Golub Capital BDC 3, Inc. - FORM 10-Q

Attached files

file	filename
EX-32.1 - EX-32.1 - Golub Capital BDC 3, Inc.	gbdc310-qxfy21q2exhibit321.htm
EX-31.2 - EX-31.2 - Golub Capital BDC 3, Inc.	gbdc310-qxfy21q2exhibit312.htm
EX-31.1 - EX-31.1 - Golub Capital BDC 3, Inc.	gbdc310-qxfy21q2exhibit311.htm

TABLE OF CONTENTS

______________________________________________________________________________________________________

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 March 31, 2021

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01244

Golub Capital BDC 3, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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 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.

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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 May 14, 2021, the Registrant had 39,578,474.129 shares of common stock, $0.001 par value, outstanding.

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Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of March 31, 2021 (unaudited) and September 30, 2020	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2021 (unaudited) and 2020 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2021 (unaudited) and 2020 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2021 (unaudited) and 2020 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and September 30, 2020	31
	Notes to Consolidated Financial Statements (unaudited)	50
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	81
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	102
Item 4.	Controls and Procedures	103
Part II. Other Information
Item 1.	Legal Proceedings	103
Item 1A.	Risk Factors	103
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	103
Item 3.	Defaults Upon Senior Securities	103
Item 4.	Mine Safety Disclosures	103
Item 5.	Other Information	103
Item 6.	Exhibits	104

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	March 31, 2021		September 30, 2020
	(unaudited)
Assets
Investments at fair value (amortized cost of $1,039,431 and $891,495, respectively)	$	1,050,477	$	886,851

Cash and cash equivalents	14,913		11,913
Foreign currencies (cost of $294 and $139, respectively)	292		139
Restricted cash and cash equivalents	27,165		12,415
Restricted foreign currencies (cost of $186 and $46, respectively)	187		46
Cash collateral held at broker for forward currency contracts	950		450
Unrealized appreciation on forward currency contracts	—		48
Interest receivable	3,752		3,134
Receivable from investments sold	—		64

Capital call receivable	—		10
Other assets	42		46
Total Assets	$	1,097,778	$	915,116
Liabilities
Debt	$	483,324	$	380,791
Less unamortized debt issuance costs	3,512		1,191
Debt less unamortized debt issuance costs	479,812		379,600


Unrealized depreciation on forward currency contracts	389		—
Interest payable	1,674		1,160
Distributions payable	15,625		—

Management and incentive fees payable	5,541		3,889

Accounts payable and accrued expenses	1,060		850

Total Liabilities	504,101		385,499
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2021 and September 30, 2020	—		—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 39,578,474.129 and 35,388,849.466 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively	40		35
Paid in capital in excess of par	592,763		529,938
Distributable earnings (losses)	874		(356)
Total Net Assets	593,677		529,617
Total Liabilities and Total Net Assets	$	1,097,778	$	915,116
Number of common shares outstanding	39,578,474.129		35,388,849.466
Net asset value per common share	$	15.00	$	14.97

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statement of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended March 31,				Six months ended, March 31,
	2021		2020		2021		2020
Investment income
Interest income	$	19,078	$	16,421	$	36,448	$	30,932
Dividend income	10		2		49		4
Fee income	238		132		599		181






Total investment income	19,326		16,555		37,096		31,117
Expenses
Interest and other debt financing expenses	3,109		3,635		5,783		7,137
Base management fee	3,535		2,796		6,865		5,193
Incentive fee	3,598		337		5,534		2,359
Professional fees	234		267		541		516
Administrative service fee	392		302		736		577
General and administrative expenses	78		77		138		92
Total expenses	10,946		7,414		19,597		15,874
Base management fee waived (Note 4)	(964)		(762)		(1,872)		(1,416)
Incentive fee waived (Note 4)	(628)		128		(770)		(169)

Net expenses	9,354		6,780		16,955		14,289
Net investment income	9,972		9,775		20,141		16,828


Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	275		(1)		564		—
Foreign currency transactions	(98)		(1)		(88)		(13)
Net realized gain (loss) on investment transactions	177		(2)		476		(13)
Net change in unrealized appreciation (depreciation) from:
Investments	8,961		(49,321)		15,690		(46,750)
Forward currency contracts	255		778		(437)		479
Translation of assets and liabilities in foreign currencies	11		222		(83)		33
Net change in unrealized appreciation (depreciation) on investment transactions	9,227		(48,321)		15,170		(46,238)
Net gain (loss) on investment transactions	9,404		(48,323)		15,646		(46,251)
Net increase (decrease) in net assets resulting from operations	$	19,376	$	(38,548)	$	35,787	$	(29,423)
Per Common Share Data
Basic and diluted earnings per common share	$	0.51	$	(1.29)	$	0.97	$	(1.06)
Basic and diluted weighted average common shares outstanding	37,728,245		29,851,593		36,578,867		27,861,886

See Notes to Consolidated Financial Statements

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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, 2019	22,894,689.911	$	23	$	343,396	$	1	$	343,420
Issuance of common stock	9,667,275.629	9		145,000		—		145,009

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		16,828		16,828
Net realized gain (loss) on investment transactions	—	—		—		(13)		(13)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(46,238)		(46,238)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	529,033.622	1		7,935		—		7,936
Distributions from distributable earnings (losses)	—	—		—		(11,729)		(11,729)
Distributions declared and payable	—	—		—		(3,805)		(3,805)

Total increase (decrease) for the six months ended March 31, 2020	10,196,309.251	10		152,935		(44,957)		107,988
Balance at March 31, 2020	33,090,999.162	$	33	$	496,331	$	(44,956)	$	451,408
Balance at December 31, 2019	29,715,740.183	$	30	$	445,705	$	1	$	445,736
Issuance of common stock	3,205,196.000	3		48,075		—		48,078

Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		9,775		9,775
Net realized gain (loss) on investment transactions	—	—		—		(2)		(2)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(48,321)		(48,321)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	170,062.979	—		2,551		—		2,551
Distributions from distributable earnings (losses)	—	—		—		(5,792)		(5,792)
Distributions declared and payable	—	—		—		(617)		(617)

Total increase (decrease) for the three months ended March 31, 2020	3,375,258.979	3		50,626		(44,957)		5,672
Balance at March 31, 2020	33,090,999.162	$	33	$	496,331	$	(44,956)	$	451,408
Balance at September 30, 2020	35,388,849.466	$	35	$	529,938	$	(356)	$	529,617
Issuance of common stock	3,641,120.112	4		54,613		—		54,617
Repurchase of common stock	(604.327)	—		(9)		—		(9)
Net increase in net assets resulting from operations:
Net investment income	—	—		—		20,141		20,141
Net realized gain (loss) on investment transactions	—	—		—		476		476
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		15,170		15,170
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	549,108.878	1		8,221		—		8,222
Distributions from distributable earnings (losses)	—	—		—		(18,932)		(18,932)
Distributions declared and payable	—	—		—		(15,625)		(15,625)

Total increase for the six months ended March 31, 2021	4,189,624.663	5		62,825		1,230		64,060
Balance at March 31, 2021	39,578,474.129	$	40	$	592,763	$	874	$	593,677
Balance at December 31, 2020	35,820,104.376	$	36	$	536,392	$	1,191	$	537,619
Issuance of common stock	3,641,120.112	4		54,613				54,617
Repurchase of common stock	(604.327)	—		(9)		—		(9)
Net increase in net assets resulting from operations:
Net investment income	—	—		—		9,972		9,972
Net realized gain (loss) on investment transactions	—	—		—		177		177
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		9,227		9,227
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	117,853.968	—		1,767		—		1,767
Distributions from distributable earnings (losses)	—	—		—		(4,068)		(4,068)
Distributions declared and payable	—	—		—		(15,625)		(15,625)

Total increase for the three months ended March 31, 2021	3,758,369.753	4		56,371		(317)		56,058
Balance at March 31, 2021	39,578,474.129	$	40	$	592,763	$	874	$	593,677

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Six months ended, March 31,
	2021		2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	35,787	$	(29,423)
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	917		497
Accretion of discounts and amortization of premiums	(2,615)		(1,672)
Net realized (gain) loss on investments	(564)		—
Net realized (gain) loss on foreign currency transactions	88		13
Net change in unrealized (appreciation) depreciation on investments	(15,690)		46,750
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	83		(33)
Net change in unrealized (appreciation) depreciation on forward currency contracts	437		(479)
Proceeds from (fundings of) revolving loans, net	833		(4,989)
Fundings of investments	(263,366)		(300,257)
Proceeds from principal payments and sales of portfolio investments	118,943		79,611
PIK interest	(1,167)		(895)
Changes in operating assets and liabilities:
Cash collateral held at broker for forward currency contracts	(500)		—
Interest receivable	(618)		(221)
Receivable from investments sold	64		—
Other assets	4		60

Interest payable	514		1,090
Management and incentive fees payable	1,652		253

Accounts payable and accrued expenses	210		158
Accrued trustee fees	—		(12)
Net cash provided by (used in) operating activities	(124,988)		(209,549)



Cash flows from financing activities
Borrowings on debt	523,866		491,055
Repayments of debt	(421,416)		(378,798)
Proceeds from other short-term borrowings	—		21,267
Repayments on other short-term borrowings	—		(37,664)
Capitalized debt issuance costs	(3,238)		(595)

Proceeds from issuance of common shares	54,627		141,054
Repurchase of shares	(9)		—
Distributions paid	(10,710)		(10,234)
Net cash provided by (used in) financing activities	143,120		226,085
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	18,132		16,536
Effect of foreign currency exchange rates	(88)		19
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	24,513		19,917
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	42,557	$	36,472
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	4,352	$	5,550

Distributions declared during the period	34,557		15,534
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	(10)	$	3,955
Stock issued in connection with dividend reinvestment plan	8,222		7,936
Change in distributions payable	15,625		(2,636)

See Notes to Consolidated Financial Statements

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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,
	2021		2020
Cash and cash equivalents	$	14,913	$	22,544
Foreign currencies (cost of $294 and $428, respectively)	292		428
Restricted cash and cash equivalents	27,165		12,162
Restricted foreign currencies (cost of $186 and $1,138, respectively)	187		1,338
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	42,557	$	36,472

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

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Airlines
Aurora Lux Finco S.A.R.L.#(7)(12)	One stop	L + 6.00%	(c)	7.00%	12/2026	$	7,760	$	7,602	1.2	%	$	7,217
Auto Components
Power Stop, LLC#	Senior loan	L + 4.50%	(a)	4.61%	10/2025	665		663		0.1		665
Automobiles
JHCC Holdings LLC~	One stop	L + 5.50%	(c)	6.50%	09/2025	2,989		2,967		0.5		2,989
JHCC Holdings LLC	One stop	L + 5.50%	(c)(e)	6.99%	09/2025	2,174		2,136		0.4		2,174
JHCC Holdings LLC	One stop	P + 4.50%	(c)(e)	7.37%	09/2025	34		33		—		34
MOP GM Holding, LLC~	One stop	L + 5.75%	(c)	6.75%	11/2026	9,741		9,626		1.6		9,741
MOP GM Holding, LLC	One stop	L + 5.75%	(c)	6.75%	11/2026	130		128		—		130
MOP GM Holding, LLC(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(21)		—		—
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(c)	7.50%	10/2024	1,669		1,653		0.3		1,669
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(c)	7.50%	10/2024	812		804		0.1		812
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(c)	7.50%	10/2024	709		702		0.1		709
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(c)	7.50%	10/2024	474		469		0.1		474
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(c)	7.50%	10/2024	451		433		0.1		451
Quick Quack Car Wash Holdings, LLC~	One stop	L + 6.50%	(c)	7.50%	10/2024	386		382		0.1		386
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(c)	7.50%	10/2024	20		19		—		20
TWAS Holdings, LLC#~	One stop	L + 6.75%	(c)	7.75%	12/2026	12,295		12,148		2.1		12,295
TWAS Holdings, LLC	One stop	L + 6.75%	(c)	7.75%	12/2026	152		117		—		152
TWAS Holdings, LLC(5)	One stop	L + 6.75%		N/A(6)	12/2026	—		(4)		—		—
						32,036		31,592		5.4		32,036
Beverages
Fintech Midco, LLC~	One stop	L + 5.00%	(c)	6.00%	08/2024	4,859		4,832		0.8		4,859
Fintech Midco, LLC	One stop	L + 5.00%	(c)	6.00%	08/2024	438		435		0.1		438
Fintech Midco, LLC(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(1)		—		—
						5,297		5,266		0.9		5,297
Biotechnology
BIO18 Borrower, LLC~	One stop	L + 4.75%	(a)(c)	5.75%	11/2024	1,745		1,732		0.3		1,745
BIO18 Borrower, LLC	One stop	L + 4.75%	(a)	5.75%	11/2024	1,622		1,610		0.3		1,622
BIO18 Borrower, LLC	One stop	L + 4.75%	(a)	5.75%	11/2024	105		104		—		105
BIO18 Borrower, LLC(5)	One stop	L + 4.75%		N/A(6)	11/2024	—		(3)		—		—
						3,472		3,443		0.6		3,472
Chemicals
Inhance Technologies Holdings LLC~	One stop	L + 6.00%	(c)	7.00%	07/2024	2,473		2,455		0.4		2,428
Inhance Technologies Holdings LLC~	One stop	L + 6.00%	(c)	7.00%	07/2024	748		743		0.1		734
Inhance Technologies Holdings LLC	One stop	L + 6.00%	(c)	7.00%	07/2024	40		39		—		38
						3,261		3,237		0.5		3,200
Commercial Services & Supplies
Bazaarvoice, Inc.#~	One stop	L + 5.75%	(c)	6.75%	02/2024	18,939		18,767		3.2		18,939
Bazaarvoice, Inc.#	One stop	L + 5.75%	(a)	6.75%	02/2024	8,292		8,204		1.4		8,292
Bazaarvoice, Inc.(5)	One stop	L + 5.75%		N/A(6)	02/2024	—		(3)		—		—
PT Intermediate Holdings III, LLC#~	One stop	L + 5.50%	(c)	6.50%	10/2025	23,112		22,839		3.7		22,187
Radwell International, LLC#	Senior loan	L + 4.75%	(c)	5.75%	12/2026	837		821		0.2		821
Radwell International, LLC	Senior loan	L + 4.75%	(c)	5.75%	12/2026	95		93		—		91
Radwell International, LLC	Senior loan	L + 4.75%	(c)	5.75%	12/2026	8		8		—		8
						51,283		50,729		8.5		50,338

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Containers and Packaging
AmerCareRoyal LLC#	Senior loan	L + 5.00%	(a)	6.00%	11/2025	$	2,805	$	2,783	0.5	%	$	2,805
AmerCareRoyal LLC#	Senior loan	L + 5.00%	(a)	6.00%	11/2025	579		573		0.1		579
AmerCareRoyal LLC#	Senior loan	L + 5.00%	(a)	6.00%	11/2025	520		516		0.1		520
AmerCareRoyal LLC(5)	Senior loan	L + 5.00%		N/A(6)	11/2025	—		(6)		—		—
Fortis Solutions Group LLC#	Senior loan	L + 5.00%	(a)	6.00%	12/2023	844		828		0.1		827
Fortis Solutions Group LLC#	Senior loan	L + 5.00%	(a)	6.00%	12/2023	536		532		0.1		525
Fortis Solutions Group LLC#	Senior loan	L + 5.00%	(a)	6.00%	12/2023	213		212		0.1		209
Fortis Solutions Group LLC#	Senior loan	L + 5.00%	(a)	6.00%	12/2023	205		204		—		201
Fortis Solutions Group LLC(5)	Senior loan	L + 5.00%		N/A(6)	12/2023	—		—		—		(1)
						5,702		5,642		1.0		5,665
Diversified Consumer Services
Certus Pest, Inc.(7)	One stop	L + 5.25%	(c)	6.25%	02/2026	432		428		0.1		427
Certus Pest, Inc.(5)	One stop	L + 5.25%		N/A(6)	02/2026	—		—		—		(1)
Certus Pest, Inc.(5)	One stop	L + 5.25%		N/A(6)	02/2026	—		(23)		—		(24)
Certus Pest, Inc.(5)	One stop	L + 5.25%		N/A(6)	02/2026	—		—		—		(24)
CHHJ Franchising, LLC#	Senior loan	L + 5.00%	(c)	6.00%	01/2026	1,102		1,092		0.2		1,091
CHHJ Franchising, LLC	Senior loan	P + 4.00%	(e)	7.25%	01/2026	5		5		—		5
EWC Growth Partners LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	03/2026	444		426		0.1		404
EWC Growth Partners LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	03/2026	62		61		—		56
EWC Growth Partners LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	03/2026	18		18		—		16
Learn-it Systems, LLC#	Senior loan	L + 4.50%	(c)	5.50%	03/2025	755		747		0.1		755
Learn-it Systems, LLC	Senior loan	L + 4.50%	(c)	5.50%	03/2025	277		271		0.1		277
Learn-it Systems, LLC	Senior loan	L + 4.50%	(b)	5.50%	03/2025	10		10		—		10
Liminex, Inc.#	One stop	L + 7.25%	(c)	8.25%	11/2026	10,163		10,068		1.7		10,163
Liminex, Inc.(5)	One stop	L + 7.25%		N/A(6)	11/2026	—		(2)		—		—
Litera Bidco LLC#	One stop	L + 6.00%	(a)	7.00%	05/2026	686		677		0.1		677
Litera Bidco LLC#	One stop	L + 5.75%	(a)	6.75%	05/2026	617		611		0.1		603
Litera Bidco LLC	One stop	L + 5.50%	(a)	6.50%	05/2026	276		274		—		270
Litera Bidco LLC	One stop	L + 5.50%	(a)	6.50%	05/2026	276		276		—		270
Litera Bidco LLC(5)	One stop	L + 5.75%		N/A(6)	05/2025	—		—		—		(1)
						15,123		14,939		2.5		14,974
Diversified Financial Services
Higginbotham Insurance Agency, Inc.#	One stop	L + 5.75%	(a)	6.50%	11/2026	1,446		1,426		0.2		1,446
Higginbotham Insurance Agency, Inc.(5)	One stop	L + 5.75%		N/A(6)	11/2026	—		(3)		—		—
Sovos Compliance#	One stop	L + 4.75%	(a)	5.75%	04/2024	7,513		7,420		1.3		7,513
Sovos Compliance#	Second lien	N/A		12.00% PIK	04/2025	3,638		3,589		0.6		3,638
Sovos Compliance#	One stop	L + 4.75%	(a)	5.75%	04/2024	1,732		1,702		0.3		1,732
Sovos Compliance#	One stop	L + 4.75%	(c)	5.75%	04/2024	1,159		1,136		0.2		1,159
Sovos Compliance#	One stop	N/A		12.00% PIK	04/2025	995		970		0.2		995
Sovos Compliance	One stop	L + 4.75%	(c)	5.75%	04/2024	888		881		0.1		888
Sovos Compliance	One stop	L + 4.75%	(a)	5.75%	04/2024	735		731		0.1		735
Sovos Compliance	Second lien	N/A		12.00% PIK	04/2025	555		547		0.1		555
Sovos Compliance	One stop	L + 4.75%	(a)	5.75%	04/2024	505		498		0.1		505
Sovos Compliance	One stop	L + 4.75%	(a)	5.75%	04/2024	328		320		0.1		328
Sovos Compliance(5)	One stop	L + 4.75%		N/A(6)	04/2024	—		(1)		—		—
						19,494		19,216		3.3		19,494

