______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01128

Golub Capital Investment Corporation

(Exact name of registrant as specified in its charter)



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

666 Fifth Avenue, 18th Floor

New York, NY 10103

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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



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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. þ

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

As of August 12, 2019, the Registrant had 78,881,643.736 shares of common stock, $0.001 par value, outstanding.



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

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)



	June 30, 2019		September 30, 2018
Assets	(unaudited)
Investments, at fair value
Non-controlled/non-affiliate company investments	$	2,085,062	$	1,620,783
Non-controlled affiliate company investments	4,425		3,716
Controlled affiliate company investments	49,808		49,939
Total investments at fair value (amortized cost of $2,134,595 and $1,663,122, respectively)	2,139,295		1,674,438
Cash and cash equivalents	12,926		14,443
Foreign currencies (cost of $149 and $216, respectively)	149		216
Restricted cash and cash equivalents	50,130		23,857
Restricted foreign currencies (cost of $616 and $0, respectively)	618		—
Interest receivable	7,114		5,813
Capital call receivable	—		189
Other assets	204		105
Total Assets	$	2,210,436	$	1,719,061
Liabilities
Debt	$	997,823	$	762,330
Less unamortized debt issuance costs	6,410		1,921
Debt less unamortized debt issuance costs	991,413		760,409
Other short-term borrowings (proceeds of $4,120 and $0, respectively)	4,001		—
Interest payable	7,132		2,916
Distributions payable	24,241		11,840
Management and incentive fees payable	10,482		10,102
Payable for investments purchased	177		—
Accounts payable and accrued expenses	2,082		1,563
Accrued trustee fees	98		22
Total Liabilities	1,039,626		786,852
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2019 and September 30, 2018	—		—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 78,053,988.796 and 62,147,237.484 shares issued and outstanding as of June 30, 2019 and September 30, 2018, respectively	78		62
Paid in capital in excess of par	1,170,470		931,885
Distributable earnings	262		262
Total Net Assets	1,170,810		932,209
Total Liabilities and Total Net Assets	$	2,210,436	$	1,719,061
Number of common shares outstanding at end of period	78,053,988.796		62,147,237.484
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)



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

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)



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

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

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

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

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)



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

Golub Capital Investment Corporation and Subsidiaries

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

(In thousands)

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



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

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

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2019

(In thousands)



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

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)



