Golub Capital BDC 3 10-K/A 2022 FY Annual report (amended)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_____________________________________________________________________________________________

Form 10-K/A

(Amendment No. 1)

_____________________________________________________________________________________________

(Mark One)
ý	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended September 30, 2022
	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)	(Zip Code)

(212) 750-6060

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
None	N/A	N/A

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yes o No ý

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 ý No o

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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 (§232.405 of this chapter) 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 or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
Emerging growth company ý

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. ý

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes ý No o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).Yes o No ý

As of March 31, 2022 and September 30, 2022, there was no established public market for the Registrant's common stock.

The number of shares of the Registrant's common stock, $0.001 par value, outstanding as of December 2, 2022 is 86,854,896.195.

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EXPLANATORY NOTE

Golub Capital BDC 3, Inc. (“GBDC 3” or “the Company”) is filing this Amendment No. 1 to the Annual Report on Form 10-K/A for the purpose of correcting a typographical error in the Ernst & Young LLP’s Report of Independent Registered Public Accounting Firm (“Auditor’s Report”).

The typographical error that was corrected concerns the date referenced as the year end of the Company’s results of operations, changes in net assets and cash flows under “Opinion on the Financial Statements.” The date was corrected from September 30, 2021 to September 30, 2022. The auditor’s opinion on the Company’s consolidated financial statements remained unchanged. The Auditor’s Report was included in our 2022 Annual Report on Form 10-K as originally filed with the Securities and Exchange Commission (the “SEC”) on December 2, 2022 (the “Original Filing”).

Except for the aforementioned correction to the Auditor’s Report, this Amendment does not amend, modify or update the Original Filing in any respect. Information included in this Amendment is stated as of September 30, 2022 and does not reflect events that have occurred subsequent to the filing of the Original Filing and, accordingly, this Amendment should be read in conjunction with our Original Filing made with the SEC.

This Annual Report on Form 10-K/A consists of a cover page, this explanatory note, Item 8 (as amended) of the 2022 Annual Report on Form 10-K (including our consolidated financial statements and the corrected Auditor’s Report), Item 15 of the 2022 Annual Report on Form 10-K, the signature page and the required certifications of GBDC 3’s chief executive officer and the chief financial officer.

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Item 8. Consolidated Financial Statements and Supplementary Data

Index to Consolidated Financial Statements

Management's Report on Internal Control over Financial Reporting	5
Report of Independent Registered Public Accounting Firm	6
Consolidated Statements of Financial Condition as of September 30, 2022 and 2021	7
Consolidated Statements of Operations for the Years Ended September 30, 2022, 2021 and 2020	8
Consolidated Statements of Changes in Net Assets for the Years Ended September 30, 2022, 2021 and 2020	9
Consolidated Statements of Cash Flows for the Years Ended September 30, 2022, 2021 and 2020	10
Consolidated Schedules of Investments as of September 30, 2022 and 2021	12
Notes to the Consolidated Financial Statements	79

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Management’s Report on Internal Control over Financial Reporting

The management of Golub Capital BDC 3, Inc. (“GBDC,” and collectively with its subsidiaries, the “Company,” “we,” “us,” “our” and “Golub Capital BDC 3”) is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is a process designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.

Golub Capital BDC 3’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions recorded necessary to permit the preparation of financial statements in accordance with U.S. generally accepted accounting principles. Our policies and procedures also provide reasonable assurance that receipts and expenditures are being made only in accordance with authorizations of management and the directors of Golub Capital BDC 3, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness as to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of Golub Capital BDC 3’s internal control over financial reporting as of September 30, 2022. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control — Integrated Framework issued in 2013. Based on the assessment, management believes that, as of September 30, 2022, our internal control over financial reporting is effective based on those criteria.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Golub Capital BDC 3, Inc. and Subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial condition of Golub Capital BDC 3, Inc. and Subsidiaries (the Company), including the consolidated schedules of investments, as of September 30, 2022 and 2021, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended September 30, 2022, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2022 and 2021, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended September 30, 2022, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2022 and 2021, by correspondence with the custodians, the underlying investees and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2017.

Chicago, Illinois

December 2, 2022

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	September 30, 2022		September 30, 2021
Assets
Investments at fair value (amortized cost of $2,348,087 and $1,421,537, respectively)	$	2,316,103	$	1,438,643
Cash and cash equivalents	16,307		51,954
Foreign currencies (cost of $1,510 and $1,242, respectively)	1,271		1,352
Restricted cash and cash equivalents	45,672		35,451
Restricted foreign currencies (cost of $2,721 and $1,286 respectively)	2,665		1,222
Cash collateral held at broker for forward currency contracts	—		1,450
Unrealized appreciation on forward currency contracts	20,467		313
Interest receivable	8,641		4,772
Capital call receivable	—		154
Other assets	203		—
Total Assets	$	2,411,329	$	1,535,311
Liabilities
Debt	$	1,118,992	$	700,439
Less unamortized debt issuance costs	(3,055)		2,699
Debt less unamortized debt issuance costs	1,115,937		697,740
Interest payable	10,455		2,312
Distributions payable	—		11,897
Management and incentive fees payable	10,167		7,742
Accounts payable and accrued expenses	1,697		1,155
Accrued trustee fees	154		—
Total Liabilities	1,138,410		720,846
Commitments and Contingencies (Note 10)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2022 and September 30, 2021	—		—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 85,511,291.055 and 54,297,683.237 shares issued and outstanding as of September 30, 2022 and September 30, 2021, respectively	86		54
Paid in capital in excess of par	1,279,046		811,240
Distributable earnings (losses)	(6,213)		3,171
Total Net Assets	1,272,919		814,465
Total Liabilities and Total Net Assets	$	2,411,329	$	1,535,311
Number of common shares outstanding	85,511,291.055		54,297,683.237
Net asset value per common share	$	14.89	$	15.00

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except share and per share data)

	Years ended September 30,
		2022		2021		2020
Investment income
Interest income		$	149,492	$	79,364	$	63,254
Dividend income		112		254		4
Fee income		2,208		1,488		510
Total investment income		151,812		81,106		63,768
Expenses
Interest and other debt financing expenses		34,220		13,094		12,307
Base management fee		28,190		15,123		11,077
Incentive fee		10,384		11,592		4,188
Professional fees		1,455		989		988
Administrative service fee		2,361		1,762		1,214
General and administrative expenses		474		329		223
Total expenses		77,084		42,889		29,997
Base management fee waived (Note 4)		(7,688)		(4,124)		(3,021)
Incentive fee waived (Note 4)		(493)		(1,361)		(587)
Net expenses		68,903		37,404		26,389
Net investment income		82,909		43,702		37,379
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments		2,064		1,430		(993)
Foreign currency transactions		377		(1,112)		27
Net realized gain (loss) on investment transactions		2,441		318		(966)
Net change in unrealized appreciation (depreciation) from:
Investments		(20,404)		21,750		(10,631)
Forward currency contracts		20,154		265		(192)
Translation of assets and liabilities in foreign currencies		(21,700)		761		(44)
Net change in unrealized appreciation (depreciation) on investment transactions		(21,950)		22,776		(10,867)
Net gain (loss) on investment transactions		(19,509)		23,094		(11,833)
Net increase in net assets resulting from operations		$	63,400	$	66,796	$	25,546
Per Common Share Data
Basic and diluted earnings per common share (Note 12)		$	0.86	$	1.65	$	0.83
Basic and diluted weighted average common shares outstanding (Note 12)		73,856,628		40,394,338		30,664,150

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2019	22,894,689.911	$	23	$	343,396	$	1	$	343,420
Issuance of common stock	11,535,388.193	11		172,427		—		172,438
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		37,379		37,379
Net realized gain (loss) on investment transactions	—	—		—		(966)		(966)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(10,867)		(10,867)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	958,771.362	1		14,115		—		14,116
Distributions from distributable earnings (losses)	—	—		—		(25,903)		(25,903)
Total increase (decrease) for the year ended September 30, 2020	12,494,159.555	12		186,542		(357)		186,197
Balance at September 30, 2020	35,388,849.466	35		529,938		(356)		529,617
Issuance of common stock	17,371,128.512	17		260,550		—		260,567
Repurchase of common stock	(2,810.818)	—		(42)		—		(42)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		43,702		43,702
Net realized gain (loss) on investment transactions	—	—		—		318		318
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		22,776		22,776
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,540,516.077	2		23,091		—		23,093
Distributions from distributable earnings (losses)	—	—		—		(51,379)		(51,379)
Distributions declared and payable	—	—		—		(11,897)		(11,897)
Distributions declared from return of capital	—	—		(2,290)		—		(2,290)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles	—	—		(7)		7		—
Total increase (decrease) for the year ended September 30, 2021	18,908,833.771	19		281,302		3,527		284,848
Balance at September 30, 2021	54,297,683.237	54		811,240		3,171		814,465
Issuance of common stock	29,483,537.643	30		441,900		—		441,930
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		82,909		82,909
Net realized gain (loss) on investment transactions	—	—		—		2,441		2,441
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(21,950)		(21,950)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,730,070.175	2		25,910		—		25,912
Distributions from distributable earnings	—	—		—		(72,788)		(72,788)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles	—	—		(4)		4		—
Total increase (decrease) for the year ended September 30, 2022	31,213,607.818	32		467,806		(9,384)		458,454
Balance at September 30, 2022	85,511,291.055	$	86	$	1,279,046	$	(6,213)	$	1,272,919

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

	Years ended September 30,
	2022		2021		2020
Cash flows from operating activities
Net increase in net assets resulting from operations	$	63,400	$	66,796	$	25,546
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	3,466		1,969		1,192
Accretion of discounts and amortization of premiums	(7,933)		(5,229)		(3,327)
Net realized (gain) loss on investments	(2,064)		(1,430)		993
Net realized (gain) loss on foreign currency transactions	(377)		1,112		(27)
Net change in unrealized (appreciation) depreciation on investments	20,404		(21,750)		10,631
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	21,700		(761)		44
Net change in unrealized (appreciation) depreciation on forward currency contracts	(20,154)		(265)		192
Proceeds from (fundings of) revolving loans, net	(2,164)		1,208		(808)
Fundings of investments	(1,171,935)		(823,699)		(403,323)
Proceeds from principal payments and sales of portfolio investments	263,735		301,697		127,718
PIK interest	(6,189)		(2,589)		(1,746)
Changes in operating assets and liabilities:
Cash collateral held at broker for forward currency contracts	1,450		(1,000)		—
Interest receivable	(3,869)		(1,638)		(908)
Receivable from investments sold	—		64		(64)
Other assets	(203)		46		56
Interest payable	8,143		1,152		279
Management and incentive fees payable	2,425		3,853		573
Accounts payable and accrued expenses	542		305		220
Accrued trustee fees	154		—		(12)
Net cash provided by (used in) operating activities	(829,469)		(480,159)		(242,771)
Cash flows from financing activities
Borrowings on debt	1,246,187		883,740		595,249
Repayments of debt	(819,684)		(563,440)		(485,148)
Proceeds from other short-term borrowings	208,838		—		21,267
Repayments on other short-term borrowings	(208,470)		—		(37,664)
Capitalized debt issuance costs	(3,822)		(3,477)		(613)
Proceeds from issuance of common shares	442,084		260,423		172,444
Repurchase of shares	—		(42)		—
Distributions paid	(58,773)		(30,576)		(18,228)
Net cash provided by (used in) financing activities	806,360		546,628		247,307
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	(23,109)		66,469		4,536
Effect of foreign currency exchange rates	(955)		(1,003)		60
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	89,979		24,513		19,917
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	65,915	$	89,979	$	24,513
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	22,611	$	9,973	$	10,836
Distributions declared during the period	72,788		65,566		25,903
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	(154)	$	144	$	(6)
Stock issued in connection with dividend reinvestment plan	25,912		23,093		14,116
Change in distributions payable	(11,897)		11,897		(6,441)

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Cash Flows- (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 September 30,
	2022		2021
Cash and cash equivalents	$	16,307	$	51,954
Foreign currencies (cost of $1,510 and $1,242, respectively)	1,271		1,352
Restricted cash and cash equivalents	45,672		35,451
Restricted foreign currencies (cost of $2,721 and $1,286, respectively)	2,665		1,222
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	65,915	$	89,979

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

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2022

(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
Airlines
Aurora Lux Finco S.A.R.L. #(8)(13)	One stop	L + 6.00%	(b)	8.78%	12/2026	$	7,643	$	7,527	0.6	%	$	7,261
Auto Components
COP CollisionRight Holdings, Inc.#~	One stop	SF + 4.75%	(l)	7.26%	04/2028	6,403		6,311		0.5		6,338
COP CollisionRight Holdings, Inc.	One stop	SF + 4.75%	(l)	8.45%	04/2028	27		26		—		26
COP CollisionRight Holdings, Inc.(5)	One stop	SF + 4.75%		N/A(6)	04/2028	—		(33)		—		(40)
Covercraft Parent III, Inc.#	Senior loan	L + 4.50%	(b)	6.78%	08/2027	2,077		2,060		0.2		2,077
Covercraft Parent III, Inc.	Senior loan	L + 4.50%	(b)	8.17%	08/2027	422		413		—		422
Covercraft Parent III, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	08/2027	—		(1)		—		—
North Haven Falcon Buyer, LLC#	One stop	L + 6.50%	(c)	8.51%	05/2027	2,364		2,345		0.2		2,269
North Haven Falcon Buyer, LLC	One stop	L + 6.50%	(c)	8.67%	05/2027	396		390		—		380
						11,689		11,511		0.9		11,472
Automobiles
CG Group Holdings, LLC#~	One stop	L + 7.25%	(b)	8.92% cash/2.00% PIK	07/2027	13,526		13,374		1.0		12,445
CG Group Holdings, LLC	One stop	L + 7.25%	(a)	8.37% cash/2.00% PIK	07/2026	338		333		—		311
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	9,953		9,866		0.8		9,654
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	2,978		2,952		0.2		2,889
Denali Midco 2, LLC~	One stop	SF + 6.25%	(k)	9.38%	12/2027	2,680		2,656		0.2		2,599
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	1,810		1,794		0.2		1,755
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	1,719		1,704		0.2		1,668
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	1,500		1,487		0.1		1,455
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	1,237		1,226		0.1		1,199
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	1,200		1,190		0.1		1,164
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2027	1,200		1,190		0.1		1,164
Denali Midco 2, LLC	One stop	SF + 6.25%	(k)	9.28%	12/2027	990		982		0.1		961
Denali Midco 2, LLC#	One stop	SF + 6.50%	(k)	9.45%	12/2027	561		544		0.1		544
Denali Midco 2, LLC(5)	One stop	SF + 5.25%		N/A(6)	12/2027	—		(4)		—		(15)
Denali Midco 2, LLC(5)	One stop	SF + 6.50%		N/A(6)	12/2027	—		(17)		—		(17)
JHCC Holdings LLC	One stop	L + 5.75%	(b)(d)	9.91%	09/2025	4,990		4,950		0.4		4,841
JHCC Holdings LLC~	One stop	L + 5.75%	(b)	9.42%	09/2025	2,944		2,920		0.2		2,855
JHCC Holdings LLC#	One stop	P + 4.75%	(d)	11.00%	09/2025	253		251		—		246
JHCC Holdings LLC	One stop	L + 5.75%	(b)	9.42%	09/2025	155		137		—		138
JHCC Holdings LLC	One stop	P + 4.75%	(b)(d)	10.30%	09/2025	57		56		—		54
MOP GM Holding, LLC~+	One stop	SF + 5.75%	(m)	9.98%	11/2026	9,594		9,511		0.7		9,403
MOP GM Holding, LLC#	One stop	SF + 5.75%	(m)	7.62%	11/2026	1,346		1,330		0.1		1,319
MOP GM Holding, LLC~	One stop	L + 5.75%	(c)	7.09%	11/2026	1,063		1,055		0.1		1,042
MOP GM Holding, LLC+	One stop	L + 5.75%	(c)	6.95%	11/2026	1,032		1,023		0.1		1,011
MOP GM Holding, LLC+	One stop	SF + 5.75%	(l)	8.58%	11/2026	764		758		0.1		749
MOP GM Holding, LLC	One stop	SF + 5.75%	(m)	8.98%	11/2026	635		630		—		622
MOP GM Holding, LLC	One stop	SF + 5.75%	(m)	7.62%	11/2026	585		576		—		574
MOP GM Holding, LLC	One stop	SF + 5.75%	(m)	9.98%	11/2026	213		211		—		209
MOP GM Holding, LLC	One stop	SF + 5.75%	(m)	9.50%	11/2026	186		184		—		182
MOP GM Holding, LLC	One stop	SF + 5.75%	(l)	8.99%	11/2026	93		92		—		91
MOP GM Holding, LLC	One stop	SF + 5.75%	(c)(l)(m)	8.91%	11/2026	86		84		—		82
MOP GM Holding, LLC	One stop	SF + 5.75%	(l)	9.55%	11/2026	60		59		—		58
MOP GM Holding, LLC	One stop	SF + 5.75%	(m)	8.51%	11/2026	31		31		—		30
MOP GM Holding, LLC	One stop	SF + 5.75%	(m)	8.94%	11/2026	31		31		—		30
MOP GM Holding, LLC(5)	One stop	SF + 5.75%		N/A(6)	11/2026	—		(14)		—		(24)

See Notes to Consolidated Financial Statements.

12

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
National Express Wash Parent Holdco, LLC#	One stop	SF + 5.50%	(m)	8.27%	07/2029	$	1,572	$	1,557	0.1	%	$	1,557
National Express Wash Parent Holdco, LLC	One stop	SF + 5.50%	(m)	8.39%	07/2029	70		68		—		68
National Express Wash Parent Holdco, LLC(5)	One stop	SF + 5.50%		N/A(6)	07/2029	—		(11)		—		(11)
POY Holdings, LLC#	One stop	L + 5.50%	(b)	9.17%	11/2027	18,280		17,967		1.4		18,280
POY Holdings, LLC	One stop	L + 5.50%	(b)	9.14%	11/2027	1,197		1,163		0.1		1,197
POY Holdings, LLC	One stop	L + 5.50%	(b)	9.17%	11/2027	36		32		—		36
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(b)	9.31%	10/2024	2,003		1,998		0.2		2,003
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(b)	9.31%	10/2024	1,643		1,634		0.1		1,643
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	9.62%	10/2024	1,225		1,210		0.1		1,225
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(b)	9.31%	10/2024	799		795		0.1		799
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(b)	9.31%	10/2024	698		694		0.1		698
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(b)	9.31%	10/2024	467		464		—		467
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(b)	9.31%	10/2024	380		378		—		380
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)(b)	9.50%	10/2024	370		352		—		370
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)(b)	9.51%	10/2024	337		332		—		337
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(b)	9.31%	10/2024	337		318		—		337
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(b)	9.32%	10/2024	80		80		—		80
Spotless Brands, LLC#	One stop	SF + 6.50%	(l)	9.19%	07/2028	4,173		4,092		0.3		4,089
Spotless Brands, LLC	One stop	SF + 6.50%	(k)	9.44%	07/2028	213		209		—		209
Spotless Brands, LLC	One stop	SF + 6.50%	(d)(k)	9.92%	07/2028	20		20		—		20
Spotless Brands, LLC(5)	One stop	SF + 6.50%		N/A(6)	07/2028	—		(3)		—		(3)
TWAS Holdings, LLC#~	One stop	SF + 6.25%	(k)	9.38%	12/2026	12,111		12,002		1.0		12,111
TWAS Holdings, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2026	7,849		7,783		0.6		7,849
TWAS Holdings, LLC#	One stop	SF + 6.25%	(k)	9.38%	12/2026	7,307		7,246		0.6		7,307
TWAS Holdings, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2026	4,985		4,943		0.4		4,985
TWAS Holdings, LLC	One stop	SF + 6.25%	(k)	9.38%	12/2026	3,143		3,116		0.2		3,143
TWAS Holdings, LLC(5)	One stop	SF + 6.25%		N/A(6)	12/2026	—		(3)		—		—
						133,105		131,588		10.2		130,464
Beverages
Fintech Midco, LLC+	One stop	L + 5.25%	(b)	8.06%	08/2024	4,775		4,755		0.4		4,727
Fintech Midco, LLC#	One stop	L + 5.25%	(b)	8.06%	08/2024	3,192		3,172		0.3		3,160
Fintech Midco, LLC	One stop	L + 5.25%	(b)	8.06%	08/2024	430		428		—		426
Fintech Midco, LLC(5)	One stop	L + 5.25%		N/A(6)	08/2024	—		—		—		(1)
Watermill Express, LLC#	One stop	L + 5.50%	(b)	9.17%	04/2027	885		878		0.1		876
Watermill Express, LLC	One stop	L + 5.50%		N/A(6)	04/2027	—		—		—		—
Watermill Express, LLC(5)	One stop	L + 5.50%		N/A(6)	04/2027	—		—		—		(1)
Winebow Holdings, Inc.#~	One stop	L + 6.25%	(a)	9.37%	07/2025	3,053		3,023		0.2		3,053
						12,335		12,256		1.0		12,240
Building Products
BECO Holding Company, Inc.#~+	One stop	L + 5.50%	(b)	9.17%	11/2028	32,674		32,389		2.5		32,019
BECO Holding Company, Inc.(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(4)		—		(10)
BECO Holding Company, Inc.(5)	One stop	L + 5.50%		N/A(6)	11/2028	—		(73)		—		(169)
						32,674		32,312		2.5		31,840
Chemicals
Inhance Technologies Holdings LLC#	One stop	L + 5.25%	(b)	7.53%	07/2024	3,593		3,568		0.3		3,557
Inhance Technologies Holdings LLC#	One stop	L + 5.25%	(b)	7.53%	07/2024	2,434		2,426		0.2		2,410
Inhance Technologies Holdings LLC#	One stop	L + 5.25%	(b)	7.53%	07/2024	736		734		—		729
Inhance Technologies Holdings LLC	One stop	L + 5.25%	(b)	7.53%	07/2024	11		11		—		10
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E + 6.25%	(f)	8.11%	09/2028	13,358		15,547		1.0		12,957
PHM NL SP Bidco B.V.(8)(14)	One stop	L + 6.25%	(c)	10.42%	09/2028	5,922		5,834		0.5		5,745

See Notes to Consolidated Financial Statements.

13

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	SN + 6.25%	(i)	8.44%	09/2028	$	2,888	$	3,405	0.2	%	$	2,801
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E + 6.25%	(f)	6.31%	09/2028	1412		1596		0.1		1360
						30,354		33,121		2.3		29,569

See Notes to Consolidated Financial Statements.

14

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC#~	One stop	L + 5.25%	(b)	8.92%	10/2028	$	6,824	$	6,738	0.5	%	$	6,688
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	L + 5.25%		N/A(6)	10/2028	—		(3)		—		(4)
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	L + 5.25%		N/A(6)	10/2028	—		(9)		—		(20)
North Haven Stack Buyer, LLC#~	One stop	SF + 5.50%	(k)	8.63%	07/2027	3,772		3,741		0.3		3,697
North Haven Stack Buyer, LLC~	One stop	SF + 5.50%	(k)	8.63%	07/2027	1,270		1,260		0.1		1,245
North Haven Stack Buyer, LLC~	One stop	SF + 5.50%	(k)	8.63%	07/2027	419		416		—		411
North Haven Stack Buyer, LLC	One stop	SF + 5.50%	(k)	8.63%	07/2027	38		37		—		35
North Haven Stack Buyer, LLC(5)	One stop	SF + 5.50%		N/A(6)	07/2027	—		(10)		—		(24)
OVG Business Services, LLC#	One stop	L + 6.25%	(a)	9.34%	11/2028	764		749		0.1		749
OVG Business Services, LLC	One stop	L + 5.50%	(a)	8.14%	11/2026	9		9		—		8
Profile Products LLC#	One stop	L + 5.50%	(b)	8.43%	11/2027	2,477		2,429		0.2		2,477
Profile Products LLC#(8)	One stop	L + 5.50%	(b)	8.42%	11/2027	584		574		—		584
Profile Products LLC	One stop	L + 5.50%	(a)(d)	8.60%	11/2027	18		17		—		18
Profile Products LLC(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(3)		—		—
Profile Products LLC(5)	One stop	L + 5.25%		N/A(6)	11/2027	—		(1)		—		—
PT Intermediate Holdings III, LLC#~	One stop	L + 5.50%	(b)	9.17%	11/2028	24,431		24,015		1.9		23,942
PT Intermediate Holdings III, LLC	One stop	L + 5.50%	(b)	9.17%	11/2028	15,548		15,352		1.2		15,237
Radwell Parent, LLC#	One stop	SF + 5.75%	(l)	9.40%	03/2029	11,046		10,879		0.8		10,604
Radwell Parent, LLC(5)	One stop	SF + 5.75%		N/A(6)	03/2028	—		(4)		—		(9)
Radwell Parent, LLC(5)	One stop	SF + 5.75%		N/A(6)	03/2029	—		(54)		—		(144)
Trinity Air Consultants Holdings Corporation	One stop	L + 5.25%	(c)	8.60%	06/2027	462		455		0.1		445
Trinity Air Consultants Holdings Corporation#	One stop	L + 5.25%	(c)	7.08%	06/2027	174		171		—		170
Trinity Air Consultants Holdings Corporation	One stop	L + 5.25%		N/A(6)	06/2027	—		—		—		—
						67,836		66,758		5.2		66,109
Communications Equipment
Lightning Finco Limited(8)(10)	One stop	L + 5.50%	(b)	8.57%	09/2028	4,453		4,377		0.4		4,364
Lightning Finco Limited(8)(9)(10)	One stop	E + 5.50%	(e)	6.25%	09/2028	448		534		—		439
						4,901		4,911		0.4		4,803
Containers and Packaging
AmerCareRoyal LLC#	Senior loan	L + 5.50%	(a)	8.12% cash/0.50% PIK	11/2025	2,565		2,535		0.2		2,513
AmerCareRoyal LLC#	Senior loan	L + 5.50%	(a)	8.12% cash/0.50% PIK	11/2025	544		537		—		533
AmerCareRoyal LLC	Senior loan	L + 5.50%	(a)	8.12% cash/0.50% PIK	11/2025	532		525		—		522
AmerCareRoyal LLC#(8)	Senior loan	L + 5.50%	(a)	8.12% cash/0.50% PIK	11/2025	461		455		0.1		451
Chase Intermediate#~	One stop	L + 5.00%	(b)(c)	8.00%	10/2028	35,650		35,357		2.7		34,938
Chase Intermediate(5)	One stop	L + 5.00%		N/A(6)	10/2028	—		(3)		—		(7)
Chase Intermediate(5)	One stop	L + 5.00%		N/A(6)	10/2028	—		(33)		—		(70)
Fortis Solutions Group, LLC#~	One stop	L + 5.50%	(b)(c)	9.59%	10/2028	15,266		15,037		1.2		15,113
Fortis Solutions Group, LLC	One stop	L + 5.50%	(c)	9.67%	10/2027	20		15		—		17
Fortis Solutions Group, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(43)		—		(5)
Fortis Solutions Group, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(21)		—		(29)
						55,038		54,361		4.2		53,976

See Notes to Consolidated Financial Statements.

15

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Distributors
WSC Holdings Midco LLC#	Senior loan	SF + 4.50%	(l)	7.13%	07/2027	$	1,274	$	1,261	0.1	%	$	1,261
WSC Holdings Midco LLC	Senior loan	SF + 4.50%	(l)	7.30%	07/2027	773		767		0.1		765
WSC Holdings Midco LLC#	Senior loan	SF + 4.50%	(l)	7.13%	07/2027	543		538		—		538
WSC Holdings Midco LLC(5)	Senior loan	SF + 4.50%		N/A(6)	07/2027	—		(1)		—		(1)
WSC Holdings Midco LLC(5)	Senior loan	SF + 4.50%		N/A(6)	07/2027	—		(5)		—		(3)
						2,590		2,560		0.2		2,560
Diversified Consumer Services
Certus Pest, Inc.~	One stop	SF + 6.25%	(m)	9.08%	02/2026	623		611		—		610
Certus Pest, Inc.~	One stop	SF + 6.25%	(m)	9.08%	02/2026	597		580		—		585
Certus Pest, Inc.	One stop	SF + 6.25%	(m)	8.19%	02/2026	431		431		—		422
Certus Pest, Inc.~	One stop	SF + 6.25%	(l)(m)	10.04%	02/2026	423		419		—		415
Certus Pest, Inc.~	One stop	SF + 6.25%	(m)	9.08%	02/2026	295		289		—		289
Certus Pest, Inc.~	One stop	SF + 6.25%	(m)	9.08%	02/2026	260		248		—		255
Certus Pest, Inc.	One stop	SF + 6.25%	(l)	9.95%	02/2026	253		252		—		248
Certus Pest, Inc.~	One stop	SF + 6.25%	(l)	9.95%	02/2026	150		146		—		147
Certus Pest, Inc.	One stop	SF + 6.25%	(m)	9.08%	02/2026	94		88		—		92
Certus Pest, Inc.	One stop	SF + 6.25%	(m)	9.08%	02/2026	51		41		—		50
Certus Pest, Inc.	One stop	SF + 6.25%	(l)	9.95%	02/2026	21		19		—		21
Certus Pest, Inc.(5)	One stop	SF + 6.25%		N/A(6)	02/2026	—		—		—		(1)
Certus Pest, Inc.(5)	One stop	SF + 6.25%		N/A(6)	02/2026	—		(1)		—		—
Certus Pest, Inc.(5)	One stop	SF + 6.25%		N/A(6)	02/2026	—		(5)		—		(39)
CHHJ Midco, LLC#	Senior loan	L + 5.00%	(a)	8.12%	01/2026	1,086		1,078		0.1		1,086
CHHJ Midco, LLC	Senior loan	L + 5.00%		N/A(6)	01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%	(b)	6.78%	07/2027	979		966		0.1		969
COP Hometown Acquisitions, Inc.#	Senior loan	L + 4.50%	(b)	7.24%	07/2027	737		731		0.1		730
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%	(b)	6.78%	07/2027	718		709		0.1		711
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.75%	(b)	7.75%	07/2027	590		579		0.1		590
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%	(b)	6.87%	07/2027	471		466		0.1		466
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%	(b)	7.19%	07/2027	333		329		—		329
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%		N/A(6)	07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF + 6.50%	(l)	10.00%	09/2028	1,320		1,297		0.1		1,297
DP Flores Holdings, LLC(5)	One stop	SF + 6.50%		N/A(6)	09/2028	—		(2)		—		(2)
DP Flores Holdings, LLC(5)	One stop	SF + 6.50%		N/A(6)	09/2028	—		(8)		—		(8)
DP Flores Holdings, LLC	One stop	SF + 6.50%		N/A(6)	09/2028	—		—		—		—
DP Flores Holdings, LLC	One stop	SF + 6.50%		N/A(6)	09/2028	—		—		—		—
EMS LINQ, LLC#+	One stop	L + 6.25%	(a)	9.37%	12/2027	4,244		4,208		0.4		4,202
EMS LINQ, LLC(5)	One stop	L + 6.25%		N/A(6)	12/2027	—		(1)		—		(1)
EWC Growth Partners LLC	One stop	L + 6.00%	(b)	9.67%	03/2026	1,091		1,084		0.1		1,087
EWC Growth Partners LLC#	One stop	L + 6.00%	(b)	9.67%	03/2026	63		62		—		62
EWC Growth Partners LLC	One stop	L + 6.00%	(b)	9.67%	03/2026	14		14		—		14
FPG Intermediate Holdco, LLC#	One stop	SF + 6.00%	(k)	9.13%	03/2027	7,273		7,165		0.6		7,000
FPG Intermediate Holdco, LLC	One stop	SF + 6.00%	(k)	9.13%	03/2027	4,647		4,487		0.3		4,239
FPG Intermediate Holdco, LLC(5)	One stop	SF + 6.00%		N/A(6)	03/2027	—		(1)		—		(3)
FPG Intermediate Holdco, LLC(5)	One stop	SF + 6.50%		N/A(6)	03/2027	—		(25)		—		(25)
FSS Buyer LLC#	One stop	L + 5.75%	(a)	8.87%	08/2028	2,333		2,293		0.2		2,239
FSS Buyer LLC(5)	One stop	L + 5.75%		N/A(6)	08/2027	—		(1)		—		(2)
HS Spa Holdings, Inc.#	One stop	SF + 5.75%	(m)	7.51%	06/2029	4,005		3,928		0.3		3,925
HS Spa Holdings, Inc.(5)	One stop	SF + 5.75%		N/A(6)	06/2028	—		(2)		—		(2)
Learn-it Systems, LLC#	Senior loan	L + 4.75%	(c)	8.92%	03/2025	744		738		0.1		684

See Notes to Consolidated Financial Statements.

16

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Learn-it Systems, LLC	Senior loan	L + 4.75%	(b)	8.42%	03/2025	$	564	$	560	0.1	%	$	519
Learn-it Systems, LLC	Senior loan	L + 4.75%	(b)(c)	8.30%	03/2025	208		205		—		191
Learn-it Systems, LLC	Senior loan	L + 4.75%	(b)	7.63%	03/2025	21		20		—		18
Liminex, Inc.+	One stop	SF + 7.25%	(l)	10.95%	11/2026	19,521		19,372		1.6		19,911
Liminex, Inc.#	One stop	SF + 7.25%	(l)	10.95%	11/2026	10,188		10,118		0.8		10,392
Liminex, Inc.#	One stop	SF + 6.25%	(l)	9.95%	11/2026	3,516		3,484		0.3		3,481
Liminex, Inc.(5)	One stop	SF + 7.25%		N/A(6)	11/2026	—		(1)		—		—
Litera Bidco LLC#	One stop	L + 6.00%	(a)	9.12%	05/2026	1,322		1,310		0.1		1,309
Litera Bidco LLC#	One stop	L + 5.75%	(a)	8.87%	05/2026	608		604		—		597
Litera Bidco LLC	One stop	L + 5.75%	(a)	8.87%	05/2026	272		270		—		267
Litera Bidco LLC	One stop	L + 5.75%	(a)	8.87%	05/2026	272		272		—		267
Litera Bidco LLC	One stop	L + 6.00%	(a)	9.12%	05/2026	120		119		—		118
Litera Bidco LLC	One stop	L + 5.75%		N/A(6)	05/2025	—		—		—		—
Mario Purchaser, LLC#	One stop	SF + 5.75%	(k)	8.88%	04/2029	3,962		3,888		0.3		3,804
Mario Purchaser, LLC	One stop	SF + 10.75%	(k)	13.88% PIK	04/2032	1,692		1,647		0.1		1,658
Mario Purchaser, LLC	One stop	SF + 5.75%	(k)	8.88%	04/2029	1,448		1,387		0.1		1,250
Mario Purchaser, LLC(5)	One stop	P + 4.75%		N/A(6)	04/2028	—		(1)		—		(3)
Mathnasium, LLC#	One stop	L + 5.00%	(b)	7.91%	11/2027	4,197		4,161		0.3		4,155
Mathnasium, LLC	One stop	L + 5.00%	(b)	7.91%	11/2027	13		12		—		12
NSG Buyer, Inc. #	One stop	SF + 6.00%	(k)	9.13%	06/2029	9,768		9,674		0.8		9,768
NSG Buyer, Inc.	One stop	SF + 6.00%	(k)	9.13%	06/2029	300		297		—		300
NSG Buyer, Inc.	One stop	SF + 6.00%	(k)	9.13%	06/2029	175		173		—		175
NSG Buyer, Inc.	One stop	SF + 6.00%	(k)	9.13%	06/2029	165		145		—		165
NSG Buyer, Inc.	One stop	SF + 6.00%	(k)	9.13%	06/2028	12		11		—		12
Provenance Buyer LLC#	One stop	L + 5.00%	(a)	8.12%	06/2027	4,322		4,281		0.3		4,322
Provenance Buyer LLC#~	One stop	L + 5.00%	(a)	8.12%	06/2027	2,948		2,901		0.2		2,948
Provenance Buyer LLC(5)	One stop	L + 5.00%		N/A(6)	06/2027	—		(2)		—		—
Provenance Buyer LLC(5)	One stop	L + 5.00%		N/A(6)	06/2027	—		(34)		—		—
RW AM Holdco LLC#	One stop	SF + 5.25%	(m)	9.48%	04/2028	9,178		9,093		0.7		9,086
RW AM Holdco LLC(5)	One stop	SF + 5.25%		N/A(6)	04/2028	—		(1)		—		(2)
						108,638		107,177		8.4		107,401
Diversified Financial Services
AxiomSL Group, Inc.#	One stop	L + 6.00%	(a)	9.12%	12/2027	1,248		1,228		0.1		1,235
AxiomSL Group, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2027	—		(3)		—		(3)
AxiomSL Group, Inc.	One stop	L + 6.00%		N/A(6)	12/2025	—		—		—		—
Banker's Toolbox, Inc.#	One stop	SF + 5.25%	(m)	9.23%	07/2027	3,449		3,421		0.3		3,380
Banker's Toolbox, Inc.	One stop	L + 5.25%	(c)	8.74%	07/2027	426		418		—		396
Banker's Toolbox, Inc.(5)	One stop	L + 5.25%		N/A(6)	07/2027	—		(1)		—		(2)
Flash Topco, Inc.	One stop	L + 5.75%	(b)	8.56%	10/2028	7,626		7,560		0.6		7,474
Flash Topco, Inc.(5)	One stop	L + 5.75%		N/A(6)	10/2028	—		(1)		—		(2)
Higginbotham Insurance Agency, Inc.#	One stop	L + 5.25%	(a)	8.37%	11/2026	1,831		1,812		0.1		1,813
Higginbotham Insurance Agency, Inc.	One stop	L + 5.25%	(a)	8.37%	11/2026	133		129		—		124
						14,713		14,563		1.1		14,415
Diversified Telecommunication Services
NTI Connect, LLC#	Senior loan	L + 5.00%	(b)	8.67%	12/2024	637		630		0.1		637
Electronic Equipment, Instruments and Components
Electrical Source Holdings, LLC#~	Senior loan	L + 5.00%	(b)	8.67%	11/2025	15,499		15,418		1.2		15,499
Electrical Source Holdings, LLC#	One stop	L + 5.00%	(b)	8.07%	11/2025	12,526		12,479		1.0		12,526
Electrical Source Holdings, LLC~	Senior loan	L + 5.00%	(b)	8.67%	11/2025	3,278		3,261		0.3		3,278

See Notes to Consolidated Financial Statements.

