Golub Capital BDC 3 10-Q 2024 Q2 Quarterly report

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_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

☑                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01244

Golub Capital BDC 3, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

.

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

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 ☑   No ☐

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
Emerging growth company	☑

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. ☑

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

As of May 8, 2024, the Registrant had 100,105,100.915 shares of common stock, $0.001 par value, outstanding.

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2024 (unaudited) and September 30, 2023	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2024 (unaudited) and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and September 30, 2023	8
	Notes to Consolidated Financial Statements (unaudited)	83
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	119
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	142
Item 4.	Controls and Procedures	143
Part II. Other Information
Item 1.	Legal Proceedings	143
Item 1A.	Risk Factors	143
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	143
Item 3.	Defaults Upon Senior Securities	143
Item 4.	Mine Safety Disclosures	143
Item 5.	Other Information	143
Item 6.	Exhibits	144

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	March 31, 2024		September 30, 2023
	(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $2,711,580 and $2,644,725, respectively)	$	2,698,772	$	2,617,016
Cash and cash equivalents	7,415		9,487
Foreign currencies (cost of $2,691 and $1,139, respectively)	2,686		1,084
Restricted cash and cash equivalents	60,818		55,727
Restricted foreign currencies (cost of $4,729 and $443, respectively)	4,722		520
Net unrealized appreciation on forward currency contracts	6,977		9,663
Interest receivable	26,016		24,540
Receivable from investments sold	—		1,635
Capital call receivable	—		2,090
Other assets	892		1,760
Total Assets	$	2,808,298	$	2,723,522
Liabilities
Debt	$	1,260,292	$	1,240,900
Less unamortized debt issuance costs	(1,776)		(4,038)
Debt less unamortized debt issuance costs	1,258,516		1,236,862
Interest payable	20,693		20,271
Distributions payable	41,293		30,621
Management and incentive fees payable	13,569		13,117
Accrued trustee fees	45		45
Accounts payable and other liabilities	2,638		3,144
Total Liabilities	1,336,754		1,304,060
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and September 30, 2023	—		—
Common stock, par value $0.001 per share, 110,000,000 shares authorized, 100,105,100.915 and 94,630,773.096 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively	100		95
Paid in capital in excess of par	1,496,508		1,414,697
Distributable earnings (losses)	(25,064)		4,670
Total Net Assets	1,471,544		1,419,462
Total Liabilities and Total Net Assets	$	2,808,298	$	2,723,522
Number of common shares outstanding	100,105,100.915		94,630,773.096
Net asset value per common share	$	14.70	$	15.00

See Notes to Consolidated Financial Statements

3

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Investment income
Interest income	$	72,363	$	60,889	$	145,920	$	116,660
Payment-in-kind interest income	4,953		3,549		9,824		5,976
Dividend income	2,540		2,051		4,996		3,940
Fee income	256		136		422		346
Total investment income	80,112		66,625		161,162		126,922
Expenses
Interest and other debt financing expenses	25,513		21,522		51,345		39,539
Base management fee	9,258		8,343		18,532		16,675
Incentive fee	9,114		7,513		18,474		14,343
Professional fees	1,081		562		1,508		990
Administrative service fee	1,027		848		2,070		1,748
General and administrative expenses	180		89		384		176
Total expenses	46,173		38,877		92,313		73,471
Base management fee waived (Note 4)	(2,525)		(2,276)		(5,054)		(4,548)
Incentive fee waived (Note 4)	(2,278)		(1,878)		(4,618)		(3,586)
Incentive fee - reimbursement (Note 4)	—		—		(14,875)		—
Net expenses	41,370		34,723		67,766		65,337
Net investment income - before tax	38,742		31,902		93,396		61,585
Income and excise taxes	8		(25)		8		630
Net investment income - after tax	38,734		31,927		93,388		60,955
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	154		575		148		3,097
Foreign currency transactions	9		114		22		(293)
Forward currency contracts	—		74		—		1,010
Net realized gain (loss) on investment transactions	163		763		170		3,814
Net change in unrealized appreciation (depreciation) from:
Investments	13,671		(1,342)		9,273		(19,939)
Forward currency contracts	2,758		(1,552)		(2,686)		(13,039)
Translation of assets and liabilities in foreign currencies	(2,512)		2,092		3,585		13,428
Net change in unrealized appreciation (depreciation) on investment transactions	13,917		(802)		10,172		(19,550)
Net gain (loss) on investment transactions	14,080		(39)		10,342		(15,736)
Net increase (decrease) in net assets resulting from operations	$	52,814	$	31,888	$	103,730	$	45,219
Per Common Share Data
Basic and diluted earnings per common share (Note 11)	$	0.53	$	0.36	$	1.06	$	0.52
Basic and diluted weighted average common shares outstanding (Note 11)	99,907,435		87,774,782		98,037,930		87,008,867

See Notes to Consolidated Financial Statements

4

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2022	85,511,291.055	$	86	$	1,279,046	$	(6,213)	$	1,272,919
Issuance of common stock	2,699,061.044	3		40,010		—		40,013
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		60,955		60,955
Net realized gain (loss) on investment transactions	—	—		—		3,814		3,814
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(19,550)		(19,550)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	362,642.468	—		5,399		—		5,399
Distributions from distributable earnings	—	—		—		(24,319)		(24,319)
Distributions declared and payable	—	—		—		(10,636)		(10,636)
Total increase (decrease) for the six months ended March 31, 2023	3,061,703.512	3		45,409		10,264		55,676
Balance at March 31, 2023	88,572,994.567	$	89	$	1,324,455	$	4,051	$	1,328,595
Balance at December 31, 2022	87,217,538.663	$	87	$	1,304,450	$	(17,201)	$	1,287,336
Issuance of common stock	1,355,455.904	2		20,005		—		20,007
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		31,927		31,927
Net realized gain (loss) on investment transactions	—	—		—		763		763
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(802)		(802)
Distributions to stockholders:
Distributions declared and payable	—	—		—		(10,636)		(10,636)
Total increase (decrease) for the three months ended March 31, 2023	1,355,455.904	2		20,005		21,252		41,259
Balance at March 31, 2023	88,572,994.567	$	89	$	1,324,455	$	4,051	$	1,328,595
Balance at September 30, 2023	94,630,773.096	$	95	$	1,414,697	$	4,670	$	1,419,462
Issuance of common stock	3,912,356.985	4		58,681		—		58,685
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		93,388		93,388
Net realized gain (loss) on investment transactions	—	—		—		170		170
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		10,172		10,172
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,561,970.834	1		23,130		—		23,131
Distributions from distributable earnings	—	—		—		(92,171)		(92,171)
Distributions declared and payable	—	—		—		(41,293)		(41,293)
Total increase (decrease) for the six months ended March 31, 2024	5,474,327.819	5		81,811		(29,734)		52,082
Balance at March 31, 2024	100,105,100.915	$	100	$	1,496,508	$	(25,064)	$	1,471,544
Balance at December 31, 2023	99,832,145.354	$	100	$	1,492,496	$	(25,064)	$	1,467,532
Issuance of common stock	—	—		—		—		—
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		38,734		38,734
Net realized gain (loss) on investment transactions	—	—		—		163		163
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		13,917		13,917
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	272,955.561	—		4,012		—		4,012
Distributions from distributable earnings	—	—		—		(11,521)		(11,521)
Distributions declared and payable	—	—		—		(41,293)		(41,293)
Total increase (decrease) for the three months ended March 31, 2024	272,955.561	—		4,012		—		4,012
Balance at March 31, 2024	100,105,100.915	$	100	$	1,496,508	$	(25,064)	$	1,471,544

See Notes to Consolidated Financial Statements

5

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Six months ended March 31,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	103,730	$	45,219
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	2,262		1,856
Accretion of discounts and amortization of premiums	(5,250)		(4,024)
Net realized (gain) loss on investments	(148)		(3,097)
Net realized (gain) loss on foreign currency transactions	(22)		293
Net realized (gain) loss on forward currency contracts	—		(1,010)
Net change in unrealized (appreciation) depreciation on investments	(9,273)		19,939
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(3,585)		(13,428)
Net change in unrealized (appreciation) depreciation on forward currency contracts	2,686		13,039
Proceeds from (fundings of) revolving loans, net	(774)		(1,238)
Fundings of investments	(168,394)		(251,245)
Proceeds from principal payments and sales of portfolio investments	122,959		109,119
Proceeds from settlements of forward currency contracts	—		1,010
Payment-in-kind interest capitalized	(10,258)		(6,147)
Non-cash dividends capitalized	(4,993)		(3,932)
Changes in operating assets and liabilities:
Interest receivable	(1,476)		(5,095)
Receivable from investments sold	1,635		—
Other assets	868		70
Interest payable	422		8,187
Management and incentive fees payable	452		1,602
Accrued trustee fees	—		(112)
Accounts payable and other liabilities	(506)		516
Net cash provided by (used in) operating activities	30,335		(88,478)
Cash flows from financing activities
Borrowings on debt	225,447		512,381
Repayments of debt	(208,100)		(399,157)
Capitalized debt issuance costs	—		(3,389)
Proceeds from issuance of common shares	60,775		40,013
Distributions paid	(99,661)		(18,920)
Net cash provided by (used in) financing activities	(21,539)		130,928
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	8,796		42,450
Effect of foreign currency exchange rates	27		34
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	66,818		65,915
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	75,641	$	108,399
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	48,662	$	29,495
Distributions declared for the period	133,464		34,955
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	(2,090)	$	—
Stock issued in connection with dividend reinvestment plan	23,131		5,399
Change in distributions payable	10,672		10,636

See Notes to Consolidated Financial Statements

6

Golub Capital BDC 3, Inc. and Subsidiaries

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

(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies, 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
	March 31, 2024		September 30, 2023
Cash and cash equivalents	$	7,415	$	9,487
Foreign currencies (cost of $2,691 and $1,139, respectively)	2,686		1,084
Restricted cash and cash equivalents	60,818		55,727
Restricted foreign currencies (cost of $4,729 and $443, respectively)	4,722		520
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	75,641	$	66,818

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

See Notes to Consolidated Financial Statements

7

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.~	One stop	SF +	7.00%	(j)(k)	12.32%				02/2029	$	9,851	$	9,609	0.7	%	$	9,851
PPW Aero Buyer, Inc.	One stop	P +	6.00%	(a)(j)	13.59%				02/2029	24		23		—		24
										9,875		9,632		0.7		9,875
Airlines
Accelya Lux Finco S.A.R.L.#(8)(13)(23)	One stop	SF +	7.00%	(k)	8.41%	cash/	4.00%	PIK	12/2026	7,736		7,662		0.5		7,426
Auto Components
Collision SP Subco, LLC#	One stop	SF +	5.50%	(k)	10.82%				01/2030	601		590		0.1		589
Collision SP Subco, LLC	One stop	SF +	5.50%	(l)	10.74%				01/2030	16		13		—		9
Collision SP Subco, LLC	One stop	SF +	5.50%	(k)	10.82%				01/2030	7		6		—		6
Covercraft Parent III, Inc.^	Senior secured	SF +	4.50%	(k)	9.98%				08/2027	2,046		2,034		0.2		1,984
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(k)	9.95%				08/2027	414		410		—		402
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(k)	9.96%				08/2027	30		29		—		27
North Haven Falcon Buyer, LLC#(23)	One stop	SF +	8.00%	(k)	8.48%	cash/	5.00%	PIK	05/2027	2,480		2,447		0.1		1,860
North Haven Falcon Buyer, LLC(23)	One stop	SF +	8.00%	(k)	8.47%	cash/	5.00%	PIK	05/2027	415		410		—		311
										6,009		5,939		0.4		5,188
Automobiles
CG Group Holdings, LLC#~(23)	One stop	SF +	8.75%	(k)	12.05%	cash/	2.00%	PIK	07/2027	13,737		13,563		0.9		13,599
CG Group Holdings, LLC(23)	One stop	SF +	8.75%	(j)	12.08%	cash/	2.00%	PIK	07/2026	349		344		—		346
Denali Midco 2, LLC#^	One stop	SF +	5.75%	(j)	11.18%				12/2027	9,803		9,745		0.7		9,803
Denali Midco 2, LLC^	One stop	SF +	5.75%	(j)	11.18%				12/2027	2,934		2,916		0.2		2,934
Denali Midco 2, LLC~	One stop	SF +	5.75%	(j)	11.18%				12/2027	2,639		2,623		0.2		2,639
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	1,782		1,772		0.1		1,782
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	1,693		1,683		0.1		1,693
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	1,478		1,469		0.1		1,478
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	1,218		1,211		0.1		1,218
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	1,182		1,175		0.1		1,182
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	1,182		1,175		0.1		1,182
Denali Midco 2, LLC#	One stop	SF +	5.75%	(j)	11.18%				12/2027	975		969		0.1		975
Denali Midco 2, LLC#	One stop	SF +	6.50%	(j)	11.93%				12/2027	553		541		0.1		554
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.93%				12/2027	149		146		—		149
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.93%				12/2027	126		123		—		126
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.93%				12/2027	74		72		—		74
Denali Midco 2, LLC	One stop	SF +	5.75%	(j)	11.18%				12/2027	40		12		—		40
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.93%				12/2027	37		36		—		37
Denali Midco 2, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2027	—		(3)		—		—
Denali Midco 2, LLC	One stop	SF +	6.50%	(j)	11.93%				12/2027	172		168		—		172
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(k)	10.55%				12/2029	1,171		1,149		0.1		1,171
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(k)	10.55%				12/2029	244		239		—		244
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(k)	10.55%				12/2029	6		5		—		6
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				12/2029	—		(5)		—		—
JHCC Holdings LLC#	One stop	SF +	5.25%	(k)	10.70%				09/2026	4,915		4,875		0.3		4,878
JHCC Holdings LLC~	One stop	SF +	5.25%	(k)	10.55%				09/2026	2,899		2,875		0.2		2,877
JHCC Holdings LLC	One stop	SF +	5.25%	(k)	10.70%				09/2026	1,683		1,668		0.1		1,671
JHCC Holdings LLC#	One stop	SF +	5.75%	(k)	11.05%				09/2026	599		593		0.1		599
JHCC Holdings LLC#	One stop	SF +	6.75%	(k)	12.20%				09/2026	564		555		0.1		564

See Notes to Consolidated Financial Statements

8

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
JHCC Holdings LLC#	One stop	SF +	5.25%	(k)	10.70%	09/2026	$	250	$	247	—	%	$	248
JHCC Holdings LLC	One stop	SF +	5.25%	(j)	10.68%	09/2026	40		39		—		39
JHCC Holdings LLC	One stop	SF +	5.75%	(k)	11.20%	09/2026	566		545		0.1		566
MOP GM Holding, LLC~+	One stop	SF +	5.75%	(l)	11.18%	11/2026	9,448		9,395		0.6		9,259
MOP GM Holding, LLC^	One stop	SF +	5.75%	(k)	11.24%	11/2026	1,326		1,316		0.1		1,299
MOP GM Holding, LLC~	One stop	SF +	5.75%	(l)	11.15%	11/2026	1,047		1,041		0.1		1,026
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.15%	11/2026	1,016		1,010		0.1		996
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.18%	11/2026	753		749		0.1		738
MOP GM Holding, LLC^	One stop	SF +	5.75%	(l)	11.15%	11/2026	625		623		—		613
MOP GM Holding, LLC^	One stop	SF +	5.75%	(l)	11.15%	11/2026	577		571		—		565
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.18%	11/2026	210		209		—		206
MOP GM Holding, LLC	One stop	SF +	5.75%	(k)(l)	11.18%	11/2026	200		199		—		196
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.18%	11/2026	183		182		—		179
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.15%	11/2026	92		91		—		90
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.18%	11/2026	59		58		—		58
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.18%	11/2026	30		30		—		30
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.15%	11/2026	31		30		—		30
MOP GM Holding, LLC(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(9)		—		—
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.50%	(j)(l)	10.84%	07/2029	2,659		2,638		0.2		2,578
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(l)	10.73%	07/2029	105		103		—		99
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)	07/2029	—		(28)		—		(30)
POY Holdings, LLC#^+	One stop	SF +	5.50%	(k)	10.95%	11/2027	19,128		18,884		1.3		19,128
POY Holdings, LLC#	One stop	SF +	5.50%	(k)	10.95%	11/2027	3,389		3,328		0.2		3,389
POY Holdings, LLC#	One stop	SF +	5.50%	(k)	10.95%	11/2027	1,232		1,224		0.1		1,232
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(3)		—		—
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(13)		—		—
POY Holdings, LLC	One stop	SF +	5.50%	(k)	10.97%	11/2027	609		605		—		609
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	6.50%	(k)	11.96%	10/2026	1,972		1,954		0.1		1,972
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(k)	11.96%	10/2026	1,617		1,600		0.1		1,617
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(k)	11.96%	10/2026	1,207		1,192		0.1		1,207
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.96%	10/2026	1,191		1,181		0.1		1,191
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.96%	10/2026	947		937		0.1		947
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(k)	11.96%	10/2026	787		779		0.1		787
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(k)	11.96%	10/2026	687		680		0.1		687
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(k)	11.96%	10/2026	459		454		—		459
Quick Quack Car Wash Holdings, LLC	One stop	SF +	6.50%	(k)	11.96%	10/2026	394		389		—		394
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(k)	11.96%	10/2026	374		370		—		374
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.96%	10/2026	364		356		—		364
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.96%	10/2026	333		329		—		333
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.96%	10/2026	332		324		—		332
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.96%	10/2026	149		148		—		149
Quick Quack Car Wash Holdings, LLC	One stop	SF +	6.50%	(j)	11.93%	10/2026	60		59		—		60
Quick Quack Car Wash Holdings, LLC	One stop	SF +	6.50%	(j)(k)	11.96%	10/2026	45		42		—		45
Quick Quack Car Wash Holdings, LLC	One stop	SF +	6.50%	(k)	11.96%	10/2026	3,806		3,770		0.3		3,806
Spotless Brands, LLC#	One stop	SF +	6.50%	(k)	11.97%	07/2028	4,120		4,051		0.3		4,120
Spotless Brands, LLC	One stop	SF +	6.50%	(k)	11.96%	07/2028	448		444		—		448
Spotless Brands, LLC	One stop	SF +	6.50%	(k)	11.96%	07/2028	332		329		—		332
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)	07/2028	—		—		—		—
TWAS Holdings, LLC~^	One stop	SF +	6.75%	(j)	12.18%	12/2026	11,925		11,857		0.8		11,806
TWAS Holdings, LLC#	One stop	SF +	6.75%	(j)	12.18%	12/2026	7,731		7,688		0.5		7,653

See Notes to Consolidated Financial Statements

9

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
TWAS Holdings, LLC^	One stop	SF +	6.75%	(j)	12.18%		12/2026	$	7,197	$	7,157	0.5	%	$	7,125
TWAS Holdings, LLC#	One stop	SF +	6.75%	(j)	12.18%		12/2026	4,910		4,883		0.3		4,861
TWAS Holdings, LLC#	One stop	SF +	6.75%	(j)	12.18%		12/2026	3,096		3,078		0.2		3,065
TWAS Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—		(2)		—		(4)
Yorkshire Parent, Inc.#	One stop	SF +	6.00%	(k)	11.30%		12/2029	1,967		1,948		0.1		1,967
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(9)		—		—
Yorkshire Parent, Inc.	One stop	SF +	6.00%		N/A(6)		12/2029	—		—		—		—
								152,229		150,746		10.3		151,233
Banks
OSP Hamilton Purchaser, LLC#	One stop	SF +	5.50%	(j)	10.92%		12/2029	1,514		1,500		0.1		1,514
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(13)		—		—
OSP Hamilton Purchaser, LLC	One stop	SF +	5.50%		N/A(6)		12/2029	—		—		—		—
								1,514		1,487		0.1		1,514
Beverages
Financial Information Technologies, LLC#~	One stop	SF +	6.50%	(k)	11.80%		06/2030	12,291		12,127		0.9		12,537
Financial Information Technologies, LLC(23)	One stop	N/A			14.00%	PIK	06/2031	6,549		6,389		0.4		6,549
Financial Information Technologies, LLC#	One stop	SF +	5.50%	(k)	10.80%		06/2030	939		932		0.1		939
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)		06/2030	—		(15)		—		—
Watermill Express, LLC+	One stop	SF +	5.75%	(k)	11.21%		07/2029	871		863		0.1		871
Watermill Express, LLC	One stop	SF +	5.75%	(k)	11.21%		07/2029	84		84		—		84
Watermill Express, LLC	One stop	SF +	5.75%	(j)(k)	11.19%		07/2029	7		7		—		7
Watermill Express, LLC#	One stop	SF +	5.75%	(k)	11.21%		07/2029	431		422		—		431
Watermill Express, LLC	One stop	SF +	5.75%	(j)	11.18%		07/2029	30		28		—		30
Winebow Holdings, Inc.#~	One stop	SF +	6.25%	(j)	11.68%		07/2025	3,006		2,993		0.2		2,947
								24,208		23,829		1.7		24,395
Building Products
BECO Holding Company, Inc.#~^	One stop	SF +	5.25%	(k)	10.70%		11/2028	33,485		33,268		2.3		33,485
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2027	—		(3)		—		—
								33,485		33,265		2.3		33,485
Capital Markets
BlueMatrix Holdings, LLC#	One stop	SF +	5.25%	(k)	10.55%		01/2031	2,213		2,194		0.1		2,193
BlueMatrix Holdings, LLC	One stop	SF +	5.25%		N/A(6)		01/2031	—		—		—		—
BlueMatrix Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)		01/2031	—		(6)		—		(6)
								2,213		2,188		0.1		2,187
Chemicals
Inhance Technologies Holdings LLC^(23)	One stop	SF +	6.00%	(k)	11.48%		07/2024	3,584		3,580		0.2		3,046
Inhance Technologies Holdings LLC#(23)	One stop	SF +	6.00%	(k)	11.48%		07/2024	2,428		2,426		0.1		2,064
Inhance Technologies Holdings LLC#(23)	One stop	SF +	6.00%	(k)	11.48%		07/2024	734		734		—		624
Inhance Technologies Holdings LLC(23)	One stop	SF +	6.00%	(k)	11.48%		07/2024	106		106		—		89
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(d)	10.11%		09/2028	14,709		15,606		0.9		12,944
PHM NL SP Bidco B.V.(8)(14)	One stop	SF +	6.25%	(i)	11.81%		09/2028	5,922		5,856		0.4		5,212
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	SN +	6.25%	(h)	11.44%		09/2028	3,267		3,408		0.2		2,872
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(d)	10.21%		09/2028	1,555		1,605		0.1		1,368
								32,305		33,321		1.9		28,219

See Notes to Consolidated Financial Statements

10

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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
BradyIFS Holdings, LLC+	One stop	SF +	6.00%	(k)	11.31%				10/2029	$	4,448	$	4,365	0.3	%	$	4,448
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(k)	11.31%				10/2029	120		115		—		120
BradyIFS Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		—
CI (Quercus) Intermediate Holdings, LLC#~	One stop	SF +	5.25%	(k)	10.70%				10/2028	7,723		7,655		0.5		7,723
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(2)		—		—
Encore Holdings, LLC	One stop	SF +	5.25%	(j)(k)	10.65%				11/2028	391		383		—		389
Encore Holdings, LLC#	One stop	SF +	5.25%	(k)	10.65%				11/2028	83		81		—		83
Encore Holdings, LLC(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—		(9)		—		(18)
FR Vision Holdings, Inc.#	One stop	SF +	5.50%	(k)	10.81%				01/2031	718		711		—		718
FR Vision Holdings, Inc.	One stop	SF +	5.50%	(k)	10.82%				01/2031	60		58		—		60
FR Vision Holdings, Inc.	One stop	SF +	5.50%		N/A(6)				01/2030	—		—		—		—
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(j)	11.58%				09/2030	373		366		—		373
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2030	—		(1)		—		—
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25%	(k)	10.71%				07/2027	3,715		3,694		0.3		3,715
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.25%	(k)	10.71%				07/2027	1,251		1,244		0.1		1,251
North Haven Stack Buyer, LLC(5)	Second lien	N/A			N/A(6)				01/2028	—		(10)		—		—
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.70%				07/2027	690		683		0.1		690
North Haven Stack Buyer, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		(9)		—		—
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.71%				07/2027	415		412		—		415
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.25%	(k)	10.71%				07/2027	413		411		—		413
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.72%				07/2027	25		24		—		25
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.73%				07/2027	61		60		—		61
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.71%				07/2027	30		30		—		30
North Haven Stack Buyer, LLC(23)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	792		782		0.1		792
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.72%				07/2027	451		445		—		451
North Haven Stack Buyer, LLC	Senior secured	SF +	5.25%	(k)	10.72%				07/2027	432		426		—		432
Profile Products LLC#	One stop	SF +	5.50%	(k)	10.93%				11/2027	2,837		2,801		0.2		2,781
Profile Products LLC#(8)	One stop	SF +	5.50%	(k)	10.93%				11/2027	575		568		—		564
Profile Products LLC	One stop	P +	4.50%	(a)	13.00%				11/2027	15		15		—		14
Profile Products LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—		—		—		(1)
PT Intermediate Holdings III, LLC#~^	One stop	SF +	5.98%	(k)	11.43%				11/2028	24,062		23,796		1.7		24,062
PT Intermediate Holdings III, LLC#	One stop	SF +	5.98%	(k)	11.43%				11/2028	15,312		15,166		1.1		15,312
PT Intermediate Holdings III, LLC#	One stop	SF +	6.50%	(k)	11.80%				11/2028	1,502		1,485		0.1		1,502
PT Intermediate Holdings III, LLC(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(4)		—		—
Radwell Parent, LLC#^	One stop	SF +	6.53%	(k)	11.93%				03/2029	12,298		12,158		0.9		12,298
Radwell Parent, LLC+	One stop	SF +	6.75%	(k)	12.05%				03/2029	9,826		9,592		0.7		9,826
Radwell Parent, LLC(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(25)		—		—
Radwell Parent, LLC	One stop	SF +	6.75%	(k)	12.05%				03/2029	79		70		—		79
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%	(l)	11.06%				06/2027	495		492		—		495
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%	(l)	11.13%				06/2027	257		254		—		257
Trinity Air Consultants Holdings Corporation#	One stop	SF +	5.75%	(l)	11.29%				06/2027	174		172		—		174
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
										89,623		88,452		6.1		89,534

See Notes to Consolidated Financial Statements

11

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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(8)(10)	One stop	SF +	5.50%	(i)	11.25%				09/2028	$	4,453	$	4,396	0.3	%	$	4,453
Lightning Finco Limited(8)(9)(10)	One stop	E +	5.50%	(d)	9.39%				09/2028	493		536		—		493
										4,946		4,932		0.3		4,946
Containers and Packaging
AmerCareRoyal LLC#(23)	Senior secured	SF +	6.50%	(j)	11.98%				11/2025	2,536		2,521		0.2		2,536
AmerCareRoyal LLC#(23)	Senior secured	SF +	6.50%	(j)	11.98%				11/2025	542		539		0.1		542
AmerCareRoyal LLC(23)	Senior secured	SF +	6.50%	(j)	11.98%				11/2025	527		523		—		527
AmerCareRoyal LLC#(8)(23)	Senior secured	SF +	6.50%	(j)	11.98%				11/2025	456		453		—		456
Chase Intermediate#~^	One stop	SF +	5.00%	(k)	10.46%				10/2028	38,633		38,394		2.6		38,150
Chase Intermediate(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—		(2)		—		(5)
Chase Intermediate(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(16)		—		—
Fortis Solutions Group, LLC~^+	One stop	SF +	5.50%	(k)	10.90%				10/2028	15,697		15,522		1.0		15,226
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.90%				10/2028	440		425		—		358
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.90%				10/2028	44		11		—		43
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(k)	10.90%				10/2027	15		11		—		8
										58,890		58,381		3.9		57,841
Diversified Consumer Services
Apex Service Partners, LLC#(23)	One stop	SF +	7.00%	(k)	10.32%	cash/	2.00%	PIK	10/2030	4,022		3,966		0.3		4,022
Apex Service Partners, LLC(23)	One stop	SF +	7.00%	(k)	12.33%				10/2030	525		513		—		525
Apex Service Partners, LLC	One stop	SF +	6.50%	(k)	11.82%				10/2029	19		18		—		19
Certus Pest, Inc.~	One stop	SF +	6.75%	(k)	12.20%				02/2026	613		605		—		613
Certus Pest, Inc.~	One stop	SF +	6.75%	(k)	12.20%				02/2026	588		577		—		588
Certus Pest, Inc.	One stop	SF +	6.75%	(k)	12.20%				02/2026	424		423		—		424
Certus Pest, Inc.~	One stop	SF +	6.75%	(k)	12.20%				02/2026	419		416		—		419
Certus Pest, Inc.~	One stop	SF +	6.75%	(k)	12.20%				02/2026	291		287		—		291
Certus Pest, Inc.~	One stop	SF +	6.75%	(k)	12.20%				02/2026	256		248		—		256
Certus Pest, Inc.	One stop	SF +	6.75%	(k)	12.20%				02/2026	250		248		—		250
Certus Pest, Inc.~	One stop	SF +	6.75%	(k)	12.20%				02/2026	147		145		—		147
Certus Pest, Inc.	One stop	SF +	6.75%	(k)	12.20%				02/2026	92		89		—		92
Certus Pest, Inc.	One stop	SF +	6.75%	(k)	12.20%				02/2026	50		45		—		50
Certus Pest, Inc.	One stop	SF +	6.75%	(k)	12.20%				02/2026	21		20		—		21
Certus Pest, Inc.	One stop	SF +	6.75%		N/A(6)				02/2026	—		—		—		—
CHHJ Midco, LLC#	Senior secured	SF +	5.00%	(k)	10.46%				01/2026	1,069		1,065		0.1		1,069
CHHJ Midco, LLC	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(k)	10.73%				07/2027	964		955		0.1		957
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.50%	(a)(k)	11.98%				07/2027	1,135		1,114		0.1		1,135
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.50%	(k)	10.97%				07/2027	926		910		0.1		926
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.50%	(a)(k)	11.59%				07/2027	821		806		0.1		821
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(k)	10.73%				07/2027	726		722		0.1		720
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(k)	10.73%				07/2027	707		701		0.1		702
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(k)	10.71%				07/2027	581		574		—		577
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(k)	10.73%				07/2027	463		460		—		460
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(k)	10.72%				07/2027	328		325		—		325
COP Hometown Acquisitions, Inc.(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		(1)		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(k)	11.55%				09/2028	1,304		1,287		0.1		1,304
DP Flores Holdings, LLC	One stop	SF +	6.25%	(k)	11.55%				09/2028	203		200		—		203
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(3)		—		—
EMS LINQ, LLC+	One stop	SF +	6.25%	(j)	11.68%				12/2027	4,244		4,218		0.3		4,202

See Notes to Consolidated Financial Statements

12

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
EMS LINQ, LLC	One stop	SF +	6.25%	(j)	11.68%				12/2027	$	40	$	39	—	%	$	39
Entomo Brands Acquisitions, Inc.#	Senior secured	SF +	5.50%	(k)	10.95%				07/2029	1,561		1,540		0.1		1,561
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(k)	10.95%				07/2029	375		365		—		375
Entomo Brands Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		(1)		—		—
EWC Growth Partners LLC^	One stop	SF +	6.00%	(k)	11.45%				03/2026	1,075		1,071		0.1		1,075
EWC Growth Partners LLC	One stop	SF +	6.00%	(k)	11.45%				03/2026	102		102		—		102
EWC Growth Partners LLC#	One stop	SF +	6.00%	(k)	11.45%				03/2026	62		62		—		62
EWC Growth Partners LLC	One stop	SF +	6.00%	(k)	11.45%				03/2026	14		14		—		14
FPG Intermediate Holdco, LLC(23)	One stop	SF +	6.75%	(j)	8.18%	cash/	4.00%	PIK	03/2027	7,214		7,118		0.5		6,853
FPG Intermediate Holdco, LLC^(23)	One stop	SF +	6.75%	(j)	8.18%	cash/	4.00%	PIK	03/2027	6,182		6,129		0.4		5,873
FPG Intermediate Holdco, LLC(23)	One stop	SF +	6.75%	(j)	8.18%	cash/	4.00%	PIK	03/2027	22		21		—		22
FSS Buyer LLC^	One stop	SF +	5.75%	(j)	11.18%				08/2028	2,297		2,269		0.2		2,297
FSS Buyer LLC	One stop	SF +	5.75%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(k)	11.09%				06/2029	3,945		3,886		0.3		3,945
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(j)	11.08%				06/2028	16		15		—		16
HS Spa Holdings, Inc.(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(1)		—		—
Learn-it Systems, LLC#(23)	Senior secured	SF +	5.25%	(k)	7.96%	cash/	2.75%	PIK	09/2026	766		764		0.1		743
Learn-it Systems, LLC(23)	Senior secured	SF +	5.25%	(l)	7.93%	cash/	2.75%	PIK	09/2026	578		576		—		561
Learn-it Systems, LLC(23)	Senior secured	SF +	5.25%	(l)	7.93%	cash/	2.75%	PIK	09/2026	212		211		—		206
Learn-it Systems, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				09/2026	—		—		—		(1)
Liminex, Inc.#+	One stop	SF +	7.25%	(j)	12.68%				11/2026	19,521		19,372		1.3		19,521
Liminex, Inc.#	One stop	SF +	7.25%	(j)	12.68%				11/2026	10,188		10,116		0.7		10,188
Liminex, Inc.#	One stop	SF +	7.25%	(j)	12.68%				11/2026	3,516		3,486		0.2		3,516
Liminex, Inc.#	One stop	SF +	7.25%	(j)	12.68%				11/2026	116		114		—		116
Liminex, Inc.	One stop	SF +	7.25%	(j)	12.68%				11/2026	105		103		—		105
Litera Bidco LLC#	One stop	SF +	6.00%	(j)	11.43%				05/2026	1,302		1,295		0.1		1,302
Litera Bidco LLC#	One stop	SF +	5.25%	(j)	10.68%				05/2026	599		596		—		599
Litera Bidco LLC	One stop	SF +	5.25%	(j)	10.68%				05/2026	268		267		—		268
Litera Bidco LLC	One stop	SF +	5.25%	(j)	10.68%				05/2026	268		268		—		268
Litera Bidco LLC	One stop	SF +	6.00%	(j)	11.43%				05/2026	118		117		—		118
Litera Bidco LLC	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC#	One stop	SF +	5.75%	(j)	11.18%				04/2029	3,903		3,846		0.3		3,786
Mario Purchaser, LLC	One stop	SF +	5.75%	(j)	11.18%				04/2029	4,209		4,136		0.3		4,062
Mario Purchaser, LLC(23)	One stop	SF +	10.75%	(j)	16.18%	PIK			04/2032	2,142		2,107		0.1		2,078
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(2)
Mathnasium, LLC+	One stop	SF +	5.00%	(k)	10.46%				11/2027	4,134		4,109		0.3		4,134
Mathnasium, LLC	One stop	SF +	5.00%	(k)	10.46%				11/2027	32		32		—		32
NSG Buyer, Inc. ^	One stop	SF +	6.50%	(j)	11.93%				11/2029	9,838		9,680		0.7		9,961
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(23)		—		(24)
NSG Buyer, Inc.	One stop	SF +	5.75%	(j)	11.08%				11/2029	474		444		—		469
Provenance Buyer LLC^	One stop	SF +	5.00%	(j)	10.43%				06/2027	4,257		4,229		0.3		4,214
Provenance Buyer LLC#~	One stop	SF +	5.00%	(j)	10.43%				06/2027	2,903		2,871		0.2		2,874
Provenance Buyer LLC	One stop	SF +	5.00%	(j)	10.43%				06/2027	63		61		—		61
RW AM Holdco LLC^	One stop	SF +	5.25%	(k)	10.65%				04/2028	9,040		8,979		0.6		8,679
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(6)
Virginia Green Acquisition, LLC#	One stop	SF +	5.50%	(l)	10.75%				12/2030	2,107		2,087		0.2		2,107
Virginia Green Acquisition, LLC	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		—
Virginia Green Acquisition, LLC	One stop	SF +	5.50%	(l)	10.72%				12/2030	48		40		—		48
										124,800		123,441		8.4		123,335

See Notes to Consolidated Financial Statements

13

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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 Financial Services
Avalara, Inc.#	One stop	SF +	7.25%	(k)	12.56%	10/2028	$	6,229	$	6,111	0.4	%	$	6,229
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)	10/2028	—		(2)		—		—
Banker's Toolbox, Inc.^	One stop	SF +	5.25%	(l)	10.50%	07/2027	3,397		3,378		0.2		3,397
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(l)	10.50%	07/2027	633		631		0.1		633
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(k)	10.66%	07/2027	43		43		—		43
Finastra USA, Inc.#	One stop	SF +	7.25%	(l)	12.46%	09/2029	450		442		—		450
Finastra USA, Inc.	One stop	SF +	7.25%	(j)	12.57%	09/2029	9		8		—		9
Flash Topco, Inc.^	One stop	SF +	5.75%	(l)	11.44%	10/2028	7,511		7,463		0.5		7,135
Flash Topco, Inc.	One stop	SF +	6.50%	(k)(l)	11.86%	10/2028	73		73		—		70
Flash Topco, Inc.	One stop	SF +	6.50%	(k)(l)	11.87%	12/2024	38		38		—		38
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(j)	10.93%	11/2028	2,888		2,869		0.2		2,895
Higginbotham Insurance Agency, Inc.#	One stop	SF +	5.50%	(j)	10.93%	11/2028	1,804		1,791		0.1		1,808
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(j)	10.93%	11/2028	946		944		0.1		949
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	—		N/A(6)	11/2028	—		(4)		—		(4)
							24,021		23,785		1.6		23,652
Diversified Telecommunication Services
NTI Connect, LLC#	Senior secured	SF +	5.50%	(k)	10.95%	01/2026	628		621		—		628
Electrical Equipment
Power Grid Holdings, Inc.#	One stop	SF +	4.75%	(k)	10.09%	12/2030	1,026		1,007		0.1		1,006
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(j)	10.08%	12/2030	1		—		—		—
							1,027		1,007		0.1		1,006
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.75%	(j)	12.18%	11/2028	9,826		9,600		0.7		9,826
CST Holding Company	One stop	SF +	6.75%	(j)	12.18%	11/2028	5		4		—		5
							9,831		9,604		0.7		9,831
Food & Staples Retailing
Mendocino Farms, LLC#	One stop	SF +	5.50%	(j)	10.83%	03/2030	684		677		0.1		677
Mendocino Farms, LLC	One stop	SF +	5.50%	(j)	10.83%	03/2030	38		35		—		35
Mendocino Farms, LLC(5)	One stop	SF +	5.50%		N/A(6)	03/2030	—		—		—		(1)
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(k)	12.95%	06/2024	324		324		—		324
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(k)	12.95%	06/2024	146		146		—		146
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(k)	12.95%	06/2024	114		114		—		114
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(k)	12.95%	06/2024	54		54		—		54
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(k)	12.95%	06/2024	5		5		—		5
Wineshipping.com LLC^	One stop	SF +	5.75%	(k)	11.24%	10/2027	3,032		3,015		0.2		2,790
Wineshipping.com LLC	One stop	SF +	5.75%	(k)	11.23%	10/2027	83		82		—		76
Wineshipping.com LLC	One stop	SF +	5.75%	(a)(k)	11.41%	10/2027	73		73		—		67
							4,553		4,525		0.3		4,287

See Notes to Consolidated Financial Statements

14

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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
Blast Bidco Inc.#	One stop	SF +	6.00%	(k)	11.30%				10/2030	$	450	$	444	—	%	$	446
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		(1)
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(k)	11.45%				06/2027	5,309		5,255		0.4		5,309
Borrower R365 Holdings, LLC#	One stop	SF +	6.00%	(k)	11.45%				06/2027	442		437		—		442
Borrower R365 Holdings, LLC	One stop	SF +	6.00%	(k)	11.45%				06/2027	190		189		—		190
Borrower R365 Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				06/2027	—		(1)		—		—
Flavor Producers, LLC#(23)	Senior secured	SF +	6.50%	(a)(k)	10.15%	cash/	1.75%	PIK	12/2025	443		443		—		429
Flavor Producers, LLC	Senior secured	SF +	4.75%	(k)	10.15%				09/2025	8		8		—		7
Kodiak Cakes, LLC+	Senior secured	SF +	6.75%	(j)	12.08%				06/2027	4,791		4,693		0.3		4,791
Kodiak Cakes, LLC	Senior secured	SF +	6.75%	(j)	12.08%				06/2026	15		12		—		15
Louisiana Fish Fry Products, Ltd.#~	One stop	SF +	6.25%	(k)	11.70%				07/2027	4,143		4,120		0.3		4,101
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(j)(k)	11.70%				07/2027	83		83		—		82
MAPF Holdings, Inc.~^+	One stop	SF +	5.00%	(k)	10.45%				12/2026	14,842		14,773		1.0		14,842
MAPF Holdings, Inc.#	One stop	SF +	5.00%	(k)	10.45%				12/2026	1,174		1,166		0.1		1,174
MAPF Holdings, Inc.	One stop	SF +	5.00%	(k)	10.46%				12/2026	300		299		—		300
P&P Food Safety Holdings, Inc.~^	One stop	SF +	6.00%	(k)	11.45%				12/2026	7,388		7,343		0.5		7,241
P&P Food Safety Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(1)		—		(2)
Ultimate Baked Goods Midco LLC#	One stop	SF +	6.25%	(j)	11.68%				08/2027	2,791		2,764		0.2		2,791
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(1)		—		—
Whitebridge Pet Brands, LLC^	One stop	SF +	4.75%	(j)	10.18%				07/2027	8,455		8,397		0.6		8,455
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(1)		—		—
Wizard Bidco Limited#(8)(10)	One stop	SF +	6.00%	(k)	11.31%				03/2029	6,497		6,393		0.5		6,497
Wizard Bidco Limited#(8)(9)(10)(23)	One stop	SN +	6.25%	(h)	9.94%	cash/	1.50%	PIK	03/2029	3,373		3,481		0.2		3,202
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	6.00%	(h)	11.19%				03/2029	2,246		2,159		0.2		2,244
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	4.75%	(h)	9.94%				09/2028	95		91		—		90
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—		(19)		—		—
										63,035		62,526		4.3		62,645