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

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Buildings and Real Estate
Brooks Equipment Company, LLC^*	One stop	L + 5.00%	^(c)	7.52%	08/2020	$	5,634	$	5,634		0.5	%	$	5,634
Brooks Equipment Company, LLC^*	One stop	L + 5.00%	^(c)	7.49%	08/2020	422		421			0.1		422
Brooks Equipment Company, LLC	One stop	L + 5.00%		N/A⁽⁶⁾	08/2020	—		—			—		—
Jensen Hughes, Inc.	Senior loan	L + 4.25%	^(c)(f)	6.58%	03/2024	944		935			0.1		944
Jensen Hughes, Inc.^{^}	Senior loan	L + 4.25%	^(c)(f)	6.59%	03/2024	428		426			0.1		428
Jensen Hughes, Inc.	Senior loan	L + 4.25%	^(c)(f)	6.59%	03/2024	412		410			0.1		412
Jensen Hughes, Inc.^{^}	Senior loan	L + 4.25%	^(c)	6.58%	03/2024	131		130			—		131
MRI Software LLC^*	One stop	L + 5.75%	^(a)	8.16%	06/2023	18,499		18,261			1.6		18,499
MRI Software LLC^{^#}	One stop	L + 5.75%	^(a)	8.16%	06/2023	17,130		16,994			1.5		17,130
MRI Software LLC	One stop	L + 5.75%	^(a)	8.16%	06/2023	6,245		6,224			0.5		6,245
MRI Software LLC^*	One stop	L + 5.75%	^(a)	8.16%	06/2023	3,075		3,062			0.3		3,075
MRI Software LLC^{^}	One stop	L + 5.75%	^(a)	8.16%	06/2023	1,968		1,962			0.2		1,968
MRI Software LLC	One stop	L + 5.75%	^(a)	8.16%	06/2023	1,149		1,035			0.1		1,149
MRI Software LLC^*	One stop	L + 5.75%	^(a)	8.16%	06/2023	343		340			—		343
MRI Software LLC	One stop	L + 5.75%	^(a)(c)	8.16%	06/2023	53		51			—		53
MRI Software LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	06/2023	—		(27		)	—		—
Paradigm DKD Group, LLC^{^(7)}	Senior loan	P + 5.00%	^(f)	10.50%	05/2020	2,110		2,110			0.1		844
Paradigm DKD Group, LLC⁽⁷⁾	Senior loan	P + 5.00%	^(f)	10.50%	05/2020	644		640			—		258
						59,187		58,608			5.2		57,535
Chemicals, Plastics and Rubber
Flexan, LLC^*	One stop	L + 5.75%	^(c)	8.08%	02/2020	1,023		1,020			0.1		1,023
Flexan, LLC^*	One stop	L + 5.75%	^(c)	8.08%	02/2020	482		481			0.1		482
Flexan, LLC	One stop	P + 4.50%	^(f)	10.00%	02/2020	18		18			—		18
Inhance Technologies Holdings LLC^*	One stop	L + 5.25%	^(c)	7.65%	07/2024	6,018		5,955			0.5		6,018
Inhance Technologies Holdings LLC	One stop	L + 5.25%	^(b)	7.78%	07/2024	798		781			0.1		798
Inhance Technologies Holdings LLC	One stop	P + 4.25%	^(f)	9.75%	07/2024	10		9			—		10
						8,349		8,264			0.8		8,349
Diversified/Conglomerate Manufacturing
Blackbird Purchaser, Inc. ^{^}	Senior loan	L + 4.50%	^(c)	6.83%	04/2026	8,526		8,444			0.7		8,399
Blackbird Purchaser, Inc.	Senior loan	L + 4.50%	^(c)	6.83%	04/2026	557		530			0.1		515
Blackbird Purchaser, Inc.	Senior loan	P + 3.50%	^(f)	9.00%	04/2024	14		13			—		13
Chase Industries, Inc.^{^}	Senior loan	L + 4.00%	^(c)(f)	6.34%	05/2025	5,363		5,284			0.5		5,363
Chase Industries, Inc.	Senior loan	L + 4.00%	^(c)(f)	6.33%	05/2025	929		883			0.1		929
Chase Industries, Inc.	Senior loan	L + 4.00%	^(c)(f)	6.38%	05/2023	99		97			—		99
Inventus Power, Inc.^{^}	One stop	L + 6.50%	^(a)	8.90%	04/2020	8,919		8,901			0.7		8,027
Inventus Power, Inc.	One stop	L + 6.50%	^(a)	8.90%	04/2020	338		337			—		294
Pasternack Enterprises, Inc. and Fairview Microwave, Inc^{^}	Senior loan	L + 4.00%	^(c)(f)	6.33%	07/2025	6,632		6,602			0.6		6,632
Pasternack Enterprises, Inc. and Fairview Microwave, Inc⁽⁶⁾	Senior loan	L + 4.00%		N/A⁽⁶⁾	07/2023	—		—			—		—
PetroChoice Holdings, Inc.^*	Senior loan	L + 5.00%	^(c)	7.58%	08/2022	1,600		1,575			0.1		1,597
Reladyne, Inc.^*	Senior loan	L + 5.00%	^(c)	7.59%	07/2022	10,616		10,545			0.9		10,616
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.59%	07/2022	2,069		2,056			0.2		2,069
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.59%	07/2022	1,465		1,453			0.1		1,465
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.59%	07/2022	1,115		1,106			0.1		1,115
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.59%	07/2022	966		960			0.1		966
Reladyne, Inc.	Senior loan	L + 5.00%	^(c)	7.59%	07/2022	440		437			0.1		440
Reladyne, Inc.⁽⁵⁾	Senior loan	L + 5.00%		N/A⁽⁶⁾	07/2022	—		(22		)	—		—
Sunless Merger Sub, Inc.^{^}	Senior loan	L + 5.00%	^(a)(f)	7.20%	07/2019	256		255			—		256
Sunless Merger Sub, Inc.	Senior loan	P + 3.75%	^(f)	9.25%	07/2019	31		31			—		31