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Electronic Equipment, Instruments and Components
ES Acquisition LLC#~	Senior loan	L + 5.00%	(c)	6.00%	11/2025	$	15,738	$	15,616	2.6	%	$	15,581
ES Acquisition LLC~	Senior loan	L + 5.00%	(c)	6.00%	11/2025	3,328		3,302		0.6		3,295
ES Acquisition LLC~	Senior loan	L + 5.50%	(c)	6.50%	11/2025	1,913		1,857		0.3		1,933
ES Acquisition LLC	Senior loan	L + 5.00%	(c)	6.00%	11/2025	1,709		1,709		0.3		1,692
ES Acquisition LLC	Senior loan	L + 5.00%	(c)	6.00%	11/2025	1,107		1,099		0.2		1,096
ES Acquisition LLC	Second lien	L + 5.00%	(c)	6.00%	11/2025	852		845		0.1		843
ES Acquisition LLC	Senior loan	L + 5.00%	(c)(e)	6.42%	11/2025	73		70		—		69
ES Acquisition LLC(5)	Senior loan	L + 5.00%		N/A(6)	11/2025	—		(25)		—		(27)
						24,720		24,473		4.1		24,482
Food & Staples Retailing
Captain D's, LLC~	Senior loan	L + 4.50%	(b)	5.50%	12/2023	1,193		1,185		0.2		1,193
Captain D's, LLC#	Senior loan	L + 4.50%	(b)	5.50%	12/2023	199		196		—		199
Captain D's, LLC(5)	Senior loan	L + 4.50%		N/A(6)	12/2023	—		(1)		—		—
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	576		573		0.1		576
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	295		294		0.1		295
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	232		231		0.1		232
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	228		227		—		228
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	112		112		—		112
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	112		111		—		112
Mendocino Farms, LLC(7)	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	55		55		—		55
Mendocino Farms, LLC(5)	One stop	L + 8.50%		N/A(6)	06/2023	—		(9)		—		—
Ruby Slipper Cafe LLC, The	One stop	L + 8.50%	(c)	8.50% cash/1.00% PIK	01/2023	333		332		0.1		296
Ruby Slipper Cafe LLC, The	One stop	L + 8.50%	(c)	8.50% cash/1.00% PIK	01/2023	117		116		—		104
Ruby Slipper Cafe LLC, The	One stop	L + 8.50%	(c)	8.50% cash/1.00% PIK	01/2023	20		20		—		18
Wood Fired Holding Corp.#	One stop	L + 7.75%	(c)	6.75% cash/2.00% PIK	12/2023	3,182		3,165		0.5		3,150
Wood Fired Holding Corp.	One stop	L + 7.75%	(c)	6.75% cash/2.00% PIK	12/2023	286		284		0.1		283
Wood Fired Holding Corp.	One stop	L + 7.75%	(c)	6.75% cash/2.00% PIK	12/2023	101		100		—		100
						7,041		6,991		1.2		6,953
Food Products
FCID Merger Sub, Inc.~	One stop	L + 6.00%	(c)	7.00%	12/2026	5,425		5,348		0.9		5,425
FCID Merger Sub, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(1)		—		—
FCID Merger Sub, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(16)		—		—
Flavor Producers, LLC#	Senior loan	L + 5.75%	(c)(d)	5.75% cash/1.00% PIK	12/2023	439		435		0.1		403
Flavor Producers, LLC(5)	Senior loan	L + 5.75%		N/A(6)	12/2022	—		—		—		(1)
MAPF Holdings, Inc.#~	One stop	L + 6.00%	(c)	7.00%	12/2026	11,642		11,531		1.9		11,642
MAPF Holdings, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(17)		—		—
MAPF Holdings, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2026	—		(3)		—		—
						17,506		17,277		2.9		17,469

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC~	One stop	L + 5.00%	(c)	6.00%	06/2025	$	937	$	930	0.2	%	$	937
Aspen Medical Products, LLC#	One stop	L + 5.00%	(c)	6.00%	06/2025	60		60		—		60
Aspen Medical Products, LLC	One stop	L + 5.00%		N/A(6)	06/2025	—		—		—		—
Belmont Instrument, LLC#	Senior loan	L + 4.75%	(c)	5.75%	12/2023	1,775		1,762		0.3		1,775
Blades Buyer, Inc.~	Senior loan	L + 4.75%	(c)	5.75%	08/2025	1,630		1,617		0.3		1,630
Blades Buyer, Inc.	Senior loan	L + 4.75%		N/A(6)	08/2025	—		—		—		—
Blades Buyer, Inc.(5)	Senior loan	L + 4.75%		N/A(6)	08/2025	—		(5)		—		—
Blue River Pet Care, LLC~	One stop	L + 5.00%	(a)	5.11%	07/2026	5,461		5,419		0.9		5,461
Blue River Pet Care, LLC	One stop	L + 5.00%	(a)	5.11%	07/2026	2,137		2,105		0.4		2,137
Blue River Pet Care, LLC	One stop	L + 5.00%	(a)	5.11%	08/2025	57		56		—		57
CCSL Holdings, LLC~	One stop	L + 5.75%	(d)	6.75%	12/2026	6,193		6,119		1.0		6,194
CCSL Holdings, LLC(5)	One stop	L + 5.75%		N/A(6)	12/2026	—		(2)		—		—
CCSL Holdings, LLC(5)	One stop	L + 5.75%		N/A(6)	12/2026	—		(24)		—		—
CMI Parent Inc.#~	Senior loan	L + 4.25%	(c)	5.25%	08/2025	14,430		14,327		2.4		14,430
CMI Parent Inc.(5)	Senior loan	L + 4.25%		N/A(6)	08/2025	—		(1)		—		—
						32,680		32,363		5.5		32,681

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC#	One stop	L + 6.00%	(c)	7.00%	03/2027	$	1,564	$	1,541	0.3	%	$	1,541
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	L + 10.50%	(c)	11.50%	03/2028	621		611		0.1		611
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(2)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(18)		—		(19)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	L + 10.50%		N/A(6)	03/2028	—		(2)		—		(2)
CRH Healthcare Purchaser, Inc.~	Senior loan	L + 4.50%	(c)	5.50%	12/2024	3,926		3,892		0.7		3,926
CRH Healthcare Purchaser, Inc.	Senior loan	L + 4.50%	(c)	5.50%	12/2024	1,699		1,684		0.3		1,699
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(1)		—		—
Elite Dental Partners LLC	One stop	L + 5.25%	(c)	6.25%	06/2023	1,727		1,706		0.3		1,675
Elite Dental Partners LLC	One stop	L + 5.25%		N/A(6)	06/2023	—		—		—		—
Emerge Intermediate, Inc.#	One stop	L + 8.50%	(c)	7.00% cash/2.50% PIK	05/2024	2,278		2,238		0.4		2,141
Emerge Intermediate, Inc.(5)	One stop	L + 8.50%		N/A(6)	05/2024	—		(1)		—		(9)
Encorevet Group LLC	One stop	L + 5.25%	(c)	6.25%	11/2024	10,515		10,381		1.8		10,515
Encorevet Group LLC~	Senior loan	L + 5.25%	(c)	6.25%	11/2024	4,031		4,002		0.7		4,031
Encorevet Group LLC~	Senior loan	L + 5.25%	(c)	6.25%	11/2024	1,810		1,810		0.3		1,810
Encorevet Group LLC~	Senior loan	L + 5.25%	(c)	6.25%	11/2024	1,126		1,118		0.2		1,126
Encorevet Group LLC	Senior loan	L + 5.25%	(c)	6.25%	11/2024	935		929		0.1		935
Encorevet Group LLC	Senior loan	L + 5.25%	(c)	6.25%	11/2024	161		161		—		161
Encorevet Group LLC	Senior loan	L + 5.25%		N/A(6)	11/2024	—		—		—		—
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	7.25%	05/2023	3,779		3,717		0.6		3,401
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	7.25%	05/2023	1,125		1,123		0.2		1,013
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(7)(8)(10)	One stop	L + 4.50%	(k)	4.94%	03/2027	1,975		1,940		0.4		2,128
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(7)(8)(10)	One stop	L + 4.50%	(k)	4.98%	03/2027	795		788		0.1		846
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(7)(10)	One stop	L + 5.00%	(c)	5.20%	03/2027	295		281		—		317
Klick Inc.#(7)(10)	Senior loan	L + 4.50%	(c)	5.50%	03/2028	3,963		3,923		0.7		3,923
Klick Inc.(7)(10)	Senior loan	L + 4.50%	(c)	5.50%	03/2026	27		25		—		25
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(c)	6.25%	05/2025	501		493		0.1		501
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(c)	6.25%	05/2025	474		470		0.1		474
Krueger-Gilbert Health Physics, LLC~	Senior loan	L + 5.25%	(c)	6.25%	05/2025	128		127		—		128
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(c)	6.25%	05/2025	25		25		—		25
MD Now Holdings, Inc.~	One stop	L + 5.00%	(c)	6.00%	08/2024	2,883		2,867		0.5		2,883
MD Now Holdings, Inc.	One stop	L + 5.00%	(c)	6.00%	08/2024	242		241		—		242
MD Now Holdings, Inc.(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(1)		—		—
Midwest Veterinary Partners, LLC~	One stop	L + 5.75%	(c)	6.75%	07/2025	5,107		5,041		0.9		5,107
Midwest Veterinary Partners, LLC	One stop	L + 5.75%	(c)	6.75%	07/2025	4,388		4,330		0.7		4,388
Midwest Veterinary Partners, LLC(7)~	One stop	L + 5.75%	(c)	6.75%	07/2025	3,187		3,165		0.5		3,187
Midwest Veterinary Partners, LLC~	One stop	L + 5.75%	(c)	6.75%	07/2025	789		783		0.1		789
Midwest Veterinary Partners, LLC~	One stop	L + 5.75%	(c)	6.75%	07/2025	246		244		—		246
Midwest Veterinary Partners, LLC	One stop	L + 5.75%	(c)	6.75%	07/2025	90		89		—		90
NVA Holdings, Inc.#	Senior loan	L + 3.50%	(a)	3.63%	02/2026	964		956		0.2		964
Summit Behavioral Healthcare, LLC~	Senior loan	L + 5.00%	(c)	6.00%	10/2023	2,402		2,387		0.4		2,402
Summit Behavioral Healthcare, LLC	Senior loan	L + 5.00%	(c)	6.00%	10/2023	78		75		—		78
Summit Behavioral Healthcare, LLC	Senior loan	L + 5.00%	(c)	6.00%	10/2023	50		49		—		50
Veterinary Specialists of North America, LLC#~	Senior loan	L + 4.25%	(a)	4.36%	04/2025	16,839		16,726		2.8		16,839
Veterinary Specialists of North America, LLC	Senior loan	L + 4.25%	(a)	4.36%	04/2025	5,053		5,019		0.9		5,053
Veterinary Specialists of North America, LLC	Senior loan	L + 4.25%	(a)	4.36%	04/2025	1,225		1,217		0.2		1,225
Veterinary Specialists of North America, LLC	Senior loan	L + 4.25%	(a)	4.36%	04/2025	617		612		0.1		617
Veterinary Specialists of North America, LLC(5)	Senior loan	L + 4.25%		N/A(6)	04/2025	—		(3)		—		—
						87,640		86,758		14.7		87,081

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.#	One stop	L + 8.50%	(a)	9.50%	02/2024	$	1,261	$	1,253	0.2	%	$	1,261
Connexin Software, Inc.	One stop	L + 8.50%		N/A(6)	02/2024	—		—		—		—
HealthEdge Software, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2026	3,334		3,303		0.6		3,334
HealthEdge Software, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2026	2,185		2,185		0.4		2,185
HealthEdge Software, Inc.#	One stop	L + 6.25%	(c)	7.25%	04/2026	1,559		1,530		0.3		1,559
HealthEdge Software, Inc.	One stop	L + 6.25%	(c)	7.25%	04/2026	19		18		—		19
HSI Halo Acquisition, Inc.#	One stop	L + 5.75%	(c)	6.75%	08/2026	1,529		1,499		0.3		1,529
HSI Halo Acquisition, Inc.#	One stop	L + 5.75%	(c)	6.75%	08/2026	531		526		0.1		531
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(c)	6.75%	08/2026	309		306		—		309
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(a)	6.75%	09/2025	8		7		—		8
HSI Halo Acquisition, Inc.(5)	One stop	L + 5.75%		N/A(6)	08/2026	—		(3)		—		—
Nextech Holdings, LLC#~	One stop	L + 5.50%	(c)	5.71%	06/2025	17,761		17,636		2.9		17,406
Nextech Holdings, LLC	One stop	L + 5.50%	(b)	5.65%	06/2025	720		715		0.1		706
Nextech Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(2)		—		(6)
Nextech Holdings, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(1)		—		(3)
Qgenda Intermediate Holdings, LLC#	One stop	L + 5.50%	(c)	6.50%	06/2025	5,752		5,699		1.0		5,752
Qgenda Intermediate Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	06/2025	5,064		5,064		0.8		5,064
Qgenda Intermediate Holdings, LLC~	One stop	L + 5.50%	(c)	6.50%	06/2025	2,450		2,450		0.4		2,450
Qgenda Intermediate Holdings, LLC	One stop	L + 5.50%		N/A(6)	06/2025	—		—		—		—
Transaction Data Systems, Inc.#~	One stop	L + 5.75%	(c)	6.75%	02/2026	14,036		13,891		2.4		14,036
Transaction Data Systems, Inc.	One stop	L + 5.75%	(a)(c)	6.75%	02/2026	46		45		—		46
						56,564		56,121		9.5		56,186
Hotels, Restaurants & Leisure
BJH Holdings III Corp.~	One stop	L + 5.25%	(a)	6.25%	08/2025	18,510		18,280		3.1		18,510
BJH Holdings III Corp.(5)	One stop	L + 5.25%		N/A(6)	08/2025	—		(6)		—		—
CR Fitness Holdings, LLC#	Senior loan	L + 4.25%	(a)	5.25%	07/2025	314		312		0.1		301
CR Fitness Holdings, LLC	Senior loan	L + 4.25%	(a)	5.25%	07/2025	105		102		—		92
CR Fitness Holdings, LLC	Senior loan	L + 4.25%	(a)(c)	5.25%	07/2025	37		37		—		36
Davidson Hotel Company, LLC#	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	1,742		1,726		0.2		1,220
Davidson Hotel Company, LLC	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	424		423		0.1		297
Davidson Hotel Company, LLC(5)	One stop	L + 6.75%		N/A(6)	07/2024	—		—		—		(15)
Davidson Hotel Company, LLC(5)	One stop	L + 6.75%		N/A(6)	07/2024	—		(7)		—		—
EOS Fitness Opco Holdings, LLC#	One stop	L + 5.75%	(c)	6.75%	01/2025	1,729		1,716		0.3		1,625
EOS Fitness Opco Holdings, LLC	One stop	L + 5.75%	(c)	6.75%	01/2025	370		367		0.1		348
EOS Fitness Opco Holdings, LLC	One stop	L + 5.75%	(c)	6.75%	01/2025	60		60		—		56
Freddy's Frozen Custard LLC#	One stop	L + 6.00%	(c)	7.00%	03/2027	3,798		3,761		0.6		3,760
Freddy's Frozen Custard LLC	One stop	L + 6.00%	(c)	7.00%	03/2027	14		13		—		13
SSRG Holdings, LLC#~	One stop	L + 5.25%	(c)	6.25%	11/2025	6,383		6,334		1.1		6,383
SSRG Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	11/2025	55		54		—		55
Sunshine Sub, LLC~	One stop	L + 5.25%	(c)	6.25%	05/2024	1,960		1,940		0.3		1,901
Sunshine Sub, LLC	One stop	L + 5.25%	(c)	6.25%	05/2024	1,923		1,903		0.3		1,865
Sunshine Sub, LLC(5)	One stop	L + 5.25%		N/A(6)	05/2024	—		(1)		—		(3)
Tropical Smoothie Cafe Holdings, LLC~	Senior loan	L + 5.25%	(a)(c)(d)	6.25%	09/2026	6,673		6,613		1.1		6,673
Tropical Smoothie Cafe Holdings, LLC(5)	Senior loan	L + 5.25%		N/A(6)	09/2026	—		(1)		—		—
Velvet Taco Holdings, Inc.	One stop	L + 11.00%	(c)	8.00% cash/4.00% PIK	03/2026	1,355		1,342		0.2		1,355
Velvet Taco Holdings, Inc.	One stop	L + 8.00%	(c)	8.00% cash/1.00% PIK	03/2026	120		119		—		111
Velvet Taco Holdings, Inc.	One stop	L + 7.00%		N/A(6)	03/2026	—		—		—		—
						45,572		45,087		7.5		44,583