See Notes to Consolidated Financial Statements

15

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Equipment and Supplies
Aspen Medical Products, LLC~	One stop	SF +	5.00%	(k)	10.46%	06/2025	$	937	$	935	0.1	%	$	937
Aspen Medical Products, LLC#	One stop	SF +	5.00%	(k)	10.46%	06/2025	60		60		—		60
Aspen Medical Products, LLC	One stop	SF +	5.00%		N/A(6)	06/2025	—		—		—		—
Baduhenna Bidco Limited(8)(10)	One stop	SF +	5.95%	(i)	11.52%	08/2028	2,330		2,304		0.2		2,330
Baduhenna Bidco Limited(8)(9)(10)	One stop	E +	5.95%	(c)	9.85%	08/2028	1,345		1,459		0.1		1,345
Baduhenna Bidco Limited(8)(9)(10)	One stop	SN +	5.95%	(h)	11.26%	08/2028	384		418		—		384
Baduhenna Bidco Limited(8)(9)(10)	One stop	E +	5.95%	(c)	9.84%	08/2028	321		328		—		321
Baduhenna Bidco Limited(8)(10)	One stop	SF +	6.00%	(i)	11.38%	08/2028	575		575		—		575
Belmont Instrument, LLC^	One stop	SF +	6.25%	(k)	11.55%	08/2028	4,827		4,791		0.3		4,827
Belmont Instrument, LLC	One stop	SF +	6.25%	(k)	11.55%	08/2028	33		32		—		33
Blades Buyer, Inc.#~	Senior secured	SF +	5.00%	(j)(l)	10.43%	03/2028	2,454		2,438		0.2		2,436
Blades Buyer, Inc.#	Senior secured	SF +	5.00%	(j)	10.43%	03/2028	1,101		1,093		0.1		1,093
Blades Buyer, Inc.#	Senior secured	SF +	5.25%	(j)	10.68%	03/2028	457		452		—		457
Blades Buyer, Inc.	Senior secured	P +	3.75%	(a)(j)	11.42%	03/2028	31		30		—		29
Blue River Pet Care, LLC~^	One stop	SF +	5.00%	(j)	10.43%	08/2026	12,857		12,779		0.9		12,857
Blue River Pet Care, LLC#	One stop	SF +	5.00%	(j)	10.43%	08/2026	11,764		11,705		0.8		11,764
Blue River Pet Care, LLC#	One stop	SF +	5.00%	(j)	10.43%	08/2026	2,743		2,729		0.2		2,743
Blue River Pet Care, LLC#	One stop	SF +	5.00%	(j)	10.43%	08/2026	2,636		2,623		0.2		2,636
Blue River Pet Care, LLC	One stop	SF +	5.00%	(j)	10.43%	08/2026	2,610		2,597		0.2		2,610
Blue River Pet Care, LLC	One stop	SF +	5.00%	(j)	10.43%	08/2026	2,006		1,996		0.1		2,006
Blue River Pet Care, LLC	One stop	SF +	5.00%	(j)	10.43%	08/2026	30		29		—		30
Blue River Pet Care, LLC	One stop	SF +	5.00%	(j)	10.43%	08/2026	1,188		1,182		0.1		1,188
Blue River Pet Care, LLC	One stop	SF +	5.00%	(j)	10.43%	08/2026	107		97		—		107
CCSL Holdings, LLC~(8)	One stop	SF +	5.75%	(j)	11.08%	12/2028	6,007		5,922		0.4		6,007
CCSL Holdings, LLC#(8)	One stop	SF +	5.75%	(j)	11.08%	12/2028	1,622		1,600		0.1		1,622
CCSL Holdings, LLC#(8)(9)	One stop	SN +	5.75%	(h)	10.94%	12/2028	974		956		0.1		973
CCSL Holdings, LLC(8)	One stop	SF +	5.75%	(j)	11.08%	12/2028	837		823		0.1		837
CCSL Holdings, LLC(8)	One stop	SF +	5.75%	(j)	11.08%	12/2028	30		27		—		30
CCSL Holdings, LLC(5)(8)	One stop	SF +	5.75%		N/A(6)	12/2028	—		(9)		—		—
CCSL Holdings, LLC(8)	One stop	SF +	5.75%	(j)	11.08%	12/2028	338		330		—		338
CMI Parent Inc.~+	Senior secured	SF +	4.75%	(j)	10.18%	08/2025	13,719		13,677		0.9		13,634
CMI Parent Inc.+	Senior secured	SF +	4.75%	(j)	10.18%	08/2025	6,504		6,480		0.4		6,463
CMI Parent Inc.#	Senior secured	SF +	4.75%	(j)	10.18%	08/2025	6,101		6,073		0.4		6,063
CMI Parent Inc.(5)	Senior secured	SF +	4.75%		N/A(6)	08/2025	—		—		—		(1)
TIDI Legacy Products, Inc.#	One stop	SF +	5.50%	(j)	10.83%	12/2029	3,194		3,169		0.2		3,162
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)	12/2029	—		—		—		(1)
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)	12/2029	—		(3)		—		—
YI, LLC#	One stop	SF +	5.75%	(j)	11.07%	12/2029	4,076		3,998		0.3		3,995
YI, LLC	One stop	SF +	5.75%	(j)	11.08%	12/2029	1		—		—		—
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(8)		—		(9)
							94,199		93,687		6.4		93,881

See Notes to Consolidated Financial Statements

16

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC	One stop	SF +	5.50%	(j)	10.93%				12/2027	$	7,675	$	7,620	0.5	%	$	7,560
AAH TOPCO, LLC (23)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,293		1,278		0.1		1,183
AAH TOPCO, LLC #	One stop	SF +	5.50%	(j)	10.93%				12/2027	513		510		—		505
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(1)
AAH TOPCO, LLC	One stop	SF +	6.00%	(j)	11.43%				12/2027	525		498		—		525
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(23)	Subordinated debt	N/A			13.75%				03/2028	14,861		14,726		1.0		14,750
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~	One stop	SF +	6.00%	(k)	11.44%				03/2027	1,815		1,803		0.1		1,815
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(k)	11.44%				03/2027	1,517		1,503		0.1		1,517
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(23)	Subordinated debt	N/A			13.75%				03/2028	930		923		0.1		924
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	SF +	6.00%	(k)	11.41%				03/2027	688		682		0.1		688
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(23)	Subordinated debt	N/A			13.75%				03/2028	356		354		—		353
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	SF +	6.00%	(k)	11.41%				03/2027	327		326		—		327
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
Bamboo US Bidco LLC#(23)	One stop	SF +	6.75%	(k)	8.69%	cash/	3.38%	PIK	09/2030	245		238		—		245
Bamboo US Bidco LLC#(8)(9)(23)	One stop	E +	6.75%	(c)	7.29%	cash/	3.38%	PIK	09/2030	164		156		—		164
Bamboo US Bidco LLC(23)	One stop	SF +	6.75%	(k)	8.70%	cash/	3.38%	PIK	09/2030	4		3		—		4
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		—
Community Care Partners, LLC#	One stop	SF +	6.00%	(j)	11.44%				06/2026	1,194		1,188		0.1		1,122
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	6.25%	(k)	11.70%				06/2025	3,926		3,907		0.3		3,926
CRH Healthcare Purchaser, Inc.~	Senior secured	SF +	6.25%	(k)	11.70%				06/2025	1,648		1,640		0.1		1,648
CRH Healthcare Purchaser, Inc.~	Senior secured	SF +	6.25%	(k)	11.70%				06/2025	1,233		1,227		0.1		1,233
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	6.25%	(k)	11.70%				06/2025	835		831		0.1		835
CRH Healthcare Purchaser, Inc.	Senior secured	SF +	6.25%	(k)	11.70%				06/2025	60		59		—		60
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(h)	9.69%				04/2025	23,833		25,612		1.6		23,814
Datix Bidco Limited(8)(9)(10)	Second lien	SN +	7.75%	(h)	12.94%				04/2026	8,457		9,060		0.6		8,450
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(h)	9.69%				04/2025	4,414		4,712		0.3		4,411
Datix Bidco Limited(8)(10)	Senior secured	SF +	4.50%	(l)	9.94%				04/2025	183		183		—		183
Datix Bidco Limited(8)(10)	Second lien	SF +	7.75%	(l)	13.19%				04/2026	58		58		—		58
Datix Bidco Limited(8)(10)	Senior secured	SF +	4.50%	(l)	9.94%				09/2024	20		20		—		20
Elite Dental Partners LLC(7)(23)	One stop	SF +	5.25%	(k)	10.70%	PIK			09/2024	2,098		1,889		0.1		797
Elite Dental Partners LLC(7)(23)	One stop	SF +	12.00%	(k)	17.45%	PIK			09/2024	1,126		963		—		541
Elite Dental Partners LLC(23)	One stop	SF +	5.25%	(k)	10.70%	PIK			09/2024	226		226		—		226
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	14,610		14,588		1.0		14,098
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	7,519		7,506		0.5		7,256
Encorevet Group LLC~(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	3,965		3,960		0.3		3,826
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	1,977		1,974		0.1		1,908
Encorevet Group LLC~(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	1,779		1,779		0.1		1,717
Encorevet Group LLC~(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	1,108		1,106		0.1		1,069
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	920		919		0.1		888
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	655		654		—		632
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	627		626		—		605
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	568		566		—		548
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	391		390		—		377
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	244		243		—		235

See Notes to Consolidated Financial Statements

17

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	$	158	$	158	—	%	$	153
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.24%				02/2027	119		119		—		115
Encorevet Group LLC(23)	One stop	SF +	6.75%	(k)	12.21%				02/2027	47		47		—		45
Encorevet Group LLC	One stop	SF +	8.75%	(k)	14.20%				02/2027	1		1		—		1
ERC Topco Holdings, LLC#^(23)	One stop	SF +	6.25%	(k)	8.56%	cash/	3.25%	PIK	11/2028	17,541		17,438		0.9		13,682
ERC Topco Holdings, LLC#^(23)	One stop	SF +	6.25%	(k)	11.86%	PIK			11/2028	144		142		—		112
ERC Topco Holdings, LLC(23)	One stop	SF +	6.25%	(k)	8.58%	cash/	3.25%	PIK	11/2027	114		113		—		81
ERC Topco Holdings, LLC(23)	One stop	SF +	6.25%	(k)	11.86%	PIK			11/2028	1		1		—		1
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	CA +	5.75%	(m)	11.09%				03/2027	3,378		3,549		0.2		3,377
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	CA +	5.75%	(m)	11.09%				03/2027	2,472		2,514		0.2		2,472
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	CA +	5.75%	(m)	11.09%				03/2027	2,300		2,432		0.2		2,299
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(k)	11.21%				03/2027	1,035		1,026		0.1		1,035
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(9)(12)	One stop	CA +	5.75%	(m)	11.09%				03/2027	712		716		0.1		712
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(k)	11.21%				03/2027	460		456		—		460
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	CA +	5.75%	(m)	11.09%				03/2027	399		391		—		399
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(j)	10.18%				12/2026	2,385		2,372		0.2		2,361
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(j)	10.18%				12/2026	377		375		—		373
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.^(8)(12)	Senior secured	SF +	4.50%	(k)	9.90%				03/2028	3,854		3,832		0.3		3,854
Klick Inc.(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.75%	(k)	11.20%				05/2026	782		776		0.1		782
Krueger-Gilbert Health Physics, LLC#	Senior secured	SF +	5.75%	(k)	11.20%				05/2026	465		461		—		465
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.75%	(k)	11.20%				05/2026	459		456		—		459
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.75%	(k)	11.20%				05/2026	318		315		—		318
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.75%	(k)	11.20%				05/2026	124		123		—		124
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.75%	(k)	11.20%				05/2026	30		30		—		30
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.75%	(k)	11.23%				05/2026	81		71		—		81
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(9)(12)(23)	One stop	C +	6.00%	(g)	9.30%	cash/	2.00%	PIK	05/2028	7,289		8,004		0.5		6,996
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(k)	10.95%				05/2028	1,651		1,638		0.1		1,585
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(k)	10.95%				05/2028	1,181		1,168		0.1		1,134
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(g)	10.80%				05/2028	462		491		—		443
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(g)	10.80%				05/2028	241		250		—		231
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)(23)	One stop	SF +	6.00%	(k)	9.45%	cash/	2.00%	PIK	05/2028	87		86		—		84
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(g)	10.80%				05/2026	17		14		—		12
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—		(1)		—		(2)
Opening Day Borrower 111 LLC(7)(23)	One stop	SF +	6.25%	(k)	11.70%				05/2027	1,550		1,324		0.1		1,302
Opening Day Borrower 111 LLC(7)(23)	One stop	SF +	6.25%	(k)	11.70%				05/2027	593		518		—		498
Opening Day Borrower 111 LLC(7)	One stop	SF +	6.25%	(k)	11.71%				05/2027	106		106		—		78
Premise Health Holding Corp.#	One stop	SF +	5.50%	(k)	10.84%				03/2031	950		936		0.1		936
Premise Health Holding Corp.(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—		(1)		—		(1)
Suveto Buyer, LLC	One stop	SF +	4.25%	(j)	9.68%				09/2027	8,315		8,267		0.6		8,231
Suveto Buyer, LLC	One stop	SF +	4.25%	(a)(j)	10.18%				09/2027	56		55		—		54
										174,841		177,272		11.3		166,414

See Notes to Consolidated Financial Statements

18

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(l)	13.75%				09/2026	$	182	$	180	—	%	$	182
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(j)	10.83%				05/2028	2,676		2,657		0.2		2,656
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(j)	10.83%				05/2028	811		805		0.1		805
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.75%	(j)	11.08%				05/2028	109		106		—		109
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(j)	10.83%				05/2028	24		24		—		24
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(4)		—		—
Color Intermediate, LLC#	One stop	SF +	5.50%	(k)	10.91%				10/2029	6,047		5,952		0.4		6,047
Connexin Software, Inc.#	One stop	SF +	8.50%	(k)	13.95%				03/2027	1,794		1,781		0.1		1,794
Connexin Software, Inc.	One stop	SF +	8.50%		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(k)	13.06%				01/2029	2,096		2,061		0.2		2,096
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
ESO Solution, Inc.#+	One stop	SF +	7.00%	(k)	12.35%				05/2027	3,811		3,786		0.3		3,811
ESO Solution, Inc.	One stop	SF +	7.00%	(k)	12.35%				03/2027	43		42		—		43
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(k)	11.15%				08/2026	1,482		1,469		0.1		1,482
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(k)	11.15%				08/2026	782		782		0.1		782
HSI Halo Acquisition, Inc.~	One stop	SF +	5.75%	(k)	11.15%				08/2026	515		513		—		515
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(k)	11.15%				08/2026	495		487		—		495
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(k)	11.15%				08/2026	359		356		—		359
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(k)	11.15%				08/2026	300		299		—		300
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(a)(k)	11.53%				09/2025	46		46		—		46
Lacker Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(h)	10.44%				02/2031	404		398		—		399
Lacker Bidco Limited(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		—		—		—
Lacker Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				02/2031	—		(7)		—		(7)
Neptune Holdings, Inc.~	One stop	SF +	6.00%	(l)	11.29%				09/2030	11,324		11,168		0.8		11,324
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		—
Plasma Buyer LLC#	One stop	SF +	5.75%	(k)	11.06%				05/2029	2,755		2,711		0.2		2,673
Plasma Buyer LLC	One stop	SF +	5.75%	(k)	11.06%				05/2028	33		32		—		32
Plasma Buyer LLC	One stop	SF +	6.25%	(k)	11.56%				05/2029	21		20		—		20
QF Holdings, Inc.	One stop	SF +	5.75%	(k)	11.16%				12/2027	305		302		—		305
Qgenda Intermediate Holdings, LLC#	One stop	SF +	4.75%	(k)	10.15%				06/2027	5,579		5,537		0.4		5,579
Qgenda Intermediate Holdings, LLC~	One stop	SF +	4.75%	(k)	10.15%				06/2027	4,909		4,886		0.3		4,909
Qgenda Intermediate Holdings, LLC~	One stop	SF +	4.75%	(k)	10.15%				06/2027	2,376		2,364		0.2		2,376
Qgenda Intermediate Holdings, LLC#	One stop	SF +	4.75%	(k)	10.15%				06/2027	666		661		0.1		666
Qgenda Intermediate Holdings, LLC	One stop	SF +	4.75%	(k)	10.15%				06/2027	75		74		—		75
Transaction Data Systems, Inc.~+	One stop	SF +	4.25%	(k)	9.70%				02/2026	10,986		10,898		0.7		10,986
Transaction Data Systems, Inc.	One stop	SF +	4.25%		N/A(6)				02/2026	—		—		—		—
Veranex, Inc.(23)	Senior secured	SF +	6.25%	(l)	10.59%	cash/	1.00%	PIK	04/2028	371		369		—		278
Veranex, Inc.#(23)	Senior secured	SF +	6.25%	(l)	10.40%	cash/	1.00%	PIK	04/2028	197		196		—		148
Veranex, Inc.(23)	Senior secured	SF +	6.25%	(l)	10.47%	cash/	1.00%	PIK	04/2028	50		50		—		38
										61,623		60,999		4.2		61,347

See Notes to Consolidated Financial Statements

19

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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%	(k)	11.49%				08/2028	$	4,606	$	4,571	0.3	%	$	4,606
Barteca Restaurants, LLC	One stop	SF +	6.00%	(k)	11.47%				08/2028	155		153		—		155
Barteca Restaurants, LLC	One stop	SF +	6.00%	(k)	11.48%				08/2028	20		19		—		20
BJH Holdings III Corp.#~^	One stop	SF +	4.50%	(k)	9.98%				08/2025	20,889		20,810		1.4		20,681
BJH Holdings III Corp.	One stop	SF +	4.50%	(k)	9.98%				08/2025	215		213		—		211
Davidson Hotel Company, LLC^	One stop	SF +	5.25%	(j)	10.68%				07/2025	1,344		1,340		0.1		1,344
Davidson Hotel Company, LLC	One stop	SF +	5.25%	(j)	10.68%				07/2025	329		328		—		329
Davidson Hotel Company, LLC	One stop	SF +	5.25%		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC#	One stop	SF +	5.25%	(k)	10.70%				01/2027	1,872		1,860		0.1		1,858
EOS Fitness Opco Holdings, LLC#	One stop	SF +	5.25%	(k)	10.70%				01/2027	359		357		—		357
EOS Fitness Opco Holdings, LLC	One stop	SF +	5.25%	(k)	10.70%				01/2027	196		195		—		195
EOS Fitness Opco Holdings, LLC#	One stop	SF +	5.75%	(k)	11.20%				01/2027	149		148		—		149
EOS Fitness Opco Holdings, LLC	One stop	SF +	5.75%	(k)	11.21%				01/2027	50		48		—		50
EOS Fitness Opco Holdings, LLC	One stop	SF +	5.25%		N/A(6)				01/2027	—		—		—		—
EOS Fitness Opco Holdings, LLC	One stop	SF +	5.75%	(k)	11.20%				01/2027	110		110		—		110
ESN Venture Holdings, LLC#^	One stop	SF +	6.50%	(k)	11.80%				10/2028	1,829		1,809		0.1		1,829
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(k)	11.80%				10/2028	276		273		—		276
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(k)	11.80%				10/2028	32		31		—		32
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(k)	11.81%				10/2028	59		52		—		59
Freddy's Frozen Custard LLC#	One stop	SF +	5.00%	(k)	10.33%				03/2027	950		941		0.1		945
Freddy's Frozen Custard LLC	One stop	SF +	5.00%	(j)	10.33%				03/2027	13		12		—		12
GFP Atlantic Holdco 2, LLC#	One stop	SF +	6.00%	(k)	11.31%				11/2027	929		912		0.1		929
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(19)		—		—
Harri US LLC+(23)	One stop	SF +	10.00%	(k)	11.49%	cash/	4.00%	PIK	08/2026	369		346		—		342
Harri US LLC(23)	One stop	SF +	10.00%	(k)	11.49%	cash/	4.00%	PIK	08/2026	250		249		—		231
Harri US LLC(23)	One stop	SF +	10.00%	(k)	11.49%	cash/	4.00%	PIK	08/2026	242		242		—		225
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		(1)
Harri US LLC(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—		(4)		—		(63)
Health Buyer, LLC#	Senior secured	SF +	5.25%	(k)	10.70%				04/2029	1,328		1,313		0.1		1,328
Health Buyer, LLC#	Senior secured	SF +	5.50%	(k)	10.80%				04/2029	611		597		0.1		611
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(3)		—		—
SSRG Holdings, LLC~^	One stop	SF +	4.75%	(k)	10.20%				11/2025	6,840		6,820		0.5		6,840
SSRG Holdings, LLC#	One stop	SF +	5.50%	(k)	10.95%				11/2025	499		495		—		499
SSRG Holdings, LLC	One stop	SF +	4.75%	(k)	10.21%				11/2025	75		75		—		75
Super REGO, LLC(23)	Subordinated debt	N/A			15.00%	PIK			03/2030	50		49		—		49
Tropical Smoothie Cafe Holdings, LLC#^	One stop	SF +	5.25%	(k)	10.71%				09/2026	9,143		9,090		0.6		9,143
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.75%	(j)	11.08%				09/2026	4,987		4,943		0.4		4,987
Tropical Smoothie Cafe Holdings, LLC~	One stop	SF +	5.25%	(j)(k)	10.73%				09/2026	4,813		4,778		0.3		4,813
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.25%	(k)	10.71%				09/2026	2,122		2,109		0.2		2,122
Tropical Smoothie Cafe Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				09/2026	—		(1)		—		—
YE Brands Holding, LLC#	One stop	SF +	5.75%	(k)	11.16%				10/2027	12,796		12,686		0.9		12,796
YE Brands Holding, LLC	One stop	SF +	5.50%	(j)	10.93%				10/2027	29		29		—		29
YE Brands Holding, LLC	One stop	SF +	5.75%	(k)	11.16%				10/2027	125		115		—		125
										78,661		78,091		5.3		78,298

See Notes to Consolidated Financial Statements

20

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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	SF +	5.50%	(k)	10.95%	03/2027	$	1,191	$	1,187	0.1	%	$	1,155
WU Holdco, Inc.#	One stop	SF +	5.50%	(k)	10.95%	03/2027	424		424		—		411
WU Holdco, Inc.	One stop	SF +	5.50%	(k)	10.95%	03/2027	110		109		—		107
WU Holdco, Inc.	One stop	SF +	5.50%	(k)	10.96%	03/2027	22		22		—		21
							1,747		1,742		0.1		1,694
Industrial Conglomerates
Arch Global CCT Holdings Corp.#	Senior secured	SF +	4.75%	(k)	10.15%	04/2026	891		890		0.1		873
Arch Global CCT Holdings Corp.#	Senior secured	SF +	4.75%	(k)	10.15%	04/2026	497		496		—		487
Arch Global CCT Holdings Corp.	Senior secured	SF +	4.75%	(k)	10.15%	04/2026	467		465		—		458
Arch Global CCT Holdings Corp.	Senior secured	SF +	4.75%	(j)(k)	10.10%	04/2025	19		19		—		18
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(k)	11.15%	07/2027	1,994		1,968		0.2		1,994
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(k)	11.15%	07/2027	506		498		—		506
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(k)	11.15%	07/2027	243		239		—		243
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(1)		—		—
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(3)		—		—
Essential Services Holdings Corporation#~^	One stop	SF +	5.75%	(k)	11.23%	11/2026	21,768		21,660		1.5		21,550
Essential Services Holdings Corporation	One stop	SF +	5.75%	(k)	11.22%	11/2025	40		40		—		39
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(k)	11.16%	08/2029	3,996		3,939		0.3		3,957
Excelitas Technologies Corp.#(8)(9)	One stop	E +	5.75%	(c)	9.65%	08/2029	614		578		—		608
Excelitas Technologies Corp.(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—		(1)		—		(1)
Excelitas Technologies Corp.	One stop	SF +	5.75%	(k)	11.16%	08/2028	164		161		—		162
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.25%	(i)	11.82%	11/2027	3,185		3,138		0.2		3,185
Specialty Measurement Bidco Limited#(8)(9)(10)	One stop	E +	6.25%	(c)	10.20%	11/2027	2,889		3,142		0.2		2,889
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.50%	(i)	12.07%	11/2027	1,520		1,492		0.1		1,523
Specialty Measurement Bidco Limited(8)(9)(10)	One stop	E +	6.50%	(c)	10.45%	11/2027	1,469		1,463		0.1		1,473
Specialty Measurement Bidco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.20%	11/2027	1,421		1,379		0.1		1,421
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.50%	(i)	12.07%	11/2027	1,257		1,238		0.1		1,260
							42,940		42,800		2.9		42,645
Insurance
Accession Risk Management Group, Inc.~+	One stop	SF +	5.50%	(k)	10.96%	11/2029	12,024		11,881		0.8		11,844
Accession Risk Management Group, Inc.#^	One stop	SF +	5.50%	(k)	10.96%	11/2029	3,782		3,749		0.3		3,724
Accession Risk Management Group, Inc.~+	One stop	SF +	5.50%	(k)	10.96%	11/2029	3,087		2,996		0.2		3,042
Accession Risk Management Group, Inc.^	One stop	SF +	5.50%	(k)	10.97%	11/2029	2,867		2,840		0.2		2,825
Accession Risk Management Group, Inc.	One stop	SF +	6.00%	(k)	11.31%	11/2029	1,276		1,259		0.1		1,276
Accession Risk Management Group, Inc.(5)	One stop	SF +	6.00%		N/A(6)	11/2029	—		(29)		—		—
Accession Risk Management Group, Inc.(5)	One stop	SF +	5.50%		N/A(6)	11/2029	—		(1)		—		(1)
Alera Group, Inc.#+	One stop	SF +	6.00%	(j)	11.43%	10/2028	10,613		10,545		0.7		10,613
Alera Group, Inc.^	One stop	SF +	6.00%	(j)	11.43%	10/2028	3,434		3,414		0.2		3,434
Alera Group, Inc.^	One stop	SF +	6.00%	(j)	11.43%	10/2028	3,016		2,988		0.2		3,016
Alera Group, Inc.	One stop	SF +	5.75%	(j)	11.18%	10/2028	150		136		—		173
AMBA Buyer, Inc.^	One stop	SF +	5.25%	(l)	10.53%	07/2027	1,351		1,343		0.1		1,351
AMBA Buyer, Inc.	One stop	SF +	5.25%	(l)	10.53%	07/2027	402		401		—		402
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(k)(l)	10.53%	07/2027	348		346		—		348
AMBA Buyer, Inc.	One stop	SF +	5.25%	(k)	10.66%	07/2027	16		15		—		16
AMBA Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)	07/2027	—		(1)		—		—
Ben Nevis Midco Limited#(8)(10)	One stop	SF +	5.00%	(k)	10.31%	03/2028	374		367		—		367
Ben Nevis Midco Limited#(8)(10)	One stop	SF +	5.00%	(k)	10.31%	03/2028	252		252		—		252
Ben Nevis Midco Limited(8)(10)	One stop	SF +	5.00%	(k)	10.31%	03/2028	33		33		—		33
Ben Nevis Midco Limited(5)(8)(10)	One stop	SF +	5.00%		N/A(6)	03/2028	—		(3)		—		(6)

See Notes to Consolidated Financial Statements

21

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Captive Resources Midco, LLC#(23)	One stop	SF +	5.25%	(j)	5.29%	cash/	5.79%	PIK	07/2029	$	5,089	$	5,017	0.4	%	$	5,089
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(k)	12.84%				03/2029	2,177		2,132		0.1		2,177
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC#	One stop	SF +	5.50%	(k)	10.83%				12/2030	1,513		1,498		0.1		1,498
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		(1)
Doxa Insurance Holdings LLC	One stop	SF +	5.50%	(k)	10.82%				12/2030	593		579		—		578
Illumifin Corporation#(23)	One stop	SF +	7.00%	(k)	12.57%	PIK			09/2027	1,323		1,309		0.1		1,125
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(j)(k)(l)	11.27%				07/2030	1,796		1,756		0.1		1,796
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(5)		—		—
Integrity Marketing Acquisition, LLC^	Senior secured	SF +	6.05%	(k)	11.49%				08/2026	1,360		1,349		0.1		1,360
Integrity Marketing Acquisition, LLC	One stop	SF +	6.02%	(k)	11.36%				08/2026	1,109		1,097		0.1		1,109
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.05%	(k)	11.49%				08/2026	899		894		0.1		899
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.05%	(k)	11.49%				08/2026	677		672		0.1		677
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.02%	(k)	11.46%				08/2026	678		674		0.1		678
Integrity Marketing Acquisition, LLC~	One stop	SF +	5.80%	(k)	11.24%				08/2026	350		348		—		350
Integrity Marketing Acquisition, LLC	Senior secured	SF +	5.80%	(k)	11.24%				08/2026	307		306		—		306
Integrity Marketing Acquisition, LLC	One stop	SF +	6.00%	(k)	11.34%				08/2026	201		190		—		201
Integrity Marketing Acquisition, LLC	One stop	SF +	5.80%	(k)	11.24%				08/2026	186		185		—		185
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
J.S. Held Holdings, LLC~+	One stop	SF +	5.50%	(k)	10.95%				07/2025	18,115		18,021		1.2		17,934
J.S. Held Holdings, LLC^	One stop	SF +	5.50%	(k)	10.95%				07/2025	3,972		3,948		0.3		3,932
J.S. Held Holdings, LLC#	One stop	SF +	5.50%	(k)	10.95%				07/2025	3,842		3,812		0.3		3,803
J.S. Held Holdings, LLC#	One stop	SF +	5.50%	(k)	10.95%				07/2025	4,535		4,518		0.3		4,489
J.S. Held Holdings, LLC	One stop	SF +	5.50%	(k)	10.95%				07/2025	144		143		—		142
J.S. Held Holdings, LLC	One stop	SF +	5.50%	(k)	10.95%				07/2025	196		195		—		194
Keystone Agency Partners LLC^	Senior secured	SF +	5.50%	(k)	10.95%				05/2027	2,710		2,681		0.2		2,710
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(k)	10.95%				05/2027	1,102		1,090		0.1		1,102
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(k)	10.95%				05/2027	770		762		0.1		770
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(k)	10.95%				05/2027	532		523		—		532
Keystone Agency Partners LLC(5)	Senior secured	SF +	5.50%		N/A(6)				05/2027	—		(23)		—		—
Majesco#~+	One stop	SF +	4.75%	(k)	10.05%				09/2028	8,963		8,893		0.6		8,963
Majesco(5)	One stop	SF +	4.75%		N/A(6)				09/2027	—		(2)		—		—
MRH Trowe Germany GMBH(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				02/2029	—		(18)		—		(38)
Norvax, LLC#+(8)	Senior secured	SF +	7.50%	(j)	12.93%				09/2025	12,298		12,245		0.8		12,053
Norvax, LLC#(8)	Senior secured	SF +	7.50%	(j)	12.93%				09/2025	4,019		3,987		0.3		3,939
Oakbridge Insurance Agency LLC#	One stop	SF +	5.75%	(j)	11.07%				11/2029	1,986		1,967		0.1		1,986
Oakbridge Insurance Agency LLC	One stop	SF +	5.75%		N/A(6)				11/2029	—		—		—		—
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(9)		—		—
Paisley Bidco Limited(8)(9)(10)	One stop	E +	6.75%	(c)	10.66%				03/2028	1,470		1,449		0.1		1,470
Paisley Bidco Limited(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(17)		—		—
Pareto Health Intermediate Holdings, Inc.^	One stop	SF +	6.25%	(k)	11.55%				05/2030	7,840		7,701		0.5		7,840
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.25%	(k)	11.55%				05/2030	2,613		2,567		0.2		2,613
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC#^	One stop	SF +	5.50%	(k)	10.95%				10/2028	4,629		4,599		0.3		4,570
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(k)	11.20%				10/2028	951		944		0.1		946
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(k)	11.06%				10/2028	471		442		—		442
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(1)		—		(1)
People Corporation#(8)(9)(12)	One stop	C +	6.25%	(g)	11.61%				02/2028	5,320		5,628		0.4		5,319

See Notes to Consolidated Financial Statements

22

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
People Corporation(8)(9)(12)	One stop	C +	5.75%	(g)	11.11%				02/2028	$	4,482	$	4,527	0.3	%	$	4,414
People Corporation(8)(9)(12)	One stop	C +	6.25%	(g)	11.61%				02/2028	1,737		1,886		0.1		1,737
People Corporation(8)(9)(12)	One stop	C +	6.00%	(f)(g)	11.35%				02/2028	1,090		1,078		0.1		1,069
People Corporation(5)(8)(9)(12)	One stop	C +	6.25%		N/A(6)				02/2027	—		(1)		—		—
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(k)	11.45%				10/2026	370		368		—		370
Sunstar Insurance Group, LLC#	Senior secured	SF +	6.00%	(k)	11.45%				10/2026	307		304		—		307
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(k)	11.45%				10/2026	155		154		—		155
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(j)	11.43%				10/2026	4		4		—		4
										155,906		154,891		10.5		154,502
Internet & Catalog Retail
Revalize, Inc.~+	One stop	SF +	5.75%	(k)	11.21%				04/2027	5,831		5,802		0.4		5,482
Revalize, Inc.+	One stop	SF +	5.75%	(k)	11.21%				04/2027	3,413		3,396		0.2		3,208
Revalize, Inc.#	One stop	SF +	5.75%	(k)	11.21%				04/2027	2,018		2,012		0.1		1,897
Revalize, Inc.+	One stop	SF +	5.75%	(k)	11.21%				04/2027	1,692		1,684		0.1		1,591
Revalize, Inc.+	One stop	SF +	5.75%	(k)	11.21%				04/2027	1,019		1,014		0.1		958
Revalize, Inc.#	One stop	SF +	5.75%	(k)	11.21%				04/2027	787		783		0.1		740
Revalize, Inc.	One stop	SF +	5.75%	(k)	11.21%				04/2027	191		186		—		179
Revalize, Inc.	One stop	SF +	5.75%	(j)(k)	11.20%				04/2027	57		56		—		43
										15,008		14,933		1.0		14,098
IT Services
Acquia, Inc.+	One stop	SF +	7.00%	(l)	12.74%				10/2025	2,442		2,430		0.2		2,442
Acquia, Inc.	One stop	SF +	7.00%	(l)	12.45%				10/2025	19		18		—		19
Acquia, Inc.	One stop	SF +	7.00%	(k)	12.48%				10/2025	583		577		—		583
CivicPlus, LLC+(23)	One stop	SF +	6.50%	(k)	9.49%	cash/	2.50%	PIK	08/2027	2,718		2,699		0.2		2,718
CivicPlus, LLC#(23)	One stop	SF +	6.50%	(k)	9.49%	cash/	2.50%	PIK	08/2027	1,617		1,607		0.1		1,617
CivicPlus, LLC#(23)	One stop	SF +	6.50%	(k)	9.49%	cash/	2.50%	PIK	08/2027	1,274		1,265		0.1		1,274
CivicPlus, LLC(23)	One stop	SF +	11.75%	(l)	17.00%	PIK			06/2034	254		249		—		254
CivicPlus, LLC(5)	One stop	SF +	8.50%		N/A(6)				08/2027	—		(1)		—		—
Critical Start, Inc.#(23)	One stop	SF +	6.75%	(k)	8.45%	cash/	3.63%	PIK	05/2028	1,753		1,741		0.1		1,735
Critical Start, Inc.#(23)	One stop	SF +	6.75%	(k)	8.45%	cash/	3.63%	PIK	05/2028	815		802		0.1		807
Critical Start, Inc.(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—		—		—		(1)
Delinea Inc.+	One stop	SF +	5.75%	(k)	11.20%				03/2028	6,398		6,343		0.4		6,334
Delinea Inc.+	One stop	SF +	5.75%	(k)	11.20%				03/2028	3,754		3,727		0.3		3,716
Delinea Inc.(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(2)		—		(2)
Goldcup 31018 AB#(8)(9)(17)(23)	One stop	E +	6.50%	(d)	10.15%	cash/	0.25%	PIK	07/2029	4,455		4,147		0.3		4,411
Goldcup 31018 AB(8)(9)(17)(23)	One stop	E +	6.50%	(d)	10.15%	cash/	0.25%	PIK	07/2029	416		403		—		408
Goldcup 31018 AB(5)(8)(9)(17)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—		(1)
Netwrix Corporation^	One stop	SF +	5.00%	(k)	10.38%				06/2029	2,680		2,666		0.2		2,640
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		(3)
Netwrix Corporation	One stop	SF +	5.00%		N/A(6)				06/2029	—		—		—		—
Netwrix Corporation(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(25)		—		(15)
Optimizely North America, Inc.+	One stop	SF +	5.25%	(k)	10.70%				04/2026	4,826		4,796		0.3		4,826
Optimizely North America, Inc.(8)(9)	One stop	E +	5.50%	(c)	9.40%				04/2026	4,281		4,547		0.3		4,281
Optimizely North America, Inc.+	One stop	SF +	5.25%	(k)	10.70%				04/2026	2,642		2,632		0.2		2,642
Optimizely North America, Inc.#	One stop	SF +	5.25%	(k)	10.70%				04/2026	1,496		1,485		0.1		1,496
Optimizely North America, Inc.(5)	One stop	SF +	5.25%		N/A(6)				04/2026	—		(1)		—		—
PDQ Intermediate, Inc.(23)	Subordinated debt	N/A			13.75%	PIK			10/2031	53		52		—		53
Recordxtechnologies, LLC#~	One stop	SF +	6.50%	(j)	11.83%				12/2025	18,247		18,158		1.2		18,247
Recordxtechnologies, LLC	One stop	SF +	6.50%	(j)	11.83%				12/2025	1,665		1,657		0.1		1,665
Recordxtechnologies, LLC#	One stop	SF +	6.50%	(j)	11.83%				12/2025	859		852		0.1		859
Recordxtechnologies, LLC	One stop	SF +	6.50%	(j)	11.83%				12/2025	136		135		—		136

See Notes to Consolidated Financial Statements

23

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Red Dawn SEI Buyer, Inc.~^	Senior secured	SF +	4.25%	(k)	9.65%	11/2025	$	13,097	$	13,054	0.9	%	$	13,097
Red Dawn SEI Buyer, Inc.#(8)(9)	Senior secured	SN +	4.50%	(h)	9.69%	11/2025	8,621		9,321		0.6		8,614
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(k)	9.90%	11/2025	2,617		2,605		0.2		2,617
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.25%	(k)	9.65%	11/2025	2,329		2,323		0.2		2,329
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(k)	9.90%	11/2025	2,172		2,164		0.1		2,172
Red Dawn SEI Buyer, Inc.(5)	Senior secured	SF +	4.25%		N/A(6)	11/2025	—		(1)		—		—
Red Dawn SEI Buyer, Inc.(5)	Senior secured	SF +	4.50%		N/A(6)	11/2025	—		(2)		—		—
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.06%	10/2026	567		560		—		567
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.06%	10/2026	179		179		—		179
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(k)	16.06%	10/2026	64		63		—		64
Saturn Borrower Inc.#~	One stop	SF +	6.50%	(k)	11.96%	09/2026	7,882		7,784		0.5		7,724
Saturn Borrower Inc.	One stop	SF +	6.50%	(k)	11.96%	09/2026	103		102		—		101
Transform Bidco Limited(5)(8)(10)	One stop	SF +	7.00%		N/A(6)	06/2030	—		(1)		—		—
Transform Bidco Limited#(8)(10)	One stop	SF +	7.00%	(k)	12.33%	12/2030	4,950		4,878		0.3		4,950
WPEngine, Inc.#	One stop	SF +	6.50%	(k)	11.81%	08/2029	1,916		1,881		0.1		1,916
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)	08/2029	—		(1)		—		—
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(k)	11.84%	07/2027	2,495		2,495		0.2		2,495
Zarya Holdco, Inc.	One stop	SF +	6.50%		N/A(6)	07/2027	—		—		—		—
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(k)	11.84%	07/2027	920		903		0.1		920
							111,295		111,264		7.5		110,886

See Notes to Consolidated Financial Statements

24

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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
Movement Holdings, LLC#	One stop	SF +	5.25%	(j)	10.58%				03/2030	$	570	$	564	0.1	%	$	564
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		—		—		(1)
Movement Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—		(4)		—		(4)
WBZ Investment LLC^(23)	One stop	SF +	6.50%	(k)	10.95%	cash/	1.00%	PIK	09/2024	1,417		1,416		0.1		1,403
WBZ Investment LLC^(23)	One stop	SF +	6.50%	(k)	10.95%	cash/	1.00%	PIK	09/2024	483		482		—		478
WBZ Investment LLC^(23)	One stop	SF +	6.50%	(k)	10.95%	cash/	1.00%	PIK	09/2024	335		335		—		332
WBZ Investment LLC^(23)	One stop	SF +	6.50%	(k)	10.95%	cash/	1.00%	PIK	09/2024	176		175		—		174
WBZ Investment LLC(5)	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		(1)
										2,981		2,968		0.2		2,945
Life Sciences Tools & Services
Celerion Buyer, Inc.~	One stop	SF +	6.50%	(k)	11.77%				11/2029	8,483		8,316		0.6		8,483
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(27)		—		—
PAS Parent Inc.#~^	One stop	SF +	5.00%	(j)	10.44%				12/2028	22,313		22,011		1.5		21,979
PAS Parent Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2027	—		(9)		—		(5)
PAS Parent Inc.	One stop	SF +	5.50%	(j)	10.93%				12/2028	1,541		1,498		0.1		1,541
Reaction Biology Corporation#	One stop	SF +	5.25%	(k)	10.70%				03/2029	2,618		2,601		0.2		2,304
Reaction Biology Corporation#	One stop	SF +	5.25%	(k)	10.70%				03/2029	1,741		1,729		0.1		1,532
Reaction Biology Corporation#	One stop	SF +	5.25%	(k)	10.70%				03/2029	510		506		—		448
Reaction Biology Corporation	One stop	SF +	5.25%	(k)	10.70%				03/2029	150		149		—		132
Unchained Labs, LLC	Senior secured	SF +	5.50%	(j)	10.88%				08/2027	423		421		—		415
Unchained Labs, LLC#	Senior secured	SF +	5.50%	(j)	10.88%				08/2027	357		353		—		350
Unchained Labs, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		(1)
										38,136		37,547		2.5		37,178
Machinery
Blackbird Purchaser, Inc.#	One stop	SF +	5.50%	(k)	10.83%				12/2030	4,124		4,084		0.3		4,124
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(k)	10.81%				12/2030	163		155		—		163
Blackbird Purchaser, Inc.	One stop	SF +	5.50%	(j)	10.83%				12/2029	6		5		—		6
Chase Industries, Inc.(23)(24)	Senior secured	SF +	7.00%	(k)	10.95%	cash/	1.50%	PIK	05/2025	1,946		1,946		0.1		1,873
Chase Industries, Inc.(23)(24)	Senior secured	SF +	7.00%	(k)	10.95%	cash/	1.50%	PIK	05/2025	337		337		—		324
Chase Industries, Inc.(23)(24)	Senior secured	SF +	7.00%	(k)	10.95%	cash/	1.50%	PIK	05/2025	98		98		—		92
										6,674		6,625		0.4		6,582
Marine
Project Nike Purchaser, LLC^	One stop	SF +	6.00%	(k)	11.30%				04/2029	14,566		14,463		1.0		14,129
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(k)	11.30%				04/2029	323		320		—		314
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(k)	11.30%				04/2029	95		93		—		88
										14,984		14,876		1.0		14,531
Media
Triple Lift, Inc.+	One stop	SF +	5.75%	(k)	11.23%				05/2028	2,075		2,051		0.2		1,992
Triple Lift, Inc.#	One stop	SF +	5.75%	(k)	11.23%				05/2028	449		443		—		431
Triple Lift, Inc.	One stop	SF +	5.75%	(k)	11.22%				05/2028	27		27		—		25
										2,551		2,521		0.2		2,448