17

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Electrical Source Holdings, LLC	One stop	L + 5.00%	(b)	8.67%	11/2025	$	3,261	$	3,261	0.3	%	$	3,261
Electrical Source Holdings, LLC~	Senior loan	L + 5.00%	(b)	8.67%	11/2025	1,885		1,846		0.1		1,885
Electrical Source Holdings, LLC	Senior loan	L + 5.00%	(b)	8.67%	11/2025	1,684		1,684		0.1		1,684
Electrical Source Holdings, LLC	Senior loan	L + 5.00%	(b)	8.67%	11/2025	1,588		1,578		0.1		1,588
Electrical Source Holdings, LLC	Senior loan	L + 5.00%	(b)	8.67%	11/2025	1,091		1,085		0.1		1,091
Electrical Source Holdings, LLC	Senior loan	L + 5.00%	(b)	8.67%	11/2025	839		835		0.1		839
Electrical Source Holdings, LLC	Senior loan	L + 5.00%	(b)	8.07%	11/2025	744		739		0.1		744
Electrical Source Holdings, LLC	One stop	L + 5.00%	(b)	7.77%	11/2025	380		380		—		380
Electrical Source Holdings, LLC	Senior loan	L + 5.00%	(b)	8.67%	11/2025	303		301		—		303
Electrical Source Holdings, LLC	One stop	L + 5.00%	(b)	8.07%	11/2025	289		289		—		289
Electrical Source Holdings, LLC(5)	Senior loan	L + 5.00%		N/A(6)	11/2025	—		(2)		—		—
Electrical Source Holdings, LLC(5)	One stop	L + 5.00%		N/A(6)	11/2025	—		(20)		—		—
						43,367		43,134		3.4		43,367
Food & Staples Retailing
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	632		625		—		626
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	324		320		—		321
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	255		252		—		252
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	250		247		—		247
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	123		122		—		122
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	123		121		—		121
Mendocino Farms, LLC	One stop	SF + 6.25%	(k)	9.38%	06/2025	60		60		—		60
Mendocino Farms, LLC(5)	One stop	SF + 6.25%		N/A(6)	06/2025	—		(10)		—		(11)
Ruby Slipper Cafe LLC, The	One stop	SF + 7.50%	(l)	11.20%	06/2024	329		329		0.1		329
Ruby Slipper Cafe LLC, The	One stop	SF + 7.50%	(l)	11.20%	06/2024	116		116		—		116
Ruby Slipper Cafe LLC, The	One stop	SF + 7.50%	(l)	11.20%	06/2024	55		55		—		55
Ruby Slipper Cafe LLC, The	One stop	SF + 7.50%	(l)	11.20%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The(5)	One stop	SF + 7.50%		N/A(6)	06/2024	—		(1)		—		—
Wineshipping.com LLC#	One stop	L + 5.75%	(c)	7.58%	10/2027	3,079		3,053		0.3		2,987
Wineshipping.com LLC	One stop	L + 5.75%	(b)	8.17%	10/2027	84		80		—		82
Wineshipping.com LLC	One stop	L + 5.75%	(b)	8.83%	10/2027	17		16		—		14
Wood Fired Holding Corp.	One stop	L + 6.25%	(b)	8.67%	12/2023	2,175		2,165		0.2		2,175
Wood Fired Holding Corp.	One stop	L + 6.25%		N/A(6)	12/2023	—		—		—		—
						7,622		7,550		0.6		7,496
Food Products
Borrower R365 Holdings, LLC+	One stop	L + 6.50%	(b)	7.18% cash/3.00% PIK	06/2027	5,265		5,185		0.4		5,265
Borrower R365 Holdings, LLC#	One stop	L + 6.50%	(b)	7.18% cash/3.00% PIK	06/2027	438		431		—		438
Borrower R365 Holdings, LLC(5)	One stop	L + 6.50%		N/A(6)	06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC(5)	One stop	L + 6.50%		N/A(6)	06/2027	—		(4)		—		—
Flavor Producers, LLC#	Senior loan	L + 5.75%	(b)	7.82% cash/1.00% PIK	12/2023	438		437		—		425
Flavor Producers, LLC	Senior loan	L + 5.75%	(b)	7.82% cash/1.00% PIK	12/2022	1		1		—		1
Kodiak Cakes, LLC+	Senior loan	L + 6.00%	(b)	9.67%	06/2027	4,827		4,779		0.4		4,441
Kodiak Cakes, LLC	Senior loan	L + 6.00%	(b)	9.67%	06/2026	100		98		—		87
Louisiana Fish Fry Products, Ltd.#~	One stop	SF + 6.25%	(k)	9.38%	07/2027	4,206		4,172		0.3		3,869
Louisiana Fish Fry Products, Ltd.	One stop	L + 6.25%	(c)(k)	9.24%	07/2027	73		71		—		65
MAPF Holdings, Inc.~+	One stop	L + 5.50%	(b)	9.17%	12/2026	15,072		14,963		1.2		15,072
MAPF Holdings, Inc.	One stop	L + 5.50%	(b)	9.17%	12/2026	70		68		—		70
P&P Food Safety Holdings, Inc.~	One stop	L + 6.00%	(c)	8.88%	12/2026	7,021		6,954		0.6		6,881
P&P Food Safety Holdings, Inc.	One stop	L + 6.00%	(b)	9.67%	12/2026	38		37		—		36
P&P Food Safety Holdings, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(23)		—		—
Ultimate Baked Goods Midco LLC#	One stop	L + 6.50%	(a)	9.62%	08/2027	2,834		2,794		0.2		2,550

See Notes to Consolidated Financial Statements.

18

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Ultimate Baked Goods Midco LLC	One stop	L + 6.50%	(a)(d)	9.92%	08/2027	$	47	$	46	—	%	$	41
Whitebridge Pet Brands, LLC#	One stop	L + 5.00%	(a)	8.12%	07/2027	9,941		9,857		0.8		9,941
Whitebridge Pet Brands, LLC	One stop	L + 5.00%	(a)	7.98%	07/2027	130		128		—		130
Wizard Bidco Limited#(8)(9)(10)	One stop	SN + 4.75%	(i)	6.94%	03/2029	2,960		3,445		0.2		2,960
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN + 4.75%		N/A(6)	09/2028	—		(1)		—		—
						53,461		53,437		4.1		52,272

See Notes to Consolidated Financial Statements.

19

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Health Care Technology
Alegeus Technologies Holdings Corp.	Senior loan	L + 8.25%	(b)	10.95%	09/2024	$	182	$	181	—	%	$	180
Coding Solutions Acquisition, Inc.#	One stop	SF + 5.75%	(k)	8.78%	05/2028	2,717		2,691		0.2		2,662
Coding Solutions Acquisition, Inc.	One stop	SF + 5.75%	(k)	8.78%	05/2028	10		10		—		9
Coding Solutions Acquisition, Inc.(5)	One stop	SF + 5.75%		N/A(6)	05/2028	—		(4)		—		(16)
Connexin Software, Inc.#+	One stop	L + 8.50%	(b)	11.31%	02/2024	1,442		1,438		0.1		1,442
Connexin Software, Inc.	One stop	L + 8.50%		N/A(6)	02/2024	—		—		—		—
ESO Solution, Inc.#+	One stop	SF + 7.00%	(l)	10.56%	03/2027	3,811		3,781		0.3		3,811
ESO Solution, Inc.(5)	One stop	SF + 7.00%		N/A(6)	03/2027	—		(1)		—		—
HSI Halo Acquisition, Inc.#	One stop	SF + 5.75%	(m)	9.83%	08/2026	1,505		1,484		0.1		1,466
HSI Halo Acquisition, Inc.#	One stop	SF + 5.75%	(m)	9.83%	08/2026	794		786		0.1		773
HSI Halo Acquisition, Inc.~	One stop	SF + 5.75%	(m)	9.83%	08/2026	523		519		—		509
HSI Halo Acquisition, Inc.	One stop	SF + 5.75%	(m)	9.86%	08/2026	503		497		—		490
HSI Halo Acquisition, Inc.	One stop	SF + 5.75%	(m)	9.84%	08/2026	365		360		—		355
HSI Halo Acquisition, Inc.	One stop	SF + 5.75%	(m)	9.83%	08/2026	305		302		—		297
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(a)	8.31%	09/2025	8		7		—		7
Nextech Holdings, LLC~+	One stop	L + 5.50%	(a)(b)	8.31%	06/2025	17,491		17,415		1.4		17,316
Nextech Holdings, LLC+	One stop	L + 5.50%	(a)(b)	8.31%	06/2025	709		706		0.1		702
Nextech Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(1)		—		(3)
Plasma Buyer LLC#	One stop	SF + 5.75%	(l)	9.30%	05/2029	2,797		2,744		0.2		2,741
Plasma Buyer LLC(5)	One stop	SF + 5.75%		N/A(6)	05/2028	—		(1)		—		(1)
Plasma Buyer LLC(5)	One stop	SF + 5.75%		N/A(6)	05/2029	—		(7)		—		(15)
Qgenda Intermediate Holdings, LLC+	One stop	L + 5.00%	(b)	8.67%	06/2025	5,666		5,631		0.4		5,552
Qgenda Intermediate Holdings, LLC~	One stop	L + 5.00%	(b)	8.67%	06/2025	4,987		4,987		0.4		4,887
Qgenda Intermediate Holdings, LLC~	One stop	L + 5.00%	(b)	8.67%	06/2025	2,413		2,413		0.2		2,365
Qgenda Intermediate Holdings, LLC+	One stop	L + 5.00%	(b)	8.67%	06/2025	676		673		0.1		662
Qgenda Intermediate Holdings, LLC(5)	One stop	L + 5.00%		N/A(6)	06/2025	—		—		—		(2)
Transaction Data Systems, Inc.~+	One stop	L + 4.50%	(b)	8.17%	02/2026	11,201		11,044		0.9		10,978
Transaction Data Systems, Inc.(5)	One stop	L + 4.50%		N/A(6)	02/2026	—		(1)		—		(3)
Veranex, Inc.#	Senior loan	SF + 4.75%	(m)	7.52%	04/2028	200		198		—		198
Veranex, Inc.(5)	Senior loan	P + 3.75%		N/A(6)	04/2028	—		—		—		(1)
Veranex, Inc.(5)	Senior loan	SF + 4.75%		N/A(6)	04/2028	—		(17)		—		(37)
						58,305		57,835		4.5		57,324
Healthcare Equipment and Supplies
Aspen Medical Products, LLC~	One stop	L + 5.00%	(b)	7.39%	06/2025	937		933		0.1		928
Aspen Medical Products, LLC#	One stop	L + 5.00%	(b)	7.39%	06/2025	60		60		—		60
Aspen Medical Products, LLC	One stop	L + 5.00%		N/A(6)	06/2025	—		—		—		—
Baduhenna Bidco Limited(8)(10)	One stop	SF + 6.50%	(j)	9.61%	08/2028	2,330		2,296		0.2		2,330
Baduhenna Bidco Limited(8)(9)(10)	One stop	E + 6.45%	(e)	6.70%	08/2028	1,221		1,453		0.1		1,207
Baduhenna Bidco Limited(8)(9)(10)	One stop	SF + 6.50%	(i)	8.76%	08/2028	340		416		—		338
Baduhenna Bidco Limited(8)(9)(10)	One stop	E + 6.45%	(e)	7.64%	08/2028	291		325		—		288
Baduhenna Bidco Limited(5)(8)(9)(10)	One stop	SF + 6.50%		N/A(6)	08/2028	—		(7)		—		(3)
Belmont Instrument, LLC#	One stop	SF + 6.25%	(l)	9.69%	08/2028	4,900		4,852		0.4		4,851
Belmont Instrument, LLC(5)	One stop	SF + 6.25%		N/A(6)	08/2028	—		(1)		—		(1)
Blades Buyer, Inc.#~	Senior loan	SF + 4.75%	(l)(m)	7.43%	03/2028	2,492		2,459		0.2		2,428
Blades Buyer, Inc.	Senior loan	SF + 4.75%	(k)	7.47%	03/2028	23		22		—		19
Blades Buyer, Inc.(5)	Senior loan	SF + 4.75%		N/A(6)	03/2028	—		(5)		—		(29)
Blades Buyer, Inc.	Senior loan	SF + 4.75%		N/A(6)	03/2028	—		—		—		—
Blue River Pet Care, LLC~	One stop	L + 5.00%	(a)	8.12%	07/2026	13,056		12,927		1.0		12,925

See Notes to Consolidated Financial Statements.

20

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Blue River Pet Care, LLC	One stop	L + 5.00%	(a)	7.94%	07/2026	$	2,785	$	2,761	0.2	%	$	2,757
Blue River Pet Care, LLC	One stop	L + 5.00%	(a)	8.12%	07/2026	2,677		2,654		0.2		2,650
Blue River Pet Care, LLC(5)	One stop	L + 5.00%		N/A(6)	08/2025	—		(1)		—		(2)
Blue River Pet Care, LLC(5)	One stop	L + 5.00%		N/A(6)	07/2026	—		(152)		—		(177)
CCSL Holdings, LLC~	One stop	SF + 6.50%	(k)	9.63%	12/2026	6,101		6,046		0.5		6,040
CCSL Holdings, LLC	One stop	SF + 6.50%	(k)	9.63%	12/2026	1,647		1,633		0.1		1,630
CCSL Holdings, LLC#(8)(9)	One stop	SN + 6.50%	(i)	8.79%	12/2026	874		976		0.1		865
CCSL Holdings, LLC	One stop	SF + 6.50%	(d)(k)	9.73%	12/2026	115		113		—		113
CCSL Holdings, LLC(5)	One stop	SF + 6.50%		N/A(6)	12/2026	—		(6)		—		(6)
CCSL Holdings, LLC(5)	One stop	SF + 6.50%		N/A(6)	12/2026	—		(10)		—		(10)
CMI Parent Inc.~+	Senior loan	L + 4.25%	(b)	7.26%	08/2025	14,210		14,119		1.1		14,068
CMI Parent Inc.+	Senior loan	L + 4.25%	(b)	7.92%	08/2025	6,804		6,753		0.5		6,736
CMI Parent Inc.#	Senior loan	SF + 4.75%	(l)	8.30%	08/2025	6,194		6,132		0.5		6,132
CMI Parent Inc.(5)	Senior loan	L + 4.25%		N/A(6)	08/2025	—		(1)		—		(2)
						67,057		66,747		5.2		66,135

See Notes to Consolidated Financial Statements.

21

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Health Care Providers & Services
AAH TOPCO, LLC	One stop	L + 5.50%	(a)	8.36%	12/2027	$	2,851	$	2,777	0.2	%	$	2,596
AAH TOPCO, LLC	Subordinated debt	N/A		11.50% PIK	12/2031	1,089		1,070		0.1		1,034
AAH TOPCO, LLC #	One stop	L + 5.50%	(a)	8.58%	12/2027	521		517		0.1		505
AAH TOPCO, LLC (5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(1)		—		(2)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	Subordinated debt	L + 10.50%	(a)	13.62%	03/2028	8,509		8,318		0.7		8,509
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	L + 6.13%	(b)	9.80%	03/2027	1,843		1,825		0.1		1,764
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L + 6.13%	(b)	9.80%	03/2027	1,541		1,519		0.2		1,474
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	Subordinated debt	L + 10.50%	(a)	13.62%	03/2028	744		734		0.1		744
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	L + 6.25%	(a)	9.37%	03/2027	441		429		—		403
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	Subordinated debt	L + 10.50%	(a)	13.62%	03/2028	284		281		—		284
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(1)		—		(3)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	L + 6.25%		N/A(6)	03/2027	—		(3)		—		(13)
Community Care Partners, LLC#	One stop	SF + 5.75%	(k)	8.89%	06/2026	1,212		1,202		0.1		1,200
Community Care Partners, LLC(5)	One stop	SF + 5.75%		N/A(6)	06/2026	—		(1)		—		(2)
CRH Healthcare Purchaser, Inc.#	Senior loan	L + 4.50%	(b)	8.17%	12/2024	3,926		3,899		0.3		3,926
CRH Healthcare Purchaser, Inc.~	Senior loan	L + 4.50%	(b)	8.17%	12/2024	1,673		1,662		0.1		1,673
CRH Healthcare Purchaser, Inc.#	Senior loan	L + 4.50%	(b)	8.17%	12/2024	1,252		1,243		0.1		1,252
CRH Healthcare Purchaser, Inc.#	Senior loan	L + 4.50%	(b)	8.17%	12/2024	848		841		0.1		848
CRH Healthcare Purchaser, Inc.	Senior loan	L + 4.50%	(b)	8.10%	12/2024	25		24		—		25
Datix Bidco Limited(8)(9)(10)	Senior loan	SN + 4.50%	(i)	6.69%	04/2025	21,067		25,397		1.6		20,014
Datix Bidco Limited(8)(9)(10)	Second lien	SN + 7.75%	(i)	9.94%	04/2026	7,476		9,001		0.6		7,102
Datix Bidco Limited(8)(9)(10)	Senior loan	SN + 4.50%	(i)	6.69%	04/2025	3,902		4,668		0.3		3,707
Datix Bidco Limited(8)(10)	Senior loan	SF + 4.50%	(l)	7.04%	04/2025	183		182		—		174
Datix Bidco Limited(5)(8)(10)	Second lien	SF + 7.75%		N/A(6)	04/2026	—		(1)		—		(3)
Datix Bidco Limited(5)(8)(10)	Senior loan	SF + 4.50%		N/A(6)	09/2024	—		(1)		—		(2)
Elite Dental Partners LLC	One stop	SF + 5.25%	(b)(l)	8.80% PIK	06/2023	1,802		1,796		0.1		1,713
Elite Dental Partners LLC	One stop	SF + 12.00%	(l)	15.55% PIK	06/2023	458		458		—		453
Elite Dental Partners LLC	One stop	SF + 5.25%	(b)(l)	8.80% PIK	06/2023	194		194		—		194
Emerge Intermediate, Inc.	One stop	SF + 6.50%	(l)	9.70% cash/0.50% PIK	05/2024	2,307		2,287		0.2		2,307
Emerge Intermediate, Inc.#	One stop	SF + 6.50%	(l)	9.70% cash/0.50% PIK	05/2024	219		218		—		219
Emerge Intermediate, Inc.(5)	One stop	SF + 6.50%		N/A(6)	05/2024	—		(1)		—		—
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	14,630		14,553		1.1		14,338
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	7,530		7,481		0.6		7,379
Encorevet Group LLC~	Senior loan	L + 6.75%	(a)	9.87%	11/2024	3,971		3,954		0.3		3,891
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	1,980		1,967		0.2		1,941
Encorevet Group LLC~	Senior loan	L + 6.75%	(a)	9.87%	11/2024	1,782		1,782		0.1		1,747
Encorevet Group LLC~	Senior loan	L + 6.75%	(a)	9.87%	11/2024	1,109		1,105		0.1		1,087
Encorevet Group LLC	Senior loan	L + 6.75%	(a)	9.87%	11/2024	921		917		0.1		903
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	656		651		0.1		643
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	628		623		—		615
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	568		564		—		557
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	391		389		—		383
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	244		242		—		239

See Notes to Consolidated Financial Statements.

22

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Encorevet Group LLC	Senior loan	L + 6.75%	(a)	9.87%	11/2024	$	158	$	158	—	%	$	155
Encorevet Group LLC	One stop	L + 6.75%	(a)	9.87%	11/2024	119		118		—		117
Encorevet Group LLC(5)	Senior loan	L + 6.75%		N/A(6)	11/2024	—		—		—		(1)
Encorevet Group LLC(5)	One stop	L + 6.75%		N/A(6)	11/2024	—		(2)		—		—
ERC Topco Holdings, LLC#	One stop	L + 5.50%	(b)	9.17%	11/2028	18,218		18,072		1.4		17,671
ERC Topco Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	11/2027	—		(1)		—		(5)
ERC Topco Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	11/2028	—		(30)		—		(102)
Eyecare Services Partners Holdings LLC	One stop	L + 9.25%	(a)	4.12% cash/8.25% PIK	05/2023	4,077		4,059		0.2		2,651
Eyecare Services Partners Holdings LLC	One stop	L + 9.25%	(a)	4.12% cash/8.25% PIK	05/2023	1,214		1,214		0.1		789
Eyecare Services Partners Holdings LLC	One stop	L + 9.25%	(a)	4.14% cash/8.25% PIK	05/2023	127		126		—		66
Eyecare Services Partners Holdings LLC	One stop	L + 9.25%	(a)	4.14% cash/8.25% PIK	05/2023	91		90		—		91
Eyecare Services Partners Holdings LLC	One stop	L + 9.25%	(a)	4.14% cash/8.25% PIK	05/2023	91		90		—		59
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C + 4.50%	(h)	8.67%	03/2027	3,594		3,847		0.3		3,594
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C + 4.50%	(h)	8.67%	03/2027	2,631		2,716		0.2		2,631
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C + 4.50%	(h)	8.67%	03/2027	2,447		2,641		0.2		2,447
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(12)	One stop	L + 4.50%	(b)	8.17%	03/2027	1,101		1,090		0.1		1,101
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(9)(12)	One stop	C + 4.50%	(h)	7.26%	03/2027	758		778		0.1		758
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(5)(8)(9)(12)	One stop	C + 4.50%		N/A(6)	03/2027	—		(9)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(5)(8)(12)	One stop	SF + 4.50%		N/A(6)	03/2027	—		(4)		—		—
Heartland Veterinary Partners LLC	Senior loan	SF + 4.75%	(l)	7.63%	12/2026	926		906		0.1		878
Heartland Veterinary Partners LLC#	Senior loan	SF + 4.75%	(l)	7.63%	12/2026	383		379		—		375
Heartland Veterinary Partners LLC	Senior loan	SF + 4.75%		N/A(6)	12/2026	—		—		—		—
Klick Inc.#(8)(12)	Senior loan	L + 4.50%	(b)	8.17%	03/2028	3,913		3,883		0.3		3,913
Klick Inc.(5)(8)(12)	Senior loan	L + 4.50%		N/A(6)	03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC~	Senior loan	L + 5.25%	(b)	8.92%	05/2025	794		789		0.1		794
Krueger-Gilbert Health Physics, LLC~	Senior loan	L + 5.25%	(b)	8.92%	05/2025	466		464		—		466
Krueger-Gilbert Health Physics, LLC~	Senior loan	L + 5.25%	(b)	8.92%	05/2025	126		125		—		126
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(b)	8.92%	05/2025	30		30		—		30
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%		N/A(6)	05/2025	—		—		—		—
Krueger-Gilbert Health Physics, LLC(5)	Senior loan	L + 5.25%		N/A(6)	05/2025	—		(4)		—		—
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(9)(12)	One stop	C + 5.50%	(h)	9.67%	05/2028	6,874		7,745		0.5		6,736
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	L + 5.50%	(b)	9.17%	05/2028	1,676		1,657		0.1		1,643
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	L + 5.50%	(b)	9.17%	05/2028	1,108		1,099		0.1		1,086
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C + 5.50%	(h)	9.67%	05/2028	419		460		—		411
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C + 5.50%	(h)	9.67%	05/2028	218		226		—		201
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C + 5.50%	(h)	9.65%	05/2026	103		106		—		100
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	L + 5.50%	(b)	9.17%	05/2028	78		76		—		68
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	L + 5.50%	(b)	9.17%	05/2026	60		60		—		59
Suveto Buyer, LLC	One stop	L + 5.00%	(b)	8.67%	09/2027	7,787		7,693		0.6		7,446
Suveto Buyer, LLC	One stop	L + 5.00%	(b)	8.66%	09/2027	64		62		—		58
						158,428		165,469		12.0		152,230

See Notes to Consolidated Financial Statements.

23

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#	One stop	SF + 6.00%	(m)	9.19%	08/2028	$	3,868	$	3,831	0.3	%	$	3,830
Barteca Restaurants, LLC(5)	One stop	SF + 6.00%		N/A(6)	08/2028	—		(1)		—		(1)
Barteca Restaurants, LLC(5)	One stop	SF + 6.00%		N/A(6)	08/2028	—		(10)		—		(10)
BJH Holdings III Corp.#~	One stop	L + 4.50%	(a)	7.58%	08/2025	21,155		20,985		1.7		20,732
BJH Holdings III Corp.	One stop	L + 4.50%	(a)	7.59%	08/2025	35		31		—		27
Davidson Hotel Company, LLC#	One stop	L + 5.25%	(a)	8.37%	07/2024	1,757		1,749		0.2		1,757
Davidson Hotel Company, LLC	One stop	L + 5.25%	(a)	8.37%	07/2024	429		428		—		429
Davidson Hotel Company, LLC	One stop	L + 5.25%		N/A(6)	07/2024	—		—		—		—
EOS Fitness Opco Holdings, LLC#	One stop	SF + 4.75%	(m)	7.58%	01/2026	1,902		1,885		0.2		1,902
EOS Fitness Opco Holdings, LLC	One stop	SF + 4.75%	(c)(m)	7.58%	01/2026	365		361		—		365
EOS Fitness Opco Holdings, LLC	One stop	SF + 4.75%	(c)(m)	7.58%	01/2026	4		4		—		4
EOS Fitness Opco Holdings, LLC(5)	One stop	SF + 4.75%		N/A(6)	01/2026	—		(2)		—		—
Freddy's Frozen Custard LLC#~	One stop	L + 5.00%	(b)	8.16%	03/2027	3,589		3,563		0.3		3,589
Freddy's Frozen Custard LLC(5)	One stop	L + 5.00%		N/A(6)	03/2027	—		(1)		—		—
Harri US LLC+	One stop	L + 10.00%	(b)	8.91% cash/4.00% PIK	08/2026	346		309		—		347
Harri US LLC	One stop	L + 10.00%		N/A(6)	08/2026	—		—		—		—
Harri US LLC(5)	One stop	L + 10.00%		N/A(6)	08/2026	—		(2)		—		2
Health Buyer, LLC#	Senior loan	SF + 5.25%	(m)	7.98%	04/2029	1,348		1,329		0.1		1,267
Health Buyer, LLC	Senior loan	SF + 5.25%	(k)	8.03%	04/2028	2		2		—		1
SSRG Holdings, LLC#~	One stop	SF + 4.75%	(l)	8.45%	11/2025	6,946		6,909		0.5		6,946
SSRG Holdings, LLC	One stop	SF + 4.75%	(l)	8.45%	11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF + 5.25%	(l)	7.98%	09/2026	9,452		9,365		0.7		9,452
Tropical Smoothie Cafe Holdings, LLC~	One stop	SF + 5.25%	(k)(l)	8.26%	09/2026	5,443		5,387		0.4		5,443
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF + 5.25%	(k)(l)	8.01%	09/2026	2,338		2,315		0.2		2,338
Tropical Smoothie Cafe Holdings, LLC(5)	One stop	SF + 4.25%		N/A(6)	09/2026	—		(1)		—		—
						58,999		58,456		4.6		58,440

See Notes to Consolidated Financial Statements.

24

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Household Durables
Groundworks LLC	Senior loan	L + 5.00%	(b)	7.08%	01/2026	$	1,379	$	1,365	0.1	%	$	1,379
Groundworks LLC	Senior loan	L + 5.00%	(b)	7.81%	01/2026	623		616		0.1		623
Groundworks LLC#	Senior loan	L + 5.00%	(b)	7.81%	01/2026	415		412		0.1		415
Groundworks LLC	Senior loan	L + 5.00%	(b)	7.81%	01/2026	370		366		—		370
Groundworks LLC	Senior loan	L + 5.00%	(b)	7.81%	01/2026	264		245		—		264
Groundworks LLC#	Senior loan	L + 5.00%	(b)	7.81%	01/2026	219		216		—		219
Groundworks LLC	Senior loan	L + 5.00%		N/A(6)	01/2026	—		—		—		—
						3,270		3,220		0.3		3,270
Household Products
WU Holdco, Inc.~	One stop	L + 5.50%	(b)	9.17%	03/2026	1,209		1,203		0.1		1,173
WU Holdco, Inc.#	One stop	L + 5.50%	(b)	9.17%	03/2026	430		430		—		417
WU Holdco, Inc.	One stop	L + 5.50%	(b)	9.17%	03/2026	112		110		—		108
WU Holdco, Inc.	One stop	L + 5.50%	(b)(c)	8.11%	03/2025	15		15		—		14
						1,766		1,758		0.1		1,712
Industrial Conglomerates
Arch Global CCT Holdings Corp.#	Senior loan	L + 4.75%	(a)	7.87%	04/2026	905		903		0.1		896
Arch Global CCT Holdings Corp.	Senior loan	L + 4.75%	(b)	8.42%	04/2026	474		471		—		469
Arch Global CCT Holdings Corp.	Senior loan	L + 4.75%	(b)	8.42%	04/2026	255		254		—		250
Arch Global CCT Holdings Corp.	Senior loan	L + 4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.#	One stop	L + 6.00%	(b)	9.67%	07/2027	2,024		1,986		0.2		1,984
Dwyer Instruments, Inc.	One stop	L + 5.50%	(c)	8.38%	07/2027	7		6		—		6
Dwyer Instruments, Inc.(5)	One stop	L + 6.00%		N/A(6)	07/2027	—		(5)		—		(5)
Essential Services Holdings Corporation	One stop	L + 5.75%	(a)(b)	8.07%	11/2026	12,119		11,985		0.9		11,676
Essential Services Holdings Corporation(5)	One stop	L + 5.75%		N/A(6)	11/2025	—		(1)		—		(2)
Excelitas Technologies Corp.#	One stop	SF + 5.75%	(l)	8.59%	08/2029	3,485		3,416		0.3		3,450
Excelitas Technologies Corp.#(8)(9)	One stop	E + 5.75%	(e)	6.08%	08/2029	564		583		—		559
Excelitas Technologies Corp.	One stop	SF + 5.75%	(l)	8.59%	08/2028	92		87		—		89
Excelitas Technologies Corp.(5)	One stop	SF + 5.75%		N/A(6)	08/2029	—		(7)		—		(7)
Madison Safety & Flow LLC#	Senior loan	SF + 3.60%	(k)	6.63%	03/2025	164		163		—		164
Madison Safety & Flow LLC	Senior loan	SF + 3.60%	(k)(l)	6.64%	03/2025	2		2		—		2
Specialty Measurement Bidco Limited#(8)(10)	One stop	L + 5.75%	(b)	8.82%	11/2027	3,185		3,121		0.3		3,185
Specialty Measurement Bidco Limited#(8)(9)(10)	One stop	E + 5.75%	(e)	6.75%	11/2027	2,623		3,123		0.2		2,623
Specialty Measurement Bidco Limited(5)(8)(9)(10)	One stop	SN + 5.75%		N/A(6)	11/2027	—		(16)		—		—
						25,899		26,071		2.0		25,339
Insurance
Alera Group, Inc.#	One stop	SF + 6.00%	(l)	9.06%	10/2028	10,777		10,685		0.8		10,321
Alera Group, Inc.	One stop	SF + 6.00%	(k)(l)	9.06%	10/2028	3,063		3,023		0.3		2,933
Alera Group, Inc.	One stop	SF + 6.00%	(k)(l)	9.07%	10/2028	2,627		2,601		0.2		2,479
AMBA Buyer, Inc.#	One stop	SF + 5.25%	(l)(m)	9.33%	07/2027	1,372		1,361		0.1		1,358
AMBA Buyer, Inc.	One stop	SF + 5.25%	(m)	6.43%	07/2027	409		407		0.1		404
AMBA Buyer, Inc.#	One stop	SF + 5.25%	(l)(m)	9.33%	07/2027	342		339		0.1		339
AMBA Buyer, Inc.	One stop	SF + 5.25%		N/A(6)	07/2027	—		—		—		—
AMBA Buyer, Inc.(5)	One stop	SF + 5.25%		N/A(6)	07/2027	—		(2)		—		(4)
Captive Resources Midco, LLC#	One stop	SF + 5.50%	(k)	8.53%	07/2029	4,813		4,720		0.4		4,716
Captive Resources Midco, LLC(5)	One stop	SF + 5.50%		N/A(6)	07/2028	—		(4)		—		(4)
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(c)	7.58%	08/2025	1,381		1,363		0.1		1,368
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)	8.85%	08/2025	913		906		0.1		910
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)	7.87%	08/2025	688		679		0.1		686
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(b)(c)	8.67%	08/2025	688		682		0.2		682
Integrity Marketing Acquisition, LLC	One stop	SF + 5.75%	(l)	8.56%	08/2025	584		566		—		573
Integrity Marketing Acquisition, LLC~	One stop	L + 5.75%	(c)	7.83%	08/2025	356		352		—		355
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)	7.40%	08/2025	312		310		—		311

See Notes to Consolidated Financial Statements.

25

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Integrity Marketing Acquisition, LLC	One stop	L + 5.75%	(c)	7.74%	08/2025	$	189	$	187	—	%	$	188
Integrity Marketing Acquisition, LLC	One stop	L + 5.75%		N/A(6)	08/2025	—		—		—		—
J.S. Held Holdings, LLC~+	One stop	L + 5.50%	(b)	9.17%	07/2025	18,399		18,192		1.4		18,278
J.S. Held Holdings, LLC	One stop	L + 5.50%	(b)	9.17%	07/2025	4,033		3,979		0.3		4,007
J.S. Held Holdings, LLC#	One stop	SF + 5.50%	(l)	9.20%	07/2025	3,901		3,835		0.3		3,862
J.S. Held Holdings, LLC	One stop	SF + 5.50%	(l)	9.20%	07/2025	640		599		—		592
J.S. Held Holdings, LLC	One stop	P + 4.50%	(d)	10.75%	07/2025	24		22		—		23
Keystone Agency Partners LLC	Senior loan	SF + 6.00%	(l)	9.70%	05/2027	2,751		2,713		0.2		2,696
Keystone Agency Partners LLC#	Senior loan	SF + 6.00%	(l)	9.70%	05/2027	782		771		0.1		766
Keystone Agency Partners LLC	Senior loan	SF + 6.00%	(l)	9.35%	05/2027	186		170		—		164
Long Term Care Group, Inc.#	One stop	L + 6.00%	(a)	8.82%	09/2027	1,268		1,247		0.1		1,268
Majesco~+	One stop	L + 7.25%	(b)	10.93%	09/2027	7,492		7,400		0.6		7,492
Majesco(5)	One stop	L + 7.25%		N/A(6)	09/2026	—		(2)		—		—
Norvax, LLC#+	Senior loan	L + 7.50%	(b)	11.18%	09/2025	12,705		12,595		0.9		11,689
Norvax, LLC#	Senior loan	L + 7.50%	(b)	11.18%	09/2025	4,152		4,085		0.3		3,820
Pareto Health Intermediate Holdings, Inc.#	One stop	L + 4.75%	(c)	7.63%	08/2025	3,109		3,086		0.2		3,046
Patriot Growth Insurance Services, LLC#	One stop	L + 5.50%	(b)	8.65%	10/2028	4,031		3,997		0.3		3,946
Patriot Growth Insurance Services, LLC	One stop	L + 5.50%	(c)	9.31%	10/2028	262		251		—		248
Patriot Growth Insurance Services, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(1)		—		(1)
Patriot Growth Insurance Services, LLC(5)	One stop	L + 5.75%		N/A(6)	10/2028	—		(9)		—		(10)
People Corporation#(8)(9)(12)	One stop	C + 6.25%	(h)	9.87%	02/2028	5,291		5,693		0.4		5,291
People Corporation(8)(9)(12)	One stop	C + 6.25%	(h)	9.87%	02/2028	1,727		1,910		0.1		1,727
People Corporation(8)(9)(12)	One stop	C + 5.50%	(h)	9.13%	02/2028	1,253		1,327		0.1		1,115
People Corporation(8)(9)(12)	One stop	C + 6.25%	(h)	9.92%	02/2027	148		158		—		148
RSC Acquisition, Inc.~+	One stop	SF + 5.50%	(l)	8.31%	10/2026	12,212		12,054		0.9		11,968
RSC Acquisition, Inc.#	One stop	SF + 5.50%	(l)	9.05%	10/2026	3,840		3,808		0.3		3,762
RSC Acquisition, Inc.~+	One stop	SF + 5.50%	(l)	8.54%	10/2026	3,135		3,007		0.2		3,073
RSC Acquisition, Inc.	One stop	SF + 5.50%	(l)	8.55%	10/2026	515		510		—		505
RSC Acquisition, Inc.(5)	One stop	SF + 5.50%	(l)	9.20%	10/2026	47		25		—		(1)
RSC Acquisition, Inc.(5)	One stop	SF + 5.50%		N/A(6)	10/2026	—		(1)		—		(2)
Sunstar Insurance Group, LLC	Senior loan	SF + 6.00%	(l)	9.69%	10/2026	321		319		—		314
Sunstar Insurance Group, LLC#	Senior loan	SF + 6.00%	(l)	9.69%	10/2026	310		307		—		304
Sunstar Insurance Group, LLC	Senior loan	SF + 6.00%	(l)	9.69%	10/2026	157		155		—		154
Sunstar Insurance Group, LLC	Senior loan	SF + 6.00%	(l)	9.65%	10/2026	2		2		—		2
TigerRisk, LLC#	One stop	L + 4.75%	(a)	7.87%	06/2027	8,783		8,714		0.7		8,783
TigerRisk, LLC(5)	One stop	L + 4.75%		N/A(6)	06/2027	—		(1)		—		—
						129,990		129,092		9.9		126,644
Internet & Catalog Retail
Revalize, Inc.~+	One stop	L + 5.75%	(b)	9.42%	04/2027	5,922		5,876		0.5		5,743
Revalize, Inc.+	One stop	L + 5.75%	(b)	9.42%	04/2027	3,466		3,439		0.2		3,362
Revalize, Inc.	One stop	L + 5.75%	(b)	9.42%	04/2027	2,049		2,037		0.2		1,987
Revalize, Inc.+	One stop	L + 5.75%	(b)	9.42%	04/2027	1,718		1,705		0.1		1,667
Revalize, Inc.+	One stop	L + 5.75%	(b)	9.42%	04/2027	1,035		1,027		0.1		1,004
Revalize, Inc.#	One stop	L + 5.75%	(b)	9.42%	04/2027	800		792		0.1		775
Revalize, Inc.	One stop	L + 5.75%	(b)	9.42%	04/2027	228		227		—		222
Revalize, Inc.(5)	One stop	L + 5.75%		N/A(6)	04/2027	—		(5)		—		(37)
						15,218		15,098		1.2		14,723
IT Services
Acquia, Inc.+	One stop	L + 7.00%	(a)	9.63%	10/2025	2,442		2,425		0.2		2,442
Acquia, Inc.	One stop	L + 7.00%	(b)(c)	10.18%	10/2025	23		22		—		23
CivicPlus, LLC+	One stop	L + 6.00%	(a)	9.12%	08/2027	2,623		2,595		0.2		2,596
CivicPlus, LLC#	One stop	L + 6.00%	(a)	9.12%	08/2027	1,560		1,545		0.1		1,544

See Notes to Consolidated Financial Statements.

26

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
CivicPlus, LLC	One stop	L + 6.00%	(b)	9.67%	08/2027	$	1,229	$	1,216	0.1	%	$	1,217
CivicPlus, LLC	One stop	SF + 11.75%	(m)	14.38%	06/2034	202		197		—		200
CivicPlus, LLC(5)	One stop	L + 6.00%		N/A(6)	08/2027	—		(1)		—		(1)
Critical Start, Inc.#	One stop	SF + 5.75%	(k)	5.65% cash/3.13% PIK	05/2028	1,673		1,657		0.2		1,656
Critical Start, Inc.(5)	One stop	SF + 5.75%		N/A(6)	05/2028	—		(1)		—		(1)
Delinea Inc.+	One stop	L + 6.00%	(a)	9.12%	03/2028	6,497		6,421		0.5		6,042
Delinea Inc.+	One stop	L + 6.00%	(a)	9.12%	03/2028	3,812		3,774		0.3		3,545
Delinea Inc.	One stop	L + 6.00%	(a)	9.12%	03/2027	118		116		—		104
Episerver, Inc.+	One stop	L + 5.75%	(b)	9.42%	04/2026	4,901		4,848		0.4		4,705
Episerver, Inc.(8)(9)	One stop	E + 6.00%	(e)	7.19%	04/2026	3,948		4,600		0.3		3,817
Episerver, Inc.+	One stop	L + 5.75%	(b)	9.42%	04/2026	2,684		2,666		0.2		2,577
Episerver, Inc.#	One stop	L + 5.75%	(b)	9.42%	04/2026	1,519		1,500		0.1		1,458
Episerver, Inc.(5)	One stop	L + 5.75%		N/A(6)	04/2026	—		(3)		—		(14)
Episerver, Inc.(5)	One stop	L + 5.75%		N/A(6)	04/2026	—		(12)		—		(76)
Goldcup 31018 AB#(8)(9)(17)	One stop	E + 7.07%	(f)	3.57% cash/3.82% PIK	07/2029	3,781		3,814		0.3		3,734
Goldcup 31018 AB(5)(8)(9)(17)	One stop	E + 6.50%		N/A(6)	01/2029	—		(2)		—		(2)
Goldcup 31018 AB(5)(8)(9)(17)	One stop	E + 6.50%		N/A(6)	07/2029	—		(8)		—		(8)
Infinisource, Inc.#~	One stop	L + 5.25%	(c)	8.13%	10/2026	10,248		10,164		0.8		10,145
Infinisource, Inc.#	One stop	L + 5.25%	(c)	8.13%	10/2026	6,505		6,452		0.5		6,440
Infinisource, Inc.	One stop	L + 5.25%	(c)	8.13%	10/2026	4,890		4,851		0.4		4,841
Infinisource, Inc.	One stop	L + 5.25%	(c)	8.13%	10/2026	1,698		1,685		0.1		1,681
Infinisource, Inc.	One stop	L + 5.25%	(b)	8.92%	10/2026	1,438		1,427		0.1		1,424
Infinisource, Inc.#	One stop	L + 5.25%	(c)	8.13%	10/2026	1,212		1,200		0.1		1,200
Infinisource, Inc.	One stop	L + 5.25%	(b)	8.92%	10/2026	580		509		—		574
Infinisource, Inc.	One stop	L + 5.25%	(b)	8.92%	10/2026	386		319		—		305
Infinisource, Inc.(5)	One stop	L + 5.25%		N/A(6)	10/2026	—		(1)		—		(2)
Netwrix Corporation#	One stop	SF + 5.00%	(l)	7.90%	06/2029	1,775		1,759		0.1		1,757
Netwrix Corporation	One stop	SF + 5.00%	(l)	8.44%	06/2029	65		61		—		55
Netwrix Corporation(5)	One stop	SF + 5.00%		N/A(6)	06/2029	—		(2)		—		(2)
PCS Intermediate II Holdings, LLC~	One stop	L + 5.25%	(c)	8.62%	01/2026	4,820		4,793		0.4		4,820
PCS Intermediate II Holdings, LLC#	One stop	L + 5.25%	(c)	8.62%	01/2026	705		700		0.1		705
PCS Intermediate II Holdings, LLC(5)	One stop	L + 5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#~	One stop	L + 5.50%	(b)	9.17%	12/2025	18,323		18,202		1.4		17,589
Recordxtechnologies, LLC	One stop	L + 5.50%	(b)	9.17%	12/2025	1,671		1,662		0.1		1,604
Recordxtechnologies, LLC	One stop	L + 5.50%	(b)	9.17%	12/2025	140		139		—		132
Red Dawn SEI Buyer, Inc.#~	Senior loan	L + 4.25%	(c)	8.42%	11/2025	13,302		13,216		1.0		12,945
Red Dawn SEI Buyer, Inc.#(8)(9)	Senior loan	SN + 4.50%	(i)	6.69%	11/2025	7,739		9,436		0.6		7,584
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.25%	(c)	8.42%	11/2025	2,365		2,353		0.2		2,302
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.50%	(c)	8.67%	11/2025	2,205		2,190		0.2		2,161
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.50%	(b)(c)	8.67%	11/2025	1,328		1,317		0.1		1,301
Red Dawn SEI Buyer, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	11/2025	—		(2)		—		(7)
Red Dawn SEI Buyer, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	11/2025	—		(16)		—		(36)
ReliaQuest Holdings, LLC	One stop	SF + 10.75%	(l)	14.30%	10/2026	567		556		—		567
ReliaQuest Holdings, LLC	One stop	SF + 10.75%	(l)	14.30%	10/2026	26		26		—		26
ReliaQuest Holdings, LLC(5)	One stop	SF + 10.75%		N/A(6)	10/2026	—		(1)		—		—
Saturn Borrower Inc.#~	One stop	L + 6.50%	(b)	10.17%	09/2026	7,954		7,793		0.6		7,557
Saturn Borrower Inc.	One stop	L + 6.50%	(b)	10.17%	09/2026	103		101		—		98
Zarya Holdco, Inc.#	Senior loan	SF + 6.50%	(k)	9.63%	07/2027	2,495		2,495		0.2		2,495
Zarya Holdco, Inc.	Senior loan	SF + 6.50%		N/A(6)	07/2027	—		—		—		—
						129,552		130,752		9.9		125,819

See Notes to Consolidated Financial Statements.

