market interest rate	7.5% - 24.3% (22.6%)
			Market comparable companies	EBITDA multiples	8.5x - 17.5x (17.4x)
				Revenue multiples	3.0x
Equity(7)(8)	37,888		Market comparable companies	EBITDA multiples	5.0x - 47.0x (15.1x)
				Revenue multiples	1.5x - 6.0x (4.4x)

⁽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 and market comparable approaches, as applicable, 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, 2019 was determined using the market rate and market comparable approaches, as applicable.

⁽³⁾  Excludes $4,473 of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.

⁽⁴⁾  Excludes $235 of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.

⁽⁵⁾  The Company valued $1,516,883 and $220,985 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

⁽⁶⁾  The Company valued $8,046 and $4 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All subordinated debt and second lien loans were also valued using the market rate approach.

⁽⁷⁾  Excludes $49,808 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.

⁽⁸⁾  The Company valued $31,442 and $6,446 of equity investments using EBITDA and revenue multiples, respectively.

72

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, 2018		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans(2)(3)	$	202,503	Market rate approach	Market interest rate	4.3% - 9.9% (7.3%)
			Market comparable companies	EBITDA multiples	5.0x - 15.0x (11.7x)
	4,054		Market comparable	Broker/dealer bids or quotes	N/A
One stop loans(2)(4)(5)	$	1,384,183	Market rate approach	Market interest rate	2.0% - 13.8% (8.7%)
			Market comparable companies	EBITDA multiples	4.5x - 35.0x (14.0x)
				Revenue multiples	1.3x - 10.2x (4.8x)
Subordinated debt(2)(6)	$	280	Market rate approach	Market interest rate	8.0% - 19.5% (10.5%)
			Market comparable companies	EBITDA multiples	11.0x
				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 and market comparable approaches, as applicable, 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, 2018 was determined using the market rate and market comparable approaches, as applicable.

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

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

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

⁽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 $49,939 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.

⁽⁸⁾  The Company valued $24,274 and $4,008 of equity investments using EBITDA and revenue multiples, respectively.

73

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

Other Financial Assets and Liabilities

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

The following are the carrying values and fair values of the Company’s debt as of June 30, 2019 and September 30, 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, 2019				As of September 30, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	997,823	$	993,091	$	762,330	$	762,330
Other short-term borrowings	$	4,001	$	4,001	$	—	$	—

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 the 1940 Act. As of June 30, 2019, the Company’s asset coverage for borrowed amounts was 216.0%.

Debt 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. Through December 13, 2018, the GCIC 2016 Debt

74

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Securitization 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 and retained $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. 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 September 30, 2018 Consolidated Statement of Financial Condition as debt of the Company and the Class C GCIC 2016 Notes, Class D GCIC 2016 Notes and LLC equity interests were eliminated in consolidation.

As of June 30, 2019, the GCIC 2016 Notes were no longer outstanding. As of September 30, 2018, there were 93 portfolio companies with a total fair value of $397,419 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.

The interest charged under the GCIC 2016 Debt Securitization was based on three-month LIBOR. For the three and nine months ended June 30, 2019, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2016 Debt Securitization were as follows:

	For the three months ended June 30,					For the nine months ended June 30,
	2019		2018			2019			2018
Stated interest expense	$	—	$	2,804		$	2,418		$	7,593
Amortization of debt issuance costs	—		191			1,419			572
Total interest and other debt financing expenses	$	—	$	2,995		$	3,837		$	8,165
Cash paid for interest expense	$	—	$	2,528		$	4,161		7,192
Annualized average stated interest rate	N/A		4.5		%	4.8		%	4.0		%
Average outstanding balance	$	—	$	252,500		67,518			252,500

On December 13, 2018, the Company completed a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. The Class A-1, Class A-2 and Class B-1 GCIC 2018 Notes are included in the June 30, 2019 Consolidated Statement of Financial Condition as debt of the Company. As of June 30, 2019, 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.

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.

75

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

As of June 30, 2019, there were 119 portfolio companies with a total fair value of $881,059 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 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of June 30, 2019 based on the last interest rate reset was 2.59%. For the three and nine months ended June 30, 2019 the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

	For the three months ended June 30,					For the nine months ended June 30,
	2019			2018		2019			2018
Stated interest expense	$	5,772		$	—	$	12,737		$	—
Amortization of debt issuance costs	189			—		415			—
Total interest and other debt financing expenses	$	5,961		$	—	$	13,152		$	—
Cash paid for interest expense	$	8,324		$	—	$	8,324		$	—
Annualized average stated interest rate	4.2		%	N/A		4.3		%	N/A
Average outstanding balance	$	546,500		$	—	$	400,367		$	—

As of June 30, 2019, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:

Description	Class A-1 GCIC 2018 Notes	Class A-2 GCIC 2018 Notes	Class B-1 GCIC 2018 Notes
Type	Senior Secured Floating Rate	Senior Secured Fixed Rate	Senior Secured Floating Rate
Amount Outstanding	$490,000	$38,500	$18,000
Fitch’s Rating	"AAA"	"NR"	"NR"
S&P Rating	"AAA"	"AAA"	"AA"
Interest Rate	LIBOR + 1.48%	4.67%	LIBOR + 2.25%

The Investment Adviser served as collateral manager to the GCIC 2016 Issuer and serves as collateral manager to the GCIC 2018 Issuer under separate collateral management 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 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.

Revolving Credit 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,

76

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

collateral agent, account bank, collateral custodian, and administrative agent. On May 29, 2019, GCIC Funding entered into an amendment to increase the borrowing capacity of the Credit Facility from $200,000 to $300,000, subject to leverage and borrowing base restrictions. The other material terms of the Credit Facility were unchanged.

On March 21, 2019, the Company and GCIC Funding entered into an amendment to the document governing the amended and restated Credit Facility. The amendment, among other things, decreased the interest rate to one-month LIBOR plus 2.00%, extended the expiration of the reinvestment period to March 20, 2021 and extended the maturity date to March 21, 2024. 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. Prior to March 21, 2019, the Credit Facility bore interest at one-month LIBOR plus 2.15% per annum.

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

As of June 30, 2019 and September 30, 2018, the Company had outstanding debt under the Credit Facility of $180,109 and $434,830, respectively. For the three and nine months ended June 30, 2019, the Company had borrowings on the Credit Facility of $114,444 and $431,720, respectively, and repayments on the Credit Facility of $109,900 and $686,308, respectively. For the three and nine months ended June 30, 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, 2019 and 2018, 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,
	2019			2018			2019			2018
Stated interest expense	$	1,859		$	4,136		$	8,722		$	11,400
Facility fees	84			76			212			170
Amortization of debt issuance costs	232			264			572			809
Total interest and other debt financing expenses	$	2,175		$	4,476		$	9,506		$	12,379
Cash paid for interest expense and facility fees	$	1,954		$	4,119		$	9,467		$	11,151
Annualized average stated interest rate	4.4		%	4.2		%	4.5		%	3.9		%
Average outstanding balance	$	170,785		$	392,069		$	261,038		$	385,894

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 June 30, 2019 allowed GCIC Funding II to borrow up to $250,000 at any one time outstanding, subject to leverage and borrowing base restrictions.