See Notes to Consolidated Financial Statements

25

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.75%	(k)	12.16%				05/2025	$	5,480	$	5,458	0.4	%	$	5,480
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.75%	(j)	12.18%				05/2025	40		40		—		40
Envernus, Inc.#	One stop	SF +	5.50%	(j)	10.83%				12/2029	4,714		4,647		0.3		4,667
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		(1)
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		(2)
Project Power Buyer, LLC#~	One stop	SF +	7.00%	(k)	12.30%				05/2026	13,586		13,382		0.9		13,586
Project Power Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—
										23,820		23,523		1.6		23,770
Paper & Forest Products
Messenger, LLC#~	One stop	SF +	5.75%	(k)	11.20%				12/2027	4,771		4,740		0.3		4,723
Messenger, LLC~	One stop	SF +	5.75%	(k)	11.21%				12/2027	1,452		1,442		0.1		1,437
Messenger, LLC#	One stop	SF +	5.75%	(k)	11.20%				12/2027	728		723		0.1		720
Messenger, LLC(5)	One stop	SF +	5.75%		N/A(6)				12/2027	—		—		—		(1)
										6,951		6,905		0.5		6,879
Pharmaceuticals
ACP Ulysses Buyer, Inc.~^	One stop	SF +	6.00%	(k)	11.30%				02/2029	8,682		8,520		0.6		8,682
ACP Ulysses Buyer, Inc.#	One stop	SF +	6.00%	(k)	11.30%				02/2029	375		366		—		375
Amalthea Parent, Inc.#~^+(8)	One stop	SF +	5.00%	(l)	10.82%				03/2027	29,703		29,459		1.8		26,733
Amalthea Parent, Inc.(5)(8)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(27)
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF +	5.50%	(k)	10.81%				05/2029	12,640		12,454		0.8		12,387
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF +	5.75%	(k)	11.06%				05/2029	2,100		2,067		0.1		2,079
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(k)	11.06%				05/2029	853		833		0.1		834
Caerus Midco 3 S.A.R.L.(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(4)		—		(3)
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(k)	11.06%				05/2029	136		132		—		133
Cobalt Buyer Sub, Inc.^	One stop	SF +	6.00%	(j)	11.44%				10/2028	4,446		4,388		0.3		4,446
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.44%				10/2028	1,491		1,471		0.1		1,491
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(j)	11.44%				10/2028	1,133		1,099		0.1		1,133
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(j)	11.44%				10/2027	46		45		—		46
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	4.75%	(h)	9.94%				08/2028	10,654		11,495		0.7		9,980
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	6.00%	(h)	11.19%				08/2028	1,812		1,720		0.1		1,779
Spark Bidco Limited(8)(10)	Senior secured	SF +	6.00%	(k)	11.30%				08/2028	1,378		1,357		0.1		1,354
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(h)	9.94%				08/2028	1,291		1,157		0.1		1,210
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(h)	9.94%				08/2028	1,130		1,079		0.1		1,059
Spark Bidco Limited(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
										77,870		77,634		5.0		73,686
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(j)	11.58%				05/2029	2,410		2,379		0.2		2,422
ALKU Intermediate Holdings, LLC#	One stop	SF +	5.50%	(j)	10.83%				05/2029	266		261		—		261
bswift, LLC#	One stop	SF +	6.38%	(k)	11.70%				11/2028	2,647		2,583		0.2		2,693
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(k)(l)	10.45%				10/2027	2,763		2,743		0.2		2,763
Citrin Cooperman Advisors LLC^	One stop	SF +	5.00%	(l)	10.57%				10/2027	1,199		1,172		0.1		1,199
Citrin Cooperman Advisors LLC	One stop	SF +	5.00%	(k)(l)	10.52%				10/2027	356		351		—		356
Citrin Cooperman Advisors LLC#	One stop	SF +	5.25%	(k)	10.68%				10/2027	192		189		—		193
Citrin Cooperman Advisors LLC	One stop	SF +	5.25%	(k)	10.66%				10/2027	287		275		—		290
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(k)	10.34%				09/2028	1,809		1,782		0.1		1,782
DISA Holdings Corp.	Senior secured	SF +	5.00%	(k)	10.34%				09/2028	210		208		—		207
DISA Holdings Corp.	One stop	SF +	5.00%	(k)	10.34%				09/2028	239		236		—		236
DISA Holdings Corp.(23)	Subordinated debt	SF +	8.50%	(k)	11.83%	cash/	2.00%	PIK	03/2029	51		50		—		51
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	—		(1)		—		(1)
DISA Holdings Corp.#	Senior secured	SF +	5.00%	(k)	10.34%				09/2028	560		551		—		551

See Notes to Consolidated Financial Statements

26

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
DISA Holdings Corp.(5)	Senior secured	SF +	5.00%		N/A(6)				09/2028	$	—	$	(3)	—	%	$	(3)
Eliassen Group, LLC#	One stop	SF +	5.50%	(k)	10.81%				04/2028	737		732		0.1		729
Eliassen Group, LLC	One stop	SF +	5.50%	(k)	10.82%				04/2028	137		136		—		133
Filevine, Inc.+(23)	One stop	SF +	6.50%	(k)(l)	9.71%	cash/	2.50%	PIK	04/2027	2,668		2,641		0.2		2,695
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(k)	11.41%				09/2028	2,734		2,697		0.2		2,734
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(k)	11.41%				09/2028	236		236		—		236
IG Investments Holdings, LLC	One stop	SF +	6.00%		N/A(6)				09/2027	—		—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^+	One stop	SF +	5.25%	(k)	10.71%				11/2028	26,720		26,591		1.8		25,918
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(k)	10.71%				11/2028	164		163		—		157
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(j)	11.18%				12/2025	1,428		1,423		0.1		1,414
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(j)	11.18%				12/2025	836		832		0.1		827
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(j)	11.18%				12/2025	719		715		0.1		712
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(j)	11.18%				12/2025	452		449		—		447
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(j)	11.18%				12/2025	107		106		—		106
Net Health Acquisition Corp.	One stop	SF +	5.75%	(j)	11.18%				12/2025	126		126		—		124
PlanSource Holdings, Inc.#	One stop	SF +	6.25%	(l)	11.66%				06/2025	2,818		2,811		0.2		2,818
PlanSource Holdings, Inc.	One stop	SF +	6.25%	(l)	11.66%				06/2025	556		555		—		556
PlanSource Holdings, Inc.#	One stop	SF +	6.25%	(l)	11.66%				06/2025	484		483		—		484
PlanSource Holdings, Inc.	One stop	SF +	6.25%		N/A(6)				06/2025	—		—		—		—
Procure Acquireco, Inc.~^	One stop	SF +	5.00%	(k)	10.49%				12/2028	7,685		7,633		0.5		7,685
Procure Acquireco, Inc.	One stop	SF +	5.00%	(k)	10.45%				12/2028	1,079		1,072		0.1		1,079
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(1)		—		—
										62,675		62,176		4.2		61,854

See Notes to Consolidated Financial Statements

27

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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	SF +	5.50%	(j)	10.93%	07/2025	$	16,351	$	16,296	1.1	%	$	16,351
Inhabit IQ Inc.+	One stop	SF +	5.50%	(j)	10.93%	07/2025	9,296		9,264		0.6		9,296
Inhabit IQ Inc.~	One stop	SF +	5.50%	(j)	10.93%	07/2025	2,679		2,677		0.2		2,679
Inhabit IQ Inc.~	One stop	SF +	5.50%	(j)	10.93%	07/2025	2,504		2,502		0.2		2,504
Inhabit IQ Inc.~	One stop	SF +	5.50%	(j)	10.93%	07/2025	1,082		1,081		0.1		1,082
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	883		881		0.1		883
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	683		681		0.1		683
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	381		380		—		381
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	324		323		—		324
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	322		322		—		322
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	254		254		—		254
Inhabit IQ Inc.#	One stop	SF +	5.50%	(j)	10.93%	07/2025	134		134		—		134
Inhabit IQ Inc.	One stop	SF +	5.50%	(j)	10.93%	07/2025	30		30		—		30
MRI Software LLC~+	One stop	SF +	5.50%	(k)	10.90%	02/2027	14,928		14,869		1.0		14,853
MRI Software LLC~^+	One stop	SF +	5.50%	(k)	10.90%	02/2027	7,901		7,860		0.5		7,861
MRI Software LLC(5)	One stop	SF +	5.50%		N/A(6)	02/2027	—		(1)		—		(1)
MRI Software LLC(5)	One stop	SF +	5.75%		N/A(6)	02/2027	—		(2)		—		—
RPL Bidco Limited(8)(9)(10)	One stop	SN +	5.50%	(h)	10.69%	08/2028	7,936		8,631		0.5		7,870
RPL Bidco Limited#(8)(9)(10)	One stop	SN +	5.50%	(h)	10.69%	08/2028	5,196		5,143		0.4		5,153
RPL Bidco Limited#(8)(9)(10)	One stop	A +	5.50%	(e)	9.89%	08/2028	3,462		3,520		0.2		3,434
RPL Bidco Limited#(8)(9)(10)	One stop	A +	5.50%	(e)	9.89%	08/2028	841		941		0.1		834
RPL Bidco Limited(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—		—		—		—
							75,187		75,786		5.1		74,927
Road & Rail
Channelside AcquisitionCo, Inc.#	One stop	SF +	6.38%	(j)	11.81%	07/2028	1,647		1,628		0.1		1,647
Channelside AcquisitionCo, Inc.#	One stop	SF +	6.75%	(j)	12.07%	07/2028	1,589		1,553		0.1		1,621
Channelside AcquisitionCo, Inc.	One stop	P +	5.75%	(a)	14.25%	07/2026	22		20		—		22
Channelside AcquisitionCo, Inc.	One stop	SF +	6.75%		N/A(6)	07/2028	—		—		—		—
Channelside AcquisitionCo, Inc.(5)	One stop	SF +	5.50%		N/A(6)	07/2028	—		(1)		—		—
Internet Truckstop Group LLC~	One stop	SF +	5.00%	(k)	10.45%	04/2025	7,514		7,437		0.5		7,514
Internet Truckstop Group LLC^	One stop	SF +	5.00%	(k)	10.45%	04/2025	3,305		3,292		0.2		3,305
Internet Truckstop Group LLC(5)	One stop	SF +	5.00%		N/A(6)	04/2025	—		(1)		—		—
							14,077		13,928		0.9		14,109

See Notes to Consolidated Financial Statements

28

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)	11.81%				06/2029	$	14,840	$	14,730	1.0	%	$	14,840
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC~+	One stop	SF +	5.50%	(k)	10.95%				03/2027	15,854		15,739		1.1		15,696
Appfire Technologies, LLC	One stop	P +	4.50%	(a)	13.00%				03/2027	53		52		—		51
Appfire Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(12)		—		(15)
Aras Corporation+(23)	One stop	SF +	6.75%	(k)	8.98%	cash/	3.25%	PIK	04/2027	5,857		5,829		0.4		5,857
Aras Corporation	One stop	SF +	6.50%	(k)	11.98%				04/2027	92		91		—		92
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(h)	10.44%				06/2029	1,874		1,774		0.1		1,835
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(h)	10.44%				06/2029	978		900		0.1		957
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(k)	11.80%				07/2030	8,911		8,712		0.6		8,911
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				07/2030	—		(23)		—		—
Arrow Buyer, Inc.	One stop	SF +	6.50%	(l)	11.70%				07/2030	584		578		—		584
Auvik Networks Inc.+(8)(12)(23)	One stop	SF +	6.25%	(k)	8.31%	cash/	3.25%	PIK	07/2027	3,156		3,139		0.2		3,156
Auvik Networks Inc.#(8)(12)(23)	One stop	SF +	6.25%	(k)	8.31%	cash/	3.25%	PIK	07/2027	573		570		—		573
Auvik Networks Inc.(8)(12)	One stop	SF +	6.00%		N/A(6)				07/2027	—		—		—		—
Auvik Networks Inc.#(8)(12)(23)	One stop	SF +	6.25%	(k)	8.31%	cash/	3.25%	PIK	07/2027	461		456		—		461
Avetta, LLC#	One stop	SF +	5.75%	(j)	11.08%				10/2030	450		441		—		450
Avetta, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2029	—		(1)		—		—
Axiom Merger Sub Inc.#	One stop	SF +	5.25%	(k)	10.79%				04/2026	1,112		1,105		0.1		1,112
Axiom Merger Sub Inc.#	One stop	SF +	5.25%	(k)	10.79%				04/2026	957		953		0.1		957
Axiom Merger Sub Inc.(8)(9)	One stop	E +	5.50%	(c)(d)	9.60%				04/2026	444		460		—		444
Axiom Merger Sub Inc.	One stop	SF +	5.25%	(l)	10.80%				04/2026	137		136		—		137
Axiom Merger Sub Inc.	One stop	SF +	5.25%		N/A(6)				10/2025	—		—		—		—
Azul Systems, Inc.~	Senior secured	SF +	4.50%	(k)	9.95%				04/2027	9,492		9,451		0.7		9,492
Azul Systems, Inc.	Senior secured	SF +	4.50%		N/A(6)				04/2026	—		—		—		—
Azurite Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(j)	11.83%				03/2031	290		286		—		286
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(5)		—		(5)
Azurite Intermediate Holdings, Inc.(5)	One stop	SF +	9.00%		N/A(6)				03/2031	—		(1)		—		(1)
Bayshore Intermediate #2, L.P.+(23)	One stop	SF +	7.50%	(k)	12.92%				10/2028	32,774		32,406		2.2		32,774
Bayshore Intermediate #2, L.P.	One stop	SF +	6.75%	(j)	12.17%				10/2027	22		20		—		22
Bloomerang, LLC#	One stop	SF +	6.00%	(k)	11.30%				12/2029	3,808		3,771		0.3		3,770
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		—		—		(1)
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(11)		—		(11)
Bonterra LLC#+	One stop	SF +	7.25%	(k)	12.55%				09/2027	27,466		27,238		1.8		26,917
Bonterra LLC(23)	One stop	SF +	8.00%	(k)	13.30%				09/2027	534		528		—		524
Bonterra LLC	One stop	SF +	7.25%	(k)	12.56%				09/2027	104		102		—		100
Bottomline Technologies, Inc.#	One stop	SF +	5.25%	(j)	10.58%				05/2029	13,531		13,333		0.9		13,260
Bottomline Technologies, Inc.#	One stop	SF +	5.75%	(j)	11.08%				05/2029	500		491		—		500
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(5)
Bullhorn, Inc.~^	One stop	SF +	5.50%	(j)	10.93%				09/2026	13,068		12,972		0.9		13,068
Bullhorn, Inc.#~	One stop	SF +	5.50%	(j)	10.93%				09/2026	3,190		3,176		0.2		3,190
Bullhorn, Inc.(8)(9)	One stop	SN +	5.75%	(h)	10.94%				09/2026	2,394		2,318		0.2		2,392
Bullhorn, Inc.^	One stop	SF +	5.50%	(j)	10.93%				09/2026	1,433		1,423		0.1		1,433
Bullhorn, Inc.#(8)(9)	One stop	E +	5.50%	(b)	9.33%				09/2026	924		931		0.1		924
Bullhorn, Inc.#	One stop	SF +	5.50%	(j)	10.93%				09/2026	642		638		—		642
Bullhorn, Inc.#	One stop	SF +	5.50%	(j)	10.93%				09/2026	512		508		—		512
Bullhorn, Inc.(5)	One stop	SF +	5.50%		N/A(6)				09/2026	—		(2)		—		—
Bullhorn, Inc.(8)(9)	One stop	E +	5.50%	(b)	9.33%				09/2026	850		850		0.1		850
Bullhorn, Inc.(8)(9)	One stop	E +	5.50%	(b)	9.33%				09/2026	848		852		0.1		848
Burning Glass Intermediate Holdings Company, Inc.~	One stop	SF +	5.00%	(j)	10.43%				06/2028	3,748		3,702		0.3		3,748
Burning Glass Intermediate Holdings Company, Inc.(5)	One stop	SF +	5.00%		N/A(6)				06/2026	—		(1)		—		—

See Notes to Consolidated Financial Statements

29

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(k)	12.57%				01/2029	$	2,895	$	2,824	0.2	%	$	2,895
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(k)	12.57%				01/2029	766		747		0.1		766
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Calabrio, Inc.#+	One stop	SF +	7.13%	(j)	12.45%				04/2027	21,174		21,013		1.4		21,174
Calabrio, Inc.(5)	One stop	SF +	7.13%		N/A(6)				04/2027	—		(2)		—		—
Calabrio, Inc.#	One stop	SF +	7.13%	(j)	12.45%				04/2027	5,000		4,908		0.3		5,000
Camelia Bidco Limited#(8)(9)(10)	One stop	SN +	6.25%	(h)	11.44%				08/2030	1,876		1,856		0.1		1,875
Camelia Bidco Limited(8)(9)(10)	One stop	A +	6.25%	(e)	10.60%				08/2030	120		117		—		120
Camelia Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(11)		—		—
Community Brands Parentco LLC#	One stop	SF +	5.50%	(j)	10.93%				02/2028	2,529		2,496		0.2		2,529
Community Brands Parentco LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		—
Coupa Holdings, LLC#	One stop	SF +	7.50%	(k)	12.81%				02/2030	9,134		8,942		0.6		9,134
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		—
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(9)		—		—
Crewline Buyer, Inc.#	One stop	SF +	6.75%	(k)	12.06%				11/2030	4,938		4,868		0.3		4,888
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(1)		—		(1)
Daxko Acquisition Corporation~+	One stop	SF +	5.50%	(j)	10.93%				10/2028	12,369		12,289		0.8		12,122
Daxko Acquisition Corporation^	One stop	SF +	5.50%	(j)	10.93%				10/2028	1,043		1,033		0.1		1,022
Daxko Acquisition Corporation	One stop	SF +	5.50%	(j)	10.93%				10/2028	62		59		—		52
Daxko Acquisition Corporation	One stop	P +	4.50%	(a)	13.00%				10/2027	10		9		—		7
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(h)	11.19%				08/2030	4,407		4,311		0.3		4,426
Denali Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(b)	9.83%				08/2030	1,091		1,075		0.1		1,097
Denali Bidco Limited#(8)(9)(10)	One stop	E +	5.50%		N/A(6)				08/2030	—		—		—		—
Denali Bidco Limited(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				08/2030	—		(18)		—		8
Denali Bidco Limited(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—		—		—		—
Diligent Corporation~^+	One stop	SF +	6.25%	(k)	11.71%				08/2025	27,070		26,989		1.8		27,070
Diligent Corporation+	One stop	SF +	5.75%	(k)	11.21%				08/2025	2,299		2,292		0.2		2,299
Diligent Corporation#	One stop	SF +	6.25%	(k)	11.71%				08/2025	671		666		0.1		671
Diligent Corporation	One stop	SF +	6.25%	(k)	11.71%				08/2025	383		383		—		383
Diligent Corporation#	One stop	SF +	6.25%	(k)	11.71%				08/2025	423		410		—		423
Dragon UK Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(h)	11.19%				02/2029	7,123		7,357		0.5		6,904
Dragon UK Bidco Limited(8)(9)(10)	One stop	CA +	6.00%	(m)	11.02%				02/2029	4,205		4,373		0.3		4,078
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—		—		—		(50)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(k)	11.31%				09/2030	449		438		—		449
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		—
FirstUp, Inc.+(23)	One stop	SF +	7.50%	(k)	8.55%	cash/	4.25%	PIK	07/2027	3,507		3,482		0.2		3,507
FirstUp, Inc.#(23)	One stop	SF +	7.50%	(k)	8.55%	cash/	4.25%	PIK	07/2027	339		335		—		339
FirstUp, Inc.(5)	One stop	SF +	7.50%		N/A(6)				07/2027	—		(1)		—		—
Gainsight, Inc.+(23)	One stop	SF +	6.75%	(k)	12.21%	PIK			07/2027	5,106		5,066		0.4		5,106
Gainsight, Inc.(23)	One stop	SF +	6.75%	(k)	12.21%	PIK			07/2027	60		59		—		60
GS Acquisitionco, Inc.#~^+	One stop	SF +	5.00%	(k)	10.30%				05/2028	39,390		39,292		2.7		39,193
GS Acquisitionco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(1)		—		(1)
GS Acquisitionco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(2)		—		(2)
GTY Technology Holdings, Inc.#(23)	One stop	SF +	6.88%	(k)	7.88%	cash/	4.30%	PIK	07/2029	1,680		1,657		0.1		1,664
GTY Technology Holdings, Inc.#(23)	One stop	SF +	6.88%	(k)	7.90%	cash/	4.30%	PIK	07/2029	1,097		1,080		0.1		1,086
GTY Technology Holdings, Inc.(23)	One stop	SF +	6.88%	(k)	7.88%	cash/	4.30%	PIK	07/2029	201		200		—		199
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(9)		—		—

See Notes to Consolidated Financial Statements

30

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
GTY Technology Holdings, Inc.(23)	One stop	SF +	7.13%	(k)	7.95%	cash/	4.45%	PIK	07/2029	$	270	$	267	—	%	$	270
Hornet Security Holding GMBH#(8)(9)(19)	One stop	E +	6.50%	(d)	10.43%				02/2031	471		465		—		465
Hornet Security Holding GMBH#(8)(9)(19)	One stop	E +	6.50%	(d)	10.43%				02/2031	314		310		—		310
Hornet Security Holding GMBH(8)(9)(19)	One stop	E +	6.50%		N/A(6)				08/2030	—		—		—		—
Hornet Security Holding GMBH(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				02/2031	—		(2)		—		(2)
Hyland Software, Inc.#	One stop	SF +	6.00%	(j)	11.33%				09/2030	42,543		41,954		2.9		42,118
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
Icefall Parent, Inc.#	One stop	SF +	6.50%	(k)	11.80%				01/2030	950		932		0.1		931
Icefall Parent, Inc.(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—		(1)		—		(1)
ICIMS, Inc.#(23)	One stop	SF +	7.25%	(k)	8.71%	cash/	3.88%	PIK	08/2028	4,018		3,971		0.3		3,978
ICIMS, Inc.	One stop	SF +	6.75%	(k)	12.05%				08/2028	11		9		—		9
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(8)
IQN Holding Corp. ^	One stop	SF +	5.25%	(k)	10.59%				05/2029	8,463		8,393		0.6		8,380
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(1)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(11)		—		(19)
Island Bidco AB#(8)(9)(17)(23)	One stop	E +	7.25%	(d)	3.89%	cash/	7.25%	PIK	07/2028	3,426		3,298		0.2		3,426
Island Bidco AB#(8)(17)(23)	One stop	SF +	7.00%	(l)	8.68%	cash/	3.50%	PIK	07/2028	1,602		1,592		0.1		1,602
Island Bidco AB(8)(17)	One stop	SF +	6.50%	(l)	11.83%				07/2028	30		30		—		30
Island Bidco AB(8)(9)(17)	One stop	E +	6.50%	(d)	10.38%				07/2028	30		30		—		30
Juvare, LLC~	One stop	SF +	6.25%	(k)	11.74%				10/2026	3,011		2,995		0.2		2,951
Juvare, LLC^	One stop	SF +	6.25%	(k)	11.74%				10/2026	695		691		0.1		681
Juvare, LLC	One stop	SF +	6.25%	(k)	11.74%				10/2026	221		218		—		217
Juvare, LLC	One stop	SF +	6.25%	(k)	11.74%				04/2026	50		50		—		49
Kaseya Inc.#+(23)	One stop	SF +	6.00%	(k)	8.81%	cash/	2.50%	PIK	06/2029	14,102		13,946		1.0		14,102
Kaseya Inc.(23)	One stop	SF +	5.50%	(j)	10.83%				06/2029	68		65		—		68
Kaseya Inc.(5)(23)	One stop	SF +	5.50%		N/A(6)				06/2029	—		(8)		—		—
Kaseya Inc.	One stop	SF +	5.50%	(k)	10.81%				06/2029	52		46		—		52
LeadsOnline, LLC+	One stop	SF +	6.00%	(k)	11.43%				02/2028	8,929		8,735		0.6		9,062
LeadsOnline, LLC#	One stop	SF +	6.00%	(k)	11.43%				02/2028	1,575		1,541		0.1		1,599
LeadsOnline, LLC(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—		(1)		—		—
Mindbody, Inc.#	One stop	SF +	7.00%	(k)	12.46%				09/2025	12,066		12,035		0.8		12,066
Mindbody, Inc.#	One stop	SF +	7.00%	(k)	12.46%				09/2025	417		417		—		417
Mindbody, Inc.	One stop	SF +	7.00%		N/A(6)				09/2025	—		—		—		—
Ministry Brands Holdings LLC#	One stop	SF +	5.50%	(j)	10.93%				12/2028	9,580		9,515		0.7		9,388
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)	10.93%				12/2028	2,752		2,733		0.2		2,697
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(j)	10.93%				12/2027	18		17		—		15
Navex TopCo, Inc.#	One stop	SF +	5.75%	(j)	11.07%				11/2030	4,950		4,857		0.3		4,851
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(1)		—		(1)
Naviga Inc.(7)	Senior secured	SF +	7.00%	(k)	12.40%				04/2024	52		52		—		40
Matrix42 Holding GMBH#(8)(9)(13)	One stop	E +	6.00%	(c)	9.93%				07/2028	2,754		2,985		0.2		2,719
Matrix42 Holding GMBH#(8)(9)(13)	One stop	E +	6.25%	(c)	10.18%				07/2028	257		258		—		254
Matrix42 Holding GMBH(5)(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—		—		—		(1)
Matrix42 Holding GMBH(8)(13)	One stop	SF +	6.00%		N/A(6)				01/2028	—		—		—		—
Matrix42 Holding GMBH#(8)(9)(13)	One stop	E +	6.25%		N/A(6)				12/2029	—		—		—		—
Panzura, LLC(23)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	54		49		—		48
PDI TA Holdings, Inc.#	One stop	SF +	5.50%	(j)	10.83%				02/2031	689		679		—		679
PDI TA Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				02/2031	—		(1)		—		(1)
PDI TA Holdings, Inc.(5)	One stop	SF +	5.50%		N/A(6)				02/2031	—		(3)		—		(3)
Personify, Inc.~	One stop	SF +	5.25%	(k)	10.70%				09/2025	2,924		2,915		0.2		2,924
Personify, Inc.^	One stop	SF +	5.25%	(k)	10.70%				09/2025	1,829		1,822		0.1		1,829
Personify, Inc.	One stop	SF +	5.25%		N/A(6)				09/2025	—		—		—		—
Pineapple German Bidco GMBH(8)(9)(19)(23)	One stop	E +	7.00%	(b)	10.83%	PIK			01/2031	663		655		0.1		655

See Notes to Consolidated Financial Statements

31

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Pineapple German Bidco GMBH(5)(8)(9)(19)	One stop	E +	7.00%		N/A(6)				01/2031	$	—	$	(1)	—	%	$	(1)
Pineapple German Bidco GMBH(5)(8)(9)(19)	One stop	E +	7.00%		N/A(6)				01/2031	—		(3)		—		(3)
PING Identity Holding Corp.#	One stop	SF +	7.00%	(j)	12.33%				10/2029	5,192		5,130		0.4		5,192
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+	One stop	SF +	8.00%	(k)	13.47%				04/2027	9,346		9,290		0.6		9,066
Pluralsight, LLC	One stop	SF +	8.00%	(k)	13.50%				04/2027	100		99		—		97
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(k)	12.05%				09/2028	1,793		1,781		0.1		1,793
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(k)	12.05%				09/2028	868		857		0.1		868
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(k)	12.05%				09/2028	359		356		—		359
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.^	One stop	SF +	4.75%	(k)	10.21%				05/2027	7,136		7,099		0.5		7,136
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(k)	10.21%				05/2027	738		730		0.1		738
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.23%				05/2027	617		614		0.1		617
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.24%				05/2027	339		337		—		339
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(k)	10.22%				05/2027	310		309		—		310
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.21%				05/2027	210		208		—		210
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.21%				05/2027	70		69		—		70
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.21%				05/2027	61		61		—		61
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.21%				05/2027	57		57		—		57
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.24%				05/2027	57		57		—		57
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(k)	10.21%				05/2027	23		22		—		23
Pyramid Healthcare Acquisition Corp.(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
QAD, Inc.#	One stop	SF +	5.38%	(j)	10.70%				11/2027	34,139		33,934		2.3		34,139
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.#	One stop	SF +	6.00%	(l)	11.39%				06/2029	1,470		1,459		0.1		1,440
Quant Buyer, Inc.#	One stop	SF +	6.00%	(l)	11.39%				06/2029	1,238		1,229		0.1		1,213
Quant Buyer, Inc.~	One stop	SF +	6.00%	(l)	11.39%				06/2029	1,034		1,026		0.1		1,013
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(3)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(36)		—		—
Rainforest Bidco Limited(8)(9)(10)(23)	One stop	SN +	6.05%	(h)	8.69%	cash/	2.55%	PIK	07/2029	11,655		10,766		0.8		11,268
Rainforest Bidco Limited(8)(10)(23)	One stop	SF +	6.05%	(i)	8.81%	cash/	2.55%	PIK	07/2029	2,180		2,158		0.1		2,109
Rainforest Bidco Limited(8)(9)(10)(23)	One stop	SN +	6.05%	(h)	8.69%	cash/	2.55%	PIK	07/2029	857		794		0.1		828
Rainforest Bidco Limited(8)(9)(10)	One stop	SN +	4.00%	(h)	9.19%				07/2029	73		67		—		73
RegEd Aquireco, LLC#	Senior secured	SF +	4.25%	(j)(l)	9.67%				12/2024	1,174		1,173		0.1		1,162
RegEd Aquireco, LLC	Senior secured	SF +	4.25%	(a)(l)	10.07%				12/2024	115		115		—		113
Riskonnect Parent, LLC#^	One stop	SF +	5.50%	(k)	10.95%				12/2028	35,818		35,578		2.4		35,638
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(3)		—		(2)
Riskonnect Parent, LLC	One stop	SF +	5.50%	(k)	10.95%				12/2028	1,489		1,478		0.1		1,481
Riskonnect Parent, LLC#	One stop	SF +	5.50%	(k)	10.80%				12/2028	562		555		—		556
Riskonnect Parent, LLC	One stop	SF +	5.50%		N/A(6)				12/2028	—		—		—		—
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(8)		—		(8)
Rodeo Buyer Company & Absorb Software Inc.#+	One stop	SF +	6.25%	(j)	11.68%				05/2027	2,575		2,552		0.2		2,575
Rodeo Buyer Company & Absorb Software Inc.(5)	One stop	SF +	6.25%		N/A(6)				05/2027	—		(1)		—		—
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.00%	(k)	11.31%				08/2029	4,827		4,753		0.3		4,779
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(3)		—		(1)
Sapphire Bidco Oy(8)(9)(16)	One stop	E +	5.50%	(c)	9.44%				04/2029	16,175		14,872		1.1		16,175
Sapphire Bidco Oy(8)(9)(16)	One stop	E +	5.75%	(c)	9.68%				04/2029	1,322		1,277		0.1		1,325
Sapphire Bidco Oy#(8)(9)(16)	One stop	E +	5.75%		N/A(6)				04/2029	—		—		—		—
Sonatype, Inc.#	One stop	SF +	6.75%	(j)	12.17%				12/2025	15,238		15,188		1.0		15,238
Sonatype, Inc.+	One stop	SF +	6.75%	(j)	12.17%				12/2025	12,912		12,875		0.9		12,912

See Notes to Consolidated Financial Statements

32

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Sonatype, Inc.(5)	One stop	SF +	6.75%		N/A(6)				12/2025	$	—	$	(1)	—	%	$	—
Spartan Buyer Acquisition Co.#+(23)	One stop	SF +	8.50%	(j)	11.83%	cash/	2.00%	PIK	06/2027	12,751		12,609		0.9		12,368
Spartan Buyer Acquisition Co.#(23)	One stop	SF +	8.50%	(j)	11.83%	cash/	2.00%	PIK	06/2027	819		807		0.1		795
Spartan Buyer Acquisition Co.(5)(23)	One stop	P +	7.50%	(a)	14.00%	cash/	2.00%	PIK	06/2027	1		(1)		—		(4)
Telesoft Holdings LLC~^+	One stop	SF +	5.75%	(j)	11.18%				12/2025	20,424		20,290		1.4		20,424
Telesoft Holdings LLC#	One stop	SF +	6.25%	(j)	11.68%				12/2025	1,375		1,363		0.1		1,379
Telesoft Holdings LLC	One stop	SF +	5.75%	(j)	11.18%				12/2025	11		10		—		11
Templafy APS and Templafy, LLC#(8)(18)	One stop	SF +	6.00%	(k)	11.57%				07/2028	1,629		1,597		0.1		1,629
Templafy APS and Templafy, LLC(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(7)		—		—
TI Intermediate Holdings, LLC~	Senior secured	SF +	4.50%	(k)	9.91%				12/2024	793		792		0.1		746
TI Intermediate Holdings, LLC#	Senior secured	SF +	4.50%	(k)	9.91%				12/2024	213		212		—		200
TI Intermediate Holdings, LLC	Senior secured	SF +	4.50%	(k)	9.91%				12/2024	134		134		—		126
TI Intermediate Holdings, LLC	Senior secured	SF +	4.50%	(k)	9.91%				12/2024	100		100		—		94
TI Intermediate Holdings, LLC#	Senior secured	SF +	4.50%	(k)	9.91%				12/2024	37		37		—		35
TI Intermediate Holdings, LLC	Senior secured	SF +	4.50%	(l)	10.00%				12/2024	34		34		—		32
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	1,890		1,884		0.1		1,890
Togetherwork Holdings, LLC^	One stop	SF +	6.00%	(j)	11.43%				03/2025	1,251		1,248		0.1		1,251
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(j)	11.43%				03/2025	1,199		1,190		0.1		1,199
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(j)	11.43%				03/2025	839		837		0.1		839
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(j)	11.43%				03/2025	741		739		0.1		741
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	483		481		—		483
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	462		460		—		462
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	457		455		—		457
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	425		424		—		425
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	390		389		—		390
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	293		292		—		293
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(j)	11.43%				03/2025	205		204		—		205
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	195		194		—		195
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	176		175		—		176
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	82		82		—		82
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	79		79		—		79
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	17		17		—		17
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(j)	11.43%				03/2025	16		16		—		16
Togetherwork Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(1)		—		—
Vector CS Midco Limited & Cloudsense Ltd.(7)(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	7.97%	PIK	05/2024	2,280		2,348		0.1		1,777
Vector CS Midco Limited & Cloudsense Ltd.(7)(8)(9)(10)(23)	One stop	N/A			4.50%	cash/	7.97%	PIK	05/2024	76		78		—		59
Vendavo, Inc.^	One stop	SF +	5.75%	(k)	11.17%				09/2027	8,204		8,166		0.5		7,712
Vendavo, Inc.	One stop	P +	4.75%	(a)	13.25%				09/2027	84		83		—		75
WebPT, Inc.	One stop	SF +	6.75%	(k)	12.19%				01/2028	305		302		—		302
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(k)	9.74%	cash/	3.00%	PIK	07/2025	11,879		11,816		0.8		11,760
Workforce Software, LLC+(23)	One stop	SF +	7.25%	(k)	9.74%	cash/	3.00%	PIK	07/2025	2,105		2,105		0.1		2,084
Workforce Software, LLC#(23)	One stop	SF +	7.25%	(k)	9.74%	cash/	3.00%	PIK	07/2025	1,491		1,481		0.1		1,476
Workforce Software, LLC#(23)	One stop	SF +	7.25%	(k)	9.74%	cash/	3.00%	PIK	07/2025	1,448		1,439		0.1		1,433
Workforce Software, LLC(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		—		—		(1)
Zendesk, Inc.+(23)	One stop	SF +	6.25%	(k)	11.57%				11/2028	8,167		8,044		0.6		8,167
Zendesk, Inc.(5)	One stop	SF +	6.25%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.25%		N/A(6)				11/2028	—		(15)		—		—
										719,405		711,514		48.5		713,583

See Notes to Consolidated Financial Statements

33

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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
Ave Holdings III, Corp^	One stop	SF +	5.25%	(k)	10.70%				02/2028	$	5,742	$	5,710	0.4	%	$	5,742
Ave Holdings III, Corp#	One stop	SF +	5.25%	(k)	10.70%				02/2028	1,426		1,405		0.1		1,426
Ave Holdings III, Corp	One stop	SF +	5.25%	(k)	10.70%				02/2028	754		749		0.1		754
Ave Holdings III, Corp(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—		(2)		—		—
Biscuit Parent, LLC#	One stop	SF +	4.75%	(k)	10.05%				02/2031	950		943		0.1		943
Biscuit Parent, LLC	One stop	SF +	4.75%		N/A(6)				02/2031	—		—		—		—
Cavender Stores L.P.#	Senior secured	SF +	5.00%	(k)	10.30%				10/2029	499		494		—		499
Consilio Midco Limited#(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	28,152		29,196		1.9		27,870
Consilio Midco Limited^(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	5,841		5,802		0.4		5,783
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	4,404		4,351		0.3		4,360
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	824		814		0.1		816
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	548		543		—		542
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	422		410		—		418
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	280		275		—		277
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	187		183		—		185
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	110		114		—		109
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	107		104		—		106
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	96		97		—		95
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	100		99		—		99
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	32		33		—		32
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.16%				05/2028	51		42		—		48
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(k)	11.20%				05/2028	10		10		—		10
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	15,074		15,067		0.9		12,888
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	7,243		7,240		0.4		6,192
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	4,766		4,764		0.3		4,075
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	2,489		2,487		0.1		2,128
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	2,382		2,381		0.1		2,037
Imperial Optical Midco Inc.(23)	One stop	SF +	13.00%	(k)	7.96%	cash/	10.50%	PIK	05/2024	1,744		1,739		0.1		1,544
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	1,578		1,577		0.1		1,349
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	1,394		1,394		0.1		1,192
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	1,179		1,178		0.1		1,008
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	697		700		—		596
Imperial Optical Midco Inc.(23)	One stop	SF +	13.00%	(k)	7.96%	cash/	10.50%	PIK	05/2024	696		696		0.1		717
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	642		641		—		549
Imperial Optical Midco Inc.(23)	One stop	SF +	13.00%	(k)	7.96%	cash/	10.50%	PIK	05/2024	853		853		0.1		939
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	200		200		—		171
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	160		160		—		137
Imperial Optical Midco Inc.(23)	One stop	SF +	8.75%	(k)	6.46%	cash/	7.75%	PIK	05/2024	55		55		—		47
Imperial Optical Midco Inc.	One stop	SF +	2.50%	(j)	7.93%				05/2024	565		565		0.1		709
PetVet Care Centers LLC~	One stop	SF +	6.00%	(j)	11.33%				11/2030	4,368		4,285		0.3		4,324
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(1)		—		(1)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(5)		—		(6)
PPV Intermediate Holdings, LLC(23)	One stop	N/A			14.75%	PIK			08/2030	5,345		5,211		0.4		5,345
PPV Intermediate Holdings, LLC#~	One stop	SF +	5.75%	(k)	11.09%				08/2029	4,612		4,550		0.3		4,566
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	560		551		—		537
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	129		128		—		124
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	23		22		—		22
PPV Intermediate Holdings, LLC(23)	One stop	N/A			13.75%	PIK			08/2030	24		24		—		23
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(6)		—		(4)

See Notes to Consolidated Financial Statements

34

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	$	1,761	$	1,748	0.1	%	$	1,761
Salon Lofts Group, LLC(23)	Second lien	SF +	9.00%	(l)	14.25%				09/2029	990		973		0.1		990
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	116		115		—		116
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	115		114		—		115
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	91		90		—		91
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	75		74		—		75
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	38		38		—		38
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	29		29		—		29
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	27		26		—		27
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(3)		—		—
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(3)		—		—
Salon Lofts Group, LLC(5)	Second lien	SF +	9.00%		N/A(6)				09/2029	—		(8)		—		—
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(l)	14.12%				09/2029	515		506		—		515
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.37%				08/2028	52		52		—		52
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(k)	14.31%				09/2029	49		48		—		49
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(k)	11.55%				08/2028	35		35		—		35
SureWerx Purchaser III, Inc.#+(8)	One stop	SF +	6.75%	(k)	12.05%				12/2029	8,171		8,003		0.6		8,171
SureWerx Purchaser III, Inc.(8)	One stop	SF +	6.75%	(j)	12.08%				12/2028	21		20		—		21
SureWerx Purchaser III, Inc.(5)(8)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(21)		—		—
Titan Fitness, LLC#(23)	One stop	SF +	7.25%	(j)(k)	10.24%	cash/	2.50%	PIK	10/2026	6,946		6,871		0.4		6,460
Titan Fitness, LLC(23)	One stop	SF +	7.25%	(l)	10.47%	cash/	2.50%	PIK	10/2026	819		810		0.1		761
Titan Fitness, LLC(23)	One stop	SF +	7.25%	(a)(j)(l)	10.60%	cash/	2.50%	PIK	10/2026	169		166		—		150
Vermont Aus Pty Ltd(8)(11)	One stop	SF +	5.65%	(k)	10.96%				03/2028	1,874		1,855		0.1		1,874
Vermont Aus Pty Ltd(8)(9)(11)	One stop	A +	5.75%	(e)	10.15%				03/2028	1,666		1,889		0.1		1,665
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	5.50%	(k)	11.10%				04/2028	3,992		3,951		0.3		3,792
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(k)(l)	11.11%				04/2028	1,521		1,470		0.1		1,445
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(k)	11.07%				04/2028	15		14		—		10
										136,400		136,690		8.8		129,564
Textiles, Apparel and Luxury Goods
Dollfus Mieg Company, Inc.#(8)(10)	One stop	SF +	6.00%	(l)	11.22%				03/2028	393		390		—		385
Dollfus Mieg Company, Inc.#(8)(10)	One stop	SF +	6.00%	(l)	11.22%				03/2028	196		194		—		192
Dollfus Mieg Company, Inc.#(8)(10)	One stop	SF +	6.00%	(l)	11.22%				03/2028	172		171		—		169
Dollfus Mieg Company, Inc.(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(6)		—		(13)
										761		749		—		733
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.^	One stop	SF +	6.25%	(k)	11.70%				06/2028	6,256		6,184		0.4		5,896
Marcone Yellowstone Buyer Inc.#^	One stop	SF +	6.25%	(k)	11.70%				06/2028	5,912		5,835		0.4		5,572
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.50%	(k)	11.95%				06/2028	2,119		2,071		0.1		2,013
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(k)	11.70%				06/2028	2,111		2,087		0.1		1,990
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(k)	11.70%				06/2028	1,349		1,333		0.1		1,272
Marcone Yellowstone Buyer Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(17)		—		—
										17,747		17,493		1.1		16,743

See Notes to Consolidated Financial Statements

35

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Water Utilities
S.J. Electro Systems, LLC^	Senior secured	SF +	4.75%	(k)	10.21%	06/2027	$	2,121	$	2,110	0.1	%	$	2,100
S.J. Electro Systems, LLC#	Senior secured	SF +	4.75%	(k)	10.21%	06/2027	1,112		1,110		0.1		1,101
S.J. Electro Systems, LLC	Senior secured	SF +	4.75%	(j)(k)	10.24%	06/2027	33		32		—		31
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(l)	9.86%	11/2026	889		882		0.1		878
Vessco Midco Holdings, LLC#	Senior secured	SF +	4.50%	(j)	9.93%	11/2026	87		87		—		86
Vessco Midco Holdings, LLC	Senior secured	SF +	5.00%	(l)	10.36%	11/2026	220		218		—		220
Vessco Midco Holdings, LLC	Senior secured	SF +	5.25%	(l)	10.62%	11/2026	33		30		—		33
Vessco Midco Holdings, LLC	Senior secured	P +	3.50%	(a)	12.00%	10/2026	—		—		—		—
							4,495		4,469		0.3		4,449
Total debt investments							2,591,862		2,576,426		173.2		2,548,973