27

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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 Products
WBZ Investment LLC	One stop	L + 6.25%	(b)(c)	8.13% cash/1.00% PIK	09/2024	$	1,455	$	1,451	0.1	%	$	1,455
WBZ Investment LLC	One stop	L + 6.25%	(b)(c)	8.13% cash/1.00% PIK	09/2024	482		481		0.1		482
WBZ Investment LLC	One stop	L + 6.25%	(b)(c)	8.13% cash/1.00% PIK	09/2024	335		334		—		335
WBZ Investment LLC	One stop	L + 6.25%	(c)	8.13% cash/1.00% PIK	09/2024	173		172		—		173
WBZ Investment LLC	One stop	L + 6.25%		N/A(6)	09/2024	—		—		—		—
						2,445		2,438		0.2		2,445
Life Sciences Tools & Services
Covaris Intermediate 3, LLC#	One stop	L + 4.75%	(b)	7.56%	01/2028	368		364		—		368
Covaris Intermediate 3, LLC	One stop	L + 5.25%	(a)	8.37%	01/2028	18		18		—		18
Covaris Intermediate 3, LLC(5)	One stop	L + 4.75%		N/A(6)	01/2028	—		(37)		—		—
PAS Parent Inc.#~	One stop	L + 5.50%	(a)(b)	8.62%	12/2028	18,434		18,136		1.4		17,879
PAS Parent Inc.	One stop	P + 4.50%	(a)(d)	10.07%	12/2027	161		149		—		151
PAS Parent Inc.(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(70)		—		(126)
Reaction Biology Corporation	One stop	SF + 5.25%	(m)	9.48%	03/2029	867		800		0.1		650
Reaction Biology Corporation#	One stop	SF + 5.25%	(m)	9.48%	03/2029	517		513		0.1		502
Reaction Biology Corporation(5)	One stop	P + 4.25%		N/A(6)	03/2029	—		(1)		—		(5)
Unchained Labs, LLC	Senior loan	L + 5.50%	(a)	8.62%	08/2027	430		418		—		430
Unchained Labs, LLC#	Senior loan	L + 5.50%	(a)	8.62%	08/2027	363		357		—		363
Unchained Labs, LLC	Senior loan	L + 5.50%		N/A(6)	08/2027	—		—		—		—
						21,158		20,647		1.6		20,230
Machinery
Bad Boy Mowers Acquisition, LLC#	Senior loan	L + 4.25%	(b)	7.38%	03/2028	730		729		0.1		730
Blackbird Purchaser, Inc.#~	Senior loan	L + 4.50%	(a)	7.62%	04/2026	6,594		6,519		0.5		6,528
Blackbird Purchaser, Inc.	Senior loan	L + 4.50%	(a)	7.62%	10/2025	29		28		—		28
Blackbird Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	04/2026	—		(12)		—		(14)
Chase Industries, Inc.(7)	Senior loan	L + 7.00%	(c)	9.88%	05/2025	1,955		1,941		0.1		1,598
Chase Industries, Inc.(7)	Senior loan	L + 7.00%	(b)	10.67%	05/2025	338		336		—		277
Chase Industries, Inc.(7)	Senior loan	L + 7.00%	(c)	9.80%	05/2025	174		174		—		140
						9,820		9,715		0.7		9,287
Marine
Project Nike Purchaser, LLC#	One stop	SF + 6.00%	(l)	9.55%	04/2029	9,705		9,614		0.7		9,414
Project Nike Purchaser, LLC(5)	One stop	P + 5.00%		N/A(6)	04/2029	—		(2)		—		(8)
Project Nike Purchaser, LLC(5)	One stop	P + 5.00%		N/A(6)	04/2029	—		(47)		—		(151)
						9,705		9,565		0.7		9,255
Media
Triple Lift, Inc.#	One stop	SF + 5.50%	(l)(m)	9.36%	05/2028	2,107		2,074		0.2		2,107
Triple Lift, Inc.#	One stop	SF + 5.50%	(m)	9.61%	05/2028	456		448		—		456
Triple Lift, Inc.	One stop	SF + 5.75%	(j)	8.74%	05/2028	27		26		—		27
						2,590		2,548		0.2		2,590
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.#(8)(12)	One stop	L + 6.75%	(b)	9.70%	05/2025	5,566		5,514		0.4		5,566
3ES Innovation, Inc.(8)(12)	One stop	L + 6.75%	(b)	9.92%	05/2025	40		39		—		40
Envernus, Inc.~+	Senior loan	L + 4.50%	(a)	7.62%	07/2025	11,839		11,666		0.9		11,602
Envernus, Inc.~+	Senior loan	L + 4.25%	(a)	7.37%	07/2025	9,629		9,575		0.8		9,377
Envernus, Inc.	Senior loan	L + 4.50%	(a)	7.62%	09/2024	70		66		—		67

See Notes to Consolidated Financial Statements.

28

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Envernus, Inc.	Senior loan	L + 4.25%	(a)	7.37%	09/2024	$	43	$	42	—	%	$	41
Project Power Buyer, LLC~	One stop	L + 6.00%	(b)	9.68%	05/2026	3,821		3,793		0.3		3,821
Project Power Buyer, LLC	One stop	L + 6.00%		N/A(6)	05/2025	—		—		—		—
						31,008		30,695		2.4		30,514
Paper & Forest Products
Messenger, LLC#~	One stop	SF + 5.75%	(k)	8.88%	12/2027	4,844		4,801		0.4		4,844
Messenger, LLC~	One stop	SF + 5.75%	(k)	8.50%	12/2027	1,474		1,461		0.1		1,474
Messenger, LLC	One stop	SF + 5.75%	(k)	8.88%	12/2027	739		732		0.1		739
Messenger, LLC	One stop	P + 4.75%	(d)	11.00%	12/2027	34		33		—		34
						7,091		7,027		0.6		7,091
Pharmaceuticals
ACP Ulysses Buyer, Inc.#~	One stop	SF + 5.25%	(l)	8.95%	02/2026	10,311		10,228		0.8		10,156
ACP Ulysses Buyer, Inc.#	One stop	SF + 5.25%	(l)	8.95%	02/2026	446		437		—		439
Amalthea Parent, Inc.#~+(8)(12)	One stop	L + 4.75%	(a)	7.87%	03/2027	22,601		22,397		1.8		22,374
Amalthea Parent, Inc.(5)(8)(12)	One stop	SF + 4.75%		N/A(6)	03/2027	—		(3)		—		(3)
Amalthea Parent, Inc.(5)(8)(12)	One stop	SF + 4.75%		N/A(6)	03/2027	—		(9)		—		(7)
Amalthea Parent, Inc.(5)(8)(12)	One stop	SF + 4.75%		N/A(6)	03/2027	—		(59)		—		(68)
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF + 5.50%	(m)	9.48%	05/2029	12,832		12,589		1.0		12,576
Caerus Midco 3 S.A.R.L.(5)(8)(13)	One stop	SF + 5.50%		N/A(6)	05/2029	—		(5)		—		(5)
Caerus Midco 3 S.A.R.L.(5)(8)(13)	One stop	SF + 5.50%		N/A(6)	05/2029	—		(18)		—		(39)
Cobalt Buyer Sub, Inc.#	One stop	L + 5.25%	(a)	8.37%	10/2028	4,514		4,437		0.3		4,289
Cobalt Buyer Sub, Inc.	One stop	L + 5.25%	(a)	8.37%	10/2028	1,376		1,350		0.1		1,301
Cobalt Buyer Sub, Inc.	One stop	L + 5.25%	(a)	8.37%	10/2027	36		34		—		32
Spark Bidco Limited#(8)(9)(10)	Senior loan	SN + 4.50%	(i)	6.69%	08/2028	9,418		11,458		0.7		9,418
Spark Bidco Limited(8)(9)(10)	Senior loan	SN + 4.50%	(i)	6.69%	08/2028	1,142		1,293		0.1		1,142
Spark Bidco Limited(5)(8)(9)(10)	Senior loan	SN + 4.50%		N/A(6)	02/2028	—		(2)		—		—
						62,676		64,127		4.8		61,605
Professional Services
Citrin Cooperman Advisors LLC	One stop	SF + 5.00%	(k)(l)	7.80%	10/2027	1,551		1,525		0.1		1,551
DISA Holdings Corp.#	Senior loan	SF + 5.50%	(k)	8.18%	09/2028	1,184		1,161		0.1		1,160
DISA Holdings Corp.	Senior loan	SF + 5.50%	(k)	8.18%	09/2028	2		2		—		2
DISA Holdings Corp.(5)	Senior loan	SF + 5.50%		N/A(6)	09/2028	—		(3)		—		(3)
Eliassen Group, LLC#	One stop	SF + 5.75%	(l)	9.30%	04/2028	748		741		0.1		748
Eliassen Group, LLC	One stop	SF + 5.75%	(l)	9.13%	04/2028	66		64		—		66
Filevine, Inc.#	One stop	SF + 6.50%	(l)(m)	5.43% cash/2.50% PIK	04/2027	2,568		2,528		0.2		2,571
Filevine, Inc.	One stop	SF + 6.50%		N/A(6)	04/2027	—		—		—		—
IG Investments Holdings, LLC#	One stop	L + 6.00%	(a)(b)	9.47%	09/2028	3,015		2,966		0.2		3,015
IG Investments Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~+	One stop	L + 5.25%	(a)(b)	8.06%	11/2028	27,129		26,951		2.1		26,315
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	L + 5.25%	(b)	8.10%	11/2028	75		74		—		68
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	L + 5.25%		N/A(6)	11/2028	—		(51)		—		(236)
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	L + 5.25%		N/A(6)	11/2028	—		(11)		—		(49)
Net Health Acquisition Corp.#	One stop	L + 5.75%	(a)	8.87%	12/2025	1,451		1,441		0.1		1,436
Net Health Acquisition Corp.~	One stop	L + 5.75%	(a)	8.87%	12/2025	849		841		0.1		840
Net Health Acquisition Corp.~	One stop	L + 5.75%	(a)	8.87%	12/2025	730		724		0.1		723
Net Health Acquisition Corp.~	One stop	L + 5.75%	(a)	8.88%	12/2025	459		454		0.1		454
Net Health Acquisition Corp.~	One stop	L + 5.75%	(a)	8.87%	12/2025	108		108		—		107
Net Health Acquisition Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(1)		—		(2)
PlanSource Holdings, Inc.+	One stop	L + 6.25%	(c)	9.55%	04/2025	2,818		2,800		0.2		2,818
PlanSource Holdings, Inc.	One stop	L + 6.25%	(c)	9.55%	04/2025	556		553		—		556

See Notes to Consolidated Financial Statements.

29

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
PlanSource Holdings, Inc.#	One stop	L + 6.25%	(c)	9.55%	04/2025	$	484	$	481	—	%	$	484
PlanSource Holdings, Inc.(5)	One stop	L + 6.25%		N/A(6)	04/2025	—		(1)		—		—
ProcessMAP Corporation#	One stop	L + 6.25%	(b)	6.17% cash/3.75% PIK	12/2027	1,747		1,732		0.1		1,712
ProcessMAP Corporation(5)	One stop	L + 6.00%		N/A(6)	12/2027	—		—		—		(1)
Procure Acquireco, Inc.#~	One stop	L + 5.25%	(c)	8.00%	12/2028	7,803		7,733		0.6		7,803
Procure Acquireco, Inc.(5)	One stop	L + 5.25%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.(5)	One stop	L + 5.25%		N/A(6)	12/2028	—		(40)		—		—
						53,343		52,770		4.1		52,138

See Notes to Consolidated Financial Statements.

30

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Real Estate Management & Development
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	$	16,602	$	16,482	1.3	%	$	16,602
Inhabit IQ Inc.+	One stop	L + 5.75%	(a)	8.87%	07/2025	9,439		9,371		0.7		9,439
Inhabit IQ Inc.~	One stop	L + 5.75%	(a)	8.87%	07/2025	2,722		2,710		0.2		2,722
Inhabit IQ Inc.~	One stop	L + 5.75%	(a)	8.87%	07/2025	2,543		2,522		0.2		2,543
Inhabit IQ Inc.~	One stop	L + 5.75%	(a)	8.87%	07/2025	1,099		1,094		0.1		1,099
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	897		893		0.1		897
Inhabit IQ Inc.#	One stop	L + 5.75%	(a)	8.87%	07/2025	694		688		0.1		694
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	387		385		—		387
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	329		327		—		329
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	327		326		—		327
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	258		257		—		258
Inhabit IQ Inc.	One stop	L + 5.75%	(a)	8.87%	07/2025	136		136		—		136
Inhabit IQ Inc.	One stop	L + 5.75%		N/A(6)	07/2025	—		—		—		—
MRI Software LLC~+	One stop	L + 5.50%	(b)	9.17%	02/2026	15,161		15,091		1.2		15,009
MRI Software LLC~+	One stop	L + 5.50%	(b)	9.17%	02/2026	5,963		5,913		0.5		5,904
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(2)		—		(3)
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(4)		—		(21)
RPL Bidco Limited(8)(9)(10)	One stop	SN + 5.75%	(i)	7.94%	08/2028	7,015		8,603		0.5		6,734
RPL Bidco Limited#(8)(9)(10)	One stop	A + 5.75%	(g)	8.21%	08/2028	826		938		0.1		793
RPL Bidco Limited(5)(8)(9)(10)	One stop	SN + 5.75%		N/A(6)	02/2028	—		—		—		(2)
						64,398		65,730		5.0		63,847
Road & Rail
Channelside Acquisitona Co, Inc.#	One stop	L + 5.25%	(b)	8.92%	07/2028	1,235		1,212		0.1		1,222
Channelside Acquisitona Co, Inc.	One stop	L + 5.25%	(a)	8.34%	07/2026	5		4		—		5
Channelside Acquisitona Co, Inc.(5)	One stop	L + 5.25%		N/A(6)	07/2028	—		(4)		—		(4)
Internet Truckstop Group LLC~	One stop	L + 5.50%	(b)	9.18%	04/2025	7,672		7,557		0.6		7,672
Internet Truckstop Group LLC#	One stop	L + 5.50%	(b)	9.18%	04/2025	3,375		3,342		0.3		3,375
Internet Truckstop Group LLC(5)	One stop	L + 5.50%		N/A(6)	04/2025	—		(2)		—		—
						12,287		12,109		1.0		12,270

See Notes to Consolidated Financial Statements.

31

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Software
Anaplan, Inc.#	One stop	SF + 6.50%	(k)	9.53%	06/2029	$	14,840	$	14,697	1.2	$	14,543
Anaplan, Inc.(5)	One stop	SF + 6.50%		N/A(6)	06/2028	—		(2)		—	(3)
Appfire Technologies, LLC~+	One stop	SF + 5.50%	(k)	8.63%	03/2027	14,372		14,206		1.2	14,229
Appfire Technologies, LLC	One stop	SF + 5.50%	(k)	8.63%	03/2027	19		16		—	16
Appfire Technologies, LLC(5)	One stop	SF + 5.50%		N/A(6)	03/2027	—		(3)		—	(4)
Appfire Technologies, LLC(5)	One stop	SF + 5.00%		N/A(6)	03/2027	—		(20)		—	(28)
Apptio, Inc.+	One stop	L + 6.00%	(b)	8.46%	01/2025	12,605		12,508		1.0	12,479
Apptio, Inc.	One stop	L + 6.00%	(b)	8.46%	01/2025	38		38		—	38
Aras Corporation+	One stop	L + 7.00%	(b)	5.71% cash/3.75% PIK	04/2027	5,554		5,513		0.4	5,554
Aras Corporation	One stop	L + 6.50%	(c)	9.50%	04/2027	31		30		—	31
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN + 5.75%	(i)	7.94%	06/2029	1,656		1,765		0.1	1,607
Armstrong Bidco Limited(8)(9)(10)	One stop	SN + 5.75%	(i)	7.94%	06/2029	285		279		—	259
Auvik Networks Inc.+(8)(12)	One stop	SF + 5.75%	(l)	5.73% cash/2.75% PIK	07/2027	3,026		3,002		0.2	2,938
Auvik Networks Inc.#(8)(12)	One stop	SF + 6.25%	(l)	5.73% cash/3.25% PIK	07/2027	546		541		0.1	540
Auvik Networks Inc.(5)(8)(12)	One stop	SF + 5.75%		N/A(6)	07/2027	—		(1)		—	(2)
Axiom Merger Sub Inc.	One stop	L + 5.50%	(b)(c)	7.07%	04/2026	1,129		1,117		0.1	1,129
Axiom Merger Sub Inc.#	One stop	L + 5.50%	(c)	7.05%	04/2026	972		964		0.1	972
Axiom Merger Sub Inc.(8)(9)	One stop	E + 5.75%	(e)(f)	5.85%	04/2026	409		466		—	409
Axiom Merger Sub Inc.	One stop	L + 5.50%	(b)(c)	8.87%	04/2026	53		51		—	53
Axiom Merger Sub Inc.	One stop	L + 5.50%		N/A(6)	10/2025	—		—		—	—
Azul Systems, Inc.~	Senior loan	L + 4.50%	(b)	8.17%	04/2027	9,492		9,430		0.7	9,492
Azul Systems, Inc.	Senior loan	L + 4.50%		N/A(6)	04/2026	—		—		—	—
Bayshore Intermediate #2, L.P.+	One stop	L + 7.75%	(a)	10.43%	10/2028	27,639		27,148		2.2	27,639
Bayshore Intermediate #2, L.P.(5)	One stop	L + 6.75%		N/A(6)	10/2027	—		(3)		—	—
Bonterra LLC#+	One stop	L + 6.25%	(b)	9.92%	09/2027	25,775		25,458		2.0	25,517
Bonterra LLC	One stop	L + 6.25%	(b)	9.92%	09/2027	122		120		—	120
Bonterra LLC(5)	One stop	L + 6.25%		N/A(6)	09/2027	—		(39)		—	(61)
Bottomline Technologies, Inc.#	One stop	SF + 5.50%	(k)	8.35%	05/2029	13,737		13,478		1.0	13,325
Bottomline Technologies, Inc.(5)	One stop	SF + 5.50%		N/A(6)	05/2028	—		(4)		—	(6)
Bullhorn, Inc.#~	One stop	L + 5.75%	(b)	9.42%	09/2026	13,273		13,119		1.0	13,273
Bullhorn, Inc.#~	One stop	L + 5.75%	(b)	9.42%	09/2026	3,239		3,218		0.3	3,239
Bullhorn, Inc.(8)(9)	One stop	SN + 6.00%	(i)	8.19%	09/2026	2,150		2,342		0.2	2,150
Bullhorn, Inc.	One stop	L + 5.75%	(b)	9.42%	09/2026	1,455		1,439		0.1	1,455
Bullhorn, Inc.#(8)(9)	One stop	E + 5.75%	(e)	6.94%	09/2026	853		940		0.1	853
Bullhorn, Inc.	One stop	L + 5.75%	(b)	9.42%	09/2026	652		645		0.1	652
Bullhorn, Inc.	One stop	L + 5.75%	(b)	9.42%	09/2026	520		514		0.1	520
Bullhorn, Inc.	One stop	L + 5.75%	(b)	9.42%	09/2026	123		120		—	123
Burning Glass Intermediate Holdings Company, Inc.#	One stop	L + 5.00%	(a)	8.12%	06/2028	3,806		3,743		0.3	3,806
Burning Glass Intermediate Holdings Company, Inc.	One stop	L + 5.00%	(a)	8.12%	06/2026	28		26		—	28
Calabrio, Inc.#+	One stop	L + 7.00%	(b)	10.67%	04/2027	21,174		20,934		1.7	21,174
Calabrio, Inc.(5)	One stop	L + 7.00%		N/A(6)	04/2027	—		(3)		—	—
Community Brands Parentco LLC#	One stop	SF + 5.75%	(k)	8.88%	02/2028	2,568		2,522		0.2	2,517
Community Brands Parentco LLC(5)	One stop	SF + 5.50%		N/A(6)	02/2028	—		(1)		—	(1)
Community Brands Parentco LLC(5)	One stop	SF + 5.50%		N/A(6)	02/2028	—		(3)		—	(7)
Daxko Acquisition Corporation~+	One stop	L + 5.50%	(a)	8.62%	10/2028	12,559		12,451		1.0	12,182
Daxko Acquisition Corporation	One stop	L + 5.50%	(a)	8.62%	10/2028	1,059		1,046		0.1	1,027
Daxko Acquisition Corporation(5)	One stop	L + 5.50%		N/A(6)	10/2027	—		(2)		—	(5)
Daxko Acquisition Corporation(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(4)		—	(15)

See Notes to Consolidated Financial Statements.

32

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Diligent Corporation~+	One stop	L + 6.25%	(c)	9.13%	08/2025	$	27,490	$	27,323	2.1	%	$	27,218
Diligent Corporation+	One stop	L + 5.75%	(c)	8.63%	08/2025	2,335		2,319		0.2		2,283
Diligent Corporation	One stop	L + 6.25%	(c)	9.13%	08/2025	681		672		0.1		674
Diligent Corporation	One stop	L + 6.25%	(c)	8.49%	08/2025	435		434		—		427
Diligent Corporation	One stop	L + 6.25%	(c)	9.13%	08/2025	430		401		—		425
Dragon UK Bidco Limited#(8)(9)(10)	One stop	SN + 6.00%	(i)	8.19%	02/2029	6,297		7,333		0.5		5,919
Dragon UK Bidco Limited(8)(9)(10)	One stop	C + 6.00%	(h)	10.20%	02/2029	4,118		4,358		0.3		3,870
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN + 6.00%		N/A(6)	02/2029	—		—		—		(89)
FirstUp, Inc.+	One stop	L + 6.75%	(b)	6.92% cash/3.50% PIK	07/2027	3,314		3,289		0.3		3,314
FirstUp, Inc.(5)	One stop	L + 9.75%		N/A(6)	07/2027	—		(1)		—		—
Gainsight, Inc.+	One stop	L + 6.75%	(b)	9.56% PIK	07/2027	4,299		4,242		0.3		4,255
Gainsight, Inc.(5)	One stop	L + 6.75%		N/A(6)	07/2027	—		(2)		—		(1)
GS Acquisitionco, Inc.#~+	One stop	L + 5.75%	(b)(c)	9.85%	05/2026	39,632		39,423		3.1		38,840
GS Acquisitionco, Inc.	One stop	L + 5.75%	(c)	9.46%	05/2026	122		122		—		119
GS Acquisitionco, Inc.(5)	One stop	L + 5.75%	(c)	N/A(6)	05/2026	—		(4)		—		(44)
GTY Technology Holdings, Inc.#	One stop	SF + 6.88%	(l)	9.81% cash/0.63% PIK	07/2029	1,575		1,545		0.1		1,559
GTY Technology Holdings, Inc.(5)	One stop	SF + 6.88%		N/A(6)	07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.(5)	One stop	SF + 6.88%		N/A(6)	07/2029	—		(12)		—		(12)
ICIMS, Inc.#	One stop	SF + 6.75%	(l)	9.49%	08/2028	3,824		3,759		0.3		3,791
ICIMS, Inc.(5)	One stop	SF + 6.75%		N/A(6)	08/2028	—		(3)		—		(1)
ICIMS, Inc.	One stop	SF + 6.75%		N/A(6)	08/2028	—		—		—		—
IQN Holding Corp. #	One stop	SF + 5.50%	(l)	8.41%	05/2029	7,603		7,516		0.6		7,527
IQN Holding Corp. (5)	One stop	SF + 5.50%		N/A(6)	05/2028	—		(1)		—		(1)
IQN Holding Corp. (5)	One stop	SF + 5.50%		N/A(6)	05/2029	—		(27)		—		(36)
Island Bidco AB#(8)(9)(17)	One stop	E + 7.25%	(f)	0.23% cash/7.25% PIK	07/2028	2,745		2,892		0.2		2,717
Island Bidco AB#(8)(17)	One stop	SF + 7.00%	(m)	6.09% cash/3.50% PIK	07/2028	1,508		1,493		0.1		1,493
Island Bidco AB(8)(17)	One stop	SF + 6.50%		N/A(6)	07/2028	—		—		—		—
Island Bidco AB(5)(8)(9)(17)	One stop	E + 6.50%		N/A(6)	07/2028	—		(1)		—		(1)
Juvare, LLC~	One stop	L + 6.25%	(b)	9.92%	10/2026	3,012		2,986		0.2		2,981
Juvare, LLC	One stop	L + 6.25%	(b)	9.92%	10/2026	695		689		0.1		688
Juvare, LLC	One stop	L + 6.25%	(b)	9.92%	10/2026	221		212		—		212
Juvare, LLC	One stop	L + 6.25%	(b)	9.92%	04/2026	45		45		—		45
Kaseya Inc.#+	One stop	SF + 5.75%	(m)	8.29%	06/2029	13,893		13,693		1.1		13,615
Kaseya Inc.(5)	One stop	SF + 5.75%		N/A(6)	06/2029	—		(4)		—		(5)
Kaseya Inc.(5)	One stop	SF + 5.75%		N/A(6)	06/2029	—		(8)		—		(17)
Mindbody, Inc.+	One stop	L + 8.50%	(b)	10.64% cash/1.50% PIK	02/2025	12,113		12,067		1.0		12,113
Mindbody, Inc.+	One stop	L + 8.50%	(b)	10.64% cash/1.50% PIK	02/2025	1,363		1,354		0.1		1,363
Mindbody, Inc.	One stop	L + 8.00%		N/A(6)	02/2025	—		—		—		—
Ministry Brands Holdings LLC#	One stop	L + 5.50%	(b)	9.17%	12/2028	9,727		9,640		0.7		9,435
Ministry Brands Holdings LLC(5)	One stop	L + 5.50%		N/A(6)	12/2027	—		(2)		—		(5)
Ministry Brands Holdings LLC(5)	One stop	L + 5.50%		N/A(6)	12/2028	—		(79)		—		(267)
Neo Bidco GMBH#(8)(9)(13)	One stop	E + 6.00%	(e)	6.00%	07/2028	2,501		2,979		0.2		2,426
Neo Bidco GMBH(8)(13)	One stop	L + 6.00%	(b)	9.29%	01/2028	59		59		—		58
Neo Bidco GMBH(8)(9)(13)	One stop	E + 6.00%		N/A(6)	01/2028	—		—		—		—
Newscycle Solutions, Inc.	Senior loan	L + 7.00%	(b)	10.67%	12/2022	53		53		—		53
PDI TA Holdings, Inc.~+	One stop	L + 4.50%	(b)	7.16%	10/2024	3,332		3,313		0.3		3,265
PDI TA Holdings, Inc.#	Second lien	L + 8.50%	(b)	11.49%	10/2025	1,356		1,343		0.1		1,356

See Notes to Consolidated Financial Statements.

33

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
PDI TA Holdings, Inc.	One stop	L + 4.50%	(b)(c)	6.98%	10/2024	$	443	$	442	—	%	$	434
PDI TA Holdings, Inc.(8)(9)	One stop	SN + 4.50%	(i)	6.81%	10/2024	392		473		—		384
PDI TA Holdings, Inc.#	Second lien	L + 8.50%	(b)	11.49%	10/2025	274		272		—		274
PDI TA Holdings, Inc.+	One stop	L + 4.50%	(b)	7.16%	10/2024	273		271		—		268
PDI TA Holdings, Inc.	One stop	L + 4.50%	(b)	7.16%	10/2024	204		200		—		189
PDI TA Holdings, Inc.	Second lien	L + 8.50%	(b)	11.49%	10/2025	149		148		—		149
Personify, Inc.~	One stop	L + 5.25%	(b)	8.92%	09/2024	3,085		3,075		0.2		3,085
Personify, Inc.#	One stop	L + 5.25%	(b)	8.92%	09/2024	1,859		1,849		0.1		1,859
Personify, Inc.	One stop	L + 5.25%		N/A(6)	09/2024	—		—		—		—
Pluralsight, LLC+	One stop	L + 8.00%	(a)	10.68%	03/2027	9,346		9,275		0.7		9,346
Pluralsight, LLC(5)	One stop	L + 8.00%		N/A(6)	03/2027	—		(1)		—		—
ProcessUnity Holdings, LLC+	One stop	L + 6.00%	(b)	9.67%	09/2028	1,793		1,777		0.1		1,793
ProcessUnity Holdings, LLC	One stop	L + 6.00%	(a)	9.11%	09/2028	23		22		—		23
ProcessUnity Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	09/2028	—		(3)		—		—
Pyramid Healthcare Acquisition Corp.#	One stop	L + 4.75%	(b)(c)	7.56%	05/2027	7,246		7,191		0.6		7,246
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(b)	7.91%	05/2027	344		342		—		344
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(a)	7.30%	05/2027	213		211		—		213
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(b)	7.56%	05/2027	71		70		—		71
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(b)	7.56%	05/2027	62		62		—		62
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(b)	8.42%	05/2027	58		58		—		58
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(b)	7.82%	05/2027	58		58		—		58
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(a)	7.87%	05/2027	40		27		—		40
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(b)	7.56%	05/2027	23		23		—		23
Pyramid Healthcare Acquisition Corp.(5)	One stop	L + 4.75%		N/A(6)	05/2027	—		(2)		—		—
QAD, Inc.#	One stop	L + 6.00%	(a)	9.12%	11/2027	34,662		34,367		2.7		33,968
QAD, Inc.(5)	One stop	L + 6.00%		N/A(6)	11/2027	—		(4)		—		(9)
Quant Buyer, Inc.	One stop	SF + 5.50%	(l)	8.47%	06/2029	1,492		1,478		0.1		1,441
Quant Buyer, Inc.#	One stop	SF + 5.50%	(l)	8.47%	06/2029	1,257		1,245		0.1		1,214
Quant Buyer, Inc.#	One stop	SF + 6.00%	(l)	8.97%	06/2029	1,050		1,039		0.1		1,039
Quant Buyer, Inc.(5)	One stop	SF + 5.50%		N/A(6)	06/2029	—		(1)		—		(5)
Quant Buyer, Inc.	One stop	SF + 6.00%		N/A(6)	06/2029	—		—		—		—
Rainforest Bidco Limited(8)(9)(10)	One stop	SN + 5.75%	(i)	7.94%	07/2029	9,926		10,304		0.8		9,790
Rainforest Bidco Limited(8)(9)(10)	One stop	SN + 5.75%		N/A(6)	01/2029	—		—		—		—
Rainforest Bidco Limited(5)(8)(9)(10)	One stop	SN + 5.75%		N/A(6)	07/2029	—		(40)		—		(39)
RegEd Aquireco, LLC#	Senior loan	L + 4.25%	(b)	7.06%	12/2024	1,192		1,188		0.1		1,109
RegEd Aquireco, LLC	Senior loan	L + 4.25%	(b)(d)	7.87%	12/2024	118		117		—		110
Riskonnect Parent, LLC#	One stop	SF + 5.50%	(m)	9.73%	12/2028	36,151		35,830		2.8		35,789
Riskonnect Parent, LLC(5)	One stop	SF + 5.50%		N/A(6)	12/2028	—		(3)		—		(4)
Riskonnect Parent, LLC(5)	One stop	SF + 5.50%		N/A(6)	12/2028	—		(16)		—		(17)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L + 6.25%	(a)	9.37%	05/2027	1,760		1,746		0.1		1,760
Rodeo Buyer Company & Absorb Software Inc.(5)	One stop	L + 6.25%		N/A(6)	05/2027	—		(1)		—		—
SailPoint Technologies Holdings, Inc.#	One stop	SF + 6.25%	(k)	9.10%	08/2029	4,827		4,733		0.4		4,779
SailPoint Technologies Holdings, Inc.(5)	One stop	SF + 6.25%		N/A(6)	08/2028	—		(3)		—		(2)
Sapphire Bidco Oy(8)(9)(16)	One stop	E + 6.00%	(e)	6.00%	04/2029	14,689		14,822		1.1		14,542
Sonatype, Inc.#	One stop	SF + 6.75%	(k)	9.47%	12/2025	15,238		15,144		1.2		15,238
Sonatype, Inc.+	One stop	SF + 6.75%	(k)	9.47%	12/2025	12,912		12,843		1.0		12,912
Sonatype, Inc.(5)	One stop	SF + 6.75%		N/A(6)	12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.#+	One stop	L + 6.25%	(a)	9.37%	12/2026	12,547		12,437		1.0		12,296
Spartan Buyer Acquisition Co.#	One stop	L + 6.25%	(a)	9.37%	12/2026	806		793		0.1		790
Spartan Buyer Acquisition Co.	One stop	P + 5.25%	(d)	11.50%	12/2026	48		46		—		43
Tahoe Bidco B.V. +	One stop	L + 6.00%	(a)	8.68%	09/2028	5,122		5,078		0.4		5,122
Tahoe Bidco B.V. (5)	One stop	L + 6.00%		N/A(6)	10/2027	—		(1)		—		—

See Notes to Consolidated Financial Statements.

34

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Telesoft Holdings LLC#~+	One stop	L + 5.75%	(b)(c)	8.61%	12/2025	$	20,743	$	20,488	1.6	%	$	20,393
Telesoft Holdings LLC#	One stop	L + 6.25%	(b)	9.03%	08/2028	1,396		1,379		0.1		1,382
Telesoft Holdings LLC(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(3)		—		(4)
Templafy APS and Templafy, LLC#(8)(18)	One stop	SF + 6.50%	(m)	9.64%	07/2028	1,629		1,586		0.1		1,583
Templafy APS and Templafy, LLC(8)(18)	One stop	SF + 6.50%		N/A(6)	07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(8)(18)	One stop	SF + 6.50%		N/A(6)	07/2028	—		(9)		—		(9)
TI Intermediate Holdings, LLC~	Senior loan	L + 4.25%	(a)	7.37%	12/2024	804		800		0.1		799
TI Intermediate Holdings, LLC#	Senior loan	L + 4.25%	(a)	7.37%	12/2024	216		213		—		215
TI Intermediate Holdings, LLC	Senior loan	L + 4.25%	(a)	7.37%	12/2024	101		100		—		101
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	7.62%	12/2024	55		54		—		55
TI Intermediate Holdings, LLC#	Senior loan	L + 4.50%	(a)	7.62%	12/2024	37		37		—		37
TI Intermediate Holdings, LLC	Senior loan	L + 4.25%	(a)	7.37%	12/2024	11		10		—		10
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	1,920		1,905		0.2		1,920
Togetherwork Holdings, LLC#	One stop	L + 6.25%	(c)	9.13%	03/2025	1,270		1,263		0.1		1,270
Togetherwork Holdings, LLC#	One stop	L + 6.25%	(c)	9.13%	03/2025	852		846		0.1		852
Togetherwork Holdings, LLC	One stop	L + 6.25%	(c)	9.13%	03/2025	741		736		0.1		741
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	491		487		—		491
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	469		465		—		469
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	464		460		—		464
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	432		429		—		432
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	396		393		—		396
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	297		295		—		297
Togetherwork Holdings, LLC#	One stop	L + 6.25%	(c)	9.55%	03/2025	208		206		—		208
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	198		196		—		198
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	179		177		—		179
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	83		83		—		83
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	81		80		—		81
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	17		17		—		17
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(c)	9.13%	03/2025	16		16		—		16
Togetherwork Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	03/2024	—		(1)		—		—
Trintech, Inc.~	One stop	L + 6.00%	(a)	9.12%	12/2024	2,058		2,051		0.2		2,038
Trintech, Inc.~	One stop	L + 6.00%	(a)	9.12%	12/2024	1,024		1,021		0.1		1,014
Trintech, Inc.	One stop	L + 6.00%	(a)	9.12%	12/2024	49		49		—		49
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)	One stop	N/A		4.50% cash/4.70% PIK	05/2024	1,825		2,131		0.1		1,606
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)	One stop	N/A		4.50% cash/4.70% PIK	05/2024	61		71		—		53
Vendavo, Inc.#	One stop	L + 5.75%	(b)	8.99%	09/2027	8,330		8,270		0.6		7,997
Vendavo, Inc.	One stop	P + 4.75%	(d)	11.00%	09/2027	40		39		—		34
WebPT, Inc.	One stop	L + 6.75%	(b)	9.82%	01/2028	305		301		—		302
Workforce Software, LLC+	One stop	L + 7.25%	(b)	7.32% cash/3.00% PIK	07/2025	11,351		11,217		0.9		11,351
Workforce Software, LLC+	One stop	L + 7.25%	(b)	7.32% cash/3.00% PIK	07/2025	2,007		2,007		0.2		2,007
Workforce Software, LLC#	One stop	L + 7.25%	(b)	7.32% cash/3.00% PIK	07/2025	1,425		1,403		0.1		1,425
Workforce Software, LLC	One stop	L + 7.25%	(b)	7.32% cash/3.00% PIK	07/2025	924		904		0.1		924
Workforce Software, LLC	One stop	L + 6.50%	(b)	9.57%	07/2025	59		58		—		59
						592,854		590,419		45.9		584,638
Specialty Retail
Ave Holdings III, Corp#	One stop	SF + 5.50%	(l)	9.20%	02/2028	1,669		1,639		0.2		1,619
Ave Holdings III, Corp	One stop	SF + 5.50%	(l)	8.71%	02/2028	1,485		1,317		0.1		975
Ave Holdings III, Corp	One stop	P + 4.50%	(d)	10.75%	02/2028	14		12		—		10

See Notes to Consolidated Financial Statements.