As of June 30, 2019, 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

77

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

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 reinvestment period of the DB Credit Facility expires on December 31, 2021 and the DB Credit Facility matures on December 31, 2024.

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 June 30, 2019, the Company had outstanding debt under the DB Credit Facility of $249,822. For the three and nine months ended June 30, 2019, the Company had borrowings on the DB Credit Facility of $23,370 and $264,554, respectively, and repayments on the DB Credit Facility of $1,028 and $14,879, respectively.

For the three and nine months ended June 30, 2019 and 2018, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the DB Credit Facility were as follows:

	For the three months ended June 30,					For the nine months ended June 30,
	2019			2018		2019			2018
Stated interest expense	$	2,701		$	—	$	4,163		$	—
Facility fees	162			—		399			—
Amortization of debt issuance costs	216			—		432			—
Total interest and other debt financing expenses	$	3,079		$	—	$	4,994		$	—
Cash paid for interest expense and facility fees	$	2,451		$	—	$	2,451		$	—
Annualized average stated interest rate	4.4		%	N/A		4.4		%	N/A
Average outstanding balance	$	247,277		$	—	$	125,188		$	—

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 2.35% as of June 30, 2019. As of each of June 30, 2019 and September 30, 2018, the Company had no outstanding debt under the Revolver.

For the three and nine months ended June 30, 2019, the Company had borrowings on the Revolver of $0 and $24,200, respectively, and repayments on the Revolver of $0 and $24,200, respectively. 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, 2019 and 2018, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Revolver were as follows:

78

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 June 30,						For the nine months ended June 30,
	2019			2018			2019			2018
Stated interest expense	$	—		$	—		$	3		$	5
Cash paid for interest expense	1			—			12			5
Average stated interest rate	—		%	—		%	2.6		%	1.7		%
Average outstanding balance	$	—		$	—		$	160		$	353

SMBC Revolver: On May 17, 2016, the Company entered into a revolving credit agreement with Sumitomo Mitsui Banking Corporation as administrative agent, sole lead arranger and sole manager (as amended, the “SMBC Revolver”), which as of June 30, 2019, allowed GCIC to borrow up to $21,400 at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2019, the borrowing capacity under the SMBC Revolver was reduced from $75,000 to $21,400 as certain of the uncalled capital commitments that secure the facility were fully funded. On May 3, 2019, the Company entered into an amendment to the SMBC Revolver to extend the maturity date from May 17, 2019 to August 17, 2019.

As of June 30, 2019, 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.

As of June 30, 2019 and September 30, 2018, the Company had outstanding debt under the SMBC Revolver of $21,400 and $75,000, respectively. For the three and nine months ended June 30, 2019, the Company had no borrowings on the SMBC Revolver and repayments on the SMBC Revolver of $22,950 and $53,600, respectively. For each of the three and nine months ended June 30, 2018, the Company had no borrowings and no repayments on the SMBC Revolver.

For the three and nine months ended June 30, 2019 and 2018, 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,
	2019			2018			2019			2018
Stated interest expense	$	335		$	660		$	1,576		$	1,813
Facility fees	—			—			2			—
Amortization of debt issuance costs	33			71			131			229
Total interest and other debt financing expenses	$	368		$	731		$	1,709		$	2,042
Cash paid for interest expense	$	337		$	592		$	1,629		$	1,751
Annualized average stated interest rate	4.0		%	3.5		%	3.9		%	3.2		%
Average outstanding balance	$	33,386		$	75,000		$	53,379		$	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 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.

79

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

As of each of June 30, 2019 and September 30, 2018, the Company had $4,001 and $0 outstanding short-term borrowings, respectively. For the three and nine months ended June 30, 2019, the annualized effective interest rate on short-term borrowings was 4.8% and 4.9%, respectively, and interest expense was $30 and $315, respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2019 reported within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies was $119 and $119, respectively.

For each of the three and nine months ended June 30, 2018, the annualized effective interest rate on short-term borrowings was 4.9% and interest expense was $68.

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) for the three and nine months ended June 30, 2019 was $1,000,438 and $916,310. The Company’s average total debt outstanding (including the debt under the Credit Facility, Revolver, SMBC Revolver, GCIC 2016 Debt Securitization, and other short-term borrowings) for the three and nine months ended June 30, 2018 was $725,156 and $715,609, respectively.

For the three and nine months ended June 30, 2019, 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 4.7% and 4.9%, respectively. For the three and nine months ended June 30, 2018, 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.

A summary of the Company’s maturity requirements for borrowings as of June 30, 2019 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	180,109		—		—		180,109		—
DB Credit Facility	249,822		—		—		—		249,822
SMBC Revolver	21,400		21,400		—		—		—
Other short-term borrowings	4,001		4,001		—		—		—
Total borrowings	$	1,001,824	$	25,401	$	—	$	180,109	$	796,314

80

Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 8.Commitments and Contingencies

Commitments: The Company had outstanding commitments to fund investments totaling $229,843 and $205,543

under various undrawn revolvers and other credit facilities as of June 30, 2019 and September 30, 2018, respectively. As described in Note 5, the Company had commitments of up to $61,019 and $61,019 to GCIC SLF as of June 30, 2019 and September 30, 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, 2019 and September 30, 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.

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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,
Per share data:(1)	2019			2018
Net asset value at beginning of period	$	15.00		$	15.00
Distributions declared:(2)
From net investment income	(0.84		)	(1.04		)
From capital gains	(0.06		)	(0.02		)
Net investment income	0.96			0.95
Net realized gain (loss) on investments and foreign currency transactions	0.04			0.05
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(0.10		)	0.06
Net asset value at end of period	$	15.00		$	15.00
Total return based on net asset value per share(3)	6.14		%	7.30		%
Number of common shares outstanding at the end of the period	78,053,988.796			59,743,807.048

	Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:	2019			2018
Ratio of net investment income to average net assets*	8.55		%	8.53		%
Ratio of total expenses to average net assets(4)*	7.30		%	8.38		%
Ratio of management fee waiver to average net assets *	(0.69		)%	(0.70		)%
Ratio of incentive fee waiver to average net assets	(0.30		)%	(0.40		)%
Ratio of net expenses to average net assets(4)*	6.31		%	7.28		%
Ratio of incentive fees to average net assets	1.25		%	1.66		%
Ratio of total expenses (without incentive fees, incentive fee waiver and management fee waiver) to average net assets(4)*	6.95		%	6.18		%
Total return based on average net asset value(5)*	8.09		%	9.52		%
Net assets at end of period	$	1,170,810		$	896,158
Average debt outstanding	$	916,310		$	715,610
Average debt outstanding per share	$	11.74		$	11.98
Portfolio Turnover*	17.18		%	29.05		%
Asset coverage ratio(6)	216.04		%	217.43		%
Asset coverage ratio per unit(7)	$	2,160		$	2,174
Average market value per unit(8):
2016 Debt Securitization	N/A			N/A
2018 Debt Securitization	N/A			N/A
Credit Facility	N/A			N/A
DB Credit Facility	N/A			N/A
SMBC Revolver	N/A			N/A
Revolver	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⁾  Total return based on net asset value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

⁽⁴⁾  Expenses, other than incentive fees, are annualized for a period less than one year.

