Company Quick10K Filing
Golub Capital BDC
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 0 $0
10-Q 2020-02-14 Quarter: 2019-12-31
10-K 2019-12-05 Annual: 2019-09-30
10-K 2019-11-25 Annual: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-08-13 Quarter: 2019-06-30
10-Q 2019-05-14 Quarter: 2019-03-31
10-Q 2019-05-08 Quarter: 2019-03-31
10-Q 2019-02-13 Quarter: 2018-12-31
10-Q 2019-02-06 Quarter: 2018-12-31
10-K 2018-11-28 Annual: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-K 2017-11-20 Annual: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-K 2016-11-16 Annual: 2016-11-16
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-Q 2016-02-05 Quarter: 2015-12-31
10-K 2015-11-17 Annual: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-Q 2015-02-06 Quarter: 2014-12-31
10-K 2014-11-18 Annual: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-Q 2014-02-06 Quarter: 2013-12-31
10-K 2013-12-03 Annual: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-Q 2013-02-07 Quarter: 2012-12-31
10-K 2012-11-29 Annual: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-02 Quarter: 2012-03-31
10-Q 2012-02-06 Quarter: 2011-12-31
10-K 2011-12-08 Annual: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-Q 2011-02-10 Quarter: 2010-12-31
10-K 2010-12-13 Annual: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-13 Quarter: 2010-03-31
8-K 2020-03-19 Sale of Shares
8-K 2020-02-14 Earnings, Exhibits
8-K 2020-02-07 Enter Agreement, Exhibits
8-K 2020-02-06 Shareholder Vote
8-K 2019-12-10 Sale of Shares
8-K 2019-12-05 Earnings, Exhibits
8-K 2019-11-25 Earnings, Exhibits
8-K 2019-11-25 Earnings, Exhibits
8-K 2019-11-12 Sale of Shares
8-K 2019-10-31 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-30 Enter Agreement, Exhibits
8-K 2019-10-10 Earnings, Exhibits
8-K 2019-10-09 Earnings, Exhibits
8-K 2019-10-08 Sale of Shares
8-K 2019-09-16 Enter Agreement, Leave Agreement, M&A, Earnings, Regulation FD
8-K 2019-09-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-04 Amend Bylaw, Shareholder Vote, Regulation FD, Exhibits
8-K 2019-09-04 Sale of Shares
8-K 2019-08-26 Other Events
8-K 2019-08-15 Enter Agreement, Exhibits
8-K 2019-08-13 Earnings, Exhibits
8-K 2019-08-09 Sale of Shares
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-12 Earnings, Exhibits
8-K 2019-07-11 Earnings, Exhibits
8-K 2019-07-02 Enter Agreement, Exhibits
8-K 2019-07-02 Sale of Shares
8-K 2019-06-21 Enter Agreement, Exhibits
8-K 2019-06-04 Sale of Shares
8-K 2019-05-23 Sale of Shares
8-K 2019-05-14 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-04-23 Sale of Shares
8-K 2019-04-11 Earnings, Exhibits
8-K 2019-04-10 Earnings, Exhibits
8-K 2019-04-08 Enter Agreement, Exhibits
8-K 2019-03-25 Sale of Shares
8-K 2019-03-07 Sale of Shares
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-02-06 Earnings, Exhibits
8-K 2019-02-06 Earnings, Exhibits
8-K 2019-02-05 Shareholder Vote
8-K 2019-02-05 Shareholder Vote
8-K 2019-02-04 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-01 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-14 Earnings, Exhibits
8-K 2019-01-10 Earnings, Exhibits
8-K 2018-11-28 Enter Agreement, Regulation FD, Exhibits
8-K 2018-11-28 Earnings, Exhibits
8-K 2018-11-28 Earnings, Exhibits
8-K 2018-11-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-01 Enter Agreement, Exhibits
8-K 2018-10-11 Earnings, Exhibits
8-K 2018-10-10 Earnings, Exhibits
8-K 2018-09-21 Enter Agreement, Exhibits
8-K 2018-09-07 Other Events
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-07-20 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-11 Earnings, Exhibits
8-K 2018-07-09 Earnings, Exhibits
8-K 2018-07-09 Regulation FD
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-04-09 Earnings, Exhibits
8-K 2018-04-09 Earnings, Exhibits
8-K 2018-03-15 Enter Agreement, Regulation FD
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-02-06 Shareholder Vote
8-K 2018-01-11 Earnings, Exhibits
8-K 2018-01-10 Earnings, Exhibits
GBDC 2019-12-31
Note 1. Organization
Note 2. Significant Accounting Policies and Recent Accounting Updates
Note 3. Stockholders' Equity
Note 4. Related Party Transactions
Note 5. Investments
Note 6. Forward Currency Contracts
Note 7. Fair Value Measurements
Note 8. Borrowings
Note 9. Commitments and Contingencies
Note 10. Financial Highlights
Note 11. Earnings per Share
Note 12. Dividends and Distributions
Note 13. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures.
Part II - Other Information
Item 1: Legal Proceedings.
Item 1A: Risk Factors.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3: Defaults Upon Senior Securities.
Item 4: Mine Safety Disclosures.
Item 5: Other Information.
Item 6: Exhibits.
EX-31.1 gbdc310-qxfy2020q1exhibit311.htm
EX-31.2 gbdc310-qxfy2020q1exhibit312.htm
EX-32.1 gbdc310-qxfy2020q1exhibit321.htm