35

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Consilio Midco Limited#(8)(9)(10)	One stop	E + 6.25%	(e)	7.48%	05/2028	$	25,957	$	29,508	2.0	%	$	25,739
Consilio Midco Limited#(8)(10)	One stop	SF + 5.75%	(l)	9.45%	05/2028	5,931		5,874		0.5		5,753
Consilio Midco Limited#(8)(10)	One stop	SF + 5.75%	(l)	9.45%	05/2028	4,472		4,399		0.4		4,337
Consilio Midco Limited~(8)(10)	One stop	SF + 5.75%	(l)	9.45%	05/2028	836		823		0.1		811
Consilio Midco Limited~(8)(10)	One stop	SF + 5.75%	(l)	9.45%	05/2028	556		550		—		540
Consilio Midco Limited~(8)(10)	One stop	SF + 5.75%	(l)	9.45%	05/2028	284		278		0.1		276
Consilio Midco Limited(8)(9)(10)	One stop	E + 6.25%	(e)	7.48%	05/2028	225		218		0.1		216
Consilio Midco Limited(5)(8)(10)	One stop	SF + 5.75%		N/A(6)	05/2028	—		(2)		—		(3)
Consilio Midco Limited(5)(8)(10)	One stop	SF + 5.75%		N/A(6)	05/2028	—		(1)		—		—
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	1,831		1,824		0.2		1,831
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	1,594		1,587		0.2		1,594
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	1,508		1,505		0.2		1,508
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	1,435		1,431		0.2		1,435
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	1,099		1,096		0.1		1,099
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	1,062		1,057		0.1		1,062
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	869		867		0.1		869
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	860		856		0.1		860
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	791		787		0.1		791
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	741		739		0.1		741
Imperial Optical Midco Inc.#	One stop	L + 6.75%	(a)	9.87%	08/2023	642		640		0.1		642
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	635		633		0.1		635
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	612		611		0.1		612
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	595		592		0.1		595
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	593		591		0.1		593
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	559		556		0.1		559
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	551		549		0.1		551
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	534		532		0.1		534
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	526		524		0.1		526
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	482		481		0.1		482
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	441		440		0.1		441
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	440		438		—		440
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	439		438		—		439
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	414		410		—		414
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	406		404		—		406
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	402		400		—		402
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	380		379		—		380
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	374		372		—		374
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	372		370		—		372
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	370		368		—		370
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	349		347		—		349
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	344		344		—		344
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	338		336		—		338
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	318		317		—		318
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	309		309		—		309
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	286		285		—		286
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	266		264		—		266
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	256		255		—		256
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	250		249		—		250
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	250		248		—		250
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	246		244		—		246
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	243		242		—		243

See Notes to Consolidated Financial Statements.

36

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	$	243	$	242	—	%	$	243
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	213		212		—		213
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	193		192		—		193
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	192		192		—		192
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	192		191		—		192
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	188		188		—		188
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	187		186		—		187
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	183		183		—		183
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	176		175		—		176
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	174		173		—		174
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	174		174		—		174
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	174		174		—		174
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	173		172		—		173
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	170		169		—		170
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	162		161		—		162
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	160		159		—		160
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	159		159		—		159
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	157		157		—		157
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	151		150		—		151
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	149		148		—		149
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	146		146		—		146
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	146		145		—		146
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	145		144		—		145
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	143		142		—		143
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	138		137		—		138
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	138		137		—		138
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	137		136		—		137
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	137		137		—		137
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	124		124		—		124
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	121		120		—		121
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	117		117		—		117
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	115		114		—		115
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	107		107		—		107
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	106		106		—		106
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	103		102		—		103
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	99		98		—		99
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	99		98		—		99
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	96		95		—		96
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	95		94		—		95
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	94		94		—		94
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	93		92		—		93
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	92		91		—		92
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	90		89		—		90
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	89		88		—		89
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	88		88		—		88
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	84		84		—		84
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	84		84		—		84
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	83		82		—		83
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	79		79		—		79
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	77		77		—		77
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	72		71		—		72
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	72		72		—		72

See Notes to Consolidated Financial Statements.

37

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	$	68	$	68	—	%	$	68
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	68		68		—		68
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	67		66		—		67
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	66		66		—		66
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	66		66		—		66
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	61		61		—		61
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	58		58		—		58
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	57		57		—		57
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	56		55		—		56
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	56		56		—		56
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	56		56		—		56
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	55		55		—		55
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	55		55		—		55
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	54		54		—		54
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	53		53		—		53
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	52		52		—		52
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	50		50		—		50
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	50		50		—		50
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	48		48		—		48
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	48		48		—		48
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	47		47		—		47
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	44		44		—		44
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	44		44		—		44
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	42		41		—		42
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	40		40		—		40
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	40		40		—		40
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	36		36		—		36
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	33		33		—		33
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	33		33		—		33
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	32		32		—		32
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	32		32		—		32
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	31		31		—		31
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	31		31		—		31
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	27		27		—		27
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	25		25		—		25
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	24		24		—		24
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	24		24		—		24
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	24		24		—		24
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	23		23		—		23
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	22		22		—		22
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	21		21		—		21
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	20		20		—		20
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	20		20		—		20
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	16		16		—		16
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	16		16		—		16

See Notes to Consolidated Financial Statements.

38

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	$	15	$	15	—	%	$	15
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	15		15		—		15
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	15		15		—		15
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	15		15		—		15
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	14		14		—		14
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	13		13		—		13
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	11		11		—		11
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	10		10		—		10
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	9		9		—		9
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	8		8		—		8
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	6		6		—		6
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	6		6		—		6
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	5		5		—		5
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	4		4		—		4
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	4		4		—		4
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	4		4		—		4
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	4		4		—		4
Imperial Optical Midco Inc.	One stop	L + 6.75%	(a)	9.87%	08/2023	3		3		—		3
Imperial Optical Midco Inc.(5)	One stop	L + 6.75%		N/A(6)	08/2023	—		(20)		—		—
Jet Equipment & Tools Ltd.(8)(9)(12)	One stop	C + 5.75%	(h)	9.92%	11/2024	3,946		4,147		0.3		3,852
Jet Equipment & Tools Ltd.#(8)(12)	One stop	SF + 5.75%	(l)	9.45%	11/2024	3,287		3,272		0.3		3,209
Jet Equipment & Tools Ltd.#(8)(12)	One stop	SF + 6.00%	(l)	9.70%	11/2024	1,342		1,331		0.1		1,316
Jet Equipment & Tools Ltd.#(8)(9)(12)	One stop	C + 6.00%	(h)	10.17%	11/2024	1,234		1,286		0.1		1,210
Jet Equipment & Tools Ltd.#(8)(12)	One stop	SF + 5.75%	(l)	9.45%	11/2024	1,010		1,005		0.1		986
Jet Equipment & Tools Ltd.(8)(9)(12)	One stop	C + 6.00%	(h)	10.17%	11/2024	536		573		—		526
Jet Equipment & Tools Ltd.#(8)(12)	One stop	SF + 5.75%	(l)	9.45%	11/2024	389		386		—		379

See Notes to Consolidated Financial Statements.

39

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Jet Equipment & Tools Ltd.#(8)(12)	One stop	SF + 6.50%	(l)	10.20%	11/2024	$	262	$	256	—	%	$	259
Jet Equipment & Tools Ltd.(8)(12)	One stop	SF + 5.75%	(d)(k)	9.82%	11/2024	197		197		—		192
Jet Equipment & Tools Ltd.(8)(9)(12)	One stop	CP + 4.75%	(n)	10.20%	11/2024	25		27		—		24
PPV Intermediate Holdings, LLC#	One stop	SF + 5.75%	(l)(m)	9.29%	08/2029	3,713		3,642		0.3		3,639
PPV Intermediate Holdings, LLC	One stop	N/A		13.00%	08/2030	459		448		—		448
PPV Intermediate Holdings, LLC(5)	One stop	SF + 5.75%		N/A(6)	08/2029	—		(8)		—		(8)
PPV Intermediate Holdings, LLC(5)	One stop	SF + 5.75%		N/A(6)	08/2029	—		(11)		—		(9)
PPV Intermediate Holdings, LLC(5)	One stop	N/A		13.00%	08/2030	—		(2)		—		(2)
Salon Lofts Group, LLC#	One stop	SF + 5.75%	(l)	9.30%	08/2028	1,788		1,770		0.1		1,770
Salon Lofts Group, LLC(5)	One stop	SF + 5.75%		N/A(6)	08/2028	—		(2)		—		(2)
Salon Lofts Group, LLC(5)	One stop	SF + 5.75%		N/A(6)	08/2028	—		(9)		—		(9)
Sola Franchise, LLC and Sola Salon Studios, LLC#~	One stop	SF + 4.75%	(l)	8.45%	10/2024	1,851		1,840		0.1		1,851
Sola Franchise, LLC and Sola Salon Studios, LLC~	One stop	SF + 4.75%	(l)	8.45%	10/2024	657		654		0.1		657
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	SF + 4.75%		N/A(6)	10/2024	—		—		—		—
Titan Fitness, LLC#	One stop	L + 6.75%	(a)(b)	7.56% cash/2.00% PIK	02/2025	6,764		6,726		0.5		6,358
Titan Fitness, LLC	One stop	L + 6.75%	(b)	7.00% cash/2.00% PIK	02/2025	798		793		0.1		750
Titan Fitness, LLC	One stop	L + 6.75%	(b)	7.00% cash/2.00% PIK	02/2025	245		243		—		229
Vermont Aus Pty Ltd(8)(11)	One stop	SF + 5.50%	(l)	9.20%	03/2028	1,903		1,877		0.1		1,903
Vermont Aus Pty Ltd(8)(9)(11)	One stop	A + 5.75%	(g)	8.86%	03/2028	1,662		1,910		0.1		1,662
VSG Acquisition Corp. and Sherrill, Inc.#	One stop	SF + 5.50%	(l)	9.31%	04/2028	4,052		3,996		0.3		4,012
VSG Acquisition Corp. and Sherrill, Inc.	One stop	L + 5.50%	(b)	9.31%	04/2028	101		31		—		51
VSG Acquisition Corp. and Sherrill, Inc.	One stop	P + 4.50%	(d)	10.75%	04/2028	69		67		—		68
						112,169		115,360		8.6		110,044
Textiles, Apparel and Luxury Goods
Dollfus Mieg Company, Inc.#(8)(10)	One stop	L + 6.00%	(c)	10.12%	03/2028	393		389		0.1		366
Dollfus Mieg Company, Inc.#(8)(10)	One stop	L + 6.00%	(c)	10.12%	03/2028	196		194		—		182
Dollfus Mieg Company, Inc.#(8)(10)	One stop	L + 6.00%	(c)	10.12%	03/2028	172		170		—		160
Dollfus Mieg Company, Inc.(5)(8)(9)(10)	One stop	E + 6.00%		N/A(6)	03/2028	—		(8)		—		(42)
QF Holdings, Inc.	One stop	L + 6.25%	(c)	10.43%	12/2027	305		301		—		305
						1,066		1,046		0.1		971
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.	One stop	L + 5.50%	(b)	9.01%	06/2028	6,352		6,252		0.5		6,098
Marcone Yellowstone Buyer Inc.#	One stop	L + 5.50%	(b)	9.17%	06/2028	6,003		5,896		0.5		5,763
Marcone Yellowstone Buyer Inc.#	One stop	L + 5.50%	(b)	9.17%	06/2028	1,370		1,348		0.1		1,315
Marcone Yellowstone Buyer Inc.	One stop	L + 5.50%	(b)	8.92%	06/2028	881		860		0.1		795
						14,606		14,356		1.2		13,971
Water Utilities
S.J. Electro Systems, LLC#	Senior loan	L + 4.50%	(a)	7.62%	06/2027	2,154		2,137		0.2		2,089
S.J. Electro Systems, LLC	Senior loan	L + 4.50%	(a)	7.62%	06/2027	1,129		1,099		0.1		1,095
S.J. Electro Systems, LLC	Senior loan	L + 4.50%	(a)	7.62%	06/2027	110		108		—		104
Vessco Midco Holdings, LLC	Senior loan	L + 4.50%	(b)	7.77%	11/2026	248		235		—		226
Vessco Midco Holdings, LLC#	Senior loan	L + 4.50%	(a)	7.62%	11/2026	88		88		—		86
Vessco Midco Holdings, LLC	Senior loan	P + 3.50%	(d)	9.75%	10/2026	2		2		—		2
						3,731		3,669		0.3		3,602
Total debt investments						$	2,236,034	$	2,240,115	172.3	%	$	2,192,016

See Notes to Consolidated Financial Statements.

40

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Equity investments(19)(20)
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A	N/A	—	$	320	—	%	$	262
Go Car Wash Parent, Corp.	Preferred stock	N/A	N/A	N/A	—	1,352		0.1		1,455
Go Car Wash Parent, Corp.	Common Stock	N/A	N/A	N/A	—	847		0.1		1,041
MOP GM Holding, LLC	LP units	N/A	N/A	N/A	—	134		—		194
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A	N/A	—	32		—		32
POY Holdings, LLC	LLC units	N/A	N/A	N/A	305	305		0.1		601
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	93		—		209
						3,083		0.3		3,794
Biotechnology
Cobepa BlueSky Aggregator, SCSp	LP interest	N/A	N/A	N/A	42	422		—		367
Building Products
BECO Holding Company, Inc.	Preferred stock	N/A	N/A	N/A	122	11,834		1.0		13,247
BECO Holding Company, Inc.	LP interest	N/A	N/A	N/A	8	821		0.1		903
						12,655		1.1		14,150
Chemicals
Inhance Technologies Holdings LLC	Preferred stock	N/A	N/A	N/A	10	9,689		0.9		10,855
Inhance Technologies Holdings LLC	LLC units	N/A	N/A	N/A	—	34		—		193
						9,723		0.9		11,048
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A	N/A	233	233		—		249
EGD Security Systems, LLC	Common Stock	N/A	N/A	N/A	3,035	3,035		0.2		2,851
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	156	156		—		163
PT Intermediate Holdings III, LLC(21)	LLC units	N/A	N/A	N/A	8	778		0.1		834
Radwell Parent, LLC	LP units	N/A	N/A	N/A	1	120		—		136
						4,322		0.3		4,233
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A	N/A	168	168		—		204
Diversified Consumer Services
CHHJ Midco, LLC(21)	LLC units	N/A	N/A	N/A	8	79		—		102
DP Flores Holdings, LLC	LLC units	N/A	N/A	N/A	36	36		—		36
EMS LINQ, LLC	LP interest	N/A	N/A	N/A	236	236		—		217
EWC Growth Partners LLC	LLC interest	N/A	N/A	N/A	—	25		—		10
HS Spa Holdings, Inc.	Common Stock	N/A	N/A	N/A	250	250		—		239
Liminex, Inc.	Common Stock	N/A	N/A	N/A	5	176		0.1		358
						802		0.1		962
Electronic Equipment, Instruments and Components
Electrical Source Holdings, LLC	LP interest	N/A	N/A	N/A	—	6		0.1		1,648
Food & Staples Retailing
Mendocino Farms, LLC	Common Stock	N/A	N/A	N/A	59	257		0.1		605
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A	N/A	6	64		—		31
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A	N/A	—	4		—		6
Wood Fired Holding Corp.	LLC units	N/A	N/A	N/A	103	103		—		140
Wood Fired Holding Corp.	Common Stock	N/A	N/A	N/A	103	—		—		397
						428		0.1		1,179

See Notes to Consolidated Financial Statements.

41

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Food Products
Borrower R365 Holdings, LLC	Preferred stock	N/A	N/A	N/A	30	$	40	—	%	$	45
Borrower R365 Holdings, LLC	LLC units	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC	Common Stock	N/A	N/A	N/A	—	1		—		1
Borrower R365 Holdings, LLC	Preferred stock	N/A	N/A	N/A	1	1		—		1
Kodiak Cakes, LLC	Common Stock	N/A	N/A	N/A	—	112		—		59
Kodiak Cakes, LLC	LLC units	N/A	N/A	N/A	76	76		—		70
Louisiana Fish Fry Products, Ltd.	Common Stock	N/A	N/A	N/A	—	212		—		110
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A	N/A	—	6		—		6
P&P Food Safety Holdings, Inc.	Common Stock	N/A	N/A	N/A	1	142		—		83
						592		—		377
Health Care Technology
Connexin Software, Inc.	LLC interest	N/A	N/A	N/A	26	27		—		36
HSI Halo Acquisition, Inc.	LP interest	N/A	N/A	N/A	—	75		—		101
HSI Halo Acquisition, Inc.	LP interest	N/A	N/A	N/A	—	—		—		12
Symplr Software, Inc.	Preferred stock	N/A	N/A	N/A	3	2,818		0.3		2,988
Symplr Software, Inc.	Preferred stock	N/A	N/A	N/A	1	596		0.1		958
Symplr Software, Inc.	Preferred stock	N/A	N/A	N/A	—	340		—		396
Symplr Software, Inc.	Preferred stock	N/A	N/A	N/A	—	210		—		232
Symplr Software, Inc.	Common Stock	N/A	N/A	N/A	42	—		—		176
						4,066		0.4		4,899
Health Care Equipment & Supplies
Aspen Medical Products, LLC	LP interest	N/A	N/A	N/A	—	17		—		23
Blue River Pet Care, LLC	Common Stock	N/A	N/A	N/A	—	207		—		462
CCSL Holdings, LLC	LP interest	N/A	N/A	N/A	—	135		—		102
CMI Parent Inc.(21)	Common Stock	N/A	N/A	N/A	—	279		—		363
CMI Parent Inc.	Common Stock	N/A	N/A	N/A	5	5		0.1		607
						643		0.1		1,557
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	LLC units	N/A	N/A	N/A	51	52		—		61
CRH Healthcare Purchaser, Inc.	LP interest	N/A	N/A	N/A	102	50		—		298
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	445		0.1		619
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	191		—		189
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—	—		—		—
Emerge Intermediate, Inc.	LLC units	N/A	N/A	N/A	—	165		—		171
Emerge Intermediate, Inc.	LLC units	N/A	N/A	N/A	—	10		—		13
Emerge Intermediate, Inc.	LLC units	N/A	N/A	N/A	2	2		—		—
Encorevet Group LLC	Common Stock	N/A	N/A	N/A	2	223		—		306
Encorevet Group LLC	LLC units	N/A	N/A	N/A	1	158		—		192
Krueger-Gilbert Health Physics, LLC	Common Stock	N/A	N/A	N/A	52	54		—		70
Midwest Veterinary Partners, LLC	LLC units	N/A	N/A	N/A	—	457		0.1		518
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A	N/A	—	13		—		17
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A	N/A	3	—		—		206
NDX Parent, LLC	Common Stock	N/A	N/A	N/A	—	106		—		35
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	Common Stock	N/A	N/A	N/A	—	120		—		104
Suveto Buyer, LLC	Common Stock	N/A	N/A	N/A	2	241		—		140
						2,287		0.2		2,939

See Notes to Consolidated Financial Statements.

42

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Hotels, Restaurants and Leisure
Freddy's Frozen Custard LLC	LP interest	N/A	N/A	N/A	81	$	81	—	%	$	113
Harri US LLC	LLC units	N/A	N/A	N/A	36	286		—		286
Harri US LLC	Preferred stock	N/A	N/A	N/A	31	198		—		223
Harri US LLC	Warrant	N/A	N/A	N/A	8	46		—		56
SSRG Holdings, LLC	LP interest	N/A	N/A	N/A	40	399		0.1		525
Tropical Smoothie Cafe Holdings, LLC(21)	LP interest	N/A	N/A	N/A	2	99		—		379
						1,109		0.1		1,582
Household Durables
Groundworks LLC	LLC interest	N/A	N/A	N/A	—	53		—		152
Insurance
Majesco	LP interest	N/A	N/A	N/A	—	124		—		147
Majesco	LP interest	N/A	N/A	N/A	28	—		—		18
						124		—		165
Internet and Catalog Retail
Revalize, Inc.	Preferred stock	N/A	N/A	N/A	8	7,472		0.6		7,708
Revalize, Inc.	Preferred stock	N/A	N/A	N/A	5	4,484		0.4		4,626
Revalize, Inc.	Preferred stock	N/A	N/A	N/A	3	2,681		0.2		2,662
						14,637		1.2		14,996
IT Services
Appriss Health Intermediate Holdings, Inc	Preferred stock	N/A	N/A	N/A	1	787		0.1		857
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	217	170		0.2		1,729
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	57	156		0.1		453
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	13	108		—		105
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A	N/A	75	59		—		547
Critical Start, Inc.	Common Stock	N/A	N/A	N/A	118	118		—		118
Episerver, Inc.	Common Stock	N/A	N/A	N/A	17	173		—		149
Kentik Technologies, Inc.	Preferred stock	N/A	N/A	N/A	83	475		—		504
Netwrix Corporation	LLC units	N/A	N/A	N/A	5	9		—		10
PCS Intermediate II Holdings, LLC	LLC interest	N/A	N/A	N/A	13	126		—		173
Red Dawn SEI Buyer, Inc.	LP interest	N/A	N/A	N/A	219	219		—		312
Saturn Borrower Inc.	LP units	N/A	N/A	N/A	139	139		—		44
						2,539		0.4		5,001
Leisure Products
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	15	24		—		44
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	10	16		—		30
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	9	14		—		25
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	8	12		—		21
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	3	5		—		9
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	—	—		—		1
						71		—		130
Life Sciences Tools & Services
PAS Parent Inc.	LP interest	N/A	N/A	N/A	6	624		0.1		522
Reaction Biology Corporation	LLC units	N/A	N/A	N/A	—	244		0.1		247
						868		0.2		769

See Notes to Consolidated Financial Statements.

43

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Paper and Forest Products
Messenger, LLC	LLC units	N/A	N/A	N/A	2	$	213	—	%	$	192
Messenger, LLC	LLC units	N/A	N/A	N/A	—	—		—		—
						213		—		192
Pharmaceuticals
Amalthea Parent, Inc.(8)(12)	LP interest	N/A	N/A	N/A	199	199		—		375
Cobalt Buyer Sub, Inc.	Preferred stock	N/A	N/A	N/A	3	3,288		0.3		3,786
Cobalt Buyer Sub, Inc.	Preferred stock	N/A	N/A	N/A	—	72		—		66
Cobalt Buyer Sub, Inc.	Common Stock	N/A	N/A	N/A	1	1		—		—
						3,560		0.3		4,227
Professional Services
Enboarder, Inc.(8)(11)	Preferred stock	N/A	N/A	N/A	27	280		—		303
Filevine, Inc.	Preferred stock	N/A	N/A	N/A	141	892		0.1		942
Filevine, Inc.	Warrant	N/A	N/A	N/A	21	31		—		98
Net Health Acquisition Corp.	LP interest	N/A	N/A	N/A	1	133		—		159
Procure Acquireco, Inc.	LP interest	N/A	N/A	N/A	—	333		—		353
						1,669		0.1		1,855
Real Estate Management & Development
Inhabit IQ Inc.	Common Stock	N/A	N/A	N/A	11	60		—		80
Road & Rail
Internet Truckstop Group LLC	LP interest	N/A	N/A	N/A	146	146		—		190

See Notes to Consolidated Financial Statements.

44

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Software
Anaplan, Inc.	LP interest	N/A	N/A	N/A	577	$	577	0.1	%	$	577
Aras Corporation	Preferred stock	N/A	N/A	N/A	—	396		0.1		462
Aras Corporation	LP interest	N/A	N/A	N/A	121	121		—		98
Astute Holdings, Inc.	LP interest	N/A	N/A	N/A	—	59		—		221
Auvik Networks Inc.(8)(12)	Preferred stock	N/A	N/A	N/A	11	111		—		121
Bayshore Intermediate #2, L.P.	Common Stock	N/A	N/A	N/A	1,746	1,746		0.2		1,635
Calabrio, Inc.	LP interest	N/A	N/A	N/A	—	306		0.1		348
Calabrio, Inc.	LP interest	N/A	N/A	N/A	38	—		—		—
Cloudbees, Inc.	Preferred stock	N/A	N/A	N/A	30	341		—		391
Cloudbees, Inc.	Preferred stock	N/A	N/A	N/A	15	93		—		180
Cloudbees, Inc.	Warrant	N/A	N/A	N/A	27	40		—		275
Cynet Security Ltd.(8)(15)	Preferred stock	N/A	N/A	N/A	74	262		—		262
Diligent Corporation	Preferred stock	N/A	N/A	N/A	7	6,499		0.6		7,170
FirstUp, Inc.	Common Stock	N/A	N/A	N/A	84	205		—		137
GS Acquisitionco, Inc.	Preferred stock	N/A	N/A	N/A	9	9,247		0.8		9,903
GS Acquisitionco, Inc.	Preferred stock	N/A	N/A	N/A	3	2,908		0.3		3,015
GS Acquisitionco, Inc.	LP interest	N/A	N/A	N/A	—	26		—		211
GTY Technology Holdings, Inc.	LP units	N/A	N/A	N/A	24	24		—		24
Impartner, Inc.	Preferred stock	N/A	N/A	N/A	11	90		—		99
Kaseya Inc.	Preferred stock	N/A	N/A	N/A	3	2,487		0.2		2,634
Kaseya Inc.	LP interest	N/A	N/A	N/A	150	150		—		150
MetricStream, Inc.	Warrant	N/A	N/A	N/A	44	67		—		39
Ministry Brands Holdings LLC	LP interest	N/A	N/A	N/A	361	362		—		207
mParticle, Inc.	Preferred stock	N/A	N/A	N/A	65	426		0.1		459
mParticle, Inc.	Warrant	N/A	N/A	N/A	29	6		—		168
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	Warrant	N/A	N/A	N/A	2	6		—		12
Personify, Inc.	LP interest	N/A	N/A	N/A	163	171		—		356
Pyramid Healthcare Acquisition Corp.	Common Stock	N/A	N/A	N/A	73	73		—		106
QAD, Inc.	Preferred stock	N/A	N/A	N/A	—	441		—		422
QAD, Inc.	Common Stock	N/A	N/A	N/A	30	—		—		—
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	—	73		—		15
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	1	—		—		—
Riskonnect Parent, LLC	Preferred stock	N/A	N/A	N/A	8	7,959		0.6		7,842
Riskonnect Parent, LLC	LP interest	N/A	N/A	N/A	378	379		—		363
Riskonnect Parent, LLC	Preferred stock	N/A	N/A	N/A	—	323		—		340
SnapLogic, Inc.	Preferred stock	N/A	N/A	N/A	66	164		—		328
SnapLogic, Inc.	Warrant	N/A	N/A	N/A	25	18		—		85
Spartan Buyer Acquisition Co.	Common Stock	N/A	N/A	N/A	—	252		—		302
Telesoft Holdings LLC	LP interest	N/A	N/A	N/A	131	131		—		137
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A	N/A	N/A	—	32		—		32
						36,571		3.1		39,126
Specialty Retail
Ave Holdings III, Corp	Preferred stock	N/A	N/A	N/A	6	5,861		0.5		6,259
Ave Holdings III, Corp	LP units	N/A	N/A	N/A	1	644		0.1		612
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A	N/A	—	110		—		152
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A	N/A	—	42		—		56
Jet Equipment & Tools Ltd.(8)(9)(12)	LLC interest	N/A	N/A	N/A	—	173		0.1		497
Salon Lofts Group, LLC	LP units	N/A	N/A	N/A	—	45		—		45
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC interest	N/A	N/A	N/A	1	130		—		420
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC interest	N/A	N/A	N/A	—	26		—		98
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A	N/A	—	39		—		41
						7,070		0.7		8,180

See Notes to Consolidated Financial Statements.

45

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(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)
Textiles, Apparel and Luxury Goods
MakerSights, Inc.	Preferred stock	N/A	N/A	N/A	16		$	85	—	%	$	85
Total equity investments							$	107,972	9.7	%	$	124,087
Total investments					$	2,236,034	$	2,348,087	182.0	%	$	2,316,103
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			2.81% (22)				$	9,910	0.8	%	$	9,910
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)			2.81% (22)				2,095		0.2		2,095
Total money market funds							$	12,005	1.0	%	$	12,005
Total investments and money market funds							$	2,360,092	183.0	%	$	2,328,108

See Notes to Consolidated Financial Statements.

46

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(In thousands)

#	Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 8).
~	Denotes that all or a portion of the loan secures the notes offered in the 2021 Debt Securitization (as defined in Note 8).
+	Denotes that all or a portion of the loan secures the notes offered in the 2022 Debt Securitization (as defined in Note 8).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’) denominated in U.S. dollars, Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’), Prime (‘‘P’’), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’), Australian Interbank Rate (‘‘AUD’’ or ‘‘A’’), Canadian Bankers Acceptance Rate (‘‘CDOR’’ or ‘‘C’’), or Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2022, which was the last business day of the period on which the applicable index was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2022, as the loan may have priced or repriced based on an index rate prior to September 30, 2022.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 3.14% as of September 30, 2022.

(b) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 3.75% as of September 30, 2022.

(c) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 4.23% as of September 30, 2022.

(d) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 6.25% as of September 30, 2022.

(e) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was 1.17% as of September 30, 2022.

(f) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was 1.81% as of September 30, 2022.

(g) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 3.11% as of September 30, 2022.

(h) Denotes that all or a portion of the loan was indexed to the 90-day CDOR, which was 4.20% as of September 30, 2022.

(i) Denotes that all or a portion of the loan was indexed to SONIA, which was 2.19% as of September 30, 2022.

(j) Denotes that all or a portion of the loan was indexed to Daily SOFR, which was 2.98% as of September 30, 2022.

(k) Denotes that all or a portion of the loan was indexed to the 30-day term SOFR Rate which was 3.04% as of September 30, 2022.

(l) Denotes that all or a portion of the loan was indexed to the 90-day term SOFR Rate which was 3.59% as of September 30, 2022.

(m) Denotes that all or a portion of the loan was indexed to the 180-day term SOFR Rate which was 3.99% as of September 30, 2022.

(n) Denotes that all or a portion of the loan was indexed to the Canadian Prime Rate, which was 5.45% as of September 30, 2022.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2022.

(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 7. 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, 2022. 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, 2022, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 12.5% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

(13)The headquarters of this portfolio company is located in Luxembourg.

(14)The headquarters of this portfolio company is located in the Netherlands.

(15)The headquarters of this portfolio company is located in Israel.

(16)The headquarters of this portfolio company is located in Finland.

(17)The headquarters of this portfolio company is located in Sweden.

(18)The headquarters of this portfolio company is located in Denmark.

See Notes to Consolidated Financial Statements.

47

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments- (continued)

September 30, 2022

(In thousands)

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

(20)Ownership of certain equity investments occurs through a holding company or partnership.

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

(22)The rate shown is the annualized seven-day yield as of September 30, 2022.

See Notes to Consolidated Financial Statements.

48

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2021

(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
Airlines
Aurora Lux Finco S.A.R.L.#(7)(12)	One stop	L + 6.00%	(c)	7.00%	12/2026	$	7,721	$	7,577	0.9	%	$	7,335
Auto Components
Covercraft Parent III, Inc.#	Senior loan	L + 4.50%	(c)	5.50%	08/2027	2,093		2,072		0.3		2,072
Covercraft Parent III, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	08/2027	—		(1)		—		(1)
Covercraft Parent III, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	08/2027	—		(7)		—		(8)
North Haven Falcon Buyer, LLC#	One stop	L + 6.00%	(a)	7.00%	05/2027	2,388		2,365		0.3		2,388
North Haven Falcon Buyer, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2027	—		(7)		—		—
Power Stop, LLC#	Senior loan	L + 4.50%	(a)	4.58%	10/2025	662		660		0.1		662
						5,143		5,082		0.7		5,113
Automobiles
CG Group Holdings, LLC#	One stop	L + 5.25%	(c)	6.25%	07/2027	13,536		13,405		1.6		13,401
CG Group Holdings, LLC	One stop	L + 5.25%	(a)(c)	6.25%	07/2026	168		163		—		164
JHCC Holdings LLC	One stop	L + 5.50%	(c)(e)	6.89%	09/2025	5,041		5,003		0.7		4,991
JHCC Holdings LLC~	One stop	L + 5.50%	(c)	6.50%	09/2025	2,974		2,951		0.4		2,944
JHCC Holdings LLC#	One stop	P + 4.50%	(e)	7.75%	08/2027	256		253		—		253
JHCC Holdings LLC	One stop	P + 4.50%	(c)(e)	7.53%	09/2025	7		6		—		6
JHCC Holdings LLC(5)	One stop	L + 5.50%		N/A(6)	08/2027	—		(17)		—		(17)
MOP GM Holding, LLC~	One stop	L + 5.75%	(c)	6.75%	11/2026	9,692		9,588		1.2		9,595
MOP GM Holding, LLC	One stop	L + 5.75%	(d)	6.75%	11/2026	1,042		1,031		0.1		1,032
MOP GM Holding, LLC	One stop	L + 5.75%	(c)	6.75%	11/2026	772		764		0.1		764
MOP GM Holding, LLC(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(2)		—		(2)
MOP GM Holding, LLC(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(31)		—		(26)
Quick Quack Car Wash Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	1,660		1,647		0.2		1,660
Quick Quack Car Wash Holdings, LLC	One stop	L + 5.50%	(b)(c)	6.50%	10/2024	810		797		0.1		810
Quick Quack Car Wash Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	808		801		0.1		808
Quick Quack Car Wash Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	705		700		0.1		705
Quick Quack Car Wash Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	471		468		0.1		471
Quick Quack Car Wash Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	384		381		0.1		384
Quick Quack Car Wash Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2024	—		(1)		—		—
TWAS Holdings, LLC#~	One stop	L + 6.00%	(c)	7.00%	12/2026	12,234		12,099		1.5		12,234
TWAS Holdings, LLC	One stop	L + 6.00%	(c)	7.00%	12/2026	3,175		3,141		0.4		3,175
TWAS Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(4)		—		—
						53,735		53,143		6.7		53,352
Beverages
Fintech Midco, LLC~	One stop	L + 5.75%	(c)	6.50%	08/2024	4,834		4,805		0.6		4,786
Fintech Midco, LLC#	One stop	L + 5.75%	(b)	6.50%	08/2024	3,232		3,200		0.4		3,200
Fintech Midco, LLC	One stop	L + 5.75%	(c)	6.50%	08/2024	435		433		0.1		431
Fintech Midco, LLC(5)	One stop	L + 5.75%		N/A(6)	08/2024	—		(1)		—		(1)
Watermill Express, LLC#	One stop	L + 5.25%	(c)	6.25%	04/2027	894		886		0.1		894
Watermill Express, LLC	One stop	L + 5.25%		N/A(6)	04/2027	—		—		—		—
Watermill Express, LLC	One stop	L + 5.25%		N/A(6)	04/2027	—		—		—		—
Winebow Holdings, Inc.#~	One stop	L + 6.25%	(a)	7.25%	07/2025	3,084		3,042		0.4		3,084
						12,479		12,365		1.6		12,394

See Notes to Consolidated Financial Statements.

49

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Biotechnology
BIO18 Borrower, LLC#	One stop	L + 4.75%	(a)	5.75%	11/2024	$	1,819	$	1,806	0.2	%	$	1,806
BIO18 Borrower, LLC~	One stop	L + 4.75%	(a)	5.75%	11/2024	1,736		1,725		0.2		1,723
BIO18 Borrower, LLC	One stop	L + 4.75%	(a)	5.75%	11/2024	1,614		1,604		0.2		1,602
BIO18 Borrower, LLC(5)	One stop	L + 4.75%		N/A(6)	11/2024	—		(1)		—		(1)
						5,169		5,134		0.6		5,130
Chemicals
Inhance Technologies Holdings LLC~	One stop	L + 6.00%	(c)	7.00%	07/2024	2,460		2,446		0.3		2,460
Inhance Technologies Holdings LLC~	One stop	L + 6.00%	(c)	7.00%	07/2024	744		740		0.1		744
Inhance Technologies Holdings LLC	One stop	L + 6.00%	(c)	7.00%	07/2024	48		47		—		48
PHM NL SP Bidco B.V.(7)(8)(13)	One stop	E + 6.25%	(f)	6.25%	10/2028	15,784		15,507		1.9		15,567
PHM NL SP Bidco B.V.(7)(13)	One stop	L + 6.25%	(d)	6.75%	10/2028	5,922		5,819		0.7		5,841
PHM NL SP Bidco B.V.(5)(7)(8)(13)	One stop	E + 6.25%		N/A(6)	10/2028	—		(76)		—		(76)
						24,958		24,483		3.0		24,584
Commercial Services & Supplies
North Haven Stack Buyer, LLC#~	One stop	L + 5.50%	(c)	6.50%	07/2027	3,810		3,773		0.5		3,772
North Haven Stack Buyer, LLC	One stop	L + 5.50%	(c)	6.50%	07/2027	113		85		—		84
North Haven Stack Buyer, LLC	One stop	L + 5.50%	(c)	6.50%	07/2027	11		10		—		10
PT Intermediate Holdings III, LLC#~	One stop	L + 5.50%	(c)	6.50%	10/2025	24,616		24,345		3.0		24,616
PT Intermediate Holdings III, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2025	—		(15)		—		—
Radwell International, LLC#	One stop	L + 5.50%	(c)	6.25%	07/2027	1,590		1,584		0.2		1,584
Radwell International, LLC	One stop	L + 5.50%	(c)	6.25%	07/2027	109		109		—		109
Radwell International, LLC	One stop	L + 5.50%	(c)	6.25%	07/2027	52		52		—		52
Trinity Air Consultants Holdings Corporation#	One stop	L + 5.25%	(a)	6.00%	06/2027	174		170		—		174
Trinity Air Consultants Holdings Corporation	One stop	L + 5.25%		N/A(6)	06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation(5)	One stop	L + 5.25%		N/A(6)	06/2027	—		(8)		—		—
						30,475		30,105		3.7		30,401

See Notes to Consolidated Financial Statements.

50

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Communications Equipment
Lightning Finco Limited(7)(9)	One stop	L + 5.75%	(c)	6.50%	09/2028	$	4,453	$	4,365	0.5	%	$	4,364
Lightning Finco Limited(7)(8)(9)	One stop	E + 5.75%	(f)	6.50%	09/2028	543		532		0.1		519
						4,996		4,897		0.6		4,883
Containers and Packaging
AmerCareRoyal LLC#	Senior loan	L + 5.00%	(a)	6.00%	11/2025	2,790		2,771		0.3		2,790
AmerCareRoyal LLC#	Senior loan	L + 5.00%	(a)	6.00%	11/2025	576		571		—		576
AmerCareRoyal LLC	Senior loan	L + 5.00%	(a)	6.00%	11/2025	560		554		0.1		560
AmerCareRoyal LLC#(7)	Senior loan	L + 5.00%	(a)	6.00%	11/2025	517		514		0.1		517
Fortis Solutions Group LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	1,412		1,389		0.2		1,412
Fortis Solutions Group LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	839		825		0.1		839
Fortis Solutions Group LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	533		529		0.1		533
Fortis Solutions Group LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	212		210		—		212
Fortis Solutions Group LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	204		202		—		204
Fortis Solutions Group LLC	Senior loan	L + 4.50%		N/A(6)	12/2023	—		—		—		—
						7,643		7,565		0.9		7,643
Distributors
WSC Holdings Midco LLC#	Senior loan	L + 4.50%	(c)	5.50%	07/2027	1,287		1,274		0.2		1,274
WSC Holdings Midco LLC(5)	Senior loan	L + 4.50%		N/A(6)	07/2027	—		(1)		—		(1)
WSC Holdings Midco LLC(5)	Senior loan	L + 4.50%		N/A(6)	07/2027	—		(8)		—		(8)
						1,287		1,265		0.2		1,265
Diversified Consumer Services
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	630		618		0.1		630
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	598		578		0.1		598
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	423		419		0.1		423
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	298		292		—		298
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	263		248		—		263
Certus Pest, Inc.	One stop	L + 5.25%	(c)	5.37%	02/2026	151		147		—		151
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	95		88		—		95
Certus Pest, Inc.	One stop	L + 5.25%	(c)	6.25%	02/2026	52		39		—		52
Certus Pest, Inc.	One stop	L + 5.25%		N/A(6)	02/2026	—		—		—		—
Certus Pest, Inc.(5)	One stop	L + 5.25%		N/A(6)	02/2026	—		(2)		—		—
Certus Pest, Inc.	One stop	L + 5.25%		N/A(6)	02/2026	—		—		—		—
CHHJ Franchising, LLC#	Senior loan	L + 5.00%	(c)	6.00%	01/2026	1,097		1,087		0.1		1,097
CHHJ Franchising, LLC	Senior loan	L + 5.00%	(c)	6.00%	01/2026	5		4		—		5
COP Hometown Acquisitions, Inc.#	Senior loan	L + 4.50%	(c)	5.50%	07/2027	741		733		0.1		733
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%	(c)	5.50%	07/2027	722		711		0.1		711
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%	(c)	5.50%	07/2027	256		252		—		249
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%		N/A(6)	07/2027	—		—		—		—
COP Hometown Acquisitions, Inc.	Senior loan	L + 4.50%		N/A(6)	07/2027	—		—		—		—
EWC Growth Partners LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	03/2026	446		430		0.1		424
EWC Growth Partners LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	03/2026	62		62		—		59
EWC Growth Partners LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	03/2026	18		18		—		17
Flores & Associates, LLC~	One stop	L + 4.75%	(c)	5.75%	04/2027	1,490		1,473		0.2		1,490
Flores & Associates, LLC	One stop	L + 4.75%	(b)(c)	5.75%	04/2027	332		329		—		332

See Notes to Consolidated Financial Statements.