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Durables
Groundworks LLC(7)	Senior loan	L + 5.00%	(c)	6.00%	01/2026	$	1,400	$	1,380	0.3	%	$	1,400
Groundworks LLC#	Senior loan	L + 5.00%	(c)	6.00%	01/2026	222		219		—		222
Groundworks LLC	Senior loan	L + 5.00%	(c)	6.00%	01/2026	112		106		—		112
Groundworks LLC(5)	Senior loan	L + 5.00%		N/A(6)	01/2026	—		(1)		—		—
Groundworks LLC(5)	Senior loan	L + 5.00%		N/A(6)	01/2026	—		(9)		—		—
						1,734		1,695		0.3		1,734
Household Products
WU Holdco, Inc. ~	One stop	L + 5.25%	(c)	6.25%	03/2026	1,064		1,057		0.2		1,064
WU Holdco, Inc.	One stop	L + 5.25%	(c)	6.25%	03/2026	164		162		—		164
WU Holdco, Inc.	One stop	L + 5.25%	(c)	5.45%	03/2025	9		9		—		8
						1,237		1,228		0.2		1,236
Industrial Conglomerates
Arch Global CCT Holdings Corp.#	Senior loan	L + 4.75%	(a)	4.86%	04/2026	1,502		1,497		0.3		1,502
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	—		—		—		—
Madison Safety & Flow LLC#	Senior loan	L + 4.00%	(a)	4.10%	03/2025	179		179		—		179
Madison Safety & Flow LLC	Senior loan	L + 4.00%		N/A(6)	03/2025	—		—		—		—
Specialty Measurement Bidco Limited#(7)(8)(9)	One stop	L + 6.25%	(f)	7.25%	11/2027	3,189		3,104		0.5		3,139
Specialty Measurement Bidco Limited#(7)(9)	One stop	L + 6.25%	(c)	7.25%	11/2027	3,185		3,102		0.5		3,185
Specialty Measurement Bidco Limited(5)(7)(8)(9)	One stop	L + 6.25%		N/A(6)	11/2027	—		(20)		—		—
						8,055		7,862		1.3		8,005
Insurance
High Street Insurance Partners, Inc.	Senior loan	L + 6.50%	(a)(c)(d)	7.50%	12/2025	447		437		0.1		440
High Street Insurance Partners, Inc.	Senior loan	L + 6.50%	(a)(c)	7.50%	12/2025	43		38		—		38
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)	6.75%	08/2025	927		921		0.2		913
Integrity Marketing Acquisition, LLC~	Senior loan	L + 5.75%	(c)	6.75%	08/2025	361		357		0.1		356
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)(d)	6.75%	08/2025	317		315		0.1		312
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%	(c)(d)	6.75%	08/2025	192		191		—		189
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.75%		N/A(6)	08/2025	—		—		—		—
Integrity Marketing Acquisition, LLC(5)	Senior loan	L + 5.75%		N/A(6)	08/2025	—		(10)		—		(10)
J.S. Held Holdings, LLC#~	One stop	L + 6.00%	(c)	7.00%	07/2025	18,653		18,333		3.1		18,466
J.S. Held Holdings, LLC	One stop	P + 5.00%	(e)	8.25%	07/2025	80		76		—		78
J.S. Held Holdings, LLC(7)	One stop	L + 6.00%		N/A(6)	07/2025	—		—		—		—
J.S. Held Holdings, LLC(5)	One stop	L + 6.00%		N/A(6)	07/2025	—		(59)		—		(41)
Majesco~	One stop	L + 7.75%	(c)	8.75%	09/2027	5,761		5,660		1.0		5,761
Majesco(5)	One stop	L + 7.75%		N/A(6)	09/2026	—		(3)		—		—
Orchid Underwriters Agency, LLC~	Senior loan	L + 4.50%	(c)	5.50%	12/2024	790		785		0.1		790
Orchid Underwriters Agency, LLC	Senior loan	L + 4.50%	(c)	5.50%	12/2024	220		219		—		220
Orchid Underwriters Agency, LLC	Senior loan	L + 4.25%		N/A(6)	12/2024	—		—		—		—
People Corporation#(7)(8)(13)	One stop	L + 6.25%	(k)	7.25%	02/2028	5,859		5,757		1.0		5,809
People Corporation(7)(8)(13)	One stop	L + 6.25%	(k)	7.25%	02/2028	267		251		—		232
People Corporation(5)(7)(8)(13)	One stop	L + 6.25%		N/A(6)	02/2027	—		(2)		—		(2)
RSC Acquisition, Inc.~	One stop	L + 5.50%	(c)	6.50%	10/2026	12,400		12,182		2.1		12,400
RSC Acquisition, Inc.~	One stop	L + 5.50%	(b)(c)	6.50%	10/2026	1,204		1,159		0.2		1,204
RSC Acquisition, Inc.(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(1)		—		—
RSC Acquisition, Inc.(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(72)		—		—
Sunstar Insurance Group, LLC#	Senior loan	L + 5.75%	(c)	6.75%	10/2026	251		246		—		248
Sunstar Insurance Group, LLC	Senior loan	L + 5.75%	(c)	6.75%	10/2026	123		120		—		121
Sunstar Insurance Group, LLC	Senior loan	L + 5.50%		N/A(6)	10/2026	—		—		—		—
						47,895		46,900		8.0		47,524

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Internet & Catalog Retail
AutoQuotes, LLC#	One stop	L + 6.00%	(c)	7.00%	11/2024	$	2,320	$	2,306	0.4	%	$	2,320
AutoQuotes, LLC	One stop	L + 6.00%		N/A(6)	11/2024	—		—		—		—
						2,320		2,306		0.4		2,320
IT Services
Acquia, Inc.#	One stop	L + 7.00%	(c)	8.00%	10/2025	1,804		1,790		0.3		1,804
Acquia, Inc.	One stop	L + 7.00%	(c)	8.00%	10/2025	4		4		—		4
Appriss Holdings, Inc.#~	One stop	L + 5.50%	(c)	5.70%	05/2026	8,519		8,396		1.4		8,519
Appriss Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	05/2025	—		(3)		—		—
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#	One stop	L + 7.50%	(c)	8.50% cash/1.00% PIK	08/2025	1,712		1,653		0.3		1,751
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	One stop	L + 7.50%		N/A(6)	08/2025	—		—		—		1
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.(5)	One stop	L + 7.50%		N/A(6)	08/2025	—		(5)		—		—
Centrify Corporation#	One stop	L + 6.00%	(c)	7.00%	03/2028	6,596		6,498		1.1		6,514
Centrify Corporation(5)	One stop	L + 6.00%		N/A(6)	03/2027	—		(2)		—		(2)
Episerver, Inc.(7)(8)	One stop	E + 6.00%	(f)	6.00%	10/2024	4,702		4,665		0.8		4,793
Episerver, Inc.	One stop	L + 5.75%	(d)	6.75%	10/2024	2,726		2,705		0.5		2,757
Episerver, Inc.(5)	One stop	L + 5.75%		N/A(6)	10/2024	—		(2)		—		2
Infinisource, Inc.#~	One stop	L + 4.50%	(c)	5.50%	10/2026	10,698		10,613		1.8		10,698
Infinisource, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2026	4,574		4,533		0.8		4,574
Infinisource, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2026	1,773		1,759		0.3		1,773
Infinisource, Inc.(5)	One stop	L + 4.50%		N/A(6)	10/2026	—		(1)		—		—
PCS Intermediate II Holdings, LLC(7)~	One stop	L + 5.25%	(c)	6.25%	01/2026	4,894		4,855		0.8		4,894
PCS Intermediate II Holdings, LLC(5)	One stop	L + 5.25%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC#~	One stop	L + 5.50%	(c)	6.50%	12/2025	18,605		18,422		3.1		18,233
Recordxtechnologies, LLC	One stop	L + 5.50%	(c)	6.50%	12/2025	1,697		1,677		0.3		1,648
Recordxtechnologies, LLC	One stop	L + 5.50%	(c)	6.50%	12/2025	100		98		—		96
Red Dawn SEI Buyer, Inc.#~	Senior loan	L + 4.25%	(d)	5.25%	11/2025	13,507		13,375		2.3		13,447
Red Dawn SEI Buyer, Inc.#(7)(8)	Senior loan	L + 4.50%	(h)	5.50%	11/2025	9,643		9,550		1.6		9,754
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.25%	(d)	5.25%	11/2025	2,401		2,383		0.4		2,391
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.25%	(a)	5.25%	11/2025	30		28		—		29
Red Dawn SEI Buyer, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	11/2025	—		(21)		—		13
						93,985		92,969		15.8		93,693

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	$	1,439	$	1,430	0.2	%	$	1,338
WBZ Investment LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	477		474		0.1		444
WBZ Investment LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	332		330		0.1		308
WBZ Investment LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	169		168		—		158
WBZ Investment LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	40		40		—		38
						2,457		2,442		0.4		2,286
Machinery
Bad Boy Mowers Acquisition, LLC#	Senior loan	L + 4.50%	(c)	5.25%	03/2028	798		796		0.1		796
Blackbird Purchaser, Inc. ~	Senior loan	L + 4.50%	(c)(e)	4.70%	04/2026	5,033		4,962		0.8		4,983
Blackbird Purchaser, Inc.	Senior loan	L + 4.50%	(c)	4.70%	04/2024	14		13		—		13
Chase Industries, Inc.#	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2025	1,956		1,936		0.3		1,684
Chase Industries, Inc.	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2025	339		335		0.1		292
Chase Industries, Inc.	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2023	119		118		—		104
Time Manufacturing Acquisition, LLC#	Senior loan	L + 5.00%	(b)(c)	6.00%	02/2023	280		280		0.1		281
						8,539		8,440		1.4		8,153
Marine
Veson Nautical LLC~	One stop	L + 5.00%	(c)	6.00%	11/2025	3,869		3,833		0.7		3,869
Veson Nautical LLC(5)	One stop	L + 5.00%		N/A(6)	11/2025	—		(1)		—		—
						3,869		3,832		0.7		3,869
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.#(7)(10)	One stop	L + 5.75%	(c)	6.75%	05/2025	3,718		3,660		0.6		3,718
3ES Innovation, Inc.(5)(7)(10)	One stop	L + 5.75%		N/A(6)	05/2025	—		(1)		—		—
Drilling Info Holdings, Inc.#~	Senior loan	L + 4.50%	(a)	4.61%	07/2025	12,021		11,756		2.0		12,112
Drilling Info Holdings, Inc.#	Senior loan	L + 4.25%	(a)	4.36%	07/2025	9,322		9,238		1.6		9,301
Drilling Info Holdings, Inc.	Senior loan	L + 4.25%	(a)	4.36%	07/2023	40		39		—		39
Drilling Info Holdings, Inc.	Senior loan	L + 4.50%	(a)	4.61%	07/2023	35		32		—		35
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2025	—		(4)		—		(1)
Project Power Buyer, LLC~	One stop	L + 6.25%	(c)	7.25%	05/2026	3,880		3,840		0.7		3,880
Project Power Buyer, LLC(5)	One stop	L + 6.25%		N/A(6)	05/2025	—		(1)		—		—
						29,016		28,559		4.9		29,084
Paper & Forest Products
Messenger, LLC~	One stop	L + 6.00%	(c)(e)	7.00%	08/2023	2,011		2,000		0.3		2,011
Messenger, LLC	One stop	L + 6.00%		N/A(6)	08/2023	—		—		—		—
						2,011		2,000		0.3		2,011
Pharmaceuticals
ACP Ulysses Buyer, Inc.~	Senior loan	L + 5.00%	(c)	6.00%	02/2026	4,853		4,814		0.8		4,853
Amalthea Parent, Inc.#(7)(10)	One stop	L + 5.25%	(b)	6.25%	03/2027	8,751		8,664		1.5		8,664
Amalthea Parent, Inc.(5)(7)(10)	One stop	L + 5.25%		N/A(6)	03/2027	—		(3)		—		(3)
Amalthea Parent, Inc.(5)(7)(10)	One stop	L + 5.25%		N/A(6)	03/2027	—		(19)		—		(19)
						13,604		13,456		2.3		13,495

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Professional Services
Net Health Acquisition Corp.#	One stop	L + 5.75%	(c)	6.75%	12/2025	$	1,473	$	1,458	0.3	%	$	1,458
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	862		851		0.1		853
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	742		731		0.1		735
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	466		459		0.1		461
Net Health Acquisition Corp.~	One stop	L + 5.75%	(c)	6.75%	12/2025	110		109		—		109
Net Health Acquisition Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(2)		—		(2)
Nexus Brands Group, Inc.~	One stop	L + 6.00%	(c)	7.00%	11/2023	586		582		0.1		586
Nexus Brands Group, Inc.~	One stop	L + 6.00%	(c)	7.00%	11/2023	510		506		0.1		510
Nexus Brands Group, Inc.~	One stop	L + 6.00%	(c)	7.00%	11/2023	292		291		0.1		292
Nexus Brands Group, Inc.~	One stop	L + 6.00%	(c)	7.00%	11/2023	211		210		—		211
Nexus Brands Group, Inc.~	One stop	L + 6.00%	(c)	7.00%	11/2023	80		79		—		80
Nexus Brands Group, Inc.(7)~	One stop	L + 6.00%	(c)	7.00%	11/2023	51		50		—		51
Nexus Brands Group, Inc.	One stop	L + 6.00%	(a)(c)	7.00%	11/2023	20		19		—		20
Nexus Brands Group, Inc.	One stop	L + 6.00%		N/A(6)	11/2023	—		—		—		—
PlanSource Holdings, Inc. #	One stop	L + 6.25%	(d)	7.25%	04/2025	2,818		2,797		0.5		2,818
PlanSource Holdings, Inc. (5)	One stop	L + 6.25%		N/A(6)	04/2025	—		(1)		—		—
						8,221		8,139		1.4		8,182

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Real Estate Management & Development
MRI Software LLC#~	One stop	L + 5.50%	(d)	6.50%	02/2026	$	14,594	$	14,499	2.5	%	$	14,594
MRI Software LLC~	One stop	L + 5.50%	(d)	6.50%	02/2026	1,953		1,908		0.3		1,953
MRI Software LLC	One stop	L + 5.50%	(c)	6.50%	02/2026	14		11		—		14
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(3)		—		—
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(2)		—		—
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(7)		—		—
Property Brands, Inc.~	One stop	L + 6.00%	(d)	7.00%	01/2024	2,765		2,749		0.5		2,765
Property Brands, Inc.~	One stop	L + 6.00%	(d)	7.00%	01/2024	2,583		2,546		0.4		2,583
Property Brands, Inc.~	One stop	L + 6.00%	(d)	7.00%	01/2024	1,117		1,110		0.2		1,117
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	911		906		0.1		911
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	393		391		0.1		393
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	334		332		0.1		334
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	333		331		0.1		333
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	262		261		—		262
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	138		138		—		138
Property Brands, Inc.	One stop	L + 6.00%	(d)	7.00%	01/2024	100		99		—		100
						25,497		25,269		4.3		25,497
Road & Rail
Internet Truckstop Group LLC~	One stop	L + 5.75%	(c)	6.75%	04/2025	7,996		7,841		1.3		7,896
Internet Truckstop Group LLC#	One stop	L + 5.75%	(c)	6.75%	04/2025	3,516		3,464		0.6		3,472
Internet Truckstop Group LLC(5)	One stop	L + 5.75%		N/A(6)	03/2027	—		(2)		—		(2)
						11,512		11,303		1.9		11,366

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Appfire Technologies, LLC#	One stop	L + 5.00%	(c)	6.00%	03/2027	$	5,724	$	5,668	1.0	%	$	5,667
Appfire Technologies, LLC(5)	One stop	L + 5.00%		N/A(6)	03/2027	—		(1)		—		(2)
Appfire Technologies, LLC(5)	One stop	L + 5.00%		N/A(6)	03/2027	—		(42)		—		(42)
Apptio, Inc. #	One stop	L + 7.25%	(d)	8.25%	01/2025	12,605		12,445		2.1		12,605
Apptio, Inc.	One stop	L + 7.25%	(d)	8.25%	01/2025	38		37		—		38
Astute Holdings, Inc. ~	One stop	L + 6.50%	(c)	7.50%	04/2025	2,771		2,747		0.5		2,771
Astute Holdings, Inc.	One stop	L + 6.50%	(c)	7.50%	04/2025	1,155		1,145		0.2		1,155
Astute Holdings, Inc. (5)	One stop	L + 6.50%		N/A(6)	04/2025	—		(1)		—		—
Axiom Merger Sub Inc.	One stop	L + 5.25%	(c)(d)	6.25%	04/2026	1,147		1,133		0.2		1,154
Axiom Merger Sub Inc.(7)(8)	One stop	E + 5.50%	(f)	5.50%	04/2026	478		472		0.1		495
Axiom Merger Sub Inc.	One stop	L + 5.25%	(d)	6.25%	04/2026	15		14		—		15
Azul Systems, Inc.~	Senior loan	L + 4.50%	(c)	5.50%	04/2027	9,492		9,410		1.6		9,492
Azul Systems, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	04/2026	—		(1)		—		—
Bearcat Buyer, Inc.#	Senior loan	L + 4.25%	(c)	5.25%	07/2026	575		570		0.1		561
Bearcat Buyer, Inc.	Senior loan	L + 4.25%	(c)	5.25%	07/2026	204		202		—		199
Bearcat Buyer, Inc.#	Senior loan	L + 4.25%	(c)	5.25%	07/2026	152		151		—		148
Bearcat Buyer, Inc.	Senior loan	L + 4.25%		N/A(6)	07/2024	—		—		—		—
Bullhorn, Inc.#~	One stop	L + 5.75%	(c)	6.75%	09/2026	13,477		13,262		2.3		13,541
Bullhorn, Inc.(7)(8)	One stop	L + 6.00%	(g)	6.09%	09/2026	2,405		2,366		0.5		2,683
Bullhorn, Inc.#(7)(8)	One stop	L + 5.75%	(f)	5.75%	09/2026	966		949		0.2		1,020
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	662		652		0.1		665
Bullhorn, Inc.~	One stop	L + 5.75%	(c)	6.75%	09/2026	607		593		0.1		609
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	528		519		0.1		530
Bullhorn, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2026	—		(4)		—		1
Bullhorn, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2026	—		(23)		—		7
Calabrio, Inc. #	One stop	L + 6.50%	(c)	7.50%	06/2025	22,076		21,922		3.7		22,076
Calabrio, Inc. (5)	One stop	L + 6.50%		N/A(6)	06/2025	—		(1)		—		—
Cloudbees, Inc.	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	848		839		0.2		848
Cloudbees, Inc.#	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	705		693		0.1		705
Cloudbees, Inc.	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	498		496		0.1		498
Cloudbees, Inc.	One stop	L + 8.50%		N/A(6)	05/2023	—		—		—		—
Confluence Technologies, Inc.~	One stop	L + 5.50%	(a)	6.50%	03/2024	8,373		8,333		1.4		8,373
Confluence Technologies, Inc.(5)	One stop	L + 5.50%		N/A(6)	03/2024	—		(1)		—		—
Convercent, Inc.#	One stop	L + 9.00%	(c)	8.25% cash/2.75% PIK	12/2024	717		703		0.1		745
Convercent, Inc.	One stop	L + 9.00%	(c)	8.25% cash/2.75% PIK	12/2024	80		80		—		83
Convercent, Inc.	Subordinated debt	N/A		4.00%	03/2021	35		35		—		72
Convercent, Inc.	One stop	L + 9.00%	(c)	8.25% cash/2.75% PIK	12/2024	20		20		—		21
Convercent, Inc.(5)	One stop	L + 9.00%		N/A(6)	12/2024	—		(1)		—		—
Digital Guardian, Inc.	One stop	L + 9.50%	(c)	7.50% cash/3.00% PIK	06/2023	1,724		1,719		0.3		1,844
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	06/2023	2		1		—		2