Golub Capital BDC Earnings 2019-12-31

GBDC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MMD
CBH
HQH
GBDC
CET
SAF
FLAG
NTG
RCG
SSSS

10-Q 1 gbdc310-qxfy2020q1.htm 10-Q Wdesk | Document

______________________________________________________________________________________________________ 

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

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

For the Quarterly Period Ended December 31, 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 814-01244

Golub Capital BDC 3, Inc.
(Exact name of registrant as specified in its charter)

Maryland
 
82-2375481
(State or other jurisdiction of incorporation or organization)
 
 (I.R.S. Employer Identification No.)

200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

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

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 February 14, 2020, the Registrant had 29,715,740.183 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information
  
Item 1.
Financial Statements
 
Consolidated Statements of Financial Condition as of December 31, 2019 (unaudited) and September 30, 2019
 
Consolidated Statements of Operations for the three months ended December 31, 2019 (unaudited) and 2018 (unaudited)
 
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2019 (unaudited) and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the three months ended December 31, 2019
(unaudited) and 2018 (unaudited)
 
Consolidated Schedules of Investments as of December 31, 2019 (unaudited) and September 30, 2019
 
Notes to Consolidated Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
Part II. Other Information
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits



Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)

 
December 31, 2019
 
September 30, 2019
 
(unaudited)
 
 
Assets
 
 
 
Investments, at fair value (amortized cost of $789,136 and $611,003, respectively)
$
797,693

 
$
616,989

Cash and cash equivalents
3,452

 
2,413

Foreign currencies (cost of $205 and $130, respectively)
206

 
130

Restricted cash and cash equivalents
17,520

 
17,374

Cash collateral held at broker for forward currency contracts
450

 
450

Unrealized net appreciation on forward currency contracts

 
240

Interest receivable
2,102

 
2,226

Capital call receivable

 
16

Other assets
72

 
102

Total Assets
$
821,495

 
$
639,940

Liabilities
  

 
  

Debt
$
364,284

 
$
270,644

Less unamortized debt issuance costs
1,610

 
1,770

Debt less unamortized debt issuance costs
362,674

 
268,874

Other short-term borrowings (proceeds of $2,435 and $16,366, respectively)
2,624

 
16,366

Unrealized net depreciation on forward currency contracts
58

 

Interest payable
2,349

 
881

Distributions payable
3,188

 
6,441

Management and incentive fees payable
4,131

 
3,316

Accounts payable and accrued expenses
735

 
630

Accrued trustee fees

 
12

Total Liabilities
375,759

 
296,520

Commitments and Contingencies (Note 9)
  

 
  

Net Assets
 
 
 
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2019 and September 30, 2019

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 29,715,740.183 and 22,894,689.911 shares issued and outstanding as of December 31, 2019 and September 30, 2019, respectively
30

 
23

Paid in capital in excess of par
445,705

 
343,396

Distributable earnings
1

 
1

Total Net Assets
445,736

 
343,420

Total Liabilities and Total Net Assets
$
821,495

 
$
639,940

Number of common shares outstanding
29,715,740.183

 
22,894,689.911

Net asset value per common share
$
15.00

 
$
15.00




See Notes to Consolidated Financial Statements.