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Golub Capital Investment Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(In thousands, except shares and per share data)

⁽⁵⁾  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.

⁽⁶⁾  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.

⁽⁷⁾  Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

⁽⁸⁾  Not applicable because such senior securities are not registered for public trading.

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2019 and 2018:

	Three months ended June 30,				Nine months ended June 30,
	2019		2018		2019		2018
Earnings available to stockholders	$	24,241	$	20,476	$	64,078	$	58,998
Basic and diluted weighted average shares outstanding	75,516,790		58,083,180		70,731,718		55,363,298
Basic and diluted earnings per share	$	0.32	$	0.35	$	0.90	$	1.06

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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 months ended June 30, 2019 and 2018:

Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share		Total Dividends Declared
For the nine months ended June 30, 2019
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
11/27/2018	01/21/2019	02/27/2019	70,438,775.169	0.1155		8,136
02/05/2019	02/26/2019	05/24/2019	70,438,775.169	0.0821		5,783
02/05/2019	03/27/2019	05/24/2019	73,242,692.661	0.0980		7,180
02/05/2019	04/29/2019	07/26/2019	73,242,692.661	0.0984		7,209
05/07/2019	05/17/2019	07/26/2019	75,425,292.661	0.1174		8,852
05/07/2019	06/14/2019	07/26/2019	78,053,988.796	0.1048		8,180
Total dividends declared for the nine months ended June 30, 2019						$	64,078
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	02/23/2018	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

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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, 2019 and 2018:

Payment Date	DRIP Shares Issued	NAV ($) per share		DRIP Shares Value
For the nine months ended June 30, 2019
November 27, 2018	439,833.975	$	15.00	$	6,597
December 28, 2018	416,611.113	15.00		6,249
February 27, 2019	546,755.293	15.00		8,202
May 24, 2019	461,096.138	15.00		6,917
	1,864,296.519	$	15.00	$	27,965
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 12, 2019, the date the financial statements were available to be issued. There are no subsequent events to disclose except for the following:

On August 6, 2019, the Board accelerated the payment date of a distribution initially declared by the Board on May 7, 2019 as set forth in the table below:

Record Date	Payment Date	Amount Per Share
July 19, 2019	August 28, 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 1, 2019 through July 31, 2019 per share

On July 11, 2019, GBDC filed an amended registration statement on Form N-14, which included a joint proxy statement of the Company and GBDC and a prospectus of GBDC.  The registration statement on Form N-14 was declared effective by the SEC on July 12, 2019.  Special meetings for each of the Company's and GBDC's stockholders are scheduled for September 4, 2019 to vote on the matters described in the joint proxy statement as required by the Merger Agreement.

On July 26, 2019, the Company issued 827,654.940 shares of common stock through the DRIP.

The Company issued a capital call to stockholders that is due on August 16, 2019, which is summarized in the

following table:

	Date	Shares Issued	NAV ($) per share		Proceeds
Issuance of shares	8/16/2019	3,821,000.007	$	15.00	$	57,315

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our 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

• the effect of changes to tax legislation and our tax 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 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, 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

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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 $30.0 billion in capital under management as of June 30, 2019, (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 2019, 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, 2019 and September 30, 2018, our portfolio at fair value was comprised of the following:

	As of June 30, 2019				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
Senior secured	$	305,446	14.3	%	$	211,035	12.6	%
One stop	1,738,103		81.2		1,384,902		82.7
Second lien	7,855		0.4		—		0.0	*
Subordinated debt	195		0.0	*	280		0.0	*
LLC equity interests in GCIC SLF(1)	49,808		2.3		49,939		3.0
Equity	37,888		1.8		28,282		1.7
Total	$	2,139,295	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

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supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we may adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2019 and September 30, 2018, one stop loans included $221.0 million and $134.9 million, respectively, of late stage lending loans at fair value.

As of June 30, 2019 and September 30, 2018, we had debt and equity investments in 213 and 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, 2019 and 2018 was as follows:

	For the three months ended June 30,		For the nine months ended June 30,
	2019	2018	2019	2018
Weighted average annualized income yield(1)	8.6%	8.8%	8.6%	8.4%
Weighted average annualized investment income yield(2)	9.3%	9.5%	9.1%	9.0%
Total return based on average net asset value(3)*	8.6%	9.5%	8.1%	9.5%
Total return based on net asset value per share(4)	2.2%	2.5%	6.1%	7.3%

* Annualized for periods of less than one year

⁽¹⁾  Represents income from interest and fees, excluding amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments and does not represent a return to any investor in us.

⁽²⁾  Represents income from interest, fees and amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments and does not represent a return to any investor in us.

⁽³⁾  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.

⁽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, 2019, GCIC has earned an inception-to-date internal rate of return, or IRR, of 8.8% for stockholders taken as a whole. For the nine months ended June 30, 2019 and 2018, GCIC earned a year-to-date IRR of 8.0% and 9.9%, 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, second lien, or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or payment-in-kind, or PIK, interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date. In addition, we 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

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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 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, was entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the GCIC 2016 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the GCIC 2016 Collateral Management Agreement, the term “collection period” referred to a quarterly period running from the day after the end of the prior collection period to the tenth business day prior to the payment date. Following redemption of the notes issued by the GCIC 2016 Issuer, the GCIC 2016 Collateral Management Agreement was terminated.

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.

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Collateral management fees were paid directly by the GCIC 2016 Issuer and are paid directly by the GCIC 2018 Issuer to GC Advisors and offset against the management fees payable under the Investment Advisory Agreement. In addition, the GCIC 2016 Issuer and the GCIC 2018 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, and the initial structuring of a $908.2 million term debt securitization, or the GCIC 2018 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 and the 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 Debt Securitization and GCIC 2018 Debt Securitization, collectively the GCIC Debt Securitizations, as applicable.

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

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, GC Advisors 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 August 6, 2019, our board of directors accelerated the payment date of a distribution initially declared on May 7 5, 2019 as set forth in the table below:

Record Date	Payment Date	Amount Per Share
July 19, 2019	August 28, 2019	Net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with generally accepted accounting principles in the United States of America, or GAAP, for the period July 1, 2019 through July 31, 2019 per share

Assuming requisite stockholder approval and satisfaction of other closing conditions for the Merger, our board of directors intends to declare a final distribution for the earnings period from August 1, 2019 to the closing date of the Merger, to be paid at or near the closing date of the Merger.

On July 11, 2019, Golub Capital BDC, Inc (“GBDC”) filed an amended registration statement on Form N-14, which included a joint proxy statement of us and GBDC and a prospectus of GBDC. The registration statement on Form N-14 was declared effective by the SEC on July 12, 2019.  Special meetings for each of us and GBDC's stockholders are scheduled for September 4, 2019 to vote on the matters described in the joint proxy statement as required by the Merger Agreement.