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Digital Guardian, Inc.	One stop	L + 8.00%		N/A(6)	06/2023	$	—	$	—	—	%	$	1
Diligent Corporation#~	One stop	L + 6.25%	(c)	7.25%	08/2025	27,913		27,554		4.7		28,154
Diligent Corporation(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(9)		—		8
Diligent Corporation(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(52)		—		17
GS Acquisitionco, Inc.#~	One stop	L + 5.75%	(d)	6.75%	05/2024	15,481		15,377		2.6		15,481
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2024	4,360		4,330		0.7		4,360
GS Acquisitionco, Inc.~	One stop	L + 5.75%	(c)	6.75%	05/2024	2,782		2,744		0.5		2,782
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2024	1,141		1,133		0.2		1,141
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2024	1,053		1,045		0.2		1,053
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2024	659		655		0.1		659
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2024	78		77		—		78
GS Acquisitionco, Inc.	One stop	L + 5.75%	(c)	6.75%	05/2024	64		63		—		64
GS Acquisitionco, Inc.(5)	One stop	L + 5.75%		N/A(6)	05/2024	—		(11)		—		—
ICIMS, Inc.#	One stop	L + 6.50%	(c)	7.50%	09/2024	3,240		3,205		0.5		3,240
ICIMS, Inc.#	One stop	L + 6.50%	(c)	7.50%	09/2024	1,065		1,057		0.2		1,065
ICIMS, Inc.#	One stop	L + 6.50%	(c)	7.50%	09/2024	621		616		0.1		621
ICIMS, Inc.	One stop	L + 6.50%	(c)	7.50%	09/2024	44		44		—		44
Impartner, Inc.#	One stop	L + 9.50%	(c)	9.30% cash/2.00% PIK	08/2025	1,167		1,160		0.2		1,210
Impartner, Inc.(5)	One stop	L + 9.50%		N/A(6)	08/2025	—		(1)		—		7
Impartner, Inc.	One stop	L + 9.50%		N/A(6)	08/2025	—		—		—		—
Infogix, Inc.#	One stop	L + 6.00%	(c)	7.00%	04/2024	1,449		1,446		0.2		1,449
Infogix, Inc.#	One stop	L + 6.00%	(c)	7.00%	04/2024	228		226		—		228
Infogix, Inc.	One stop	L + 6.00%	(c)	7.00%	04/2024	45		45		—		45
Instructure, Inc.#	One stop	L + 7.00%	(c)	8.00%	03/2026	27,079		26,787		4.6		27,079
Instructure, Inc.(5)	One stop	L + 7.00%		N/A(6)	03/2026	—		(2)		—		—
Integral Ad Science, Inc.#	One stop	L + 7.25%	(c)	6.00% cash/1.25% PIK	07/2024	3,578		3,541		0.6		3,578
Integral Ad Science, Inc.(5)	One stop	L + 6.00%		N/A(6)	07/2023	—		—		—		(1)
Integration Appliance, Inc.#	One stop	L + 7.25%	(c)	8.25%	08/2023	14,125		14,058		2.4		14,125
Integration Appliance, Inc.	One stop	L + 7.25%	(c)	8.25%	08/2023	1		1		—		1
Invoice Cloud, Inc.	One stop	L + 6.50%	(c)	4.25% cash/3.25% PIK	02/2024	1,132		1,126		0.2		1,132
Invoice Cloud, Inc.	One stop	L + 6.50%	(c)	4.25% cash/3.25% PIK	02/2024	925		920		0.2		925
Invoice Cloud, Inc.	One stop	L + 6.00%		N/A(6)	02/2024	—		—		—		—
Juvare, LLC~	One stop	L + 5.75%	(c)	6.75%	10/2026	3,012		2,977		0.5		3,012
Juvare, LLC	One stop	P + 4.75%	(e)	8.00%	10/2026	382		373		0.1		382
Juvare, LLC(5)	One stop	L + 5.75%		N/A(6)	04/2026	—		(1)		—		—
Kaseya Traverse Inc#	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	14,780		14,575		2.5		14,780
Kaseya Traverse Inc	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	1,733		1,718		0.3		1,733
Kaseya Traverse Inc	One stop	L + 7.00%	(c)	5.00% cash/3.00% PIK	05/2025	573		558		0.1		573
Kaseya Traverse Inc	One stop	L + 6.50%	(b)	7.50%	05/2025	51		50		—		50
Mindbody, Inc.	One stop	L + 8.50%	(c)	8.00% cash/1.50% PIK	02/2025	11,839		11,763		2.0		11,839
Mindbody, Inc.(5)	One stop	L + 8.00%		N/A(6)	02/2025	—		(1)		—		(2)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Ministry Brands, LLC#	Senior loan	L + 4.00%	(a)	5.00%	12/2022	$	221	$	220	—	%	$	221
Ministry Brands, LLC	Senior loan	L + 4.00%	(a)	5.00%	12/2022	130		129		—		130
Ministry Brands, LLC#	Senior loan	L + 4.00%	(a)	5.00%	12/2022	126		126		—		126
mParticle, Inc.#	One stop	L + 9.75%	(c)	7.50% cash/3.25% PIK	09/2025	1,271		1,257		0.2		1,271
mParticle, Inc.	One stop	L + 9.75%	(c)	7.50% cash/3.25% PIK	09/2025	30		30		—		30
Namely, Inc.#	One stop	L + 7.50%	(c)	8.25% cash/1.25% PIK	06/2024	2,132		2,011		0.4		2,132
Namely, Inc.	One stop	L + 7.50%	(c)	8.25% cash/1.25% PIK	06/2024	803		759		0.1		803
Namely, Inc.	One stop	L + 7.50%	(a)	8.25% cash/1.25% PIK	06/2024	35		35		—		35
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH#	One stop	L + 7.75%	(c)	7.50% cash/1.75% PIK	10/2024	133		128		—		140
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	One stop	L + 7.75%		N/A(6)	10/2024	—		—		—		1
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH(5)	One stop	L + 7.75%		N/A(6)	10/2024	—		(6)		—		71
PDI TA Holdings, Inc.#~	One stop	L + 4.50%	(c)	5.50%	10/2024	3,391		3,359		0.6		3,391
PDI TA Holdings, Inc.#	Second lien	L + 8.50%	(c)	9.50%	10/2025	1,356		1,337		0.2		1,356
Personify, Inc.~	One stop	L + 5.75%	(c)	6.75%	09/2024	3,412		3,392		0.6		3,412
Personify, Inc.~	One stop	L + 5.75%	(c)	6.75%	09/2024	2,050		2,031		0.3		2,050
Personify, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2024	30		30		—		30
RegEd Aquireco, LLC~	Senior loan	L + 4.25%	(a)	5.25%	12/2024	1,211		1,204		0.2		1,151
RegEd Aquireco, LLC	Senior loan	P + 3.25%	(a)(e)	5.95%	12/2024	76		75		—		68
Saturn Borrower Inc.#~	One stop	L + 6.50%	(c)	7.50%	09/2026	8,076		7,852		1.3		7,834
Saturn Borrower Inc.(5)	One stop	L + 6.50%		N/A(6)	09/2026	—		(3)		—		(3)
SnapLogic, Inc.	One stop	L + 8.75%	(c)	5.75% cash/5.50% PIK	09/2024	1,058		1,053		0.2		1,058
SnapLogic, Inc.#(5)	One stop	L + 8.75%	(c)	5.75% cash/5.50% PIK	09/2024	3		(2)		—		3
SnapLogic, Inc.	One stop	L + 8.75%		N/A(6)	09/2024	—		—		—		—
Sontatype, Inc.#	One stop	L + 6.75%	(c)	7.75%	12/2025	12,912		12,811		2.2		12,912
Sontatype, Inc.(5)	One stop	L + 6.75%		N/A(6)	12/2025	—		(2)		—		—
Spartan Buyer Acquisition Co.#	One stop	L + 6.50%	(c)	7.50%	12/2026	12,739		12,588		2.1		12,739
Spartan Buyer Acquisition Co.(5)	One stop	L + 6.50%		N/A(6)	12/2026	—		(3)		—		—
Telesoft Holdings LLC#~	One stop	L + 5.75%	(b)	6.75%	12/2025	21,062		20,688		3.6		21,062
Telesoft Holdings LLC(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(4)		—		—
TI Intermediate Holdings, LLC~	Senior loan	L + 4.50%	(a)	4.61%	12/2024	816		811		0.1		815
TI Intermediate Holdings, LLC#	Senior loan	L + 4.50%	(a)	5.50%	12/2024	219		214		—		224
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	4.61%	12/2024	4		3		—		4
TI Intermediate Holdings, LLC(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(2)		—		2
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	1,950		1,925		0.3		1,931
Togetherwork Holdings, LLC#	One stop	L + 6.25%	(a)	7.25%	03/2025	1,290		1,277		0.2		1,277
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	498		492		0.1		493
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	476		470		0.1		471
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	471		465		0.1		467
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	439		433		0.1		434

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	$	403	$	397	0.1	%	$	399
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	302		298		0.1		299
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	201		199		—		199
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	182		179		—		180
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	85		83		—		84
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	82		81		—		81
Togetherwork Holdings, LLC	One stop	L + 6.25%	(a)	7.25%	03/2024	70		68		—		69
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	18		17		—		17
Togetherwork Holdings, LLC~	One stop	L + 6.25%	(a)	7.25%	03/2025	16		16		—		16
Transact Holdings, Inc.#	Senior loan	L + 4.75%	(a)	4.86%	04/2026	754		745		0.1		748
Trintech, Inc.~	One stop	L + 6.00%	(c)	7.00%	12/2023	2,082		2,070		0.4		2,082
Trintech, Inc.~	One stop	L + 6.00%	(c)	7.00%	12/2023	1,036		1,030		0.2		1,036
Trintech, Inc.	One stop	L + 6.00%	(c)	7.00%	12/2023	150		149		—		150
Vector CS Midco Limited & Cloudsense Ltd.(7)(8)(9)	One stop	N/A		3.70% cash/3.55% PIK	05/2024	2,023		2,011		0.4		2,090
Vector CS Midco Limited & Cloudsense Ltd.(7)(8)(9)	One stop	L + 8.05%	(g)	4.50% cash/3.55% PIK	05/2024	67		66		—		69
Workforce Software, LLC#	One stop	L + 6.50%	(c)	7.50%	07/2025	11,011		10,854		1.9		11,011
Workforce Software, LLC(5)	One stop	L + 6.50%		N/A(6)	07/2025	—		(1)		—		—
						325,581		321,693		54.9		326,163

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
2nd Ave. LLC#	One stop	L + 6.50%	(d)	7.50%	09/2025	$	1,373	$	1,363	0.2	%	$	1,373
2nd Ave. LLC	One stop	L + 6.50%	(d)	7.50%	09/2025	50		50		—		50
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	1,529		1,519		0.3		1,529
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	1,455		1,442		0.3		1,455
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	1,113		1,106		0.2		1,113
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	880		875		0.2		880
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	751		746		0.1		751
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	620		616		0.1		620
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	601		597		0.1		601
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	489		485		0.1		489
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	447		444		0.1		447
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	445		442		0.1		445
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	385		382		0.1		385
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	349		347		0.1		349
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	314		311		0.1		314
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	289		287		0.1		289
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	253		251		—		253
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	246		243		—		246
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	195		193		—		195
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	191		190		—		191
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	159		158		—		159
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	153		151		—		153
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	151		149		—		151
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	148		147		—		148
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	147		145		—		147
Imperial Optical Midco Inc.(7)	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	126		124		—		126
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	116		115		—		116
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	108		108		—		108
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	97		96		—		97
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	96		95		—		96
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	95		95		—		95
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	91		90		—		91
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	90		89		—		90
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	85		84		—		85
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	80		79		—		80

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Imperial Optical Midco Inc.(7)	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	$	72	$	71	—	%	$	72
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	62		61		—		62
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	59		58		—		59
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	58		57		—		58
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	56		56		—		56
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	55		54		—		55
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	54		53		—		54
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	52		52		—		52
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	49		49		—		49
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	42		42		—		42
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	37		37		—		37
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	33		32		—		33
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	31		31		—		31
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	25		25		—		25
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	25		25		—		25
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	24		24		—		24
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	23		23		—		23
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	22		22		—		22
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	21		21		—		21
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	17		17		—		17
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	12		12		—		12
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	11		11		—		11
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	9		9		—		9
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	5		5		—		5
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	4		4		—		4
Imperial Optical Midco Inc.	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	3		3		—		3
Imperial Optical Midco Inc.	One stop	L + 6.25%		N/A(6)	08/2023	—		—		—		—
Imperial Optical Midco Inc.(5)	One stop	L + 6.25%		N/A(6)	08/2023	—		(20)		—		—
Jet Equipment & Tools Ltd.(7)(8)(10)	One stop	L + 5.25%	(j)	6.25%	11/2024	4,235		4,203		0.7		4,407
Jet Equipment & Tools Ltd.(7)(10)~	One stop	L + 5.25%	(a)	6.25%	11/2024	3,338		3,317		0.6		3,335
Jet Equipment & Tools Ltd.#(7)(8)(10)	One stop	L + 5.50%	(j)	6.50%	11/2024	1,313		1,302		0.2		1,389
Jet Equipment & Tools Ltd.(7)(10)~	One stop	L + 5.25%	(a)	6.25%	11/2024	1,026		1,019		0.2		1,025
Jet Equipment & Tools Ltd.(7)(10)~	One stop	L + 5.25%	(a)	6.25%	11/2024	395		391		0.1		395
Jet Equipment & Tools Ltd.(5)(7)(8)(10)	One stop	L + 5.25%		N/A(6)	11/2024	—		(1)		—		—

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	$	1,692	$	1,692	0.3	%	$	1,692
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	404		399		0.1		404
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	372		368		0.1		372
PPV Intermediate Holdings II, LLC(7)~	One stop	L + 7.00%	(a)	8.00%	05/2023	359		355		0.1		359
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	347		347		0.1		347
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	323		319		0.1		323
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	269		266		0.1		269
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	256		253		0.1		256
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	207		207		—		207
PPV Intermediate Holdings II, LLC(7)~	One stop	L + 7.00%	(a)	8.00%	05/2023	184		182		—		184
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	150		145		—		150
PPV Intermediate Holdings II, LLC~	One stop	L + 7.00%	(a)	8.00%	05/2023	45		44		—		45
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	8		8		—		8
PPV Intermediate Holdings II, LLC	One stop	L + 7.00%		N/A(6)	05/2023	—		—		—		—
PPV Intermediate Holdings II, LLC(5)	One stop	L + 7.00%		N/A(6)	05/2023	—		(13)		—		—
Sola Franchise, LLC and Sola Salon Studios, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	984		978		0.2		984
Sola Franchise, LLC and Sola Salon Studios, LLC~	One stop	L + 5.50%	(c)	6.50%	10/2024	667		663		0.1		667
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 5.50%		N/A(6)	10/2024	—		—		—		—
Titan Fitness, LLC#	One stop	L + 6.75%	(b)(c)	5.75% cash/2.00% PIK	02/2025	6,650		6,587		1.0		5,983
Titan Fitness, LLC	One stop	L + 6.75%	(b)(c)	5.75% cash/2.00% PIK	02/2025	786		779		0.1		707
Titan Fitness, LLC	One stop	L + 6.75%	(b)(c)	5.75% cash/2.00% PIK	02/2025	238		235		—		213
Vermont Aus Pty Ltd(7)(8)(11)	One stop	L + 4.75%	(i)	4.84%	12/2024	439		434		0.1		482
Vermont Aus Pty Ltd(7)(8)(11)	One stop	L + 4.75%	(i)	4.84%	12/2024	32		30		—		38
						39,356		39,016		6.5		38,878

Total debt investments						$	1,040,705	$	1,028,508	174.4	%	$	1,035,289

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(14)(15)
Automobiles
MOP GM Holding, LLC	LP units	N/A	N/A	N/A	—	$	130	—	%	$	142
Quick Quack Car Wash Holdings, LLC	Preferred stock	N/A	N/A	N/A	—	93		—		102
						223		—		244
Biotechnology
BIO18 Borrower, LLC(16)	Preferred stock	N/A	N/A	N/A	141	246		0.1		469

Chemicals
Inhance Technologies Holdings LLC	LLC units	N/A	N/A	N/A	—	34		—		22

Diversified Consumer Services
CHHJ Franchising, LLC	Common Stock	N/A	N/A	N/A	8	79		—		79
EWC Growth Partners LLC	LP interest	N/A	N/A	N/A	—	25		—		2
Liminex, Inc.	LP units	N/A	N/A	N/A	6	201		0.1		216
						305		0.1		297

Electronic Equipment, Instruments, and Components
ES Acquisition LLC	Preferred stock	N/A	N/A	N/A	—	333		0.1		646

Food & Staples Retailing
Captain D's, LLC	LLC interest	N/A	N/A	N/A	15	15		—		47
Mendocino Farms, LLC	LLC interest	N/A	N/A	N/A	59	257		0.1		394
Ruby Slipper Cafe LLC, The	LP interest	N/A	N/A	N/A	6	61		—		14
Ruby Slipper Cafe LLC, The	LP interest	N/A	N/A	N/A	—	4		—		3
Wood Fired Holding Corp.	LLC units	N/A	N/A	N/A	103	103		—		83
Wood Fired Holding Corp.	Preferred stock	N/A	N/A	N/A	103	—		—		—
						440		0.1		541
Food Products
FCID Merger Sub, Inc.	LLC units	N/A	N/A	N/A	1	130		—		130

Health Care Equipment & Supplies
Aspen Medical Products, LLC	LP interest	N/A	N/A	N/A	—	17		—		27
Blue River Pet Care, LLC	Common Stock	N/A	N/A	N/A	—	207		0.1		305
CCSL Holdings, LLC	Preferred stock	N/A	N/A	N/A	—	125		—		125
CMI Parent Inc.	Common Stock	N/A	N/A	N/A	—	492		0.1		554
CMI Parent Inc.	Warrant	N/A	N/A	N/A	5	5		—		—
						846		0.2		1,011

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	Common Stock	N/A	N/A	N/A	41	$	41	—	%	$	41
CRH Healthcare Purchaser, Inc.(16)	LLC units	N/A	N/A	N/A	102	68		—		214
Elite Dental Partners LLC	Warrant	N/A	N/A	N/A	—	445		0.1		480
Elite Dental Partners LLC	Warrant	N/A	N/A	N/A	—	192		0.1		213
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—	—		—		20
Emerge Intermediate, Inc.	Common Stock	N/A	N/A	N/A	—	165		—		9
Emerge Intermediate, Inc.	Common Stock	N/A	N/A	N/A	—	10		—		9
Emerge Intermediate, Inc.	Common Stock	N/A	N/A	N/A	2	2		—		—
Encorevet Group LLC	Common Stock	N/A	N/A	N/A	2	223		0.1		311
Encorevet Group LLC	LLC units	N/A	N/A	N/A	1	91		—		121
Krueger-Gilbert Health Physics, LLC	Common Stock	N/A	N/A	N/A	49	50		—		56
MD Now Holdings, Inc.	Common Stock	N/A	N/A	N/A	3	33		—		44
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A	N/A	—	13		—		15
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A	N/A	3	—		—		31
Summit Behavioral Healthcare, LLC	LLC units	N/A	N/A	N/A	—	14		—		19
Summit Behavioral Healthcare, LLC	LLC units	N/A	N/A	N/A	—	—		—		1
						1,347		0.3		1,584
Health Care Technology
Caliper Software, Inc.	LLC units	N/A	N/A	N/A	1	596		0.1		813
Caliper Software, Inc.	Common Stock	N/A	N/A	N/A	—	340		0.1		362
Caliper Software, Inc.	LLC units	N/A	N/A	N/A	53	53		0.1		261
Caliper Software, Inc.	Preferred stock	N/A	N/A	N/A	—	15		—		16
Caliper Software, Inc.	LP interest	N/A	N/A	N/A	—	8		—		12
Connexin Software, Inc.	LLC interest	N/A	N/A	N/A	26	26		—		51
HSI Halo Acquisition, Inc.	LLC units	N/A	N/A	N/A	—	75		—		65
HSI Halo Acquisition, Inc.	LLC units	N/A	N/A	N/A	—	—		—		—
						1,113		0.3		1,580

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants and Leisure
Freddy's Frozen Custard LLC	Common Stock	N/A	N/A	N/A	81	$	81	—	%	$	81
SSRG Holdings, LLC	LP interest	N/A	N/A	N/A	40	399		0.1		378
Tropical Smoothie Cafe Holdings, LLC(16)	LLC interest	N/A	N/A	N/A	2	220		—		280
						700		0.1		739
Household Durables
Groundworks LLC	Common Stock	N/A	N/A	N/A	—	53		—		116