See Notes to Consolidated Financial Statements

36

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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(20)(21)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	27	$	266	—	%	$	256
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	320		—		241
Go Car Wash Parent, Corp.(22)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	2,785		0.2		2,808
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	1,449		—		203
MOP GM Holding, LLC	LP units	N/A	N/A		N/A	—	134		—		161
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	—	32		—		43
POY Holdings, LLC	LLC units	N/A	N/A		N/A	305	150		0.1		760
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	93		—		200
Yorkshire Parent, Inc.	LP units	N/A	N/A		N/A	—	189		—		195
							5,152		0.3		4,611
Biotechnology
Cobepa BlueSky Aggregator, SCSp	LP Interest	N/A	N/A		N/A	42	422		—		178
Cobepa BlueSky Aggregator, SCSp	LP units	N/A	N/A		N/A	1	8		—		8
							430		—		186
Building Products
BECO Holding Company, Inc.(22)	Preferred stock	N/A	11.75%	Non-Cash	N/A	122	14,434		1.1		15,402
BECO Holding Company, Inc.	LP Interest	N/A	N/A		N/A	8	821		0.1		1,046
							15,255		1.2		16,448
Chemicals
Inhance Technologies Holdings LLC	Preferred stock	N/A	N/A		N/A	10	9,689		0.4		5,039
Inhance Technologies Holdings LLC	LLC units	N/A	N/A		N/A	—	34		—		—
							9,723		0.4		5,039
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP Interest	N/A	N/A		N/A	233	233		—		304
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	3,035	1,438		0.6		8,922
FR Vision Holdings, Inc.	LP units	N/A	N/A		N/A	—	154		—		172
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	156	156		—		254
PT Intermediate Holdings III, LLC	LLC units	N/A	N/A		N/A	8	778		0.1		933
Radwell Parent, LLC	LP units	N/A	N/A		N/A	2	175		—		238
							2,934		0.7		10,823
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	168	85		—		228
Diversified Consumer Services
CHHJ Midco, LLC(22)	LLC units	N/A	N/A		N/A	8	79		—		122
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	36	36		—		47
EMS LINQ, LLC	LP Interest	N/A	N/A		N/A	236	236		—		223
EWC Growth Partners LLC	LLC interest	N/A	N/A		N/A	—	25		—		5
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	250	250		—		259
Liminex, Inc.	Common stock	N/A	N/A		N/A	5	176		—		251
NSG Buyer, Inc. (8)	LP units	N/A	N/A		N/A	1	794		0.1		907
Virginia Green Acquisition, LLC	LP units	N/A	N/A		N/A	140	140		—		147
							1,736		0.1		1,961

See Notes to Consolidated Financial Statements

37

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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 & Staples Retailing
Mendocino Farms, LLC(22)	Common stock	N/A	N/A		N/A	59	$	214	—	%	$	356
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A		N/A	6	64		—		28
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A		N/A	—	4		—		7
							282		—		391
Food Products
Borrower R365 Holdings, LLC	Preferred stock	N/A	N/A		N/A	30	40		—		67
Borrower R365 Holdings, LLC	Preferred stock	N/A	N/A		N/A	2	3		—		3
Borrower R365 Holdings, LLC	LLC units	N/A	N/A		N/A	1	2		—		3
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
Borrower R365 Holdings, LLC	Preferred stock	N/A	N/A		N/A	—	1		—		1
Borrower R365 Holdings, LLC	LP units	N/A	N/A		N/A	—	—		—		—
Kodiak Cakes, LLC	Common stock	N/A	N/A		N/A	—	189		—		169
Louisiana Fish Fry Products, Ltd.	Common stock	N/A	N/A		N/A	—	212		—		124
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A	N/A		N/A	—	6		—		11
P&P Food Safety Holdings, Inc.	Common stock	N/A	N/A		N/A	1	142		—		88
P&P Food Safety Holdings, Inc.	Preferred stock	N/A	N/A		N/A	—	9		—		9
							606		—		477
Healthcare Equipment & Supplies
Aspen Medical Products, LLC	LP Interest	N/A	N/A		N/A	—	17		—		21
Blue River Pet Care, LLC	Common stock	N/A	N/A		N/A	—	207		0.1		630
CCSL Holdings, LLC(8)	LP Interest	N/A	N/A		N/A	—	135		—		152
CMI Parent Inc.	Common stock	N/A	N/A		N/A	—	279		—		409
CMI Parent Inc.	Common stock	N/A	N/A		N/A	5	5		—		588
							643		0.1		1,800
Healthcare Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	LLC units	N/A	N/A		N/A	51	52		—		69
CRH Healthcare Purchaser, Inc.	LP Interest	N/A	N/A		N/A	102	50		—		113
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	444		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	191		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—	—		—		—
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	—	165		—		140
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	—	10		—		17
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		—		202
Encorevet Group LLC	LLC units	N/A	N/A		N/A	1	158		—		96
Krueger-Gilbert Health Physics, LLC	Common stock	N/A	N/A		N/A	54	58		—		104
Midwest Veterinary Partners, LLC(22)	Preferred stock	N/A	12.00%	Non-Cash	N/A	—	558		0.1		597
Midwest Veterinary Partners, LLC(22)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	14		—		20
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A		N/A	3	—		—		144
NDX Parent, LLC	Common stock	N/A	N/A		N/A	—	106		—		15
NDX Parent, LLC	Preferred stock	N/A	N/A		N/A	16	16		—		19
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	Common stock	N/A	N/A		N/A	—	126		—		104
Opening Day Borrower 111 LLC	LLC units	N/A	N/A		N/A	18	785		0.1		646
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	2	241		—		160
							3,199		0.2		2,446

See Notes to Consolidated Financial Statements

38

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Connexin Software, Inc.	LLC interest	N/A			N/A		N/A	26	$	26	—	%	$	35
Connexin Software, Inc.	LLC units	N/A			N/A		N/A	2	2		—		3
HSI Halo Acquisition, Inc.(22)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	11		—		46
HSI Halo Acquisition, Inc.	LP Interest	N/A			N/A		N/A	—	1		—		19
Symplr Software, Inc.(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,396		0.3		3,499
Symplr Software, Inc.(22)	Preferred stock	SF +	10.50%	(k)	15.80%	Non-Cash	N/A	1	844		0.1		1,207
Symplr Software, Inc.(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	417		—		464
Symplr Software, Inc.(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	255		—		272
Symplr Software, Inc.	Common stock	N/A			N/A		N/A	42	—		—		233
									4,952		0.4		5,778

See Notes to Consolidated Financial Statements

39

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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	$	75	—	%	$	185
Harri US LLC	Preferred stock	N/A	N/A		N/A	29	331		—		355
Harri US LLC	LLC units	N/A	N/A		N/A	36	286		—		216
Harri US LLC	Preferred stock	N/A	N/A		N/A	31	198		—		179
Harri US LLC	Warrant	N/A	N/A		N/A	10	46		—		60
Harri US LLC	Warrant	N/A	N/A		N/A	5	—		—		64
SSRG Holdings, LLC	LP Interest	N/A	N/A		N/A	40	399		0.1		597
Tropical Smoothie Cafe Holdings, LLC	LP Interest	N/A	N/A		N/A	2	28		—		441
							1,363		0.1		2,097
Insurance
Accession Risk Management Group, Inc.(22)	Preferred stock	N/A	13.25%	Non-Cash	N/A	6	6,238		0.5		6,319
Majesco(22)	Preferred stock	N/A	9.00%	Non-Cash	N/A	—	135		—		168
Majesco	LP Interest	N/A	N/A		N/A	28	—		—		85
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		N/A	7	142		—		145
							6,515		0.5		6,717
Internet and Catalog Retail
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	8	7,472		0.6		8,718
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	5	4,484		0.4		5,232
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	4	3,632		0.2		3,808
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	3	2,681		0.2		3,018
							18,269		1.4		20,776
IT Services
Appriss Health Intermediate Holdings, Inc(22)	Preferred stock	N/A	11.00%	Non-Cash	N/A	1	956		0.1		980
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	217	170		0.1		1,786
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	57	156		—		468
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	13	108		—		107
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A		N/A	75	59		0.1		571
Critical Start, Inc.	Common stock	N/A	N/A		N/A	118	118		—		159
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	83	475		0.1		475
Netwrix Corporation	LLC units	N/A	N/A		N/A	2	5		—		9
Optimizely North America, Inc.	Common stock	N/A	N/A		N/A	17	173		—		265
Red Dawn SEI Buyer, Inc.	LP Interest	N/A	N/A		N/A	219	219		—		422
Saturn Borrower Inc.	LP units	N/A	N/A		N/A	139	139		—		73
							2,578		0.4		5,315
Leisure Products
Movement Holdings, LLC	LLC units	N/A	N/A		N/A	—	100		—		100
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	15	24		—		27
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	10	16		—		19
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	9	13		—		15
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	8	12		—		13
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	3	5		—		6
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	—	—		—		1
							170		—		181

See Notes to Consolidated Financial Statements

40

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	372	$	372	—	%	$	372
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	372	—		—		221
PAS Parent Inc.	LP Interest	N/A			N/A		N/A	6	624		0.1		666
PAS Parent Inc.	Preferred stock	N/A			N/A		N/A	1	93		—		120
Reaction Biology Corporation	LLC units	N/A			N/A		N/A	—	244		—		140
									1,333		0.1		1,519
Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	2	213		—		155
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									213		—		155
Pharmaceuticals
Amalthea Parent, Inc.(8)	LP Interest	N/A			N/A		N/A	199	199		—		102
Cobalt Buyer Sub, Inc.(22)	Preferred stock	SF +	10.00%	(k)	15.30%	Non-Cash	N/A	3	4,230		0.3		4,738
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	72		—		84
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	1	1		—		—
									4,502		0.3		4,924
Professional Services
Enboarder, Inc.(8)(11)	Preferred stock	N/A			N/A		N/A	27	280		—		280
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	141	892		0.1		1,307
Filevine, Inc.	Warrant	N/A			N/A		N/A	57	57		—		75
Filevine, Inc.	Warrant	N/A			N/A		N/A	21	31		—		152
Net Health Acquisition Corp.	LP Interest	N/A			N/A		N/A	1	133		—		152
Procure Acquireco, Inc.	LP Interest	N/A			N/A		N/A	—	333		0.1		421
									1,726		0.2		2,387
Real Estate Management & Development
Inhabit IQ Inc.	Common stock	N/A			N/A		N/A	11	60		—		168
Road & Rail
Internet Truckstop Group LLC	LP Interest	N/A			N/A		N/A	146	146		—		145

See Notes to Consolidated Financial Statements

41

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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	%	$	846
Aras Corporation(22)	Preferred stock	N/A			12.00%	Non-Cash	N/A	—	491		0.1		550
Aras Corporation	LP Interest	N/A			N/A		N/A	121	121		—		166
Astute Holdings, Inc.	LP Interest	N/A			N/A		N/A	—	59		—		211
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	11	111		—		151
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	1	13		—		17
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	1,746	1,746		0.1		1,761
Calabrio, Inc.	LP Interest	N/A			N/A		N/A	—	305		0.1		381
Calabrio, Inc.	LP Interest	N/A			N/A		N/A	38	—		—		—
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	30	341		—		361
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	15	93		—		148
Cloudbees, Inc.	Warrant	N/A			N/A		N/A	27	40		—		213
Cynet Security Ltd.(8)(15)	Preferred stock	N/A			N/A		N/A	75	262		—		339
Denali Bidco Limited(8)(10)	LP Interest	N/A			N/A		N/A	140	182		—		222
Diligent Corporation(22)	Preferred stock	N/A			10.50%	Non-Cash	N/A	7	7,828		0.6		8,440
FirstUp, Inc.	Common stock	N/A			N/A		N/A	84	205		—		139
GS Acquisitionco, Inc.(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	9	11,133		0.8		11,541
GS Acquisitionco, Inc.(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,481		0.3		3,513
GS Acquisitionco, Inc.(22)	Preferred stock	SF +	10.50%	(k)	15.80%	Non-Cash	N/A	—	54		—		55
GS Acquisitionco, Inc.	LP Interest	N/A			N/A		N/A	—	26		—		227
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	25	25		—		41
Impartner, Inc.	Preferred stock	N/A			N/A		N/A	11	90		—		84
Kaseya Inc.(22)	Preferred stock	SF +	10.75%	(k)	16.05%	Non-Cash	N/A	3	3,029		0.2		3,166
Kaseya Inc.	LP Interest	N/A			N/A		N/A	150	150		—		165
MetricStream, Inc.	Warrant	N/A			N/A		N/A	44	67		—		44
Ministry Brands Holdings LLC	LP Interest	N/A			N/A		N/A	361	362		—		330
mParticle, Inc.	Preferred stock	N/A			N/A		N/A	65	426		—		386
mParticle, Inc.	Warrant	N/A			N/A		N/A	32	6		—		131
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	Warrant	N/A			N/A		N/A	2	6		—		7
Onit, Inc.(22)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	51		—		57
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		8
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		2
PDI TA Holdings, Inc.	Preferred stock	N/A			N/A		N/A	43	1,340		0.1		1,659
Personify, Inc.	LP Interest	N/A			N/A		N/A	163	171		—		449
Pyramid Healthcare Acquisition Corp.	Common stock	N/A			N/A		N/A	73	73		—		142
QAD, Inc.(22)	Preferred stock	N/A			9.00%	Non-Cash	N/A	1	843		0.1		925
QAD, Inc.	Common stock	N/A			N/A		N/A	53	—		—		103
RegEd Aquireco, LLC	LP Interest	N/A			N/A		N/A	—	73		—		24
RegEd Aquireco, LLC	Preferred stock	N/A			N/A		N/A	—	5		—		6
RegEd Aquireco, LLC	LP Interest	N/A			N/A		N/A	1	—		—		—
Riskonnect Parent, LLC(22)	Preferred stock	N/A			11.00%	Non-Cash	N/A	8	9,465		0.6		8,894
Riskonnect Parent, LLC	LP Interest	N/A			N/A		N/A	378	379		0.1		454
Riskonnect Parent, LLC(22)	Preferred stock	SF +	10.50%	(k)	15.80%	Non-Cash	N/A	—	411		0.1		428
SnapLogic, Inc.	Preferred stock	N/A			N/A		N/A	66	164		—		356
SnapLogic, Inc.	Warrant	N/A			N/A		N/A	25	18		—		91
Spartan Buyer Acquisition Co.	Common stock	N/A			N/A		N/A	—	252		—		149
Spartan Buyer Acquisition Co.	Preferred stock	N/A			N/A		N/A	—	29		—		34
Telesoft Holdings LLC	LP Interest	N/A			N/A		N/A	131	131		—		125

See Notes to Consolidated Financial Statements

42

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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)
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A	N/A		N/A	—	$	23	—	%	$	32
Zendesk, Inc.	LP units	N/A	N/A		N/A	18	182		—		253
							44,849		3.3		47,826
Specialty Retail
Ave Holdings III, Corp(22)	Preferred stock	N/A	11.50%	Non-Cash	N/A	6	7,069		0.4		6,401
Ave Holdings III, Corp	LP units	N/A	N/A		N/A	1	777		0.1		634
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	110		—		—
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	42		—		—
Imperial Optical Midco Inc.	Common stock	N/A	N/A		N/A	—	—		—		—
Salon Lofts Group, LLC	LP units	N/A	N/A		N/A	—	45		—		44
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		N/A	—	39		—		20
							8,082		0.5		7,099
Textiles, Apparel and Luxury Goods
MakerSights, Inc.	Preferred stock	N/A	N/A		N/A	16	85		—		46
Total equity investments							135,154		10.2		149,799
Total investments							2,711,580		183.4		2,698,772
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.19%	(25)			$	51	—	%	$	51
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)			5.21%	(25)			773		0.1		773
Morgan Stanley US Dollar Liquidity Fund (CUSIP L64887109)			5.34%	(25)			6,244		0.4		6,244
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)			5.15%	(25)			1,297		0.1		1,297
Total money market funds							8,365		0.6		8,365
Total investments and money market funds							$	2,719,945	184.0	%	$	2,707,137

See Notes to Consolidated Financial Statements

43

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts 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 2022-2 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 Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), 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 Canadian Overnight Repo Rate Average (“CORRA” or “CA”) 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 March 31, 2024. 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 March 31, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2024, as the loan may have priced or repriced based on an index rate prior to March 31, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of March 31, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.86% as of March 31, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.89% as of March 31, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.85% as of March 31, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.34% as of March 31, 2024.

(f) Denotes that all or a portion of the contract was indexed to the 60-day CDOR, which was 5.29% as of March 31, 2024.

(g) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.30% as of March 31, 2024.

(h) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of March 31, 2024.

(i) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.33% as of March 31, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.33% as of March 31, 2024.

(k) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.30% as of March 31, 2024.

(l) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.22% as of March 31, 2024.

(m) Denotes that all or a portion of the contract was indexed to CORRA which was 5.02% as of March 31, 2024.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2024.

(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 values of investments were valued using significant unobservable inputs, unless otherwise noted. 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 March 31, 2024. 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 March 31, 2024, 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 March 31, 2024, total non-qualifying assets at fair value represented 14.6% 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

44

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2024

(Dollar and share amounts in thousands)

(19) The headquarters of this portfolio company is located in Germany.

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

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

(22) The Company holds an equity investment that is income producing.

(23) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the six months ended March 31, 2024.

(24) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.

(25) The rate shown is the annualized seven-day yield as of March 31, 2024.

See Notes to Consolidated Financial Statements

45

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.#	One stop	SF +	7.00%	(k)(m)	12.33%				02/2029	$	9,900	$	9,634	0.7	%	$	9,900
PPW Aero Buyer, Inc.(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										9,900		9,633		0.7		9,900
Airlines
Accelya Lux Finco S.A.R.L.#(8)(13)	One stop	SF +	6.00%	(l)	11.49%				12/2026	7,564		7,477		0.5		7,186
Auto Components
COP CollisionRight Holdings, Inc.#~^	One stop	SF +	5.25%	(l)	10.79%				04/2028	10,362		10,237		0.7		10,258
COP CollisionRight Holdings, Inc.	One stop	SF +	5.25%	(l)	10.79%				04/2028	36		35		—		35
Covercraft Parent III, Inc.^	Senior secured	SF +	4.50%	(l)(m)	10.10%				08/2027	2,056		2,043		0.2		1,974
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(m)	10.09%				08/2027	415		408		—		398
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(m)	10.03%				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC#(22)	One stop	SF +	8.00%	(l)	9.78%	cash/	3.75%	PIK	05/2027	2,419		2,395		0.2		2,129
North Haven Falcon Buyer, LLC(22)	One stop	SF +	8.00%	(l)	9.82%	cash/	3.75%	PIK	05/2027	406		402		—		357
										15,707		15,532		1.1		15,160
Automobiles
CG Group Holdings, LLC#~(22)	One stop	SF +	8.75%	(l)	12.14%	cash/	2.00%	PIK	07/2027	13,666		13,466		0.9		13,119
CG Group Holdings, LLC(22)	One stop	SF +	8.75%	(k)	12.07%	cash/	2.00%	PIK	07/2026	345		339		—		333
Denali Midco 2, LLC#^	One stop	SF +	6.25%	(k)	11.67%				12/2027	9,853		9,786		0.7		9,657
Denali Midco 2, LLC^	One stop	SF +	6.25%	(k)	11.67%				12/2027	2,948		2,929		0.2		2,889
Denali Midco 2, LLC~	One stop	SF +	6.25%	(k)	11.67%				12/2027	2,653		2,634		0.2		2,600
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,791		1,779		0.1		1,756
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,702		1,690		0.1		1,668
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,485		1,475		0.1		1,456
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,224		1,216		0.1		1,200
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,188		1,180		0.1		1,165
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,188		1,180		0.1		1,165
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	980		974		0.1		961
Denali Midco 2, LLC#	One stop	SF +	6.50%	(k)	11.92%				12/2027	555		542		0.1		550
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	74		72		—		73
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	37		36		—		37
Denali Midco 2, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(10)
Denali Midco 2, LLC(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(4)		—		(2)
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	127		123		—		125
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	150		146		—		148
JHCC Holdings LLC#	One stop	SF +	5.25%	(l)	10.79%				09/2025	4,939		4,913		0.4		4,865
JHCC Holdings LLC~	One stop	SF +	5.25%	(l)	10.79%				09/2025	2,913		2,898		0.2		2,870
JHCC Holdings LLC	One stop	SF +	5.25%	(l)	10.79%				09/2025	1,692		1,681		0.1		1,667
JHCC Holdings LLC#	One stop	SF +	5.25%	(l)	10.79%				09/2025	251		249		—		247
JHCC Holdings LLC(5)	One stop	SF +	5.25%		N/A(6)				09/2025	—		(1)		—		(2)
JHCC Holdings LLC#	One stop	SF +	6.75%	(l)	12.29%				09/2025	567		558		—		570
MOP GM Holding, LLC~+	One stop	SF +	5.75%	(l)	11.29%				11/2026	9,496		9,434		0.7		9,117
MOP GM Holding, LLC^	One stop	SF +	5.75%	(l)	11.32%				11/2026	1,332		1,321		0.1		1,279
MOP GM Holding, LLC~	One stop	SF +	5.75%	(m)	11.03%				11/2026	1,052		1,046		0.1		1,010
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	11.03%				11/2026	1,021		1,014		0.1		980
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%				11/2026	757		752		0.1		726
MOP GM Holding, LLC^	One stop	SF +	5.75%	(l)	11.27%				11/2026	629		625		0.1		603

See Notes to Consolidated Financial Statements.

46

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
MOP GM Holding, LLC^	One stop	SF +	5.75%	(m)	11.03%	11/2026	$	579	$	572	0.1	%	$	556
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.29%	11/2026	211		210		—		203
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.29%	11/2026	184		182		—		176
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)(m)	11.34%	11/2026	186		185		—		178
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.27%	11/2026	92		91		—		88
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.29%	11/2026	59		59		—		57
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.29%	11/2026	31		30		—		29
MOP GM Holding, LLC	One stop	SF +	5.75%	(l)	11.27%	11/2026	31		30		—		29
MOP GM Holding, LLC(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(11)		—		(48)
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.50%	(l)(m)	10.89%	07/2029	2,486		2,465		0.2		2,386
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(2)		—		(7)
National Express Wash Parent Holdco, LLC	One stop	SF +	5.50%	(m)	10.96%	07/2029	105		103		—		97
POY Holdings, LLC#^+	One stop	SF +	5.50%	(l)	11.04%	11/2027	18,095		17,844		1.3		18,095
POY Holdings, LLC#	One stop	SF +	5.50%	(l)	11.04%	11/2027	1,185		1,176		0.1		1,185
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(3)		—		—
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(19)		—		—
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	6.50%	(l)	12.02%	10/2026	1,982		1,958		0.1		1,963
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(l)	12.02%	10/2026	1,626		1,603		0.1		1,610
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(l)	12.02%	10/2026	1,213		1,191		0.1		1,201
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(l)	12.02%	10/2026	952		937		0.1		943
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(l)	12.02%	10/2026	791		780		0.1		783
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(l)	12.02%	10/2026	691		681		—		684
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(l)	12.02%	10/2026	462		455		—		457
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(l)	12.02%	10/2026	376		371		—		372
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(l)	12.02%	10/2026	366		353		—		362
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(l)	12.02%	10/2026	335		328		—		331
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(l)	12.02%	10/2026	334		320		—		331
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(1)		—		(1)
Quick Quack Car Wash Holdings, LLC	One stop	SF +	6.50%	(l)	12.02%	10/2026	178		172		—		174
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(k)	11.92%	10/2026	150		149		—		149
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(3)		—		(4)
Spotless Brands, LLC#	One stop	SF +	6.50%	(l)	12.00%	07/2028	4,141		4,075		0.3		4,100
Spotless Brands, LLC	One stop	SF +	6.50%	(l)	12.02%	07/2028	450		447		—		446
Spotless Brands, LLC	One stop	SF +	6.50%	(l)	11.99%	07/2028	334		331		—		331
Spotless Brands, LLC	One stop	SF +	6.50%		N/A(6)	07/2028	—		—		—		—
TWAS Holdings, LLC~^	One stop	SF +	6.75%	(k)	12.17%	12/2026	11,987		11,905		0.8		11,866
TWAS Holdings, LLC#	One stop	SF +	6.75%	(k)	12.17%	12/2026	7,770		7,720		0.5		7,692
TWAS Holdings, LLC^	One stop	SF +	6.75%	(k)	12.17%	12/2026	7,234		7,186		0.5		7,161
TWAS Holdings, LLC#	One stop	SF +	6.75%	(k)	12.17%	12/2026	4,935		4,903		0.3		4,886
TWAS Holdings, LLC#	One stop	SF +	6.75%	(k)	12.17%	12/2026	3,112		3,091		0.2		3,081
TWAS Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)	12/2026	—		(2)		—		(4)
							137,278		135,911		9.5		134,760

See Notes to Consolidated Financial Statements.

47

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Beverages
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	$	—	$	(1)	—	%	$	(1)
Financial Information Technologies, LLC(22)	One stop	N/A			14.00%	PIK	06/2031	6,109		5,937		0.4		5,926
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(l)	11.89%		06/2030	12,353		12,175		0.9		12,230
Watermill Express, LLC#	One stop	SF +	5.00%	(l)	10.54%		04/2027	876		871		0.1		876
Watermill Express, LLC	One stop	SF +	5.00%	(l)	10.54%		04/2027	85		84		—		85
Watermill Express, LLC	One stop	SF +	5.00%	(k)	10.42%		04/2027	8		7		—		8
Winebow Holdings, Inc.#~	One stop	SF +	6.25%	(k)	11.67%		07/2025	3,022		3,003		0.2		2,962
								22,453		22,076		1.6		22,086
Building Products
BECO Holding Company, Inc.#~^	One stop	SF +	5.25%	(l)	10.79%		11/2028	32,343		32,111		2.2		31,696
BECO Holding Company, Inc.	One stop	SF +	5.25%	(k)	10.67%		11/2027	22		19		—		13
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2028	—		(61)		—		(169)
								32,365		32,069		2.2		31,540
Chemicals
Inhance Technologies Holdings LLC^	One stop	SF +	6.00%	(l)	11.40%		07/2024	3,557		3,546		0.2		3,361
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(l)	11.40%		07/2024	2,410		2,406		0.2		2,277
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(l)	11.40%		07/2024	729		728		—		689
Inhance Technologies Holdings LLC	One stop	SF +	6.00%	(k)(l)	11.42%		07/2024	105		105		—		99
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(e)	10.39%		09/2028	14,411		15,583		0.9		12,682
PHM NL SP Bidco B.V.(8)(14)	One stop	SF +	6.25%	(j)	11.55%		09/2028	5,922		5,848		0.4		5,212
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	SN +	6.25%	(i)	11.44%		09/2028	3,156		3,407		0.2		2,777
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(e)	10.01%		09/2028	1,523		1,601		0.1		1,340
								31,813		33,224		2.0		28,437

See Notes to Consolidated Financial Statements.

48

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	SF +	5.25%	(k)(l)	10.79%				10/2028	$	7,557	$	7,483	0.5	%	$	7,557
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(k)	10.67%				10/2028	10		8		—		10
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(1)		—		—
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(l)	11.66%				09/2030	375		368		—		368
Kleinfelder Intermediate, LLC	One stop	SF +	6.25%	(l)	11.66%				09/2028	6		5		—		5
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2030	—		(1)		—		(1)
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	3,734		3,710		0.3		3,687
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	1,258		1,250		0.1		1,242
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	415		412		—		410
North Haven Stack Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				07/2027	—		(8)		—		(9)
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(b)(l)	11.40%				07/2027	66		65		—		64
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	417		414		—		411
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	61		61		—		60
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	30		30		—		30
North Haven Stack Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				07/2027	—		(23)		—		(20)
North Haven Stack Buyer, LLC(5)	Second lien	N/A			N/A(6)				01/2028	—		(23)		—		(19)
Profile Products LLC#	One stop	SF +	5.75%	(l)	11.22%				11/2027	2,852		2,809		0.2		2,795
Profile Products LLC#(8)	One stop	SF +	5.75%	(l)	11.22%				11/2027	578		570		0.1		567
Profile Products LLC	One stop	SF +	5.75%	(b)(k)	11.42%				11/2027	42		41		—		41
Profile Products LLC	One stop	P +	4.75%	(b)	13.25%				11/2027	8		8		—		8
PT Intermediate Holdings III, LLC#~^	One stop	SF +	5.98%	(l)	11.52%				11/2028	24,185		23,870		1.7		24,185
PT Intermediate Holdings III, LLC#	One stop	SF +	5.98%	(l)	11.52%				11/2028	15,391		15,228		1.1		15,391
PT Intermediate Holdings III, LLC#	One stop	SF +	6.50%	(l)	11.89%				11/2028	1,397		1,379		0.1		1,407
PT Intermediate Holdings III, LLC(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(5)		—		—
Radwell Parent, LLC#^	One stop	SF +	6.53%	(l)	12.02%				03/2029	10,935		10,798		0.8		10,935
Radwell Parent, LLC#	One stop	SF +	6.75%	(l)	12.14%				03/2029	9,875		9,618		0.7		9,900
Radwell Parent, LLC	One stop	SF +	6.75%	(l)	12.14%				03/2028	69		64		—		69
Radwell Parent, LLC(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(46)		—		—
Trinity Air Consultants Holdings Corporation(5)	One stop	SF +	5.75%		N/A(6)				06/2027	—		(3)		—		—
Trinity Air Consultants Holdings Corporation#	One stop	SF +	5.75%	(l)	11.10%				06/2027	174		172		—		174
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%	(m)	11.27%				06/2027	495		492		—		495
										79,930		78,745		5.6		79,762
Communications Equipment
Lightning Finco Limited(8)(10)	One stop	SF +	5.75%	(l)	11.13%				09/2028	4,453		4,390		0.3		4,408
Lightning Finco Limited(8)(9)(10)	One stop	E +	5.75%	(d)	9.53%				09/2028	483		535		—		478
										4,936		4,925		0.3		4,886
Containers and Packaging
AmerCareRoyal LLC#(22)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	2,548		2,528		0.2		2,548
AmerCareRoyal LLC#(22)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	545		540		—		545
AmerCareRoyal LLC(22)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	529		525		—		529
AmerCareRoyal LLC#(8)(22)	Senior secured	SF +	7.00%	(k)(l)	11.98%	cash/	0.50%	PIK	11/2025	456		453		—		456
Chase Intermediate#~^	One stop	SF +	5.25%	(k)(l)(m)	10.95%				10/2028	38,283		38,018		2.7		37,516
Chase Intermediate	One stop	SF +	5.25%	(m)	11.00%				10/2028	120		117		—		113

See Notes to Consolidated Financial Statements.

49

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Chase Intermediate(5)	One stop	SF +	5.25%		N/A(6)				10/2028	$	—	$	(4)	—	%	$	(11)
Chase Intermediate(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(18)		—		(18)
Fortis Solutions Group, LLC#~^	One stop	SF +	5.50%	(l)	10.99%				10/2028	15,592		15,398		1.1		15,124
Fortis Solutions Group, LLC(5)	One stop	SF +	5.50%		N/A(6)				10/2027	—		(4)		—		(8)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(l)	10.99%				10/2028	45		8		—		43
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(l)	10.99%				10/2028	186		168		—		99
										58,304		57,729		4.0		56,936
Diversified Consumer Services
Certus Pest, Inc.~	One stop	SF +	7.50%	(l)	13.04%				02/2026	616		606		0.1		610
Certus Pest, Inc.~	One stop	SF +	7.50%	(l)	13.04%				02/2026	591		576		0.1		585
Certus Pest, Inc.	One stop	SF +	7.50%	(l)	13.04%				02/2026	426		425		—		422
Certus Pest, Inc.~	One stop	SF +	7.50%	(l)	13.04%				02/2026	421		417		—		417
Certus Pest, Inc.~	One stop	SF +	7.50%	(l)	13.04%				02/2026	292		287		—		289
Certus Pest, Inc.~	One stop	SF +	7.50%	(l)	13.04%				02/2026	257		248		—		255
Certus Pest, Inc.	One stop	SF +	7.50%	(l)	13.04%				02/2026	251		249		—		248
Certus Pest, Inc.~	One stop	SF +	7.50%	(l)	13.04%				02/2026	148		145		—		147
Certus Pest, Inc.	One stop	SF +	7.50%	(l)	13.04%				02/2026	93		89		—		92
Certus Pest, Inc.	One stop	SF +	7.50%	(l)	13.04%				02/2026	51		43		—		50
Certus Pest, Inc.	One stop	SF +	7.50%	(l)	13.04%				02/2026	21		20		—		21
Certus Pest, Inc.(5)	One stop	SF +	7.50%		N/A(6)				02/2026	—		(1)		—		(1)
CHHJ Midco, LLC#	Senior secured	SF +	5.00%	(k)	10.42%				01/2026	1,075		1,070		0.1		1,075
CHHJ Midco, LLC	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
COP Exterminators Acquisitions, Inc.#	Senior secured	SF +	5.50%	(l)	11.02%				07/2029	1,569		1,546		0.1		1,549
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		(1)		—		(1)
COP Exterminators Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		(11)		—		(11)
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	4.50%	(l)	9.90%				07/2027	969		959		0.1		969
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	4.50%	(l)	9.90%				07/2027	729		725		0.1		729
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	4.50%	(l)	9.90%				07/2027	711		704		0.1		711
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	4.75%	(l)	10.31%				07/2027	584		576		—		584
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	4.50%	(l)	9.92%				07/2027	466		462		—		466
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	4.50%	(l)	9.98%				07/2027	329		326		—		329
COP Hometown Acquisitions, Inc.	Senior secured	SF +	4.50%		N/A(6)				07/2027	—		—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(m)	11.59%				09/2028	1,310		1,291		0.1		1,310
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(6)		—		—
EMS LINQ, LLC#+	One stop	SF +	6.25%	(k)	11.67%				12/2027	4,244		4,214		0.3		4,117
EMS LINQ, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(1)		—		(4)
EWC Growth Partners LLC^	One stop	SF +	6.00%	(l)	11.54%				03/2026	1,080		1,076		0.1		1,080
EWC Growth Partners LLC#	One stop	SF +	6.00%	(l)	11.54%				03/2026	62		62		—		62
EWC Growth Partners LLC	One stop	SF +	6.00%	(l)	11.54%				03/2026	14		14		—		14
EWC Growth Partners LLC	One stop	SF +	6.00%		N/A(6)				03/2026	—		—		—		—
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(l)	11.57%				03/2027	7,153		7,014		0.5		7,082
FPG Intermediate Holdco, LLC^	One stop	SF +	6.00%	(l)	11.57%				03/2027	6,130		6,067		0.5		6,069
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(b)(l)	12.16%				03/2027	33		32		—		32
FPG Intermediate Holdco, LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2027	—		(22)		—		—
FSS Buyer LLC^	One stop	SF +	5.75%	(l)	11.24%				08/2028	2,309		2,277		0.2		2,309
FSS Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2027	—		(1)		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(m)	11.07%				06/2029	3,965		3,900		0.3		3,925
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(k)(l)	11.07%				06/2028	13		11		—		12
Learn-it Systems, LLC#(22)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	755		752		0.1		695

See Notes to Consolidated Financial Statements.

50

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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(22)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	$	574	$	572	—	%	$	528
Learn-it Systems, LLC(22)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	210		210		—		194
Learn-it Systems, LLC(5)(22)	Senior secured	L +	4.75%	(a)	10.40%				09/2026	—		—		—		(2)
Liminex, Inc.+	One stop	SF +	7.25%	(l)	12.79%				11/2026	19,521		19,343		1.4		19,521
Liminex, Inc.#	One stop	SF +	7.25%	(l)	12.79%				11/2026	10,188		10,102		0.7		10,188
Liminex, Inc.#	One stop	SF +	7.25%	(l)	12.79%				11/2026	3,516		3,480		0.2		3,516
Liminex, Inc.(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(2)		—		—
Liminex, Inc.#	One stop	SF +	7.25%	(l)	12.79%				11/2026	116		114		—		116
Litera Bidco LLC#	One stop	SF +	6.00%	(k)	11.42%				05/2026	1,309		1,300		0.1		1,309
Litera Bidco LLC#	One stop	SF +	5.25%	(k)	10.67%				05/2026	602		599		—		602
Litera Bidco LLC	One stop	SF +	5.25%	(k)	10.67%				05/2026	269		268		—		269
Litera Bidco LLC	One stop	SF +	5.25%	(k)	10.67%				05/2026	269		269		—		269
Litera Bidco LLC	One stop	SF +	6.00%	(k)	11.42%				05/2026	118		118		—		118
Litera Bidco LLC	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC#	One stop	SF +	5.75%	(k)	11.17%				04/2029	3,923		3,860		0.3		3,766
Mario Purchaser, LLC(22)	One stop	SF +	10.75%	(k)	16.17%	PIK			04/2032	1,976		1,938		0.1		1,936
Mario Purchaser, LLC	One stop	SF +	5.75%	(k)	11.17%				04/2029	2,251		2,192		0.1		2,055
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(3)
Mathnasium, LLC#	One stop	SF +	5.00%	(l)	10.51%				11/2027	4,155		4,126		0.3		4,155
Mathnasium, LLC	One stop	SF +	5.00%	(l)	10.52%				11/2027	11		11		—		11
NSG Buyer, Inc. ^	One stop	SF +	6.50%	(k)	11.92%				11/2029	8,303		8,158		0.6		8,303
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(28)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Provenance Buyer LLC^	One stop	SF +	5.00%	(k)	10.42%				06/2027	4,278		4,246		0.3		4,278
Provenance Buyer LLC#~	One stop	SF +	5.00%	(k)	10.42%				06/2027	2,918		2,881		0.2		2,918
Provenance Buyer LLC(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC^	One stop	SF +	5.25%	(m)	10.82%				04/2028	9,086		9,017		0.6		8,814
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(5)
										110,260		108,908		7.7		109,094
Diversified Financial Services
Adenza Group, Inc. #	One stop	SF +	5.75%	(k)	11.18%				12/2027	1,235		1,219		0.1		1,235
Adenza Group, Inc.	One stop	SF +	5.75%		N/A(6)				12/2025	—		—		—		—
Avalara, Inc.#	One stop	SF +	7.25%	(l)	12.64%				10/2028	6,229		6,098		0.5		6,229
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(3)		—		—
Banker's Toolbox, Inc.^	One stop	SF +	5.25%	(l)	10.72%				07/2027	3,414		3,393		0.2		3,414
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(l)	10.72%				07/2027	636		634		—		636
Banker's Toolbox, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		(1)		—		—
Flash Topco, Inc.^	One stop	SF +	5.75%	(l)	11.22%				10/2028	7,549		7,495		0.5		7,172
Flash Topco, Inc.	One stop	SF +	6.50%	(l)	11.87%				10/2028	41		40		—		38
Flash Topco, Inc.	One stop	SF +	6.50%	(l)	11.87%				12/2024	19		19		—		19
Finastra USA, Inc.#(8)	One stop	SF +	7.25%	(m)	12.71%				09/2029	450		441		—		441
Finastra USA, Inc.(8)	One stop	SF +	7.25%	(k)	12.58%				09/2029	11		10		—		10
Higginbotham Insurance Agency, Inc.#	One stop	SF +	5.50%	(k)	10.92%				11/2028	1,813		1,799		0.1		1,804
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(k)	10.92%				11/2028	951		948		0.1		946
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—		(14)		—		(15)
										22,348		22,078		1.5		21,929

See Notes to Consolidated Financial Statements.

51

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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 Telecommunication Services
NTI Connect, LLC#	Senior secured	SF +	4.75%	(l)	10.29%	12/2024	$	631	$	627	—	%	$	631
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.50%	(k)	11.92%	11/2028	9,875		9,624		0.7		9,875
CST Holding Company(5)	One stop	SF +	6.50%		N/A(6)	11/2028	—		(1)		—		—
							9,875		9,623		0.7		9,875
Food & Staples Retailing
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	627		623		0.1		627
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	321		319		—		321
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	252		251		—		252
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	248		246		—		248
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	161		160		—		161
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	122		121		—		122
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	122		121		—		122
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	60		60		—		60
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	432		428		0.1		432
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	270		268		—		270
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	326		326		—		326
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	115		115		—		115
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	55		54		—		55
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	91		90		—		91
Wineshipping.com LLC^	One stop	SF +	5.75%	(l)	11.32%	10/2027	3,048		3,028		0.2		2,926
Wineshipping.com LLC	One stop	SF +	5.75%	(l)	11.20%	10/2027	83		80		—		80
Wineshipping.com LLC	One stop	SF +	5.75%	(b)(l)	11.47%	10/2027	63		63		—		60
							6,396		6,353		0.4		6,268

See Notes to Consolidated Financial Statements.

52

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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+(22)	One stop	SF +	6.50%	(l)	12.04%				06/2027	$	5,334	$	5,272	0.4	%	$	5,334
Borrower R365 Holdings, LLC#(22)	One stop	SF +	6.50%	(l)	12.04%				06/2027	444		438		—		444
Borrower R365 Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(4)		—		—
Borrower R365 Holdings, LLC(22)	One stop	SF +	6.50%	(l)	12.04%				06/2027	191		189		—		191
Flavor Producers, LLC#(22)	Senior secured	SF +	6.50%	(b)(l)	10.24%	cash/	1.75%	PIK	12/2024	441		441		—		410
Flavor Producers, LLC(5)	Senior secured	SF +	6.50%		N/A(6)				09/2024	—		—		—		(1)
Kodiak Cakes, LLC+	Senior secured	SF +	8.75%	(l)	14.14%				06/2027	4,815		4,702		0.3		4,683
Kodiak Cakes, LLC	Senior secured	SF +	8.75%	(l)	14.14%				06/2026	150		146		—		146
Louisiana Fish Fry Products, Ltd.#~	One stop	SF +	6.25%	(l)	11.79%				07/2027	4,164		4,137		0.3		4,038
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(b)(k)(l)	12.06%				07/2027	76		75		—		72
MAPF Holdings, Inc.~^+	One stop	SF +	5.00%	(l)	10.54%				12/2026	14,918		14,837		1.1		14,918
MAPF Holdings, Inc.	One stop	SF +	5.00%	(l)	10.54%				12/2026	120		118		—		120
P&P Food Safety Holdings, Inc.~^	One stop	SF +	6.00%	(l)	11.54%				12/2026	7,124		7,071		0.5		6,910
P&P Food Safety Holdings, Inc.	One stop	SF +	6.00%	(l)	11.55%				12/2026	19		18		—		16
P&P Food Safety Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(17)		—		(76)
Ultimate Baked Goods Midco LLC#	One stop	SF +	6.25%	(k)	11.67%				08/2027	2,805		2,774		0.2		2,805
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(1)		—		—
Whitebridge Pet Brands, LLC^	One stop	SF +	4.75%	(k)	10.17%				07/2027	8,979		8,913		0.6		8,979
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(2)		—		—
Wizard Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(i)	10.44%				03/2029	3,234		3,452		0.2		3,105
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(i)	10.44%				09/2028	92		90		—		88
Wizard Bidco Limited#(8)(10)	One stop	SF +	6.50%	(l)	11.89%				03/2029	6,497		6,382		0.5		6,513
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	6.50%	(i)	11.69%				03/2029	2,170		2,156		0.2		2,175
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				03/2029	—		(21)		—		—
										61,573		61,165		4.3		60,870

See Notes to Consolidated Financial Statements.