51

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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 Consumer Services - (continued)
Flores & Associates, LLC	One stop	L + 4.75%	(c)	5.75%	04/2027	$	307	$	303	—	%	$	307
Flores & Associates, LLC(5)	One stop	L + 4.75%		N/A(6)	04/2027	—		(1)		—		—
FSS Buyer LLC#	One stop	L + 5.75%	(c)	6.50%	08/2028	2,356		2,310		0.3		2,309
FSS Buyer LLC	One stop	L + 5.75%	(c)	6.50%	08/2027	17		16		—		16
Learn-it Systems, LLC#	Senior loan	L + 4.50%	(c)	5.50%	03/2025	751		743		0.1		750
Learn-it Systems, LLC	Senior loan	L + 4.50%	(c)	5.50%	03/2025	569		564		0.1		568
Learn-it Systems, LLC	Senior loan	L + 4.50%	(b)	5.50%	03/2025	5		5		—		5
Learn-it Systems, LLC(5)	Senior loan	L + 4.75%		N/A(6)	03/2025	—		(4)		—		3
Liminex, Inc.#	One stop	L + 7.25%	(c)	8.25%	11/2026	19,521		19,336		2.4		19,521
Liminex, Inc.#	One stop	L + 7.25%	(c)	8.25%	11/2026	10,188		10,101		1.3		10,188
Liminex, Inc.(5)	One stop	L + 7.25%		N/A(6)	11/2026	—		(1)		—		—
Litera Bidco LLC#	One stop	L + 6.00%	(a)	7.00%	05/2026	1,070		1,058		0.1		1,076
Litera Bidco LLC#	One stop	L + 5.75%	(a)	6.75%	05/2026	614		609		0.1		611
Litera Bidco LLC	One stop	L + 5.75%	(a)	6.75%	05/2026	275		273		—		274
Litera Bidco LLC	One stop	L + 5.75%	(a)	6.75%	05/2026	275		275		—		274
Litera Bidco LLC	One stop	L + 6.00%	(a)	7.00%	05/2026	34		32		—		34
Litera Bidco LLC	One stop	L + 5.75%		N/A(6)	05/2025	—		—		—		—
Provenance Buyer LLC#~	One stop	L + 5.50%	(c)	6.25%	06/2027	2,978		2,920		0.4		2,978
Provenance Buyer LLC(5)	One stop	L + 5.50%		N/A(6)	06/2027	—		(2)		—		—
Provenance Buyer LLC(5)	Senior loan	L + 5.50%		N/A(6)	06/2027	—		(42)		—		—
						46,639		46,021		5.7		46,541
Diversified Financial Services
AxiomSL Group, Inc.#	One stop	L + 6.00%	(c)	7.00%	12/2027	1,261		1,236		0.2		1,235
AxiomSL Group, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2027	—		(3)		—		(3)
AxiomSL Group, Inc.	One stop	L + 6.00%		N/A(6)	12/2025	—		—		—		—
Banker's Toolbox, Inc.#	One stop	L + 5.50%	(c)	6.25%	07/2027	3,484		3,450		0.4		3,484
Banker's Toolbox, Inc.(5)	One stop	L + 5.50%		N/A(6)	07/2027	—		(1)		—		—
Banker's Toolbox, Inc.(5)	One stop	L + 5.50%		N/A(6)	07/2027	—		(7)		—		—
Higginbotham Insurance Agency, Inc.#	One stop	L + 5.50%	(a)	6.25%	11/2026	1,439		1,420		0.2		1,439
Higginbotham Insurance Agency, Inc.	One stop	L + 5.50%	(a)	6.25%	11/2026	331		326		—		331
						6,515		6,421		0.8		6,486
Diversified Telecommunications Services
NTI Connect, LLC#	Senior loan	L + 5.00%	(c)	6.00%	12/2024	644		633		0.1		644

See Notes to Consolidated Financial Statements.

52

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Electronic Equipment, Instruments and Components
ES Acquisition LLC#~	Senior loan	L + 5.50%	(c)	6.50%	11/2025	$	15,658	$	15,551	2.0	%	$	15,580
ES Acquisition LLC#	One stop	L + 5.50%	(c)	6.25%	11/2025	12,653		12,591		1.5		12,589
ES Acquisition LLC~	Senior loan	L + 5.50%	(c)	6.50%	11/2025	3,311		3,288		0.4		3,295
ES Acquisition LLC~	Senior loan	L + 5.50%	(c)	6.50%	11/2025	1,904		1,853		0.2		1,894
ES Acquisition LLC	Senior loan	L + 5.50%	(c)	6.50%	11/2025	1,701		1,701		0.2		1,692
ES Acquisition LLC	Senior loan	L + 5.50%	(c)	6.50%	11/2025	1,102		1,094		0.1		1,096
ES Acquisition LLC	Second lien	L + 5.50%	(c)	6.50%	11/2025	848		842		0.1		843
ES Acquisition LLC	Senior loan	L + 5.50%	(c)	6.50%	11/2025	749		726		0.1		736
ES Acquisition LLC	Senior loan	L + 5.50%	(c)	6.50%	11/2025	118		116		—		116
ES Acquisition LLC	One stop	L + 5.50%		N/A(6)	11/2025	—		—		—		—
						38,044		37,762		4.6		37,841
Food & Staples Retailing
Captain D's, LLC~	Senior loan	L + 4.50%	(c)	5.50%	12/2023	1,193		1,186		0.2		1,193
Captain D's, LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	198		195		—		198
Captain D's, LLC	Senior loan	L + 4.50%		N/A(6)	12/2023	—		—		—		—
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	596		593		0.1		596
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	305		304		—		305
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	240		239		—		240
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	235		235		—		235
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	116		115		—		116
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	116		115		—		116
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	57		57		—		57
Mendocino Farms, LLC(5)	One stop	L + 7.50%		N/A(6)	06/2023	—		(7)		—		—
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	8.50%	01/2023	332		331		0.1		325
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	8.50%	01/2023	117		116		—		114
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	8.50%	01/2023	20		20		—		20
Wood Fired Holding Corp.	One stop	L + 7.25%	(c)	7.25% cash/1.00% PIK	12/2023	3,196		3,169		0.4		3,196
Wood Fired Holding Corp.	One stop	L + 7.25%	(c)	7.25% cash/1.00% PIK	12/2023	287		284		—		287
Wood Fired Holding Corp.(5)	One stop	L + 6.25%		N/A(6)	12/2023	—		(1)		—		—
Zenput Inc.#	One stop	L + 9.00%	(c)	7.00% cash/3.00% PIK	06/2026	426		424		0.1		435
Zenput Inc.	One stop	L + 9.00%	(c)	7.00% cash/3.00% PIK	06/2026	10		10		—		10
						7,444		7,385		0.9		7,443
	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)

See Notes to Consolidated Financial Statements.

53

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

Food Products
Borrower R365 Holdings, LLC#	One stop	L + 6.50%	(c)	4.50% cash/3.00% PIK	06/2027	$	5,099	$	5,003	0.6	%	$	5,099
Borrower R365 Holdings, LLC	One stop	L + 6.50%	(c)	7.50%	06/2027	43		41		—		43
FCID Merger Sub, Inc.~	One stop	L + 6.00%	(c)	7.00%	12/2026	6,201		6,124		0.8		6,201
FCID Merger Sub, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(1)		—		—
FCID Merger Sub, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(12)		—		—
Flavor Producers, LLC#	Senior loan	L + 5.75%	(c)	5.75% cash/1.00% PIK	12/2023	438		435		0.1		430
Flavor Producers, LLC	Senior loan	L + 4.75%		N/A(6)	12/2022	—		—		—		—
Kodiak Cakes, LLC#	Senior loan	L + 4.50%	(a)	5.50%	06/2027	4,827		4,769		0.6		4,831
Kodiak Cakes, LLC	Senior loan	L + 4.50%	(a)	5.50%	06/2026	50		48		—		49
Louisiana Fish Fry Products, Ltd.#	One stop	L + 5.75%	(c)	6.75%	07/2027	4,249		4,207		0.5		4,206
Louisiana Fish Fry Products, Ltd.	One stop	L + 5.75%	(c)	6.75%	07/2027	36		35		—		35
MAPF Holdings, Inc.#~	One stop	L + 5.50%	(c)	6.50%	12/2026	13,441		13,322		1.7		13,441
MAPF Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	12/2026	—		(15)		—		—
MAPF Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	12/2026	—		(3)		—		—
Ultimate Baked Goods Midco LLC#	One stop	L + 6.25%	(a)	7.25%	08/2027	2,855		2,813		0.3		2,827
Ultimate Baked Goods Midco LLC	One stop	L + 6.25%	(c)	7.25%	08/2027	11		10		—		10
Whitebridge Pet Brands, LLC#	One stop	L + 5.00%	(a)	6.00%	07/2027	6,564		6,500		0.8		6,498
Whitebridge Pet Brands, LLC	One stop	L + 5.00%	(a)	6.00%	07/2027	10		9		—		9
						43,824		43,285		5.4		43,679
Health Care Equipment & Supplies
Aspen Medical Products, LLC~	One stop	L + 4.75%	(c)	5.75%	06/2025	937		931		0.1		937
Aspen Medical Products, LLC#	One stop	L + 4.75%	(c)	5.75%	06/2025	60		60		—		60
Aspen Medical Products, LLC	One stop	L + 4.75%		N/A(6)	06/2025	—		—		—		—
Baduhenna Bidco Limited(7)(9)	One stop	SF + 6.50%	(m)	6.55%	08/2028	2,330		2,290		0.3		2,298
Baduhenna Bidco Limited(7)(8)(9)	One stop	E + 6.50%	(f)	6.50%	08/2028	1,475		1,449		0.2		1,423
Baduhenna Bidco Limited(7)(8)(9)	One stop	SN + 6.50%	(l)	6.55%	08/2028	423		416		—		405
Baduhenna Bidco Limited(5)(7)(8)(9)	One stop	SN + 6.75%		N/A(6)	08/2028	—		(13)		—		(13)
Belmont Instrument, LLC#	Senior loan	L + 4.75%	(c)	5.75%	12/2023	1,766		1,756		0.2		1,766
Blades Buyer, Inc.#~	Senior loan	L + 4.50%	(c)	5.50%	08/2025	2,158		2,143		0.3		2,158
Blades Buyer, Inc.	Senior loan	L + 4.50%		N/A(6)	08/2025	—		—		—		—
Blades Buyer, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	08/2025	—		(4)		—		—
Blue River Pet Care, LLC~	One stop	L + 5.00%	(a)	5.08%	07/2026	8,393		8,321		1.0		8,309
Blue River Pet Care, LLC	One stop	L + 5.00%	(a)(c)	5.10%	07/2026	1,278		1,263		0.2		1,265
Blue River Pet Care, LLC	One stop	L + 5.00%	(c)	5.13%	07/2026	116		82		—		81
Blue River Pet Care, LLC(5)	One stop	L + 5.00%		N/A(6)	08/2025	—		(1)		—		(2)
CCSL Holdings, LLC~	One stop	L + 5.75%	(c)	6.75%	12/2026	6,163		6,095		0.8		6,163
CCSL Holdings, LLC	One stop	L + 5.75%	(c)	6.75%	12/2026	1,663		1,639		0.2		1,663
CCSL Holdings, LLC	One stop	P + 4.75%	(e)	8.00%	12/2026	10		8		—		10
CMI Parent Inc.#~	Senior loan	L + 4.00%	(c)	5.00%	08/2025	14,357		14,266		1.7		14,214
CMI Parent Inc.(5)	Senior loan	L + 4.00%		N/A(6)	08/2025	—		(1)		—		(2)
						41,129		40,700		5.0		40,735

See Notes to Consolidated Financial Statements.

54

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC#	One stop	L + 6.00%	(c)	7.00%	03/2027	$	1,556	$	1,535	0.2	%	$	1,556
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	L + 10.50%	(c)	11.50%	03/2028	658		649		0.1		658
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	L + 6.00%	(c)	7.00%	03/2027	652		635		0.1		652
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	L + 10.50%	(c)	11.50%	03/2028	185		182		—		185
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(2)		—		—
CRH Healthcare Purchaser, Inc.~	Senior loan	L + 4.50%	(c)	5.50%	12/2024	3,926		3,887		0.5		3,887
CRH Healthcare Purchaser, Inc.	Senior loan	L + 4.50%	(c)	5.50%	12/2024	1,690		1,674		0.2		1,674
CRH Healthcare Purchaser, Inc.#	Senior loan	L + 4.50%	(c)	5.50%	12/2024	1,264		1,252		0.2		1,252
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(1)		—		(2)
Datix Bidco Limited(7)(8)(9)	Senior loan	L + 4.50%	(g)	4.55%	04/2025	25,765		25,254		3.1		24,911
Datix Bidco Limited(7)(8)(9)	Second lien	L + 7.75%	(g)	7.80%	04/2026	9,143		8,961		1.1		8,840
Elite Dental Partners LLC	One stop	L + 5.25%	(c)	6.25%	06/2023	1,719		1,703		0.2		1,667
Elite Dental Partners LLC	One stop	L + 5.25%	(c)	6.25%	06/2023	105		105		—		105
Emerge Intermediate, Inc.	One stop	L + 8.50%	(c)	7.00% cash/2.50% PIK	05/2024	2,304		2,272		0.3		2,304
Emerge Intermediate, Inc.(5)	One stop	L + 6.00%		N/A(6)	05/2024	—		(1)		—		—
Encorevet Group LLC	One stop	L + 5.25%	(c)	6.25%	11/2024	14,779		14,664		1.8		14,631
Encorevet Group LLC~	Senior loan	L + 5.25%	(c)	6.25%	11/2024	4,011		3,986		0.5		3,971
Encorevet Group LLC	One stop	L + 5.25%	(c)	6.25%	11/2024	2,000		1,981		0.2		1,980
Encorevet Group LLC~	Senior loan	L + 5.25%	(c)	6.25%	11/2024	1,800		1,801		0.2		1,782
Encorevet Group LLC	One stop	L + 5.25%	(c)	6.25%	11/2024	1,200		1,128		0.1		1,124
Encorevet Group LLC~	Senior loan	L + 5.25%	(c)	6.25%	11/2024	1,121		1,114		0.1		1,110
Encorevet Group LLC	Senior loan	L + 5.25%	(c)	6.25%	11/2024	931		925		0.1		921
Encorevet Group LLC	One stop	L + 5.25%	(b)	6.25%	11/2024	395		391		—		391
Encorevet Group LLC	Senior loan	L + 5.25%	(c)	6.25%	11/2024	160		160		—		158
Encorevet Group LLC(5)	Senior loan	L + 5.25%		N/A(6)	11/2024	—		—		—		(1)
ERC Finance, LLC#	One stop	L + 6.00%	(a)(c)	7.00%	04/2024	2,760		2,713		0.3		2,760
ERC Finance, LLC	One stop	L + 6.00%	(a)	7.00%	04/2024	7		6		—		7
ERC Finance, LLC(5)	One stop	L + 6.00%		N/A(6)	04/2024	—		(1)		—		—
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	2.00% cash/5.25% PIK	05/2023	3,820		3,773		0.4		3,247
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	2.00% cash/5.25% PIK	05/2023	1,138		1,136		0.1		967
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(7)(8)(10)	One stop	C + 4.50%	(k)	5.50%	03/2027	2,771		2,739		0.4		2,903
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(7)(8)(10)	One stop	C + 4.50%	(k)	5.50%	03/2027	791		785		0.1		835
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(7)(8)(10)	One stop	C + 4.50%	(k)	5.50%	03/2027	538		511		0.1		538
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(7)(10)	One stop	L + 4.50%	(c)	5.50%	03/2027	293		280		—		293
Klick Inc.#(7)(10)	Senior loan	L + 4.50%	(c)	5.50%	03/2028	3,953		3,916		0.5		3,959
Klick Inc.(5)(7)(10)	Senior loan	L + 4.50%		N/A(6)	03/2026	—		(1)		—		(1)
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(c)	6.25%	05/2025	801		794		0.1		801
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(c)	6.25%	05/2025	471		468		0.1		471
Krueger-Gilbert Health Physics, LLC~	Senior loan	L + 5.25%	(c)	6.25%	05/2025	127		126		—		127
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(c)	6.25%	05/2025	30		30		—		30

See Notes to Consolidated Financial Statements.

55

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Health Care Providers & Services - (continued)
Krueger-Gilbert Health Physics, LLC(5)	Senior loan	L + 5.25%		N/A(6)	05/2025	$	—	$	(6)	—	%	$	—
MD Now Holdings, Inc.#~	One stop	L + 5.00%	(c)	6.00%	08/2025	4,566		4,537		0.6		4,566
MD Now Holdings, Inc.	One stop	L + 5.00%	(c)	6.00%	08/2025	241		240		—		241
MD Now Holdings, Inc.(5)	One stop	L + 5.00%		N/A(6)	08/2025	—		(1)		—		—
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(7)(8)(10)	One stop	C + 5.50%	(k)	6.50%	05/2028	7,920		7,807		0.9		7,578
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(7)(8)(10)	One stop	C + 5.50%	(k)	6.50%	05/2028	431		416		0.1		424
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(7)(10)	One stop	L + 5.50%	(c)	6.50%	05/2028	194		178		—		196
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(7)(10)	One stop	L + 5.50%	(c)	6.50%	05/2026	41		40		—		41
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(7)(8)(10)	One stop	C + 5.50%	(k)	6.50%	05/2026	20		18		—		18
NVA Holdings, Inc.#	Senior loan	L + 3.50%	(a)	3.63%	02/2026	939		932		0.1		939
Summit Behavioral Healthcare, LLC~	Senior loan	L + 5.00%	(c)	6.00%	10/2023	2,390		2,377		0.3		2,390
Summit Behavioral Healthcare, LLC	Senior loan	L + 5.00%	(c)	6.00%	10/2023	77		75		—		77
Summit Behavioral Healthcare, LLC(5)	Senior loan	L + 5.00%		N/A(6)	10/2023	—		(1)		—		—
Suveto Buyer, LLC	One stop	L + 4.25%	(c)	5.00%	09/2027	1,842		1,729		0.2		1,728
Suveto Buyer, LLC(5)	One stop	L + 4.25%		N/A(6)	09/2027	—		(2)		—		(2)
Veterinary Specialists of North America, LLC#~	Senior loan	L + 4.00%	(a)	4.08%	04/2025	16,753		16,655		2.1		16,753
Veterinary Specialists of North America, LLC	Senior loan	L + 4.00%	(a)	4.08%	04/2025	5,028		4,998		0.6		5,028
Veterinary Specialists of North America, LLC	Senior loan	L + 4.00%	(a)	4.08%	04/2025	1,219		1,212		0.1		1,219
Veterinary Specialists of North America, LLC	Senior loan	L + 4.00%	(a)	4.08%	04/2025	613		610		0.1		613
Veterinary Specialists of North America, LLC	Senior loan	L + 4.00%	(a)	4.08%	04/2025	500		497		0.1		500
						135,638		133,841		16.3		133,002
Health Care Technology
Connexin Software, Inc.#	One stop	L + 8.50%	(a)	9.50%	02/2024	1,261		1,254		0.1		1,261
Connexin Software, Inc.	One stop	L + 8.50%		N/A(6)	02/2024	—		—		—		—
ESO Solution, Inc.#	One stop	L + 7.00%	(c)	8.00%	03/2027	3,368		3,336		0.4		3,368
ESO Solution, Inc.(5)	One stop	L + 7.00%		N/A(6)	03/2027	—		(1)		—		—
HealthEdge Software, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2026	3,334		3,306		0.4		3,334
HealthEdge Software, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2026	2,185		2,185		0.3		2,185
HealthEdge Software, Inc.#	One stop	L + 6.25%	(c)	7.25%	04/2026	1,559		1,533		0.2		1,559
HealthEdge Software, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2026	19		18		—		19
HSI Halo Acquisition, Inc.#	One stop	L + 5.75%	(c)	6.75%	08/2026	1,521		1,494		0.2		1,521
HSI Halo Acquisition, Inc.~	One stop	L + 5.75%	(c)	6.75%	08/2026	528		524		0.1		528
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(c)	6.75%	08/2026	308		305		—		308
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(c)	6.75%	08/2026	289		283		—		289
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(a)	6.75%	09/2025	8		7		—		8
Nextech Holdings, LLC#~	One stop	L + 5.50%	(c)	5.63%	06/2025	17,671		17,563		2.2		17,671
Nextech Holdings, LLC	One stop	L + 5.50%	(c)	5.63%	06/2025	716		712		0.1		716
Nextech Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(2)		—		—
Qgenda Intermediate Holdings, LLC#	One stop	L + 5.25%	(c)	6.25%	06/2025	5,723		5,676		0.7		5,723
Qgenda Intermediate Holdings, LLC~	One stop	L + 5.25%	(c)	6.25%	06/2025	5,038		5,038		0.6		5,038
Qgenda Intermediate Holdings, LLC~	One stop	L + 5.25%	(c)	6.25%	06/2025	2,438		2,438		0.3		2,438
Qgenda Intermediate Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	06/2025	50		50		—		50
Transaction Data Systems, Inc.#~	One stop	L + 4.50%	(c)	5.50%	02/2026	11,347		11,142		1.4		11,347
Transaction Data Systems, Inc.(5)	One stop	L + 4.50%		N/A(6)	02/2026	—		(1)		—		—
						57,363		56,860		7.0		57,363

See Notes to Consolidated Financial Statements.

56

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.#~	One stop	L + 4.50%	(c)	5.50%	08/2025	$	21,410	$	21,179	2.6	%	$	21,410
BJH Holdings III Corp.	One stop	L + 4.50%	(b)	5.50%	08/2025	30		25		—		30
CR Fitness Holdings, LLC	Senior loan	L + 4.00%	(a)	5.00%	07/2025	329		327		—		329
CR Fitness Holdings, LLC#	Senior loan	L + 4.00%	(a)	5.00%	07/2025	312		310		0.1		312
CR Fitness Holdings, LLC	Senior loan	L + 4.00%	(a)	5.00%	07/2025	37		37		—		37
Davidson Hotel Company, LLC#	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	1,755		1,742		0.2		1,404
Davidson Hotel Company, LLC	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	427		426		0.1		342
Davidson Hotel Company, LLC(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		—		—		(10)
EOS Fitness Opco Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	01/2025	1,722		1,705		0.2		1,722
EOS Fitness Opco Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	01/2025	369		365		—		369
EOS Fitness Opco Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	01/2025	60		59		—		60
Freddy's Frozen Custard LLC#~	One stop	L + 6.00%	(c)	7.00%	03/2027	3,627		3,595		0.4		3,627
Freddy's Frozen Custard LLC(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(1)		—		—
Harri US LLC#	One stop	L + 10.00%	(c)	7.00% cash/4.00% PIK	08/2026	332		286		—		305
Harri US LLC	One stop	L + 6.00%		N/A(6)	08/2026	—		—		—		—
Harri US LLC(5)	One stop	L + 6.00%		N/A(6)	08/2026	—		(3)		—		(18)
SSRG Holdings, LLC#~	One stop	L + 4.75%	(c)	5.75%	11/2025	6,351		6,308		0.8		6,351
SSRG Holdings, LLC	One stop	L + 4.75%	(c)	5.75%	11/2025	45		44		—		45
Sunshine Sub, LLC~	One stop	L + 4.75%	(a)	5.75%	05/2024	1,954		1,937		0.3		1,954
Sunshine Sub, LLC	One stop	L + 4.75%	(a)	5.75%	05/2024	1,913		1,896		0.3		1,913
Sunshine Sub, LLC(5)	One stop	L + 4.75%		N/A(6)	05/2024	—		(1)		—		—
Tropical Smoothie Cafe Holdings, LLC~	Senior loan	L + 5.25%	(a)(b)(c)	6.25%	09/2026	5,860		5,805		0.7		5,860
Tropical Smoothie Cafe Holdings, LLC#	Senior loan	L + 5.25%	(a)(c)	6.25%	09/2026	2,610		2,586		0.3		2,610
Tropical Smoothie Cafe Holdings, LLC(5)	Senior loan	L + 5.25%		N/A(6)	09/2026	—		(1)		—		—
Velvet Taco Holdings, Inc.	One stop	L + 9.00%	(c)	8.00% cash/2.00% PIK	03/2026	1,378		1,367		0.2		1,378
Velvet Taco Holdings, Inc.	One stop	L + 7.50%	(c)	8.00% cash/0.50% PIK	03/2026	121		120		—		121
Velvet Taco Holdings, Inc.	One stop	L + 7.00%		N/A(6)	03/2026	—		—		—		—
						50,642		50,113		6.2		50,151
Household Durables
Groundworks LLC	Senior loan	L + 4.75%	(c)	5.75%	01/2026	1,393		1,375		0.2		1,393
Groundworks LLC#	Senior loan	L + 4.75%	(c)	5.75%	01/2026	221		218		—		221
Groundworks LLC	Senior loan	L + 4.75%	(c)	5.75%	01/2026	186		181		—		186
Groundworks LLC	Senior loan	L + 4.75%		N/A(6)	01/2026	—		—		—		—
Groundworks LLC(5)	Senior loan	L + 4.75%		N/A(6)	01/2026	—		(8)		—		—
						1,800		1,766		0.2		1,800

See Notes to Consolidated Financial Statements.

57

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Household Products
WU Holdco, Inc. ~	One stop	L + 5.50%	(c)	6.50%	03/2026	$	1,222	$	1,214	0.1	%	$	1,223
WU Holdco, Inc. #	One stop	L + 5.50%	(c)	6.50%	03/2026	436		436		0.1		436
WU Holdco, Inc.	One stop	L + 5.50%	(c)	5.63%	03/2025	11		11		—		11
WU Holdco, Inc.(5)	One stop	L + 5.50%		N/A(6)	03/2026	—		(1)		—		—
						1,669		1,660		0.2		1,670
Industrial Conglomerates
Arch Global CCT Holdings Corp.#	Senior loan	L + 4.25%	(c)	4.38%	04/2026	914		912		0.1		915
Arch Global CCT Holdings Corp.	Senior loan	L + 4.25%		N/A(6)	04/2025	—		—		—		—
Arch Global CCT Holdings Corp.	Senior loan	L + 4.25%		N/A(6)	04/2026	—		—		—		—
Madison Safety & Flow LLC#	Senior loan	L + 4.00%	(a)	4.08%	03/2025	173		173		—		173
Madison Safety & Flow LLC	Senior loan	L + 4.00%	(a)	4.08%	03/2025	3		3		—		3
Specialty Measurement Bidco Limited#(7)(8)(9)	One stop	E + 6.00%	(f)	7.00%	11/2027	3,189		3,110		0.4		3,100
Specialty Measurement Bidco Limited#(7)(9)	One stop	L + 6.00%	(c)	7.00%	11/2027	3,185		3,108		0.4		3,185
Specialty Measurement Bidco Limited(5)(7)(8)(9)	One stop	L + 6.00%		N/A(6)	11/2027	—		(19)		—		—
						7,464		7,287		0.9		7,376
Insurance
Alera Group, Inc.#	One stop	L + 5.50%	(a)	6.25%	10/2028	10,886		10,777		1.4		10,777
Alera Group, Inc.(5)	One stop	L + 5.50%		N/A(6)	10/2028	—		(15)		—		(31)
AMBA Buyer, Inc. #	One stop	L + 5.75%	(c)	6.50%	07/2027	1,386		1,372		0.2		1,372
AMBA Buyer, Inc.	One stop	L + 5.75%		N/A(6)	07/2027	—		—		—		—
AMBA Buyer, Inc.(5)	One stop	L + 5.75%		N/A(6)	07/2027	—		(4)		—		(2)
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(c)	6.50%	08/2025	922		917		0.1		922
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)(d)	6.75%	08/2025	695		686		0.1		700
Integrity Marketing Acquisition, LLC~	Senior loan	L + 5.50%	(c)	6.50%	08/2025	359		356		—		359
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(c)	6.50%	08/2025	315		314		—		315
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(c)	6.25%	08/2025	201		191		—		195
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(c)	6.50%	08/2025	191		190		—		191
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%		N/A(6)	08/2025	—		—		—		—
J.S. Held Holdings, LLC#~	One stop	L + 5.50%	(c)	6.50%	07/2025	18,588		18,306		2.3		18,588
J.S. Held Holdings, LLC	One stop	L + 5.50%	(c)	6.50%	07/2025	1,036		984		0.1		1,036
J.S. Held Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	07/2025	—		(3)		—		—
Long Term Care Group, Inc.#	One stop	L + 6.00%	(c)	6.75%	09/2027	1,281		1,255		0.2		1,255
Majesco#~	One stop	L + 7.25%	(c)	8.25%	09/2027	7,568		7,457		0.9		7,570
Majesco(5)	One stop	L + 7.25%		N/A(6)	09/2026	—		(3)		—		—
Norvax, LLC#	Senior loan	L + 4.00%	(d)	5.00%	09/2025	12,834		12,775		1.6		12,834
Orchid Underwriters Agency, LLC~	Senior loan	L + 4.50%	(c)	4.63%	12/2024	786		782		0.1		786
Orchid Underwriters Agency, LLC	Senior loan	L + 4.50%	(c)	5.50%	12/2024	202		201		—		202
Orchid Underwriters Agency, LLC	Senior loan	L + 4.50%		N/A(6)	12/2024	—		—		—		—
Pareto Health Intermediate Holdings, Inc. #	One stop	L + 5.75%	(d)	6.75%	08/2025	3,140		3,110		0.4		3,109
People Corporation#(7)(8)(10)	One stop	C + 6.25%	(k)	7.25%	02/2028	5,829		5,736		0.8		5,944
People Corporation(7)(8)(10)	One stop	C + 6.25%	(k)	7.25%	02/2028	1,603		1,586		0.2		1,603
People Corporation(7)(8)(10)	One stop	C + 6.25%	(k)	7.25%	02/2027	35		32		—		33
People Corporation(5)(7)(8)(10)	One stop	C + 5.50%		N/A(6)	02/2028	—		(27)		—		(61)

See Notes to Consolidated Financial Statements.

58

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Insurance (continued)
RSC Acquisition, Inc.~	One stop	L + 5.50%	(c)	6.50%	10/2026	$	12,338	$	12,139	1.5	%	$	12,338
RSC Acquisition, Inc.~	One stop	L + 5.50%	(b)(c)	6.50%	10/2026	1,568		1,460		0.2		1,568
RSC Acquisition, Inc.	One stop	L + 5.50%	(c)	6.50%	10/2026	83		30		—		83
RSC Acquisition, Inc.(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(1)		—		—
Sunstar Insurance Group, LLC#	Senior loan	L + 5.75%	(c)	6.75%	10/2026	314		310		—		314
Sunstar Insurance Group, LLC	Senior loan	L + 5.75%	(c)	6.75%	10/2026	159		156		—		159
Sunstar Insurance Group, LLC	Senior loan	L + 5.75%	(c)	6.75%	10/2026	83		80		—		83
Sunstar Insurance Group, LLC	Senior loan	L + 5.75%		N/A(6)	10/2026	—		—		—		—
TigerRisk, LLC#	One stop	L + 5.25%	(c)	6.25%	06/2027	8,872		8,788		1.1		8,872
TigerRisk, LLC(5)	One stop	L + 5.25%		N/A(6)	06/2027	—		(1)		—		—
						91,274		89,936		11.2		91,114
Internet & Catalog Retail
AQ Holdco Inc. #~	One stop	L + 5.25%	(c)	6.25%	04/2027	5,982		5,925		0.8		5,982
AQ Holdco Inc.	One stop	L + 5.25%	(c)	6.25%	04/2027	3,501		3,468		0.4		3,501
AQ Holdco Inc.	One stop	L + 5.25%	(c)	6.25%	04/2027	1,736		1,720		0.2		1,736
AQ Holdco Inc.	One stop	L + 5.25%	(c)	6.25%	04/2027	1,046		1,036		0.1		1,046
AQ Holdco Inc.	One stop	L + 5.25%	(c)	6.25%	04/2027	184		176		—		184
AQ Holdco Inc.(5)	One stop	L + 5.25%		N/A(6)	04/2027	—		(2)		—		—
						12,449		12,323		1.5		12,449
IT Services
Acquia, Inc.#	One stop	L + 7.00%	(c)	8.00%	10/2025	2,442		2,419		0.3		2,418
Acquia, Inc.	One stop	L + 7.00%	(c)	8.00%	10/2025	4		4		—		4
Appriss Holdings, Inc.#~	One stop	L + 6.00%	(c)	7.00%	05/2026	8,498		8,347		1.0		8,498
Appriss Holdings, Inc.	One stop	P + 5.00%	(e)	8.25%	05/2025	50		47		—		50
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#	One stop	L + 7.50%	(c)	8.50% cash/1.00% PIK	08/2025	1,721		1,669		0.2		1,761
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	One stop	L + 6.50%		N/A(6)	08/2025	—		—		—		1
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)	One stop	L + 6.50%		N/A(6)	08/2025	—		(4)		—		—
Centrify Corporation#	One stop	L + 5.75%	(c)	6.75%	03/2028	6,563		6,473		0.8		6,566
Centrify Corporation#	One stop	L + 6.00%	(c)	7.00%	03/2028	3,850		3,806		0.5		3,852
Centrify Corporation(5)	One stop	L + 5.75%		N/A(6)	03/2027	—		(3)		—		(1)
CivicPlus, LLC#	One stop	L + 6.25%	(c)	7.00%	08/2027	2,623		2,597		0.3		2,596
CivicPlus, LLC	One stop	L + 6.25%		N/A(6)	08/2027	—		—		—		—
CivicPlus, LLC(5)	One stop	L + 6.25%		N/A(6)	08/2027	—		(12)		—		(12)
Cordeagle US Finco, Inc.#	One stop	L + 6.75%	(c)	7.75%	07/2027	1,440		1,412		0.2		1,411
Cordeagle US Finco, Inc.(5)	One stop	L + 6.75%		N/A(6)	07/2027	—		(1)		—		(1)
Episerver, Inc.#	One stop	L + 5.50%	(c)	6.50%	04/2026	4,951		4,882		0.6		4,945
Episerver, Inc.(7)(8)	One stop	E + 5.75%	(f)	5.75%	04/2026	4,678		4,635		0.6		4,710
Episerver, Inc.	One stop	L + 5.50%	(c)	6.50%	04/2026	2,712		2,688		0.3		2,709
Episerver, Inc.(5)	One stop	L + 5.50%		N/A(6)	04/2026	—		(4)		—		—
Infinisource, Inc.#~	One stop	L + 4.50%	(c)	5.50%	10/2026	10,355		10,279		1.3		10,355
Infinisource, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2026	4,936		4,900		0.6		4,936
Infinisource, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2026	1,716		1,704		0.2		1,716
Infinisource, Inc.#	One stop	L + 4.50%	(c)	5.50%	10/2026	1,224		1,213		0.2		1,224
Infinisource, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2026	118		117		—		118
PCS Intermediate II Holdings, LLC~	One stop	L + 5.25%	(c)	6.25%	01/2026	4,870		4,834		0.6		4,870
PCS Intermediate II Holdings, LLC#	One stop	L + 5.25%	(c)	6.25%	01/2026	712		706		0.1		712
PCS Intermediate II Holdings, LLC(5)	One stop	L + 5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#~	One stop	L + 5.50%	(c)	6.50%	12/2025	18,511		18,350		2.2		18,140
Recordxtechnologies, LLC	One stop	L + 5.50%	(c)	6.50%	12/2025	1,688		1,671		0.2		1,654

See Notes to Consolidated Financial Statements.

59

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
IT Services (continued)
Recordxtechnologies, LLC	One stop	L + 5.50%	(c)	6.50%	12/2025	$	100	$	98	—	%	$	96
Red Dawn SEI Buyer, Inc.#~	Senior loan	L + 4.25%	(d)	5.25%	11/2025	13,438		13,322		1.6		13,387
Red Dawn SEI Buyer, Inc.#(7)(8)	Senior loan	L + 4.50%	(h)	5.50%	11/2025	9,594		9,512		1.2		9,483
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.25%	(d)	5.25%	11/2025	2,389		2,373		0.3		2,380
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.50%	(d)	5.50%	11/2025	991		972		0.1		1,003
Red Dawn SEI Buyer, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	11/2025	—		(2)		—		(1)
Saturn Borrower Inc.#~	One stop	L + 6.50%	(c)	7.50%	09/2026	8,036		7,832		1.0		8,036
Saturn Borrower Inc.	One stop	L + 6.50%	(c)	7.50%	09/2026	41		39		—		41
						118,251		116,874		14.4		117,657

See Notes to Consolidated Financial Statements.

60

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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 Products
WBZ Investment LLC	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	$	1,451	$	1,444	0.2	%	$	1,451
WBZ Investment LLC	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	481		479		0.1		481
WBZ Investment LLC	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	334		333		—		334
WBZ Investment LLC	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	171		170		—		171
WBZ Investment LLC	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	09/2024	41		41		—		41
						2,478		2,467		0.3		2,478
Life Sciences Tools & Services
Unchained Labs, LLC#	Senior loan	L + 5.50%	(a)	6.50%	08/2027	367		359		—		359
Unchained Labs, LLC(5)	Senior loan	L + 5.50%		N/A(6)	08/2027	—		(1)		—		(1)
Unchained Labs, LLC(5)	Senior loan	L + 5.50%		N/A(6)	08/2027	—		(9)		—		(9)
						367		349		—		349
Machinery
Bad Boy Mowers Acquisition, LLC#	Senior loan	L + 4.25%	(a)	5.00%	03/2028	794		792		0.1		794
Blackbird Purchaser, Inc. ~	Senior loan	L + 4.50%	(c)(e)	4.63%	04/2026	5,008		4,944		0.7		5,016
Blackbird Purchaser, Inc.	Senior loan	L + 4.50%	(c)	4.63%	04/2024	64		62		—		63
Chase Industries, Inc.	Senior loan	L + 7.00%	(c)	6.50% cash/1.50% PIK	05/2025	1,956		1,938		0.2		1,565
Chase Industries, Inc.	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2025	339		336		—		271
Chase Industries, Inc.	Senior loan	L + 7.00%	(c)	6.50% cash/1.50% PIK	05/2023	146		145		—		110
Time Manufacturing Acquisition, LLC#	Senior loan	L + 5.00%	(c)	6.00%	02/2023	275		275		—		275
						8,582		8,492		1.0		8,094
Marine
Veson Nautical LLC~	One stop	L + 5.25%	(c)	6.25%	11/2025	3,869		3,837		0.5		3,869
Veson Nautical LLC#	One stop	L + 5.25%	(c)	6.25%	11/2025	2,918		2,890		0.3		2,918
Veson Nautical LLC(5)	One stop	L + 5.25%		N/A(6)	11/2025	—		(1)		—		—
						6,787		6,726		0.8		6,787
Media
Triple Lift, Inc.#	One stop	L + 5.75%	(c)	6.50%	05/2028	2,129		2,089		0.3		2,129
Triple Lift, Inc.(5)	One stop	L + 5.75%		N/A(6)	05/2028	—		(1)		—		—
						2,129		2,088		0.3		2,129
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.#(7)(10)	One stop	L + 6.75%	(c)	7.75%	05/2025	5,623		5,551		0.7		5,623
3ES Innovation, Inc.(5)(7)(10)	One stop	L + 6.75%		N/A(6)	05/2025	—		(1)		—		—
Drilling Info Holdings, Inc.#~	Senior loan	L + 4.50%	(a)	4.58%	07/2025	11,960		11,726		1.5		12,041
Drilling Info Holdings, Inc.#~	Senior loan	L + 4.25%	(a)	4.33%	07/2025	9,730		9,653		1.2		9,712
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(1)		—		(1)
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	07/2023	—		(2)		—		(1)
Project Power Buyer, LLC~	One stop	L + 6.00%	(c)	7.00%	05/2026	3,861		3,824		0.4		3,861
Project Power Buyer, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2025	—		(1)		—		—
						31,174		30,749		3.8		31,235
Paper & Forest Products
Messenger, LLC~	One stop	L + 5.50%	(a)(e)	6.50%	08/2023	2,001		1,992		0.2		2,001
Messenger, LLC	One stop	L + 5.50%		N/A(6)	08/2023	—		—		—		—
						2,001		1,992		0.2		2,001

See Notes to Consolidated Financial Statements.