Insurance
Majesco	Common Stock	N/A	N/A	N/A	—	106		—		111
Majesco	Common Stock	N/A	N/A	N/A	24	—		—		45
Orchid Underwriters Agency, LLC(16)	Common Stock	N/A	N/A	N/A	22	22		—		19
						128		—		175

IT Services
Appriss Holdings, Inc.	Preferred stock	N/A	N/A	N/A	—	52		—		67
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	LLC units	N/A	N/A	N/A	217	170		0.1		600
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A	N/A	57	156		—		157
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A	N/A	75	59		0.1		173
Episerver, Inc.	LLC interest	N/A	N/A	N/A	17	173		—		155
PCS Intermediate II Holdings, LLC	Preferred stock	N/A	N/A	N/A	13	126		—		162
Red Dawn SEI Buyer, Inc.	Warrant	N/A	N/A	N/A	219	219		0.1		267
						955		0.3		1,581
Leisure Products
WBZ Investment LLC	LP interest	N/A	N/A	N/A	15	24		—		15
WBZ Investment LLC	Preferred stock	N/A	N/A	N/A	10	16		—		10
WBZ Investment LLC	Warrant	N/A	N/A	N/A	9	13		—		8
WBZ Investment LLC	LLC units	N/A	N/A	N/A	8	12		—		7
WBZ Investment LLC	LLC units	N/A	N/A	N/A	3	5		—		3
WBZ Investment LLC	Preferred stock	N/A	N/A	N/A	—	—		—		—
						70		—		43
Pharmaceuticals
Amalthea Parent, Inc.(7)(10)	Common Stock	N/A	N/A	N/A	199	199		—		199

Professional Services
Net Health Acquisition Corp.	LLC units	N/A	N/A	N/A	1	133		—		156
Nexus Brands Group, Inc.	LLC interest	N/A	N/A	N/A	—	49		—		74
						182		—		230
Real Estate Management & Development
Property Brands, Inc.	Preferred stock	N/A	N/A	N/A	11	60		—		90

Road & Rail
Internet Truckstop Group LLC	LP interest	N/A	N/A	N/A	146	146		—		149

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Astute Holdings, Inc.	LP interest	N/A	N/A	N/A	—		$	83	—	%	$	167
Calabrio, Inc.	Preferred stock	N/A	N/A	N/A	58		444		0.2		862
Cloudbees, Inc.	LP interest	N/A	N/A	N/A	15		93		—		93
Cloudbees, Inc.	LLC interest	N/A	N/A	N/A	27		40		—		109
Confluence Technologies, Inc.	LLC interest	N/A	N/A	N/A	—		53		—		90
Convercent, Inc.	Warrant	N/A	N/A	N/A	82		16		—		54
Digital Guardian, Inc.	LP interest	N/A	N/A	N/A	72		87		—		97
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	25		43		—		73
Digital Guardian, Inc.	LLC units	N/A	N/A	N/A	15		27		—		44
Digital Guardian, Inc.	Preferred stock	N/A	N/A	N/A	14		25		—		41
Digital Guardian, Inc.	Warrant	N/A	N/A	N/A	25		4		—		19
GS Acquisitionco, Inc.	LLC interest	N/A	N/A	N/A	—		44		—		192
MetricStream, Inc.	Warrant	N/A	N/A	N/A	44		67		—		53
mParticle, Inc.	LLC units	N/A	N/A	N/A	10		4		—		54
Namely, Inc.	LP units	N/A	N/A	N/A	24		163		0.1		161
Namely, Inc.	Preferred stock	N/A	N/A	N/A	8		14		—		12
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	LLC units	N/A	N/A	N/A	2		6		—		12
Personify, Inc.	LP interest	N/A	N/A	N/A	163		171		0.1		252
Pride Midco, Inc.(16)	LLC units	N/A	N/A	N/A	1		556		0.1		717
RegEd Aquireco, LLC	Preferred stock	N/A	N/A	N/A	—		73		—		40
RegEd Aquireco, LLC	Common Stock	N/A	N/A	N/A	1		—		—		—
Saturn Borrower Inc.	LP units	N/A	N/A	N/A	132		132		—		131
SnapLogic, Inc.	LLC units	N/A	N/A	N/A	66		164		0.1		358
SnapLogic, Inc.	LLC units	N/A	N/A	N/A	16		6		—		62
Spartan Buyer Acquisition Co.	LLC units	N/A	N/A	N/A	—		216		0.1		216
Telesoft Holdings LLC	Common Stock	N/A	N/A	N/A	131		131		—		117
							2,662		0.7		4,026
Specialty Retail
2nd Ave. LLC	LLC units	N/A	N/A	N/A	157		157		—		158
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A	N/A	—		110		—		120
Imperial Optical Midco Inc.	LP units	N/A	N/A	N/A	—		42		—		44
Jet Equipment & Tools Ltd.(7)(8)(10)	LLC interest	N/A	N/A	N/A	—		173		0.1		634
PPV Intermediate Holdings II, LLC	LLC units	N/A	N/A	N/A	113		113		0.1		176
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC interest	N/A	N/A	N/A	1		130		—		153
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC interest	N/A	N/A	N/A	—		26		—		31
							751		0.2		1,316


Total equity investments							$	10,923	2.5	%	$	15,188

Total investments					$	1,040,705	$	1,039,431	176.9	%	$	1,050,477

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			0.02% (17)				$	12,713	2.1	%	$	12,713
Total money market funds							$	12,713	2.1	%	$	12,713

Total investments and money market funds							$	1,052,144	179.0	%	$	1,063,190

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2021

(In thousands)


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

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’) denominated in U.S. dollars or U.K. pound sterling (‘‘GBP’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’) or Prime (‘‘P’’) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR, EURIBOR, or Prime and the weighted average current interest rate in effect as of March 31, 2021. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of March 31, 2021, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2021, as the loan may have priced or repriced based on an index rate prior to March 31, 2021.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.11% as of March 31, 2021.

(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.13% as of March 31, 2021.

(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.21% as of March 31, 2021.

(e) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of March 31, 2021.

(f) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.55% as of March 31, 2021.

(g) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.09% as of March 31, 2021.

(h) Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 0.11% as of March 31, 2021.

(i) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.09% as of March 31, 2021.

(j) Denotes that all or a portion of the loan was indexed to the 30-day Canadian Bankers Acceptances Rate, which was 0.41% as of March 31, 2021.

(k) Denotes that all or a portion of the loan was indexed to the 90-day Canadian Bankers Acceptances Rate, which was 0.44% as of March 31, 2021.

(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2021.

(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4)The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements.

(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(6)The entire commitment was unfunded as of March 31, 2021. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2021, total non-qualifying assets at fair value represented 7.6% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

(17)The rate shown is the annualized seven-day yield as of March 31, 2021.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Airlines
Aurora Lux Finco S.A.R.L.(7)(12)	One stop	L + 6.00%	(c)	7.00%	12/2026	$	7,800	$	7,626	1.3	%	$	7,020
Auto Components
Power Stop, LLC	Senior loan	L + 4.50%	(a)	4.65%	10/2025	668		666		0.1		655
Automobiles
Grease Monkey International, LLC	Senior loan	L + 5.00%	(c)	6.00%	11/2022	960		954		0.2		960
Grease Monkey International, LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2022	350		347		0.1		350
Grease Monkey International, LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2022	178		177		—		178
Grease Monkey International, LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2022	161		160		—		161
Grease Monkey International, LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2022	147		146		—		147
Grease Monkey International, LLC#(5)	Senior loan	L + 5.00%		N/A(6)	11/2022	—		(1)		—		—
Grease Monkey International, LLC#(5)	Senior loan	L + 5.00%		N/A(6)	11/2022	—		(1)		—		—
JHCC Holdings LLC	One stop	L + 5.50%	(c)	6.50%	09/2025	3,004		2,980		0.6		3,004
JHCC Holdings LLC#	One stop	L + 5.50%	(c)	6.50%	09/2025	1,331		1,289		0.2		1,331
JHCC Holdings LLC#	One stop	P + 4.50%	(c)(f)	7.55%	09/2025	31		30		—		31
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(d)	7.50%	04/2023	1,677		1,667		0.3		1,677
Quick Quack Car Wash Holdings, LLC#	One stop	L + 6.50%	(c)(d)	7.50%	04/2023	816		811		0.2		816
Quick Quack Car Wash Holdings, LLC#	One stop	L + 6.50%	(d)	7.50%	04/2023	713		708		0.1		713
Quick Quack Car Wash Holdings, LLC#	One stop	L + 6.50%	(d)	7.50%	04/2023	476		473		0.1		476
Quick Quack Car Wash Holdings, LLC#	One stop	L + 6.50%	(d)	7.50%	04/2023	388		385		0.1		388
Quick Quack Car Wash Holdings, LLC#	One stop	L + 6.50%		N/A(6)	04/2023	—		—		—		—
						10,232		10,125		1.9		10,232
Beverages
Fintech Midco, LLC	One stop	L + 5.00%	(a)	6.00%	08/2024	4,884		4,853		0.9		4,738
Fintech Midco, LLC#	One stop	L + 5.00%	(a)	6.00%	08/2024	440		437		0.1		427
Fintech Midco, LLC#(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(1)		—		(3)
						5,324		5,289		1.0		5,162
Biotechnology
BIO18 Borrower, LLC	One stop	L + 5.25%	(c)	6.25%	11/2024	1,754		1,739		0.4		1,754
BIO18 Borrower, LLC#	One stop	L + 5.25%	(c)	6.25%	11/2024	1,631		1,616		0.3		1,631
BIO18 Borrower, LLC#	One stop	L + 5.25%	(c)	6.25%	11/2024	105		104		—		105
BIO18 Borrower, LLC#(5)	One stop	L + 5.25%		N/A(6)	11/2024	—		(3)		—		—
						3,490		3,456		0.7		3,490
Chemicals
Inhance Technologies Holdings LLC	One stop	L + 6.00%	(c)	7.00%	07/2024	2,485		2,466		0.5		2,349
Inhance Technologies Holdings LLC#	One stop	L + 6.00%	(c)	7.00%	07/2024	751		747		0.1		710
Inhance Technologies Holdings LLC#	One stop	L + 6.00%	(c)	7.00%	07/2024	40		39		—		34
						3,276		3,252		0.6		3,093
Commercial Services & Supplies
Bazaarvoice, Inc.	One stop	L + 5.75%	(a)(c)	6.75%	02/2024	8,334		8,253		1.6		8,334
Bazaarvoice, Inc.#	One stop	L + 5.75%	(c)	6.75%	02/2024	150		147		0.1		150
MSHC, Inc.#	Senior loan	L + 4.25%	(a)(f)	5.25%	12/2024	131		131		—		131

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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 - (continued)
MSHC, Inc.	Senior loan	L + 4.25%	(c)(f)	5.25%	12/2024	$	23	$	23	—	%	$	23
PT Intermediate Holdings III, LLC	One stop	L + 5.50%	(c)	6.50%	10/2025	23,229		22,924		4.1		21,835
						31,867		31,478		5.8		30,473
Containers and Packaging
AmerCareRoyal LLC	Senior loan	L + 5.00%	(a)	6.00%	11/2025	2,819		2,795		0.5		2,763
AmerCareRoyal LLC(7)	Senior loan	L + 5.00%	(a)	6.00%	11/2025	522		518		0.1		512
Fortis Solutions Group LLC	Senior loan	L + 5.00%	(a)	6.00%	12/2023	538		534		0.1		538
Fortis Solutions Group LLC	Senior loan	L + 5.00%	(a)	6.00%	12/2023	214		213		0.1		214
Fortis Solutions Group LLC	Senior loan	L + 5.00%	(a)	6.00%	12/2023	206		204		—		206
Fortis Solutions Group LLC#	Senior loan	L + 5.00%		N/A(6)	12/2023	—		—		—		—
						4,299		4,264		0.8		4,233
Diversified Consumer Services
EWC Growth Partners LLC#	One stop	L + 5.50%	(c)	6.50%	03/2026	442		423		0.1		385
EWC Growth Partners LLC	One stop	L + 5.50%	(c)	6.50%	03/2026	62		61		—		54
EWC Growth Partners LLC#	One stop	L + 5.50%	(c)	6.50%	03/2026	18		18		—		15
Learn-it Systems, LLC	Senior loan	L + 5.00%	(c)	5.00% cash/0.50% PIK	03/2025	758		748		0.1		743
Learn-it Systems, LLC#	Senior loan	L + 5.00%	(c)	5.00% cash/0.50% PIK	03/2025	145		138		—		142
Learn-it Systems, LLC#	Senior loan	L + 5.00%	(c)	N/A(6)	03/2025	—		—		—		—
Litera Bidco LLC	One stop	L + 5.25%	(a)	6.25%	05/2026	620		614		0.1		620
Litera Bidco LLC#	One stop	L + 5.25%	(a)	6.25%	05/2026	278		275		0.1		278
Litera Bidco LLC#	One stop	L + 5.25%	(a)	6.25%	05/2026	278		278		0.1		278
Litera Bidco LLC#	One stop	L + 5.25%	(a)	6.25%	05/2025	8		7		—		8
						2,609		2,562		0.5		2,523
Diversified Financial Services
Institutional Shareholder Services	Senior loan	L + 4.50%	(c)	4.72%	03/2026	6,380		6,330		1.2		6,380
Institutional Shareholder Services#	Senior loan	L + 4.50%	(c)	4.72%	03/2024	75		74		—		75
Sovos Compliance	One stop	L + 4.75%	(a)	5.75%	04/2024	7,513		7,405		1.4		7,362
Sovos Compliance	Second lien	N/A		12.00% PIK	04/2025	3,427		3,372		0.7		3,427
Sovos Compliance	One stop	L + 4.75%	(a)	5.75%	04/2024	1,732		1,697		0.3		1,697
Sovos Compliance#	One stop	L + 4.75%	(a)	5.75%	04/2024	735		730		0.1		721
Sovos Compliance#	Second lien	N/A		12.00% PIK	04/2025	523		513		0.1		523
Sovos Compliance#	One stop	L + 4.75%	(a)	5.75%	04/2024	505		497		0.1		495
Sovos Compliance#	One stop	L + 4.75%	(a)	5.75%	04/2024	328		318		0.1		322
Sovos Compliance#(5)	One stop	L + 4.75%		N/A(6)	04/2024	—		(1)		—		(2)
Sovos Compliance#(5)	One stop	L + 4.75%		N/A(6)	04/2024	—		(9)		—		(9)
						21,218		20,926		4.0		20,991
Electronic Equipment, Instruments and Components
ES Acquisition LLC	Senior loan	L + 5.00%	(c)	6.00%	11/2025	15,818		15,682		3.0		15,788
ES Acquisition, LLC#	Senior loan	L + 5.50%	(c)	6.50%	11/2025	1,923		1,860		0.4		1,962
ES Acquisition, LLC#	Senior loan	L + 5.00%	(d)	6.22%	11/2025	1,116		1,106		0.2		1,114
ES Acquisition LLC#	Second lien	L + 5.00%	(c)	6.00%	11/2025	856		849		0.1		855
ES Acquisition LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2025	101		99		—		101
ES Acquisition LLC#(5)	Senior loan	L + 5.00%		N/A(6)	11/2025	—		(29)		—		(6)
						19,814		19,567		3.7		19,814

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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
Captain D's, LLC	Senior loan	L + 4.50%	(c)	5.50%	12/2023	$	1,217	$	1,207	0.2	%	$	1,217
Captain D's, LLC#	Senior loan	L + 4.50%	(c)	5.50%	12/2023	61		60		—		61
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	557		553		0.1		557
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	285		284		0.1		285
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	224		223		—		224
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	220		219		—		220
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	108		108		—		108
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	108		108		—		108
Mendocino Farms, LLC#	One stop	L + 8.50%	(a)	2.00% cash/7.50% PIK	06/2023	53		53		—		53
Mendocino Farms, LLC#(5)	One stop	L + 8.50%		N/A(6)	06/2023	—		(11)		—		—
Ruby Slipper Cafe LLC, The#	One stop	L + 8.50%	(c)	8.50% cash/1.00% PIK	01/2023	333		331		0.1		293
Ruby Slipper Cafe LLC, The#	One stop	L + 8.50%	(c)	8.50% cash/1.00% PIK	01/2023	117		116		—		103
Ruby Slipper Cafe LLC, The#	One stop	L + 8.50%	(c)	8.50% cash/1.00% PIK	01/2023	20		20		—		18
Wood Fired Holding Corp.	One stop	L + 7.75%	(c)	6.75% cash/2.00% PIK	12/2023	3,169		3,148		0.6		2,914
Wood Fired Holding Corp.#	One stop	L + 7.75%	(c)	6.75% cash/2.00% PIK	12/2023	284		283		0.1		261
Wood Fired Holding Corp.#	One stop	L + 7.75%	(c)	6.75% cash/2.00% PIK	12/2023	100		99		—		92
						6,856		6,801		1.2		6,514
Food Products
Flavor Producers, LLC	Senior loan	L + 5.75%	(c)	5.75% cash/1.00% PIK	12/2023	439		434		0.1		403
Flavor Producers, LLC#	Senior loan	L + 5.75%	(c)	5.75% cash/1.00% PIK	12/2022	2		1		—		—
						441		435		0.1		403