On July 26, 2019, we issued 827,654.940 shares of common stock through the DRIP.

We issued a capital call to stockholders that is due on August 16, 2019, which is summarized in the following table:

	Date	Shares Issued	NAV ($) per share		Proceeds
					(In thousands)
Issuance of shares	8/16/2019	3,821,000.007	$	15.00	$	57,315

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Consolidated Results of Operations

Consolidated operating results for the three and nine months ended June 30, 2019 and 2018 are as follows:

	For the three months ended June 30,						Variances			For the nine months ended June 30,					Variances
	2019			2018			2019 vs. 2018			2019			2018		2019 vs. 2018
	(In thousands)									(In thousands)
Interest income	$	42,553		$	30,909		$	11,644		$	118,718		$	87,307	$	31,411
Income from accretion of discounts and origination fees	3,297			2,611			686			7,039			6,782		257
Dividend income from LLC equity interests in GCIC SLF	1,206			1,641			(435		)	3,434			4,065		(631		)
Dividend income	26			3			23			56			80		(24		)
Fee income	848			1,147			(299		)	1,321			2,435		(1,114		)
Total investment income	47,930			36,311			11,619			130,568			100,669		29,899
Net expenses	22,711			16,895			5,816			62,853			47,777		15,076
Net investment income	25,219			19,416			5,803			67,715			52,892		14,823
Net realized gain (loss) on investments and foreign currency transactions	3,788			2,454			1,334			2,871			2,548		323
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(4,766		)	(1,394		)	(3,372		)	(6,508		)	3,558		(10,066		)
Net increase in net assets resulting from operations	$	24,241		$	20,476		$	3,765		$	64,078		$	58,998	$	5,080
Average earning debt investments, at fair value (1)	$	1,868,905		$	1,465,996		$	402,909		$	1,779,350		$	1,432,555	$	346,795

⁽¹⁾  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 call and deploy capital, we have experienced significant growth in total assets, total liabilities and net assets from June 30, 2018 to June 30, 2019. As a result, quarterly comparisons of operating results may not be meaningful.

Investment Income

Investment income increased from the three months ended June 30, 2018 to the three months ended June 30, 2019 by $11.6 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 $402.9 million and an increase in the London Interbank Offered Rate, or LIBOR.

Investment income increased from the nine months ended June 30, 2018 to the nine months ended June 30, 2019 by $29.9 million primarily as a result of an increase in the average earning debt investment balance of $346.8 million and an increase in LIBOR.

The annualized income yield by debt security type for the three and nine months ended June 30, 2019 and 2018 was as follows:

	For the three months ended June 30,		For the nine months ended June 30,
	2019	2018	2019	2018
Senior secured	7.8%	7.2%	7.5%	7.0%
One stop	8.7%	9.0%	8.7%	8.6%
Second lien	12.2%	N/A	12.2%	N/A
Subordinated debt	6.9%	19.7%	10.1%	19.7%

Annualized income yields on senior secured loans increased for the three and nine months ended June 30, 2019 compared to the three and nine months ended June 30, 2018 primarily due to the rise in LIBOR. The annualized income yield on one stop loans decreased for the three months ended June 30, 2019 compared to the three months ended June 30, 2018 due to an increase in fee income on one stop loans during the three months ended June 30,

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2018 relative to the three months ended June 30, 2019. The annualized income yield on one stop loans increased for the nine months ended June 30, 2019 compared to the nine months ended June 30, 2018 despite the rise in LIBOR due to an increase in fee income during the nine months ended June 30, 2018. As of June 30, 2019, we have two second lien investments and three subordinated debt investments as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, 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, 2019 and 2018:

	For the three months ended June 30,					Variances			For the nine months ended June 30,					Variances
	2019			2018		2019 vs. 2018			2019			2018		2019 vs. 2018
	(In thousands)								(In thousands)
Interest and facility fee expenses	$	10,943		$	7,744	$	3,199		$	30,547		$	21,049	$	9,498
Amortization of debt issuance costs	670			526		144			2,969			1,610		1,359
Base management fee, net of waiver	5,245			4,058		1,187			14,580			11,502		3,078
Income Incentive Fee, net of waiver	4,424			3,439		985			11,732			9,502		2,230
Capital Gain Incentive Fee, net of waiver	(151		)	73		(224		)	(1,233		)	953		(2,186		)
Professional fees	796			465		331			2,073			1,437		636
Administrative service fee	721			538		183			2,019			1,564		455
General and administrative expenses	63			52		11			166			160		6
Net expenses	$	22,711		$	16,895	$	5,816		$	62,853		$	47,777	$	15,076
Average debt outstanding	$	1,000,439		$	725,156	$	275,283		$	916,310		$	715,610	$	200,700

Interest Expense

Interest and facility fee expenses increased by $3.2 million from the three months ended June 30, 2018 to the three months ended June 30, 2019 primarily due to an increase in the weighted average of outstanding borrowings from $725.2 million for the three months ended June 30, 2018 to $1,000.4 millionfor the three months ended June 30, 2019 and an increase in LIBOR. Interest and facility fee expenses increased by $9.5 million from the nine months ended June 30, 2018 to the nine months ended June 30, 2019 primarily due to an increase in the weighted average of outstanding borrowings from $715.6 million for the nine months ended June 30, 2018 to $916.3 million for the nine months ended June 30, 2019 and an increase in LIBOR. For more information about our outstanding borrowings for the three and nine months ended June 30, 2019 and 2018, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

The amortization of debt issuance costs increased by $1.4 million from the nine months ended June 30, 2018 to the nine months ended June 30, 2019 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 GCIC 2016 Debt Securitization in December 2018. This redemption was done in connection with the execution of the GCIC 2018 Debt Securitization.

The effective average interest rate on our outstanding debt increased to 4.7% for the three months ended June 30, 2019 from 4.6% for the three months ended June 30, 2018 primarily due to the increase in LIBOR and the increase in amortization of debt issuance costs, which was partially offset by a weighted average decrease in the spread over LIBOR on our variable rate debt outstanding.

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The effective average interest rate on our outstanding debt increased to 4.9% for the nine months ended June 30, 2019 from 4.2% for the nine months ended June 30, 2018 primarily due to the increase in LIBOR, which is the index that determines the interest rate on our floating rate liabilities, and the increase in amortization of debt issuance costs which was partially offset by a weighted average decrease in the spread over LIBOR on our variable rate debt outstanding.

Management Fee

The base management fee increased as a result of a sequential increase in average adjusted gross assets from the three and nine months ended June 30, 2018 to the three and nine months ended June 30, 2019.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee. The Income Incentive Fee increased by $1.0 million and $2.2 million, respectively, from the three and nine months ended June 30, 2018 to the three and nine months ended June 30, 2019, primarily as a result of the increase in our Pre-Incentive Fee Net Investment Income (as defined in Note 4 to our consolidated financial statements) of $10.1 million and $18.4 million, respectively. For the three and nine months ended June 30, 2019 and 2018, 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%.