3


Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Statement of Operations (unaudited)
(In thousands, except share and per share data)


 
Three months ended December 31,
 
2019
 
2018
Investment income
  

 
 
Interest income
$
14,511

 
$
4,295

Dividend income
2

 

Fee income
49

 
65

Total investment income
14,562

 
4,360

Expenses
 
 
  

Interest and other debt financing expenses
3,502

 
1,021

Base management fee
2,397

 
646

Incentive fee
2,022

 
554

Professional fees
249

 
188

Administrative service fee
275

 
70

General and administrative expenses
15

 
27

Total expenses
8,460

 
2,506

Base management fee waived (Note 4)
(654
)
 
(176
)
Incentive fee waived (Note 4)
(297
)
 
(55
)
Net expenses
7,509

 
2,275

Net investment income
7,053

 
2,085

Net gain (loss) on investment transactions
  

 
  

Net realized gain (loss) from:
  

 
  

Investments
1

 
2

Foreign currency transactions
(12
)
 
7

Net realized gain (loss) on investment transactions
(11
)
 
9

Net change in unrealized appreciation (depreciation) from:
  

 
  

Investments
2,571

 
567

Forward currency contracts
(299
)
 

Translation of assets and liabilities in foreign currencies
(189
)
 
10

Net change in unrealized appreciation (depreciation) on investment transactions
2,083

 
577

Net gain (loss) on investment transactions
2,072

 
586

Net increase in net assets resulting from operations
$
9,125

 
$
2,671

Per Common Share Data
  

 
  

Basic and diluted earnings per common share
$
0.35

 
$
0.34

Basic and diluted weighted average common shares outstanding
25,893,806

 
7,877,554


See Notes to Consolidated Financial Statements.



4



Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)



 
Common Stock
 
Paid in Capital in Excess of Par
 
Distributable Earnings
 
Total Net Assets
 
Shares
 
Par Amount
 
 
 
Balance at September 30, 2018
5,815,002.633

 
$
6

 
$
87,218

 
$
1

 
$
87,225

Issuance of common stock
4,942,655.000

 
5

 
74,135

 

 
74,140

Net increase in net assets resulting from operations:
 
 
 
 
 
 
 
 


Net investment income

 

 

 
2,085

 
2,085

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
9

 
9

Net change in unrealized appreciation (depreciation) on investment transactions

 

 

 
577

 
577

Distributions to stockholders:
 
 
 
 
 
 
 
 
 
Stock issued in connection with dividend reinvestment plan
102,331.417

 

 
1,535

 

 
1,535

Distributions from distributable earnings

 

 

 
(1,692
)
 
(1,692
)
Distributions declared and payable

 

 

 
(979
)
 
(979
)
Total increase (decrease) for the period ended December 31, 2018
5,044,986.417

 
5

 
75,670

 

 
75,675

Balance at December 31, 2018
10,859,989.050

 
$
11

 
$
162,888

 
$
1

 
$
162,900

Balance at September 30, 2019
22,894,689.911

 
$
23

 
$
343,396

 
$
1

 
$
343,420

Issuance of common stock
6,462,079.629

 
6
 
96,925

 

 
96,931

Net increase in net assets resulting from operations:
 
 
 
 
 
 
 
 
 
Net investment income

 

 

 
7,053

 
7,053

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
(11
)
 
(11)

Net change in unrealized appreciation (depreciation) on investment transactions

 

 

 
2,083

 
2,083

Distributions to stockholders:
 
 
 
 
 
 
 
 
 
Stock issued in connection with dividend reinvestment plan
358,970.643

 
1

 
5,384

 

 
5,385

Distributions from distributable earnings

 

 

 
(5,937
)
 
(5,937
)
Distributions declared and payable

 

 

 
(3,188
)
 
(3,188
)
Total increase (decrease) for the period ended December 31, 2019
6,821,050.272


7

 
102,309

 

 
102,316

Balance at December 31, 2019
29,715,740.183

 
$
30

 
$
445,705

 
$
1

 
$
445,736

 


See Notes to Consolidated Financial Statements.