61

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.~	Senior loan	L + 5.00%	(a)	6.00%	02/2026	$	4,829	$	4,793	0.6	%	$	4,829
Amalthea Parent, Inc.#(7)(10)~	One stop	L + 5.00%	(a)	6.00%	03/2027	10,186		10,093		1.2		10,186
Amalthea Parent, Inc.(5)(7)(10)	One stop	L + 5.00%		N/A(6)	03/2027	—		(2)		—		—
Amalthea Parent, Inc.(5)(7)(10)	One stop	L + 5.00%		N/A(6)	03/2027	—		(18)		—		—
Spark Bidco Limited#(7)(8)(9)	Senior loan	SN + 4.75%	(l)	4.80%	08/2028	11,604		11,433		1.4		11,221
Spark Bidco Limited(7)(8)(9)	Senior loan	SN + 4.75%		N/A(6)	02/2028	—		—		—		—
Spark Bidco Limited(5)(7)(8)(9)	Senior loan	SN + 4.75%		N/A(6)	08/2028	—		(32)		—		(32)
						26,619		26,267		3.2		26,204
Professional Services
IG Investments Holdings, LLC#	One stop	L + 6.00%	(c)	6.75%	09/2028	2,804		2,748		0.3		2,748
IG Investments Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	09/2027	—		(1)		—		(1)
Net Health Acquisition Corp.#	One stop	L + 5.75%	(c)	6.75%	12/2025	1,465		1,452		0.2		1,465
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	858		847		0.1		858
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	738		729		0.1		738
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	463		458		0.1		463
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	110		108		—		110
Net Health Acquisition Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(2)		—		—
Nexus Brands Group, Inc.~	One stop	L + 5.75%	(c)	6.75%	11/2023	583		580		0.1		583
Nexus Brands Group, Inc.~	One stop	L + 5.75%	(c)	6.75%	11/2023	507		504		0.1		507
Nexus Brands Group, Inc.~	One stop	L + 5.75%	(c)	6.75%	11/2023	290		289		—		290
Nexus Brands Group, Inc.~	One stop	L + 5.75%	(c)	6.75%	11/2023	210		209		—		210
Nexus Brands Group, Inc.	One stop	L + 5.75%	(a)	6.75%	11/2023	80		80		—		80
Nexus Brands Group, Inc.~	One stop	L + 5.75%	(c)	6.75%	11/2023	79		79		—		79
Nexus Brands Group, Inc.~	One stop	L + 5.75%	(c)	6.75%	11/2023	50		50		—		50
Nexus Brands Group, Inc.	One stop	L + 5.75%	(b)	6.75%	11/2023	46		46		—		46
Nexus Brands Group, Inc.	One stop	L + 5.75%	(c)	6.75%	11/2023	40		40		—		40
Nexus Brands Group, Inc.	One stop	L + 5.75%	(c)	6.75%	11/2023	11		10		—		11
Nexus Brands Group, Inc.(5)	One stop	L + 5.75%		N/A(6)	11/2023	—		(3)		—		—
PlanSource Holdings, Inc. #	One stop	L + 6.25%	(c)	7.25%	04/2025	2,818		2,800		0.4		2,818
PlanSource Holdings, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2025	41		41		—		41
						11,193		11,064		1.4		11,136

See Notes to Consolidated Financial Statements.

62

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Real Estate Management & Development
MRI Software LLC#~	One stop	L + 5.50%	(d)	6.50%	02/2026	$	14,830	$	14,742	1.8	%	$	14,830
MRI Software LLC~	One stop	L + 5.50%	(d)	6.50%	02/2026	2,118		2,074		0.3		2,118
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(2)		—		—
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(2)		—		—
MRI Software LLC	One stop	L + 5.50%		N/A(6)	02/2026	—		—		—		—
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(6)		—		—
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	07/2025	9,535		9,442		1.2		9,439
Property Brands, Inc.~	One stop	L + 5.75%	(c)	6.75%	07/2025	2,751		2,731		0.4		2,723
Property Brands, Inc.~	One stop	L + 5.75%	(c)	6.75%	07/2025	2,569		2,533		0.3		2,544
Property Brands, Inc.~	One stop	L + 5.75%	(c)	6.75%	07/2025	1,111		1,103		0.2		1,100
Property Brands, Inc.	One stop	L + 5.75%	(d)	6.75%	07/2025	906		900		0.1		897
Property Brands, Inc.	One stop	L + 5.75%	(d)	6.75%	07/2025	391		388		—		387
Property Brands, Inc.	One stop	L + 5.75%	(c)	6.75%	07/2025	332		330		—		329
Property Brands, Inc.	One stop	L + 5.75%	(d)	6.75%	07/2025	331		328		—		328
Property Brands, Inc.	One stop	L + 5.75%	(c)	6.75%	07/2025	261		259		—		258
Property Brands, Inc.	One stop	L + 5.75%	(d)	6.75%	07/2025	138		137		—		136
Property Brands, Inc.(5)	One stop	L + 5.75%		N/A(6)	07/2025	—		(1)		—		(1)
Property Brands, Inc.(5)	One stop	L + 5.75%		N/A(6)	07/2025	—		(163)		—		(167)
RPL Bidco Limited(7)(8)(9)	One stop	SN + 5.75%	(l)	5.80%	08/2028	8,713		8,585		1.0		8,359
RPL Bidco Limited(7)(8)(9)	One stop	SN + 5.75%		N/A(6)	02/2028	—		—		—		—
						43,986		43,378		5.3		43,280
Road & Rail
Gruden Acquisition, Inc#	One stop	L + 5.50%	(c)	6.50%	07/2028	972		949		0.1		948
Gruden Acquisition, Inc(5)	One stop	L + 5.50%		N/A(6)	07/2026	—		(1)		—		(1)
Gruden Acquisition, Inc(5)	One stop	L + 5.50%		N/A(6)	07/2028	—		(9)		—		(9)
Internet Truckstop Group LLC~	One stop	L + 5.75%	(c)	6.75%	04/2025	7,955		7,814		1.0		7,955
Internet Truckstop Group LLC#	One stop	L + 5.75%	(c)	6.75%	04/2025	3,498		3,452		0.4		3,498
Internet Truckstop Group LLC(5)	One stop	L + 5.75%		N/A(6)	04/2025	—		(2)		—		—
						12,425		12,203		1.5		12,391

See Notes to Consolidated Financial Statements.

63

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Software
Appfire Technologies, LLC#~	One stop	L + 5.50%	(c)	6.50%	03/2027	$	13,328	$	13,150	1.6	%	$	13,328
Appfire Technologies, LLC	One stop	L + 5.50%	(c)	6.50%	03/2027	20		19		—		20
Appfire Technologies, LLC	One stop	L + 5.50%		N/A(6)	03/2027	—		—		—		—
Appfire Technologies, LLC(5)	One stop	L + 5.50%		N/A(6)	03/2027	—		(6)		—		—
Apptio, Inc. #	One stop	L + 7.25%	(c)	8.25%	01/2025	12,605		12,467		1.5		12,605
Apptio, Inc.	One stop	L + 7.25%	(c)	8.25%	01/2025	38		37		—		38
Aras Corporation#	One stop	L + 7.00%	(c)	4.25% cash/3.75% PIK	04/2027	3,985		3,948		0.5		3,992
Aras Corporation(5)	One stop	L + 6.50%		N/A(6)	04/2027	—		(1)		—		(2)
Aras Corporation(5)	One stop	L + 3.25%		N/A(6)	04/2027	—		(5)		—		1
Auvik Networks Inc.#(7)(10)	One stop	L + 5.75%	(c)	4.00% cash/2.75% PIK	07/2027	2,943		2,915		0.4		2,914
Auvik Networks Inc.(5)(7)(10)	One stop	L + 5.50%		N/A(6)	07/2027	—		(1)		—		(1)
Axiom Merger Sub Inc.	One stop	L + 6.00%	(c)(d)	7.00%	04/2026	1,141		1,126		0.1		1,141
Axiom Merger Sub Inc.#	One stop	L + 6.00%	(c)	7.00%	04/2026	981		972		0.1		981
Axiom Merger Sub Inc.(7)(8)	One stop	E + 6.25%	(f)	6.25%	04/2026	476		469		0.1		489
Axiom Merger Sub Inc.(5)	One stop	L + 6.00%		N/A(6)	04/2026	—		(1)		—		—
Axiom Merger Sub Inc.(5)	One stop	L + 6.00%		N/A(6)	04/2026	—		(2)		—		—
Azul Systems, Inc.~	Senior loan	L + 4.50%	(c)	5.50%	04/2027	9,492		9,417		1.2		9,497
Azul Systems, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	04/2026	—		(1)		—		—
Bearcat Buyer, Inc.#	Senior loan	L + 4.25%	(c)	5.25%	07/2026	572		567		0.1		569
Bearcat Buyer, Inc.	Senior loan	L + 4.25%	(c)	5.25%	07/2026	203		201		—		202
Bearcat Buyer, Inc.#	Senior loan	L + 4.25%	(c)	5.25%	07/2026	152		150		—		151
Bearcat Buyer, Inc.	Senior loan	L + 4.25%		N/A(6)	07/2024	—		—		—		—
Beqom North America, Inc.#	One stop	L + 7.50%	(c)(d)	7.00% cash/1.50% PIK	06/2026	364		362		—		383
Beqom North America, Inc.	One stop	L + 6.00%		N/A(6)	06/2026	—		—		—		1
Bullhorn, Inc.#~	One stop	L + 5.75%	(c)	6.75%	09/2026	13,409		13,214		1.6		13,412
Bullhorn, Inc.(7)(8)	One stop	L + 6.00%	(g)	6.08%	09/2026	2,392		2,358		0.3		2,624
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	1,470		1,449		0.2		1,470
Bullhorn, Inc.#(7)(8)	One stop	E + 5.75%	(f)	5.75%	09/2026	961		947		0.1		1,009
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	659		649		0.1		659
Bullhorn, Inc.~	One stop	L + 5.75%	(c)	6.75%	09/2026	603		591		0.1		604
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	525		518		0.1		525
Bullhorn, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2026	—		(4)		—		—
Burning Glass Intermediate Holdings Company, Inc.#	One stop	L + 5.00%	(a)	6.00%	06/2028	3,844		3,771		0.5		3,848
Burning Glass Intermediate Holdings Company, Inc.(5)	One stop	L + 5.00%		N/A(6)	06/2026	—		(2)		—		(1)
Calabrio, Inc. #	One stop	L + 7.00%	(c)	8.00%	04/2027	21,174		20,881		2.6		21,174
Calabrio, Inc.(5)	One stop	L + 7.00%		N/A(6)	04/2027	—		(4)		—		—
Cloudbees, Inc.	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	850		843		0.1		850
Cloudbees, Inc.#	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	706		697		0.1		706
Cloudbees, Inc.	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	499		498		0.1		499
Cloudbees, Inc.	One stop	L + 8.50%		N/A(6)	05/2023	—		—		—		—

See Notes to Consolidated Financial Statements.

64

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Software - (continued)
Cybergrants Holdings, LLC#	One stop	L + 6.50%	(c)	7.25%	09/2027	$	24,690	$	24,324	3.0	%	$	24,443
Cybergrants Holdings, LLC(5)	One stop	L + 6.50%		N/A(6)	09/2027	—		(3)		—		(2)
Cybergrants Holdings, LLC(5)	One stop	L + 5.75%		N/A(6)	09/2027	—		(18)		—		(18)
Digital Guardian, Inc.	One stop	L + 9.50%	(c)	7.50% cash/3.00% PIK	06/2023	1,750		1,745		0.2		1,869
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	06/2023	2		1		—		2
Digital Guardian, Inc.	One stop	L + 5.00%		N/A(6)	06/2023	—		—		—		1
Diligent Corporation#~	One stop	L + 6.25%	(c)	7.25%	08/2025	27,772		27,505		3.5		27,937
Diligent Corporation#	One stop	L + 5.75%	(c)	6.75%	08/2025	2,358		2,337		0.3		2,333
Diligent Corporation	One stop	L + 6.25%	(c)	7.25%	08/2025	434		395		0.1		436
Diligent Corporation(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(6)		—		5
Diligent Corporation(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(37)		—		9
FirstUp, Inc#	One stop	L + 6.75%	(c)	4.25% cash/3.50% PIK	07/2027	3,199		3,168		0.4		3,167
FirstUp, Inc(5)	One stop	L + 6.25%		N/A(6)	07/2027	—		(1)		—		(1)
Gainsight, Inc.#	One stop	L + 6.25%	(c)	7.00%	07/2027	3,086		3,033		0.4		3,032
Gainsight, Inc.(5)	One stop	L + 6.25%		N/A(6)	07/2027	—		(2)		—		(2)
GS Acquisitionco, Inc.#~	One stop	L + 5.75%	(d)	6.75%	05/2026	15,403		15,265		1.9		15,403
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2026	4,337		4,298		0.6		4,337
GS Acquisitionco, Inc.#	One stop	L + 5.75%	(d)	6.75%	05/2026	3,934		3,914		0.5		3,934
GS Acquisitionco, Inc.~	One stop	L + 5.75%	(c)	6.75%	05/2026	2,768		2,727		0.3		2,768
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2026	1,593		1,579		0.2		1,593
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2026	1,135		1,125		0.1		1,135
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2026	1,047		1,038		0.1		1,047
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2026	656		650		0.1		656
GS Acquisitionco, Inc.	One stop	L + 5.75%	(c)(d)	6.75%	05/2026	128		127		—		128
GS Acquisitionco, Inc.	One stop	L + 5.75%	(c)	6.75%	05/2026	71		70		—		71
GS Acquisitionco, Inc.(5)	One stop	L + 5.75%		N/A(6)	05/2026	—		(1)		—		—
GS Acquisitionco, Inc.(5)	One stop	L + 5.75%		N/A(6)	05/2026	—		(1)		—		—
ICIMS, Inc.#	One stop	L + 6.50%	(c)	7.50%	09/2024	3,240		3,209		0.4		3,240
ICIMS, Inc.#	One stop	L + 6.50%	(c)	7.50%	09/2024	1,065		1,059		0.1		1,065
ICIMS, Inc.#	One stop	L + 6.50%	(c)	7.50%	09/2024	621		616		0.1		621
ICIMS, Inc.	One stop	L + 6.50%	(c)	7.50%	09/2024	44		44		—		44
Impartner, Inc.#	One stop	L + 9.50%	(c)	9.30% cash/2.00% PIK	08/2025	1,179		1,173		0.2		1,224
Impartner, Inc.	One stop	L + 9.50%	(c)	9.30% cash/2.00% PIK	08/2025	93		92		—		97
Impartner, Inc.	One stop	L + 7.50%		N/A(6)	08/2025	—		—		—		4
Impartner, Inc.	One stop	L + 7.50%		N/A(6)	08/2025	—		—		—		—
Instructure, Inc.#	One stop	L + 5.50%	(a)	6.50%	03/2026	18,220		17,990		2.2		18,220
Instructure, Inc.(5)	One stop	L + 5.50%		N/A(6)	03/2026	—		(1)		—		—
Juvare, LLC~	One stop	L + 5.75%	(c)	6.75%	10/2026	3,012		2,980		0.4		2,974
Juvare, LLC	One stop	P + 4.75%	(c)(e)	6.75%	10/2026	695		688		0.1		686
Juvare, LLC(5)	One stop	L + 5.75%		N/A(6)	04/2026	—		(1)		—		(1)
Juvare, LLC(5)	One stop	L + 5.75%		N/A(6)	10/2026	—		(11)		—		(11)

See Notes to Consolidated Financial Statements.

65

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Software - (continued)
Kaseya Traverse Inc#	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	$	14,998	$	14,819	1.8	%	$	14,735
Kaseya Traverse Inc#	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	6,127		6,022		0.7		6,020
Kaseya Traverse Inc	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	1,759		1,745		0.2		1,728
Kaseya Traverse Inc	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	1,439		1,420		0.2		1,414
Kaseya Traverse Inc(5)	One stop	L + 6.50%		N/A(6)	05/2025	—		(1)		—		(3)
Kaseya Traverse Inc(5)	One stop	L + 4.00%		N/A(6)	05/2025	—		(50)		—		(51)
Mindbody, Inc.	One stop	L + 8.50%	(d)	8.00% cash/1.50% PIK	02/2025	11,930		11,864		1.5		11,945
Mindbody, Inc.(5)	One stop	L + 8.00%		N/A(6)	02/2025	—		(1)		—		(2)
Mindbody, Inc.	One stop	L + 7.00%		N/A(6)	02/2025	—		—		—		2
Ministry Brands, LLC#	Senior loan	L + 4.00%	(a)	5.00%	12/2022	490		487		0.1		490
Ministry Brands, LLC#	Senior loan	L + 4.00%	(a)	5.00%	12/2022	231		229		—		231
Ministry Brands, LLC#	Senior loan	L + 4.00%	(a)	5.00%	12/2022	220		219		—		220
Ministry Brands, LLC	Senior loan	L + 4.00%	(a)	5.00%	12/2022	129		129		—		129
Ministry Brands, LLC#	Senior loan	L + 4.00%	(a)	5.00%	12/2022	126		126		—		126
mParticle, Inc.#	One stop	L + 10.25%	(c)	7.50% cash/3.75% PIK	09/2025	1,946		1,925		0.2		1,946
mParticle, Inc.	One stop	L + 10.25%	(c)	11.25%	09/2025	—		—		—		—
Namely, Inc.#	One stop	L + 8.50%	(c)	8.25% cash/2.25% PIK	06/2024	2,148		2,046		0.3		2,148
Namely, Inc.	One stop	L + 8.50%	(c)	8.25% cash/2.25% PIK	06/2024	809		774		0.1		809
Namely, Inc.	One stop	L + 7.50%	(a)	8.25% cash/1.25% PIK	06/2024	36		35		—		36
Neo Bidco GMBH#(7)(8)(12)	One stop	E + 6.00%	(f)	6.00%	07/2028	3,016		2,973		0.4		2,955
Neo Bidco GMBH(7)(8)(12)	One stop	E + 6.00%		N/A(6)	01/2028	—		—		—		—
PDI TA Holdings, Inc.#~	One stop	L + 4.50%	(c)	5.50%	10/2024	3,365		3,338		0.4		3,365
PDI TA Holdings, Inc.#	Second lien	L + 8.50%	(c)	9.50%	10/2025	1,356		1,339		0.2		1,356
PDI TA Holdings, Inc.#	One stop	L + 4.50%	(d)	5.50%	10/2024	276		273		—		276
PDI TA Holdings, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2024	153		150		—		153
PDI TA Holdings, Inc.	Second lien	L + 8.50%	(c)	9.50%	10/2025	82		81		—		82
Personify, Inc.~	One stop	L + 5.25%	(c)	6.25%	09/2024	3,253		3,238		0.4		3,253
Personify, Inc.~	One stop	L + 5.25%	(c)	6.25%	09/2024	1,960		1,944		0.2		1,960
Personify, Inc.	One stop	L + 5.25%		N/A(6)	09/2024	—		—		—		—
Pluralsight, LLC#	One stop	L + 8.00%	(c)	9.00%	03/2027	9,346		9,259		1.1		9,346
Pluralsight, LLC(5)	One stop	L + 8.00%		N/A(6)	03/2027	—		(1)		—		—
ProcessUnity Holdings, LLC#	One stop	L + 6.00%	(d)	6.75%	09/2028	1,793		1,775		0.2		1,775
ProcessUnity Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	09/2028	—		(1)		—		(1)
ProcessUnity Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	09/2028	—		(4)		—		(4)
Pyramid Healthcare Acquisition Corp.#	One stop	L + 4.75%	(c)	5.75%	05/2027	7,320		7,251		0.9		7,320
Pyramid Healthcare Acquisition Corp.	One stop	L + 4.75%	(c)	5.75%	05/2027	63		39		—		63
Pyramid Healthcare Acquisition Corp.(5)	One stop	L + 4.75%		N/A(6)	05/2027	—		(2)		—		—
RegEd Aquireco, LLC~	Senior loan	L + 4.25%	(a)	5.25%	12/2024	1,205		1,199		0.1		1,145
RegEd Aquireco, LLC	Senior loan	P + 3.25%	(a)(e)	4.27%	12/2024	72		71		—		65

See Notes to Consolidated Financial Statements.

66

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Software - (continued)
Rodeo Buyer Company & Absorb Software Inc.#	One stop	L + 6.25%	(c)	7.25%	05/2027	$	1,760	$	1,743	0.2	%	$	1,760
Rodeo Buyer Company & Absorb Software Inc.(5)	One stop	L + 6.25%		N/A(6)	05/2027	—		(1)		—		—
SnapLogic, Inc.	One stop	L + 8.75%	(c)	5.75% cash/5.50% PIK	09/2024	1,087		1,083		0.1		1,059
SnapLogic, Inc.#	One stop	L + 3.25%	(b)	5.75%	09/2024	473		460		0.1		464
SnapLogic, Inc.#(5)	One stop	L + 8.75%	(c)	5.75% cash/5.50% PIK	09/2024	3		(1)		—		3
SnapLogic, Inc.	One stop	L + 3.25%		N/A(6)	09/2024	—		—		—		—
SnapLogic, Inc.(5)	One stop	L + 3.25%		N/A(6)	09/2024	—		(2)		—		(9)
Sontatype, Inc.#	One stop	L + 6.75%	(c)	7.75%	12/2025	12,912		12,822		1.6		12,912
Sontatype, Inc.(5)	One stop	L + 6.75%		N/A(6)	12/2025	—		(2)		—		—
Spartan Buyer Acquisition Co.#	One stop	L + 6.25%	(c)	7.25%	12/2026	12,675		12,538		1.5		12,548
Spartan Buyer Acquisition Co.#	One stop	L + 6.25%	(c)	7.25%	12/2026	814		798		0.1		806
Spartan Buyer Acquisition Co.(5)	One stop	L + 6.25%		N/A(6)	12/2026	—		(3)		—		(2)
Telesoft Holdings LLC#~	One stop	L + 5.75%	(c)	6.75%	12/2025	20,956		20,622		2.6		20,956
Telesoft Holdings LLC(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(4)		—		—
TI Intermediate Holdings, LLC~	Senior loan	L + 4.50%	(a)	4.58%	12/2024	812		808		0.1		810
TI Intermediate Holdings, LLC#	Senior loan	L + 4.50%	(a)	5.50%	12/2024	218		213		—		220
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	5.50%	12/2024	102		100		—		103
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	4.58%	12/2024	8		7		—		8
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	1,940		1,918		0.3		1,941
Togetherwork Holdings, LLC#	One stop	L + 6.25%	(a)	7.25%	03/2025	1,283		1,273		0.2		1,284
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	496		490		0.1		496
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	474		468		0.1		474
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	469		464		0.1		469
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	437		432		0.1		437
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	401		396		—		401
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	7.25%	03/2025	308		301		—		308
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	300		297		—		301
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	200		198		—		200
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	181		179		—		181
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	84		83		—		84
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	82		81		—		82
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	7.25%	03/2024	35		34		—		35
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	17		17		—		17
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	16		16		—		16
Transact Holdings, Inc.#	Senior loan	L + 4.75%	(a)	4.83%	04/2026	750		742		0.1		744
Trintech, Inc.~	One stop	L + 6.00%	(c)	7.00%	12/2024	2,071		2,057		0.3		2,071
Trintech, Inc.~	One stop	L + 6.00%	(c)	7.00%	12/2024	1,030		1,023		0.2		1,030
Trintech, Inc.	One stop	L + 6.00%	(c)	7.00%	12/2024	50		49		—		50
Vector CS Midco Limited & Cloudsense Ltd.(7)(8)(9)	One stop	L + 8.05%	(g)	5.30% cash/3.55% PIK	05/2024	2,061		2,051		0.2		1,804
Vector CS Midco Limited & Cloudsense Ltd.(7)(8)(9)	One stop	L + 8.05%	(g)	5.30% cash/3.55% PIK	05/2024	68		68		—		60
Vendavo, Inc.#	One stop	L + 5.75%	(c)	6.50%	09/2027	8,415		8,342		1.0		8,341
Vendavo, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2027	—		(1)		—		(1)
Workforce Software, LLC#	One stop	L + 6.50%	(c)	7.50%	07/2025	11,068		10,904		1.4		11,068
Workforce Software, LLC#	One stop	L + 6.50%	(c)	6.50% cash/1.00% PIK	07/2025	1,962		1,944		0.2		1,962
Workforce Software, LLC	One stop	L + 6.50%	(c)	7.50%	07/2025	47		46		—		47
						377,637		373,022		46.3		376,706

See Notes to Consolidated Financial Statements.

67

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Specialty Retail
2nd Ave. LLC#	One stop	L + 6.50%	(a)	7.50%	09/2025	$	1,366	$	1,357	0.2	%	$	1,366
2nd Ave. LLC	One stop	L + 6.50%		N/A(6)	09/2025	—		—		—		—
Consilio Midco Limited#(7)(10)	One stop	L + 5.75%	(d)	6.75%	05/2028	4,528		4,442		0.6		4,483
Consilio Midco Limited(5)(7)(10)	One stop	L + 5.75%		N/A(6)	05/2028	—		(2)		—		(1)
Consilio Midco Limited(5)(7)(10)	One stop	L + 5.75%		N/A(6)	05/2028	—		(16)		—		(17)
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	1,850		1,833		0.3		1,836
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	1,610		1,595		0.2		1,598
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	1,524		1,516		0.2		1,512
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	1,450		1,440		0.2		1,439
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	1,110		1,104		0.2		1,101
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	1,072		1,062		0.2		1,064
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	877		873		0.2		871
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	869		861		0.2		862
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	799		791		0.1		793
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	748		744		0.1		743
Imperial Optical Midco Inc.#	One stop	L + 5.75%	(a)	6.75%	08/2023	649		644		0.1		644
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	642		636		0.1		637
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	618		615		0.1		614
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	601		595		0.1		597
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	599		596		0.1		594
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	564		559		0.1		560
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	557		552		0.1		553
Imperial Optical Midco Inc.	One stop	L + 5.75%	(c)	6.75%	08/2023	531		526		0.1		527
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	487		485		0.1		484
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	445		443		0.1		442
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	445		440		0.1		441
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	444		441		0.1		440
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	418		409		0.1		415
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	410		406		—		407
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	406		402		—		403
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	383		381		—		381
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	377		373		—		374
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	374		370		—		371
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	352		348		—		350
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	348		346		—		345

See Notes to Consolidated Financial Statements.

68

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	$	341	$	338	—	%	$	339
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	322		318		—		319
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	313		311		—		310
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	288		287		—		286
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	259		256		—		257
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	253		248		—		251
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	252		251		—		250
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	248		246		—		246
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	245		243		—		244
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	245		243		—		243
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	194		193		—		193
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	194		192		—		192
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	190		189		—		189
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	178		176		—		177
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	176		174		—		175
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	175		173		—		173
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	172		170		—		170
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	163		161		—		162
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	159		158		—		158
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	153		151		—		151
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	150		149		—		149
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	148		147		—		146
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	148		146		—		146
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	147		145		—		145
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	145		143		—		144
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	140		138		—		139
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	138		137		—		137
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	126		124		—		125
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	122		121		—		121
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	116		115		—		115
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	108		107		—		107
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	104		103		—		103
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	100		99		—		99
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	97		96		—		96
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	96		95		—		95
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	95		95		—		94

See Notes to Consolidated Financial Statements.

69

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	$	91	$	90	—	%	$	90
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	89		89		—		89
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	85		84		—		84
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	85		84		—		84
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	80		79		—		79
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	78		77		—		78
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	72		71		—		72
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	69		68		—		68
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	68		67		—		67
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	67		66		—		67
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	62		61		—		61
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	59		58		—		59
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	58		57		—		57
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	56		56		—		56
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	55		54		—		54
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	55		55		—		55
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	54		53		—		54
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	52		52		—		52
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	51		50		—		50
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	49		49		—		49
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	44		44		—		44
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	44		44		—		44
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	41		40		—		40
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	37		36		—		36
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	32		32		—		32
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	31		31		—		31
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	31		31		—		31
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	25		25		—		25
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	25		25		—		25
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	24		24		—		24
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	24		23		—		24
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	24		24		—		24
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	23		23		—		23
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	22		22		—		22
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	21		21		—		21
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	15		15		—		15
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	15		15		—		15
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	13		13		—		13
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	12		12		—		12

See Notes to Consolidated Financial Statements.

70

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Specialty Retail - (continued)
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	$	12	$	12	—	%	$	12
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	11		11		—		11
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	10		10		—		10
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	9		9		—		9
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	9		9		—		9
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	8		8		—		8
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	8		8		—		8
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	7		7		—		7
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	6		6		—		6
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	5		5		—		5
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	4		4		—		4
Imperial Optical Midco Inc.	One stop	L + 5.75%	(a)	6.75%	08/2023	3		3		—		3
Imperial Optical Midco Inc.	One stop	L + 5.75%		N/A(6)	08/2023	—		—		—		—
Imperial Optical Midco Inc.(5)	One stop	L + 5.75%		N/A(6)	08/2023	—		(30)		—		(24)
Jet Equipment & Tools Ltd.(7)(8)(10)	One stop	C + 5.25%	(j)	6.25%	11/2024	4,213		4,186		0.6		4,344
Jet Equipment & Tools Ltd.(7)(10)~	One stop	L + 5.25%	(a)	6.25%	11/2024	3,321		3,303		0.5		3,319
Jet Equipment & Tools Ltd.#(7)(8)(10)	One stop	C + 5.50%	(j)	6.50%	11/2024	1,307		1,297		0.2		1,367
Jet Equipment & Tools Ltd.(7)(10)~	One stop	L + 5.25%	(a)	6.25%	11/2024	1,021		1,015		0.2		1,020
Jet Equipment & Tools Ltd.(7)(10)~	One stop	L + 5.25%	(a)	6.25%	11/2024	393		390		—		392
Jet Equipment & Tools Ltd.(7)(10)	One stop	L + 5.25%	(a)	6.25%	11/2024	75		75		—		75
Jet Equipment & Tools Ltd.(7)(8)(10)	One stop	C + 5.25%	(j)(k)	6.25%	11/2024	64		63		—		63
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	1,683		1,683		0.3		1,683
PPV Intermediate Holdings II, LLC	One stop	L + 5.50%	(a)	6.50%	05/2023	1,140		1,130		0.2		1,140
PPV Intermediate Holdings II, LLC	One stop	L + 5.50%	(a)	6.50%	05/2023	863		856		0.2		863
PPV Intermediate Holdings II, LLC	One stop	L + 5.50%	(a)	6.50%	05/2023	843		836		0.1		843
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	402		398		—		402
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	370		367		—		370
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	357		354		—		357
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	346		346		—		346
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	321		319		—		321
PPV Intermediate Holdings II, LLC	One stop	L + 5.50%	(a)	6.50%	05/2023	269		267		—		269
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	268		265		—		268
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	254		252		—		254
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	206		206		0.1		206
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	183		181		—		183
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	149		145		—		149
PPV Intermediate Holdings II, LLC	One stop	P + 4.50%	(e)	7.75%	05/2023	145		144		0.1		145
PPV Intermediate Holdings II, LLC~	One stop	L + 5.50%	(a)	6.50%	05/2023	45		44		—		45
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	9		9		—		9
PPV Intermediate Holdings II, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2023	—		(60)		—		—
Sola Franchise, LLC and Sola Salon Studios, LLC~	One stop	L + 4.75%	(c)	5.75%	10/2024	980		975		0.2		980
Sola Franchise, LLC and Sola Salon Studios, LLC~	One stop	L + 4.75%	(c)	5.75%	10/2024	663		660		0.1		663
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 4.75%	(c)	5.75%	10/2024	40		40		—		40
Titan Fitness, LLC#	One stop	L + 6.75%	(b)(c)	5.75% cash/2.00% PIK	02/2025	6,684		6,629		0.8		6,013
Titan Fitness, LLC	One stop	L + 6.75%	(c)	5.75% cash/2.00% PIK	02/2025	789		783		0.1		710

See Notes to Consolidated Financial Statements.

71

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Specialty Retail - (continued)
Titan Fitness, LLC	One stop	L + 6.75%	(c)	5.75% cash/2.00% PIK	02/2025	$	240	$	238	—	%	$	215
Vermont Aus Pty Ltd(7)(8)(11)	Senior loan	A + 4.75%	(i)	4.82%	02/2025	439		434		0.1		461
Vermont Aus Pty Ltd#(7)(8)(11)	Senior loan	A + 4.00%	(i)	4.07%	02/2025	230		226		—		210
Vermont Aus Pty Ltd(7)(8)(11)	Senior loan	A + 4.75%	(i)	4.82%	02/2025	32		30		—		37
						64,430		63,776		7.8		63,534
Textiles, Apparel and Luxury Goods
Dollfus Mieg Company, Inc.#(7)(9)	One stop	L + 6.00%	(c)	6.50%	03/2028	393		388		0.1		393
Dollfus Mieg Company, Inc.#(7)(9)	One stop	L + 6.00%	(c)	6.50%	03/2028	196		193		—		196
Dollfus Mieg Company, Inc.#(7)(9)	One stop	L + 6.00%	(c)	6.50%	03/2028	172		170		—		172
Dollfus Mieg Company, Inc.(5)(7)(8)(9)	One stop	E + 6.00%		N/A(6)	03/2028	—		(10)		—		—
						761		741		0.1		761
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.#	One stop	L + 5.50%	(c)	6.25%	06/2028	1,384		1,357		0.2		1,384
Marcone Yellowstone Buyer Inc.(5)	One stop	L + 5.50%		N/A(6)	06/2028	—		(62)		—		—
						1,384		1,295		0.2		1,384
Water Utilities
S.J. Electro Systems, Inc.#	Senior loan	L + 4.50%	(c)	5.50%	06/2027	2,170		2,149		0.3		2,170
S.J. Electro Systems, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	06/2027	—		(30)		—		—
S.J. Electro Systems, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	06/2027	—		(2)		—		—
Vessco Midco Holdings, LLC	Senior loan	L + 4.50%	(c)	5.50%	11/2026	144		133		—		133
Vessco Midco Holdings, LLC#	Senior loan	L + 4.50%	(c)	5.50%	11/2026	89		88		—		88
Vessco Midco Holdings, LLC	Senior loan	L + 4.50%		N/A(6)	10/2026	—		—		—		—
						2,403		2,338		0.3		2,391
Total debt investments						$	1,408,751	$	1,391,430	171.8	%	$1,398,911

See Notes to Consolidated Financial Statements.