There was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement for the three and nine months ended June 30, 2019 and 2018. However, in accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee 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.

The accrual for the Capital Gain Incentive Fee under GAAP was a reversal of $0.2 million, or less than $0.01 per share, and a reversal of $1.2 million, or $0.02 per share for the three and nine months ended June 30, 2019, respectively. The accrual for the Capital Gain Incentive Fee under GAAP was less than $0.1 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. The reversal in accruals for a Capital Gain Incentive Fee under GAAP for the three and nine months ended June 30, 2019 from the three and nine months ended June 30, 2018, was primarily the result of unrealized depreciation of debt and equity investments. For additional details on unrealized appreciation and depreciation of investments, refer to the “NetRealized and Unrealized Gains and Losses” section below.

As of June 30, 2019 and September 30, 2018, the cumulative Capital Gain Incentive Fee accrual in accordance with GAAP was $1.1 million and $2.3 million, respectively, none of which was payable as a Capital Gain Incentive Fee pursuant to the Investment Advisory Agreement. The Merger would, if completed, result in the effective sale of us and all of our assets and liabilities to GBDC and the Merger Agreement provides for the termination of the Investment Advisory Agreement. Upon termination of the Investment Advisory Agreement, the final calculation of the Capital Gain Incentive Fee under the Investment Advisory Agreement will treat all of our investments as being sold at their respective fair values on the date immediately preceding the closing of the Merger. Assuming the Merger had been completed and the Investment Advisory Agreement terminated on June 30, 2019, we would have a payment to GC Advisors of a capital gain incentive fee of $1.1 million pursuant to the Investment Advisory Agreement.

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

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.5 million from the three months ended June 30, 2018 to the three months ended June 30, 2019 and increased by $1.1 million from the nine months ended June 30, 2018 to the nine months ended June 30, 2019. 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, 2019 were $0.2 million and $1.2 million, respectively. Total expenses reimbursed by us to the Administrator for the three and nine months ended June 30, 2018 were $0.2 million and $1.0 million, respectively.

As of June 30, 2019 and September 30, 2018, included in accounts payable and accrued expenses were $1.0 million and $0.2 million, respectively, for accrued expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three and nine months ended June 30, 2019 and 2018:

	For the three months ended June 30,						Variances			For the nine months ended June 30,						Variances
	2019			2018			2019 vs. 2018			2019			2018			2019 vs. 2018
	(In thousands)									(In thousands)
Net realized gain (loss) on investments	$	3,814		$	2,510		$	1,304		$	2,872		$	2,621		$	251
Foreign currency transactions	(26		)	(56		)	30			(1		)	(73		)	72
Net realized gain (loss) on investments and foreign currency transactions	$	3,788		$	2,454		$	1,334		$	2,871		$	2,548		$	323
Unrealized appreciation on investments	9,167			8,151			1,016			22,008			14,752			7,256
Unrealized (depreciation) on investments	(13,893		)	(9,584		)	(4,309		)	(28,493		)	(12,713		)	(15,780		)
Unrealized appreciation on investments in GCIC SLF (1)	8			—			8			—			1,406			(1,406		)
Unrealized (depreciation) on investments in GCIC SLF (1)	—			(74		)	74			(131		)	—			(131		)
Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(48		)	113			(161		)	108			113			(5		)
Net change in unrealized appreciation (depreciation) on investments, investments in GCIC SLF, and foreign currency translation	$	(4,766	)	$	(1,394	)	$	(3,372	)	$	(6,508	)	$	3,558		$	(10,066	)

⁽¹⁾  Unrealized appreciation (depreciation) on investments in GCIC SLF includes our investment in LLC equity interests in GCIC SLF.

For the three months ended June 30, 2019, we had a net realized gain on investments and foreign currency transactions of $3.8 million primarily due to the realized gain on the sale of one equity investment. For the nine months ended June 30, 2019, we had a net realized gain on investments and foreign currency transactions of $2.9 million primarily due to a realized gain on the sale of one equity investment that was offset by realized losses recognized on the restructure of two portfolio company investments.

For the three months ended June 30, 2019, we had $13.9 million in unrealized depreciation on 190 portfolio company investments, which was offset by $9.2 million in unrealized appreciation on 118 portfolio company investments. For the nine months ended June 30, 2019, we had $28.5 million in unrealized depreciation on 191 portfolio company investments, which was partially offset by $22.0 million in unrealized appreciation on 171 portfolio company investments. Unrealized appreciation during the three and nine months ended June 30, 2019 resulted from an increase in fair value primarily due to the rise in market prices of portfolio company investments and the reversal of the net unrealized depreciation associated with the sale or restructure of three portfolio company equity investments. Unrealized depreciation resulted from the amortization of discounts, negative credit related

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adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments during the three and nine months ended June 30, 2019.

For the three and nine months ended June 30, 2019, we had less than $10,000 in unrealized appreciation and $0.1 million in unrealized depreciation, respectively, 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 netted against net investment income at GCIC SLF.

For the three months ended June 30, 2018, we had $9.6 million in unrealized depreciation on 148 portfolio company

investments, which was partially offset by $8.2 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 138 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 during the three and nine months ended June 30,

2018.

For the three months ended June 30, 2018, 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, 2018, we had $1.4 million in unrealized

appreciation on our investment in GCIC SLF LLC equity interests, which was driven by net positive credit related

adjustments associated with GCIC SLF's investment portfolio.

Liquidity and Capital Resources

For the nine months ended June 30, 2019, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $25.3 million. During the period we used $394.0 million in operating activities, primarily as a result of fundings of portfolio investments of $710.8 million, partially offset by proceeds from principal payments and sales of portfolio investments of $253.4 million and net investment income of $67.7 million. Lastly, cash provided by financing activities was $419.3 million, primarily driven by borrowings on debt of $1,342.0 million and proceeds from the issuance of common shares of $210.8 million that were partially offset by repayments of debt of $1,106.5 million, borrowings on other short-term borrowings of $40.2 million, repayments on other short-term borrowings of $36.0 million and distributions paid of $23.7 million.

For the nine months ended June 30, 2018, we experienced a net decrease in cash and cash equivalents, foreign

currencies, restricted cash and cash equivalents and restricted foreign currencies of $12.2 million. During the period we used $181.4 million in operating activities, primarily as a result of fundings of portfolio investments of $563.7 million, partially offset by proceeds from principal payments and sales of portfolio investments of $332.5 million and net investment income of $52.9 million. Lastly, cash provided by financing activities was $169.2 million, primarily driven by borrowings on debt of $480.1 million and proceeds from the issuance of common shares of $102.4 million that were partially offset by repayments of debt of $402.5 million and distributions paid of $21.8 million.

As of June 30, 2019 and September 30, 2018, we had cash and cash equivalents of $12.9 million and $14.4 million, respectively. In addition, we had foreign currencies of $0.1 million and $0.2 million as of June 30, 2019 and September 30, 2018, respectively, restricted cash and cash equivalents of $50.1 million and $23.9 million as of June 30, 2019 and September 30, 2018, respectively, and restricted foreign currencies of $0.6 million as of June 30, 2019. We held no restricted foreign currencies as of September 30, 2018.