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Connexin Software, Inc.	One stop	L + 8.50%	(a)	9.50%	02/2024	$	1,261	$	1,251	0.2	%	$	1,261
Connexin Software, Inc.#	One stop	L + 8.50%		N/A(6)	02/2024	—		—		—		—
HealthEdge Software, Inc.#	One stop	L + 6.25%	(a)	7.25%	04/2026	2,232		2,197		0.4		2,232
HealthEdge Software, Inc.	One stop	L + 6.25%	(a)	7.25%	04/2026	1,559		1,527		0.3		1,559
HealthEdge Software, Inc.#(5)	One stop	L + 6.25%		N/A(6)	04/2026	—		(1)		—		—
HSI Halo Acquisition, Inc.	One stop	L + 5.75%	(c)	6.75%	08/2026	1,540		1,508		0.3		1,525
HSI Halo Acquisition, Inc.#	One stop	L + 5.75%	(c)	6.75%	08/2026	311		307		0.1		308
HSI Halo Acquisition, Inc.#	One stop	P + 4.75%	(f)	8.00%	09/2025	21		20		—		21
Imprivata, Inc.	Senior loan	L + 4.00%	(c)	5.00%	10/2023	805		800		0.1		805
Imprivata, Inc.#(5)	Senior loan	L + 4.00%		N/A(6)	10/2023	—		(1)		—		—
Nextech Holdings, LLC	One stop	L + 5.50%	(c)	5.76%	06/2025	17,851		17,711		3.2		17,137
Nextech Holdings, LLC#	One stop	L + 5.50%	(c)	5.76%	06/2025	724		718		0.1		695
Nextech Holdings, LLC#	One stop	L + 5.50%	(c)	5.76%	06/2025	250		248		—		238
Nextech Holdings, LLC#(5)	One stop	L + 5.50%		N/A(6)	06/2025	—		(1)		—		(6)
Qgenda Intermediate Holdings, LLC	One stop	L + 4.75%	(c)	5.75%	06/2025	5,090		5,049		1.0		5,090
Qgenda Intermediate Holdings, LLC	One stop	L + 4.75%	(c)	5.75%	06/2025	2,462		2,442		0.5		2,462
Qgenda Intermediate Holdings, LLC#(5)	One stop	L + 4.75%		N/A(6)	06/2025	—		(1)		—		—
Caliper Software, Inc.	One stop	L + 5.50%	(c)	5.72%	11/2025	7,212		7,138		1.3		6,916
Caliper Software, Inc.	One stop	L + 6.00%	(c)	6.23%	11/2025	393		384		0.1		385
Caliper Software, Inc.#(5)	One stop	L + 5.50%		N/A(6)	11/2023	—		(2)		—		(5)
Transaction Data Systems, Inc.	One stop	L + 5.25%	(c)	6.25%	06/2021	13,657		13,642		2.6		13,521
Transaction Data Systems, Inc.#	One stop	L + 5.25%	(c)	6.25%	06/2021	28		28		—		28
						55,396		54,964		10.2		54,172
Healthcare Equipment and Supplies
Aspen Medical Products, LLC	One stop	L + 5.25%	(c)	6.45%	06/2025	1,033		1,024		0.2		1,022
Aspen Medical Products, LLC#	One stop	L + 5.25%		N/A(6)	06/2025	—		—		—		—
Belmont Instrument, LLC	Senior loan	L + 4.75%	(c)	4.97%	12/2023	1,784		1,769		0.3		1,784
Blades Buyer, Inc.	Senior loan	L + 4.50%	(c)	5.50%	08/2025	787		782		0.2		787
Blades Buyer, Inc.#	Senior loan	L + 4.50%	(d)	5.50%	08/2025	391		388		0.1		391
Blades Buyer, Inc.#	Senior loan	L + 4.50%		N/A(6)	08/2025	—		—		—		—
Blue River Pet Care, LLC	One stop	L + 5.00%	(a)	5.15%	07/2026	5,488		5,443		1.0		5,488
Blue River Pet Care, LLC#	One stop	L + 5.00%	(a)	5.15%	07/2026	1,102		1,067		0.2		1,102
Blue River Pet Care, LLC#(5)	One stop	L + 5.00%		N/A(6)	08/2025	—		(2)		—		—
CMI Parent Inc.	Senior loan	L + 4.25%	(c)	5.25%	08/2025	14,504		14,387		2.7		14,068
CMI Parent Inc.#(5)	Senior loan	L + 4.25%		N/A(6)	08/2025	—		(1)		—		(5)
ONsite Mammography, LLC	One stop	L + 7.00%	(c)	8.00%	11/2023	669		664		0.1		656
ONsite Mammography, LLC#	One stop	L + 7.00%	(c)	8.00%	11/2023	50		50		—		49
ONsite Mammography, LLC#	One stop	L + 7.00%	(c)	8.00%	11/2023	49		47		—		48
						25,857		25,618		4.8		25,390

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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
CRH Healthcare Purchaser, Inc.	Senior loan	L + 4.50%	(c)	4.72%	12/2024	$	2,371	$	2,354	0.5	%	$	2,371
CRH Healthcare Purchaser, Inc.#(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(1)		—		—
CRH Healthcare Purchaser, Inc.#(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(12)		—		—
Elite Dental Partners LLC#	One stop	L + 5.25%	(c)	2.00% cash/4.25% PIK	06/2023	1,736		1,709		0.3		1,684
Elite Dental Partners LLC#	One stop	L + 5.25%		N/A(6)	06/2023	—		—		—		—
Encorevet Group LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2024	4,052		4,018		0.8		4,052
Encorevet Group LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2024	1,819		1,819		0.3		1,819
Encorevet Group LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2024	940		932		0.2		940
Encorevet Group LLC#	Senior loan	L + 5.00%	(c)	6.00%	11/2024	162		162		—		162
Encorevet Group LLC#	Senior loan	L + 5.00%		N/A(6)	11/2024	—		—		—		—
Encorevet Group LLC#(5)	Senior loan	L + 5.00%		N/A(6)	11/2024	—		(9)		—		—
ERG Buyer, LLC	One stop	L + 5.50%	(c)	6.50%	05/2024	2,290		2,269		0.3		1,832
ERG Buyer, LLC#	One stop	P + 4.50%	(f)	7.75%	05/2024	150		149		—		120
Eyecare Services Partners Holdings LLC#	One stop	L + 6.25%	(c)	7.25%	05/2023	3,798		3,721		0.7		3,608
Eyecare Services Partners Holdings LLC#	One stop	L + 6.25%	(c)	7.25%	05/2023	1,131		1,128		0.2		1,074
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(7)(8)(13)	One stop	L + 5.50%	(j)	6.01%	03/2027	1,420		1,382		0.3		1,349
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(7)(8)(13)	One stop	L + 5.50%	(j)	6.06%	03/2027	799		792		0.2		763
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(7)(13)	One stop	L + 5.50%	(c)	6.50%	03/2027	296		281		0.1		272
Krueger-Gilbert Health Physics, LLC#	Senior loan	L + 5.25%	(a)	6.25%	05/2025	476		472		0.1		476
Krueger-Gilbert Health Physics, LLC#	Senior loan	L + 5.25%	(a)	6.25%	05/2025	393		384		0.1		393
Krueger-Gilbert Health Physics, LLC	Senior loan	L + 5.25%	(a)	6.25%	05/2025	128		127		—		128
Krueger-Gilbert Health Physics, LLC#	Senior loan	L + 5.25%	(a)	6.25%	05/2025	25		25		—		25
MD Now Holdings, Inc.	One stop	L + 5.25%	(c)	6.25%	08/2024	2,898		2,879		0.5		2,840
MD Now Holdings, Inc.#	One stop	L + 5.25%	(c)	6.25%	08/2024	242		241		0.1		237
MD Now Holdings, Inc.#(5)	One stop	L + 5.25%		N/A(6)	08/2024	—		(1)		—		(3)
Midwest Veterinary Partners, LLC#	One stop	L + 5.75%	(c)(d)	6.75%	07/2025	3,187		3,162		0.6		3,148
Midwest Veterinary Partners, LLC#	One stop	L + 6.50%	(c)	7.50%	07/2025	1,129		1,055		0.2		1,065
Midwest Veterinary Partners, LLC#	One stop	L + 5.75%	(c)	6.75%	07/2025	793		787		0.2		783
Midwest Veterinary Partners, LLC	One stop	L + 5.75%	(c)	6.75%	07/2025	248		245		—		244
Midwest Veterinary Partners, LLC#	One stop	P + 4.75%	(c)(f)	8.00%	07/2025	100		99		—		99
NVA Holdings, Inc.	Senior loan	L + 3.50%	(a)	3.69%	02/2026	989		980		0.2		989
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(c)	5.75%	10/2023	1,613		1,603		0.3		1,613
Summit Behavioral Healthcare, LLC#	Senior loan	L + 4.75%	(c)	5.75%	10/2023	80		79		—		80
Summit Behavioral Healthcare, LLC#	Senior loan	L + 4.75%	(c)	5.75%	10/2023	63		63		—		63
Veterinary Specialists of North America, LLC	Senior loan	L + 4.50%	(a)	4.65%	04/2025	16,925		16,798		3.2		16,925
Veterinary Specialists of North America, LLC#	Senior loan	L + 4.50%	(a)	4.65%	04/2025	4,401		4,363		0.8		4,401
Veterinary Specialists of North America, LLC#	Senior loan	L + 4.50%	(a)	4.65%	04/2025	1,231		1,222		0.2		1,231
Veterinary Specialists of North America, LLC#	Senior loan	L + 4.50%	(a)	4.65%	04/2025	620		615		0.1		620
Veterinary Specialists of North America, LLC#	Senior loan	L + 4.50%	(a)	4.65%	04/2025	500		496		0.1		500
						57,005		56,388		10.6		55,903

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
BJH Holdings III Corp.	One stop	L + 5.50%	(c)	6.50%	08/2025	$	19,206	$	18,942	3.6	%	$	19,206
BJH Holdings III Corp.#(5)	One stop	L + 5.50%		N/A(6)	08/2025	—		(7)		—		—
CR Fitness Holdings, LLC	Senior loan	L + 4.25%	(a)	5.25%	07/2025	316		313		0.1		290
CR Fitness Holdings, LLC#	Senior loan	L + 4.25%	(a)	5.25%	07/2025	105		103		—		79
CR Fitness Holdings, LLC#	Senior loan	L + 4.25%	(a)(c)	5.25%	07/2025	37		37		—		34
Davidson Hotel Company, LLC	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	1,729		1,710		0.2		1,210
Davidson Hotel Company, LLC#	One stop	L + 6.75%	(a)(c)	6.25% cash/1.50% PIK	07/2024	421		419		0.1		295
Davidson Hotel Company, LLC#(5)	One stop	L + 6.75%		N/A(6)	07/2024	—		(1)		—		(15)
Davidson Hotel Company, LLC#(5)	One stop	L + 6.75%		N/A(6)	07/2024	—		(8)		—		—
EOS Fitness Opco Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	01/2025	1,738		1,725		0.3		1,599
EOS Fitness Opco Holdings, LLC#	One stop	L + 5.25%	(c)	6.25%	01/2025	372		367		0.1		342
EOS Fitness Opco Holdings, LLC#	One stop	L + 5.25%	(c)	6.25%	01/2025	60		60		—		55
Planet Fit Indy 10 LLC	One stop	L + 5.25%	(c)	6.25%	07/2025	13,943		13,775		2.4		12,549
Planet Fit Indy 10 LLC#	One stop	L + 5.25%	(c)	6.25%	07/2025	3,636		3,599		0.6		3,273
Planet Fit Indy 10 LLC#	One stop	L + 5.25%	(c)	6.25%	07/2025	1,974		1,946		0.3		1,777
Planet Fit Indy 10 LLC#	One stop	L + 5.25%	(c)	6.25%	07/2025	100		99		—		90
SSRG Holdings, LLC	One stop	L + 5.25%	(a)	6.25%	11/2025	6,416		6,361		1.2		6,224
SSRG Holdings, LLC#	One stop	L + 5.25%	(a)(c)	6.25%	11/2025	75		74		—		73
Sunshine Sub, LLC	One stop	L + 5.25%	(a)	6.25%	05/2024	1,974		1,950		0.4		1,856
Sunshine Sub, LLC#	One stop	L + 5.25%	(a)	6.25%	05/2024	1,932		1,910		0.3		1,817
Sunshine Sub, LLC#	One stop	L + 5.25%	(a)	6.25%	05/2024	10		9		—		4
Tropical Smoothie Cafe Holdings, LLC	Senior loan	L + 5.50%	(a)(c)	6.50%	09/2026	6,905		6,837		1.3		6,836
Tropical Smoothie Cafe Holdings, LLC#(5)	Senior loan	L + 5.50%		N/A(6)	09/2026	—		(1)		—		(1)
Velvet Taco Holdings, Inc.#	One stop	L + 7.00%	(e)	8.00%	03/2026	119		118		—		103
Velvet Taco Holdings, Inc.#	One stop	L + 7.00%		N/A(6)	03/2026	—		—		—		—
Velvet Taco Holdings, Inc.#(5)	One stop	L + 7.00%		N/A(6)	03/2026	—		(13)		—		—
						61,068		60,324		10.9		57,696

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Durables
Groundworks LLC#	Senior loan	L + 7.00%	(a)	8.00%	01/2026	$	1,407	$	1,392	0.3	%	$	1,407
Groundworks LLC	Senior loan	L + 7.00%	(a)	8.00%	01/2026	223		221		—		223
Groundworks LLC#	Senior loan	L + 7.00%		N/A(6)	01/2026	—		—		—		—
						1,630		1,613		0.3		1,630
Household Products
WU Holdco, Inc.	One stop	L + 5.25%	(c)	6.25%	03/2026	1,070		1,061		0.2		1,070
WU Holdco, Inc. #	One stop	L + 5.25%	(c)	6.25%	03/2026	164		163		—		164
WU Holdco, Inc. #(5)	One stop	L + 5.25%		N/A(6)	03/2025	—		—		—		(1)
						1,234		1,224		0.2		1,233
Industrial Conglomerates
Arch Global CCT Holdings Corp.	Senior loan	L + 4.75%	(c)	4.97%	04/2026	1,435		1,429		0.3		1,406
Arch Global CCT Holdings Corp.#(5)	Senior loan	L + 4.75%		N/A(6)	04/2025	—		—		—		(1)
Arch Global CCT Holdings Corp.#(5)	Senior loan	L + 4.75%		N/A(6)	04/2026	—		—		—		(3)
Madison Safety & Flow LLC	Senior loan	L + 4.50%	(a)	4.66%	03/2025	183		182		—		181
Madison Safety & Flow LLC#	Senior loan	L + 4.50%		N/A(6)	03/2025	—		—		—		—
						1,618		1,611		0.3		1,583
Insurance
High Street Insurance Partners, Inc.#	Senior loan	L + 6.25%	(c)	7.25%	12/2025	346		337		—		337
High Street Insurance Partners, Inc.#(5)	Senior loan	L + 6.25%		N/A(6)	12/2025	—		(3)		—		(3)
Integrity Marketing Acquisition, LLC#	Senior loan	L + 5.50%	(c)(d)	6.50%	08/2025	909		903		0.2		890
Integrity Marketing Acquisition, LLC	Senior loan	L + 5.50%	(c)	6.50%	08/2025	363		359		0.1		356
Integrity Marketing Acquisition, LLC#	Senior loan	L + 5.50%	(c)(d)	6.64%	08/2025	318		317		0.1		312
Integrity Marketing Acquisition, LLC#	Senior loan	L + 5.50%	(c)	6.50%	08/2025	192		191		—		189
Integrity Marketing Acquisition, LLC#	Senior loan	L + 5.75%		N/A(6)	08/2025	—		—		—		—
J.S. Held Holdings, LLC	One stop	L + 6.00%	(c)	7.00%	07/2025	18,113		17,762		3.4		18,113
J.S. Held Holdings, LLC#	One stop	P + 5.00%	(f)	8.25%	07/2025	26		22		—		26
J.S. Held Holdings, LLC#(5)	One stop	L + 6.00%		N/A(6)	07/2025	—		(8)		—		—
Majesco	One stop	L + 7.75%	(c)	8.75%	09/2027	4,902		4,804		0.9		4,829
Majesco#(5)	Senior loan	L + 7.75%		N/A(6)	09/2026	—		(3)		—		(2)
Orchid Underwriters Agency, LLC	Senior loan	L + 4.25%	(c)	5.25%	12/2024	794		789		0.1		794
Orchid Underwriters Agency, LLC#	Senior loan	L + 4.25%		N/A(6)	12/2024	—		—		—		—
Orchid Underwriters Agency, LLC#(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(3)		—		—
RSC Acquisition, Inc.	One stop	L + 5.50%	(b)(c)	6.50%	10/2026	11,896		11,668		2.2		11,539
RSC Acquisition, Inc.	One stop	L + 5.50%	(c)	6.50%	10/2026	477		457		0.1		462
RSC Acquisition, Inc.#(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(1)		—		(2)
RSC Acquisition, Inc.#(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(11)		—		(17)
RSC Acquisition, Inc.#(5)	One stop	L + 5.50%		N/A(6)	10/2026	—		(108)		—		(81)
						38,336		37,472		7.1		37,742
Internet & Catalog Retail
AutoQuotes, LLC	One stop	L + 6.00%	(c)	7.00%	11/2024	2,326		2,310		0.4		2,210
AutoQuotes, LLC#	One stop	L + 6.00%	(c)	7.00%	11/2024	50		50		—		48
						2,376		2,360		0.4		2,258

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IT Services
Acquia, Inc.	One stop	L + 7.00%	(c)	8.00%	10/2025	$	1,804	$	1,789	0.3	%	$	1,804
Acquia, Inc.#	One stop	L + 7.00%		N/A(6)	10/2025	—		—		—		—
Appriss Holdings, Inc.	One stop	L + 5.50%	(a)(c)(d)	5.75%	06/2026	8,563		8,427		1.6		8,392
Appriss Holdings, Inc.#	One stop	L + 5.50%	(a)	5.65%	06/2025	101		97		—		97
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.	One stop	L + 7.50%	(a)	8.50% cash/1.00% PIK	08/2025	1,707		1,641		0.3		1,672
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#	One stop	L + 7.50%		N/A(6)	08/2025	—		—		—		—
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#(5)	One stop	L + 7.50%		N/A(6)	08/2025	—		(1)		—		(1)
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#(5)	One stop	L + 7.50%		N/A(6)	08/2025	—		(5)		—		(5)
Centrify Corporation	One stop	L + 8.25%	(c)	9.25%	08/2024	5,230		5,179		1.0		5,126
Centrify Corporation#	One stop	P + 7.25%	(f)	10.50%	08/2024	100		99		—		98
E2open, LLC	One stop	L + 5.75%	(c)	6.75%	11/2024	22,712		22,437		4.2		22,258
E2open, LLC#(5)	One stop	L + 5.75%		N/A(6)	11/2024	—		(3)		—		(5)
Episerver, Inc.#(7)(8)	One stop	L + 6.00%	(d)	6.00%	10/2024	4,726		4,684		0.9		4,603
Episerver, Inc.#	One stop	L + 5.75%	(c)(d)	6.75%	10/2024	2,740		2,715		0.5		2,658
Episerver, Inc.#(5)	One stop	L + 5.75%		N/A(6)	10/2024	—		(2)		—		(6)
Infinisource, Inc.	One stop	L + 4.50%	(c)	5.50%	10/2026	10,752		10,659		2.0		10,752
Infinisource, Inc.#	One stop	L + 4.50%	(c)	5.50%	10/2026	2,480		2,436		0.5		2,480
Infinisource, Inc.#	One stop	L + 4.50%	(c)	5.50%	10/2026	1,782		1,767		0.3		1,782
Infinisource, Inc.#(5)	One stop	L + 4.50%		N/A(6)	10/2026	—		(1)		—		—
PCS Intermediate II Holdings, LLC	One stop	L + 5.25%	(c)	6.25%	01/2026	4,919		4,875		0.9		4,919
PCS Intermediate II Holdings, LLC#(5)	One stop	L + 5.50%		N/A(6)	01/2026	—		(1)		—		—
Recordxtechnologies, LLC	One stop	L + 5.50%	(c)	6.50%	12/2025	18,699		18,496		3.4		17,951
Recordxtechnologies, LLC#	One stop	L + 5.50%	(c)	6.50%	12/2025	100		98		—		92
Recordxtechnologies, LLC#(5)	One stop	L + 5.50%		N/A(6)	12/2025	—		(21)		—		(98)
Red Dawn SEI Buyer, Inc.	Senior loan	L + 4.25%	(c)	5.25%	11/2025	13,574		13,429		2.6		13,574
Red Dawn SEI Buyer, Inc.#(5)	Senior loan	L + 4.25%		N/A(6)	11/2025	—		(3)		—		—
Red Dawn SEI Buyer, Inc.#(5)	Senior loan	L + 4.25%		N/A(6)	11/2025	—		(21)		—		—
Velocity Technology Solutions, Inc.	One stop	L + 6.00%	(c)	7.00%	12/2023	1,606		1,591		0.3		1,606
Velocity Technology Solutions, Inc.#	One stop	L + 6.00%	(c)	7.00%	12/2023	25		24		—		25
						101,620		100,385		18.8		99,774