53

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(m)	13.36%	09/2024	$	182	$	182	—	%	$	182
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(k)	10.82%	05/2028	2,690		2,669		0.2		2,595
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(k)	10.82%	05/2028	14		13		—		12
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(k)	11.57%	05/2028	813		807		0.1		785
Coding Solutions Acquisition, Inc.#	One stop	SF +	6.00%	(l)	11.32%	05/2028	109		106		—		106
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	6.00%		N/A(6)	05/2028	—		(5)		—		(5)
Color Intermediate, LLC#	One stop	SF +	5.50%	(l)	10.99%	10/2029	6,078		5,973		0.4		5,895
Connexin Software, Inc.#+	One stop	SF +	8.50%	(l)	13.89%	02/2024	1,586		1,585		0.1		1,586
Connexin Software, Inc.	One stop	SF +	8.50%	(l)	13.89%	02/2024	10		10		—		10
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(l)	13.12%	01/2029	2,466		2,422		0.2		2,466
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)	01/2029	—		(1)		—		—
ESO Solution, Inc.#+	One stop	SF +	7.00%	(l)	12.40%	05/2027	3,811		3,782		0.3		3,772
ESO Solution, Inc.	One stop	SF +	7.00%	(l)	12.33%	03/2027	43		42		—		42
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(m)	11.19%	08/2026	1,490		1,474		0.1		1,471
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(m)	11.19%	08/2026	786		786		0.1		776
HSI Halo Acquisition, Inc.~	One stop	SF +	5.75%	(m)	11.32%	08/2026	517		515		—		511
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(m)	11.19%	08/2026	499		489		—		493
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(m)	11.19%	08/2026	361		357		—		357
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(m)	11.19%	08/2026	302		300		—		298
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(b)(m)	11.59%	09/2025	46		46		—		46
HSI Halo Acquisition, Inc.#	One stop	SF +	6.25%	(m)	11.82%	08/2026	148		146		—		148
Neptune Holdings, Inc.#	One stop	SF +	6.00%	(m)	11.50%	09/2030	11,352		11,184		0.8		11,210
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)	08/2029	—		(1)		—		(1)
Plasma Buyer LLC#	One stop	SF +	5.75%	(l)	11.14%	05/2029	2,769		2,725		0.2		2,548
Plasma Buyer LLC	One stop	SF +	5.75%	(l)	11.14%	05/2028	11		10		—		7
Plasma Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)	05/2029	—		(6)		—		—
QF Holdings, Inc.	One stop	SF +	6.25%	(l)	11.72%	12/2027	305		302		—		305
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(l)	10.49%	06/2025	5,608		5,586		0.4		5,496
Qgenda Intermediate Holdings, LLC~	One stop	SF +	5.00%	(l)	10.49%	06/2025	4,935		4,936		0.3		4,836
Qgenda Intermediate Holdings, LLC~	One stop	SF +	5.00%	(l)	10.49%	06/2025	2,388		2,388		0.2		2,340
Qgenda Intermediate Holdings, LLC+	One stop	SF +	5.00%	(l)	10.49%	06/2025	669		667		0.1		656
Qgenda Intermediate Holdings, LLC	One stop	SF +	5.00%	(l)	10.49%	06/2025	100		100		—		98
Transaction Data Systems, Inc.~+	One stop	SF +	4.50%	(l)	10.04%	02/2026	11,058		10,946		0.8		11,058
Transaction Data Systems, Inc.	One stop	SF +	4.50%	(k)	9.93%	02/2026	77		76		—		77
Veranex, Inc.	Senior secured	SF +	5.25%	(m)	10.54%	04/2028	372		370		—		316
Veranex, Inc.#	Senior secured	SF +	5.25%	(m)	10.64%	04/2028	198		196		—		168
Veranex, Inc.	Senior secured	SF +	5.25%	(m)	10.63%	04/2028	50		50		—		43
							61,843		61,227		4.3		60,703
Healthcare Equipment and Supplies
Aspen Medical Products, LLC~	One stop	SF +	5.25%	(l)	10.76%	06/2025	937		934		0.1		937
Aspen Medical Products, LLC#	One stop	SF +	5.25%	(l)	10.76%	06/2025	60		60		—		60
Aspen Medical Products, LLC	One stop	SF +	5.25%		N/A(6)	06/2025	—		—		—		—
Baduhenna Bidco Limited(8)(10)	One stop	SF +	5.95%	(j)	11.51%	08/2028	2,330		2,301		0.2		2,330
Baduhenna Bidco Limited(8)(9)(10)	One stop	E +	5.95%	(d)	9.72%	08/2028	1,318		1,457		0.1		1,318
Baduhenna Bidco Limited(8)(9)(10)	One stop	SN +	5.95%	(i)	11.26%	08/2028	371		417		—		371
Baduhenna Bidco Limited(8)(9)(10)	One stop	E +	5.95%	(d)	9.92%	08/2028	314		327		—		314
Baduhenna Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)	08/2028	—		(6)		—		—
Belmont Instrument, LLC^	One stop	SF +	6.25%	(l)	11.64%	08/2028	4,851		4,812		0.3		4,851
Belmont Instrument, LLC	One stop	SF +	6.25%	(l)	11.64%	08/2028	33		32		—		33

See Notes to Consolidated Financial Statements.

54

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Blades Buyer, Inc.#~	Senior secured	SF +	5.00%	(l)(m)	10.45%	03/2028	$	2,467	$	2,444	0.2	%	$	2,442
Blades Buyer, Inc.#	Senior secured	SF +	5.00%	(k)	10.33%	03/2028	1,106		1,098		0.1		1,095
Blades Buyer, Inc.#	Senior secured	SF +	5.25%	(k)	10.68%	03/2028	459		454		—		459
Blades Buyer, Inc.(5)	Senior secured	SF +	4.75%		N/A(6)	03/2028	—		(1)		—		(2)
Blue River Pet Care, LLC~^	One stop	SF +	5.75%	(l)	11.27%	07/2026	12,923		12,828		0.9		12,794
Blue River Pet Care, LLC(5)	One stop	SF +	5.75%		N/A(6)	07/2026	—		(20)		—		(32)
Blue River Pet Care, LLC#	One stop	SF +	5.75%	(l)	11.27%	07/2026	2,757		2,740		0.2		2,729
Blue River Pet Care, LLC#	One stop	SF +	5.75%	(l)	11.27%	07/2026	2,650		2,633		0.2		2,623
Blue River Pet Care, LLC	One stop	SF +	5.75%	(k)(l)	11.24%	08/2025	62		61		—		60
Blue River Pet Care, LLC#	One stop	SF +	5.75%	(l)	11.27%	07/2026	11,824		11,750		0.8		11,706
Blue River Pet Care, LLC	One stop	SF +	5.75%	(l)	11.27%	07/2026	2,624		2,607		0.2		2,597
CCSL Holdings, LLC~(8)	One stop	SF +	6.00%	(k)	11.42%	12/2026	6,039		5,937		0.4		5,978
CCSL Holdings, LLC#(8)	One stop	SF +	6.00%	(k)	11.42%	12/2026	1,630		1,604		0.1		1,614
CCSL Holdings, LLC#(8)(9)	One stop	SN +	6.00%	(i)	11.29%	12/2026	946		959		0.1		936
CCSL Holdings, LLC(5)(8)	One stop	SF +	6.00%		N/A(6)	12/2026	—		(4)		—		(3)
CCSL Holdings, LLC(5)(8)	One stop	SF +	6.00%		N/A(6)	12/2026	—		(18)		—		(10)
CCSL Holdings, LLC(5)(8)	One stop	SF +	6.00%		N/A(6)	12/2028	—		(11)		—		(11)
CMI Parent Inc.~+	Senior secured	SF +	4.75%	(k)	10.17%	08/2025	14,064		14,006		1.0		14,064
CMI Parent Inc.+	Senior secured	SF +	4.75%	(k)	10.17%	08/2025	6,537		6,505		0.5		6,537
CMI Parent Inc.#	Senior secured	SF +	4.75%	(k)	10.17%	08/2025	6,132		6,093		0.4		6,132
CMI Parent Inc.(5)	Senior secured	SF +	4.75%		N/A(6)	08/2025	—		(1)		—		—
							82,434		81,998		5.8		81,922

See Notes to Consolidated Financial Statements.

55

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	SF +	5.50%	(k)	10.92%				12/2027	$	6,986	$	6,927	0.5	%	$	6,732
AAH TOPCO, LLC (22)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,221		1,205		0.1		1,123
AAH TOPCO, LLC #	One stop	SF +	5.50%	(k)	10.92%				12/2027	516		512		—		500
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(22)	Subordinated debt	SF +	10.50%	(k)	15.92%				03/2028	13,834		13,680		1.0		13,834
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~	One stop	SF +	6.13%	(l)	11.65%				03/2027	1,824		1,810		0.1		1,824
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.13%	(l)	11.65%				03/2027	1,525		1,509		0.1		1,525
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(22)	Subordinated debt	SF +	10.50%	(k)	15.92%				03/2028	866		858		0.1		866
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	SF +	6.25%	(k)	11.67%				03/2027	693		686		—		693
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(22)	Subordinated debt	SF +	10.50%	(k)	15.92%				03/2028	331		329		—		331
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	SF +	6.25%	(k)(l)	11.68%				03/2027	328		327		—		328
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
Bamboo US Bidco LLC#	One stop	SF +	6.00%	(k)	11.32%				09/2030	243		235		—		235
Bamboo US Bidco LLC#(8)(9)	One stop	E +	6.00%	(c)	9.86%				09/2030	160		155		—		155
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(2)
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2030	—		(1)		—		(1)
Community Care Partners, LLC#	One stop	SF +	6.00%	(k)	11.43%				06/2026	1,200		1,193		0.1		1,128
Community Care Partners, LLC(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—		(1)		—		—
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	3,926		3,911		0.3		3,868
CRH Healthcare Purchaser, Inc.~	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	1,656		1,650		0.1		1,632
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	1,239		1,234		0.1		1,220
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	839		836		0.1		826
CRH Healthcare Purchaser, Inc.	Senior secured	SF +	4.75%	(l)	10.29%				12/2024	100		99		—		98
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(i)	9.69%				04/2025	23,024		25,540		1.6		22,794
Datix Bidco Limited(8)(9)(10)	Second lien	SN +	7.75%	(i)	12.94%				04/2026	8,170		9,040		0.6		8,129
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(i)	9.69%				04/2025	4,264		4,697		0.3		4,222
Datix Bidco Limited(8)(10)	Senior secured	SF +	4.50%	(m)	9.53%				04/2025	183		183		—		182
Datix Bidco Limited(8)(10)	Senior secured	SF +	4.50%	(m)	9.53%				09/2024	7		7		—		6
Datix Bidco Limited(8)(10)	Second lien	SF +	7.75%	(m)	12.78%				04/2026	58		58		—		58
Elite Dental Partners LLC(7)(22)	One stop	SF +	5.25%	(l)	10.79%	PIK			09/2024	1,989		1,889		0.1		1,153
Elite Dental Partners LLC(7)(22)	One stop	SF +	12.00%	(l)	17.54%	PIK			09/2024	911		839		—		683
Elite Dental Partners LLC(22)	One stop	SF +	5.25%	(l)	10.79%	PIK			09/2024	214		214		—		214
Emerge Intermediate, Inc.#(22)	One stop	SF +	7.25%	(k)	11.42%	cash/	1.25%	PIK	05/2024	2,301		2,294		0.2		2,301
Emerge Intermediate, Inc.#(22)	One stop	SF +	7.25%	(k)	11.42%	cash/	1.25%	PIK	05/2024	218		218		—		218
Emerge Intermediate, Inc.(22)	One stop	SF +	7.25%	(k)	11.43%	cash/	1.25%	PIK	05/2024	67		66		—		67
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%				11/2024	14,482		14,441		1.0		14,047
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%				11/2024	7,454		7,428		0.5		7,230
Encorevet Group LLC~	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	3,930		3,921		0.3		3,812
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%				11/2024	1,960		1,954		0.1		1,901
Encorevet Group LLC~	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	1,764		1,764		0.1		1,711
Encorevet Group LLC~	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	1,098		1,096		0.1		1,065
Encorevet Group LLC	Senior secured	SF +	6.75%	(l)	12.32%				11/2024	912		910		0.1		884
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%				11/2024	649		647		0.1		630

See Notes to Consolidated Financial Statements.

56

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	One stop	SF +	6.75%	(l)	12.32%	11/2024	$	621	$	619	—	%	$	603
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	563		560		—		546
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	387		386		—		376
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	242		241		—		234
Encorevet Group LLC	Senior secured	SF +	6.75%	(l)	12.32%	11/2024	157		157		—		152
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	118		117		—		114
Encorevet Group LLC	Senior secured	SF +	6.75%	(l)	12.28%	11/2024	47		47		—		45
ERC Topco Holdings, LLC#^	One stop	SF +	5.50%	(l)	11.15%	11/2028	17,399		17,282		1.0		14,440
ERC Topco Holdings, LLC	One stop	SF +	5.50%	(l)	11.10%	11/2027	60		59		—		37
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	3,368		3,544		0.2		3,368
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	2,465		2,510		0.2		2,465
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	2,293		2,429		0.2		2,293
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(l)	11.27%	03/2027	1,035		1,025		0.1		1,035
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	710		715		0.1		710
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(l)	11.27%	03/2027	460		456		—		460
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	398		389		—		398
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(k)	10.17%	12/2026	2,397		2,382		0.2		2,349
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(k)	10.17%	12/2026	379		376		—		371
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)	12/2026	—		—		—		—
Klick Inc.^(8)(12)	Senior secured	SF +	4.50%	(l)	9.99%	03/2028	3,874		3,849		0.3		3,874
Klick Inc.(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)	03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	786		783		0.1		786
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	461		460		—		461
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	319		317		—		319
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	124		124		—		124
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	30		30		—		30
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	6,928		7,684		0.5		6,582
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	1,660		1,644		0.1		1,577
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	1,097		1,089		0.1		1,042
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	422		456		—		401
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	220		231		—		209
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2026	182		184		—		177
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	77		75		—		74
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2026	80		79		—		77
Opening Day Borrower 111 LLC(7)(22)	One stop	SF +	6.25%	(l)	11.79%	05/2027	1,462		1,324		0.1		1,316
Opening Day Borrower 111 LLC(7)(22)	One stop	SF +	6.25%	(l)	11.79%	05/2027	559		518		—		503
Opening Day Borrower 111 LLC(5)(7)	One stop	SF +	6.25%		N/A(6)	05/2027	—		—		—		(18)
Suveto Buyer, LLC	One stop	SF +	4.25%	(k)	9.67%	09/2027	8,356		8,302		0.6		8,106
Suveto Buyer, LLC	One stop	SF +	4.25%	(k)	9.67%	09/2027	24		23		—		19
							170,902		174,823		11.5		163,875

See Notes to Consolidated Financial Statements.

57

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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%	(l)	11.57%				08/2028	$	3,830	$	3,799	0.3	%	$	3,830
Barteca Restaurants, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
Barteca Restaurants, LLC	One stop	SF +	6.00%	(l)	11.57%				08/2028	257		249		—		257
BJH Holdings III Corp.#~^	One stop	SF +	4.50%	(l)	9.90%				08/2025	20,996		20,886		1.5		20,785
BJH Holdings III Corp.	One stop	SF +	4.50%	(k)(l)	9.92%				08/2025	140		137		—		136
Davidson Hotel Company, LLC^	One stop	SF +	5.25%	(k)	10.67%				07/2025	1,354		1,347		0.1		1,354
Davidson Hotel Company, LLC	One stop	SF +	5.25%	(k)	10.67%				07/2025	331		330		—		331
Davidson Hotel Company, LLC	One stop	SF +	5.25%		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC#	One stop	SF +	4.75%	(m)	10.34%				01/2026	1,882		1,871		0.1		1,854
EOS Fitness Opco Holdings, LLC#	One stop	SF +	4.75%	(m)	10.34%				01/2026	361		359		—		356
EOS Fitness Opco Holdings, LLC	One stop	SF +	4.75%	(b)(l)(m)	11.00%				01/2026	52		52		—		52
EOS Fitness Opco Holdings, LLC	One stop	SF +	4.75%	(l)	10.29%				01/2026	197		196		—		194
ESN Venture Holdings, LLC#^	One stop	SF +	6.00%	(l)	11.39%				10/2028	1,839		1,816		0.1		1,839
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(l)	11.39%				10/2028	16		14		—		16
ESN Venture Holdings, LLC	One stop	SF +	6.00%	(l)(m)	11.27%				10/2028	85		74		—		85
Harri US LLC+(22)	One stop	SF +	10.00%	(l)	11.57%	cash/	4.00%	PIK	08/2026	362		334		—		363
Harri US LLC(22)	One stop	SF +	10.00%	(l)	11.57%	cash/	4.00%	PIK	08/2026	245		244		—		246
Harri US LLC	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Harri US LLC(22)	One stop	SF +	10.00%	(l)	11.57%	cash/	4.00%	PIK	08/2026	237		236		—		240
Health Buyer, LLC#	Senior secured	SF +	5.25%	(b)(l)	10.80%				04/2029	1,334		1,318		0.1		1,288
Health Buyer, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		(1)
Health Buyer, LLC#	Senior secured	SF +	5.50%	(l)	10.89%				04/2029	614		599		—		598
Health Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(4)		—		(4)
SSRG Holdings, LLC~^	One stop	SF +	4.75%	(l)	10.29%				11/2025	6,875		6,850		0.5		6,875
SSRG Holdings, LLC	One stop	SF +	4.75%	(l)	10.29%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC#^	One stop	SF +	4.75%	(l)	10.27%				09/2026	9,223		9,159		0.7		9,223
Tropical Smoothie Cafe Holdings, LLC~	One stop	SF +	4.75%	(k)(l)	10.30%				09/2026	4,854		4,813		0.4		4,854
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	4.75%	(l)	10.27%				09/2026	2,140		2,124		0.2		2,140
Tropical Smoothie Cafe Holdings, LLC(5)	One stop	SF +	4.75%		N/A(6)				09/2026	—		(1)		—		—
YE Brands Holding, LLC#	One stop	SF +	5.75%	(k)	11.18%				10/2027	12,860		12,734		0.9		12,732
YE Brands Holding, LLC(5)	One stop	SF +	5.50%		N/A(6)				10/2027	—		—		—		(1)
										70,104		69,555		4.9		69,662

See Notes to Consolidated Financial Statements.

58

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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#	One stop	SF +	6.50%	(l)	11.81%				03/2030	$	3,687	$	3,587	0.3	%	$	3,687
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—		(9)		—		—
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—		(1)		—		—
										3,687		3,577		0.3		3,687
Household Products
WU Holdco, Inc.~	One stop	SF +	5.50%	(l)	11.04%				03/2026	1,196		1,192		0.1		1,161
WU Holdco, Inc.#	One stop	SF +	5.50%	(l)	11.04%				03/2026	426		426		—		413
WU Holdco, Inc.	One stop	SF +	5.50%	(l)	11.04%				03/2026	111		110		—		107
WU Holdco, Inc.	One stop	SF +	5.50%	(l)	11.04%				03/2025	18		18		—		18
										1,751		1,746		0.1		1,699
Industrial Conglomerates
Arch Global CCT Holdings Corp.#	Senior secured	SF +	4.75%	(l)	10.22%				04/2026	895		894		0.1		878
Arch Global CCT Holdings Corp.	Senior secured	SF +	4.75%	(l)	10.24%				04/2026	469		467		—		460
Arch Global CCT Holdings Corp.#	Senior secured	SF +	4.75%	(l)	10.23%				04/2026	500		499		—		490
Arch Global CCT Holdings Corp.	Senior secured	SF +	4.75%		N/A(6)				04/2025	—		—		—		—
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(b)(l)	11.25%				07/2027	2,004		1,974		0.2		2,004
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(k)(l)	11.23%				07/2027	12		11		—		12
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—		(4)		—		—
Essential Services Holdings Corporation#^	One stop	SF +	5.75%	(l)	11.15%				11/2026	21,962		21,831		1.5		21,522
Essential Services Holdings Corporation(5)	One stop	SF +	5.75%		N/A(6)				11/2025	—		(1)		—		(2)
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(l)	11.21%				08/2029	3,693		3,632		0.3		3,655
Excelitas Technologies Corp.#(8)(9)	One stop	E +	5.75%	(d)	9.54%				08/2029	604		580		—		598
Excelitas Technologies Corp.	One stop	SF +	5.75%	(l)	11.27%				08/2028	132		128		—		130
Excelitas Technologies Corp.(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(6)		—		(4)
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.00%	(j)	11.57%				11/2027	3,185		3,132		0.2		3,185
Specialty Measurement Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(d)	9.78%				11/2027	2,830		3,136		0.2		2,830
Specialty Measurement Bidco Limited(8)(9)(10)	One stop	E +	6.00%	(d)	9.78%				11/2027	1,392		1,377		0.1		1,392
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.25%	(j)	11.81%				11/2027	1,257		1,235		0.1		1,260
Specialty Measurement Bidco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.03%				11/2027	647		663		0.1		648
Specialty Measurement Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				11/2027	—		(18)		—		—
										39,582		39,530		2.8		39,058
Insurance
Accession Risk Management Group, Inc.~+	One stop	SF +	5.50%	(l)	11.02%				10/2026	12,087		11,967		0.8		11,784
Accession Risk Management Group, Inc.#^	One stop	SF +	5.50%	(l)	11.04%				10/2026	3,801		3,777		0.3		3,705
Accession Risk Management Group, Inc.~+	One stop	SF +	5.50%	(l)	11.03%				10/2026	3,104		3,006		0.2		3,026
Accession Risk Management Group, Inc.^	One stop	SF +	5.50%	(l)	11.07%				10/2026	2,882		2,862		0.2		2,810
Accession Risk Management Group, Inc.(5)	One stop	SF +	5.50%		N/A(6)				10/2026	—		(1)		—		(2)
Accession Risk Management Group, Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2026	—		(42)		—		(44)
Alera Group, Inc.#	One stop	SF +	6.00%	(k)	11.42%				10/2028	10,668		10,592		0.8		10,561
Alera Group, Inc.^	One stop	SF +	6.00%	(k)	11.42%				10/2028	3,451		3,428		0.2		3,416
Alera Group, Inc.^	One stop	SF +	6.00%	(k)	11.42%				10/2028	3,032		2,999		0.2		3,001
AMBA Buyer, Inc.^	One stop	SF +	5.25%	(l)	10.74%				07/2027	1,358		1,349		0.1		1,344
AMBA Buyer, Inc.	One stop	SF +	5.25%	(l)	10.74%				07/2027	404		403		—		400
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(l)	10.74%				07/2027	339		336		—		335
AMBA Buyer, Inc.	One stop	SF +	5.25%	(k)	10.67%				07/2027	4		4		—		4
AMBA Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		(2)		—		(4)
Captive Resources Midco, LLC#(22)	One stop	SF +	5.25%	(k)	5.29%	cash/	5.78%	PIK	07/2029	4,968		4,890		0.3		4,968
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—

See Notes to Consolidated Financial Statements.

59

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Disco Parent, Inc.#	One stop	SF +	7.50%	(l)	12.92%				03/2029	$	2,177	$	2,127	0.1	%	$	2,123
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(k)(l)(m)	11.38%				07/2030	1,801		1,757		0.1		1,756
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		(1)
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(5)		—		(5)
Integrity Marketing Acquisition, LLC^	Senior secured	SF +	6.05%	(l)	11.57%				08/2026	1,367		1,352		0.1		1,360
Integrity Marketing Acquisition, LLC	One stop	SF +	6.02%	(l)	11.53%				08/2026	1,115		1,098		0.1		1,104
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.05%	(l)	11.57%				08/2026	903		897		0.1		899
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.05%	(l)	11.57%				08/2026	681		673		—		677
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.02%	(l)	11.54%				08/2026	681		676		—		676
Integrity Marketing Acquisition, LLC~	One stop	SF +	5.80%	(l)	11.32%				08/2026	352		349		—		348
Integrity Marketing Acquisition, LLC	Senior secured	SF +	5.80%	(l)	11.32%				08/2026	309		307		—		305
Integrity Marketing Acquisition, LLC	One stop	SF +	5.80%	(l)	11.32%				08/2026	187		185		—		184
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2026	—		(14)		—		(29)
J.S. Held Holdings, LLC~+	One stop	SF +	5.50%	(l)	11.04%				07/2025	18,209		18,078		1.3		18,028
J.S. Held Holdings, LLC^	One stop	SF +	5.50%	(l)	11.04%				07/2025	3,992		3,958		0.3		3,952
J.S. Held Holdings, LLC#	One stop	SF +	5.50%	(l)	11.04%				07/2025	3,861		3,820		0.3		3,823
J.S. Held Holdings, LLC	One stop	SF +	5.50%	(l)	11.04%				07/2025	1,211		1,194		0.1		1,186
J.S. Held Holdings, LLC	One stop	SF +	5.50%	(l)	11.04%				07/2025	48		47		—		46
J.S. Held Holdings, LLC#	One stop	SF +	5.50%	(l)	11.04%				07/2025	2,254		2,242		0.2		2,232
Keystone Agency Partners LLC^	Senior secured	SF +	5.50%	(l)	11.04%				05/2027	2,724		2,694		0.2		2,724
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(l)	11.04%				05/2027	774		765		0.1		774
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(l)	11.04%				05/2027	864		852		0.1		864
Illumifin Corporation#(22)	One stop	SF +	7.00%	(l)	6.58%	cash/	6.00%	PIK	09/2027	1,284		1,267		0.1		1,104
Majesco~+	One stop	SF +	7.38%	(l)	12.77%				09/2027	7,416		7,342		0.5		7,416
Majesco(5)	One stop	SF +	7.38%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC#+(8)	Senior secured	SF +	7.50%	(k)	12.92%				09/2025	12,298		12,227		0.9		12,298
Norvax, LLC#(8)	Senior secured	SF +	7.50%	(k)	12.92%				09/2025	4,019		3,976		0.3		4,019
Paisley Bidco Limited(8)(9)(10)	One stop	E +	6.50%	(d)	10.21%				03/2028	740		735		0.1		740
Paisley Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.75%		N/A(6)				03/2028	—		(28)		—		—
Paisley Bidco Limited(8)(9)(10)	One stop	E +	6.50%		N/A(6)				03/2028	—		—		—		—
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.50%	(m)	11.97%				05/2030	2,626		2,576		0.2		2,626
Pareto Health Intermediate Holdings, Inc.#	One stop	SF +	6.50%	(m)	11.97%				05/2030	7,879		7,729		0.6		7,879
Patriot Growth Insurance Services, LLC#^	One stop	SF +	5.75%	(l)	11.28%				10/2028	4,652		4,619		0.3		4,559
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(b)(l)	11.29%				10/2028	620		613		—		601
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		—		—		(1)
People Corporation#(8)(9)(12)	One stop	C +	6.25%	(h)	11.75%				02/2028	5,332		5,649		0.4		5,332
People Corporation(8)(9)(12)	One stop	C +	6.25%	(h)	11.75%				02/2028	1,741		1,894		0.1		1,741
People Corporation(8)(9)(12)	One stop	C +	5.75%	(h)	11.21%				02/2028	4,492		4,545		0.3		4,413
People Corporation(5)(8)(9)(12)	One stop	C +	6.25%		N/A(6)				02/2027	—		(2)		—		(4)
People Corporation(8)(9)(12)	One stop	C +	6.00%	(g)	11.44%				02/2028	103		89		—		75
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(l)	11.54%				10/2026	371		369		—		371
Sunstar Insurance Group, LLC#	Senior secured	SF +	6.00%	(l)	11.54%				10/2026	308		305		—		308
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(l)	11.54%				10/2026	156		154		—		156
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(k)	11.42%				10/2026	2		2		—		2
										143,647		142,673		10.0		141,964

See Notes to Consolidated Financial Statements.

60

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Internet & Catalog Retail
Revalize, Inc.~+	One stop	SF +	5.75%	(l)	11.29%				04/2027	$	5,861	$	5,827	0.4	%	$	5,509
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	3,431		3,410		0.2		3,225
Revalize, Inc.#	One stop	SF +	5.75%	(l)	11.29%				04/2027	2,028		2,020		0.1		1,906
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	1,701		1,691		0.1		1,599
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	1,025		1,019		0.1		963
Revalize, Inc.#	One stop	SF +	5.75%	(l)	11.29%				04/2027	791		786		0.1		744
Revalize, Inc.	One stop	SF +	5.75%	(l)	11.24%				04/2027	191		185		—		179
Revalize, Inc.	One stop	SF +	5.75%	(l)	11.30%				04/2027	29		27		—		15
										15,057		14,965		1.0		14,140
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(a)	12.34%				10/2025	2,442		2,430		0.2		2,442
Acquia, Inc.	One stop	SF +	7.00%	(l)(m)	12.67%				10/2025	27		27		—		27
CivicPlus, LLC+(22)	One stop	SF +	6.50%	(l)	9.57%	cash/	2.50%	PIK	08/2027	2,684		2,662		0.2		2,657
CivicPlus, LLC#(22)	One stop	SF +	6.50%	(l)	9.57%	cash/	2.50%	PIK	08/2027	1,597		1,585		0.1		1,581
CivicPlus, LLC#(22)	One stop	SF +	6.50%	(l)	9.57%	cash/	2.50%	PIK	08/2027	1,258		1,248		0.1		1,246
CivicPlus, LLC(22)	One stop	SF +	11.75%	(m)	17.00%	PIK			06/2034	234		229		—		232
CivicPlus, LLC	One stop	SF +	6.00%	(k)	11.42%				08/2027	6		6		—		6
Critical Start, Inc.#(22)	One stop	SF +	6.75%	(l)	8.46%	cash/	3.63%	PIK	05/2028	1,721		1,708		0.1		1,703
Critical Start, Inc.(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—		(1)		—		(1)
Critical Start, Inc.#(22)	One stop	SF +	6.75%	(l)	8.46%	cash/	3.63%	PIK	05/2028	800		786		0.1		792
Delinea Inc.+	One stop	SF +	5.75%	(l)	11.29%				03/2028	6,431		6,369		0.5		6,302
Delinea Inc.+	One stop	SF +	5.75%	(l)	11.29%				03/2028	3,773		3,742		0.3		3,698
Delinea Inc.(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(2)		—		(4)
Optimizely North America, Inc.+	One stop	SF +	5.50%	(l)	11.04%				04/2026	4,851		4,813		0.3		4,754
Optimizely North America, Inc.(8)(9)	One stop	E +	5.75%	(d)	9.69%				04/2026	4,216		4,565		0.3		4,132
Optimizely North America, Inc.+	One stop	SF +	5.50%	(l)	11.04%				04/2026	2,656		2,643		0.2		2,603
Optimizely North America, Inc.#	One stop	SF +	5.50%	(l)	11.04%				04/2026	1,504		1,490		0.1		1,473
Optimizely North America, Inc.(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(1)		—		(7)
Optimizely North America, Inc.(5)	One stop	SF +	5.50%		N/A(6)				04/2026	—		(8)		—		(38)
Goldcup 31018 AB#(8)(9)(17)(22)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	4,252		4,010		0.3		4,209
Goldcup 31018 AB(5)(8)(9)(17)	One stop	E +	6.25%		N/A(6)				01/2029	—		(2)		—		(1)
Goldcup 31018 AB(8)(9)(17)(22)	One stop	E +	6.50%	(e)	10.43%	PIK			07/2029	397		391		—		390
Infinisource, Inc.#~	One stop	SF +	4.50%	(m)	10.09%				10/2026	10,139		10,076		0.7		10,139
Infinisource, Inc.^	One stop	SF +	4.50%	(m)	10.09%				10/2026	6,440		6,400		0.5		6,440
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%				10/2026	4,844		4,816		0.4		4,844
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%				10/2026	3,263		3,243		0.2		3,263
Infinisource, Inc.+	One stop	SF +	4.50%	(m)	10.09%				10/2026	1,925		1,875		0.1		1,925
Infinisource, Inc.#	One stop	SF +	4.50%	(m)	10.09%				10/2026	1,680		1,671		0.1		1,680
Infinisource, Inc.#	One stop	SF +	4.50%	(m)	10.09%				10/2026	1,438		1,430		0.1		1,438
Infinisource, Inc.#	One stop	SF +	4.50%	(m)	10.09%				10/2026	1,200		1,191		0.1		1,200
Infinisource, Inc.#	One stop	SF +	4.50%	(m)	10.09%				10/2026	574		521		—		574
Infinisource, Inc.(5)	One stop	SF +	4.50%		N/A(6)				10/2026	—		(1)		—		—
Infinisource, Inc.	One stop	SF +	4.50%	(l)	10.06%				10/2026	213		195		—		213
Netwrix Corporation^	One stop	SF +	5.00%	(l)(m)	10.37%				06/2029	2,108		2,093		0.1		2,066
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(3)		—		(12)
Netwrix Corporation	One stop	SF +	5.00%	(m)	10.47%				06/2029	44		42		—		40
PCS Intermediate II Holdings, LLC~	One stop	SF +	5.25%	(l)	10.77%				01/2026	4,771		4,752		0.3		4,771
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25%	(l)	10.77%				01/2026	698		695		—		698
PCS Intermediate II Holdings, LLC	One stop	SF +	5.25%		N/A(6)				01/2026	—		—		—		—
Recordxtechnologies, LLC#~(22)	One stop	SF +	6.50%	(l)	11.89%				12/2025	18,341		18,226		1.3		17,974

See Notes to Consolidated Financial Statements.

61

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Recordxtechnologies, LLC(22)	One stop	SF +	6.50%	(l)	11.89%	12/2025	$	1,673	$	1,664	0.1	%	$	1,640
Recordxtechnologies, LLC(22)	One stop	SF +	6.50%	(l)	11.89%	12/2025	147		146		—		143
Red Dawn SEI Buyer, Inc.~^	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	13,165		13,108		0.9		12,968
Red Dawn SEI Buyer, Inc.#(8)(9)	Senior secured	SN +	4.50%	(i)	9.69%	11/2025	8,371		9,359		0.6		8,288
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	2,341		2,333		0.2		2,306
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(l)	9.99%	11/2025	2,183		2,173		0.2		2,161
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(l)	9.99%	11/2025	2,504		2,490		0.2		2,479
Red Dawn SEI Buyer, Inc.	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	30		29		—		26
Red Dawn SEI Buyer, Inc.(5)	Senior secured	SF +	4.50%		N/A(6)	11/2025	—		(4)		—		(6)
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(l)	16.12%	10/2026	567		559		—		567
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(l)	16.12%	10/2026	137		137		—		137
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(l)	16.12%	10/2026	42		42		—		42
Saturn Borrower Inc.#~(22)	One stop	SF +	6.50%	(l)	12.04%	09/2026	7,923		7,803		0.5		7,606
Saturn Borrower Inc.	One stop	SF +	6.50%	(l)	12.04%	09/2026	103		101		—		99
WPEngine, Inc.#	One stop	SF +	6.50%	(m)	11.92%	08/2029	1,916		1,878		0.1		1,887
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)	08/2029	—		(1)		—		(1)
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(l)	11.92%	07/2027	2,489		2,489		0.2		2,489
Zarya Holdco, Inc.	One stop	SF +	6.50%	(l)	11.91%	07/2027	20		20		—		20
							140,138		140,238		9.7		138,300

See Notes to Consolidated Financial Statements.

62

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	$	1,417	$	1,415	0.1	%	$	1,417
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	483		482		0.1		483
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	335		335		—		335
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	175		174		—		175
WBZ Investment LLC	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		—
										2,410		2,406		0.2		2,410
Life Sciences Tools & Services
Celerion Buyer, Inc.~	One stop	SF +	6.50%	(m)	11.93%				11/2029	8,526		8,342		0.6		8,526
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(30)		—		—
Covaris Intermediate 3, LLC#	One stop	SF +	5.25%	(l)	10.79%				01/2028	364		361		—		346
Covaris Intermediate 3, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		(3)
Covaris Intermediate 3, LLC	One stop	SF +	5.25%	(l)	10.79%				01/2028	579		549		—		372
PAS Parent Inc.#~^	One stop	SF +	5.25%	(k)	10.68%				12/2028	21,256		20,988		1.5		20,831
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(10)		—		(7)
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(56)		—		(23)
Reaction Biology Corporation#	One stop	SF +	5.25%	(m)	10.87%				03/2029	2,631		2,612		0.2		2,500
Reaction Biology Corporation#	One stop	SF +	5.25%	(l)	10.79%				03/2029	1,750		1,737		0.2		1,662
Reaction Biology Corporation#	One stop	SF +	5.25%	(l)	10.79%				03/2029	512		508		—		487
Reaction Biology Corporation	One stop	SF +	5.25%	(l)	10.79%				03/2029	75		74		—		68
Reaction Biology Corporation(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(22)		—		(141)
Unchained Labs, LLC	Senior secured	SF +	5.50%	(k)	10.87%				08/2027	425		423		—		421
Unchained Labs, LLC#	Senior secured	SF +	5.50%	(k)	10.87%				08/2027	359		355		—		356
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										36,477		35,830		2.5		35,395
Machinery
Bad Boy Mowers Acquisition, LLC#	Senior secured	SF +	4.25%	(k)	9.68%				03/2028	730		729		0.1		730
Blackbird Purchaser, Inc.#~	Senior secured	SF +	4.25%	(k)	9.67%				04/2026	7,964		7,884		0.6		7,964
Blackbird Purchaser, Inc.	Senior secured	SF +	4.25%		N/A(6)				10/2025	—		—		—		—
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	1,956		1,956		0.1		1,785
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	339		339		—		309
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	85		85		—		69
										11,074		10,993		0.8		10,857
Marine
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(l)	11.39%				04/2029	14,640		14,524		1.0		14,200
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(l)	11.39%				04/2029	75		73		—		68
										14,715		14,597		1.0		14,268
Media
Triple Lift, Inc.#	One stop	SF +	5.75%	(l)	11.30%				05/2028	2,086		2,059		0.2		2,003
Triple Lift, Inc.#	One stop	SF +	5.75%	(l)	11.30%				05/2028	451		444		—		433
Triple Lift, Inc.	One stop	SF +	5.75%	(l)	11.20%				05/2028	27		26		—		25
										2,564		2,529		0.2		2,461

See Notes to Consolidated Financial Statements.

63

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.50%	(k)	11.92%				05/2025	$	5,508	$	5,476	0.4	%	$	5,508
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.50%	(k)	11.92%				05/2025	40		39		—		40
Envernus, Inc.#~+	Senior secured	SF +	4.50%	(k)	9.92%				07/2025	11,775		11,660		0.8		11,775
Envernus, Inc.#~+	Senior secured	SF +	4.25%	(k)	9.67%				07/2025	10,240		10,178		0.7		10,187
Envernus, Inc.	Senior secured	SF +	4.50%	(k)	9.92%				09/2026	48		44		—		48
Project Power Buyer, LLC#~	One stop	SF +	7.00%	(l)	12.39%				05/2026	13,656		13,404		1.0		13,656
Project Power Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—
										41,267		40,800		2.9		41,214
Paper & Forest Products
Messenger, LLC#~	One stop	SF +	5.75%	(l)	11.29%				12/2027	4,795		4,760		0.3		4,603
Messenger, LLC~	One stop	SF +	5.75%	(l)	11.27%				12/2027	1,459		1,449		0.1		1,401
Messenger, LLC#	One stop	SF +	5.75%	(l)	11.29%				12/2027	731		726		0.1		702
Messenger, LLC	One stop	P +	4.75%	(b)	13.25%				12/2027	21		21		—		19
										7,006		6,956		0.5		6,725
Pharmaceuticals
ACP Ulysses Buyer, Inc.~^	One stop	SF +	5.50%	(l)	11.04%				02/2026	10,206		10,149		0.7		9,696
ACP Ulysses Buyer, Inc.#	One stop	SF +	5.50%	(l)	11.04%				02/2026	441		435		—		419
Amalthea Parent, Inc.#~^+(8)(12)	One stop	SF +	5.00%	(k)	10.43%				03/2027	29,857		29,569		1.9		27,467
Amalthea Parent, Inc.(5)(8)(12)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(22)
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF +	5.50%	(l)	10.89%				05/2029	12,704		12,499		0.9		12,323
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF +	5.75%	(l)	11.14%				05/2029	2,111		2,075		0.1		2,069
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(k)	11.07%				05/2029	74		69		—		68
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(m)	11.21%				05/2029	858		835		0.1		819
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(m)	11.21%				05/2029	136		132		—		130
Cobalt Buyer Sub, Inc.^	One stop	SF +	6.00%	(k)	11.43%				10/2028	4,469		4,404		0.3		4,379
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(k)	11.43%				10/2028	1,498		1,476		0.1		1,468
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(k)	11.43%				10/2027	12		11		—		10
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(k)	11.43%				10/2028	1,139		1,101		0.1		1,116
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	4.75%	(i)	9.94%				08/2028	10,293		11,482		0.7		9,521
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	6.00%	(i)	11.19%				08/2028	1,751		1,717		0.1		1,698
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(i)	9.94%				08/2028	1,248		1,157		0.1		1,154
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(i)	9.94%				08/2028	1,092		1,078		0.1		1,010
Spark Bidco Limited(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(6)
Spark Bidco Limited(8)(10)	Senior secured	SF +	6.00%	(l)	11.39%				08/2028	1,378		1,354		0.1		1,337
										79,267		79,539		5.3		74,656
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(k)	11.57%				05/2029	2,422		2,388		0.2		2,391
bswift, LLC#	One stop	SF +	6.63%	(l)	11.91%				11/2028	2,660		2,589		0.2		2,660
Citrin Cooperman Advisors LLC	One stop	SF +	5.75%	(l)	11.14%				10/2027	2,176		2,154		0.2		2,176
Citrin Cooperman Advisors LLC(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—		(5)		—		—
Citrin Cooperman Advisors LLC^	One stop	SF +	6.25%	(m)	11.70%				10/2027	1,205		1,174		0.1		1,208
DISA Holdings Corp.#	Senior secured	SF +	5.50%	(k)	10.83%				09/2028	1,818		1,788		0.1		1,818
DISA Holdings Corp.	Senior secured	SF +	5.50%	(k)	10.83%				09/2028	114		112		—		114
DISA Holdings Corp.	One stop	SF +	5.50%	(k)	10.83%				09/2028	79		76		—		79
DISA Holdings Corp.(22)	Subordinated debt	SF +	10.00%	(k)	13.33%	cash/	2.00%	PIK	03/2029	51		49		—		51
DISA Holdings Corp.	Senior secured	SF +	5.50%	(k)	10.83%				09/2028	7		6		—		7
Eliassen Group, LLC#	One stop	SF +	5.50%	(m)	10.84%				04/2028	740		735		0.1		740
Eliassen Group, LLC	One stop	SF +	5.50%	(k)(l)	10.86%				04/2028	138		136		—		138
Filevine, Inc.#(22)	One stop	SF +	6.50%	(l)(m)	9.13%	cash/	2.50%	PIK	04/2027	2,634		2,603		0.2		2,661
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—

See Notes to Consolidated Financial Statements.

64

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(k)(l)	11.45%	09/2028	$	2,748	$	2,706	0.2	%	$	2,748
IG Investments Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)	09/2027	—		(1)		—		—
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(l)	11.47%	09/2028	237		237		—		237
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^+	One stop	SF +	5.25%	(l)	10.77%	11/2028	26,857		26,713		1.8		26,050
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(l)	10.78%	11/2028	157		156		—		150
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—		(43)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—		(10)		—		—
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(k)	11.17%	12/2025	1,436		1,429		0.1		1,407
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	840		835		0.1		823
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	723		718		0.1		708
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	454		451		—		445
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	107		107		—		105
Net Health Acquisition Corp.	One stop	SF +	5.75%	(k)	11.17%	12/2025	58		58		—		54
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(m)	11.90%	04/2025	2,818		2,807		0.2		2,818
PlanSource Holdings, Inc.	One stop	SF +	6.25%	(m)	11.90%	04/2025	556		554		—		556
PlanSource Holdings, Inc.#	One stop	SF +	6.25%	(m)	11.90%	04/2025	484		482		—		484
PlanSource Holdings, Inc.	One stop	SF +	6.25%		N/A(6)	04/2025	—		—		—		—
Procure Acquireco, Inc.~^	One stop	SF +	5.00%	(l)	10.57%	12/2028	7,725		7,667		0.5		7,725
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(33)		—		—
							59,244		58,637		4.1		58,353

See Notes to Consolidated Financial Statements.