72

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Equity investments(14)(15)
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A	N/A	—	$	320	0.1	%	$	320
MOP GM Holding, LLC	LP units	N/A	N/A	N/A	—	130		0.1		217
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	93		—		161
						543		0.2		698
Biotechnology
BIO18 Borrower, LLC(16)	Preferred stock	N/A	N/A	N/A	141	246		0.1		663
Chemicals
Inhance Technologies Holdings LLC	LLC units	N/A	N/A	N/A	—	34		—		23
Commercial Services and Supplies
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	156	157		0.1		157
Diversified Consumer Services
CHHJ Franchising, LLC(16)	LLC units	N/A	N/A	N/A	8	79		—		98
EWC Growth Partners LLC	LLC interest	N/A	N/A	N/A	—	25		—		2
Liminex, Inc.	Common Stock	N/A	N/A	N/A	5	176		—		306
						280		—		406
Electronic Equipment, Instruments, and Components
ES Acquisition LLC	LP interest	N/A	N/A	N/A	—	6		0.1		444
Food & Staples Retailing
Captain D's, LLC	LLC interest	N/A	N/A	N/A	15	15		—		72
Mendocino Farms, LLC	Common Stock	N/A	N/A	N/A	59	257		0.1		585
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A	N/A	6	61		—		24
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A	N/A	—	4		—		8
Wood Fired Holding Corp.	LLC units	N/A	N/A	N/A	103	103		—		130
Wood Fired Holding Corp.	Common Stock	N/A	N/A	N/A	103	—		—		167
Zenput Inc.	Preferred stock	N/A	N/A	N/A	57	158		—		165
						598		0.1		1,151
Food Products
Borrower R365 Holdings, LLC	Preferred stock	N/A	N/A	N/A	30	40		—		45
FCID Merger Sub, Inc.	Common Stock	N/A	N/A	N/A	1	130		—		141
Kodiak Cakes, LLC	Common Stock	N/A	N/A	N/A	—	112		—		112
Kodiak Cakes, LLC	LLC units	N/A	N/A	N/A	76	76		—		76
Louisiana Fish Fry Products, Ltd.	Common Stock	N/A	N/A	N/A	—	212		0.1		212
						570		0.1		586

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Health Care Equipment & Supplies
Aspen Medical Products, LLC	LP interest	N/A	N/A	N/A	—	$	17	—	%	$	32
Blue River Pet Care, LLC	Common Stock	N/A	N/A	N/A	—	207		0.1		425
CCSL Holdings, LLC	LP interest	N/A	N/A	N/A	—	125		—		128
CMI Parent Inc.	Common Stock	N/A	N/A	N/A	—	492		0.1		584
CMI Parent Inc.	Common Stock	N/A	N/A	N/A	5	5		—		137
						846		0.2		1,306
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	LLC units	N/A	N/A	N/A	41	41		—		53
CRH Healthcare Purchaser, Inc.(16)	LP interest	N/A	N/A	N/A	102	50		—		183
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	445		0.1		547
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	192		—		275
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—	—		—		3
Emerge Intermediate, Inc.	LLC units	N/A	N/A	N/A	—	165		—		167
Emerge Intermediate, Inc.	LLC units	N/A	N/A	N/A	—	10		—		12
Emerge Intermediate, Inc.	LLC units	N/A	N/A	N/A	2	2		—		—
Encorevet Group LLC	Common Stock	N/A	N/A	N/A	2	223		—		371
Encorevet Group LLC	LLC units	N/A	N/A	N/A	1	118		—		196
Krueger-Gilbert Health Physics, LLC	Common Stock	N/A	N/A	N/A	52	54		—		73
MD Now Holdings, Inc.	LLC interest	N/A	N/A	N/A	3	23		—		55
Midwest Veterinary Partners, LLC	LLC units	N/A	N/A	N/A	—	254		0.1		254
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A	N/A	—	13		—		16
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A	N/A	3	—		—		83
NDX Parent, LLC	Common Stock	N/A	N/A	N/A	—	106		—		106
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(7)(8)(10)	Common Stock	N/A	N/A	N/A	—	117		0.1		127
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	—	16		—		22
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	—	—		—		38
						1,829		0.3		2,581
Health Care Technology
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	1	596		0.2		856
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	—	340		—		382
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	—	210		—		224
Caliper Software, Inc.	Common Stock	N/A	N/A	N/A	42	—		—		197
Connexin Software, Inc.	LLC interest	N/A	N/A	N/A	26	26		—		53
HSI Halo Acquisition, Inc.	LP interest	N/A	N/A	N/A	—	75		—		71
HSI Halo Acquisition, Inc.	LP interest	N/A	N/A	N/A	—	—		—		—
						1,247		0.2		1,783

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Hotels, Restaurants and Leisure
Freddy's Frozen Custard LLC	LP interest	N/A	N/A	N/A	81	$	81	—	%	$	117
Harri US LLC	Warrant	N/A	N/A	N/A	8	46		—		46
SSRG Holdings, LLC	LP interest	N/A	N/A	N/A	40	399		0.1		492
Tropical Smoothie Cafe Holdings, LLC(16)	LP interest	N/A	N/A	N/A	2	191		—		348
						717		0.1		1,003
Household Durables
Groundworks LLC(16)	LLC interest	N/A	N/A	N/A	—	53		—		141
Insurance
Majesco	LP interest	N/A	N/A	N/A	—	124		—		135
Majesco	LP interest	N/A	N/A	N/A	28	—		—		67
Orchid Underwriters Agency, LLC(16)	LP interest	N/A	N/A	N/A	22	22		—		23
						146		—		225
IT Services
Appriss Health Intermediate Holdings, Inc	Preferred stock	N/A	N/A	N/A	1	787		0.1		847
Appriss Holdings, Inc.	Preferred stock	N/A	N/A	N/A	—	52		—		70
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	217	170		0.2		1,661
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	57	156		0.1		436
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	13	108		—		111
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A	N/A	75	59		0.1		532
Episerver, Inc.	Common Stock	N/A	N/A	N/A	17	173		—		214
Kentik Technologies, Inc.	Preferred stock	N/A	N/A	N/A	83	475		0.1		475
PCS Intermediate II Holdings, LLC	LLC interest	N/A	N/A	N/A	13	126		—		160
Red Dawn SEI Buyer, Inc.	LP interest	N/A	N/A	N/A	219	219		—		349
Saturn Borrower Inc.	LP units	N/A	N/A	N/A	139	139		—		104
						2,464		0.6		4,959
Leisure Products
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	15	24		—		21
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	10	16		—		14
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	9	13		—		12
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	8	12		—		10
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	3	5		—		4
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	—	—		—		—
						70		—		61
Pharmaceuticals
Amalthea Parent, Inc.(7)(10)	LP interest	N/A	N/A	N/A	199	200		—		358
Professional Services
Net Health Acquisition Corp.	LP interest	N/A	N/A	N/A	1	133		—		190
Nexus Brands Group, Inc.	LP interest	N/A	N/A	N/A	—	49		—		170
						182		—		360
Real Estate Management & Development
Property Brands, Inc.	Common Stock	N/A	N/A	N/A	11	60		—		53
Road & Rail
Internet Truckstop Group LLC	LP interest	N/A	N/A	N/A	146	146		—		164

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Software
Aras Corporation	Preferred stock	N/A	N/A	N/A	—	$	396	0.1	%	$	428
Aras Corporation	LP interest	N/A	N/A	N/A	121	121		—		132
Astute Holdings, Inc.	LP interest	N/A	N/A	N/A	—	83		—		151
Auvik Networks Inc.(7)(10)	Preferred stock	N/A	N/A	N/A	11	111		—		111
Calabrio, Inc.	LP interest	N/A	N/A	N/A	—	306		0.1		306
Calabrio, Inc.	LP interest	N/A	N/A	N/A	38	—		—		—
Cloudbees, Inc.	Preferred stock	N/A	N/A	N/A	15	93		—		137
Cloudbees, Inc.	Warrant	N/A	N/A	N/A	27	40		—		186
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	72	87		—		106
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	25	43		—		52
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	15	27		—		32
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	14	25		—		29
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	25	4		—		—
Diligent Corporation	Preferred stock	N/A	N/A	N/A	7	6,499		0.9		7,046
FirstUp, Inc	Common Stock	N/A	N/A	N/A	84	205		—		205
GS Acquisitionco, Inc.	Preferred stock	N/A	N/A	N/A	9	9,247		1.2		9,451
GS Acquisitionco, Inc.	LP interest	N/A	N/A	N/A	—	26		—		212
MetricStream, Inc.	Warrant	N/A	N/A	N/A	44	67		—		51
mParticle, Inc.	Preferred stock	N/A	N/A	N/A	65	426		0.1		426
mParticle, Inc.	Warrant	N/A	N/A	N/A	28	6		—		154
Namely, Inc.	Warrant	N/A	N/A	N/A	24	163		—		167
Namely, Inc.	Warrant	N/A	N/A	N/A	8	14		—		10
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	Warrant	N/A	N/A	N/A	2	6		—		14
Personify, Inc.	LP interest	N/A	N/A	N/A	163	171		0.1		287
Pyramid Healthcare Acquisition Corp.	Common Stock	N/A	N/A	N/A	73	73		—		86
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	—	73		—		37
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	1	—		—		—
SnapLogic, Inc.	Preferred stock	N/A	N/A	N/A	66	164		—		375
SnapLogic, Inc.	Warrant	N/A	N/A	N/A	25	18		—		98
Spartan Buyer Acquisition Co.	Common Stock	N/A	N/A	N/A	—	252		—		289
Telesoft Holdings LLC	LP interest	N/A	N/A	N/A	131	131		—		125
						18,877		2.5		20,703
Specialty Retail
2nd Ave. LLC	LP interest	N/A	N/A	N/A	157	157		—		387
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A	N/A	—	110		—		130
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A	N/A	—	42		—		48
Jet Equipment & Tools Ltd.(7)(8)(10)	LLC interest	N/A	N/A	N/A	—	173		0.1		665
PPV Intermediate Holdings II, LLC	LLC interest	N/A	N/A	N/A	113	113		0.1		259
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC interest	N/A	N/A	N/A	1	130		—		270
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC interest	N/A	N/A	N/A	—	26		—		58
						751		0.2		1,817

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2021

(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)
Textiles, Apparel and Luxury Goods
MakerSights, Inc.	Preferred stock	N/A	N/A	N/A	16		$	85	—	%	$	90
Total equity investments							$	30,107	4.8	%	$	39,732
Total investments					$	1,408,751	$	1,421,537	176.6	%	$	1,438,643
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			0.00% (17)				$	11,829	1.5	%	$	11,829
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)			0.03%(17)				5,464		0.7		5,464
Total money market funds							$	17,293	2.2	%	$	17,293
Total investments and money market funds							$	1,438,830	178.8	%	$	1,455,936

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2021

(In thousands)

#	Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 8).
~	Denotes that all or a portion of the loan secures the notes offered in the 2021 Debt Securitization (as defined in Note 8).

(1)     The majority of the investments bear interest at a rate that is permitted to be determined by reference to the LIBOR denominated in U.S. dollars or GBP, EURIBOR, Prime, SONIA, AUD, CDOR, or SOFR which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2021. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2021, which was the last business day of the period on which the applicable index was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2021, as the loan may have priced or repriced based on an index rate prior to September 30, 2021.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.08% as of September 30, 2021.

(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.11% as of September 30, 2021.

(c) Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 0.13% as of September 30, 2021.

(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.16% as of September 30, 2021.

(e) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2021.

(f) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.56% as of September 30, 2021.

(g) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.08% as of September 30, 2021.

(h) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.17% as of September 30, 2021.

(i) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.07% as of September 30, 2021.

(j) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers Acceptances Rate, which was 0.43% as of September 30, 2021.

(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.45% as of September 30, 2021.

(l) Denotes that all or a portion of the loan was indexed to SONIA, which was 0.05% as of September 30, 2021.

(m) Denotes that all or a portion of the loan was indexed to SOFR, which was 0.05% as of September 30, 2021.

(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, 2021.

(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 7. 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, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2021, total non-qualifying assets at fair value represented 11.9% of the Company’s total assets calculated in accordance with the 1940 Act.

(8)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 Translation.

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

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

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

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

(13)The headquarters of this portfolio company is located in Netherlands.

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

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

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

(17)The rate shown is the annualized seven-day yield as of September 30, 2021.

See Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 1.Organization

Golub Capital BDC 3, Inc. (“GBDC 3” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that was formed on August 1, 2017 and elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on September 29, 2017. On October 2, 2017, the date of the commencement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GBDC 3's common stock in private placements. In addition, for U.S. federal income tax purposes, GBDC 3 has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, primarily U.S. middle-market companies. The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

Note 2.Significant Accounting Policies and Recent Accounting Updates

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

The accompanying 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 financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated.

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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 7. Fair Value Measurements.

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 ASC Topic 946 and Regulation S-X, 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, Golub Capital 3 Holdings LLC (“GBDC 3 Holdings”), GBDC 3 Funding LLC (“GBDC 3 Funding”), GBDC 3 Funding II LLC (“GBDC 3 Funding II”), Golub Capital BDC 3 CLO 1 Depositor LLC (“2021 CLO Depositor”), Golub Capital BDC 3 CLO 1 LLC (“2021 Issuer”), Golub Capital BDC 3 ABS 2022-1 Depositor LLC (“2022 ABS 2022-1 Depositor”) and Golub Capital BDC 3 ABS 2022-1 LLC (the “2022 Issuer”) in its consolidated financial statements.

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 GBDC 3 Holdings, GBDC 3 Funding and the 2021 Issuer, that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC 3 (or any affiliate of GBDC 3).

Cash and 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 exceed the Federal Deposit Insurance Corporation insurance limits.

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

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)Non-U.S. dollar transactions during the year are valued at the prevailing spot exchange rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot exchange rates as of year-end.

Net assets and fair values are presented based on the applicable foreign exchange rates described above and fluctuations arising from the translation of assets and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable.

The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.

Refer to Note 6 for more information regarding the forward currency contracts.

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 years ended September 30, 2022, 2021, and 2020, interest income included $7,933, $5,229 and $3,327, respectively, of accretion of discounts. For the years ended September 30, 2022, 2021 and 2020, the Company received loan origination fees of $16,542, $11,467, and $6,508, respectively.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the years ended September 30, 2022, 2021, and 2020, the Company capitalized PIK interest of $6,189, $2,589, and $1,746, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned.

For the years ended September 30, 2022, 2021 and 2020, fee income included $1,520, $1,183 and $280, respectively, of prepayment premiums, which fees are non-recurring.

For the years ended September 30, 2022, 2021 and 2020, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $133,455, $71,566 and $58,134, respectively.

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the amortized cost basis of the investment. For the years ended September 30, 2022, 2021, and 2020, the Company recorded

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

dividend income of $112, $254, and $4, respectively, and return of capital distributions of $354, $437 and $0, respectively.

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

Non-accrual loans: A loan can 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 are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of September 30, 2022, the total fair value of non-accrual loans was $2,015. As of September 30, 2021 and 2020, there were no non-accrual loans.

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 can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company 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 years ended September 30, 2022, 2021 and 2020, the Company did not incur U.S. federal excise tax.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. As of September 30, 2022 and 2021, there was no deferred tax asset or liability recorded on the Consolidated Statements of Financial Condition.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through September 30, 2022. The Company’s tax returns for the 2019 through 2021 tax years remain subject to examination by U.S. federal and most state tax authorities.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Dividends and distributions: Dividends and 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 can retain such capital gains for investment in its discretion.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who 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 September 30, 2022 and September 30, 2021, the Company had deferred debt issuance costs of $3,055 and $2,699, 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 years ended September 30, 2022, 2021, and 2020 was $3,466, $1,969, and $1,192, respectively.

Note 3.Stockholders’ Equity

GBDC 3 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 October 2, 2017, GBDC 3 has entered into Subscription Agreements with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GBDC 3’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GBDC 3’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 GBDC 3 with a minimum of 10 calendar days prior notice.

As of September 30, 2022 and 2021, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

	As of September 30, 2022				As of September 30, 2021
	Subscriptions		Contributions		Subscriptions		Contributions
GBDC 3 Stockholders	$	1,388,271	$	1,209,808	$	1,096,503	$	767,878

As of September 30, 2022 and 2021, the ratio of total contributed capital to total capital subscriptions was 87.1% and 70.0%, respectively, and the Company had uncalled capital commitments of $178,463 and $328,625, respectively. During the year ended September 30, 2021, undrawn subscriptions totaling $6,389 expired pursuant to the terms of the respective Subscription Agreements. Effective January 1, 2021, the Company entered into an agreement to repurchase shares of common stock and, as a result, canceled subscriptions totaling $100 of which $91 were undrawn. Effective June 30, 2021, the Company entered into an agreement to repurchase shares of common stock and, as a result, canceled subscriptions totaling $150 of which $117 were undrawn.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table summarizes the shares of GBDC 3 common stock issued for the years ended September 30, 2022, 2021 and 2020.

	Date	Shares Issued	NAV ($) per share	Proceeds ($)
Shares issued for the year ended September 30, 2020
Issuance of shares	10/14/19	1,900,611.629	15.00	28,509
Issuance of shares	11/18/19	1,900,611.629	15.00	28,509
Issuance of shares	12/19/19	2,660,856.371	15.00	39,913
Issuance of shares	03/30/20	3,205,196.000	15.00	48,078
Issuance of shares	09/11/20	1,868,112.564	14.68	27,429	(2)
Shares issued for capital drawdowns		11,535,388.193		172,438
Issuance of shares(1)	11/26/19	185,724.541	15.00	2,786
Issuance of shares(1)	12/27/19	173,246.102	15.00	2,599
Issuance of shares(1)	02/26/20	170,062.979	15.00	2,551
Issuance of shares(1)	05/22/20	123,254.899	13.64	1,681	(2)
Issuance of shares(1)	07/24/20	89,404.010	14.68	1,312	(2)
Issuance of shares(1)	08/21/20	217,078.831	14.68	3,187	(2)
Shares issued through DRIP		958,771.362		14,116
Shares issued for the year ended September 30, 2021
Issuance of shares	01/22/21	1,820,560.056	15.00	27,308
Issuance of shares	03/08/21	1,820,560.056	15.00	27,309
Issuance of shares	05/17/21	1,870,328.048	15.00	28,055
Issuance of shares	06/25/21	2,119,629.752	15.00	31,795
Issuance of shares	08/05/21	2,214,324.943	15.00	33,215
Issuance of shares	08/20/21	3,236,270.606	15.00	48,544
Issuance of shares	09/24/21	4,289,455.051	15.00	64,341
Shares issued for capital drawdowns		17,371,128.512		260,567
Issuance of shares(1)	12/18/20	431,254.910	14.97	6,455	(2)
Issuance of shares(1)	03/11/21	117,853.968	15.00	1,767
Issuance of shares(1)	05/25/21	449,711.990	15.00	6,745
Issuance of shares(1)	07/26/21	438,408.120	15.00	6,576
Issuance of shares(1)	09/27/21	103,287.089	15.00	1,550
Shares issued through DRIP		1,540,516.077		23,093
Shares issued for the year ended September 30, 2022
Issuance of shares	10/15/21	2,133,529.599	15.00	32,003
Issuance of shares	10/28/21	9,104,398.823	15.00	136,566
Issuance of shares	12/20/21	2,154,764.294	15.00	32,321
Issuance of shares	01/24/22	3,482,175.051	15.00	52,233
Issuance of shares	03/24/22	2,107,222.533	15.00	31,608
Issuance of shares	04/29/22	2,324,338.200	15.00	34,865

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

	Date	Shares Issued	NAV ($) per share	Proceeds ($)
Issuance of shares	05/26/22	2,227,594.547	15.00	33,414
Issuance of shares	06/27/22	3,192,517.674	15.00	47,888
Issuance of shares	08/15/22	2,756,996.922	14.88	41,032	(2)
Shares issued for capital drawdowns		29,483,537.643		441,930
Issuance of shares(1)	11/22/21	316,630.174	15.00	4,749
Issuance of shares(1)	12/27/21	407,110.101	15.00	6,107
Issuance of shares(1)	02/28/22	199,720.003	15.00	2,996
Issuance of shares(1)	03/23/22	178,035.741	15.00	2,670
Issuance of shares(1)	05/23/22	291,444.634	15.00	4,372
Issuance of shares(1)	07/25/22	214,666.093	14.88	3,195	(2)
Issuance of shares(1)	09/14/22	122,463.429	14.88	1,823	(2)
Shares issued through DRIP		1,730,070.175		25,912

(1)Shares issued through the DRIP.

(2)Proceeds reflect unrounded NAV per share multiplied by number of shares issued.

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, the Company. The Board most recently reapproved the Investment Advisory Agreement in May 2022. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.375% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee for such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of GBDC 3, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company. For periods ending on or prior to the earlier of (1) the date of pricing of an initial public offering or listing on a national securities exchange of the shares of common stock of GBDC 3 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 as described above.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2022, 2021, and 2020, the base management fees incurred by the Company were $28,190, $15,123, and $11,077, respectively, and the base management fees irrevocably waived by the Investment Adviser were $7,688, $4,124, and $3,021, respectively.

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

The Income Incentive Fee is calculated quarterly in arrears based on Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value, and an Income Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Income Incentive Fee would cause the Company to pay Income Incentive Fees and Capital Gain Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap described below.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account 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, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee.

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 Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 20.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply. This portion of 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 Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

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(In thousands, except shares and per share data)

The sum of these calculations yields the Income Incentive Fee. This amount is appropriately adjusted for any share issuances or repurchases during the quarter.

For the years ended September 30, 2022, 2021 and 2020, the Income Incentive Fee incurred was $13,239, $8,737 and $5,071, respectively.

For periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably waive that portion of 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 years ended September 30, 2022, 2021, and 2020, the Income Incentive Fee irrevocably waived by the Investment Adviser was $1,207, $647, and $808, respectively.

The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 20.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or, upon termination of the Investment Advisory Agreement, as of the termination date), commencing with the calendar year ended December 31, 2017, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s ‘‘Capital Gain Incentive Fee Base’’ equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis from September 29, 2017, the date the Company elected to be a BDC, through the end of each calendar year, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis, less (2) unamortized deferred debt issuance costs as of the date of calculation, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis. Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.

•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 September 29, 2017 through the end of each calendar year or termination of the Investment Advisory Agreement. For periods ending on or prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to irrevocably 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 paid to the Investment Adviser for purposes of determining the Capital Gain Incentive Fee payable after the closing of a public offering or listing.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses. In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. 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 results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the years ended September 30, 2022, 2021, and 2020, the accrual (reversal) for the capital gain incentive fee under GAAP was ($2,855), $2,855, and ($883), respectively. For the years ended September 30, 2022, 2021, and 2020, the accrual (reversal) for the capital gain incentive fee waiver under GAAP was ($714), $714 and ($221), respectively.

There was no Capital Gain Incentive Fee as calculated under the Investment Advisory Agreement (as described above) payable as of September 30, 2022 and September 30, 2021. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to September 30, 2022.

As of September 30, 2022 there was no accrual for capital gain incentive fee (net of waiver) under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2021, there was $2,141, accrued for the capital gain incentive fee (net of waiver) under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

The third part of the Incentive Fee, the Subordinated Liquidation Incentive Fee, equals 15.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as calculated immediately prior to liquidation. For purposes of this calculation, (a) ‘‘liquidation’’ includes any merger of the Company with another entity or the acquisition of all or substantially all of the shares of the Company’s common stock in a single or series of related transactions and (b) ‘‘adjusted capital’’ means the net asset value of the Company calculated immediately prior to liquidation in accordance with GAAP less unrealized capital appreciation that would have been subject to the Capital Gain Incentive Fee had capital gain been recognized on the transfer of such assets in the liquidation. 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 an initial public offering of the Company’s common stock or a listing of the Company’s common stock on a national securities exchange. For periods prior to the date of the closing of a Liquidity Event, the Investment Adviser has agreed to waive the Subordinated Liquidation Incentive Fee.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that the Income Incentive Fee and the Capital Gain Incentive Fee will not be paid at any time if, after such payment, the cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to date would exceed an incentive fee cap (the ‘‘Incentive Fee Cap’’). For periods ending on or prior to the date of the closing of a Liquidity Event, the Incentive Fee Cap in any quarter is equal to the difference between (a) 15.0% of Cumulative Pre-Incentive Fee Net Income and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since September 29, 2017. For periods beginning after the date of the closing of a Liquidity Event, the Incentive Fee Cap in any quarter will be equal to the difference, if positive, between (a) the sum of (i) 20.0% of Cumulative Pre-Incentive Fee Net Income for the period beginning on the date immediately following the closing of a Liquidity Event and (ii) 15.0% of Cumulative Pre-Incentive Fee Net Income for the period from September 29, 2017 and ending on the date of the

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

closing of a Liquidity Event and (b) cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to the Investment Adviser by the Company from September 29, 2017.

To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no incentive fee would be payable in that quarter. ‘‘Cumulative Pre-Incentive Fee Net Income’’ is equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period since September 29, 2017 and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation since September 29, 2017.

The sum of the Income Incentive Fee, the Capital Gain Incentive Fee and the Subordinated Liquidation Incentive Fee is the Incentive Fee. Prior to the closing of a Liquidity Event, the Company will deposit one-third of each Income Incentive Fee and Capital Gain Incentive Fee payment into an escrow account (the “Escrow Account”) to be administered by U.S. Bank National Association (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 October 2, 2023, the Escrow Agent will return all assets in the Escrow Account to the Company for the benefit of the stockholders. For the years ended September 30, 2022, 2021, and 2020, the Company deposited $3,404, $2,469, and $1,273, respectively, into the Escrow Account. As of September 30, 2022, the Company has made deposits totaling $7,844 into the Escrow Account since inception.

Administration Agreement: Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides 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 for the allocable portion (subject to the review and approval of the Board) of the Administrator’s overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, the 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. In addition, under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.

As of September 30, 2022 and 2021, included in accounts payable and accrued expenses is $772 and $544, respectively, for accrued allocated shared services under the Administration Agreement.

Other related party transactions: The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the years ended September 30, 2022 and 2021 were $1,749 and $997, respectively. As of September 30, 2022 and 2021, included in accounts payable and accrued expenses were $654 and $332, respectively, for reimbursable expenses that were paid by the Administrator on behalf of the Company.

On August 1, 2017, GCOP LLC, an affiliate of the Investment Adviser, purchased 700.000 shares of common stock of the Company for an aggregate purchase price of $11. Subsequently, GCOP LLC entered into Subscription Agreements with capital commitments of $10,000 and $13,000 on October 1, 2018 and January 1, 2020, respectively. On May 19, 2022, GCOP LLC entered into an agreement to purchase an existing stockholder’s $125 subscription commitment and the 8,005.409 shares of common stock held by such stockholder. As of September 30, 2022, GCOP LLC has an aggregate commitment of $23,136. As of September 30, 2022, the Company has issued

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

1,543,367.762 shares of its common stock to GCOP LLC in exchange for aggregate capital contributions totaling $23,136 and has also issued 249,048.669 shares to GCOP LLC through the DRIP.

On October 2, 2017, GEMS Fund 4, L.P., a Delaware limited partnership whose general partner is controlled by the Investment Adviser, entered into a Subscription Agreement for an aggregate commitment of $27,500. As of September 30, 2022, the Company has issued 1,834,523.315 shares of its common stock to GEMS Fund 4, L.P. in exchange for aggregate capital contributions totaling $27,500.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of September 30, 2022, permits the Company to borrow a maximum of $40,000 and expires on September 29, 2023. Refer to Note 8. Borrowings for discussion of the Adviser Revolver.

On May 24, 2021, the Company and the Investment Adviser entered into a placement agent agreement with an unaffiliated third party for the placement of shares of the Company's common stock. The Company is not responsible for any fees associated with the transaction, as the Investment Adviser is covering all fees payable under the agreement.

Note 5.Investments

Investments as of September 30, 2022 and 2021 consisted of the following:

	As of September 30, 2022						As of September 30, 2021
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	247,068	$	254,207	$	240,945	$	260,043	$	257,252	$	257,585
One stop	1,969,085		1,964,742		1,931,622		1,137,277		1,122,954		1,130,203
Second lien	9,255		10,763		8,878		11,429		11,223		11,121
Subordinated debt	10,626		10,403		10,571		2		1		2
Equity	N/A		107,972		124,087		N/A		30,107		39,732
Total	$	2,236,034	$	2,348,087	$	2,316,103	$	1,408,751	$	1,421,537	$	1,438,643

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.

	As of September 30, 2022				As of September 30, 2021
Amortized Cost:
United States
Mid-Atlantic	$	404,141	17.2	%	$	292,620	20.6	%
Midwest	406,233		17.3		226,505		16.0
Northeast	157,143		6.7		106,145		7.5
Southeast	507,188		21.6		262,162		18.4
Southwest	184,151		7.8		109,469		7.7
West	381,613		16.3		261,940		18.4
Canada	79,962		3.4		57,907		4.1
United Kingdom	149,195		6.4		72,299		5.1
Australia	4,067		0.2		690		0.0	*
Luxembourg	23,131		1.0		10,550		0.7
Netherlands	26,382		1.1		21,250		1.5
Finland	14,822		0.6		—		—
Sweden	8,188		0.3		—		—
Israel	262		0.0	*	—		—
Denmark	1,609		0.1		—		—
Total	$	2,348,087	100.0	%	$	1,421,537	100.0	%
Fair Value:
United States
Mid-Atlantic	$	403,013	17.4	%	$	295,867	20.6	%
Midwest	401,381		17.3		228,579		15.9
Northeast	156,633		6.8		107,755		7.5
Southeast	508,050		22.0		264,651		18.4
Southwest	183,989		7.9		110,617		7.7
West	384,110		16.6		268,308		18.7
Canada	77,457		3.3		59,331		4.1
United Kingdom	128,119		5.5		71,205		4.9
Australia	3,868		0.2		708		0.0	*
Luxembourg	22,277		1.0		10,290		0.7
Netherlands	22,863		1.0		21,332		1.5
Finland	14,542		0.6		—		—
Sweden	7,933		0.3		—		—
Israel	262		0.0	*	—		—
Denmark	1,606		0.1		—		—
Total	$	2,316,103	100.0	%	$	1,438,643	100.0	%

* Represents an amount less than 0.1%

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Notes to 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 September 30, 2022 and September 30, 2021 were as follows:

	As of September 30, 2022				As of September 30, 2021
Amortized Cost:
Airlines	$	7,527	0.3	%	$	7,577	0.5	%
Auto Components	11,511		0.5		5,082		0.4
Automobiles	134,671		5.8		53,686		3.8
Beverages	12,256		0.5		12,365		0.9
Biotechnology	422		0.0	*	5,380		0.4
Building Products	44,967		1.9		—		—
Chemicals	42,844		1.8		24,517		1.7
Commercial Services and Supplies	71,080		3.0		30,262		2.1
Communications Equipment	4,911		0.2		4,897		0.3
Containers and Packaging	54,529		2.3		7,565		0.5
Distributors	2,560		0.1		1,265		0.1
Diversified Consumer Services	107,979		4.6		46,301		3.3
Diversified Financial Services	14,563		0.6		6,421		0.5
Diversified Telecommunication Services	630		0.0	*	633		0.0	*
Electronic Equipment, Instruments and Components	43,140		1.9		37,768		2.6
Food and Staples Retailing	7,978		0.3		7,983		0.6
Food Products	54,029		2.3		43,855		3.1
Healthcare Equipment and Supplies	67,390		2.9		41,546		2.9
Healthcare Providers and Services	167,756		7.2		135,670		9.5
Healthcare Technology	61,901		2.7		58,107		4.1
Hotels, Restaurants and Leisure	59,565		2.5		50,830		3.6
Household Durables	3,273		0.2		1,819		0.1
Household Products	1,758		0.1		1,660		0.1
Industrial Conglomerates	26,071		1.1		7,287		0.5
Insurance	129,216		5.5		90,082		6.3
Internet and Catalog Retail	29,735		1.3		12,323		0.9
IT Services	133,291		5.7		119,338		8.4
Leisure Products	2,509		0.1		2,537		0.2
Life Sciences Tools & Services	21,515		0.9		349		0.0	*
Machinery	9,715		0.4		8,492		0.6
Marine	9,565		0.4		6,726		0.5
Media	2,548		0.1		2,088		0.1
Oil, Gas and Consumable Fuels	30,695		1.3		30,749		2.2
Paper and Forest Products	7,240		0.3		1,992		0.1
Pharmaceuticals	67,687		2.9		26,467		1.9
Professional Services	54,439		2.3		11,246		0.8
Real Estate Management and Development	65,790		2.8		43,438		3.0
Road and Rail	12,255		0.5		12,349		0.9
Software	626,990		26.7		391,899		27.6
Specialty Retail	122,430		5.2		64,527		4.5
Textiles, Apparel and Luxury Goods	1,131		0.0	*	826		0.1
Trading Companies and Distributors	14,356		0.6		1,295		0.1
Water Utilities	3,669		0.2		2,338		0.2
Total	$	2,348,087	100.0	%	$	1,421,537	100.0	%

* Represents an amount less than 0.1%

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(In thousands, except shares and per share data)

	As of September 30, 2022				As of September 30, 2021
Fair Value:
Airlines	$	7,261	0.3	%	$	7,335	0.5	%
Auto Components	11,472		0.5		5,113		0.4
Automobiles	134,258		5.8		54,050		3.8
Beverages	12,240		0.5		12,394		0.9
Biotechnology	367		0.0	*	5,793		0.4
Building Products	45,990		2.0		—		—
Chemicals	40,617		1.9		24,607		1.7
Commercial Services and Supplies	70,342		3.0		30,558		2.1
Communications Equipment	4,803		0.2		4,883		0.3
Containers and Packaging	54,180		2.3		7,643		0.5
Distributors	2,560		0.1		1,265		0.1
Diversified Consumer Services	108,363		4.7		46,947		3.3
Diversified Financial Services	14,415		0.6		6,486		0.5
Diversified Telecommunication Services	637		0.0	*	644		0.0	*
Electronic Equipment, Instruments and Components	45,015		1.9		38,285		2.7
Food and Staples Retailing	8,675		0.4		8,594		0.6
Food Products	52,649		2.3		44,265		3.1
Healthcare Equipment and Supplies	67,692		2.9		42,041		2.9
Healthcare Providers and Services	155,169		6.7		135,583		9.4
Healthcare Technology	62,223		2.7		59,146		4.1
Hotels, Restaurants and Leisure	60,022		2.6		51,154		3.6
Household Durables	3,422		0.2		1,941		0.1
Household Products	1,712		0.1		1,670		0.1
Industrial Conglomerates	25,339		1.1		7,376		0.5
Insurance	126,809		5.5		91,339		6.3
Internet and Catalog Retail	29,719		1.3		12,449		0.9
IT Services	130,820		5.6		122,616		8.5
Leisure Products	2,575		0.1		2,539		0.2
Life Sciences Tools & Services	20,999		0.9		349		0.0	*
Machinery	9,287		0.4		8,094		0.6
Marine	9,255		0.4		6,787		0.5
Media	2,590		0.1		2,129		0.1
Oil, Gas and Consumable Fuels	30,514		1.3		31,235		2.2
Paper and Forest Products	7,283		0.3		2,001		0.1
Pharmaceuticals	65,832		2.8		26,562		1.8
Professional Services	53,993		2.3		11,496		0.8
Real Estate Management and Development	63,927		2.9		43,333		3.0
Road and Rail	12,460		0.5		12,555		0.9
Software	623,764		26.9		397,409		27.6
Specialty Retail	118,224		5.1		65,351		4.5
Textiles, Apparel and Luxury Goods	1,056		0.0	*	851		0.1
Trading Companies and Distributors	13,971		0.6		1,384		0.1
Water Utilities	3,602		0.2		2,391		0.2
Total	$	2,316,103	100.0	%	$	1,438,643	100.0	%

* Represents an amount less than 0.1%

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 6.Forward Currency Contracts

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

The outstanding forward currency contracts as of September 30, 2022 and September 30, 2021 were as follows:

As of September 30, 2022
Counterparty	Currency to be sold			Currency to be purchased			Settlement Date	Unrealized appreciation ($)		Unrealized depreciation ($)
Macquarie Bank Limited	$	5,654	CAD	$	4,284	USD	12/12/2022	$	189	$	—
Macquarie Bank Limited	€	4,606	EUR	$	5,656	USD	12/12/2022	1,112		—
Macquarie Bank Limited	£	1,550	GBP	$	1,933	USD	2/21/2023	198		—
Macquarie Bank Limited	£	1,976	GBP	$	2,496	USD	7/17/2023	286		—
Macquarie Bank Limited	€	2,985	EUR	$	3,740	USD	6/14/2024	658		—
Macquarie Bank Limited	£	4,500	GBP	$	6,182	USD	8/27/2024	1,139		—
Macquarie Bank Limited	$	6,000	CAD	$	4,717	USD	9/4/2024	313		—
Macquarie Bank Limited	£	6,500	GBP	$	8,567	USD	9/5/2024	1,311		—
Macquarie Bank Limited	$	5,558	CAD	$	4,365	USD	9/27/2024	285		—
Macquarie Bank Limited	£	15,000	GBP	$	20,258	USD	9/30/2024	3,482		—
Macquarie Bank Limited	£	16,290	GBP	$	21,848	USD	9/30/2024	3,642		—
Macquarie Bank Limited	€	14,650	EUR	$	17,567	USD	11/12/2024	2,372		—
Macquarie Bank Limited	$	5,200	CAD	$	4,245	USD	12/9/2024	409		—
Macquarie Bank Limited	€	12,400	EUR	$	14,586	USD	12/23/2024	1,723		—
Macquarie Bank Limited	£	5,600	GBP	$	7,321	USD	3/17/2025	1,087		—
Macquarie Bank Limited	$	10,800	CAD	$	8,235	USD	7/15/2024	335		—
Macquarie Bank Limited	€	20,700	EUR	$	22,363	USD	7/21/2025	906		—
Macquarie Bank Limited	£	8,750	GBP	$	10,667	USD	7/21/2025	1,020		—
								$	20,467	$	—

As of September 30, 2021
Counterparty	Currency to be sold			Currency to be purchased			Settlement Date	Unrealized appreciation ($)		Unrealized depreciation ($)
Macquarie Bank Limited	$	5,654	CAD	$	4,284	USD	12/12/2022	$	—	$	(169)
Macquarie Bank Limited	€	4,606	EUR	$	5,656	USD	12/12/2022	269		—
Macquarie Bank Limited	£	1,550	GBP	$	1,933	USD	2/21/2023	—		(149)
Macquarie Bank Limited	£	1,976	GBP	$	2,496	USD	7/17/2023	—		(156)
Macquarie Bank Limited	€	2,985	EUR	$	3,740	USD	6/14/2024	178		—
Macquarie Bank Limited	£	4,500	GBP	$	6,182	USD	8/27/2024	127		—
Macquarie Bank Limited	$	5,558	CAD	$	4,365	USD	9/27/2024	23		—
Macquarie Bank Limited	£	15,000	GBP	$	20,258	USD	9/30/2024	75		—
Macquarie Bank Limited	£	16,290	GBP	$	21,848	USD	9/30/2024	—		(68)
Macquarie Bank Limited	$	5,200	CAD	$	4,245	USD	12/9/2024	183		—
								$	855	$	(542)

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held at broker for forward currency contracts or cash collateral received from broker for forward currency contracts. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the forward foreign currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of September 30, 2022 and September 30, 2021.

As of September 30, 2022
Counterparty	Risk exposure category	Unrealized appreciation on forward currency contracts		Unrealized depreciation on forward currency contracts		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) Pledged (1)		Net Amount (2)
Macquarie Bank Limited	Foreign exchange	$	20,467	$	—	$	20,467	$	—	$	20,467

As of September 30, 2021
Counterparty	Risk exposure category	Unrealized appreciation on forward currency contracts		Unrealized depreciation on forward currency contracts		Net amounts presented in the Consolidated Statement of Financial Condition		Collateral (Received) Pledged (1)		Net Amount (2)
Macquarie Bank Limited	Foreign exchange	$	855	$	(542)	$	313	$	—	$	313

(1)In some instances, the actual collateral pledged may be more than the amount shown due to overcollateralization.

(2)Represents the net amount due from/(to) counterparties in the event of default.

The impact of derivative transactions for the years ended September 30, 2022, 2021 and 2020 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category	For the year ended September 30,
		2022		2021		2020
Foreign exchange		$	—	$	—	$	—
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	For the year ended September 30,
		2022		2021		2020
Foreign exchange		$	20,154	$	265	$	(192)

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the years ended September 30, 2022, 2021 and 2020:

Average U.S. Dollar notional outstanding	For the year ended September 30,
		2022		2021		2020
Forward currency contracts		$	122,569	$	21,948	$	12,406

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

Note 7.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 require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The 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 for the years ended September 30, 2022 and 2021. 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.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of September 30, 2022 and 2021, with the exception of money market funds included in cash and cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs of the fair value hierarchy.

When determining fair value of Level 3 debt and equity investments, the Company takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the 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 bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others 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 are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded.

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

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2022 and 2021:

As of September 30, 2022	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	2,192,016	$	2,192,016
Equity investments(1)	—		—		124,087		124,087
Money market funds(1)(2)	12,005		—		—		12,005
Forward currency contracts	—		20,467		—		20,467
Total assets, at fair value:	$	12,005	$	20,467	$	2,316,103	$	2,348,575
Liabilities, at fair value:
Forward currency contracts	$	—	$	—	$	—	$	—
Total liabilities, at fair value:	$	—	$	—	$	—	$	—

As of September 30, 2021	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	1,398,911	$	1,398,911
Equity investments(1)	—		—		39,732		39,732
Money market funds(1)(2)	17,293		—		—		17,293
Forward currency contracts	—		855		—		855
Total assets, at fair value:	$	17,293	$	855	$	1,438,643	$	1,456,791
Liabilities, at fair value:
Forward currency contracts	$	—	$	(542)	$	—	$	(542)
Total liabilities, at fair value:	$	—	$	(542)	$	—	$	(542)

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

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

The net change in unrealized appreciation (depreciation) for the years ended September 30, 2022, 2021 and 2020 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 September 30, 2022, 2021 and 2020 was ($43,698), $19,991 and ($9,899), respectively.

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Notes to 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 years ended September 30, 2022 and 2021:

	For the year ended September 30, 2022
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	1,398,911	$	39,732	$	1,438,643
Net change in unrealized appreciation (depreciation) on investments	(26,918)		6,514		(20,404)
Net translation of investments in foreign currencies	(28,662)		(24)		(28,686)
Realized gain (loss) on investments	3		2,061		2,064
Fundings of (proceeds from) revolving loans, net	2,164		—		2,164
Fundings of investments	1,090,215		81,720		1,171,935
PIK interest	6,189		—		6,189
Proceeds from principal payments and sales of portfolio investments	(257,819)		(5,916)		(263,735)
Accretion of discounts and amortization of premiums	7,933		—		7,933
Fair value, end of period	$	2,192,016	$	124,087	$	2,316,103

	For the year ended September 30, 2021
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	875,642	$	11,209	$	886,851
Net change in unrealized appreciation (depreciation) on investments	14,195		7,555		21,750
Realized gain (loss) on investments	40		1,390		1,430
Fundings of (proceeds from) revolving loans, net	(1,208)		—		(1,208)
Fundings of investments	800,406		23,293		823,699
PIK interest	2,589		—		2,589
Proceeds from principal payments and sales of portfolio investments	(297,982)		(3,715)		(301,697)
Accretion of discounts and amortization of premiums	5,229		—		5,229
Fair value, end of period	$	1,398,911	$	39,732	$	1,438,643

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Notes to 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 September 30, 2022 and 2021:

Quantitative information about Level 3 Fair Value Measurements
	Fair value as of September 30, 2022		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets, at fair value:
Senior secured loans(2)	$	240,945	Market rate approach	Market interest rate	6.8% - 14.3% (9.1%)
			Market comparable companies	EBITDA multiples	8.0x - 26.2x (16.1x)
	—		Market comparable companies	Broker/ Dealer bids or quotes	N/A
One stop loans(3)(4)	$	1,931,622	Market rate approach	Market interest rate	7.3% - 17.3% (9.5%)
			Market comparable companies	EBITDA multiples	7.0x - 37.3x (17.1x)
			Market comparable companies	Revenue multiples	2.0x - 22.0x (9.4x)
	—		Market comparable companies	Broker/ Dealer bids or quotes	N/A
Subordinated debt and second lien loans	$	19,449	Market rate approach	Market interest rate	12.0% - 13.8% (13.0%)
			Market comparable companies	EBITDA multiples	20.0x - 23.0x (21.7x)
Equity(5)	$	124,087	Market comparable companies	EBITDA multiples	8.5x - 38.0x (17.6x)
				Revenue multiples	4.0x - 24.4x (15.0x)

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

(2)$2,015 of loans at fair value were valued using the market comparable companies approach only.