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	$	1,424	$	1,415	0.2	%	$	1,282
WBZ Investment LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	472		469		0.1		425
WBZ Investment LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	328		326		0.1		295
WBZ Investment LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	168		166		—		151
WBZ Investment LLC#	One stop	L + 7.50%	(c)	6.50% cash/2.00% PIK	09/2024	40		40		—		35
						2,432		2,416		0.4		2,188
Machinery
Blackbird Purchaser, Inc.	Senior loan	L + 4.25%	(c)(f)	4.47%	04/2026	4,859		4,782		0.9		4,713
Blackbird Purchaser, Inc. #(5)	Senior loan	L + 4.25%		N/A(6)	04/2024	—		(2)		—		(3)
Blackbird Purchaser, Inc. #(5)	Senior loan	L + 4.25%		N/A(6)	04/2026	—		(3)		—		(6)
Chase Industries, Inc.	Senior loan	L + 7.00%	(d)	5.00% cash/1.50% PIK	05/2025	1,956		1,933		0.3		1,560
Chase Industries, Inc.#	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2025	339		335		0.1		270
Chase Industries, Inc.#	Senior loan	L + 7.00%	(d)	6.50% cash/1.50% PIK	05/2023	177		176		—		141
						7,331		7,221		1.3		6,675
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.(7)(10)	One stop	L + 5.75%	(c)	6.75%	05/2025	3,736		3,672		0.7		3,550
3ES Innovation, Inc.#(5)(7)(10)	One stop	L + 5.75%		N/A(6)	05/2025	—		(2)		—		(5)
Drilling Info Holdings, Inc.	Senior loan	L + 4.50%	(a)	4.65%	07/2025	12,082		11,786		2.2		11,698
Drilling Info Holdings, Inc.	Senior loan	L + 4.25%	(a)	4.40%	07/2025	9,281		9,190		1.7		8,888
Drilling Info Holdings, Inc.#	Senior loan	L + 4.25%	(a)	4.40%	07/2023	60		59		—		56
Drilling Info Holdings, Inc.#	Senior loan	L + 4.50%	(a)	4.65%	07/2023	52		49		—		49
Drilling Info Holdings, Inc.#(5)	Senior loan	L + 4.25%		N/A(6)	07/2025	—		(4)		—		(19)
Project Power Buyer, LLC	One stop	L + 6.25%	(c)	7.25%	05/2026	3,900		3,855		0.7		3,861
Project Power Buyer, LLC#(5)	One stop	L + 6.25%		N/A(6)	05/2025	—		(1)		—		(1)
						29,111		28,604		5.3		28,077
Paper & Forest Products
Messenger, LLC	One stop	L + 6.50%	(c)(f)	7.50%	08/2023	2,031		2,016		0.4		1,929
Messenger, LLC#(5)	One stop	L + 6.50%		N/A(6)	08/2023	—		—		—		(2)
						2,031		2,016		0.4		1,927
Pharmaceuticals
ACP Ulysses Buyer, Inc.	Senior loan	L + 5.00%	(c)	6.00%	02/2026	4,878		4,834		0.9		4,878

Professional Services
Net Health Acquisition Corp.	One stop	L + 5.50%	(c)	6.50%	12/2023	866		860		0.2		866
Net Health Acquisition Corp.	One stop	L + 5.50%	(c)	6.50%	12/2023	746		740		0.1		746
Net Health Acquisition Corp.	One stop	L + 5.50%	(c)	6.50%	12/2023	111		110		—		111
Net Health Acquisition Corp.#(5)	One stop	L + 5.50%		N/A(6)	12/2023	—		(1)		—		—
Nexus Brands Group, Inc.	One stop	L + 6.00%	(c)	7.00%	11/2023	589		584		0.1		559
Nexus Brands Group, Inc.	One stop	L + 6.00%	(c)	7.00%	11/2023	512		508		0.1		487
Nexus Brands Group, Inc.#	One stop	L + 6.00%	(c)	7.00%	11/2023	293		292		0.1		278
Nexus Brands Group, Inc.#	One stop	L + 6.00%	(c)	7.00%	11/2023	212		211		—		201
Nexus Brands Group, Inc.#	One stop	L + 6.00%	(c)	7.00%	11/2023	10		9		—		5
Nexus Brands Group, Inc.#(5)	One stop	L + 6.00%		N/A(6)	11/2023	—		(1)		—		—
PlanSource Holdings, Inc.	One stop	L + 6.25%	(b)	7.25%	04/2025	2,818		2,794		0.5		2,818
PlanSource Holdings, Inc. #(5)	One stop	L + 6.25%		N/A(6)	04/2025	—		(1)		—		—
						6,157		6,105		1.1		6,071

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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
Property Brands, Inc.	One stop	L + 5.75%	(c)	6.75%	01/2024	$	2,779	$	2,760	0.5	%	$	2,640
Property Brands, Inc.	One stop	L + 5.75%	(c)	6.75%	01/2024	2,596		2,574		0.5		2,466
Property Brands, Inc.	One stop	L + 5.75%	(c)	6.75%	01/2024	1,122		1,115		0.2		1,066
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	916		909		0.2		870
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	395		392		0.1		375
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	336		333		0.1		319
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	334		332		0.1		318
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	263		262		—		250
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	139		138		—		132
Property Brands, Inc.#	One stop	L + 5.75%	(c)	6.75%	01/2024	100		99		—		95
Property Brands, Inc.#(5)	One stop	L + 5.75%		N/A(6)	01/2024	—		(6)		—		(49)
MRI Software LLC	One stop	L + 5.50%	(c)	6.50%	02/2026	14,356		14,252		2.6		13,998
MRI Software LLC	One stop	L + 5.50%	(c)	6.50%	02/2026	1,803		1,758		0.3		1,758
MRI Software LLC#(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(2)		—		(7)
MRI Software LLC#(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(5)		—		(28)
MRI Software LLC#(5)	One stop	L + 5.50%		N/A(6)	02/2026	—		(4)		—		(9)
						25,139		24,907		4.6		24,194
Road & Rail
Internet Truckstop Group LLC	One stop	L + 5.50%	(c)	6.50%	04/2025	8,036		7,886		1.5		8,036
Internet Truckstop Group LLC#(5)	One stop	L + 5.50%		N/A(6)	04/2025	—		(2)		—		—
						8,036		7,884		1.5		8,036

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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
Apptio, Inc.	One stop	L + 7.25%	(d)	8.25%	01/2025	$	12,605	$	12,424	2.4	%	$	12,605
Apptio, Inc. #(5)	One stop	L + 7.25%		N/A(6)	01/2025	—		(1)		—		—
Astute Holdings, Inc.	One stop	L + 6.50%	(c)	7.50%	04/2025	2,783		2,755		0.5		2,783
Astute Holdings, Inc. #	One stop	L + 6.50%	(c)	7.50%	04/2025	1,161		1,149		0.2		1,161
Astute Holdings, Inc. #(5)	One stop	L + 6.50%		N/A(6)	04/2025	—		(1)		—		—
Axiom Merger Sub Inc.#	One stop	L + 5.25%	(c)	6.47%	04/2026	1,153		1,137		0.2		1,153
Axiom Merger Sub Inc.#(7)(8)	One stop	E + 5.50%	(g)	5.50%	04/2026	480		474		0.1		491
Axiom Merger Sub Inc.#	One stop	L + 5.25%	(d)	6.25%	04/2026	15		14		—		15
Azul Systems, Inc.#	Senior loan	L + 5.00%	(c)	6.00%	04/2027	9,492		9,403		1.8		9,492
Azul Systems, Inc.#(5)	Senior loan	L + 5.00%		N/A(6)	04/2026	—		(1)		—		—
Bearcat Buyer, Inc.	Senior loan	L + 4.25%	(c)	5.25%	07/2026	578		572		0.1		578
Bearcat Buyer, Inc.	Senior loan	L + 4.25%	(c)	5.25%	07/2026	153		152		—		153
Bearcat Buyer, Inc.#	Senior loan	L + 4.25%	(c)	5.25%	07/2026	65		63		—		65
Bearcat Buyer, Inc.#	Senior loan	L + 4.25%		N/A(6)	07/2024	—		—		—		—
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	13,545		13,308		2.5		13,342
Bullhorn, Inc.#(7)(8)	One stop	L + 6.00%	(h)	6.06%	09/2026	2,417		2,374		0.5		2,461
Bullhorn, Inc.#(7)(8)	One stop	L + 5.75%	(c)	5.75%	09/2026	970		953		0.2		996
Bullhorn, Inc.#	One stop	L + 5.75%	(c)(f)	6.75%	09/2026	665		654		0.1		655
Bullhorn, Inc.	One stop	L + 5.75%	(c)	6.75%	09/2026	610		594		0.1		600
Bullhorn, Inc.#	One stop	L + 5.75%	(c)	6.75%	09/2026	530		521		0.1		522
Bullhorn, Inc.#(5)	One stop	L + 5.75%		N/A(6)	09/2026	—		(5)		—		(4)
Bullhorn, Inc.#(5)	One stop	L + 5.75%		N/A(6)	09/2026	—		(26)		—		(22)
Calabrio, Inc.	One stop	L + 6.50%	(c)	7.50%	06/2025	22,076		21,904		4.2		22,076
Calabrio, Inc. #	One stop	L + 6.50%	(a)	7.50%	06/2025	60		59		—		60
Cloudbees, Inc.#	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	846		834		0.2		846
Cloudbees, Inc.	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	703		688		0.1		703
Cloudbees, Inc.#	One stop	L + 9.00%	(a)	9.50% cash/0.50% PIK	05/2023	497		495		0.1		497
Cloudbees, Inc.#	One stop	L + 8.50%		N/A(6)	05/2023	—		—		—		—
Confluence Technologies, Inc.	One stop	L + 5.75%	(a)	6.75%	03/2024	8,416		8,369		1.6		8,331
Confluence Technologies, Inc.#	One stop	L + 5.75%	(a)	6.75%	03/2024	20		19		—		18
Convercent, Inc.	One stop	L + 9.00%	(c)	8.25% cash/2.75% PIK	12/2024	706		691		0.1		715
Convercent, Inc.#	Subordinated debt	N/A		4.00%	11/2020	35		35		—		44
Convercent, Inc.#	One stop	L + 9.00%	(c)	N/A(6)	12/2024	—		—		—		—
Convercent, Inc.#(5)	One stop	L + 9.00%		N/A(6)	12/2024	—		(1)		—		—
Digital Guardian, Inc.#	One stop	L + 9.50%	(c)	7.50% cash/3.00% PIK	06/2023	1,697		1,691		0.3		1,757
Digital Guardian, Inc.#	Subordinated debt	N/A		8.00% PIK	06/2023	2		1		—		2
Digital Guardian, Inc.#	One stop	L + 5.00%		N/A(6)	06/2023	—		—		—		1
Diligent Corporation	One stop	L + 6.25%	(c)	7.25%	08/2025	28,054		27,604		5.2		27,352
Diligent Corporation#(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(12)		—		(22)
Diligent Corporation#(5)	One stop	L + 6.25%		N/A(6)	08/2025	—		(57)		—		(50)
GS Acquisitionco, Inc.	One stop	L + 5.75%	(d)	6.75%	05/2024	15,560		15,439		2.9		15,560
GS Acquisitionco, Inc.#	One stop	L + 5.75%	(c)	6.75%	05/2024	4,382		4,347		0.8		4,382
GS Acquisitionco, Inc.#	One stop	L + 5.75%	(d)	6.75%	05/2024	1,147		1,137		0.2		1,147
GS Acquisitionco, Inc.#	One stop	L + 5.75%	(c)	6.75%	05/2024	1,058		1,049		0.2		1,058
GS Acquisitionco, Inc.#	One stop	L + 5.75%	(c)	6.75%	05/2024	663		657		0.1		663

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
GS Acquisitionco, Inc.#	One stop	L + 5.75%	(c)(d)	6.75%	05/2024	$	111	$	110	—	%	$	111
ICIMS, Inc.	One stop	L + 6.50%	(c)	7.50%	09/2024	3,240		3,200		0.6		3,240
ICIMS, Inc.	One stop	L + 6.50%	(c)	7.50%	09/2024	1,065		1,056		0.2		1,065
ICIMS, Inc.#(5)	One stop	L + 6.50%		N/A(6)	09/2024	—		(1)		—		—
Impartner, Inc.	Senior loan	L + 9.50%	(c)	9.30% cash/2.00% PIK	08/2025	1,155		1,148		0.2		1,189
Impartner, Inc.#(5)	Senior loan	L + 9.50%		N/A(6)	08/2025	—		(1)		—		5
Impartner, Inc.#	Senior loan	L + 9.50%		N/A(6)	08/2025	—		—		—		—
Infogix, Inc.	One stop	L + 7.00%	(c)	8.00%	04/2024	1,457		1,453		0.3		1,457
Infogix, Inc.	One stop	L + 7.00%	(c)	8.00%	04/2024	229		227		0.1		229
Infogix, Inc.#	One stop	L + 7.00%	(c)	8.00%	04/2024	45		45		—		45
Instructure, Inc.	One stop	L + 7.00%	(c)	8.00%	03/2026	28,851		28,521		5.5		28,851
Instructure, Inc.#(5)	One stop	L + 7.00%		N/A(6)	03/2026	—		(2)		—		—
Integral Ad Science, Inc.	One stop	L + 7.25%	(c)	7.00% cash/1.25% PIK	07/2024	3,562		3,520		0.7		3,562
Integral Ad Science, Inc.#(5)	One stop	L + 6.00%		N/A(6)	07/2023	—		(1)		—		(2)
Integration Appliance, Inc.	One stop	L + 7.25%	(d)	8.25%	08/2023	14,125		14,044		2.7		14,125
Integration Appliance, Inc.#	One stop	L + 7.25%	(d)	8.25%	08/2023	1		1		—		1
Invoice Cloud, Inc.#	One stop	L + 6.50%	(c)	4.25% cash/3.25% PIK	02/2024	1,113		1,106		0.2		1,091
Invoice Cloud, Inc.#	One stop	L + 6.50%	(c)	4.25% cash/3.25% PIK	02/2024	910		904		0.2		889
Invoice Cloud, Inc.#(5)	One stop	L + 6.00%		N/A(6)	02/2024	—		—		—		(1)
Kaseya Traverse Inc	One stop	L + 7.00%	(c)	5.09% cash/3.00% PIK	05/2025	14,196		13,989		2.7		14,196
Kaseya Traverse Inc#	One stop	L + 7.00%	(c)(d)	5.06% cash/3.00% PIK	05/2025	331		316		0.1		331
Kaseya Traverse Inc#	One stop	L + 6.50%	(c)	7.50%	05/2025	51		50		—		49
Kaseya Traverse Inc#(5)	One stop	L + 7.00%		N/A(6)	05/2025	—		(7)		—		—
Mindbody, Inc.#	One stop	L + 8.50%	(c)	8.00% cash/1.50% PIK	02/2025	11,750		11,665		2.1		11,045
Mindbody, Inc.#(5)	One stop	L + 8.00%		N/A(6)	02/2025	—		(1)		—		(9)
Ministry Brands, LLC	Senior loan	L + 4.00%	(b)	5.00%	12/2022	222		221		—		209
Ministry Brands, LLC#	Senior loan	L + 4.00%	(b)	5.00%	12/2022	130		130		—		122
Ministry Brands, LLC	Senior loan	L + 4.00%	(b)	5.00%	12/2022	127		127		—		119
mParticle, Inc.	One stop	L + 9.75%	(c)	7.50% cash/3.25% PIK	09/2025	1,251		1,234		0.2		1,234
mParticle, Inc.#	One stop	L + 9.75%		N/A(6)	09/2025	—		—		—		—
Namely, Inc.	One stop	L + 7.50%	(c)	8.25% cash/1.25% PIK	06/2024	2,118		2,100		0.4		2,075
Namely, Inc.#	One stop	L + 7.50%	(c)	8.25% cash/1.25% PIK	06/2024	798		793		0.2		782
Namely, Inc.#	One stop	L + 7.50%	(a)	8.25% cash/1.25% PIK	06/2024	35		35		—		34
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	One stop	P + 6.75%	(f)	8.25% cash/1.75% PIK	10/2024	132		126		—		138
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH#	One stop	L + 7.75%		N/A(6)	10/2024	—		—		—		1
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH#(5)	One stop	L + 7.75%		N/A(6)	10/2024	—		(7)		—		68
Personify, Inc.	One stop	L + 5.25%	(c)	6.25%	09/2024	3,475		3,452		0.7		3,475
Personify, Inc.#	One stop	L + 5.25%	(c)	6.25%	09/2024	30		30		—		30
RegEd Aquireco, LLC	Senior loan	L + 4.25%	(a)	5.25%	12/2024	1,217		1,209		0.2		1,144
RegEd Aquireco, LLC#	Senior loan	L + 4.25%	(a)(f)	5.08%	12/2024	66		65		—		56
RegEd Aquireco, LLC#(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(24)		—		—
Saturn Borrower Inc.	Senior loan	L + 6.50%	(c)	7.50%	09/2026	6,488		6,293		1.2		6,293
Saturn Borrower Inc.#(5)	Senior loan	L + 6.50%		N/A(6)	09/2026	—		(3)		—		(3)
SnapLogic, Inc.#	One stop	L + 8.75%	(c)	5.75% cash/5.50% PIK	09/2024	1,030		1,024		0.2		1,030
SnapLogic, Inc.(5)	One stop	L + 8.75%	(c)	5.75% cash/5.50% PIK	09/2024	3		(2)		—		3
SnapLogic, Inc.#	One stop	L + 8.75%		N/A(6)	09/2024	—		—		—		—