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)



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

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2019

(In thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost			Percentage of Net Assets		Fair Value ⁽⁴⁾
Diversified/Conglomerate Service - (continued)
Connexin Software, Inc.^#	One stop	L + 8.50%	^(c)	10.83%	02/2024	$	3,025	$	2,990		0.3	%	$	3,025
Connexin Software, Inc.	One stop	L + 8.50%		N/A⁽⁶⁾	02/2024	—		—			—		—
Conservice, LLC^{^}	One stop	L + 5.25%	^(c)	7.58%	12/2024	2,020		2,002			0.2		2,020
Conservice, LLC	One stop	L + 5.25%		N/A⁽⁶⁾	12/2024	—		—			—		—
Daxko Acquisition Corporation^*	One stop	L + 4.75%	^(b)	7.10%	09/2023	11,070		10,870			0.9		11,070
Daxko Acquisition Corporation⁽⁵⁾	One stop	L + 4.75%		N/A⁽⁶⁾	09/2023	—		(1		)	—		—
Digital Guardian, Inc.	One stop	L + 9.50%	^(c)	9.09% cash/3.00% PIK	06/2023	4,386		4,359			0.4		4,568
Digital Guardian, Inc.	One stop	L + 5.00%		N/A⁽⁶⁾	06/2023	—		—			—		—
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	06/2023	4		—			—		4
Digital Guardian, Inc.⁽⁵⁾	One stop	L + 6.50%		N/A⁽⁶⁾	06/2023	—		(2		)	—		17
DISA Holdings Acquisition Subsidiary Corp.^{^*}	Senior loan	L + 4.00%	^(c)(f)	6.68%	06/2022	2,651		2,636			0.2		2,651
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%	^(c)(f)	6.85%	06/2022	82		80			—		82
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%		N/A⁽⁶⁾	06/2022	—		—			—		—
DISA Holdings Acquisition Subsidiary Corp.⁽⁵⁾	Senior loan	L + 4.00%		N/A⁽⁶⁾	06/2022	—		(3		)	—		—
E2open, LLC^{^#}	One stop	L + 5.00%	^(c)	7.52%	11/2024	31,168		30,745			2.6		30,856
E2open, LLC^*	One stop	L + 5.00%	^(c)	7.52%	11/2024	11,215		11,061			0.9		11,102
E2open, LLC⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	11/2024	—		(3		)	—		(2		)
EGD Security Systems, LLC^*	One stop	L + 5.75%	^(c)	8.34%	06/2023	15,139		15,007			1.3		14,987
EGD Security Systems, LLC	One stop	L + 5.75%	^(c)	8.34%	06/2023	25		23			—		23
EGD Security Systems, LLC⁽⁵⁾	One stop	L + 5.75%		N/A⁽⁶⁾	06/2023	—		(22		)	—		(22		)
GS Acquisitionco, Inc.^{^#*}	One stop	L + 5.25%	^(a)	7.66%	05/2024	24,990		24,762			2.1		24,990
GS Acquisitionco, Inc.^*	One stop	L + 5.25%	^(a)	7.66%	05/2024	12,048		11,950			1.0		12,048
GS Acquisitionco, Inc.^*	One stop	L + 5.25%	^(a)	7.66%	05/2024	3,129		3,102			0.3		3,129
GS Acquisitionco, Inc.^{^}	One stop	L + 5.25%	^(a)	7.66%	05/2024	2,887		2,862			0.2		2,887
GS Acquisitionco, Inc.⁽⁵⁾	One stop	L + 5.00%		N/A⁽⁶⁾	05/2024	—

GOLUB CAPITAL INVESTMENT Corp 10-Q