(3)$3,656 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $1,658,559 and $273,063 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $111,168 and $12,919 of equity investments using EBITDA and revenue multiples, respectively.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Quantitative information about Level 3 Fair Value Measurements
	Fair value of September 30, 2021		Valuation Techniques	Unobservable Input	Range (Weighted Average) (1)
Assets, at fair value:
Senior secured loans	$	256,841	Market rate approach	Market interest rate	2.5% - 15.5% (5.6%)
			Market comparable companies	EBITDA multiples	8.2x - 24.2x (16.6x)
	744		Market comparable companies	Broker/ Dealer bids or quotes	N/A
One stop loans(2)	$	1,130,203	Market rate approach	Market interest rate	1.5% - 18.0% (7.2%)
			Market comparable companies	EBITDA multiples	7.0x - 27.0x (16.8x)
			Market comparable companies	Revenue multiples	2.0x - 18.5x (9.4x)
Subordinated debt and second lien loans(3)	$	11,123	Market rate approach	Market interest rate	6.8% - 9.5% (9.1%)
			Market comparable companies	EBITDA multiples	13.0x - 23.6x (22.3x)
			Market comparable companies	Revenue multiples	3.4x
Equity(4)	$	39,732	Market comparable companies	EBITDA multiples	6.9x - 26.0x (20.4x)
				Revenue multiples	3.4x - 20.5x (14.0x)

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

(2)The Company valued $928,408 and $201,795 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(3)The Company valued $11,121 and $2 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.

(4)The Company valued $31,946 and $7,786 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation 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 applicable implied market rates.

The following are the carrying values and fair values of the Company’s debt as of September 30, 2022 and 2021:

	As of September 30, 2022				As of September 30, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	1,118,992	$	1,116,812	$	700,439	$	700,417

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Note 8.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 Company has not sought or obtained any approval necessary to be subject to the reduced asset coverage requirements available to BDCs pursuant to Section 61(a)(2) of the 1940 Act, which permits a BDC to have asset coverage of 150%, or 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 under the 1940 Act. As of September 30, 2022, the Company’s asset coverage for borrowed amounts was 212.7%.

2022 DebtSecuritization: On January 25, 2022, the Company completed a $401,750 asset-backed securitization (the “2022 Debt Securitization”). Asset-backed securitizations are a form of secured financing incurred by a subsidiary of the Company, which is controlled by the Company and subject to its overall asset coverage requirement. The notes offered in the 2022 Debt Securitization were issued by the 2022 Issuer and are backed by a diversified portfolio of senior secured loans. The notes offered in the 2022 Debt Securitization consist of $252,000 of Class A Senior Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on three-month term SOFR, plus 2.00% (the “Secured 2022 Notes”) and $149,750 of Subordinated Notes, which do not bear interest (the “Subordinated 2022 Notes” and, together with the Secured 2022 Notes, the “2022 Notes”). The Secured 2022 Notes were issued through a private placement through Deutsche Bank Securities Inc. The Company indirectly retained all of the Subordinated 2022 Notes, and the Subordinated 2022 Notes were eliminated in consolidation. The Secured 2022 Notes are included in the September 30, 2022 Consolidated Statement of Financial Condition as debt of the Company.

Through January 25, 2024, all principal collections received on the underlying collateral may be used by the 2022 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 Debt Securitization, allowing the Company to maintain the initial leverage in the 2022 Debt Securitization. The Secured 2022 Notes are due on January 18, 2030. The Subordinated 2022 Notes are due on January 25, 2122.

As of September 30, 2022, there were 54 portfolio companies with a total fair value of $393,878 securing the 2022 Debt Securitization. The pool of loans in the 2022 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The three-month term SOFR rate in effect as of September 30, 2022 based on the last interest rate reset was 2.5%. For the year ended September 30, 2022, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2022 Debt Securitization were as follows:

	For the year ended September 30, 2022
Stated interest expense		$	5,405
Amortization of debt issuance costs		505
Total interest expense		$	5,910
Cash paid for interest expense		$	3,117
Average stated interest rate		3.1		%
Average outstanding balance		$	171,912

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

As of September 30, 2022, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the 2022 Debt Securitization was as follows:

Description	Secured 2022 Notes
Type	Senior Secured Floating Rate
Amount Outstanding	$252,000
Kroll Bond Rating Agency Rating	A
Interest Rate	SOFR + 2.0%

2021 Debt Securitization: On March 11, 2021, the Company completed a $398,900 term debt securitization (the “2021 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations, or CLOs. Term debt securitizations are a form of secured financing incurred by the Company, which are consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2021 Debt Securitization (the “2021 Notes”) were issued by the 2021 Issuer and are backed by a diversified portfolio of senior secured and second lien loans. The 2021 Notes offered in the 2021 Debt Securitization consist of $224,000 of AAA Class A 2021 Notes, which bear interest at the three-month LIBOR plus 1.60%; $28,000 of AA Class B 2021 Notes, which bear interest at the three-month LIBOR plus 1.85%; $36,000 of A Class C-1 2021 Notes, which bear interest at the three-month LIBOR plus 2.80%; $10,000 A Class C-2 2021 Notes, which bear interest at 3.91%; up to $28,000 of BBB- Class D 2021 Notes, which were unfunded on the closing date of the 2021 Debt Securitization and which, if funded, will bear interest at the three-month LIBOR plus a spread set in connection with the funding date but which in no event will be greater than 5.00% (the Class D 2021 Notes, together with the Class A 2021 Notes, the Class B 2021 Notes, the Class C-1 2021 Notes and the Class C-2 2021 Notes are referred to as the “Secured 2021 Notes”); and approximately $100,900 of Subordinated 2021 Notes, which do not bear interest. The Class A 2021 Notes, the Class B 2021 Notes, the Class C-1 2021 Notes, and the Class C-2 2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The Company indirectly retained all of the Class D 2021 Notes and Subordinated 2021 Notes which were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 2021 Notes are included in the September 30, 2022 and September 30, 2021 Consolidated Statement of Financial Condition as debt of the Company.

Through April 15, 2025, all principal collections received on the underlying collateral may be used by the 2021 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2021 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2021 Debt Securitization, allowing the Company to maintain the initial leverage in the 2021 Debt Securitization. The Secured 2021 Notes are due on April 15, 2033. The Subordinated 2021 Notes are due in 2121.

As of September 30, 2022 and September 30, 2021, there were 75 and 77 portfolio companies, respectively, with total fair value of $391,731 and $392,435, respectively, securing the 2021 Notes. The pool of loans in the 2021 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

The interest charged under the 2021 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of September 30, 2022 based on the last interest rate reset was 2.5%. For the years ended September 30, 2022, 2021 and 2020, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2021 Debt Securitization were as follows:

	Years ended September 30,
		2022			2021			2020
Stated interest expense		$	8,176		$	3,356		$	—
Amortization of debt issuance costs		434			225			—
Total interest expense		$	8,610		$	3,581		$	—
Cash paid for interest expense		$	6,687		$	2,088		$	—
Average stated interest rate		2.7		%	2.0		%	N/A
Average outstanding balance		$	298,000		$	166,553		$	—

As of September 30, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A 2021 Notes, Class B 2021 Notes, Class C-1 2021 Notes and the Class C-2 2021 Notes were as follows:

Description	Class A 2021 Notes	Class B 2021 Notes	Class C-1 2021 Notes	Class C-2 2021 Notes
Type	Senior Secured Floating Rate	Senior Secured Floating Rate	Senior Secured Floating Rate	Senior Secured Floating Rate
Amount Outstanding	$224,000	$28,000	$36,000	$10,000
S&P Rating	"AAA"	"AA"	"A"	"A"
Interest Rate	LIBOR + 1.60%	LIBOR + 1.85%	LIBOR + 2.80%	3.91%

The Investment Adviser serves as collateral manager to the 2021 Issuer and 2022 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2021 Issuer and the 2022 Issuer for rendering such collateral management services.

Adviser Revolver: On October 2, 2017, the Company entered into the Adviser Revolver with the Investment Adviser, with a maximum credit limit of $40,000 and expiration date of October 2, 2020. On June 28, 2019, the Company and the Investment Adviser amended the Adviser Revolver to increase the borrowing capacity from $40,000 to $100,000. On August 15, 2019, the Company and the Investment Adviser entered into a second amendment to the Adviser Revolver to increase the borrowing capacity from $100,000 to $125,000. On October 28, 2019, the Company entered into a third amendment to the Adviser Revolver, which decreased the borrowing capacity from $125,000 to $40,000. On October 1, 2020, the Company entered into a fourth amendment to the Adviser Revolver, which extended the maturity date of the Adviser Revolver from October 2, 2020 to September 29, 2023. Other material terms of the Adviser Revolver were unchanged. The Adviser Revolver bears interest at a rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of September 30, 2022 was 3.0%. As of September 30, 2022 and 2021, the Company had no outstanding debt under the Adviser Revolver.

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

For the years ended September 30, 2022, 2021 and 2020, the stated interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

	Years ended September 30,
		2022			2021			2020
Stated interest expense		$	1		$	—	*	$	17
Cash paid for interest expense		—			—		*	270
Average stated interest rate		0.2		%	0.1		%	1.7		%
Average outstanding balance		$	680		$	28		$	970

* Represents an amount less than $1.

SB Revolver: On February 4, 2019, the Company entered into a revolving credit agreement (as amended, the “SB Revolver”) with Signature Bank (“SB”), as administrative agent and a lender, which allowed the Company to borrow up to $175,000 at any one time outstanding, subject to leverage and borrowing base restrictions, with a stated maturity date of February 4, 2021. On April 8, 2019, the Company entered into an amendment to the SB Revolver with SB which increased the borrowing capacity under the SB Revolver to $225,000 from $175,000. Other material terms of the SB Revolver were unchanged. On May 31, 2019, the Company amended the SB Revolver to permit borrowings in foreign currencies. On February 7, 2020, the Company entered into an amendment to the SB Revolver, which increased the borrowing capacity under the SB Revolver to $275,000 from $225,000, and increased the borrowing base against which the Company may borrow through April 7, 2020, after which the borrowing base reverts to the terms applicable to the Company prior to the February 7, 2020 amendment. On February 4, 2021, the Company entered into an amendment on the SB Revolver to, among other things, extend the stated maturity to February 4, 2022, amend the interest rate on borrowings, amend the non-usage fee to a rate of 0.25% per annum on the unused portion of the SB Revolver, amend the fee payable if the Company requests to extend the maturity date of the SB Revolver to 0.25% of the commitments under the SB Revolver as of the date the Company receives notice of such extension, including the fee payable in connection with the extension contemplated by the amendment executed on February 4, 2021, and amend the fee payable by the Company if the Company exercises its right to request an increase in the maximum commitments under the SB Revolver upon satisfaction of certain conditions to 0.25% of such increased or new commitment, with each of the extension and commitment fees subject to pro-ration in accordance with the terms of the SB Revolver. On November 19, 2021, the Company provided written notice to Signature Bank of its intent to reduce the maximum borrowings permitted under the SB Revolver to $180,000 at any one time outstanding, subject to leverage and borrowing base restrictions, effective November 26, 2021. On February 4, 2022, the Company entered into an amendment on the SB Revolver to extend the stated maturity date from February 4, 2022 to March 4, 2022. On March 3, 2022, the Company entered into an amendment on the SB Revolver to, among other things, extend the stated maturity to February 4, 2023, amend the interest rate on borrowings and include an annualized fee payable on the closing date of the amendment equal to 0.25% of the commitments of the SB Revolver as of March 3, 2022 subject to pro-ration in accordance with the terms of the SB Revolver. On July 6, 2022, the Company entered into an amendment on the SB Revolver to, among other things, decrease the borrowing capacity under the SB Revolver to $150,000 and increase the borrowing base against which the Company may borrow. On September 6, 2022, the Company provided written notice to SB of their intent to reduce the maximum borrowings permitted under the revolving credit agreement with SB to $100,000 from $150,000 at any one time outstanding, subject to leverage and borrowing base restrictions. The other terms of the SB Revolver were not changed. Such reduction in the maximum borrowings permitted under the SB Revolver pursuant to the written notice was effective as of September 13, 2022. As of September 30, 2022, the Company could borrow up to $100,000 under the SB Revolver.

The SB Revolver bears interest at a rate, at the Company’s election, of either the one-month term SOFR for the applicable interest period plus 1.70% and a spread adjustment of 0.10% or the prime rate minus 1.20%. The revolving period under the SB Revolver will continue through February 4, 2023. Prior to March 3, 2022, the SB Revolver bore interest at a rate, at the Company’s election, of either the one-, two- or three-month LIBOR plus 1.70% per annum or the prime rate minus 1.20%, as calculated under the SB Revolver. The SB Revolver is secured by the unfunded commitments of stockholders of the Company, collateral accounts and the proceeds of the foregoing. In addition to the stated interest rate on the SB Revolver, the Company is required to pay a non-usage fee

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at a rate of 0.25% per annum on the unused portion of the SB Revolver.

As of September 30, 2022 and 2021, the Company had outstanding debt under the SB Revolver of $100,000 and $246,433, respectively.

For the years ended September 30, 2022, 2021 and 2020, the stated interest expense, cash paid for interest expense, average interest rates and average outstanding balances for the SB Revolver were as follows:

	Years ended September 30,
		2022			2021			2020
Stated interest expense		$	4,212		$	3,873		$	4,812
Facility fees		48			149			89
Amortization of debt issuance costs		532			794			752
Total interest expense		$	4,792		$	4,816		$	5,653
Cash paid for interest expense		$	4,225		$	3,859		$	5,002
Average stated interest rate		2.5		%	1.8		%	2.4		%
Average outstanding balance		$	166,263		$	213,460		$	198,943

DB Credit Facility: On September 10, 2019 (the “Effective Date”), the Company and GBDC 3 Funding, entered into a loan financing and servicing agreement (the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian. The period during which GBDC 3 Funding may request drawdowns under the DB Credit Facility (the “Revolving Period”) commenced on the Effective Date and will continue through March 10, 2023 unless there is an earlier termination or event of default. The DB Credit Facility will mature on the earliest of (i) three years from the last day of the Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default. On September 21, 2021, the Company entered into an amendment on the DB Credit Facility to, among other things, change the base rate under the DB Credit Facility for borrowings denominated in U.K. pound sterling (“GBP”) from a LIBOR-based rate to the daily simple Sterling Overnight Index Average subject to certain adjustments. On October 29, 2021, the Company entered into an amendment on the DB Credit Facility to, among other things, increase the borrowing capacity thereunder up to an aggregate of $450,000. On June 24, 2022, the Company entered into an amendment on the DB Credit Facility to, among other things, increase the borrowing capacity thereunder up to an aggregate of $750,000, amend the interest rate at which borrowings are made to the applicable base rate plus 2.15% during the Revolving Period, and 2.40% after the Revolving Period, replace LIBOR with the three-month term SOFR as an applicable base rate and included an annualized fee payable on the closing date of the amendment equal to 0.90% of the increase in the commitments of the DB Credit Facility as of June 24, 2022 subject to pro-ration in accordance with the terms of the DB Credit Facility. As of September 30, 2022, the DB Credit Facility allowed GBDC 3 Funding to borrow up to $750,000, subject to leverage and borrowing base restrictions.

As of September 30, 2022, the DB Credit Facility bears interest at the applicable base rate plus 2.15% per annum. The base rate under the DB Credit Facility is (i) the three-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated U.K. pound sterling and (v) the three-month term SOFR with respect to any other advances. 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. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the Revolving Period, 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. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the

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amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the Effective Date, respectively.

The DB Credit Facility is secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding 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 transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 3 Funding through a purchase and sale agreement and causes GBDC 3 Funding to originate or acquire loans, consistent with the Company’s investment objectives.

As of September 30, 2022 and 2021, the Company had outstanding debt under the DB Credit Facility of $468,992 and $156,006, respectively.

For the years ended September 30, 2022, 2021 and 2020, the stated interest expense, cash paid for interest expense, average interest rates and average outstanding balances for the DB Credit Facility were as follows:

	Years ended September 30,
		2022			2021			2020
Stated interest expense		$	10,562		$	2,777		$	5,185
Facility fees		1,808			969			857
Amortization of debt issuance costs		1,997			951			440
Total interest expense		$	14,367		$	4,697		$	6,482
Cash paid for interest expense		$	8,038		$	4,026		$	5,313
Average stated interest rate		3.2		%	2.2		%	3.2		%
Average outstanding balance		$	326,398		$	124,111		$	162,513

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 investments that were sold under repurchase agreements. 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.

As of September 30, 2022 and 2021, the Company had no outstanding short-term borrowings.

For the years ended September 30, 2022, 2021 and 2020, the stated interest expense, cash paid for interest expense, average interest rates and average outstanding balances for short-term borrowings were as follows:

	Years ended September 30,
		2022			2021		2020
Stated interest expense		$	542		$	—	$	155
Cash paid for interest expense		542			—		251
Average stated interest rate		3.1		%	N/A		4.9		%
Average outstanding balance		$	17.351		$	—	$	3,136

For the years ended September 30, 2022, 2021 and 2020, the average total debt outstanding was $980,605, $504,152, and $365,561, respectively.

For the years ended September 30, 2022, 2021 and 2020, the effective average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 3.5%, 2.6% and 3.4%, respectively.

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A summary of the Company’s maturity requirements for borrowings as of September 30, 2022 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
SB Revolver	$	100,000	$	100,000	$	—	$	—	$	—
DB Credit Facility	468,992		—		—		468,992		—
2021 Debt Securitization	298,000		—		—		—		298,000
2022 Debt Securitization	252,000		—		—		—		252,000
Total borrowings	$	1,118,992	$	100,000	$	—	$	468,992	$	550,000

Note 9. Federal Income Tax Matters

The Company has elected to be treated and intends to be subject to tax as a RIC under Subchapter M of the Code. As a result, the Company must distribute substantially all of its net taxable income each tax year as dividends to its stockholders. Accordingly, no provision for federal income tax has been made in the financial statements.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences have no impact on net assets.

The following permanent differences were reclassified for tax purposes among the components of net assets for the years ended September 30, 2022, 2021 and 2020:

	Years ended September 30,
	2022		2021		2020
Increase/(decrease) in Paid in Capital in Excess of Par	$	(4)	$	(7)	$	—	*
Increase/(decrease) in Distributable Earnings (Losses)	4		7		—		*

*Represents an amount less than $1.

Taxable income generally differs from net increase (decrease) in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses and generally excludes unrealized appreciation (depreciation) on investment transactions as investment gains and losses are not included in taxable income until they are realized.

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The following table reconciles net increase in net assets resulting from operations to taxable income for the years ended September 30, 2022, 2021 and 2020:

	Years ended September 30,
	2022		2021		2020
Net increase in net assets resulting from operations	$	63,400	$	66,796	$	25,546
Net change in unrealized (appreciation) depreciation on investment transactions	21,950		(22,776)		10,867
Other income (loss) not currently taxable	(2,631)		1,409		(742)
Expenses not currently deductible	323		55		55
Other income for tax but not book	415		—		5
Other deductions/losses for tax not book	(13)		(119)		(191)
Other realized gain/loss differences	19,785		862		1,008
Capital loss carryforward	—		—		—
Taxable income before deductions for distributions	$	103,229	$	46,227	$	36,548

The tax character of distributions paid during the years ended September 30, 2022, 2021 and 2020 were as follows:

	Years ended September 30,
	2022		2021		2020
Ordinary Income	$	84,699	$	50,384	$	32,322
Long-Term Capital Gains	—		995		22
Return of Capital	—		2,290		—

The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings/(deficit) on a book basis for the years ended September 30, 2022, 2021 and 2020 were as follows:

	Years ended September 30,
	2022		2021		2020
Undistributed ordinary income – tax basis	$	16,320	$	(14)	$	5,156
Undistributed realized gains – tax basis	2,209		—		—
Net unrealized appreciation (depreciation) on investments	(24,243)		18,524		(4,682)
Other temporary differences	(499)		(15,339)		(830)
Total accumulated earnings (loss) – book basis	$	(6,213)	$	3,171	$	(356)

Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. Capital losses incurred by the Company are not subject to expiration and retain their character as either short-term or long-term capital losses. As of September 30, 2022, the Company estimates that it will not have a capital loss carryforward available for use in subsequent tax years.

For tax purposes, the Company may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of September 30, 2022 and September 30, 2021, the Company elected to defer $0 and $1,107 of ordinary losses, respectively. The Company did not elect to defer any short-term capital losses and long-term capital losses as of September 30, 2022 and September 30, 2021, respectively. For the year ended September 30, 2020, the Company elected to defer $657 of long-term capital losses.

For the tax year ended September 30, 2022, the Company estimates taxable income in excess of the distributions made from such taxable income during the tax year, and therefore, the Company has elected to carry forward the excess for distribution to stockholders in 2023. The amount carried forward to 2023 is estimated to be approximately $16,320 of ordinary income, and $2,209 of long term capital gain, although these amounts will not be finalized until the 2022 tax returns are filed in 2023.

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(In thousands, except shares and per share data)

As of September 30, 2022, the federal tax cost of investments was $2,348,048 resulting in estimated gross unrealized gains and losses of $26,569 and $58,514, respectively.

Note 10. Commitments and Contingencies

Commitments: As of September 30, 2022, the Company had outstanding commitments to fund investments totaling $308,133, including $23,951 of commitments on undrawn revolvers. As of September 30, 2021, the Company had outstanding commitments to fund investments totaling $180,385, including $17,352 of commitments on undrawn revolvers.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 for outstanding forward currency contracts as of September 30, 2022, and September 30, 2021. Derivative instruments can be affected by market conditions, such as foreign currency 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 has engaged, and in the future may engage again, in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company 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 is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.

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Note 11. Financial Highlights

The financial highlights for the Company are as follows:

	Years ended September 30,
Per share data:(1)		2022			2021			2020			2019			2018
Net asset value at beginning of period		$	15.00		$	14.97		$	15.00		$	15.00		$	15.00
Distributions declared:(2)
From net investment income		(1.04)			(1.52)			(0.86)			(1.42)			(1.47)
From capital gains		—			(0.03)			(0.00)^			—			—
From return of capital		—			(0.07)			—			—			—
Net investment income		1.12			1.08			1.22			1.19			1.04
Net realized gain (loss) on investment transactions		0.03			0.01			(0.03)			0.01			—
Net change in unrealized appreciation (depreciation) on investment transactions(3)		(0.22)			0.56			(0.36)			0.22			0.43
Net asset value at end of period		$	14.89		$	15.00		$	14.97		$	15.00		$	15.00
Total return based on net asset value per share(4)		6.23		%	11.48		%	5.78		%	9.85		%	10.26		%
Number of common shares outstanding		85,511,291.055			54,297,683.237			35,388,849.466			22,894,689.911			5,815,002.633

	Years ended September 30,
Listed below are supplemental data and ratios to the financial highlights:		2022			2021			2020			2019			2018
Ratio of net investment income to average net assets		7.51		%	7.22		%	8.36		%	7.93		%	6.92		%
Ratio of total expenses to average net assets		6.98		%	7.08		%	6.71		%	8.37		%	8.21		%
Ratio of management fee waiver to average net assets		(0.70)		%	(0.68)		%	(0.68)		%	(0.64)		%	(0.53)		%
Ratio of incentive fee waiver to average net assets		(0.04)		%	(0.22)		%	(0.13)		%	(0.39)		%	(0.37)		%
Ratio of professional fees waiver to average net assets		—		%	—		%	—		%	—		%	(0.31)		%
Ratio of net expenses to average net assets		6.24		%	6.18		%	5.90		%	7.34		%	7.00		%
Ratio of incentive fees to average net assets		0.94		%	1.91		%	0.94		%	2.06		%	1.84		%
Ratio of total expenses (without incentive fees) to average net assets		6.04		%	5.17		%	5.77		%	6.31		%	6.37		%
Total return based on average net asset value(5)		5.74		%	11.03		%	5.71		%	10.27		%	11.32		%
Net assets at end of period		$	1,272,918		$	814,465		$	529,617		$	343,420		$	87,225
Average debt outstanding		$	980,605		$	504,152		$	365,561		$	156,352		$	18,946
Average debt outstanding per share		$	11.47		$	9.28		$	10.33		$	6.83		$	3.26
Portfolio Turnover		13.06		%	27.55		%	16.07		%	5.84		%	14.67		%
Asset coverage ratio(6)		212.70		%	215.90		%	238.66		%	219.29		%	248.76		%
Asset coverage ratio per unit(7)		$	2,127		$	2,159		$	2,387		$	2,193		$	2,488
Average market value per unit (8):
SB Revolver		N/A			N/A			N/A			N/A			N/A
DB Credit Facility		N/A			N/A			N/A			N/A			N/A
Adviser Revolver		N/A			N/A			N/A			N/A			N/A
2021 Debt Securitization		N/A			N/A			N/A			N/A			N/A
2022 Debt Securitization		N/A			N/A			N/A			N/A			N/A
Other short-term borrowings		N/A			N/A			N/A			N/A			N/A

^ Represents an amount less than $0.01 per share.

(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.

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(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.

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

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

(6)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 12. Earnings Per Share

The following information sets forth the computation of the net increase/(decrease) in net assets per share resulting from operations for the years ended September 30, 2022, 2021 and 2020:

	Years ended September 30,
		2022		2021		2020
Earnings available to stockholders		$	63,400	$	66,796	$	25,546
Basic and diluted weighted average shares outstanding		73,856,628		40,394,338		30,664,150
Basic and diluted earnings per share		$	0.86	$	1.65	$	0.83

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Note 13. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the years ended September 30, 2022, 2021 and 2020:

Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share			Total Dividends Declared
For the year ended September 30, 2022
08/06/2021	10/18/2021	12/27/2021	56,431,212.836	$	0.1168		$	6,593
11/19/2021	11/29/2021	12/27/2021	65,852,241.833	0.1501			9,883
11/19/2021	12/20/2021	02/28/2022	68,007,006.127	0.1214			8,259
11/19/2021	01/20/2022	03/23/2022	68,414,116.228	0.1068			7,305
02/04/2022	02/25/2022	05/23/2022	71,896,291.279	0.1425			10,246
02/04/2022	03/21/2022	05/23/2022	72,096,011.282	0.1191			8,588
02/04/2022	04/29/2022	07/25/2022	76,705,607.756	0.0800			6,135
05/06/2022	05/20/2022	07/25/2022	76,705,607.756	0.0992			7,608
05/06/2022	06/24/2022	09/14/2022	79,224,646.937	—		(1)	—
05/06/2022	07/19/2022	09/14/2022	82,417,164.611	0.0991			8,171
08/05/2022	09/20/2022	11/22/2022	85,511,291.055	—		(2)	—
Total dividends declared for the year ended September 30, 2022							$	72,788
For the year ended September 30, 2021
11/20/2020	12/15/2020	12/18/2020	35,388,849.466	$	0.4200		$	14,864
11/20/2020	01/28/2021	03/11/2021	37,640,060.105	0.1081			4,068
02/05/2021	02/25/2021	05/25/2021	37,640,060.105	0.1493			5,622
02/05/2021	03/26/2021	05/25/2021	39,578,474.129	0.2527			10,003
02/05/2021	04/29/2021	07/26/2021	39,578,474.129	0.1001			3,961
05/07/2021	05/28/2021	07/26/2021	41,898,514.167	0.1491			6,247
05/07/2021	06/25/2021	07/26/2021	44,018,143.919	0.1167			5,136
05/07/2021	07/19/2021	09/27/2021	44,015,937.428	0.0856			3,768
08/06/2021	08/30/2021	11/22/2021	49,904,941.097	0.1333			6,653
08/06/2021	09/20/2021	11/22/2021	49,904,941.097	0.1051			5,244
Total dividends declared for the year ended September 30, 2021							$	65,566
For the year ended September 30, 2020
08/06/2019	10/18/2019	12/27/2019	24,795,301.540	$	0.0974		$	2,415
11/22/2019	11/28/2019	12/27/2019	26,881,637.710	0.1310			3,522
11/22/2019	12/20/2019	02/26/2020	29,542,494.081	0.1079			3,188
11/22/2019	01/21/2020	02/26/2020	29,715,740.183	0.0876			2,604
02/04/2020	02/25/2020	05/22/2020	29,715,740.183	0.1280			3,805
02/04/2020	04/29/2020	07/24/2020	33,090,999.162	0.0919			3,043
08/04/2020	08/20/2020	08/21/2020	33,303,658.070	0.2200			7,326
Total dividends declared for the year ended September 30, 2020							$	25,903

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

(1)On May 6, 2022, the Company’s board of directors declared a distribution in an amount equal to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period June 1, 2022 through June 30, 2022, per share payable on September 14, 2022, to stockholders of record on June 24, 2022. Due to a net decrease in net assets resulting from operations for the period June 1, 2022 through June 30, 2022, the distribution declared for the June 2022 earnings period was zero.

(2) On August 5, 2022, the Company’s board of directors declared a distribution in an amount (if positive) such that the net asset value of the Company as of September 30, 2022 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period August 1, 2022 through September 30, 2022 and the payment of such distribution is $15.00 per share. Due to the net assets resulting from operations for the period August 1, 2022 through September 30, 2022 resulting in a net asset per share less than $15.00 per share, the distribution declared for the period was zero.

The following table summarizes the Company’s distributions reinvested during the years ended September 30, 2022, 2021 and 2020:

Payment Date	DRIP Shares Issued	NAV ($) per share		DRIP Shares Value (1)
For the year ended September 30, 2022
November 22, 2021	316,630.174	$	15.00	$	4,749
December 27, 2021	407,110.101	15.00		6,107
February 28, 2022	199,720.003	15.00		2,996
March 23, 2022	178,035.741	15.00		2,670
May 23, 2022	291,444.634	15.00		4,372
July 25, 2022	214,666.093	14.88		3,195
September 14, 2022	122,463.429	14.88		1,823
	1,730,070.175			$	25,912
For the year ended September 30, 2021
December 18, 2020	431,254.910	$	14.97	$	6,455
March 11, 2021	117,853.968	15.00		1,767
May 25, 2021	449,711.990	15.00		6,745
July 26, 2021	438,408.120	15.00		6,576
September 27, 2021	103,287.089	15.00		1,550
	1,540,516.077			$	23,093
For the year ended September 30, 2020
November 26, 2019	185,724.541	$	15.00	$	2,786
December 27, 2019	173,246.102	15.00		2,599
February 26, 2020	170,062.979	15.00		2,551
May 22, 2020	123,254.899	13.64		1,681
July 24, 2020	89,404.010	14.68		1,312
August 21, 2020	217,078.831	14.68		3,187
	958,771.362			$	14,116

(1) Reflects DRIP shares issued multiplied by the unrounded NAV per share.

Note 14. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

On November 1, 2022, the Company notified stockholders of a capital call due on November 14, 2022. The estimated shares and proceeds are summarized in the table below:

	Date	Shares Issued	NAV ($) per share		Proceeds
Issuance of Shares	11/14/2022	1,343,605.140	$	14.89	$	20,006

On August 5, 2022 and November 18, 2022, the Company’s board of directors declared distributions to holders of record as set forth in the table below:

Record Date	Payment Date	Amount Per Share
October 18, 2022	December 28, 2022	In an amount (if positive) such that the net asset value of the Company as of October 31, 2022 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2022 through October 31, 2022 and the payment of this distribution is $15.00 per share
December 15, 2022	December 20, 2022	The Company’s board of directors declared a distribution of $0.28 per share
January 17, 2023	March 21, 2023	In an amount (if positive) such that the net asset value of the Company as of January 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period January 1, 2023 through January 31, 2023 and the payment of this distribution is $15.00 per share

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Item 15: Exhibits and Financial Statement Schedules

The following documents are filed as part of this Annual Report on Form 10-K:

(1)	Financial Statements — Refer to Item 8 starting on page 4
(2)	Financial Statement Schedules — None
(3)	Exhibits

EXHIBIT INDEX

Number	Description
3.1	Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.1 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
3.2	Bylaws (Incorporated by reference to Exhibit 3.2 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
4.1	Form of Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
4.2	Description of securities (Incorporated by reference to Exhibit 4.2 filed with the Registrant’s Form 10-K (File No. 814-01244) filed on December 2, 2022).
10.1	Investment Advisory Agreement, dated as of September 29, 2017, by and between the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.2	Waiver Agreement, dated as of September 29, 2017, by and between the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.2 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.3	Administration Agreement, dated as of September 29, 2017, by and between the Registrant and Golub Capital LLC (Incorporated by reference to Exhibit 10.3 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.4	Custody Agreement, dated as of September 29, 2017, by and between the Registrant and U.S. Bank National Association (Incorporated by reference to Exhibit 10.4 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.5	Document Custody Agreement, dated as of September 29, 2017, by and between the Registrant, each wholly-owned subsidiary of the Registrant that has executed a Joinder and U.S. Bank National Association (Incorporated by reference to Exhibit 10.5 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.6	Trademark License Agreement, dated as of September 29, 2017, by and between Golub Capital LLC and the Registrant (Incorporated by reference to Exhibit 10.6 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.7	Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.7 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.8	Revolving Loan Agreement, dated as of October 2, 2017, by and between the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.9 to the Registrant’s Report on Form 10-12G/A (File No. 000-55846), filed on November 28, 2017).
10.9	Form of Subscription Agreement (Incorporated by reference to Exhibit 10.10 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.10	Form of Escrow Agreement (Incorporated by reference to Exhibit 10.11 to the Registrant’s Report on Form 10-12G (File No. 000-55846), filed on September 29, 2017).
10.11	Revolving and Security Agreement, dated February 4, 2019, by and among Golub Capital BDC 3, Inc., as the borrower, and Signature Bank, as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on February 8, 2019).
10.12	First Amendment to Revolving Credit and Security Agreement, dated as of April 8, 2019, by and among Golub Capital BDC 3, Inc., as the borrower, and Signature Bank, as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 10-Q (File No. 814-01244), filed on April 9, 2019).

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Number	Description
10.13	Second Amendment to Revolving Credit and Security Agreement, dated as of May 31, 2019, by and among Golub Capital BDC 3, Inc., as the borrower, and Signature Bank, as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-01244), filed on August 13, 2019).
10.14	First Amendment to Revolving Loan Agreement, dated as of June 28, 2019, by and among Golub Capital BDC 3, Inc., as the borrower, and GC Advisors LLC, as the lender (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on July 3, 2019).
10.15	Second Amendment to Revolving Loan Agreement, dated as of August 15, 2019, by and among Golub Capital BDC 3, Inc., as the borrower, and GC Advisors LLC, as the lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on August 16, 2019).
10.16	Third Amendment to Revolving Loan Agreement, dated as of October 28, 2019, by and among Golub Capital BDC 3, Inc., as the borrower, and GC Advisors LLC, as the lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on October 30, 2019).
10.17	Loan Financing and Servicing Agreement, dated as of September 10, 2019, by and among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as equityholder and as servicer, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries, and Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on September 12, 2019).
10.18	Sale and Contribution Agreement, dated as of September 10, 2019, between Golub Capital BDC 3, Inc., as seller, and GBDC 3 Funding LLC, as purchaser (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on September 12, 2019).
10.19	Third Amendment to Revolving Credit and Security Agreement, dated as of February 7, 2020, by and among Golub Capital BDC 3, Inc. and GBDC 3 Funding LLC, as borrowers, and Signature Bank, as administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Report on Form 8-K (File No. 814-01244), filed on February 13, 2020).
10.20	Fourth Amendment to Revolving Loan Agreement, dated as of October 1, 2020, by and between Golub Capital BDC 3, Inc., as borrower, and GC Advisors LLC, as the lender.(Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on February 5, 2021).
10.21	Collateral Management Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3 , Inc. and Golub Capital BDC 3 CLO 1 LLC, as Issuer and GC Advisors LLC, as Collateral Manager (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.22	Master Loan Sale Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc., as Seller, GC Advisors LLC, as Closing Date Seller, Golub Capital BDC 3 CLO 1 LLC, as Buyer and GBDC 3 Funding LLC, as Warehouse Buyer (Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.23	Master Loan Sale Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc., as Seller, Golub Capital BDC 3 CLO 1 Depositor LLC, as Intermediate Seller, and Golub Capital BDC 3 CLO 1 LLC, as Buyer (Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.24	Fourth Amendment, dated as of February 4, 2021, to Revolving Credit and Security Agreement, entered into by and among Golub Capital BDC 3, Inc. and GBDC 3 Funding II LLC, as borrowers, and Signature Bank, as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on February 5, 2021).

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Number	Description
10.25	Note Purchase Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as borrowers, and Deutsche Bank Securities, Inc., as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.26	Indenture, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.27	Collateral Management Agreement, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3 , Inc. and Golub Capital BDC 3 CLO 1 LLC, as Issuer and GC Advisors LLC, as Collateral Manager (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.28	Letter Re: Reduction of Commitment from Golub Capital BDC 3, Inc. and GBDC 3 Funding II LLC to Signature Bank, dated as of November 19, 2021. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244). filed on November 29, 2021).
10.29	Amendment No. 2 to Loan Financing and Servicing Agreement, dated as of October 29, 2021, among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG, New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244). filed on November 3, 2021).
10.30	Sixth Amendment to Revolving Credit and Security Agreement, dated as of March 3, 2022, by and among Golub Capital BDC 3, Inc. and GBDC 3 Funding II LLC, as borrowers, and Signature Bank, as administrative agent and a lender.*
10.31	Fifth Amendment to Revolving Credit and Security Agreement, dated as of February 4, 2022, by and among Golub Capital BDC 3, Inc. and GBDC 3 Funding II LLC, as borrowers, and Signature Bank, as administrative agent and a lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on February 10, 2022).
10.32	Note Purchase Agreement, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC and Deutsche Bank Securities Inc. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.33	Indenture, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.34	Collateral Management Agreement, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC, as Issuer and GC Advisors LLC, as Collateral Manager (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.35	Master Loan Sale Agreement, dated as of January 25, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, GC Advisors LLC, as the Closing Date Seller, Golub Capital BDC 3 ABS 2022-1 LLC, as the Buyer, and Golub Capital 3 Holdings LLC (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.36	Master Loan Sale Agreement, dated as of January 25, 2022, by and among Golub Capital BDC 3, Inc., as the Seller, Golub Capital BDC 3 ABS 2022-1 Depositor LLC, as the Intermediate Seller, Golub Capital BDC 3 ABS 2022-1 LLC, as the Buyer, and GBDC 3 Funding LLC (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.37	Amendment No. 4 to Loan Financing and Servicing Agreement, dated as of June 24, 2022, among GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG, New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on June 27, 2022).

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

Number	Description
10.38	Seventh Amendment to Revolving Credit and Security Agreement, dated as of July 6, 2022, by and among Golub Capital BDC 3, Inc. and GBDC 3 Funding II LLC, as borrowers, and Signature Bank, as administrative agent and a lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on July 6, 2022).
10.39	Letter Re: Reduction of Commitment from Golub Capital BDC 3, Inc. and GBDC 3 Funding II LLC to Signature Bank, dated as of September 6, 2022. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on September 6, 2022).
14.1	Joint Code of Ethics of Golub Capital BDC, Inc., the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K of Golub Capital BDC, Inc. (File No. 814-00794), filed on November 29, 2021).
14.2	Code of Ethics of GC Advisors LLC (Incorporated by reference to Exhibit 14.2 to the Annual Report on Form 10-K of Golub Capital BDC, Inc. (File No. 814-00794), filed on November 29, 2021).
21.1	List of subsidiaries. (Incorporated by reference to Exhibit 21.1 filed with the Registrant’s Form 10-K (File No. 814-01244) filed on December 2, 2022).
24.1	Power of attorney (included on the signature page hereto).
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 of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
99.1	Privacy Policy of the Registrant. (Incorporated by reference to Exhibit 99.1 filed with the Registrant’s Form 10-K (File No. 814-01244) filed on December 2, 2022).

_________________

* Filed herewith

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Notes to Consolidated Financial Statements

(In thousands, except shares and per share data)

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

		Golub Capital BDC 3, Inc.
		A Maryland Corporation
October 19, 2023	By:	/s/ David B. Golub
		Name: David B. Golub
		Title: President and Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Lawrence E. Golub, David B. Golub and Christopher C. Ericson as his or her true and lawful attorneys-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact or their substitute or substitutes may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ David B. Golub	President, Chief Executive Officer and Director	October 19, 2023
David B. Golub	(Principal Executive Officer)
/s/ Christopher C. Ericson	Chief Financial Officer	October 19, 2023
Christopher C. Ericson	(Principal Financial and Accounting Officer)
/s/ Lawrence E. Golub	Chairman of the Board of Directors	October 19, 2023
Lawrence E. Golub
/s/ John T. Baily	Director	October 19, 2023
John T. Baily
/s/ Kenneth F. Bernstein	Director	October 19, 2023
Kenneth F. Bernstein
/s/ Lofton P. Holder	Director	October 19, 2023
Lofton P. Holder
/s/ Anita J. Rival	Director	October 19, 2023
Anita J. Rival
/s/ William M. Webster IV	Director	October 19, 2023
William M. Webster IV

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