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software - (continued)
Sontatype, Inc.	One stop	L + 6.75%	(d)	7.75%	12/2025	$	12,912	$	12,800	2.4	%	$	12,912
Sontatype, Inc.#(5)	One stop	L + 6.75%		N/A(6)	12/2025	—		(2)		—		—
Telesoft Holdings LLC	One stop	L + 5.75%	(a)	6.75%	12/2025	21,169		20,754		4.0		21,169
Telesoft Holdings LLC#(5)	One stop	L + 5.75%		N/A(6)	12/2025	—		(4)		—		—
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	4.65%	12/2024	820		814		0.2		820
TI Intermediate Holdings, LLC#	Senior loan	L + 4.50%	(a)	4.65%	12/2024	21		21		—		21
Togetherwork Holdings, LLC	One stop	L + 5.75%	(a)	6.75%	03/2025	1,960		1,938		0.4		1,941
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	501		495		0.1		496
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	479		473		0.1		474
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	474		468		0.1		469
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	441		436		0.1		437
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	405		400		0.1		401
Togetherwork Holdings, LLC	One stop	L + 5.75%	(a)	6.75%	03/2025	304		300		0.1		300
Togetherwork Holdings, LLC	One stop	L + 5.75%	(a)	6.75%	03/2025	202		200		—		200
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	183		180		—		181
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2024	150		148		—		149
Togetherwork Holdings, LLC	One stop	L + 5.75%	(a)	6.75%	03/2025	82		82		—		82
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	18		17		—		17
Togetherwork Holdings, LLC#	One stop	L + 5.75%	(a)	6.75%	03/2025	16		16		—		16
Transact Holdings, Inc.	Senior loan	L + 4.75%	(a)	4.90%	04/2026	758		748		0.1		716
Trintech, Inc.	One stop	L + 6.00%	(c)	7.00%	12/2023	2,093		2,079		0.4		2,093
Trintech, Inc.	One stop	L + 6.00%	(c)	7.00%	12/2023	1,041		1,034		0.2		1,041
Trintech, Inc.#	One stop	L + 6.00%	(c)	7.00%	12/2023	150		149		—		150
True Commerce, Inc.	One stop	L + 5.75%	(c)	6.75%	11/2023	1,241		1,233		0.2		1,241
True Commerce, Inc.#	One stop	L + 5.75%		N/A(6)	11/2023	—		—		—		—
Upserve, Inc.	One stop	L + 8.00%	(e)	9.00%	07/2023	1,694		1,685		0.3		1,660
Upserve, Inc.#	One stop	L + 8.00%	(e)	9.00%	07/2023	565		563		0.1		554
Upserve, Inc.#(5)	One stop	L + 8.00%		N/A(6)	07/2023	—		—		—		(1)
Vector CS Midco Limited & Cloudsense Ltd.#(7)(8)(9)	One stop	N/A		4.50% cash/3.55% PIK	05/2024	1,985		1,972		0.4		1,964
Vector CS Midco Limited & Cloudsense Ltd.#(7)(8)(9)	One stop	L + 7.25%	(h)	5.30% cash/2.75% PIK	05/2024	66		66		—		65
Workforce Software, LLC	One stop	L + 6.50%	(c)	7.50%	07/2025	10,956		10,781		2.1		10,956
Workforce Software, LLC#(5)	One stop	L + 6.50%		N/A(6)	07/2025	—		(1)		—		—
						293,144		289,452		54.9		290,989

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail
2nd Ave. LLC	One stop	L + 5.50%	(d)	6.50%	09/2025	$	1,380	$	1,369	0.3	%	$	1,297
2nd Ave. LLC#	One stop	L + 5.50%	(d)	6.56%	09/2025	50		50		—		47
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	1,521		1,510		0.3		1,521
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	1,447		1,432		0.3		1,447
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	1,108		1,099		0.2		1,108
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	876		869		0.2		876
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	747		741		0.2		747
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	617		612		0.1		617
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	598		593		0.1		598
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	486		482		0.1		486
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	444		441		0.1		444
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	443		439		0.1		443
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	383		380		0.1		383
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	194		192		—		194
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	190		189		—		190
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	147		146		—		147
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	108		107		—		108
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	95		94		—		95
Imperial Optical Midco Inc.#	One stop	L + 8.25%	(a)	7.25% cash/2.00% PIK	08/2023	49		48		—		49
Imperial Optical Midco Inc.#	One stop	L + 6.25%		N/A(6)	08/2023	—		—		—		—
Imperial Optical Midco Inc.#(5)	One stop	L + 8.25%		N/A(6)	08/2023	—		(15)		—		—
Jet Equipment & Tools Ltd.#(7)(8)(10)	One stop	L + 5.25%	(a)	6.25%	11/2024	4,257		4,220		0.8		4,181
Jet Equipment & Tools Ltd.(7)(10)	One stop	L + 5.25%	(a)	6.25%	11/2024	3,356		3,331		0.6		3,356
Jet Equipment & Tools Ltd.(7)(10)	One stop	L + 5.25%	(a)	6.25%	11/2024	1,031		1,024		0.2		1,031
Jet Equipment & Tools Ltd.(7)(10)	One stop	L + 5.25%	(a)	6.25%	11/2024	397		393		0.1		397
Jet Equipment & Tools Ltd.#(5)(7)(8)(10)	One stop	L + 5.25%		N/A(6)	11/2024	—		(1)		—		—
Pet Supplies Plus, LLC	Senior loan	L + 4.50%	(c)	5.50%	12/2024	3,308		3,285		0.6		3,308
Pet Supplies Plus, LLC#(5)	Senior loan	L + 4.50%		N/A(6)	12/2023	—		(1)		—		—
PPV Intermediate Holdings II, LLC#	One stop	L + 6.00%	(a)(c)(d)	7.46%	05/2023	1,701		1,700		0.3		1,679
PPV Intermediate Holdings II, LLC#	One stop	L + 6.00%	(a)	7.00%	05/2023	349		349		0.1		345
PPV Intermediate Holdings II, LLC#	One stop	L + 6.00%	(a)	7.00%	05/2023	208		208		—		206
PPV Intermediate Holdings II, LLC#	One stop	L + 6.00%	(a)	7.00%	05/2023	150		144		—		148
PPV Intermediate Holdings II, LLC#	One stop	L + 6.00%	(d)(f)	7.69%	05/2023	47		47		—		46
PPV Intermediate Holdings II, LLC#	One stop	L + 6.00%	(a)	7.00%	05/2023	45		44		—		44
PPV Intermediate Holdings II, LLC#	One stop	N/A		7.90% PIK	05/2023	8		8		—		8
PPV Intermediate Holdings II, LLC#(5)	One stop	L + 6.00%		N/A(6)	05/2023	—		(47)		—		(42)
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 5.50%	(c)	6.50%	10/2024	925		918		0.2		906
Sola Franchise, LLC and Sola Salon Studios, LLC#	One stop	L + 5.50%	(c)	6.50%	10/2024	670		666		0.1		657
Sola Franchise, LLC and Sola Salon Studios, LLC#	One stop	L + 5.50%	(c)(f)	7.09%	10/2024	43		42		—		42
Sola Franchise, LLC and Sola Salon Studios, LLC#(5)	One stop	L + 5.50%		N/A(6)	10/2024	—		(6)		—		—
Southern Veterinary Partners, LLC#	One stop	L + 6.00%	(c)	7.00%	05/2025	2,672		2,643		0.5		2,726
Southern Veterinary Partners, LLC#	One stop	L + 6.00%	(c)	7.00%	05/2025	2,406		2,380		0.5		2,454
Southern Veterinary Partners, LLC#	One stop	L + 6.00%	(c)	7.00%	05/2025	2,096		2,073		0.4		2,138
Southern Veterinary Partners, LLC#	One stop	L + 6.00%	(d)	7.00%	05/2025	2,072		2,049		0.4		2,113
Southern Veterinary Partners, LLC#	One stop	L + 6.00%	(d)	7.00%	05/2025	1,894		1,873		0.4		1,932

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)		Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Specialty Retail - (continued)
Southern Veterinary Partners, LLC#	One stop	L + 6.00%	(d)	7.00%	05/2025	$	1,746	$	1,727	0.3	%	$	1,781
Southern Veterinary Partners, LLC#(5)	One stop	L + 6.00%		N/A(6)	05/2025	—		(185)		0.1		334
Titan Fitness, LLC	One stop	L + 4.75%	(b)(c)	5.75%	02/2025	6,656		6,607		1.1		5,857
Titan Fitness, LLC#	One stop	L + 4.75%	(c)	5.75%	02/2025	787		782		0.1		693
Titan Fitness, LLC#	One stop	L + 4.75%	(c)	5.75%	02/2025	237		235		—		207
Titan Fitness, LLC#(5)	One stop	L + 4.75%		N/A(6)	02/2025	—		(4)		—		—
Vermont Aus Pty Ltd#(7)(8)(11)	One stop	L + 4.75%	(i)	4.89%	12/2024	439		433		0.1		454
Vermont Aus Pty Ltd#(7)(8)(11)	One stop	L + 4.75%	(i)	4.89%	12/2024	32		29		—		36
						48,415		47,744		9.0		47,834
Textiles, Apparel and Luxury Goods
Protective Industrial Products, Inc.	Senior loan	L + 4.50%	(c)	5.50%	01/2024	2,789		2,766		0.5		2,789
Total debt investments						$	893,497	$	882,355	165.2	%	$	875,642

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(14)(15)
Automobiles
Grease Monkey International, LLC#	LLC units	N/A	N/A	N/A	73	$	73	0.1	%	$	225
Quick Quack Car Wash Holdings, LLC#	LLC units	N/A	N/A	N/A	—	93		—		90
						166		0.1		315
Biotechnology
BIO18 Borrower, LLC#(16)	LLC units	N/A	N/A	N/A	141	246		0.1		395

Chemicals
Inhance Technologies Holdings LLC#	LLC units	N/A	N/A	N/A	—	34		—		12

Diversified Consumer Services
EWC Growth Partners LLC#	LLC interest	N/A	N/A	N/A	—	25		—		2

Electronic Equipment, Instruments and Components
ES Acquisition LLC#	LP interest	N/A	N/A	N/A	—	333		0.1		560

Food & Staples Retailing
Captain D's, LLC#	LLC interest	N/A	N/A	N/A	15	15		—		33
Mendocino Farms, LLC#	Common stock	N/A	N/A	N/A	59	257		0.1		284
Ruby Slipper Cafe LLC, The#	LLC units	N/A	N/A	N/A	6	61		—		14
Ruby Slipper Cafe LLC, The#	LLC units	N/A	N/A	N/A	—	4		—		2
Wood Fired Holding Corp.#	LLC units	N/A	N/A	N/A	103	103		—		35
Wood Fired Holding Corp.#	LLC units	N/A	N/A	N/A	103	—		—		—
						440		0.1		368
Health Care Technology
Connexin Software, Inc.#	LLC interest	N/A	N/A	N/A	26	26		—		35
HSI Halo Acquisition, Inc.#	Preferred stock	N/A	N/A	N/A	—	75		—		66
HSI Halo Acquisition, Inc.#	Preferred stock	N/A	N/A	N/A	—	—		—		—
Caliper Software, Inc.#	Preferred stock	N/A	N/A	N/A	1	596		0.2		705
Caliper Software, Inc.#	Common stock	N/A	N/A	N/A	53	53		—		142
Caliper Software, Inc.#	Preferred stock	N/A	N/A	N/A	—	8		—		11
						758		0.2		959
Health Care Equipment & Supplies
Aspen Medical Products, LLC#	Common stock	N/A	N/A	N/A	—	17		—		16
Blue River Pet Care, LLC#	LLC units	N/A	N/A	N/A	—	207		—		246
CMI Parent Inc.#	LLC units	N/A	N/A	N/A	—	492		0.1		519
CMI Parent Inc.#	LLC units	N/A	N/A	N/A	5	5		—		—
						721		0.1		781
Health Care Providers & Services
CRH Healthcare Purchaser, Inc.#	LP interest	N/A	N/A	N/A	102	102		—		170
Elite Dental Partners LLC#	LLC units	N/A	N/A	N/A	—	444		0.1		444
Elite Dental Partners LLC#	LLC units	N/A	N/A	N/A	—	191		—		191
Elite Dental Partners LLC#	LLC units	N/A	N/A	N/A	—	—		—		34
Encorevet Group LLC#	LLC units	N/A	N/A	N/A	2	223		0.1		196
ERG Buyer, LLC#	LLC units	N/A	N/A	N/A	—	165		—		6
ERG Buyer, LLC#	LLC units	N/A	N/A	N/A	2	2		—		—
Krueger-Gilbert Health Physics, LLC#	LLC interest	N/A	N/A	N/A	46	46		—		49
MD Now Holdings, Inc.#	LLC units	N/A	N/A	N/A	3	33		—		39
Midwest Veterinary Partners, LLC#	LLC units	N/A	N/A	N/A	—	13		—		14
Midwest Veterinary Partners, LLC#	LLC units	N/A	N/A	N/A	3	—		—		7
Summit Behavioral Healthcare, LLC#(16)	LLC interest	N/A	N/A	N/A	—	14		—		15
Summit Behavioral Healthcare, LLC#	LLC interest	N/A	N/A	N/A	—	—		—		—
						1,233		0.2		1,165

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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
SSRG Holdings, LLC#	LLC units	N/A	N/A	N/A	40	$	399	0.1	%	$	230
Tropical Smoothie Cafe Holdings, LLC#(16)	LP units	N/A	N/A	N/A	2	220		—		220
						619		0.1		450
Household Durables
Groundworks LLC#	LLC units	N/A	N/A	N/A	—	53		—		71

Insurance
Majesco#	LP units	N/A	N/A	N/A	—	106		—		106
Majesco#	LP units	N/A	N/A	N/A	24	—		—		—
Orchid Underwriters Agency, LLC#	LP interest	N/A	N/A	N/A	22	22		—		21
						128		—		127
IT Services
Appriss Holdings, Inc.#	Preferred stock	N/A	N/A	N/A	—	52		—		62
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#	Preferred stock	N/A	N/A	N/A	217	170		0.1		610
Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc.#	Warrant	N/A	N/A	N/A	75	59		0.1		151
Centrify Corporation#	LP interest	N/A	N/A	N/A	—	170		—		84
Centrify Corporation#	LP interest	N/A	N/A	N/A	60	—		—		—
Episerver, Inc.#	Common stock	N/A	N/A	N/A	17	173		—		111
PCS Intermediate II Holdings, LLC#	LLC units	N/A	N/A	N/A	13	126		—		133
Red Dawn SEI Buyer, Inc.#	LP units	N/A	N/A	N/A	219	219		0.1		215
						969		0.3		1,366
Leisure Products
WBZ Investment LLC#	LLC interest	N/A	N/A	N/A	15	24		—		17
WBZ Investment LLC#	LLC interest	N/A	N/A	N/A	10	16		—		12
WBZ Investment LLC#	LLC interest	N/A	N/A	N/A	9	13		—		10
WBZ Investment LLC#	LLC interest	N/A	N/A	N/A	8	12		—		8
WBZ Investment LLC#	LLC interest	N/A	N/A	N/A	3	5		—		4
WBZ Investment LLC#	LLC interest	N/A	N/A	N/A	—	—		—		—
						70		—		51
Professional Services
Net Health Acquisition Corp.#	LP interest	N/A	N/A	N/A	1	126		—		124
Nexus Brands Group, Inc.#	LP interest	N/A	N/A	N/A	—	49		—		43
						175		—		167
Real Estate Management & Development
Property Brands, Inc.#	LLC units	N/A	N/A	N/A	11	106		—		167

Road & Rail
Internet Truckstop Group LLC#	LP interest	N/A	N/A	N/A	146	146		—		130

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(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
Astute Holdings, Inc. #	LP units	N/A	N/A	N/A	—		$	83	0.1	%	$	155
Calabrio, Inc. #	Common stock	N/A	N/A	N/A	58		444		0.2		764
Cloudbees, Inc.#	Preferred stock	N/A	N/A	N/A	15		93		—		78
Cloudbees, Inc.#	Warrant	N/A	N/A	N/A	27		40		—		63
Confluence Technologies, Inc.#	LLC interest	N/A	N/A	N/A	—		53		—		94
Convercent, Inc.#	Warrant	N/A	N/A	N/A	82		16		—		36
Digital Guardian, Inc.#	Preferred stock	N/A	N/A	N/A	72		87		—		62
Digital Guardian, Inc.#	Warrant	N/A	N/A	N/A	25		43		—		43
Digital Guardian, Inc.#	Preferred stock	N/A	N/A	N/A	15		27		—		26
Digital Guardian, Inc.#	Preferred stock	N/A	N/A	N/A	14		25		—		28
Digital Guardian, Inc.#	Warrant	N/A	N/A	N/A	3		4		—		10
GS Acquisitionco, Inc.#	LP interest	N/A	N/A	N/A	—		44		—		123
MetricStream, Inc.#	Warrant	N/A	N/A	N/A	44		67		—		47
mParticle, Inc.#	Warrant	N/A	N/A	N/A	10		4		—		37
Namely, Inc.#	Warrant	N/A	N/A	N/A	8		14		—		13
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH#	Warrant	N/A	N/A	N/A	2		6		—		16
Personify, Inc.#	LLC units	N/A	N/A	N/A	145		145		0.1		218
Pride Midco, Inc.#	Preferred stock	N/A	N/A	N/A	1		556		0.1		683
RegEd Aquireco, LLC#	LP interest	N/A	N/A	N/A	—		70		—		36
RegEd Aquireco, LLC#	LP interest	N/A	N/A	N/A	1		—		—		—
Saturn Borrower Inc.#	LP units	N/A	N/A	N/A	132		132		—		132
SnapLogic, Inc.#	Preferred stock	N/A	N/A	N/A	66		164		0.1		243
SnapLogic, Inc.#	Warrant	N/A	N/A	N/A	16		6		—		43
Telesoft Holdings LLC#	LP interest	N/A	N/A	N/A	131		131		—		127
							2,254		0.6		3,077
Specialty Retail
2nd Ave. LLC#	LP interest	N/A	N/A	N/A	157		157		0.1		135
Imperial Optical Midco Inc.#	Preferred stock	N/A	N/A	N/A	—		110		—		111
Jet Equipment & Tools Ltd.#(7)(8)(10)	LLC units	N/A	N/A	N/A	—		173		0.1		459
Pet Supplies Plus, LLC#(16)	LLC units	N/A	N/A	N/A	34		34		—		100
PPV Intermediate Holdings II, LLC#	LLC interest	N/A	N/A	N/A	84		84		—		115
Sola Franchise, LLC and Sola Salon Studios, LLC#	LLC units	N/A	N/A	N/A	1		88		—		106
Sola Franchise, LLC and Sola Salon Studios, LLC#	LLC units	N/A	N/A	N/A	—		18		—		20
							664		0.2		1,046

Total equity investments							$	9,140	2.1	%	$	11,209

Total investments					$	893,497	$	891,495	167.3	%	$	886,851

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			0.03% (17)				$	8,705	1.6	%	$	8,705
Total money market funds							$	8,705	1.6	%	$	8,705

Total investments and money market funds							$	900,200	168.9	%	$	895,556

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2020

(In thousands)


#						Denotes that all or a portion of the loan collateralizes the DB Credit Facility (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 LIBOR denominated in U.S. dollars or GBP, EURIBOR, or Prime which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR, EURIBOR, or Prime and the weighted average current interest rate in effect as of September 30, 2020. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 30, 2020, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2020, as the loan may have priced or repriced based on an index rate prior to September 30, 2020.

(a) Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 0.15% as of September 30, 2020.

(b) Denotes that all or a portion of the loan was indexed to the 60-day LIBOR, which was 0.19% as of September 30, 2020.

(d) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 0.26% as of September 30, 2020.

(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 0.36% as of September 30, 2020.

(f) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 3.25% as of September 30, 2020.

(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.50% as of September 30, 2020.

(h) Denotes that all or a portion of the loan was indexed to the 90-day GBP LIBOR, which was 0.06% as of September 30, 2020.

(i) Denotes that all or a portion of the loan was indexed to the Australia Three Month Interbank Rate, which was 0.14% as of September 30, 2020.

(j) Denotes that all or a portion of the loan was indexed to the Canadian Bankers Acceptances Rate, which was 0.51% as of September 30, 2020.

(2)For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2020.

(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.

(4)The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements.

(6)The entire commitment was unfunded as of September 30, 2020. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2020, total non-qualifying assets at fair value represented 3.7% of the Company’s total assets calculated in accordance with the 1940 Act.