5



Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)




 
Three months ended December 31,
 
2019
 
2018
Cash flows from operating activities
  

 
 
Net increase in net assets resulting from operations
$
9,125

 
$
2,671

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
205

 
170

Accretion of discounts and amortization of premiums
(700
)
 
(226
)
Net realized (gain) loss on investments
(1
)
 
(2
)
Net change in unrealized (appreciation) depreciation on investments
(2,571
)
 
(567
)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies
189

 
(10
)
Net change in unrealized (appreciation) depreciation on forward currency contracts
299

 

Proceeds from (fundings of) revolving loans, net
(660
)
 
(565
)
Fundings of investments
(198,166
)
 
(94,529
)
Proceeds from principal payments and sales of portfolio investments
21,641

 
3,044

PIK interest
(247
)
 
(15
)
Changes in operating assets and liabilities:
 
 
 
Interest receivable
124

 
(124
)
Other assets
30

 
41

Interest payable
1,468

 
161

Management and incentive fees payable
815

 
403

Accounts payable and accrued expenses
105

 
37

Accrued trustee fees
(12
)
 
1

Net cash (used in) provided by operating activities
(168,356
)
 
(89,510
)
Cash flows from financing activities
  

 
 
Borrowings on debt
183,143

 
116,200

Repayments of debt
(89,503
)
 
(103,200
)
Proceeds from other short-term borrowings
18,800

 
7,598

Repayments on other short-term borrowings
(32,731
)
 

Capitalized debt issuance costs
(45
)
 
(4
)
Proceeds from issuance of common shares
96,947

 
73,430

Distributions paid
(6,994
)
 
(1,717
)
Net cash provided by (used in) financing activities
169,617

 
92,307

Net change in cash and cash equivalents, foreign currencies, and restricted cash and cash equivalents
1,261
 
2,797
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period
19,917
 
3,653
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period
$
21,178

 
$
6,450

Supplemental disclosure of cash flow information:
 
 
 
Cash paid during the period for interest
$
1,829

 
$
605

Distributions declared during the period
9,125

 
2,671

Supplemental disclosure of non-cash operating and financing activity:
 
 
 
Capital call receivable
$

 
$
710

Stock issued in connection with dividend reinvestment plan
5,385

 
1,535

Distributions payable
3,188

 
979


See Notes to Consolidated Financial Statements.


6



Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited) - (continued)
(In thousands)


The following table provides a reconciliation of cash and cash equivalents, foreign currencies, and restricted cash and cash equivalents reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
 
As of December 31,
 
2019
 
2018
Cash and cash equivalents
$
3,452


$
6,380

Foreign currencies
206


70

Restricted cash and cash equivalents
17,520



Total cash and cash equivalents, foreign currencies, and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows
$
21,178

 
$
6,450


See Notes to Consolidated Financial Statements.

7


Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 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
 
 
 
 
 
  
 
  
 
  

 
  

 
  

 
  

Debt Investments
 
 
 
 
 
  
 
  
 
  

 
  

 
  

 
  

Automobile
 
 
 
 
 
  
 
  

  


  


  

 
  

Grease Monkey International, LLC
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2022
 
$
474

 
$
470

 
0.1

%
$
469

Grease Monkey International, LLC#
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2022
 
352

 
348

 
0.1

 
349

Grease Monkey International, LLC#
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2022
 
179

 
178

 

 
177

Grease Monkey International, LLC#
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2022
 
163

 
161

 

 
161

Grease Monkey International, LLC#
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2022
 
101

 
100

 

 
100

Grease Monkey International, LLC#
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2022
 
55

 
54

 

 
54

JHCC Holdings LLC
One stop
 
L + 5.50%
(a) 
 