Cash and cash equivalents are available to fund new investments, pay operating expenses and pay distributions. As of June 30, 2019, $33.9 million of our restricted cash and cash equivalents could be used to fund new investments that meet the investment guidelines established in the GCIC 2018 Debt Securitization, which is described in further

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detail in Note 7 to our consolidated financial statements, and for the payment of interest expense on the notes issued in the GCIC 2018 Debt Securitization. As of June 30, 2019, $9.2 million of our restricted cash and cash equivalents and restricted foreign currencies could be used to fund investments that meet the guidelines 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, as well as for the payment of interest expense and revolving debt of the Credit Facility. As of June 30, 2019, $7.6 million of our restricted cash and cash equivalents could be used to fund investments that meet the guidelines under the revolving debt of our senior secured revolving credit facility with Deutsche Bank AG, New York Branch, as facility agent, or the DB Credit Facility, as well as for the payment of interest expense on the DB Credit Facility.

As of June 30, 2019, the Credit Facility allowed GCIC Funding to borrow up to $300.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2019 and September 30, 2018, we had $180.1 million and $434.8 million outstanding under the Credit Facility, respectively. As of June 30, 2019 and September 30, 2018, subject to leverage and borrowing base restrictions, we had approximately $119.9 million and $77.3 million, respectively, of remaining commitments and $55.1 million and $59.0 million, respectively, of availability on the Credit Facility.

As of June 30, 2019, 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 $21.4 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2019 and September 30, 2018, we had $21.4 million and $75.0 million outstanding under the SMBC Revolver. As of each of June 30, 2019 and September 30, 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 30, 2019, 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 June 30, 2019, we had $249.8 million outstanding under the DB Credit Facility. As of June 30, 2019, subject to leverage and borrowing base restrictions, we had approximately $0.2 million of remaining commitments and $0.2 million of availability on the DB Credit Facility. The DB Credit Facility was not outstanding as of September 30, 2018.

As of June 30, 2019, 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, 2019 and September 30, 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 bore interest at a rate of three-month LIBOR plus 2.15%, $32.5 million of Class B GCIC 2016 Notes, which bore interest at a rate of three-month LIBOR plus 3.00%, $42.3 million of Class C GCIC 2016 Notes, which bore interest at a rate of three-month LIBOR plus 3.10%, and $28.6 million of Class D GCIC 2016 Notes, which 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 September 30, 2018 Consolidated Statement 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 June 30, 2019 and September 30, 2018, we had outstanding debt under the GCIC 2016 Debt Securitization of $0 and $252.5 million, respectively.

As of June 30, 2019, the GCIC 2016 Notes were no longer outstanding. As of September 30, 2018, there were 93 portfolio companies with a total fair value of $391.4 million securing the GCIC 2016 Notes. The pool of loans in the

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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. 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 CLO II Depositor LLC, or the 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 $490.0 million of AAA/AAA Class A-1 GCIC 2018 Notes, $38.5 million of AAA Class A-2 GCIC 2018 Notes, and $18.0 million 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 $27.0 million, $95.0 million, $60.0 million, and $179.7 million, respectively. The Class A-1, Class A-2 and Class B-1 GCIC 2018 Notes are included in the June 30, 2019 Consolidated Statement of Financial Condition as our debt. As of June 30, 2019 the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of June 30, 2019 and September 30, 2018, we had outstanding debt under the GCIC 2018 Debt Securitization of $901.8 million and $0, respectively.

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 June 30, 2019, 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 June 30, 2019 and September 30, 2018, we had investor capital subscriptions totaling $1,110.7 million and $1,136.9 million, respectively, of which $1,052.2 million and $841.6 million, respectively, had been called and contributed, leaving $58.5 million and $295.4 million of uncalled investor capital subscriptions, respectively. We issued a capital call to stockholders that is due on August 16, 2019 equal to the remaining uncalled investor capital subscriptions, net of subscriptions which expired after June 30, 2019, of $57.3 million.

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, 2019, undrawn subscriptions totaling $26.3 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

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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, 2019, our asset coverage for borrowed amounts was 216.0%.

As of June 30, 2019 and September 30, 2018, we had outstanding commitments to fund investments, excluding our investment in GCIC SLF, totaling $229.8 million and $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, 2019 and September 30, 2018, respectively, subject to the terms of each loan’s respective credit agreement. As of June 30, 2019, 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, 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 sought and received no action relief from the SEC to ensure we could engage in CLO financings in which assets are transferred through GC Advisors.

Although we expect to fund the growth of our investment portfolio through net proceeds from 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, 2019 and September 30, 2018, we had investments in 213 and 186 portfolio companies, respectively, with a total fair value of $2,089.5 million and $1,624.5 million, respectively. As of June 30, 2019 and September 30, 2018, we had investments in GCIC SLF with a total fair value of $49.8 million and $49.9 million, respectively.

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The following table shows the asset mix of our new investment commitments for the three and nine months ended June 30, 2019 and 2018:

	For the three months ended June 30,								For the nine months ended June 30,
	2019				2018				2019				2018
	New Commitments (In thousands)		Percentage of Commitments		New Commitments (In thousands)		Percentage of Commitments		New Commitments (In thousands)		Percentage of Commitments		New Commitments (In thousands)		Percentage of Commitments
Senior secured	$	78,361	22.3	%	$	23,920	9.4	%	$	150,566	19.5	%	$	104,527	15.5	%
One stop	261,346		74.5		227,445		89.4		604,128		78.2		549,495		81.8
Second lien	9,869		2.8		218		0.1		9,992		1.3		218		0.0	*
LLC equity interests in GCIC SLF(1)	—		—		—		—		—		—		11,900		1.8
Equity	1,433		0.4		2,769		1.1		7,821		1.0		5,830		0.9
Total new investment commitments	$	351,009	100.0	%	$	254,352	100.0	%	$	772,507	100.0	%	$	671,970	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, 2019, GCIC SLF had investments in senior secured loans to 28 different borrowers.

For the three and nine months ended June 30, 2019, we had approximately $172.2 million and $253.4 million, respectively, in proceeds from principal payments and return of capital distributions of portfolio companies.

For the three and nine months ended June 30, 2019, we had sales of securities in three and 13 portfolio companies aggregating approximately $3.9 million and $4.7 million, respectively, in net proceeds.

For the three and nine months ended June 30, 2018, we had approximately $134.5 million and $288.1 million, respectively, in proceeds from principal payments and return of capital distributions of portfolio companies. For the three and nine months ended June 30, 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.