65

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	SF +	5.50%	(k)	10.92%	07/2025	$	16,435	$	16,358	1.2	%	$	16,435
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	9,344		9,300		0.7		9,344
Inhabit IQ Inc.~	One stop	SF +	5.50%	(k)	10.92%	07/2025	2,694		2,689		0.2		2,694
Inhabit IQ Inc.~	One stop	SF +	5.50%	(k)	10.92%	07/2025	2,517		2,510		0.2		2,517
Inhabit IQ Inc.~	One stop	SF +	5.50%	(k)	10.92%	07/2025	1,088		1,086		0.1		1,088
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	887		885		0.1		887
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	687		683		0.1		687
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	383		382		—		383
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	325		324		—		325
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	324		323		—		324
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	256		255		—		256
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	135		134		—		135
Inhabit IQ Inc.	One stop	SF +	5.50%	(k)	10.92%	07/2025	65		65		—		65
MRI Software LLC~+	One stop	SF +	5.50%	(l)	10.99%	02/2026	15,005		14,956		1.0		14,705
MRI Software LLC~^+	One stop	SF +	5.50%	(l)	10.99%	02/2026	7,942		7,903		0.5		7,783
MRI Software LLC(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—		(1)		—		(5)
RPL Bidco Limited(8)(9)(10)	One stop	SN +	5.50%	(i)	10.69%	08/2028	7,667		8,622		0.5		7,379
RPL Bidco Limited#(8)(9)(10)	One stop	A +	5.50%	(f)	9.63%	08/2028	829		940		0.1		798
RPL Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—		—		—		(2)
RPL Bidco Limited#(8)(9)(10)	One stop	A +	6.75%	(f)	10.93%	08/2028	3,415		3,514		0.2		3,433
							69,998		70,928		4.9		69,231
Road & Rail
Channelside Acquisitona Co, Inc.#	One stop	SF +	6.38%	(k)	11.79%	07/2028	1,656		1,633		0.1		1,656
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—		(2)		—		—
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—		(1)		—		—
Channelside Acquisitona Co, Inc.#	One stop	SF +	6.75%	(k)	12.08%	07/2028	1,567		1,527		0.1		1,575
Internet Truckstop Group LLC~	One stop	SF +	5.00%	(l)	10.54%	04/2025	7,514		7,424		0.6		7,514
Internet Truckstop Group LLC^	One stop	SF +	5.00%	(l)	10.54%	04/2025	3,305		3,285		0.2		3,305
Internet Truckstop Group LLC(5)	One stop	SF +	5.00%		N/A(6)	04/2025	—		(1)		—		—
							14,042		13,865		1.0		14,050

See Notes to Consolidated Financial Statements.

66

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)	11.82%				06/2029	$	14,840	$	14,718	1.1	%	$	14,840
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC~+	One stop	SF +	5.50%	(l)	11.06%				03/2027	15,751		15,615		1.1		15,437
Appfire Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(2)		—		(5)
Appfire Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(15)		—		(35)
Aras Corporation+(22)	One stop	SF +	6.75%	(l)	8.95%	cash/	3.25%	PIK	04/2027	5,761		5,729		0.4		5,704
Aras Corporation	One stop	SF +	6.50%	(b)(l)	12.14%				04/2027	67		67		—		66
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN +	5.00%	(i)	10.19%				06/2029	1,810		1,771		0.1		1,720
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.00%	(i)	10.19%				06/2029	944		898		0.1		897
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(25)		—		(26)
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(l)	11.89%				06/2030	8,934		8,718		0.6		8,822
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	5.75%	(l)	8.52%	cash/	2.75%	PIK	07/2027	3,112		3,093		0.2		3,065
Auvik Networks Inc.#(8)(12)(22)	One stop	SF +	6.25%	(l)	8.52%	cash/	3.25%	PIK	07/2027	564		560		—		564
Auvik Networks Inc.(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Axiom Merger Sub Inc.#	One stop	L +	5.25%	(a)	10.60%				04/2026	1,118		1,109		0.1		1,118
Axiom Merger Sub Inc.#	One stop	L +	5.25%	(a)	10.60%				04/2026	962		957		0.1		962
Axiom Merger Sub Inc.(8)(9)	One stop	E +	5.50%	(d)(e)	8.90%				04/2026	437		462		—		437
Axiom Merger Sub Inc.	One stop	SF +	5.25%	(m)	10.86%				04/2026	138		137		—		138
Axiom Merger Sub Inc.	One stop	SF +	5.25%		N/A(6)				10/2025	—		—		—		—
Azul Systems, Inc.~	Senior secured	SF +	4.50%	(l)	10.04%				04/2027	9,492		9,444		0.7		9,492
Azul Systems, Inc.	Senior secured	SF +	4.50%		N/A(6)				04/2026	—		—		—		—
Bayshore Intermediate #2, L.P.+(22)	One stop	SF +	7.50%	(l)	13.00%				10/2028	31,359		30,950		2.2		31,359
Bayshore Intermediate #2, L.P.	One stop	SF +	6.50%	(l)	11.87%				10/2027	33		31		—		33
Bonterra LLC#+	One stop	SF +	7.25%	(l)	12.64%				09/2027	27,466		27,205		1.9		26,643
Bonterra LLC(5)	One stop	SF +	7.25%		N/A(6)				09/2027	—		(2)		—		(6)
Bonterra LLC	One stop	SF +	8.00%	(l)	13.39%				09/2027	500		493		—		485
Bottomline Technologies, Inc.#	One stop	SF +	5.25%	(k)	10.57%				05/2029	13,600		13,382		0.9		13,022
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(7)
Bullhorn, Inc.~^	One stop	SF +	5.75%	(l)	11.24%				09/2026	13,136		13,020		0.9		13,004
Bullhorn, Inc.#~	One stop	SF +	5.75%	(l)	11.24%				09/2026	3,207		3,190		0.2		3,174
Bullhorn, Inc.(8)(9)	One stop	SN +	6.00%	(i)	11.19%				09/2026	2,325		2,326		0.2		2,302
Bullhorn, Inc.^	One stop	SF +	5.75%	(l)	11.24%				09/2026	1,440		1,429		0.1		1,426
Bullhorn, Inc.#(8)(9)	One stop	E +	5.75%	(d)	9.69%				09/2026	910		934		0.1		901
Bullhorn, Inc.#	One stop	SF +	5.75%	(l)	11.24%				09/2026	645		640		—		639
Bullhorn, Inc.#	One stop	SF +	5.75%	(l)	11.24%				09/2026	514		510		—		509
Bullhorn, Inc.(5)	One stop	SF +	5.75%		N/A(6)				09/2026	—		(2)		—		(3)
Burning Glass Intermediate Holdings Company, Inc.~	One stop	SF +	5.00%	(k)	10.42%				06/2028	3,767		3,716		0.3		3,767
Burning Glass Intermediate Holdings Company, Inc.	One stop	SF +	5.00%	(k)	10.42%				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(l)	12.60%				01/2029	2,895		2,818		0.2		2,895
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(l)	12.60%				01/2029	766		745		0.1		766
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Calabrio, Inc.#+	One stop	SF +	7.13%	(k)	12.44%				04/2027	21,174		20,986		1.5		21,174
Calabrio, Inc.	One stop	SF +	7.13%	(k)	12.45%				04/2027	135		132		—		135
Camelia Bidco Limited(8)(9)(10)	One stop	SN +	6.25%	(i)	11.44%				08/2030	1,812		1,852		0.1		1,785
Camelia Bidco Limited(8)(9)(10)	One stop	A +	6.25%	(f)	10.39%				08/2030	118		117		—		116
Camelia Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(12)		—		(12)

See Notes to Consolidated Financial Statements.

67

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Community Brands Parentco LLC#	One stop	SF +	5.50%	(l)	11.02%				02/2028	$	2,542	$	2,505	0.2	%	$	2,491
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)
Coupa Holdings, LLC#	One stop	SF +	7.50%	(k)	12.82%				02/2030	9,134		8,926		0.6		8,906
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(9)		—		(20)
Daxko Acquisition Corporation~+	One stop	SF +	5.50%	(k)	10.92%				10/2028	12,432		12,343		0.9		11,935
Daxko Acquisition Corporation^	One stop	SF +	5.50%	(k)	10.92%				10/2028	1,048		1,037		0.1		1,006
Daxko Acquisition Corporation	One stop	P +	4.50%	(b)	13.00%				10/2027	22		21		—		17
Daxko Acquisition Corporation(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(4)		—		(20)
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(i)	11.19%				08/2030	4,258		4,304		0.3		4,152
Denali Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(c)	9.86%				08/2030	1,069		1,073		0.1		1,042
Denali Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(19)		—		(18)
Diligent Corporation~^+	One stop	SF +	6.25%	(l)	11.77%				08/2025	27,209		27,100		1.9		26,938
Diligent Corporation+	One stop	SF +	5.75%	(l)	11.27%				08/2025	2,311		2,301		0.2		2,271
Diligent Corporation#	One stop	SF +	6.25%	(l)	11.77%				08/2025	674		668		0.1		668
Diligent Corporation#	One stop	SF +	6.25%	(l)	11.77%				08/2025	425		407		—		421
Diligent Corporation	One stop	SF +	6.25%	(l)	11.77%				08/2025	357		356		—		349
Dragon UK Bidco Limited#(8)(9)(10)	One stop	SN +	5.75%	(i)	10.94%				02/2029	6,882		7,349		0.5		6,675
Dragon UK Bidco Limited(8)(9)(10)	One stop	C +	5.75%	(h)	11.26%				02/2029	4,193		4,368		0.3		4,067
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(49)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(l)	11.39%				09/2030	450		439		—		439
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		(1)
FirstUp, Inc.+(22)	One stop	SF +	6.75%	(l)	8.64%	cash/	3.50%	PIK	07/2027	3,433		3,405		0.2		3,390
FirstUp, Inc.(5)(22)	One stop	SF +	7.50%		N/A(6)				07/2027	—		(1)		—		(1)
FirstUp, Inc.#(22)	One stop	SF +	7.50%	(l)	8.64%	cash/	4.25%	PIK	07/2027	332		328		—		328
Gainsight, Inc.+(22)	One stop	SF +	6.75%	(l)	12.27%	PIK			07/2027	4,800		4,754		0.3		4,752
Gainsight, Inc.(22)	One stop	SF +	6.75%	(l)	12.27%	PIK			07/2027	56		55		—		55
GS Acquisitionco, Inc.#~^+	One stop	SF +	5.75%	(l)	11.29%				05/2026	39,595		39,543		2.8		39,199
GS Acquisitionco, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2026	—		—		—		(2)
GTY Technology Holdings, Inc.#(22)	One stop	SF +	6.87%	(l)	7.97%	cash/	4.30%	PIK	07/2029	1,644		1,619		0.1		1,628
GTY Technology Holdings, Inc.#(22)	One stop	SF +	6.88%	(l)	7.97%	cash/	4.30%	PIK	07/2029	1,074		1,055		0.1		1,063
GTY Technology Holdings, Inc.(22)	One stop	SF +	6.88%	(l)	7.97%	cash/	4.30%	PIK	07/2029	197		195		—		195
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
Hyland Software, Inc.#	One stop	SF +	6.00%	(k)	11.32%				09/2030	42,650		42,013		3.0		42,010
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
ICIMS, Inc.#(22)	One stop	SF +	7.25%	(l)	8.76%	cash/	3.88%	PIK	08/2028	3,939		3,886		0.3		3,861
ICIMS, Inc.	One stop	SF +	6.75%	(l)	12.14%				08/2028	27		24		—		24
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(18)
IQN Holding Corp. ^	One stop	SF +	5.25%	(l)	10.67%				05/2029	8,507		8,428		0.6		8,337
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(12)		—		(37)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)
Island Bidco AB#(8)(9)(17)(22)	One stop	E +	7.25%	(e)	3.93%	cash/	7.25%	PIK	07/2028	3,239		3,174		0.2		3,239
Island Bidco AB#(8)(17)(22)	One stop	SF +	7.00%	(m)	8.84%	cash/	3.50%	PIK	07/2028	1,575		1,563		0.1		1,575
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)		—		—
Juvare, LLC~	One stop	SF +	6.25%	(l)	11.82%				10/2026	3,011		2,992		0.2		2,861
Juvare, LLC^	One stop	SF +	6.25%	(l)	11.82%				10/2026	695		690		—		660
Juvare, LLC	One stop	SF +	6.25%	(l)	11.82%				10/2026	221		218		—		218
Juvare, LLC	One stop	SF +	6.25%	(b)(l)	12.01%				04/2026	50		50		—		48

See Notes to Consolidated Financial Statements.

68

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Kaseya Inc.#+(22)	One stop	SF +	6.25%	(l)	9.12%	cash/	2.50%	PIK	06/2029	$	13,924	$	13,753	1.0	%	$	13,784
Kaseya Inc.(22)	One stop	SF +	6.25%	(k)	9.07%	cash/	2.50%	PIK	06/2029	68		64		—		65
Kaseya Inc.(22)	One stop	SF +	6.25%	(l)	9.12%	cash/	2.50%	PIK	06/2029	51		44		—		43
LeadsOnline, LLC#	One stop	SF +	6.25%	(k)	11.58%				02/2028	8,973		8,753		0.6		8,749
LeadsOnline, LLC#	One stop	SF +	6.25%	(k)	11.58%				02/2028	1,583		1,545		0.1		1,544
LeadsOnline, LLC(5)	One stop	SF +	6.25%		N/A(6)				02/2028	—		(1)		—		(1)
Mindbody, Inc.+	One stop	SF +	7.00%	(l)	12.52%				02/2025	12,066		12,039		0.9		12,066
Mindbody, Inc.+	One stop	SF +	7.00%	(l)	12.52%				02/2025	955		949		0.1		955
Mindbody, Inc.	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC#	One stop	SF +	5.50%	(k)	10.92%				12/2028	9,629		9,557		0.7		9,244
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(k)	10.92%				12/2027	81		80		—		75
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(k)(l)	10.99%				12/2028	1,419		1,353		0.1		1,064
Naviga Inc.	Senior secured	SF +	7.00%	(l)	12.49%				12/2023	53		53		—		53
Neo Bidco GMBH#(8)(9)(13)(22)	One stop	E +	6.00%	(e)	9.95%				07/2028	2,698		2,981		0.2		2,698
Neo Bidco GMBH(8)(13)	One stop	SF +	6.00%		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH(8)(9)(13)	One stop	E +	6.00%	(d)(e)	9.95%				01/2028	63		66		—		63
Panzura, LLC(22)	One stop	N/A			2.00%	cash/	13.00%	PIK	08/2027	50		44		—		44
PDI TA Holdings, Inc.~+	One stop	SF +	4.50%	(l)	9.98%				10/2024	3,298		3,289		0.2		3,298
PDI TA Holdings, Inc.#	Second lien	SF +	8.50%	(l)	14.03%				10/2025	1,356		1,348		0.1		1,356
PDI TA Holdings, Inc.	One stop	SF +	4.50%	(l)	9.98%				10/2024	439		438		—		439
PDI TA Holdings, Inc.(8)(9)	One stop	SN +	4.50%	(i)	9.81%				10/2024	425		472		—		425
PDI TA Holdings, Inc.#	Second lien	SF +	8.71%	(l)	14.24%				10/2025	274		272		—		274
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(l)	9.98%				10/2024	271		270		—		271
PDI TA Holdings, Inc.#	One stop	SF +	4.50%	(l)	9.98%				10/2024	750		745		0.1		750
PDI TA Holdings, Inc.	Second lien	SF +	8.53%	(l)	14.06%				10/2025	149		149		—		149
PDI TA Holdings, Inc.#	Second lien	SF +	8.50%	(l)	14.03%				10/2025	1,335		1,310		0.1		1,335
Personify, Inc.~	One stop	SF +	5.25%	(l)	10.64%				09/2024	2,942		2,937		0.2		2,942
Personify, Inc.^	One stop	SF +	5.25%	(l)	10.64%				09/2024	1,839		1,834		0.1		1,839
Personify, Inc.	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.#	One stop	SF +	7.00%	(k)	12.32%				10/2029	5,192		5,125		0.4		5,192
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+	One stop	SF +	8.00%	(l)	13.45%				04/2027	9,346		9,281		0.7		9,253
Pluralsight, LLC	One stop	SF +	8.00%	(l)	13.47%				04/2027	63		62		—		62
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(k)	12.07%				09/2028	1,793		1,780		0.1		1,793
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(l)	12.14%				09/2028	359		356		—		359
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(l)	12.14%				09/2028	868		856		0.1		868
Pyramid Healthcare Acquisition Corp.^	One stop	SF +	4.75%	(l)	10.27%				05/2027	7,173		7,129		0.5		7,173
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(l)	10.27%				05/2027	741		732		0.1		741
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.32%				05/2027	341		339		—		341
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	211		209		—		211
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	70		70		—		70
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	62		61		—		62
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.32%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	23		23		—		23
Pyramid Healthcare Acquisition Corp.(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.30%				05/2027	620		616		—		620
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(l)	10.28%				05/2027	312		310		—		312
QAD, Inc.#	One stop	SF +	5.38%	(k)	10.69%				11/2027	34,313		34,079		2.4		34,313
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.#	One stop	SF +	6.00%	(m)	11.30%				06/2029	1,477		1,466		0.1		1,444

See Notes to Consolidated Financial Statements.

69

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Quant Buyer, Inc.#	One stop	SF +	6.00%	(m)	11.30%				06/2029	$	1,245	$	1,234	0.1	%	$	1,217
Quant Buyer, Inc.~	One stop	SF +	6.00%	(m)	11.30%				06/2029	1,039		1,031		0.1		1,016
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(3)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(40)		—		—
Rainforest Bidco Limited(8)(9)(10)(22)	One stop	SN +	5.50%	(i)	8.69%	cash/	2.00%	PIK	07/2029	11,149		10,638		0.8		10,647
Rainforest Bidco Limited(8)(10)(22)	One stop	SF +	5.50%	(j)	8.80%	cash/	2.00%	PIK	07/2029	2,158		2,134		0.1		2,056
Rainforest Bidco Limited(8)(9)(10)(22)	One stop	SN +	5.50%	(i)	8.69%	cash/	2.00%	PIK	07/2029	819		783		0.1		782
Rainforest Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(6)		—		(6)
RegEd Aquireco, LLC#	Senior secured	SF +	4.25%	(k)(m)	9.86%				12/2024	1,180		1,178		0.1		1,121
RegEd Aquireco, LLC	Senior secured	SF +	4.25%	(l)(m)	9.94%				12/2024	118		118		—		112
Riskonnect Parent, LLC#^	One stop	SF +	5.50%	(l)	11.04%				12/2028	36,000		35,733		2.5		35,280
Riskonnect Parent, LLC	One stop	SF +	5.50%	(l)	11.04%				12/2028	140		138		—		133
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(12)		—		(30)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%	(k)	11.67%				05/2027	1,760		1,749		0.1		1,760
Rodeo Buyer Company & Absorb Software Inc.	One stop	SF +	6.25%	(k)	11.67%				05/2027	27		26		—		27
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.25%	(k)	11.58%				08/2029	4,827		4,746		0.3		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 +	5.75%	(d)	9.41%				07/2029	15,847		14,855		1.1		15,847
Sapphire Bidco Oy(8)(9)(16)	One stop	E +	5.75%		N/A(6)				07/2029	—		—		—		—
Sonatype, Inc.#	One stop	SF +	6.75%	(k)	12.18%				12/2025	15,238		15,173		1.1		15,238
Sonatype, Inc.+	One stop	SF +	6.75%	(k)	12.18%				12/2025	12,912		12,865		0.9		12,912
Sonatype, Inc.(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.#+(22)	One stop	SF +	8.50%	(k)	11.82%	cash/	2.00%	PIK	12/2026	12,686		12,555		0.9		12,306
Spartan Buyer Acquisition Co.#(22)	One stop	SF +	8.50%	(k)	11.82%	cash/	2.00%	PIK	12/2026	815		802		0.1		791
Spartan Buyer Acquisition Co.(5)(22)	One stop	P +	7.50%	(b)	14.00%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Tahoe Bidco B.V. +(8)(14)	One stop	SF +	6.00%	(k)	11.42%				09/2028	5,122		5,086		0.4		4,969
Tahoe Bidco B.V. (5)(8)(14)	One stop	SF +	6.00%		N/A(6)				10/2027	—		(1)		—		(2)
Telesoft Holdings LLC~^+	One stop	SF +	5.75%	(k)	11.17%				12/2025	20,530		20,356		1.4		20,223
Telesoft Holdings LLC#	One stop	SF +	6.25%	(k)	11.67%				08/2028	1,382		1,368		0.1		1,369
Telesoft Holdings LLC	One stop	SF +	5.75%	(k)	11.17%				12/2025	21		19		—		18
Templafy APS and Templafy, LLC#(8)(18)	One stop	SF +	6.00%	(m)	11.68%				07/2028	1,629		1,593		0.1		1,629
Templafy APS and Templafy, LLC(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(7)		—		—
TI Intermediate Holdings, LLC~	Senior secured	L +	4.50%	(a)	9.87%				12/2024	795		793		0.1		779
TI Intermediate Holdings, LLC#	Senior secured	L +	4.25%	(a)	9.62%				12/2024	213		212		—		209
TI Intermediate Holdings, LLC	Senior secured	L +	4.25%	(a)(b)	9.63%				12/2024	101		100		—		99
TI Intermediate Holdings, LLC	Senior secured	L +	4.50%	(a)(m)	9.91%				12/2024	135		134		—		132
TI Intermediate Holdings, LLC#	Senior secured	L +	4.50%	(a)	9.87%				12/2024	37		37		—		36
TI Intermediate Holdings, LLC(5)	Senior secured	SF +	4.50%		N/A(6)				12/2024	—		—		—		(1)
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,900		1,891		0.1		1,900
Togetherwork Holdings, LLC^	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,257		1,253		0.1		1,257
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(k)	11.42%				03/2025	843		840		0.1		843
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(k)	11.42%				03/2025	741		738		0.1		741
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	485		483		—		485
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	464		462		—		464
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	459		457		—		459
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	428		425		—		428
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	392		390		—		392
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	294		293		—		294
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(k)	11.42%				03/2025	206		204		—		206

See Notes to Consolidated Financial Statements.

70

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	$	196	$	195	—	%	$	196
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	177		176		—		177
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	83		82		—		83
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	80		80		—		80
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	17		17		—		17
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	16		16		—		16
Togetherwork Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(1)		—		—
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,205		1,191		0.1		1,205
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	8.38%	PIK	05/2024	2,113		2,255		0.1		1,965
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	8.38%	PIK	05/2024	70		75		—		65
Vendavo, Inc.^	One stop	SF +	5.75%	(l)	11.25%				09/2027	8,246		8,201		0.6		7,834
Vendavo, Inc.	One stop	P +	4.75%	(b)	13.25%				09/2027	85		84		—		78
WebPT, Inc.	One stop	SF +	6.75%	(l)	12.27%				01/2028	305		302		—		302
Workforce Software, LLC+(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	11,701		11,614		0.8		11,584
Workforce Software, LLC+(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	2,074		2,074		0.1		2,053
Workforce Software, LLC#(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	1,469		1,454		0.1		1,454
Workforce Software, LLC#(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	1,426		1,413		0.1		1,412
Workforce Software, LLC(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(1)
Zendesk, Inc.+(22)	One stop	SF +	6.75%	(l)	8.90%	cash/	3.25%	PIK	11/2028	8,100		7,964		0.6		8,100
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(17)		—		—
										698,333		691,783		48.5		687,972
Specialty Retail
Ave Holdings III, Corp^	One stop	SF +	5.50%	(l)	11.04%				02/2028	6,656		6,607		0.5		6,456
Ave Holdings III, Corp#	One stop	SF +	5.50%	(l)	11.04%				02/2028	1,653		1,628		0.1		1,603
Ave Holdings III, Corp(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		(4)
Ave Holdings III, Corp	One stop	SF +	5.50%	(l)	11.04%				02/2028	832		707		—		523
Consilio Midco Limited#(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	27,722		29,300		1.9		27,444
Consilio Midco Limited^(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	5,871		5,826		0.4		5,812
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	4,426		4,367		0.3		4,382
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	828		817		0.1		820
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	551		546		0.1		545
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	281		276		—		279
Consilio Midco Limited(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—		(10)		—		(4)
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	7		7		—		7
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	100		99		—		99
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	9		9		—		9
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	416		412		—		412
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	95		97		—		94
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	184		184		—		182
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	108		114		—		107
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	1,517		1,514		0.1		1,447
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	670		685		—		639
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	618		614		—		589
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	6,964		6,952		0.5		6,639
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	193		190		—		184
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	14,494		14,460		1.0		13,818
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	154		154		—		147
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	4,583		4,572		0.3		4,369

See Notes to Consolidated Financial Statements.

71

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	$	53	$	53	—	%	$	51
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	2,291		2,285		0.2		2,184
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	2,393		2,387		0.2		2,281
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	1,133		1,131		0.1		1,081
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	1,341		1,338		0.1		1,278
Imperial Optical Midco Inc.(22)	One stop	SF +	13.00%	(l)	8.02%	cash/	10.50%	PIK	05/2024	1,654		1,631		0.2		1,652
Imperial Optical Midco Inc.	One stop	SF +	13.00%		N/A(6)				05/2024	—		—		—		99
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.50%	PIK			08/2030	121		120		—		114
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.50%	PIK			08/2030	22		22		—		21
PPV Intermediate Holdings, LLC#~	One stop	SF +	5.75%	(l)	11.17%				08/2029	4,612		4,544		0.3		4,543
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.50%	PIK			08/2030	523		513		—		492
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(7)		—		(6)
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.50%	PIK			08/2030	22		20		—		20
PPV Intermediate Holdings, LLC(22)	One stop	N/A			14.25%	PIK			08/2030	4,970		4,826		0.4		4,821
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(m)	11.59%				08/2028	1,770		1,756		0.1		1,752
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.64%				08/2028	29		29		—		29
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(m)	11.60%				08/2028	75		73		—		73
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(4)		—		(5)
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(m)	11.59%				08/2028	116		115		—		115
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.64%				08/2028	92		91		—		91
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(l)	11.64%				08/2028	38		38		—		38
Salon Lofts Group, LLC	Second lien	SF +	9.00%	(m)	14.45%				09/2029	491		452		—		461
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(m)	11.68%				08/2028	119		118		—		118
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(m)	11.63%				08/2028	27		27		—		27
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(3)		—		(3)
SureWerx Purchaser III, Inc.#(8)	One stop	SF +	6.75%	(l)	12.14%				12/2029	8,213		8,029		0.6		8,213
SureWerx Purchaser III, Inc.(8)	One stop	SF +	6.75%	(k)(l)	12.07%				12/2028	29		28		—		29
SureWerx Purchaser III, Inc.(5)(8)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(23)		—		—
Titan Fitness, LLC#(22)	One stop	SF +	6.75%	(k)(l)(m)	10.45%	cash/	2.00%	PIK	02/2025	6,834		6,812		0.4		6,288
Titan Fitness, LLC(22)	One stop	L +	6.75%	(a)	10.00%	cash/	2.00%	PIK	02/2025	806		803		0.1		742
Titan Fitness, LLC(22)	One stop	L +	6.75%	(a)	10.00%	cash/	2.00%	PIK	02/2025	250		249		—		229
Vermont Aus Pty Ltd(8)(11)	One stop	SF +	5.50%	(l)	11.04%				03/2028	1,884		1,862		0.1		1,884
Vermont Aus Pty Ltd(8)(9)(11)	One stop	A +	5.75%	(f)	9.94%				03/2028	1,652		1,896		0.1		1,652
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	5.50%	(m)	11.40%				04/2028	4,012		3,966		0.3		3,851
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(m)	11.31%				04/2028	1,529		1,472		0.1		1,466
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(b)(l)	11.34%				04/2028	10		9		—		6
										126,043		126,783		8.6		122,285
Textiles, Apparel and Luxury Goods
Dollfus Mieg Company, Inc.#(8)(10)	One stop	L +	6.00%	(a)	11.90%				03/2028	393		390		0.1		374
Dollfus Mieg Company, Inc.#(8)(10)	One stop	L +	6.00%	(a)	11.90%				03/2028	196		194		—		186
Dollfus Mieg Company, Inc.#(8)(10)	One stop	L +	6.00%	(a)	11.90%				03/2028	172		171		—		164
Dollfus Mieg Company, Inc.(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—		(7)		—		—
										761		748		0.1		724

See Notes to Consolidated Financial Statements.

72

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.^	One stop	SF +	6.25%	(l)	11.81%	06/2028	$	6,288	$	6,207	0.4	%	$	5,911
Marcone Yellowstone Buyer Inc.#^	One stop	SF +	6.25%	(l)	11.79%	06/2028	5,943		5,856		0.4		5,586
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.50%	(l)	12.04%	06/2028	2,130		2,076		0.1		2,024
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(l)	11.79%	06/2028	2,122		2,094		0.1		1,994
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(l)	11.79%	06/2028	1,356		1,338		0.1		1,275
Marcone Yellowstone Buyer Inc.(5)	One stop	SF +	6.50%		N/A(6)	06/2028	—		(19)		—		—
							17,839		17,552		1.1		16,790
Water Utilities
S.J. Electro Systems, LLC^	Senior secured	SF +	4.75%	(l)	10.27%	06/2027	2,132		2,119		0.1		2,026
S.J. Electro Systems, LLC#	Senior secured	SF +	4.75%	(l)	10.27%	06/2027	1,118		1,115		0.1		1,062
S.J. Electro Systems, LLC	Senior secured	SF +	4.75%	(l)	10.27%	06/2027	58		57		—		51
Vessco Midco Holdings, LLC(5)	Senior secured	SF +	4.00%		N/A(6)	11/2026	—		(2)		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(a)(m)	10.04%	11/2026	893		884		0.1		893
Vessco Midco Holdings, LLC#	Senior secured	SF +	4.50%	(k)	9.92%	11/2026	87		87		—		87
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%		N/A(6)	10/2026	—		—		—		—
							4,288		4,260		0.3		4,119
Total debt investments							2,525,806		2,514,613		174.5		2,475,840

See Notes to Consolidated Financial Statements.

73

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	27	$	266	—	%	$	278
Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	320		—		213
Go Car Wash Parent, Corp.(21)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	2,553		0.2		2,662
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	1,449		0.1		1,147
MOP GM Holding, LLC	LP units	N/A	N/A		N/A	—	134		—		144
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	—	32		—		36
POY Holdings, LLC(21)	LLC units	N/A	N/A		N/A	305	305		0.1		764
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	93		—		149
							4,886		0.4		5,115
Biotechnology
Cobepa BlueSky Aggregator, SCSp	LP interest	N/A	N/A		N/A	42	422		—		314
Building Products
BECO Holding Company, Inc.(21)	Preferred stock	N/A	11.75%	Non-Cash	N/A	122	13,511		1.0		14,470
BECO Holding Company, Inc.	LP interest	N/A	N/A		N/A	8	821		0.1		839
							14,332		1.1		15,309
Chemicals
Inhance Technologies Holdings LLC	Preferred stock	N/A	N/A		N/A	10	9,689		0.6		8,822
Inhance Technologies Holdings LLC	LLC units	N/A	N/A		N/A	—	34		—		76
							9,723		0.6		8,898
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A		N/A	233	233		—		269
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	3,035	2,050		0.3		4,346
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	156	156		—		224
PT Intermediate Holdings III, LLC(21)	LLC units	N/A	N/A		N/A	8	778		0.1		911
Radwell Parent, LLC(21)	LP units	N/A	N/A		N/A	2	175		—		220
							3,392		0.4		5,970
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	168	85		—		191
Diversified Consumer Services
CHHJ Midco, LLC(21)	LLC units	N/A	N/A		N/A	8	79		—		123
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	36	36		—		41
EMS LINQ, LLC	LP interest	N/A	N/A		N/A	236	236		—		183
EWC Growth Partners LLC	LLC interest	N/A	N/A		N/A	—	25		—		5
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	250	250		—		259
Liminex, Inc.	Common stock	N/A	N/A		N/A	5	176		—		282
NSG Buyer, Inc. (8)	LP units	N/A	N/A		N/A	1	744		0.1		725
							1,546		0.1		1,618
Food & Staples Retailing
Mendocino Farms, LLC	Common stock	N/A	N/A		N/A	59	257		—		534
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A		N/A	6	64		—		36
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A		N/A	—	4		—		7
							325		—		577

See Notes to Consolidated Financial Statements.

74

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	—	%	$	68
Borrower R365 Holdings, LLC	LLC units	N/A			N/A		N/A	1	2		—		3
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
Borrower R365 Holdings, LLC	LP units	N/A			N/A		N/A	—	—		—		—
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	—	1		—		1
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	2	3		—		3
Kodiak Cakes, LLC	Common stock	N/A			N/A		N/A	—	189		—		120
Louisiana Fish Fry Products, Ltd.	Common stock	N/A			N/A		N/A	—	212		—		152
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A			N/A		N/A	—	6		—		11
P&P Food Safety Holdings, Inc.	Common stock	N/A			N/A		N/A	1	142		—		88
									597		—		448
Health Care Technology
Connexin Software, Inc.	LLC interest	N/A			N/A		N/A	26	26		—		38
HSI Halo Acquisition, Inc.(21)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	79		—		113
HSI Halo Acquisition, Inc.	LP interest	N/A			N/A		N/A	—	1		—		34
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,192		0.2		3,191
Symplr Software, Inc.(21)	Preferred stock	SF +	10.50%	(l)	15.74%	Non-Cash	N/A	1	753		0.1		1,099
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	390		0.1		423
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	239		—		248
Symplr Software, Inc.	Common stock	N/A			N/A		N/A	42	—		—		191
									4,680		0.4		5,337
Health Care Equipment & Supplies
Aspen Medical Products, LLC	LP interest	N/A			N/A		N/A	—	17		—		20
Blue River Pet Care, LLC	Common stock	N/A			N/A		N/A	—	207		0.1		591
CCSL Holdings, LLC(8)	LP interest	N/A			N/A		N/A	—	135		—		127
CMI Parent Inc.	Common stock	N/A			N/A		N/A	—	279		—		393
CMI Parent Inc.	Common stock	N/A			N/A		N/A	5	5		—		597
									643		0.1		1,728

See Notes to Consolidated Financial Statements.

75

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Healthcare Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	LLC units	N/A	N/A		N/A	51	$	52	—	%	$	80
CRH Healthcare Purchaser, Inc.	LP interest	N/A	N/A		N/A	102	50		—		150
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	444		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	191		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—	—		—		—
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	—	165		—		103
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	—	10		—		15
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		—		231
Encorevet Group LLC	LLC units	N/A	N/A		N/A	1	158		—		136
Krueger-Gilbert Health Physics, LLC	Common stock	N/A	N/A		N/A	54	58		—		78
Midwest Veterinary Partners, LLC(21)	Preferred stock	N/A	12.00%	Non-Cash	N/A	—	522		0.1		548
Midwest Veterinary Partners, LLC(21)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	13		—		19
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A		N/A	3	—		—		154
NDX Parent, LLC	Common stock	N/A	N/A		N/A	—	106		—		15
NDX Parent, LLC	Preferred stock	N/A	N/A		N/A	16	16		—		18
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	Common stock	N/A	N/A		N/A	—	126		—		122
Opening Day Borrower 111 LLC	LLC units	N/A	N/A		N/A	18	785		0.1		847
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	2	241		—		162
							3,162		0.2		2,678

See Notes to Consolidated Financial Statements.

76

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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(21)	LP interest	N/A	N/A		N/A	81	$	75	—	%	$	146
Harri US LLC	LLC units	N/A	N/A		N/A	36	287		—		265
Harri US LLC	Preferred stock	N/A	N/A		N/A	31	198		—		223
Harri US LLC	Warrant	N/A	N/A		N/A	10	46		—		71
SSRG Holdings, LLC	LP interest	N/A	N/A		N/A	40	399		0.1		566
Tropical Smoothie Cafe Holdings, LLC	LP interest	N/A	N/A		N/A	2	99		—		431
							1,104		0.1		1,702
Insurance
Accession Risk Management Group, Inc.(21)	Preferred stock	N/A	13.25%	Non-Cash	N/A	6	5,827		0.4		5,723
Majesco(21)	Preferred stock	N/A	9.00%	Non-Cash	N/A	—	127		—		161
Majesco	LP interest	N/A	N/A		N/A	28	—		—		82
							5,954		0.4		5,966
Internet and Catalog Retail
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	8	7,472		0.6		8,541
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	5	4,484		0.4		5,126
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	4	3,632		0.3		3,731
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	3	2,681		0.2		2,957
							18,269		1.5		20,355
IT Services
Appriss Health Intermediate Holdings, Inc(21)	Preferred stock	N/A	11.00%	Non-Cash	N/A	1	896		0.1		901
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	217	171		0.1		1,573
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	57	156		—		412
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	13	108		—		95
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A		N/A	75	59		0.1		503
Critical Start, Inc.	Common stock	N/A	N/A		N/A	118	118		—		141
Optimizely North America, Inc.	Common stock	N/A	N/A		N/A	17	173		—		156
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	83	475		—		475
Netwrix Corporation(21)	LLC units	N/A	N/A		N/A	2	5		—		8
PCS Intermediate II Holdings, LLC	LLC interest	N/A	N/A		N/A	13	126		—		197
Red Dawn SEI Buyer, Inc.	LP interest	N/A	N/A		N/A	219	219		—		351
Saturn Borrower Inc.	LP units	N/A	N/A		N/A	139	139		—		46
							2,645		0.3		4,858
Leisure Products
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	15	24		—		31
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	10	16		—		21
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	9	13		—		17
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	8	12		—		15
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	3	5		—		6
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	—	—		—		1
							70		—		91
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	372	372		—		372
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	372	—		—		115
PAS Parent Inc.	LP interest	N/A	N/A		N/A	6	624		—		588
PAS Parent Inc.	Preferred stock	N/A	N/A		N/A	1	93		—		108
Reaction Biology Corporation	LLC units	N/A	N/A		N/A	—	245		—		252
							1,334		—		1,435

See Notes to Consolidated Financial Statements.

77

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	—	%	$	110
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									213		—		110
Pharmaceuticals
Amalthea Parent, Inc.(8)(12)	LP interest	N/A			N/A		N/A	199	199		—		172
Cobalt Buyer Sub, Inc.(21)	Preferred stock	SF +	10.00%	(l)	15.24%	Non-Cash	N/A	3	3,882		0.3		4,385
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	72		—		71
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	1	1		—		—
									4,154		0.3		4,628
Professional Services
Enboarder, Inc.(8)(11)	Preferred stock	N/A			N/A		N/A	27	280		—		280
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	141	892		0.1		1,018
Filevine, Inc.	Warrant	N/A			N/A		N/A	21	31		—		109
Filevine, Inc.	Warrant	N/A			N/A		N/A	57	57		—		58
Net Health Acquisition Corp.	LP interest	N/A			N/A		N/A	1	133		—		152
Procure Acquireco, Inc.	LP interest	N/A			N/A		N/A	—	333		0.1		418
									1,726		0.2		2,035
Real Estate Management & Development
Inhabit IQ Inc.	Common stock	N/A			N/A		N/A	11	60		—		173
Road & Rail
Internet Truckstop Group LLC	LP interest	N/A			N/A		N/A	146	146		—		173

See Notes to Consolidated Financial Statements.

78

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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	%	$	820
Aras Corporation(21)	Preferred stock	N/A			12.00%	Non-Cash	N/A	—	458		0.1		491
Aras Corporation	LP interest	N/A			N/A		N/A	121	121		—		162
Astute Holdings, Inc.	LP interest	N/A			N/A		N/A	—	59		—		214
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	11	111		—		137
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	1	13		—		16
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	1,746	1,746		0.1		1,533
Calabrio, Inc.	LP interest	N/A			N/A		N/A	—	306		—		283
Calabrio, Inc.	LP interest	N/A			N/A		N/A	38	—		—		—
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	30	341		—		341
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	15	93		—		141
Cloudbees, Inc.	Warrant	N/A			N/A		N/A	27	40		—		202
Cynet Security Ltd.(8)(15)	Preferred stock	N/A			N/A		N/A	75	262		—		316
Denali Bidco Limited(8)(10)	LP interest	N/A			N/A		N/A	140	182		—		182
Diligent Corporation(21)	Preferred stock	N/A			10.50%	Non-Cash	N/A	7	7,359		0.6		7,603
FirstUp, Inc.	Common stock	N/A			N/A		N/A	84	205		—		120
GS Acquisitionco, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	9	10,466		0.8		10,349
GS Acquisitionco, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,279		0.2		3,151
GS Acquisitionco, Inc.	LP interest	N/A			N/A		N/A	—	26		—		213
GS Acquisitionco, Inc.(21)	Preferred stock	SF +	10.50%	(l)	15.88%	Non-Cash	N/A	—	49		—		49
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	25	25		—		32
Impartner, Inc.	Preferred stock	N/A			N/A		N/A	11	90		—		86
Kaseya Inc.(21)	Preferred stock	N/A			11.75%	Non-Cash	N/A	3	2,816		0.2		2,867
Kaseya Inc.	LP interest	N/A			N/A		N/A	150	150		—		165
MetricStream, Inc.	Warrant	N/A			N/A		N/A	44	67		—		42
Ministry Brands Holdings LLC	LP interest	N/A			N/A		N/A	361	362		—		318
mParticle, Inc.	Preferred stock	N/A			N/A		N/A	65	426		0.1		366
mParticle, Inc.	Warrant	N/A			N/A		N/A	30	6		—		115
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	Warrant	N/A			N/A		N/A	2	6		—		13
Onit, Inc.(21)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	46		—		50
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		4
PDI TA Holdings, Inc.	Preferred stock	N/A			N/A		N/A	43	1,340		0.1		1,518
Personify, Inc.	LP interest	N/A			N/A		N/A	163	171		0.1		405
Pyramid Healthcare Acquisition Corp.	Common stock	N/A			N/A		N/A	73	73		—		125
QAD, Inc.(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	1	802		0.1		884
QAD, Inc.	Common stock	N/A			N/A		N/A	53	—		—		72
RegEd Aquireco, LLC	LP interest	N/A			N/A		N/A	—	73		—		14
RegEd Aquireco, LLC	LP interest	N/A			N/A		N/A	1	—		—		—
RegEd Aquireco, LLC	Preferred stock	N/A			N/A		N/A	—	5		—		5
Riskonnect Parent, LLC(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	8	8,928		0.6		8,571
Riskonnect Parent, LLC	LP interest	N/A			N/A		N/A	378	379		—		496
Riskonnect Parent, LLC(21)	Preferred stock	SF +	10.50%	(l)	15.92%	Non-Cash	N/A	—	378		0.1		394
SnapLogic, Inc.	Preferred stock	N/A			N/A		N/A	66	164		—		318
SnapLogic, Inc.	Warrant	N/A			N/A		N/A	25	18		—		81
Spartan Buyer Acquisition Co.	Common stock	N/A			N/A		N/A	—	252		—		133
Spartan Buyer Acquisition Co.	Preferred stock	N/A			N/A		N/A	—	15		—		18
Telesoft Holdings LLC	LP interest	N/A			N/A		N/A	131	131		—		111

See Notes to Consolidated Financial Statements.

79

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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)
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A	N/A		N/A	—	$	32	—	%	$	23
Zendesk, Inc.	LP units	N/A	N/A		N/A	18	182		—		251
							42,640		3.2		43,807
Specialty Retail
Ave Holdings III, Corp(21)	Preferred stock	N/A	11.50%	Non-Cash	N/A	6	6,640		0.5		6,398
Ave Holdings III, Corp	LP units	N/A	N/A		N/A	1	777		0.1		742
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	110		—		45
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	42		—		17
Imperial Optical Midco Inc.	Common stock	N/A	N/A		N/A	—	—		—		34
Salon Lofts Group, LLC	LP units	N/A	N/A		N/A	—	45		—		36
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		N/A	—	39		—		25
							7,653		0.6		7,297
Textiles, Apparel and Luxury Goods
MakerSights, Inc.	Preferred stock	N/A	N/A		N/A	16	85		—		85
Total equity investments							130,112		9.9		141,176
Total investments							2,644,725		184.4		2,617,016
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.23%	(24)			$	7,134	0.5	%	$	7,134
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)			5.26%	(24)			4,670		0.3		4,670
Morgan Stanley US Dollar Liquidity Fund (CUSIP L64887109)			5.43%	(24)			414		—		414
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)			5.17%	(24)			698		—		698
Total money market funds							12,916		0.8		12,916
Total investments and money market funds							$	2,657,641	185.2	%	$	2,629,932

See Notes to Consolidated Financial Statements.

80

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts 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 2022-2 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 Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), 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 London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’) denominated in U.S. dollars 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, 2023. 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, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

(a) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was last quoted on June 30, 2023 at 5.76%.