7.21%
 
09/2025
 
3,027

 
2,999

 
0.7

 
3,027

JHCC Holdings LLC#
One stop
 
P + 4.50%
(f) 
 
9.25%
 
09/2025
 
36

 
35

 

 
36

JHCC Holdings LLC#(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
09/2025
 

 
(48
)
 

 

Power Stop, LLC
Senior loan
 
L + 4.50%
(c) 
 
6.44%
 
10/2025
 
673

 
671

 
0.2

 
673

Quick Quack Car Wash Holdings, LLC
One stop
 
L + 6.50%
(a) 
 
8.30%
 
04/2023
 
1,690

 
1,676

 
0.4

 
1,690

Quick Quack Car Wash Holdings, LLC#
One stop
 
L + 6.50%
(a) 
 
8.25%
 
04/2023
 
822

 
815

 
0.2

 
822

Quick Quack Car Wash Holdings, LLC#
One stop
 
L + 6.50%
(a) 
 
8.30%
 
04/2023
 
718

 
712

 
0.2

 
718

Quick Quack Car Wash Holdings, LLC#
One stop
 
L + 6.50%
(a) 
 
8.30%
 
04/2023
 
480

 
476

 
0.1

 
480

Quick Quack Car Wash Holdings, LLC#
One stop
 
L + 6.50%
(a) 
 
8.19%
 
04/2023
 
97

 
94

 

 
97

Quick Quack Car Wash Holdings, LLC#
One stop
 
L + 6.50%
(a) 
 
8.30%
 
04/2023
 
40

 
40

 

 
40

 
 
 
 
 
 
 
 
 
 
8,907

 
8,781

 
2.0

 
8,893

Beverage, Food and Tobacco
 
 
 
 
 
  
 
  

  


  


  

 
  

BJH Holdings III Corp.
One stop
 
L + 5.75%
(a) 
 
7.55%
 
08/2025
 
19,352

 
19,045

 
4.3

 
19,352

BJH Holdings III Corp.#
One stop
 
L + 5.75%
(a) 
 
7.55%
 
08/2025
 
180

 
172

 

 
180

Fintech Midco, LLC
One stop
 
L + 5.00%
(a) 
 
6.80%
 
08/2024
 
4,922

 
4,884

 
1.1

 
4,922

Fintech Midco, LLC#
One stop
 
L + 5.00%
(a) 
 
6.80%
 
08/2024
 
443

 
440

 
0.1

 
443

Fintech Midco, LLC#(5)
One stop
 
L + 5.00%
 
 
N/A(6)
 
08/2024
 

 
(1
)
 

 

Fintech Midco, LLC#(5)
One stop
 
L + 5.00%
 
 
N/A(6)
 
08/2024
 

 
(7
)
 

 

Flavor Producers, LLC
Senior loan
 
L + 4.75%
(c) 
 
6.71%
 
12/2023
 
440

 
435

 
0.1

 
405

Flavor Producers, LLC#
Senior loan
 
L + 4.75%
(c) 
 
6.68%
 
12/2022
 
15

 
15

 

 
10

Mendocino Farms, LLC#
One stop
 
L + 8.50%
(a) 
 
2.80% cash/7.50% PIK
 
06/2023
 
271

 
269

 
0.1

 
269

Mendocino Farms, LLC#
One stop
 
L + 8.50%
(a) 
 
2.80% cash/7.50% PIK
 
06/2023
 
213

 
211

 

 
211

Mendocino Farms, LLC#
One stop
 
L + 8.50%
(a) 
 
2.80% cash/7.50% PIK
 
06/2023
 
209

 
208

 

 
207

Mendocino Farms, LLC#
One stop
 
L + 1.00%
(a) 
 
2.79% cash/7.50% PIK
 
06/2023
 
103

 
102

 

 
102

Mendocino Farms, LLC#(5)
One stop
 
L + 1.00%
 
 
N/A(6)
 
06/2023
 

 
(1
)
 

 
(2
)
Mendocino Farms, LLC#(5)
One stop
 
L + 1.00%
 
 
N/A(6)
 
06/2023
 

 
(20
)
 

 
(21
)
SSRG Holdings, LLC
One stop
 
L + 5.25%
(a) 
 