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

	As of June 30, 2019 (1)						As of September 30, 2018 (1)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured:
Performing	$	301,947	$	298,958	$	300,973	$	207,782	$	205,615	$	206,557
Non-accrual (2)	13,307		11,499		4,473		8,607		8,593		4,478
One stop:
Performing	1,757,721		1,737,777		1,737,868		1,392,834		1,376,080		1,384,183
Non-accrual (2)	285		260		235		1,127		1,101		719
Subordinated debt:
Performing	195		191		195		280		280		280
Non-accrual (2)	—		—		—		—		—		—
Second lien debt
Performing	8,044		7,850		7,855		—		—		—
Non-accrual (2)	—		—		—		—		—		—
LLC equity interests in GCIC SLF (3)	N/A		48,356		49,808		N/A		48,356		49,939
Equity	N/A		29,704		37,888		N/A		23,097		28,282
Total	$	2,081,499	$	2,134,595	$	2,139,295	$	1,610,630	$	1,663,122	$	1,674,438

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⁽¹⁾  37 and 24 of our loans included a feature permitting a portion of the interest due on such loan to be PIK interest as of June 30, 2019 and September 30, 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⁾  Proceeds from the LLC equity interests in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.

As of June 30, 2019, 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 0.6% and 0.2%, 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 0.6% and 0.3%, respectively. As of June 30, 2019 and September 30, 2018, the fair value of our debt investments as a percentage of the outstanding principal value was 98.6% and 99.1%, respectively.

The following table shows the weighted average rate and spread over LIBOR of floating rate investments of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three and nine months ended June 30, 2019 and 2018:

	For the three months ended June 30,		For the nine months ended June 30,
	2019	2018	2019	2018
Weighted average rate of new investment fundings	8.0%	7.6%	8.1%	7.9%
Weighted average spread over LIBOR of new floating rate investment fundings	5.4%	5.6%	5.7%	6.2%
Weighted average rate of sales and payoffs of portfolio investments(1)	8.7%	8.4%	8.7%	7.7%
Weighted average annualized income yield (2)	8.6%	8.8%	8.6%	8.4%

⁽¹⁾  Excludes exits on investments on non-accrual status.

⁽²⁾  Represents income from interest, 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.

As of June 30, 2019, 91.2% and 91.3% of our debt portfolio at fair value and at amortized cost, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2018, 98.8% and 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, 2019 and September 30, 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 $27.4 million and $26.6 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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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.

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2019 and September 30, 2018:

	June 30, 2019				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
5	$	89,486	4.2	%	$	104,563	6.3	%
4	1,889,566		88.3		1,439,656		86.0
3	141,797		6.6		110,695		6.6
2	17,342		0.8		18,813		1.1
1	1,104		0.1		711		0.0	*
Total	$	2,139,295	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, 2019, GCIC SLF is capitalized by LLC equity interest subscriptions from its members. As of June 30, 2019 and September 30, 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, 2019 and September 30, 2018, GCIC SLF had the following commitments from its members (in the aggregate):

	As of June 30, 2019				As of September 30, 2018
	Committed		Funded (1)		Committed		Funded (1)
	(In thousands)				(In thousands)
LLC equity commitments	$	125,000	$	55,264	$	125,000	$	55,264
Total	$	125,000	$	55,264	$	125,000	$	55,264

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

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As of June 30, 2019, 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 with Wells Fargo Bank, N.A., had ended and the maximum commitment under the GCIC SLF Credit Facility was equal to advances outstanding. The reinvestment period of the GCIC SLF Credit Facility ended September 27, 2018. The stated maturity date is September 28, 2022. As of June 30, 2019 and September 30, 2018, GCIC SLF II had outstanding debt under the GCIC SLF Credit Facility of $59.8 million and $79.7 million, respectively.

Through the reinvestment period, borrowings under the GCIC SLF Credit Facility bore interest at one-month LIBOR plus a rate between 1.75% and 2.05% per annum, depending on the composition of the collateral asset portfolio. Following the expiration of the reinvestment period, borrowings under the GCIC SLF Credit Facility bear interest at one-month LIBOR plus 2.05%.

As of June 30, 2019 and September 30, 2018, GCIC SLF had total assets at fair value of $116.8 million and $136.6 million, respectively. As of June 30, 2019 and September 30, 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, 2019 and September 30, 2018, GCIC SLF had commitments to fund various undrawn revolvers and delayed draw investments to its portfolio companies totaling $7.8 million and $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, 2019 and September 30, 2018:

	As of June 30, 2019			As of September 30, 2018
	(Dollars in thousands)
Senior secured loans (1)	$	113,670		$	134,270
Weighted average current interest rate on senior secured loans (2)	7.5		%	7.4		%
Number of borrowers in GCIC SLF	28			33
Largest portfolio company investments (1)	$	8,486		$	8,357
Total of five largest portfolio company investments (1)	$	34,874		$	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.

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Portfolio Company	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	%	$	1,915	$	1,915
Boot Barn, Inc.(3)	Retail Stores	Senior loan	06/2023	6.8		3,159		3,159
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	7.1		3,800		3,796
Brandmuscle, Inc.	Printing and Publishing	Senior loan	12/2021	N/A(4)		—		—
Captain D's, LLC(3)	Personal, Food and Miscellaneous Services	Senior loan	12/2023	6.9		5,807		5,690
Captain D's, LLC(3)	Personal, Food and Miscellaneous Services	Senior loan	12/2023	7.4		22		21
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.7		2,013		2,013
CLP Healthcare Services, Inc.	Healthcare, Education and Childcare	Senior loan	12/2020	7.7		1,014		1,014
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		2,058		2,058
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		1,035		1,035
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		58		58
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	7.8		40		40
Community Veterinary Partners, LLC	Personal, Food and Miscellaneous Services	Senior loan	10/2021	N/A(4)		—		—
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		2,814		2,758
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		1,131		1,109
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		582		570
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.9		369		362
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		198		194
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		88		86
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.6		85		83
Elite Sportswear, L.P.	Retail Stores	Senior loan	12/2021	8.9		20		19
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		2,642		2,642
Flexan, LLC	Chemicals, Plastics and Rubber	Senior loan	02/2020	8.1		734		734
Flexan, LLC(3)	Chemicals, Plastics and Rubber	Senior loan	02/2020	10.0		232		232
G & H Wire Company, Inc(3)	Healthcare, Education and Childcare	Senior loan	09/2023	8.2		5,298		5,298
Gamma Technologies, LLC(3)	Electronics	Senior loan	06/2024	7.7		4,345		4,345
III US Holdings, LLC	Diversified/Conglomerate Service	Senior loan	09/2022	8.3		4,452		4,452
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		1,963		1,963
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		102		102
Jensen Hughes, Inc.	Buildings and Real Estate	Senior loan	03/2024	6.6		55		55
Mediaocean LLC	Diversified/Conglomerate Service	Senior loan	08/2020	N/A(4)		—		—
Mills Fleet Farm Group LLC(3)	Retail Stores	Senior loan	10/2024	8.7		5,970		5,970
NBC Intermediate, LLC	Beverage, Food and Tobacco	Senior loan	09/2023	6.7		2,565		2,539
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	6.3		4,925		4,925
Polk Acquisition Corp.(3)	Automobile	Senior loan	06/2022	7.6		8,146		7,983
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.9		90		88
Polk Acquisition Corp.	Automobile	Senior loan	06/2022	7.6		52		51
Pyramid Healthcare, Inc.(3)	Healthcare, Education and Childcare	Senior loan	08/2020	8.8		2,432		2,432
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	9.0		368		368
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	8.9		147		147
Pyramid Healthcare, Inc.	Healthcare, Education and Childcare	Senior loan	08/2020	N/A(4)		—		—
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		5,924		5,924
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		1,155		1,155