(b) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of September 30, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of September 30, 2023.

(d) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.95% as of September 30, 2023.

(e) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 4.13% as of September 30, 2023.

(f) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.14% as of September 30, 2023.

(g) Denotes that all or a portion of the contract was indexed to the 60-day CDOR, which was 5.45% as of September 30, 2023.

(h) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.51% as of September 30, 2023.

(i) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of September 30, 2023.

(j) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.31% as of September 30, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.32% as of September 30, 2023.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.40% as of September 30, 2023.

(m) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.47% as of September 30, 2023.

(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, 2023.

(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 values of investments were valued using significant unobservable inputs, unless otherwise noted. 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, 2023. 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, 2023, 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, 2023, total non-qualifying assets at fair value represented 14.7% 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.

See Notes to Consolidated Financial Statements.

81

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)

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

(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 is income producing.

(22) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2023.

(23) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.

(24) The rate shown is the annualized seven-day yield as of September 30, 2023.

See Notes to Consolidated Financial Statements.

82

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 regulated 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.

On January 16, 2024, the Company entered into an Agreement and Plan of Merger (the “GBDC 3 Merger Agreement”) with Golub Capital BDC, Inc., a Delaware corporation (“GBDC”), Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of GBDC (“Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator. The GBDC 3 Merger Agreement provides that, subject to the conditions set forth in the GBDC 3 Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of GBDC and, immediately thereafter, the Company will merge with and into GBDC, with GBDC continuing as the surviving company (the “Proposed Merger”). Refer to Note 13. Pending Merger with Golub Capital BDC, Inc. for discussion of the Proposed Merger.

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 unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In

83

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 7. Fair Value Measurements.

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

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital 3 Holdings LLC (“GBDC 3 Holdings”), GBDC 3 Funding LLC (“GBDC 3 Funding”), 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”), Golub Capital BDC 3 ABS 2022-1 LLC (“2022 Issuer”), Golub Capital BDC 3 CLO 2 Depositor LLC (“2022 CLO 2 Depositor”), Golub Capital BDC 3 CLO 2 LLC (“2022-2 Issuer”), GBDC 3 Holdings Coinvest, Inc., GBDC 3 Holdings ED Coinvest, Inc., GCBH 3 North Haven Stack Buyer Coinvest Inc., GBDC 3 Quick Quack Coinvest LLC, 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, 2021 Issuer, 2022 Issuer, and the 2022-2 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 and 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.

84

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Net assets and fair values are presented based on the applicable foreign exchange rates 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.

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 three and six months ended March 31, 2024, interest income included $2,307 and $5,250, respectively, of accretion of discounts. For the three and six months ended March 31, 2023, interest income included $1,914 and $4,024, respectively, of accretion of discounts. For the three and six months ended March 31, 2024, the Company received loan origination fees of $957 and $3,402, respectively. For the three and six months ended March 31, 2023, the Company received loan origination fees of $2,120 and $4,771, respectively.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and six months ended March 31, 2024, investment income included $4,953 and $9,824, respectively, of PIK interest and the Company capitalized PIK interest of $4,555 and $10,258 respectively, into the principal balance of certain debt investments. For the three and six months ended March 31, 2023, investment income included $3,549 and $5,976, respectively, of PIK interest and the Company capitalized PIK interest of $3,819 and $6,147, respectively, into the principal balance of certain debt investments.

85

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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. For the three and six months ended March 31, 2024, fee income included $107 and $119, respectively, from non-recurring prepayment premiums, respectively. For the three and six months ended March 31, 2023, fee income included $0 and $35, respectively, from non-recurring prepayment premiums, respectively. All other income is recorded into income when earned.

For the three and six months ended March 31, 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $70,466 and $139,617, respectively. For the three and six months ended March 31, 2023, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $26,928 and $76,933, respectively.

Dividend income on 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. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.

For the three and six months ended March 31, 2024, the Company recognized PIK and non-cash dividend income of $2,537 and $4,993, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2024, the Company received no cash payments of accrued and capitalized preferred dividends. For the three and six months ended March 31, 2023, the Company recognized PIK and non-cash dividend income of $2,049 and $3,932, which were capitalized into the cost basis of certain preferred equity investments. For the three and six months ended March 31, 2023, the Company received no cash payments of accrued and capitalized preferred dividends.

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

For the three and six months ended March 31, 2024, the Company recorded dividend income received in cash of $3 and $3, respectively, and return of capital distributions received in cash of $43 and $953, respectively. For the three and six months ended March 31, 2023, the Company recorded dividend income received in cash of $2 and $8, respectively, and return of capital distributions received in cash of $294 and $294, 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 investment transactions 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. The total fair value of non-accrual loans was $5,092 and $3,637 as of March 31, 2024 and September 30, 2023, respectively.

86

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 three and six months ended March 31, 2024, the Company did not record any U.S. federal excise tax. For the three months ended March 31, 2023, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $25. For the six months ended March 31, 2023, the Company recorded $630 for U.S. federal excise tax expense.

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 the consolidated 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 March 31, 2024. The Company’s tax returns for the 2020 through 2022 tax years remain subject to examination by U.S. federal and most state tax authorities.

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. For the three and six months ended March 31, 2024, $8 was recorded for U.S. income taxes. For the three and six months ended March 31, 2023, the Company did not record any U.S. income taxes.

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).

87

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 March 31, 2024 and September 30, 2023, the Company had deferred debt issuance costs of $1,776 and $4,038, 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 deferred debt issuance costs for the three and six months ended March 31, 2024 was $958 and $2,262, respectively. Amortization expense for deferred debt issuance costs for the three and six months ended March 31, 2023 was $933 and $1,856, respectively.

Note 3.    Stockholders’ Equity

On December 18, 2023, the Company filed articles of amendment to the Company’s charter to increase the number of authorized shares of stock of the Company from 101,000,000 shares to 111,000,000 shares, consisting of 1,000,000 shares of preferred stock at a par value of $0.001 per share and 110,000,000 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 March 31, 2024 and September 30, 2023, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders:

	As of March 31, 2024				As of September 30, 2023
	Subscriptions		Contributions		Subscriptions		Contributions
GBDC 3 Stockholders	$	1,387,262	$	1,387,262	$	1,387,941	$	1,328,577

Effective December 7, 2023, the Company entered into an agreement to cancel subscriptions totaling $679. As of March 31, 2024, the ratio of total contributed capital to total capital subscriptions was 100.0% and the Company had no uncalled capital commitments. As of September 30, 2023, the ratio of total contributed capital to total capital subscriptions was 95.7% and the Company had uncalled capital commitments of $59,364.

88

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table summarizes the shares of GBDC 3 common stock issued for the six months ended March 31, 2024 and 2023:

	Date	Shares Issued		NAV per share		Proceeds
Shares issued for the six months ended March 31, 2023
Issuance of shares	11/14/22	1,343,605.140		$	14.89	$	20,006	(1)
Issuance of shares	02/23/23	1,355,455.904		14.76		20,007		(1)
Shares issued for capital drawdowns		2,699,061.044				40,013
Issuance of shares	12/20/22	362,642.468		14.89		5,399		(1)
Shares issued through DRIP		362,642.468				$	5,399
Shares issued for the six months ended March 31, 2024
Issuance of shares	12/06/23	3,912,356.985		$	15.00	$	58,685
Shares issued for capital drawdowns		3,912,356.985				58,685
Issuance of shares	10/05/23	204,677.469		15.00		3,070
Issuance of shares	11/21/23	364,144.163		15.00		5,462
Issuance of shares	12/14/23	389,967.551		14.70		5,733
Issuance of shares	12/27/23	330,226.090		14.70		4,854
Issuance of shares	02/20/24	117,963.562		14.70		1,734
Issuance of shares	03/19/24	154,991.999		14.70		2,278
Shares issued through DRIP		$	1,561,970.834			$	23,131

(1)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, GBDC 3. The Board most recently reapproved the Investment Advisory Agreement in May 2024. 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 and securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser 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

89

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

The base management fee incurred for the three and six months ended March 31, 2024 was $9,258 and $18,532, respectively, and the base management fee irrevocably waived by the Investment Adviser was $2,525 and $5,054, respectively. The base management fee incurred for the three and six months ended March 31, 2023 was $8,343 and $16,675, respectively, and the base management fee irrevocably waived by the Investment Adviser was $2,276 and $4,548, 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.

The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of 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.

90

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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.

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

For the three and six months ended March 31, 2024, the Income Incentive Fee incurred was $9,114 and $18,474, respectively. For the three and six months ended March 31, 2023, the Income Incentive Fee incurred was $7,513 and $14,343, 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 three and six months ended March 31, 2024, the Income Incentive Fee irrevocably waived by the Investment Adviser was $2,278 and $4,618, respectively. For the three and six months ended March 31, 2023, the Income Incentive Fee irrevocably waived by the Investment Adviser was $1,878 and $3,586, 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), which commenced with the calendar year ending 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 become 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) all 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.

•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.

91

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

The Capital Gain Incentive Fee is calculated on a cumulative basis from 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.

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.

For the three and six months ended March 31, 2024 and 2023, the Company did not accrue a Capital Gain Incentive Fee. As of both March 31, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee 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 March 31, 2024.

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, as applicable. 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 three and six months ended March 31, 2024, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both March 31, 2024 and September 30, 2023, there was no cumulative accrual of capital gain incentive fee 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

92

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Liquidation Incentive Fee. On January 16, 2024, the Investment Adviser agreed to irrevocably waive any Subordinated Liquidation Incentive Fee that would otherwise be payable in connection with the transactions contemplated by the GBDC 3 Merger Agreement.

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 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. On October 2, 2023, the Escrow Agent returned $14,875 of deposits held in the Escrow Account to the Company for the benefit of shareholders in accordance with the Investment Advisory Agreement.

On December 7, 2023, GC Advisors unilaterally agreed to extend the term of the incentive fee payment escrow under the terms of the Investment Advisory Agreement (the “Escrow Waiver Letter”). In accordance with the Escrow Waiver Letter, 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 “ New Escrow Account”) to be administered by UMB Bank, National Association (the “ New Escrow Agent”). Assets in the New Escrow Account will be held by the New Escrow Agent until the closing of a Liquidity Event at which time the New Escrow Agent will release the assets to the Investment Adviser. If no Liquidity Event occurs prior to October 2, 2025, the New Escrow Agent will return all assets in the New Escrow Account to the Company for the benefit of the stockholders. For the six months ended March 31, 2024, the Company deposited $4,533 into the New Escrow Account.

Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to

93

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 March 31, 2024 and September 30, 2023, included in accounts payable and other liabilities is $1,027 and $959, as of March 31, 2024 and September 30, 2023, 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 three and six months ended March 31, 2024 were $688 and $1,556, respectively. Total expenses reimbursed to the Administrator during the three and six months ended March 31, 2023 were $705 and $1,359, respectively. As of March 31, 2024 and September 30, 2023, included in accounts payable and other liabilities were $742 and $868, 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. On December 7, 2023, GCOP LLC entered into agreements with existing stockholders to assume $830 of subscription commitments and the 57,142.587 shares of common stock held by such stockholders. As of March 31, 2024, GCOP LLC has an aggregate commitment of $23,966. As of March 31, 2024, the Company has issued 1,598,732.387 shares of its common stock to GCOP LLC in exchange for aggregate capital contributions totaling $23,966 and has also issued 349,720.465 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 March 31, 2024, 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 March 31, 2024, permits the Company to borrow a maximum of $100,000 and expires on September 1, 2026. Refer to Note 8. Borrowings for discussion of the Adviser Revolver.

On January 16, 2024, the Company entered into the GBDC 3 Merger Agreement. Refer to Note 13. Pending Merger with Golub Capital BDC, Inc. for discussion of the Proposed Merger.

94

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5.    Investments

Investments as of March 31, 2024 and September 30, 2023 consisted of the following:

	As of March 31, 2024						As of September 30, 2023
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	209,065	$	211,326	$	206,941	$	237,797	$	241,418	$	234,332
One stop	2,354,342		2,336,259		2,313,815		2,259,873		2,244,468		2,213,560
Second lien	10,861		11,409		10,854		11,833		12,606		11,743
Subordinated debt	17,594		17,432		17,363		16,303		16,121		16,205
Equity	N/A		135,154		149,799		N/A		130,112		141,176
Total	$	2,591,862	$	2,711,580	$	2,698,772	$	2,525,806	$	2,644,725	$	2,617,016

95

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 March 31, 2024				As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic	$	486,090	17.9	%	$	439,768	16.6	%
Midwest	546,495		20.2		519,107		19.6
Northeast	199,102		7.3		187,317		7.1
Southeast	540,370		19.9		554,710		21.0
Southwest	207,034		7.6		218,765		8.3
West	396,551		14.6		374,560		14.2
Canada	49,596		1.8		77,717		2.9
United Kingdom	196,957		7.3		181,653		6.9
Australia	4,024		0.1		4,038		0.1
Luxembourg	26,387		1.0		26,134		1.0
Netherlands	30,045		1.1		35,086		1.3
Finland	16,149		0.6		14,855		0.6
Sweden	9,499		0.4		9,135		0.3
Israel	262		0.0	*	262		0.0	*
Denmark	1,613		0.1		1,618		0.1
Germany	1,406		0.1		—		—
Total	$	2,711,580	100.0	%	$	2,644,725	100.0	%
Fair Value:
United States
Mid-Atlantic	$	486,266	18.0	%	$	440,467	16.8	%
Midwest	540,187		20.0		513,851		19.6
Northeast	199,161		7.4		185,659		7.1
Southeast	549,815		20.4		555,229		21.2
Southwest	202,440		7.5		216,971		8.3
West	396,979		14.7		374,588		14.3
Canada	47,612		1.8		73,367		2.8
United Kingdom	189,816		7.0		169,846		6.5
Australia	3,819		0.1		3,816		0.1
Luxembourg	25,828		1.0		25,356		1.0
Netherlands	26,057		1.0		30,639		1.2
Finland	17,500		0.5		15,847		0.6
Sweden	9,906		0.4		9,412		0.4
Israel	339		0.0	*	316		0.0	*
Denmark	1,661		0.1		1,652		0.1
Germany	1,386		0.1		—		—
Total	$	2,698,772	100.0	%	$	2,617,016	100.0	%

* Represents an amount less than 0.1%

96

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as of March 31, 2024 and September 30, 2023 were as follows:

	As of March 31, 2024				As of September 30, 2023
Amortized Cost:
Aerospace and Defense	$	9,898	0.4	%	$	9,899	0.4	%
Airlines	7,662		0.3		7,477		0.3
Auto Components	5,939		0.2		15,532		0.6
Automobiles	155,898		5.7		140,797		5.3
Banks	1,487		0.1		—		—
Beverages	23,829		0.9		22,076		0.8
Biotechnology	430		0.0	*	422		0.0	*
Building Products	48,520		1.8		46,401		1.7
Capital Markets	2,188		0.1		—		—
Chemicals	43,044		1.6		42,947		1.6
Commercial Services and Supplies	91,386		3.4		82,137		3.1
Communications Equipment	4,932		0.2		4,925		0.2
Containers and Packaging	58,466		2.2		57,814		2.2
Diversified Consumer Services	125,177		4.6		110,454		4.2
Diversified Financial Services	23,785		0.9		22,078		0.8
Diversified Telecommunication Services	621		0.0	*	627		0.0	*
Electrical Equipment	1,007		0.0	*	—		—
Electronic Equipment, Instruments and Components	9,604		0.4		9,623		0.4
Food and Staples Retailing	4,807		0.2		6,678		0.2
Food Products	63,132		2.3		61,762		2.3
Healthcare Equipment and Supplies	94,330		3.5		82,641		3.1
Healthcare Providers and Services	180,471		6.7		177,985		6.7
Healthcare Technology	65,951		2.4		65,907		2.5
Hotels, Restaurants and Leisure	79,454		2.9		70,659		2.7
Household Durables	—		—		3,577		0.1
Household Products	1,742		0.1		1,746		0.1
Industrial Conglomerates	42,800		1.6		39,530		1.5
Insurance	161,406		5.9		148,627		5.6
Internet and Catalog Retail	33,202		1.2		33,234		1.3
IT Services	113,842		4.2		142,883		5.4
Leisure Products	3,138		0.1		2,476		0.1
Life Sciences Tools & Services	38,880		1.4		37,164		1.4
Machinery	6,625		0.2		10,993		0.4
Marine	14,876		0.5		14,597		0.6
Media	2,521		0.1		2,529		0.1
Oil, Gas and Consumable Fuels	23,523		0.9		40,800		1.5
Paper and Forest Products	7,118		0.3		7,169		0.3
Pharmaceuticals	82,136		3.0		83,693		3.2
Professional Services	63,902		2.4		60,363		2.3
Real Estate Management and Development	75,846		2.8		70,988		2.7
Road and Rail	14,074		0.5		14,011		0.5
Software	756,363		27.9		734,423		27.8
Specialty Retail	144,772		5.3		134,436		5.1
Textiles, Apparel and Luxury Goods	834		0.0	*	833		0.0	*
Trading Companies and Distributors	17,493		0.6		17,552		0.7
Water Utilities	4,469		0.2		4,260		0.2
Total	$	2,711,580	100.0	%	$	2,644,725	100.0	%

* Represents an amount less than 0.1%

97

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	As of March 31, 2024				As of September 30, 2023
Fair Value:
Aerospace and Defense	$	10,131	0.4	%	$	10,178	0.4	%
Airlines	7,426		0.3		7,186		0.3
Auto Components	5,188		0.2		15,160		0.6
Automobiles	155,844		5.8		139,875		5.3
Bank	1,514		0.1		—		—
Beverages	24,395		0.9		22,086		0.8
Biotechnology	186		0.0	*	314		0.0	*
Building Products	49,933		1.8		46,849		1.8
Capital Markets	2,187		0.1		—		—
Chemicals	33,258		1.2		37,335		1.4
Commercial Services and Supplies	100,357		3.7		85,732		3.3
Communications Equipment	4,946		0.2		4,886		0.2
Containers and Packaging	58,069		2.1		57,127		2.2
Diversified Consumer Services	125,296		4.6		110,712		4.2
Diversified Financial Services	23,652		0.9		21,929		0.8
Diversified Telecommunication Services	628		0.0	*	631		0.0	*
Electrical Equipment	1,006		0.0	*	—		—
Electronic Equipment, Instruments and Components	9,831		0.4		9,875		0.4
Food and Staples Retailing	4,678		0.2		6,845		0.3
Food Products	63,122		2.3		61,318		2.3
Healthcare Equipment and Supplies	95,681		3.5		83,650		3.2
Healthcare Providers and Services	168,860		6.3		166,553		6.4
Healthcare Technology	67,125		2.5		66,040		2.5
Hotels, Restaurants and Leisure	80,395		3.0		71,364		2.7
Household Durables	—		—		3,687		0.1
Household Products	1,694		0.1		1,699		0.1
Industrial Conglomerates	42,645		1.6		39,058		1.5
Insurance	161,219		6.0		147,930		5.7
Internet and Catalog Retail	34,874		1.3		34,495		1.3
IT Services	116,201		4.3		143,158		5.4
Leisure Products	3,126		0.1		2,501		0.1
Life Sciences Tools & Services	38,697		1.4		36,830		1.4
Machinery	6,582		0.2		10,857		0.4
Marine	14,531		0.5		14,268		0.5
Media	2,448		0.1		2,461		0.1
Oil, Gas and Consumable Fuels	23,770		0.9		41,214		1.6
Paper and Forest Products	7,034		0.3		6,835		0.3
Pharmaceuticals	78,610		2.9		79,284		3.0
Professional Services	64,241		2.4		60,388		2.3
Real Estate Management and Development	75,095		2.8		69,404		2.7
Road and Rail	14,254		0.5		14,223		0.6
Software	761,409		28.2		731,779		28.0
Specialty Retail	136,663		5.1		129,582		5.0
Textiles, Apparel and Luxury Goods	779		0.0	*	809		0.0	*
Trading Companies and Distributors	16,743		0.6		16,790		0.6
Water Utilities	4,449		0.2		4,119		0.2
Total	$	2,698,772	100.0	%	$	2,617,016	100.0	%

* Represents an amount less than 0.1%

98

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 March 31, 2024 and September 30, 2023 were as follows:

As of March 31, 2024
Counterparty	Currency to be sold			Currency to be purchased			Settlement Date	Unrealized appreciation ($)		Unrealized depreciation ($)
Macquarie Bank Limited	€	2,985	EUR	$	3,740	USD	6/14/2024	504		—
Macquarie Bank Limited	£	4,500	GBP	$	6,182	USD	8/27/2024	488		—
Macquarie Bank Limited	$	6,000	CAD	$	4,717	USD	9/4/2024	271		—
Macquarie Bank Limited	£	6,500	GBP	$	8,567	USD	9/5/2024	350		—
Macquarie Bank Limited	$	5,558	CAD	$	4,365	USD	9/27/2024	245		—
Macquarie Bank Limited	£	15,000	GBP	$	20,258	USD	9/30/2024	1,277		—
Macquarie Bank Limited	£	16,290	GBP	$	21,848	USD	9/30/2024	1,240		—
Macquarie Bank Limited	€	14,650	EUR	$	17,567	USD	11/12/2024	1,554		—
Macquarie Bank Limited	$	5,200	CAD	$	4,245	USD	12/9/2024	378		—
Macquarie Bank Limited	€	12,400	EUR	$	14,586	USD	12/23/2024	1,011		—
Macquarie Bank Limited	£	5,600	GBP	$	7,321	USD	3/17/2025	229		—
Macquarie Bank Limited	$	10,800	CAD	$	8,235	USD	7/15/2024	246		—
Macquarie Bank Limited	€	20,700	EUR	$	22,363	USD	7/21/2025	—		(433)
Macquarie Bank Limited	£	8,750	GBP	$	10,667	USD	7/21/2025	—		(383)
								$	7,793	$	(816)

As of September 30, 2023
Counterparty	Currency to be sold			Currency to be purchased			Settlement Date	Unrealized appreciation ($)		Unrealized depreciation ($)
Macquarie Bank Limited	€	2,985	EUR	$	3,740	USD	6/14/2024	525		—
Macquarie Bank Limited	£	4,500	GBP	$	6,182	USD	8/27/2024	651		—
Macquarie Bank Limited	$	6,000	CAD	$	4,717	USD	9/4/2024	270		—
Macquarie Bank Limited	£	6,500	GBP	$	8,567	USD	9/5/2024	594		—
Macquarie Bank Limited	$	5,558	CAD	$	4,365	USD	9/27/2024	245		—
Macquarie Bank Limited	£	15,000	GBP	$	20,258	USD	9/30/2024	1,828		—
Macquarie Bank Limited	£	16,290	GBP	$	21,848	USD	9/30/2024	1,842		—
Macquarie Bank Limited	€	14,650	EUR	$	17,567	USD	11/12/2024	1,676		—
Macquarie Bank Limited	$	5,200	CAD	$	4,245	USD	12/9/2024	379		—
Macquarie Bank Limited	€	12,400	EUR	$	14,586	USD	12/23/2024	1,123		—
Macquarie Bank Limited	£	5,600	GBP	$	7,321	USD	3/17/2025	449		—
Macquarie Bank Limited	$	10,800	CAD	$	8,235	USD	7/15/2024	246		—
Macquarie Bank Limited	€	20,700	EUR	$	22,363	USD	7/21/2025	—		(156)
Macquarie Bank Limited	£	8,750	GBP	$	10,667	USD	7/21/2025	—		(9)
								$	9,828	$	(165)

99

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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 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 currency contracts on the consolidated 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 March 31, 2024 and September 30, 2023:

As of March 31, 2024
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	$	7,793	$	(816)	$	6,977	$	—	$	6,977

As of September 30, 2023
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	$	9,828	$	(165)	$	9,663	$	—	$	9,663

(1)The actual collateral pledged may be more than the amount shown due to over collateralization.

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

The impact of derivative transactions for the three and six months ended March 31, 2024 and 2023 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	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Foreign exchange	$	—	$	74	$	—	$	1,010
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Foreign exchange	$	2,758	$	(1,552)	$	(2,686)	$	(13,039)

100

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 three and six months ended March 31, 2024 and 2023:

Average U.S. Dollar notional outstanding	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Forward currency contracts	$	154,660	$	158,273	$	154,660	$	162,673

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 during the six months ended March 31, 2024 and 2023. 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.

101

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 both March 31, 2024 and September 30, 2023, were valued using Level 3 inputs. As of both March 31, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

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.

102

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 March 31, 2024 and September 30, 2023:

As of March 31, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	2,548,973	$	2,548,973
Equity investments(1)	—		—		149,799		149,799
Money market funds(1)(2)	8,365		—		—		8,365
Forward currency contracts	—		7,793		—		7,793
Total assets, at fair value:	$	8,365	$	7,793	$	2,698,772	$	2,714,930
Liabilities, at fair value:
Forward currency contracts	$	—	$	(816)	$	—	$	(816)
Total liabilities, at fair value:	$	—	$	(816)	$	—	$	(816)

As of September 30, 2023	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	2,475,840	$	2,475,840
Equity investments(1)	—		—		141,176		141,176
Money market funds(1)(2)	12,916		—		—		12,916
Forward currency contracts	—		9,828		—		9,828
Total assets, at fair value:	$	12,916	$	9,828	$	2,617,016	$	2,639,760
Liabilities, at fair value:
Forward currency contracts	$	—	$	(165)	$	—	$	(165)
Total liabilities, at fair value:	$	—	$	(165)	$	—	$	(165)

(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 three and six months ended March 31, 2024, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2024 was $10,018 and $15,569, respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2023, reported within the net change in unrealized appreciation (depreciation) on investments in the Company's Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of March 31, 2023 was ($1,214) and ($893), respectively.

103

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 six months ended March 31, 2024 and 2023:

	For the six months ended March 31, 2024
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	2,475,840	$	141,176	$	2,617,016
Net change in unrealized appreciation (depreciation) on investments	5,692		3,581		9,273
Net translation of investments in foreign currencies	5,628		—		5,628
Realized gain (loss) on investments	—		148		148
Realized gain (loss) on translation of investments in foreign currencies	(3)		—		(3)
Fundings of (proceeds from) revolving loans, net	774		—		774
Fundings of investments	165,061		3,333		168,394
PIK interest and non-cash dividends	10,258		4,993		15,251
Proceeds from principal payments and sales of portfolio investments	(119,527)		(3,432)		(122,959)
Accretion of discounts and amortization of premiums	5,250		—		5,250
Fair value, end of period	$	2,548,973	$	149,799	$	2,698,772

	For the six months ended March 31, 2023
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	2,192,016	$	124,087	$	2,316,103
Net change in unrealized appreciation (depreciation) on investments	(13,386)		(6,553)		(19,939)
Net translation of investments in foreign currencies	18,286		10		18,296
Realized gain (loss) on investments	—		3,097		3,097
Realized gain (loss) on translation of investments in foreign currencies	(408)		—		(408)
Fundings of (proceeds from) revolving loans, net	1,238		—		1,238
Fundings of investments	238,578		12,667		251,245
PIK interest and non-cash dividends	6,147		3,932		10,079
Proceeds from principal payments and sales of portfolio investments	(102,346)		(6,773)		(109,119)
Accretion of discounts and amortization of premiums	4,024		—		4,024
Fair value, end of period	$	2,344,149	$	130,467	$	2,474,616

104

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 March 31, 2024 and September 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans(2)	$	206,941	Yield analysis	Market interest rate	7.8% - 18.8% (10.0%)
			Market comparable companies	EBITDA multiples	3.3x - 27.0x (15.3x)
One stop loans(3)(4)	$	2,313,815	Yield analysis	Market interest rate	6.3% - 20.0% (10.8%)
			Market comparable companies	EBITDA multiples	5.0x - 40.3x (16.9x)
			Market comparable companies	Revenue multiples	1.4x - 28.0x (8.6x)
Subordinated debt and second lien loans	$	28,217	Yield analysis	Market interest rate	10.0% - 15.8% (13.2%)
			Market comparable companies	EBITDA multiples	9.5x - 24.0x (20.5x)
Equity(5)	$	149,799	Market comparable companies	EBITDA multiples	5.0x - 35.8x (17.4x)
				Revenue multiples	2.7x - 18.0x (11.6x)

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

(2)$2,329 of loans at fair value were valued using the market comparable companies approach only.

(3)$39,678 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $1,966,213 and $347,602 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 $135,156 and $14,643 of equity investments using EBITDA and revenue multiples, respectively.

105

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Quantitative Information about Level 3 Fair Value Measurements
	Fair value as of September 30, 2023		Valuation Techniques	Unobservable Input	Range (Weighted Average)(1)
Assets:
Senior secured loans(2)	$	234,332	Yield analysis	Market interest rate	8.0% - 17.8% (10.1%)
			Market comparable companies	EBITDA multiples	8.0x - 24.0x (15.7x)
One stop loans(3)(4)	$	2,213,560	Yield analysis	Market interest rate	7.3% - 26.3% (10.6%)
			Market comparable companies	EBITDA multiples	7.5x - 34.0x (17.0x)
			Market comparable companies	Revenue multiples	1.7x - 27.0x (8.4x)
Subordinated debt and second lien loans(3)	$	27,948	Yield analysis	Market interest rate	10.3% - 14.3% (13.8%)
			Market comparable companies	EBITDA multiples	9.5x - 22.0x (20.7x)
Equity(5)	$	141,176	Market comparable companies	EBITDA multiples	8.5x - 35.0x (16.4x)
				Revenue multiples	3.2x - 18.0x (11.5x)

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

(2)$2,163 of loans at fair value were valued using the market comparable companies approach only.

(3)$11,110 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $1,887,519 and $326,041 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 $128,223 and $12,953 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 March 31, 2024 and September 30, 2023:

	As of March 31, 2024				As of September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	1,260,292	$	1,259,089	$	1,240,900	$	1,235,197

106

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(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 March 31, 2024, the Company’s asset coverage for borrowed amounts was 214.9%.

2022-2 Debt Securitization: On December 14, 2022, the Company completed a $386,600 term debt securitization (the “2022-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations, or CLOs, and are a form of secured financing incurred by a subsidiary of the Company, which are consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2022-2 Debt Securitization (the “2022-2 Notes”) were issued by the 2022-2 Issuer and are backed by a diversified portfolio of senior secured and second lien loans. The 2022-2 Notes offered in the 2022-2 Debt Securitization consist of $140,000 of AAA Class A Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B Senior Secured Floating Rate Notes due 2034, which bear interest at the three-month term SOFR plus 3.09% (the “Class B 2022-2 Notes” and, together with the Class A 2022-2 Notes, the “Secured 2022-2 Notes”); $85,000 of AAA Class A Senior Secured Floating Rate Loans maturing 2034, which bear interest at the three-month term SOFR plus 2.60% (the “Class A 2022-2 Loans” and, together with the Secured 2022-2 Notes, the “Secured 2022-2 Debt”); and $122,800 of Subordinated Notes due 2122 (the “Subordinated 2022-2 Notes”), which do not bear interest. The Company indirectly retained all of the Class B 2022-2 Notes and Subordinated 2022-2 Notes which were eliminated in consolidation. The Class A 2022-2 Notes and Class A 2022-2 Loans are included in the March 31, 2024 and September 30, 2023 Consolidated Statement of Financial Condition as debt of the Company.

Through January 18, 2026, all principal collections received on the underlying collateral may be used by the 2022-2 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2022-2 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022-2 Debt Securitization, allowing the Company to maintain the initial leverage in the 2022-2 Debt Securitization. The Secured 2022-2 Notes and Class A 2022-2 Loans are due on January 18, 2034. The Subordinated 2022-2 Notes are due on December 14, 2122.

As of both March 31, 2024 and September 30, 2023, there were 75 portfolio companies, with a total fair value of $379,599 and $378,345, respectively, securing the 2022-2 Debt Securitization. The pool of loans in the 2022-2 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

107

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the 2022-2 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of March 31, 2024 based on the last interest rate reset was 5.3%. For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2022-2 Debt Securitization were as follows:

	Three months ended March 31,						Six months ended March 31,
	2024			2023			2024			2023
Stated interest expense	$	4,502		$	3,873		$	9,090		$	4,673
Amortization of debt issuance costs	184			182			370			218
Total interest expense	$	4,686		$	4,055		$	9,460		$	4,891
Cash paid for interest expense	$	4,597		$	—		$	9,145		$	—
Annualized average stated interest rate	8.0		%	7.0		%	8.1		%	7.0		%
Average outstanding balance	$	225,000		$	225,000		$	225,000		$	133,517

As of March 31, 2024, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A 2022-2 Notes and Class A 2022-2 Loans were as follows:

Description	Class A 2022-2 Notes	Class A 2022-2 Loans
Type	Senior Secured Floating Rate	Senior Secured Floating Rate
Amount Outstanding	$140,000	$85,000
S&P Rating	"AAA"	"AAA"
Interest Rate	SOFR + 2.60%	SOFR + 2.60%

2022 Debt Securitization: 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 March 31, 2024 and September 30, 2023 Consolidated Statements of Financial Condition as debt of the Company.

Through January 25, 2024, the 2022 Issuer was permitted to use all principal collections received on the underlying collateral 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, 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 March 31, 2024 and September 30, 2023, there were 58 and 54 portfolio companies, respectively, with a total fair value of $404,082 and $399,719, respectively, 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.

108

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the 2022 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of March 31, 2024 based on the last interest rate reset was 5.3%. For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2022 Debt Securitization were as follows:

	Three months ended March 31,						Six months ended March 31,
	2024			2023			2024			2023
Stated interest expense	$	4,676		$	4,093		$	9,440		$	7,736
Amortization of debt issuance costs	49			183			236			370
Total interest expense	$	4,725		$	4,276		$	9,676		$	8,106
Cash paid for interest expense	$	4,880		$	3,840		$	9,598		$	6,723
Annualized average stated interest rate	7.5		%	6.6		%	7.5		%	6.2		%
Average outstanding balance	$	252,000		$	252,000		$	252,000		$	252,000

As of March 31, 2024, 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 $398,850 term debt securitization (the “2021 Debt Securitization”). Term debt securitizations are also known as 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 SOFR plus 1.60%; $28,000 of AA Class B 2021 Notes, which bear interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 2021 Notes, which bear interest at the three-month SOFR 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 SOFR 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 $100,850 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 March 31, 2024 and September 30, 2023 Consolidated Statements 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 March 31, 2024 and September 30, 2023, there were 74 and 75 portfolio companies, respectively, with total fair value of $397,015 and $392,835, respectively, securing the 2021 Notes. The pool of loans in the 2021 Debt

109

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2021 Debt Securitization is based on three-month SOFR plus a spread adjustment of 0.26161%. The three-month term SOFR in effect as of March 31, 2024 based on the last interest rate reset was 5.3%. For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the 2021 Debt Securitization were as follows:

	Three months ended March 31,						Six months ended March 31,
	2024			2023			2024			2023
Stated interest expense	$	5,458		$	4,734		$	11,014		$	8,939
Amortization of debt issuance costs	108			106			217			215
Total interest expense	$	5,566		$	4,840		$	11,231		$	9,154
Cash paid for interest expense	$	5,566		$	4,406		$	11,011		$	7,728
Annualized average stated interest rate	7.4		%	6.4		%	7.4		%	6.0		%
Average outstanding balance	$	298,000		$	298,000		$	298,000		$	298,000

As of March 31, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month term SOFR, 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 Rate1	SOFR + 1.60%	SOFR + 1.85%	SOFR + 2.80%	3.91%

1 SOFR borrowings are subject to an additional spread adjustment of 0.26161%.

The Investment Adviser serves as collateral manager to the 2021 Issuer, 2022 Issuer and 2022-2 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, 2022 Issuer and the 2022-2 Issuer for rendering such collateral management services.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of March 31, 2024 and September 30, 2023, the Company was permitted to borrow up to $100,000 and which had a maturity date of September 1, 2026. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of March 31, 2024 was 4.6%. On September 1, 2023, the Company amended the revolving loan agreement with the Investment Adviser to, among other things, increase the borrowing capacity from $40,000 to $100,000, extend the maturity date to September 1, 2026 and to allow for borrowings in foreign currencies. As of March 31, 2024 and September 30, 2023, the Company had no outstanding debt under the Adviser Revolver.

For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

110

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

	Three months ended March 31,					Six months ended March 31,
	2024		2023			2024		2023
Stated interest expense	$	—	$	58		$	—	$	58
Cash paid for interest expense	—		58			—		58
Annualized average stated interest rate	N/A		4.4		%	N/A		4.4		%
Average outstanding balance	$	—	$	5,333		$	—	$	2,637

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. On January 27, 2023, the Company repaid all amounts outstanding under the SB Revolver, following which the agreements governing the SB Revolver were terminated. Prior to its termination, the SB Revolver had a maximum borrowing capacity, subject to leverage and borrowing base restrictions of $100,000 and a maturity date of February 4, 2023.            

The SB Revolver bore 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 continued through February 4, 2023. The SB Revolver was 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 was required to pay a non-usage fee at a rate of 0.25% per annum on the unused portion of the SB Revolver.

For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the SB Revolver were as follows:

	Three months ended March 31,						Six months ended March 31,
	2024			2023			2024			2023
Stated interest expense	$	—		$	443		$	—		$	1,773
Facility fees	—			—			—			—
Amortization of debt issuance costs	—			48			—			177
Total interest expense	$	—		$	491		$	—		$	1,950
Cash paid for interest expense	$	—		$	892		$	—		$	2,170
Annualized average stated interest rate	—		%	6.2		%	—		%	5.5		%
Average outstanding balance	$	—		$	28,889		$	—		$	64,835

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 continues through March 10, 2024 unless there is an earlier termination or event of default. On March 8, 2023, the Company entered into an amendment on the DB Credit Facility to, among other things, decrease the borrowing capacity thereunder from up to an aggregate of $750,000 to $625,000, extend the Revolving Period to March 10, 2024, and amend the interest rate at which borrowings are made to the applicable base rate plus 2.55% during the Revolving Period, and 3.05% after the Revolving Period. On March 1, 2024, the Company entered into an amendment on the DB Credit Facility that, among other things, extended the Revolving Period to April 10, 2024. As of March 31, 2024, the DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and has a maturity date of March 10, 2027.

111

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of March 31, 2024, the DB Credit Facility bears interest at the applicable base rate plus 2.55% per annum during the Revolving Period and 3.05% after the Revolving Period. 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 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 March 31, 2024 and September 30, 2023, the Company had outstanding debt under the DB Credit Facility of $485,292 and $465,900, respectively.

For the three and six months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

	Three months ended March 31,						Six months ended March 31,
	2024			2023			2024			2023
Stated interest expense	$	9,429		$	6,733		$	18,538		$	13,182
Facility fees	490			655			1,001			1,322
Amortization of debt issuance costs	617			414			1,439			876
Total interest expense	$	10,536		$	7,802		$	20,978		$	15,380
Cash paid for interest expense	$	9,621		$	7,348		$	18,908		$	12,816
Annualized average stated interest rate1	7.9		%	7.0		%	8.0		%	6.3		%
Average outstanding balance	$	483,014		$	389,275		$	465,988		$	420,172

(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

For the three and six months ended March 31, 2024, the average total debt outstanding was $1,258,014 and $1,240,988, respectively. For the three and six months ended March 31, 2023, the average total debt outstanding was $1,198,497 and $1,171,161, respectively.

For the three and six months ended March 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 8.2% and 8.3%, respectively. For the three and six months ended March 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company's total debt was 7.3% and 6.8%, respectively.

112

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

A summary of the Company’s maturity requirements for borrowings as of March 31, 2024 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
DB Credit Facility	$	485,292	$	—	$	485,292	$	—	$	—
2021 Debt Securitization	298,000		—		—		—		298,000
2022 Debt Securitization	252,000		—		—		—		252,000
2022-2 Debt Securitization	225,000		—		—		—		225,000
Total borrowings	$	1,260,292	$	—	$	485,292	$	—	$	775,000

Note 9. Commitments and Contingencies

Commitments: As of March 31, 2024, the Company had outstanding commitments to fund investments totaling $141,702, including $23,351 of commitments on undrawn revolvers. As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $176,001, including $22,517 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, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to “Note 6. Forward Currency Contracts” for outstanding forward currency contracts as of March 31, 2024 and September 30, 2023. Derivative instruments can be affected by market conditions, such as interest rate and 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 the 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 its 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.

113

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 10. Financial Highlights

The financial highlights for the Company are as follows:

	Six months ended March 31,
Per share data:(1)	2024			2023
Net asset value at beginning of period	$	15.00		$	14.89
Distributions declared:(2)
From net investment income - after tax	(1.36)			(0.40)
Net investment income - after tax	0.95			0.70
Net realized gain (loss) on investment transactions	0.00			0.04
Net change in unrealized appreciation (depreciation) on investment transactions(3)	0.11			(0.23)
Net asset value at end of period	$	14.70		$	15.00
Total return based on net asset value per share(4)	7.31		%	3.45		%
Number of common shares outstanding	100,105,100.915			88,572,994.567

	Six months ended March 31,
Listed below are supplemental data and ratios to the financial highlights:	2024			2023
Ratio of net investment income - after tax to average net assets*	12.93		%	9.44		%
Ratio of total expenses to average net assets*(5)	11.51		%	10.32		%
Ratio of management fee waiver to average net assets*	(0.70)		%	(0.70)		%
Ratio of incentive fee waiver to average net assets(5)	(0.32)		%	(0.28)		%
Ratio of incentive fees to average net assets(5)	1.28		%	1.11		%
Ratio of income and excise tax to average net assets(5)	0.00		%	0.05		%
Ratio of incentive fee - reimbursement to average net assets (5)	(1.03)		%	—		%
Ratio of net expenses to average net assets*(5)	9.46		%	9.34		%
Ratio of total expenses (without incentive fees) to average net assets*(5)	9.53		%	8.51		%
Total return based on average net asset value(6)	7.18		%	3.49		%
Total return based on average net asset value - annualized(6)	14.37		%	7.01		%
Net assets at end of period	$	1,471,544		$	1,328,595
Average debt outstanding	$	1,240,988		$	1,171,161
Average debt outstanding per share	$	12.40		$	13.22
Portfolio Turnover *	9.26		%	9.09		%
Asset coverage ratio(7)	214.88		%	205.81		%
Asset coverage ratio per unit(8)	$	2,149		$	2,058
Average market value per unit(9):
SB Revolver	N/A			N/A
DB Credit Facility	N/A			N/A
Adviser Revolver	N/A			N/A
2021 Debt Securitization	N/A			N/A
2022 Debt Securitization	N/A			N/A
2022-2 Debt Securitization	N/A			N/A
Other short-term borrowings	N/A			N/A

* Annualized for periods less than one year, unless otherwise noted.

(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period.

(3)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.

114

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(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)Incentive fees, income tax and excise tax are not annualized in the calculation.

(6)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.