7.05%
 
11/2025
 
6,465

 
6,401

 
1.4

 
6,400

SSRG Holdings, LLC#
One stop
 
L + 5.25%
(a) 
 
7.05%
 
11/2025
 
35

 
34

 

 
34

Wood Fired Holding Corp.
One stop
 
L + 5.75%
(c) 
 
7.67%
 
12/2023
 
3,170

 
3,145

 
0.7

 
3,170

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
 

 
(2
)
 

 

 
 
 
 
 
 
 
 
 
 
35,818

 
35,329

 
7.8

 
35,682

Buildings and Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MRI Software LLC
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
12,776

 
12,680

 
2.9

 
12,776

MRI Software LLC
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
6,808

 
6,760

 
1.5

 
6,808

MRI Software LLC#
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
2,509

 
2,499

 
0.6

 
2,509

MRI Software LLC
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
2,422

 
2,398

 
0.5

 
2,422

MRI Software LLC
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
2,402

 
2,378

 
0.5

 
2,402

MRI Software LLC#
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
816

 
802

 
0.2

 
816


See Notes to Consolidated Financial Statements.
8

Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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 - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MRI Software LLC
One stop
 
L + 5.75%
(a) 
 
7.55%
 
06/2023
 
$
316

 
$
313

 
0.1

%
$
316

MRI Software LLC#(5)
One stop
 
L + 5.75%
 
 
N/A(6)
 
06/2023
 

 
(8
)
 

 

 
 
 
 
 
 
 
 
 
 
28,049

 
27,822

 
6.3

 
28,049

Chemicals, Plastics and Rubber
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inhance Technologies Holdings LLC
One stop
 
L + 5.50%
(c) 
 
7.60%
 
07/2024
 
2,504

 
2,481

 
0.6

 
2,504

Inhance Technologies Holdings LLC#
One stop
 
L + 5.50%
(c) 
 
7.60%
 
07/2024
 
332

 
326

 
0.1

 
332

Inhance Technologies Holdings LLC#
One stop
 
P + 4.50%
(f) 
 
9.25%
 
07/2024
 
70

 
69

 

 
70

 
 
 
 
 
 
 
 
 
 
2,906

 
2,876

 
0.7

 
2,906

Containers, Packaging and Glass
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AmerCareRoyal, LLC/JHMCRN Holdings, Inc.
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2025
 
2,905

 
2,877

 
0.6

 
2,876

AmerCareRoyal, LLC/JHMCRN Holdings, Inc.
Senior loan
 
L + 5.00%
(a) 
 
6.80%
 
11/2025
 
525

 
520

 
0.1

 
520

 
 
 
 
 
 
 
 
 
 
3,430

 
3,397

 
0.7

 
3,396

Diversified/Conglomerate Manufacturing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blackbird Purchaser, Inc.
Senior loan
 
L + 4.50%
(c)(f) 
 
6.44%
 
04/2026
 
3,836

 
3,767

 
0.9

 
3,836

Blackbird Purchaser, Inc. #
Senior loan
 
L + 4.50%
(c)(f) 
 
6.44%
 
04/2026
 
251

 
228

 
0.1

 
251

Blackbird Purchaser, Inc. #
Senior loan
 
L + 4.50%
(c) 
 
6.44%
 
04/2024
 
44

 
42

 

 
44

Chase Industries, Inc.
Senior loan
 
L + 5.50%
(c) 
 
5.94% cash/1.50% PIK
 
05/2025
 
1,963

 
1,936

 
0.4

 
1,884

Chase Industries, Inc.#
Senior loan
 
L + 5.50%
(c) 
 
5.94% cash/1.50% PIK
 
05/2025
 
340

 
335

 
0.1

 
326

Chase Industries, Inc.#
Senior loan
 
L + 5.50%
(c) 
 
5.94% cash/1.50% PIK
 
05/2023
 
113

 
111

 

 
107

Protective Industrial Products, Inc.
Senior loan
 
L + 4.50%
(a) 
 
6.30%
 
01/2024
 
2,810

 
2,782

 
0.6

 
2,782

Togetherwork Holdings, LLC
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
1,975