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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	7.6	%	$	622	$	622
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		539		539
Reladyne, Inc.(3)	Diversified/Conglomerate Manufacturing	Senior loan	07/2022	7.6		246		246
RSC Acquisition, Inc.(3)	Insurance	Senior loan	11/2022	6.6		3,263		3,263
RSC Acquisition, Inc.(3)	Insurance	Senior loan	11/2021	N/A(4)		—		—
Rubio's Restaurants, Inc(3)	Beverage, Food and Tobacco	Senior loan	10/2019	7.6		1,646		1,613
SEI, Inc.(3)	Electronics	Senior loan	07/2023	7.2		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	02/2022	6.7		5,445		5,445
Self Esteem Brands, LLC(5)	Leisure, Amusement, Motion Pictures, Entertainment	Senior loan	02/2022	N/A(4)		—		—
Summit Behavioral Healthcare, LLC(3)	Healthcare, Education and Childcare	Senior loan	10/2023	7.4		5,910		5,910
Summit Behavioral Healthcare, LLC(3)	Healthcare, Education and Childcare	Senior loan	10/2023	7.4		291		291
Summit Behavioral Healthcare, LLC(3)	Healthcare, Education and Childcare	Senior loan	10/2023	7.4		100		100
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3		1,015		934
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3		795		732
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3		141		130
Teasdale Quality Foods, Inc.	Grocery	Senior loan	10/2020	8.3		52		48
Upstream Intermediate, LLC	Healthcare, Education and Childcare	Senior loan	01/2024	6.4		3,549		3,549
WHCG Management, LLC(3)	Healthcare, Education and Childcare	Senior loan	03/2023	7.3		2,163		2,033
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	6.6		5,327		5,327
						$	113,670	$	112,928

⁽¹⁾  Represents the weighted average annual current interest rate as of June 30, 2019. 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, orASC 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 June 30, 2019. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

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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)
						(In thousands)
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

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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, 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.

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As of each of June 30, 2019 and September 30, 2018, we have committed to fund $109.4 million of LLC equity interest subscriptions to GCIC SLF. As of June 30, 2019 and September 30, 2018, $48.4 million and $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, 2019, we received $1.2 million and $3.4 million, respectively, in dividend income from the GCIC SLF LLC equity interests. For the three and nine months ended June 30, 2018, we received $1.6 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, 2019, we earned an annualized total return on our weighted average capital invested in GCIC SLF of 9.7% and 8.8%, respectively. For the three and nine months ended June 30, 2018, we earned an annualized total return on our weighted average capital invested in GCIC SLF of 10.2% and 12.6%, 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 theGCICSLF LLC equity interests.

See below for certain summarized financial information for GCIC SLF as of June 30, 2019 and September 30, 2018 and for the three and nine months ended June 30, 2019 and 2018:

	As of June 30, 2019			As of September 30, 2018
	(In thousands)
Selected Balance Sheet Information:
Investments, at fair value	$	112,928		$	134,102
Cash and other assets	3,853			2,455
Total assets	$	116,781		$	136,557
Senior credit facility	$	59,788		$	79,650
Unamortized debt issuance costs	(246		)	(569		)
Other liabilities	316			403
Total liabilities	59,858			79,484
Members’ equity	56,923			57,073
Total liabilities and members' equity	$	116,781		$	136,557

	Three months ended June 30,					Nine months ended June 30,
	2019		2018			2019			2018
	(In thousands)					(In thousands)
Selected Statement of Operations Information:
Interest income	$	2,344	$	3,241		$7,367			$9,274
Fee income	7		—			7			7
Total investment income	2,351		3,241			7,374			9,281
Interest and other debt financing expense	947		1,307			2,778			3,783
Administrative service fee	45		63			150			179
Other expenses	28		26			78			84
Total expenses	1,020		1,396			3,006			4,046
Net investment income	1,331		1,845			4,368			5,235
Net change in unrealized appreciation (depreciation) on investments	57		(54		)	(593		)	1,018
Net increase in members' equity	$	1,388	$	1,791		$	3,775		$	6,253

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Contractual Obligations and Off-Balance Sheet Arrangements

A summary of our significant contractual payment obligations as of June 30, 2019 is as follows:

	Payments Due by Period (In millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
GCIC 2018 Debt Securitization	$	546.5	$	—	$	—	$	—	$	546.5
Credit Facility	180.1		—		—		180.1		—
DB Credit Facility	249.8		—		—		—		249.8
SMBC Revolver	21.4		21.4		—		—		—
Other short-term borrowings	4.0		4.0		—		—		—
Unfunded commitments (1)	229.8		229.8		—		—		—
Total contractual obligations	$	1,231.6	$	255.2	$	—	$	180.1	$	796.3

⁽¹⁾  Unfunded commitments represent unfunded commitments to fund investments, excluding our investments in GCIC SLF, as of June 30, 2019. 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, 2019, 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, 2019 and September 30, 2018, we had outstanding commitments to fund investments, excluding our commitments to GCIC SLF, totaling $229.8 million and $205.5 million, respectively. We had commitments of up to $61.0 million and $61.0 million to GCIC SLF as of June 30, 2019 and September 30, 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 2018 Issuer under the 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 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 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.

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We

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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, 2019 and 2018. 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, 2019 and September 30, 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 premiumare 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 $4.7 million and $5.2 million as of June 30, 2019 and September 30, 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.

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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.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a quarterly basis. The loans that are subject to 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, 2019 and September 30, 2018, the weighted average LIBOR floor on the loans subject to floating interest rates was 1.01% 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 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 interim and unaudited Consolidated Statement of Financial Condition as of June 30, 2019 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
	(In thousands)
Down 25 basis points	$	(5,088	)	$	(2,495	)	$	(2,593	)
Up 50 basis points	10,174			4,989			5,185
Up 100 basis points	20,350			9,978			10,372
Up 150 basis points	30,524			14,967			15,557
Up 200 basis points	40,700			19,956			20,744

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2019, 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 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.

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Item 4: Controls and Procedures.

As of June 30, 2019 (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.

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Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the three months ended June 30, 2019 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2018 and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2018.

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.

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Item 6: Exhibits.

EXHIBIT INDEX

Number	Description
10.1	Eighth Amendment to Amended and Restated Loan and Servicing Agreement, dated as of May 29, 2019, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC, as the servicer; Golub Capital Investment Corporation, as the transferor; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent.  (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01128), filed on June 3, 2019).
10.2	Facility Extension Request, dated as of May 3, 2019, by and between Golub Capital Investment Corporation, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent, sole lead arranger and sole manager (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 814-01128), filed on May 9, 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

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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 12, 2019	By	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)
Dated: August 12, 2019	By	/s/ Ross A. Teune
		Ross A. Teune
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

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