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

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

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

Note 11. 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 three and six months ended March 31, 2024 and 2023:

	Three months ended March 31,				Six months ended March 31,
	2024		2023		2024		2023
Earnings available to stockholders	$	52,814	$	31,888	$	103,730	$	45,219
Basic and diluted weighted average shares outstanding	99,907,435		87,774,782		98,037,930		87,008,867
Basic and diluted earnings per share	$	0.53	$	0.36	$	1.06	$	0.52

115

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the six months ended March 31, 2024 and 2023:

Date Declared	Record Date	Payment Date	Shares Outstanding	Amount Per Share			Total Dividends Declared
For the six months ended March 31, 2024
08/03/2023	10/02/2023	10/05/2023	94,630,773.096	$	0.1640	(1)	$	15,519
08/03/2023	10/20/2023	12/27/2023	94,835,450.565	0.1218			11,552
11/17/2023	11/20/2023	12/27/2023	94,835,450.565	0.1577			14,957
11/17/2023	12/08/2023	12/14/2023	99,111,951.713	0.3000			29,734
11/17/2023	12/15/2023	02/20/2024	99,501,919.264	0.0893			8,888
11/17/2023	01/19/2024	03/19/2024	99,832,145.354	0.1154			11,521
02/02/2024	02/26/2024	05/21/2024	99,950,108.916	0.1940			19,386
02/02/2024	03/15/2024	05/21/2024	99,950,108.916	0.2191			21,907
Total dividends declared for the six months ended March 31, 2024							$	133,464
Total dividends declared for the six months ended March 31, 2023
08/05/2022	10/18/2022	12/28/2022	85,511,291.055	$	—	(2)	$	—
11/18/2022	12/15/2022	12/20/2022	86,854,896.195	0.2800			24,319
11/18/2022	01/17/2023	03/21/2023	87,217,538.663	—		(3)	—
02/07/2023	03/17/2023	05/23/2023	88,572,994.567	0.1201			10,636
Total dividends declared for the six months ended March 31, 2023							$	34,955

(1) On August 3, 2023, the Company’s board of directors declared a special distribution of $0.1640 per share in connection with the incentive fee payments deposited in escrow and returned to the Company for the benefit of its stockholders in accordance with the Investment Advisory Agreement.

(2) On August 5, 2022, the Company’s board of directors declared a distribution in an amount (if positive) such that the Company’s net asset value 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. Due to a net asset value per share less than $15.00 per share, the distribution declared for such period was zero.

(3) On November 18, 2022, the Company’s board of directors declared a distribution in an amount (if positive) such that the Company’s net asset value 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. Due to a net asset value per share less than $15.00 per share, the distribution declared for such period was zero.

116

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table summarizes the Company’s distributions reinvested during the six months ended March 31, 2024 and 2023:

Payment Date	DRIP Shares Issued	NAV ($) per share		DRIP Shares Value (1)
For the six months ended March 31, 2024
October 5, 2023	204,677.469	$	15.00	$	3,070
November 21, 2023	364,144.163	15.00		5,462
December 14, 2023	389,967.551	14.70		5,733
December 27, 2023	330,226.090	14.70		4,854
February 20, 2024	117,963.562	14.70		1,734
March 19, 2024	154,991.999	14.70		2,278
	1,561,970.834			$	23,131
For the six months ended March 31, 2023
December 20, 2022	362,642.468	$	14.89	$	5,399
	362,642.468			$	5,399

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

Note 13. Pending Merger with Golub Capital BDC, Inc.

Merger Agreement with Golub Capital BDC, Inc. (the “Proposed Merger”)

On January 16, 2024, the Company entered into the GBDC 3 Merger Agreement with GBDC, Merger Sub, the Investment Adviser, and, for certain limited purposes, the Administrator. The GBDC 3 Merger Agreement provides that, subject to the conditions set forth in the GBDC 3 Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of GBDC and, immediately thereafter, the Company will merge with and into GBDC, with GBDC continuing as the surviving company. The parties to the GBDC 3 Merger Agreement intend the Proposed Merger to be treated as a “reorganization” within the meaning of Section 368(a) of the Code.

In the Proposed Merger, each share of the Company’s common stock issued and outstanding immediately prior to the effective time of the Proposed Merger, except for shares, if any, owned by GBDC or any of its consolidated subsidiaries (the “Cancelled Shares), will be converted into the right to receive a number of GBDC’s common stock equal to the Exchange Ratio (as defined below) in connection with the closing of the Proposed Merger.

Under the terms of the GBDC 3 Merger Agreement, the “Exchange Ratio” will be determined as of a mutually agreed date (such date, the “Determination Date”) no earlier than 48 hours (excluding Sundays and holidays) prior to the effective date of the Proposed Merger and based on (i) the NAV per share of GBDC and GBDC 3 (the “GBDC Per Share NAV” and the “GBDC 3 Per Share NAV”, respectively) and (ii) the closing price per share of GBDC’s common stock on the Nasdaq on either the Determination Date or, if the Nasdaq is closed on the Determination Date, the most recent trading day prior to the Determination Date (the “GBDC Common Stock Price”). The Exchange Ratio will be calculated as follows:

(i) if the GBDC Common Stock Price is greater than the GBDC Per Share NAV, then the Exchange Ratio shall be the quotient (rounded to the fourth nearest decimal) of: (A) the amount equal to (x) GBDC 3 Per Share NAV multiplied by (y) the sum of (a) one (1) and (b) the GBDC 3 Share of GBDC Premium (as defined below); divided by (B) the GBDC Common Stock Price; provided, that, the amount set forth in sub-clause (y) for the purposes of the calculation shall not be greater than, and shall be subject to a cap of, 1.03. “GBDC 3 Share of GBDC Premium” means fifty percent (50%) multiplied by the difference between

117

Golub Capital BDC 3, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(A) the quotient of (x) GBDC Common Stock Price; divided by (y) GBDC Per Share NAV and (B) one (1); or

(ii) if the GBDC Common Stock Price is equal to or lesser than GBDC Per Share NAV, then the Exchange Ratio will be the quotient (rounded to the fourth nearest decimal) of: (A) the GBDC 3 Per Share NAV, divided by (B) the GBDC Per Share NAV.

The consummation of the Proposed Merger, which is currently anticipated to occur during the first half of calendar year 2024, is subject to certain closing conditions, including (1) requisite approvals of the Company’s stockholders and GBDC’s stockholders, (2) the absence of certain legal impediments to the consummation of the Proposed Merger, (3) effectiveness of the registration statement for GBDC’s common stock to be issued as consideration in the Proposed Merger, (4) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the GBDC 3 Merger Agreement, and (5) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended).

Note 14. Subsequent Events

In preparing these consolidated 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:

On April 9, 2024, the Company entered into an amendment to the DB Credit Facility to, among other things, amend the interest rate at which borrowings are made to the applicable base rate plus 2.30% during the Revolving Period, and 2.80% after the Revolving Period, extend the Revolving Period to April 10, 2025 and extend the maturity date to the earliest of (i) April 10, 2028, (ii) the date on which the Company ceases to exist or (iii) the occurrence of the event of default.

On February 2, 2024, 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
April 19, 2024	May 29, 20241	In an amount (if positive) such that the NAV of the Company as of April 30, 2024 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 April 1, 2024 through April 30, 2024 and the payment of this distribution is $14.70 per share

1 On April 19, 2024, the Company’s board of directors accelerated the payment date to May 29, 2024, for the previously declared April 2024 monthly distribution to stockholders of record as of April 19, 2024.

118

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

The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and “GBDC 3” refer to Golub Capital BDC 3, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

•the effect of investments that we expect to make and the competition for those investments;

•our contractual arrangements and relationships with third parties;

•completion of a public offering of our securities or other liquidity event;

•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•general economic and political trends and other external factors, including the COVID-19 pandemic;

•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

•elevating levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;

•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;

•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;

•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

•turmoil in Ukraine and Russia, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;

•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;

•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•general price and volume fluctuations in the stock markets;

•the anticipated closing of the Proposed Merger (as defined in Note 1 of our consolidated financial statements);

•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof;

•the effect of changes to tax legislation and our tax position; and

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

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2023, and our quarterly report on Form 10-Q for the quarter ended December 31, 2023.

We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. This quarterly report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We were formed in August 2017 and commenced operations on October 2, 2017.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $65.0 billion in capital under management as of January 1, 2024, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2024. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $5.0 million to $45.0 million of capital, on average, in the securities of U.S. middle-market

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companies. We also selectively invest more than $45.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which may increase our risk of losing part or all of our investment.

As of March 31, 2024 and September 30, 2023, our portfolio at fair value was comprised of the following:

	As of March 31, 2024				As of September 30, 2023
Investment Type	Investments at  Fair Value (In thousands)		Percentage of Total Investments		Investments at  Fair Value (In thousands)		Percentage of Total Investments
Senior secured	$	206,941	7.7	%	$	234,332	9.0	%
One stop	2,313,815		85.7		2,213,560		84.6
Second lien	10,854		0.4		11,743		0.4
Subordinated debt	17,363		0.6		16,205		0.6
Equity	149,799		5.6		141,176		5.4
Total	$	2,698,772	100.0	%	$	2,617,016	100.0	%

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2024 and September 30, 2023, one stop loans included $347.6 million and $326.0 million, respectively, of recurring revenue loans at fair value.

As of March 31, 2024 and September 30, 2023, we had debt and equity investments in 319 and 291 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on our average net asset value, in each case for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023	March 31, 2024	March 31, 2023
Weighted average income yield(1)*	12.0%	12.2%	12.1%	10.5%
Weighted average investment income yield(2)*	12.3%	12.6%	12.5%	10.9%
Total return based on average net asset value(3)*	14.5%	14.2%	14.4%	7.0%

*    Annualized for periods of less than one year

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

(2)    Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

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

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As of March 31, 2024, GBDC 3 has earned an inception-to-date internal rate of return, or IRR, of 9.3% for stockholders taken as a whole. An individual stockholder’s IRR may vary based on the timing of their capital transactions. For the six months ended March 31, 2024 and 2023, GBDC 3 earned a fiscal year-to-date IRR of 20.2% and 7.2%, respectively, for stockholders taken as a whole. The IRR is the annualized effective compound rate of return that brings a series of cash flows to the current value of the cash invested. The IRR was computed based on the actual dates of cash inflows (share issuances, including share issuances through the DRIP), outflows (capital distributions), the stockholders' net asset value, or NAV, at the end of the period and distributions declared and payable at the end of the period (residual value of the stockholders’ NAV and distributions payable as of each measurement date).

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies - Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

•reimbursement to GC Advisors of organizational and offering expenses up to an aggregate amount of $0.7 million;

•calculating our NAV (including the cost and expenses of any independent valuation firm);

•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;

•expenses related to unsuccessful portfolio acquisition efforts;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;

•transfer agent, dividend agent and custodial fees and expenses;

•U.S. federal and state registration and franchise fees;

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•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to stockholders, including printing costs;

•costs associated with individual or group stockholders;

•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;

•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

•proxy voting expenses; and

•all other expenses incurred by us or the Administrator in connection with administering our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 1 LLC, or the 2021 Issuer, under a collateral management agreement, or the 2021 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2021 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2021 Collateral Management Agreement, the term “collection period” refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 ABS 2022-1 LLC, or the 2022 Issuer, under a collateral management agreement, or the 2022-2 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2022 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 2 LLC, or the 2022-2 Issuer, under a collateral management agreement, or the 2022-2 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2022-2 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2022-2 Collateral Management Agreement, the term “collection period” refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Collateral management fees are paid directly by the 2021 Issuer, the 2022 Issuer and the 2022-2 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. In addition, the 2021 Issuer and the 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of the 2021 Debt Securitization and the 2022 Debt Securitization (as defined in Note 8 of our consolidated financial statements). The 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the 2022-2 Debt Securitization (as defined in Note 8 of our consolidated financial statements). Term debt securitizations, are also known as collateralized loan obligations, or CLOs. Term debt securitization and asset backed securitizations are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2021 Issuer, the 2022 Issuer and the 2022-2 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with

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the administration of the 2021 Debt Securitization, 2022 Debt Securitization and 2022-2 Debt Securitization, respectively.

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

Pending Merger with Golub Capital BDC, Inc.: On January 16, 2024, we entered into an Agreement and Plan of Merger (the “GBDC 3 Merger Agreement”) with Golub Capital BDC, Inc., a Maryland corporation (“GBDC”), Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of GBDC (“Merger Sub”), GC Advisers, and, for certain limited purposes, the Administrator. The GBDC 3 Merger Agreement provides that, subject to the conditions set forth in the GBDC 3 Merger Agreement, Merger Sub will merge with and into us, with us continuing as the surviving company and as a wholly-owned subsidiary of GBDC, and, immediately thereafter, we will merge with and into GBDC, with GBDC continuing as the surviving company. The parties to the GBDC 3 Merger Agreement intend the Merger to be treated as a “reorganization” within the meaning of Section 368(a) of the Code.

On April 12, 2024, we filed an amended registration statement on Form N-14, which included a joint proxy statement of us and GBDC and a prospectus of GBDC. The registration statement on Form N-14 was declared effective by the SEC on April 15, 2024. Special meetings for each of our and GBDC’s stockholders are scheduled for May 29, 2024 to vote on the matters described in the joint proxy statement as required by the GBDC 3 Merger Agreement.

Recent Developments

On April 9, 2024, we entered into an amendment on the DB Credit Facility (as defined in Note 8 of our consolidated financial statements) to, among other things, amend the interest rate at which borrowings are made to the applicable base rate plus 2.30% during the Revolving Period (as defined in Note 8 of our consolidated financial statements), and 2.80% after the Revolving Period, extend the Revolving Period to April 10, 2025 and extend the maturity date to the earliest of (i) April 10, 2028, (ii) the date on which we cease to exist or (iii) the occurrence of an event of default.

On February 2, 2024, our board of directors declared distributions to holders of record as set forth in the table below:

Record Date	Payment Date	Amount Per Share
April 19, 2024	May 29, 20241	In an amount (if positive) such that our NAV as of April 30, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period April 1, 2024 through April 30, 2024 and the payment of this distribution is $14.70 per share

Consolidated Results of Operations

In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.

Consolidated operating results for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023 are as follows:

1 On April 19, 2024, our board of directors accelerated the payment date to May 29, 2024, for the previously declared April 2024 monthly distribution to stockholders of record as of April 19, 2024.

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	Three months ended				Variances			Six months ended			Variances
	March 31, 2024		December 31, 2023			March 31, 2024 vs. December 31, 2023			March 31, 2024		March 31, 2023		2024 vs. 2023
	(In thousands)
Interest income	$	70,056	$	70,614		$	(558)		$	140,670	$	112,636	$	28,034
Payment-in-kind interest income	4,953		4,871			82			9,824		5,976		3,848
Accretion of discounts and amortization of premiums	2,307		2,943			(636)			5,250		4,024		1,226
Non-cash dividend income	2,537		2,456			81			4,993		3,932		1,061
Dividend income	3		—			3			3		8		(5)
Fee income	256		166			90			422		346		76
Total investment income	80,112		81,050			(938)			161,162		126,922		34,240
Net expenses	41,370		26,396			14,974			67,766		65,337		2,429
Net investment income before tax	38,742		54,654			(15,912)			93,396		61,585		31,811
Income and excise taxes	8		—			8			8		630		(622)
Net investment income after tax	38,734		54,654			(15,920)			93,388		60,955		32,433
Net realized gain (loss) on investment transactions	163		7			156			170		3,814		(3,644)
Net change in unrealized appreciation (depreciation) on investment transactions	13,917		(3,745)			17,662			10,172		(19,550)		29,722
Net increase (decrease) in net assets resulting from operations	$	52,814	$	50,916		$	1,898		$	103,730	$	45,219	$	58,511
Average earning debt investments, at fair value	$	2,534,753	$	2,481,048		$	53,705		$	2,501,538	$	2,271,800	$	229,738
Average earning preferred equity investments, at fair value	$	76,165	$	73,575		$	2,590		$	74,705	$	65,481	$	9,224

Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. In addition, as we have continued to deploy capital, we have experienced significant growth in total assets, total liabilities and net assets. As a result, quarterly and year-to-date comparisons of operating results may not be meaningful.

Investment Income

Investment income decreased from the three months ended December 31, 2023 to the three months ended March 31, 2024 by $0.9 million, primarily due to a decrease in accretion income resulting from decreased payoffs of portfolio company investments coupled with a modest decrease in interest income due to the one-time recognition of interest income associated with a portfolio company investment amendment during the three months ended December 31, 2023.

Investment income increased from the six months ended March 31, 2023 to the six months ended March 31, 2024 by $34.2 million, primarily due to an increase in interest and payment-in-kind (“PIK”) interest income due to rising interest base rates and an increase in the average earning debt investments balance of $229.7 million coupled with an increase in non-cash dividend income and an increase in accretion income resulting from increased payoffs of portfolio company investments.

The annualized income yield by debt security type for the three months ended March 31, 2024, December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023 are as follows:

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023		March 31, 2024	March 31, 2023
Senior secured	10.9%	11.2%		11.1%	9.6%
One stop	11.9%	12.0%		12.0%	10.5%
Second lien	14.2%	13.7%		14.2%	12.7%
Subordinated debt	14.2%	14.8%		14.3%	15.5%

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The income yield on senior secured loans decreased for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023, primarily due to the one-time recognition of interest income associated with a portfolio company investment amendment during the three months ended December 31, 2023. The income yield on one stop loans remained relatively flat for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023. Income yields on senior secured and one stop loans increased for the six months ended March 31, 2024 as compared to the six months ended March 31, 2023, primarily due to rising interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates as 97.3% of the loan portfolio at fair value is subject to an interest rate floor. As of both March 31, 2024 and December 31, 2023, the weighted average base rate floor of our loans was 0.79%.

As of March 31, 2024, we have second lien investments in three portfolio companies and subordinated debt investments in five portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

Expenses

The following table summarizes our expenses for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended				Variances			Six months ended			Variances
	March 31, 2024		December 31, 2023			March 31, 2024 vs. December 31, 2023			March 31, 2024		March 31, 2023		2024 vs. 2023
	(In thousands)
Interest and facility fee expenses	$	24,555	$	24,528		$	27		$	49,083	$	37,683	$	11,400
Amortization of debt issuance costs	958		1,304			(346)			2,262		1,856		406
Base management fee, net of waiver	6,733		6,745			(12)			13,478		12,127		1,351
Income incentive fee, net of waiver	6,836		7,020			(184)			13,856		10,757		3,099
Incentive fee - reimbursement	—		(14,875)			14,875			(14,875)		—		(14,875)
Professional fees	1,081		427			654			1,508		990		518
Administrative service fee	1,027		1,043			(16)			2,070		1,748		322
General and administrative expenses	180		204			(24)			384		176		208
Net expenses	$	41,370	$	26,396		$	14,974		$	67,766	$	65,337	$	2,429
Average debt outstanding	$	1,258,014	$	1,227,792		$	30,222		$	1,240,988	$	1,171,161	$	69,827

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased by $0.3 million from the three months ended December 31, 2023 to the three months ended March 31, 2024, primarily due to a decrease in amortization of debt issuance costs as the fees associated with the 2022 Debt Securitization and the DB Credit Facility were fully amortized during the quarter.

Interest and other debt financing expenses, including amortization of debt issuance costs, increased by $11.8 million from the six months ended March 31, 2023 to the six months ended March 31, 2024, primarily due to an increase in average debt outstanding of $69.8 million as well as rising interest base rates on borrowings from our floating rate debt facilities. For more information about our outstanding borrowings for the three and six months ended March 31, 2024 and 2023, including the terms thereof, see “Note 8. Borrowings” in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

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For the three months ended March 31, 2024 and December 31, 2023, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 8.2% and 8.4%, respectively. For the six months ended March 31, 2024 and 2023, the effective annualized average stated interest rate, which includes amortization of debt financing costs and non-usage facility fees, on our total debt was 8.3% and 6.8%, respectively. The effective annualized average interest rate decreased from the three months ended December 31, 2023 to the three months ended March 31, 2024 primarily due to a decrease in amortization of deferred debt issuance costs as the fees associated with the 2022 Debt Securitization and DB Credit Facility were fully amortized. The effective annualized interest rates increased for the six months ended March 31, 2023 to the six months ended March 31, 2024 primarily due to rising base interest rates on our floating rate debt facilities.

Management Fees

The base management fee, net of waiver, remained relatively flat consistent with the relatively stable amount of average adjusted assets for the three months ended December 31, 2023 to the three months ended March 31, 2024. The base management fee, net of waiver, increased as a result of an increase in average gross assets for the six months ended March 31, 2023 to the six months ended March 31, 2024.

Incentive Fees

The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.

The Income Incentive Fee, net of waiver, decreased by $0.2 million from the three months ended December 31, 2023 to the three months ended March 31, 2024, primarily as a result of a decrease in Pre-Incentive Fee Net Investment Income (as defined in Note 4 to our consolidated financial statements) and a lower rate of return on the value of our net assets driven by a decrease in interest and accretion income. The Income Incentive Fee, net of waiver, increased by $3.1 million from the six months ended March 31, 2023 to the six months ended March 31, 2024, primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth, the impact of rising interest base rates and an increase in accretion income resulting from increased payoffs of portfolio company investments.

The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income, net of waiver, was 15.0% for both the three and six months ended March 31, 2024 and 2023.

During the three months ended December 31, 2023, we recognized $14.9 million of reimbursement of prior period incentive fee payment deposits held in the Escrow Account that was returned to us on October 2, 2023 for the benefit of shareholders in accordance with the Investment Advisory Agreement.

As of March 31, 2024 and September 30, 2023, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee 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. As of March 31, 2024 and September 30, 2023, there was no capital gain incentive fee accrual calculated in accordance with GAAP. For the three and six months ended March 31, 2024 and 2023, there was no accrual of capital gain incentive fee under GAAP.

Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. As of March 31, 2024 and September 30, 2023, no Capital Gain Incentive Fees have been payable as calculated under the Investment Advisory Agreement.

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Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.6 million from the three months ended December 31, 2023 to the three months ended March 31, 2024 primarily due to higher professional fees.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $1.0 million from the six months ended March 31, 2023 to the six months ended March 31, 2024 primarily due to an increase in professional fees and the administrative service fee.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2024 and December 31, 2023 were $0.7 million and $0.9 million, respectively. Total expenses reimbursed to the Administrator during the six months ended March 31, 2024 and March 31, 2023 were $1.6 million and $1.4 million, respectively.

As of March 31, 2024 and September 30, 2023, included in accounts payable and accrued expenses were $0.7 million and $0.9 million, respectively, of expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended				Variances			Six months ended			Variances
	March 31, 2024		December 31, 2023			March 31, 2024 vs. December 31, 2023			March 31, 2024		March 31, 2023		2024 vs. 2023
	(In thousands)
Net realized gain (loss) from investments	$	154	$	(6)		$	160		$	148	$	3,097	$	(2,949)
Net realized gain (loss) from foreign currency transactions	9		13			(4)			22		(293)		315
Net realized gain (loss) from forward currency contracts	—		—			—			—		1,010		(1,010)
Net realized gain (loss) on investment transactions	$	163	$	7		$	156		$	170	$	3,814	$	(3,644)
Unrealized appreciation from investments	$	19,971	$	12,831		$	7,140		$	27,646	$	11,301	$	16,345
Unrealized (depreciation) from investments	(6,300)		(17,229)			10,929			(18,373)		(31,240)		12,867
Unrealized appreciation (depreciation) from forward currency contracts	2,758		(5,444)			8,202			(2,686)		(13,039)		10,353
Unrealized appreciation (depreciation) on foreign currency translation	(2,512)		6,097			(8,609)			3,585		13,428		(9,843)
Net change in unrealized appreciation (depreciation) on investment transactions	$	13,917	$	(3,745)		$	17,662		$	10,172	$	(19,550)	$	29,722

During the three months ended March 31, 2024, we had a net realized gain on investment transactions of $0.2 million, primarily due to a realized gain on the sale of a portfolio company equity investment. During the three months ended December 31, 2023, we had a net realized gain on investment transactions of less than $0.1 million, primarily driven by realized gains from translation of foreign currency amounts and transactions into U.S. dollars that were, partially offset by a realized loss on the partial redemption of an equity investment.

During the six months ended March 31, 2024, we had a net realized gain on investment transactions of $0.2 million, primarily due to realized gains on the sale of equity investments in multiple portfolio companies. During the six months ended March 31, 2023, we had a net realized gain on investment transactions of $3.8 million, primarily due to realized gains on the sale of equity investments in multiple portfolio companies and gains recognized on the settlement of forward currency contracts.

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For the three months ended March 31, 2024, we had $20.0 million in unrealized appreciation on 172 portfolio company investments, which was offset by $6.3 million in unrealized depreciation on 156 portfolio company investments. For the three months ended December 31, 2023, we had $12.8 million in unrealized appreciation on 117 portfolio company investments, which was offset by $17.2 million in unrealized depreciation on 197 portfolio company investments.

Unrealized appreciation for the three months ended March 31, 2024 primarily resulted from strong credit performance in our portfolio. Unrealized appreciation for the three months ended December 31, 2023 primarily resulted from the improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the second half of calendar year 2023. Unrealized depreciation for the three months ended March 31, 2024 and December 31, 2023 primarily resulted from isolated deterioration in the credit performance of a small number of portfolio companies.

For the six months ended March 31, 2024, we had $27.6 million in unrealized appreciation on 187 portfolio company investments, which was offset by $18.4 million in unrealized depreciation on 141 portfolio company investments. For the six months ended March 31, 2023, we had $11.3 million in unrealized appreciation on 101 portfolio company investments, which was offset by $31.2 million in unrealized depreciation on 186 portfolio company investments.

Unrealized appreciation for the six months ended March 31, 2024 primarily resulted from strong credit performance in our portfolio and the reversal of unrealized depreciation due to spread tightening in the market during the second half of the calendar year 2023. Unrealized appreciation for the six months ended March 31, 2023 primarily resulted from loan repayments and improved performance of our portfolio companies. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from isolated deterioration in the credit performance of a small number of portfolio companies. Unrealized depreciation for the six months ended March 31, 2023 primarily resulted from decreases in the fair value across our portfolio company investments due to incremental spread widening in the market during the first quarter of the 2023 fiscal year and isolated deterioration in the credit performance of a small number of portfolio companies.

Liquidity and Capital Resources

For the six months ended March 31, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $8.8 million. During the period, we provided $30.3 million in operating activities, primarily as a result of the increase in net assets as a result from operations of $103.7 million and proceeds from principal payments and sales of portfolio investments of $123.0 million which was partially offset by fundings of portfolio investments of $168.4 million. During the same period, cash used by financing activities was $21.5 million, primarily driven by borrowings on debt of $225.4 million and proceeds from the issuance of common shares of $60.8 million, that were partially offset by repayments of debt of $208.1 million and distributions paid of $99.7 million.

For the six months ended March 31, 2023, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $42.5 million. During the period, we used $88.5 million in operating activities, primarily as a result of fundings of portfolio investments of $251.2 million, partially offset by proceeds from principal payments and sales of portfolio investments of $109.1 million. During the same period, cash provided by financing activities was $130.9 million, primarily driven by borrowings on debt of $512.4 million and proceeds from the issuance of common shares of $40.0 million, that were partially offset by repayments of debt of $399.2 million and distributions paid of $18.9 million.

As of March 31, 2024 and September 30, 2023, we had cash and cash equivalents of $7.4 million and $9.5 million, respectively. In addition, as of March 31, 2024 and September 30, 2023, we had foreign currencies of $2.7 million and $1.1 million, respectively, restricted cash and cash equivalents of $60.8 million and $55.7 million, respectively, and restricted foreign currencies of $4.7 million and $0.5 million, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable.

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Effective December 7, 2023, the Company entered into an agreement to cancel subscriptions totaling $0.7 million. As of March 31, 2024, the Company had subscriptions totaling $1,387.2 million and no uncalled capital commitments. As of September 30, 2023, we had investor capital subscriptions totaling $1,387.9 million, of which $1,328.6 million had been called and contributed, leaving $59.4 million of uncalled investor capital subscriptions.

Revolving Debt Facilities

SB Revolver - On January 27, 2023, we repaid all amounts outstanding under the SB Revolver (as defined in Note 8 of our consolidated financial statements), following which the agreements governing the SB Revolver were terminated.

DB Credit Facility - On March 8, 2023, we entered into an amendment on the DB Credit Facility to, among other things, decrease the aggregate borrowing capacity from $750.0 million to $625.0 million, extend the Revolving Period (as defined in Note 8 of our consolidated financial statements) from March 10, 2023 to March 10, 2024 and amend the interest rate at which borrowings are made to the applicable base rate plus 2.55% during the Revolving Period and 3.05% after the Revolving Period. On March 1, 2024, we entered into an amendment on the DB Credit Facility that, among other things, extended the Revolving Period to April 10, 2024. On April 9, 2024, we entered into an amendment on the DB Credit Facility to, among other things, amend the interest rate at which borrowings are made to the applicable base rate plus 2.30% during the Revolving Period, extend the Revolving Period to April 10, 2025 and extend the maturity date to the earliest of (i) April 10, 2028, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default. As of March 31, 2024 and September 30, 2023, the DB Credit Facility (as defined in Note 8 of our consolidated financial statements) allowed our wholly-owned consolidated subsidiary, GBDC 3 Funding LLC, or GBDC 3 Funding, to borrow up to $625.0 million, respectively, at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2024 and September 30, 2023, we had $485.3 million and $465.9 million outstanding under the DB Credit Facility, respectively. As of March 31, 2024 and September 30, 2023, subject to leverage and borrowing base restrictions, we had approximately $139.7 million and $159.1 million of remaining commitments, respectively, and $53.3 million and $68.4 million of availability on the DB Credit Facility, respectively.

Adviser Revolver - On September 1, 2023, we entered into an amendment on the Adviser Revolver (as defined in Note 4 of our consolidated financial statements) to, among other things, increase the borrowing capacity from $40.0 million to $100.0 million, extend the maturity date to September 1, 2026, and to allow for borrowings in non-U.S. currencies. As of both March 31, 2024 and September 30, 2023, we were permitted to borrow up to $100.0 million at any one time outstanding under the Adviser Revolver. As of March 31, 2024 and September 30, 2023, we had no borrowings outstanding under the Adviser Revolver.

Debt Securitizations

2022-2 Debt Securitization - On December 14, 2022, we completed the 2022-2 Debt Securitization. The Class A 2022-2 Notes and Class A 2022-2 Loans (as defined in Note 8 of our consolidated financial statements) are included in the March 31, 2024 Consolidated Statement of Financial Condition as our debt and the Class B 2022-2 Notes and Subordinated 2022-2 Notes (as defined in Note 8 of our consolidated financial statements) were eliminated in consolidation. As of both March 31, 2024 and September 30, 2023, we had outstanding debt under the 2022-2 Debt Securitization of $225.0 million.

2022 Debt Securitization - On January 25, 2022, we completed the 2022 Debt Securitization. The Class A Senior Secured Floating Rate Notes (as defined in Note 8 of our consolidated financial statements) are included in the March 31, 2024 Consolidated Statement of Financial Condition as our debt and the Subordinated Notes were eliminated in consolidation. As of both March 31, 2024 and September 30, 2023, we had outstanding debt under the 2022 Debt Securitization of $252.0 million.

2021 Debt Securitization - On March 11, 2021, we completed the 2021 Debt Securitization. The Class A, Class B, Class C-1, and Class C-2 2021 Notes (as defined in Note 8 of our consolidated financial statements) are included in the March 31, 2024 Consolidated Statement of Financial Condition as our debt and the Class D and Subordinated 2021 Notes (as defined in Note 8 of our consolidated financial statements) were eliminated in consolidation. As of

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both March 31, 2024 and September 30, 2023, we had outstanding debt under the 2021 Debt Securitization of $298.0 million.

Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations

In accordance with the 1940 Act, with certain limited exceptions, we are currently allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. We have not sought or obtained approval to reduce our asset coverage ratio as permitted by and subject to the requirements of Section 61(a)(2) of the 1940 Act and, as a result, remain subject to the 200% asset coverage requirement under Section 61(a)(1) of the 1940 Act. We currently intend to continue to target a GAAP debt-to-equity ratio of 0.85x. As of March 31, 2024, our asset coverage for borrowed amounts was 214.9%.

As of March 31, 2024, we had outstanding commitments to fund investments totaling $141.7 million, including $23.4 million of unfunded commitments on revolvers. As of September 30, 2023, we had outstanding commitments to fund investments totaling $176.0 million, including $22.5 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement as of March 31, 2024 and September 30, 2023, respectively. A summary of maturity requirements for our principal borrowings as of March 31, 2024 is included in Note 8 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2024. As of March 31, 2024, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments and cash and restricted cash balances that we maintain, availability under our DB Credit Facility and Adviser Revolver, as well as ongoing principal repayments on debt investment assets.

In addition, we have entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6 of our consolidated financial statements for outstanding forward currency contracts as of March 31, 2024 and September 30, 2023. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and may realize a loss. We minimize market risk through monitoring our investments and borrowings.

We called the remaining uncalled capital commitments from shareholders in December 2023. Although we expect to fund the growth of our investment portfolio through the net proceeds from our dividend reinvestment plan as well as future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend, refinance, or enter into new leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy.

Portfolio Composition, Investment Activity and Yield

As of March 31, 2024 and September 30, 2023, we had investments in 319 and 291 portfolio companies, respectively, with a total fair value of $2,698.8 million and $2,617.0 million, respectively.

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The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2024 and December 31, 2023 and the six months ended March 31, 2024 and March 31, 2023:

	Three months ended									Six months ended
	March 31, 2024				December 31, 2023				March 31, 2024			March 31, 2023
	(In thousands)		Percentage		(In thousands)		Percentage			(In thousands)		Percentage		(In thousands)		Percentage
Senior secured	$	1,000	2.5	%	$	10,251	6.9	%		$	11,251	6.0	%	$	3,727	2.1	%
One stop	38,079		96.7		138,146		92.5			176,225		93.3		161,000		92.3
Second lien	—		—		—		—			—		—		—		—
Subordinated debt	50		0.1		50		0.0	*		100		0.1		50		0.0	*
Equity	279		0.7		858		0.6			1,137		0.6		9,776		5.6
Total new investment commitments	$	39,408	100.0	%	$	149,305	100.0	%		$	188,713	100.0	%	$	174,553	100.0	%

* Represents an amount less than 0.1%

For the six months ended March 31, 2024 and March 31, 2023, we had approximately $123.0 million and $109.1 million, respectively, in proceeds from principal payments and sales of portfolio investments.

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

	As of March 31, 2024 (1)						As of September 30, 2023 (2)
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
	(In thousands)						(In thousands)
Senior secured:
Performing	$	209,013	$	211,274	$	206,901	$	237,797	$	241,418	$	234,332
Non-accrual(3)	52		52		40		—		—		—
One stop:
Performing	2,346,513		2,329,033		2,308,763		2,254,952		2,239,898		2,209,923
Non-accrual(3)	7,829		7,226		5,052		4,921		4,570		3,637
Second lien:
Performing	10,861		11,409		10,854		11,833		12,606		11,743
Non-accrual(3)	—		—		—		—		—		—
Subordinated debt:
Performing	17,594		17,432		17,363		16,303		16,121		16,205
Non-accrual(3)	—		—		—		—		—		—
Equity	N/A		135,154		149,799		N/A		130,112		141,176
Total	$	2,591,862	$	2,711,580	$	2,698,772	$	2,525,806	$	2,644,725	$	2,617,016

(1)As of March 31, 2024, $368.1 million and $352.5 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of March 31, 2024, $7.1 million and $5.0 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2023, $297.0 million and $292.4 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of September 30, 2023, $4.6 million and $3.7 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “Critical Accounting Policies — Revenue Recognition.”

As of March 31, 2024 and September 30, 2023, we had loans in four and two portfolio companies, respectively, on non-accrual status. As of March 31, 2024 and September 30, 2023, the fair value of our debt investments as a percentage of the outstanding principal value was 98.3% and 98.0%, respectively.

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The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three and six months ended March 31, 2024, September 30, 2023, and March 31, 2023:

	Three months ended		Six months ended
	March 31, 2024	December 31, 2023	March 31, 2024	March 31, 2023
Weighted average rate of new investment fundings	10.7%	11.2%	11.1%	11.3%
Weighted average spread over the applicable base rate of new floating rate investment fundings	5.6%	5.9%	5.8%	6.8%
Weighted average fees of new investment fundings	0.9%	1.1%	1.1%	1.9%
Weighted average rate of sales and payoffs of portfolio investments	11.2%	10.2%	10.5%	9.0%

As of March 31, 2024, 97.3% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2023, 97.9% of our debt portfolio at both amortized cost and at fair value had interest rate floors that limit the minimum applicable interest rates on such loans.

As of March 31, 2024 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $65.1 million and $61.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:

Internal Performance Ratings
Rating	Definition
5	Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4	Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3	Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2	Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1	Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.

1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.

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GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.

The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2024 and September 30, 2023:

	As of March 31, 2024				As of September 30, 2023
Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments		Investments at Fair Value (In thousands)		Percentage of Total Investments
5	$	57,468	2.1	%	$	16,485	0.6	%
4	2,385,191		88.4		2,335,700		89.3
3	252,817		9.4		264,699		10.1
2	3,296		0.1		132		0.0	*
1	—		—		—		—
Total	$	2,698,772	100.0	%	$	2,617,016	100.0	%

* Represents an amount less than 0.1%

The table below details the weighted average price of our debt investments by internal performance rating held as of March 31, 2024 and September 30, 2023.

	Weighted Average Price1
Category	As of March 31, 2024	As of September 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)	99.2%	98.6%
Internal Performance Rating 3 (Performing Below Expectations)	90.6	93.0
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)	56.9	—
Total	98.3%	98.0%

(1)Includes only debt investments held as of March 31, 2024 and September 30, 2023. Value reflects weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating category.

Distributions

We intend to make periodic distributions to our stockholders as determined by our board of directors. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, the asset coverage requirements applicable to us as a business development company under the 1940 Act could limit our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse U.S. federal income tax consequences, including the possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions.

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

To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions could be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders could be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.

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We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, our stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our dividend reinvestment plan. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our president and chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.

•Golub Capital LLC provides us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.

•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital”.

•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.

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

•GC Advisors serves as collateral manager to the 2021 Issuer, 2022 Issuer and 2022-2 Issuer under the 2021 Collateral Management Agreement, the 2022 Collateral Management Agreement and the 2022-2 Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services are offset against the base management fee payable by us under the Investment Advisory Agreement.

•As of March 31, 2024, GCOP LLC, an affiliate of GC Advisors, had an aggregate commitment to us of $24.0 million. As of March 31, 2024, we have issued 1,598,732.387 shares of our common stock to GCOP LLC in exchange for aggregate capital contributions totaling $24.0 million. We have also issued 349,720.465 shares to GCOP LLC through the DRIP.

•As of March 31, 2024, GEMS Fund 4, L.P., a Delaware limited partnership whose general partner is controlled by GC Advisors, had an aggregate commitment to us of $27.5 million. As of March 31, 2024, we have issued 1,834,523.315 shares of our common stock to GEMS Fund 4, L.P. in exchange for aggregate capital contributions totaling $27.5 million.

•On January 16, 2024, we entered into the GBDC 3 Merger Agreement with GBDC, Merger Sub, GC Advisors, and, for certain limited purposes, the Administrator. See Note 13 in the notes to our consolidated financial statements for further information.

•On January 16, 2024, GC Advisors entered into a waiver letter agreement (the “Waiver”) to the Investment Advisory Agreement pursuant to which GC Advisors agreed to irrevocably waive any Subordinated Liquidation Incentive Fee (as defined in the Investment Advisory Agreement) that would otherwise be payable in connection with the transactions contemplated by the GBDC 3 Merger Agreement.

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GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital BDC, Inc., or GBDC, a publicly-traded business development company (Nasdaq: GBDC), Golub Capital Direct Lending Corporation, or GDLC, Golub Capital BDC 4, Inc., or GBDC 4, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, and Golub Capital Private Credit Fund, or GCRED, which are business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GBDC, GDLC, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC, GDLC, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the General Corporation Law of the State of Maryland.

Critical Accounting Policies

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

Fair Value Measurements

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

Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.

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

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

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

Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied.

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended March 31, 2024 and 2023. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of both March 31, 2024 and September 30, 2023 were valued using Level 3 inputs. As of both March 31, 2024 and September 30, 2023, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

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

If debt investments are credit impaired, we will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, we use a market interest rate yield analysis to determine fair value.

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

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

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

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, the board of directors of a registered investment company or BDC is permitted to delegate to a valuation designee, which could be its investment adviser, the responsibility to determine fair value of investments in good faith subject to the oversight of the board. Our board of directors has determined to continue its determination of fair value of our investments for which market quotations are not readily available in accordance with our valuation policies and procedures and has not designated GC Advisors or any other entity as a valuation designee.

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

•The net asset value of our common stock disclosed in the most recent periodic report filed with the SEC; 

•Its assessment of whether any change in the net asset value per share of our common stock has occurred (including through the realization of gains on the sale of portfolio securities) during the period beginning on the date of the most recently disclosed net asset value per share of our common stock and ending two days prior to the date of the sale; and

•The magnitude of the difference between the sale price of the shares of common stock and management’s assessment of any change in the net asset value per share of our common stock during the period discussed above.

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Valuation of Other Financial Assets and Liabilities

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

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual loans: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $5.1 million and $3.6 million as of March 31, 2024 and September 30, 2023, respectively.

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

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Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended March 31, 2024, we did not record any U.S. federal excise tax. For the three months ended March 31, 2023, we recorded a reversal of the accrual for U.S. federal excise tax expense of less than $0.1 million. For the six months ended March 31, 2023, we recorded $0.6 million for U.S. federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended March 31, 2024, $8,000 was recorded for U.S. income taxes. For the three and six months ended March 31, 2023, the we did not record any U.S. income taxes. Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification may result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of both March 31, 2024 and September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.79%. The DB Credit Facility has a floating interest rate provision equal to three-month term SOFR + 2.55%, the Adviser Revolver has a floating interest rate provision equal to the short-term Applicable Federal Rate, the Class A Notes and Class A Loans issued in connection with the 2022-2 Debt Securitization have floating rate provisions based on three-month term SOFR, the Class A Senior Secured Notes issued in connection with the 2022 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the Class A, B, and C-1 2021 Notes issued in connection with the 2021 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of March 31, 2024 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in interest rates	Increase (decrease) in interest income(1)		Increase (decrease) in interest expense		Net increase (decrease) in  investment income
	(In thousands)
Down 200 basis points	$	(50,977)	$	(25,006)	$	(25,971)
Down 150 basis points	(38,233)		(18,754)		(19,479)
Down 100 basis points	(25,489)		(12,503)		(12,986)
Down 50 basis points	(12,744)		(6,251)		(6,493)
Up 50 basis points	12,744		6,251		6,493
Up 100 basis points	25,489		12,503		12,986
Up 150 basis points	38,233		18,754		19,479
Up 200 basis points	50,977		25,006		25,971

(1) Assumes applicable three-month base rate as of March 31, 2024, with the exception of SONIA and Prime that utilize the March 31, 2024 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of March 31, 2024, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the DB Credit Facility, the Adviser Revolver, the Debt Securitizations or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

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Item 4. Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the three months ended March 31, 2024 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2023 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

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

Previously disclosed on Form 8-K filings.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures.

None.

Item 5: Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

EXHIBIT INDEX

Number	Description
2.1	Agreement and Plan of Merger, by and among Golub Capital BDC, Inc., Golub Capital BDC 3, Inc., Park Avenue Subsidiary Inc., GC Advisors, LLC, and solely for purposes of Section 1.9, Golub Capital LLC, dated as of January 16, 2024. (Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 17, 2024).
10.1	Waiver Agreement to the Investment Advisory Agreement by and between Golub Capital BDC 3, Inc. and GC Advisors LLC. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01244), filed on January 17, 2024).
10.2	Amendment No. 7 to Loan Financing and Servicing Agreement, dated as of March 1, 2024, 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 March 4, 2024).
10.3	Amendment No. 8 to Loan Financing and Servicing Agreement, dated as of April 9, 2024, 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 April 15, 2024).
10.4	Amended and Restated Sale and Contribution Agreement, dated as of April 9, 2024, between Golub Capital BDC 3, Inc., as seller, and GBDC 3 Funding LLC, as purchaser.	*
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.	*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	*

_________________

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Golub Capital BDC 3, Inc.
		A Maryland Corporation
Date: May 8, 2024	By:	/s/ David B. Golub
		David B. Golub
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 8, 2024	By:	/s/ Christopher C. Ericson
		Christopher C. Ericson
		Chief Financial Officer
		(Principal Accounting and Financial Officer)

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