 
1,949

 
0.4

 
1,975

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
505

 
498

 
0.1

 
505

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
482

 
476

 
0.1

 
482

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
477

 
471

 
0.1

 
477

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
444

 
438

 
0.1

 
444

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
408

 
402

 
0.1

 
408

Togetherwork Holdings, LLC
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
306

 
302

 
0.1

 
306

Togetherwork Holdings, LLC
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
204

 
201

 
0.1

 
204

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
184

 
181

 

 
184

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
7.95%
 
03/2024
 
30

 
28

 

 
30

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
18

 
18

 

 
18

Togetherwork Holdings, LLC#
One stop
 
L + 6.25%
(a) 
 
8.05%
 
03/2025
 
17

 
16

 

 
17

 
 
 
 
 
 
 
 
 
 
14,407

 
14,181

 
3.2

 
14,280

Diversified/Conglomerate Service
 
 
 
 
 
  
 
  
 
  

 
  

 
  

 
  

3ES Innovation, Inc.(7)(10)
One stop
 
L + 5.75%
(d) 
 
7.81%
 
05/2025
 
3,765

 
3,689

 
0.9

 
3,765

3ES Innovation, Inc.#(5)(7)(10)
One stop
 
L + 5.75%
 
 
N/A(6)
 
05/2025
 

 
(2
)
 

 

Acquia, Inc.
One stop
 
L + 7.00%
(c) 
 
8.91%
 
10/2025
 
1,804

 
1,787

 
0.4

 
1,786

Acquia, Inc.#(5)
One stop
 
L + 7.00%
 
 
N/A(6)
 
10/2025
 

 
(1
)
 

 
(1
)
Apptio, Inc.
One stop
 
L + 7.25%
(a) 
 
8.96%
 
01/2025
 
12,605

 
12,392

 
2.8

 
12,605

Apptio, Inc. #(5)
One stop
 
L + 7.25%
 
 
N/A(6)
 
01/2025
 

 
(2
)
 

 

Arch Global CCT Holdings Corp.
Senior loan
 
L + 4.75%
(a)(f) 
 
6.55%
 
04/2026
 
1,186

 
1,179

 
0.3

 
1,186

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) 
 
7.80%
 
04/2025
 
2,806

 
2,782

 
0.6

 
2,806

Astute Holdings, Inc.#
One stop
 
L + 6.00%
(a) 
 
7.80%
 
04/2025
 
43

 
42

 

 
43


See Notes to Consolidated Financial Statements.
9

Golub Capital BDC 3, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Astute Holdings, Inc.#(5)
One stop
 
L + 6.00%
 
 
N/A(6)
 
04/2025
 
$

 
$
(10
)
 

%
$

Aurora Lux Finco S.A R.L.(7)(12)
One stop
 
L + 6.00%
(c) 
 
7.93%
 
12/2026
 
7,839

 
7,643

 
1.7

 
7,643

AutoQuotes, LLC
One stop
 
L + 5.75%
(c) 
 
7.66%
 
11/2024
 
2,326

 
2,307

 
0.5

 
2,326

AutoQuotes, LLC#
One stop
 
L + 5.75%
 
 
N/A(6)
 
11/2024
 

 

 

 

Axiom Merger Sub Inc.#
One stop
 
L + 5.25%
(c) 
 
7.26%
 
04/2026
 
1,162

 
1,143

 
0.3

 
1,162

Axiom Merger Sub Inc.#(7)(8)
One stop
 
E + 5.50%
(g) 
 
5.50%
 
04/2026
 
484

 
477

 
0.1

 
481

Axiom Merger Sub Inc.#(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
04/2026
 

 
(1
)
 

 

Axiom Merger Sub Inc.#(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
04/2026
 

 
(16
)
 

 

Bazaarvoice, Inc.
One stop
 
L + 5.75%
(a) 
 
7.55%
 
02/2024
 
8,397

 
8,297

 
1.9

 
8,397

Bazaarvoice, Inc.#(5)
One stop
 
L + 0.00%
 
 
N/A(6)
 
02/2024
 

 
(3
)
 

 

Bearcat Buyer, Inc.
Senior loan
 
L + 4.25%
(c) 
 
6.19%
 
07/2026
 
583

 
576

 
0.1

 
583

Bearcat Buyer, Inc.
Senior loan
 
L + 4.25%
(c) 
 
6.19%
 
07/2026
 
154

 
153

 

 
154

Bearcat Buyer, Inc.#
Senior loan
 
L + 4.25%
(c) 
 
6.19%
 
07/2026
 
65

 
63

 

 
65

Bearcat Buyer, Inc.#
Senior loan
 
L + 4.25%
 
 
N/A(6)
 
07/2024
 

 

 

 

Bullhorn, Inc.
One stop
 
L + 5.50%
(c) 
 
7.44%
 
10/2025
 
13,648

 
13,451

 
3.1

 
13,648

Bullhorn, Inc. #(7)(8)(13)
One stop
 
L + 6.00%
(c) 
 
6.79%
 
10/2025
 
2,435

 
2,400

 
0.6

 
2,624

Bullhorn, Inc. #(7)(8)
One stop
 
E + 5.75%
(c) 
 
5.75%
 
10/2025
 
977

 
963

 
0.2

 
1,002

Bullhorn, Inc.#
One stop
 
L + 7.46%
(c) 
 
7.46%
 
10/2025
 
534

 
496

 
0.1

 
534

Bullhorn, Inc. #(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
10/2025
 

 
(3
)
 

 

Calabrio, Inc.
One stop
 
L + 6.50%
(c) 
 
8.44%
 
06/2025
 
22,076

 
21,876

 
5.0

 
22,076

Calabrio, Inc. #
One stop
 
L + 6.50%
(a) 
 
8.28%
 
06/2025
 
100

 
99

 

 
100

Caliper Software, Inc.
One stop
 
L + 6.00%
(c) 
 
7.94%
 
11/2025
 
6,725

 
6,648

 
1.5

 
6,725

Caliper Software, Inc.#
One stop
 
L + 6.00%
(c) 
 
7.95%
 
11/2023
 
159

 
157

 

 
159

Centrify Corporation
One stop
 
L + 6.25%
(c) 
 
8.20%
 
08/2024
 
5,220

 
5,160

 
1.1

 
5,063

Centrify Corporation#
One stop
 
P + 5.25%
(f) 
 
10.00%
 
08/2024
 
150

 
148

 

 
145

Cloudbees, Inc.#
One stop
 
L + 9.00%
(a) 
 
10.19% cash/0.50% PIK
 
05/2023
 
843

 
828

 
0.2

 
843

Cloudbees, Inc.#
One stop
 
L + 9.00%
(a) 
 
10.19% cash/0.50% PIK
 
08/2021
 
495

 
490

 
0.1

 
495

Cloudbees, Inc.#
One stop
 
L + 8.50%
 
 
N/A(6)
 
05/2023
 

 

 

 

Confluence Technologies, Inc.
One stop
 
L + 5.75%
(a) 
 
7.55%
 
03/2024
 
8,480

 
8,423

 
1.9

 
8,395

Confluence Technologies, Inc.#(5)
One stop
 
L + 5.75%
 
 
N/A(6)
 
03/2024
 

 
(1
)
 

 
(2
)
Connexin Software, Inc.
One stop
 
L + 8.50%
(a) 
 
10.30%
 
02/2024
 
1,261

 
1,249

 
0.3

 
1,261

Connexin Software, Inc. #
One stop
 
L + 8.50%
 
 
N/A(6)
 
02/2024
 

 

 

 

Conservice, LLC
One stop
 
L + 5.25%
(a) 
 
7.05%
 
12/2024
 
890

 
883

 
0.2

 
890

Conservice, LLC#
One stop
 
L + 5.25%
 
 
N/A(6)
 
12/2024
 

 

 

 

Convercent, Inc.
One stop
 
L + 9.00%
(c) 
 
8.25% cash/2.75% PIK
 
12/2024
 
696

 
677

 
0.2

 
686

Convercent, Inc.#
Subordinated debt
 
N/A
 
 
4.00%
 
11/2020
 
35

 
35

 

 
35