gbdc3-20231231

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_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2023

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01244

Golub Capital BDC 3, Inc.

(Exact name of registrant as specified in its charter)


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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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


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

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

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

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


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

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

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

As of February 7, 2024, the Registrant had 99,832,145.354 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 December 31, 2023 (unaudited) and September 30, 2023	3
	Consolidated Statements of Operations for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2023 (unaudited) and September 30, 2023	8
	Notes to Consolidated Financial Statements (unaudited)	82
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	115
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	137
Item 4.	Controls and Procedures	138
Part II. Other Information
Item 1.	Legal Proceedings	138
Item 1A.	Risk Factors	138
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	141
Item 3.	Defaults Upon Senior Securities	141
Item 4.	Mine Safety Disclosures	141
Item 5.	Other Information	141
Item 6.	Exhibits	142

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)


	December 31, 2023		September 30, 2023
	(unaudited)
Assets
Non-controlled / non-affiliate company investments at fair value (amortized cost of $2,687,488 and $2,644,725, respectively)	$	2,665,090	$	2,617,016

Cash and cash equivalents	8,095		9,487
Foreign currencies (cost of $2,348 and $1,139, respectively)	2,369		1,084
Restricted cash and cash equivalents	88,807		55,727
Restricted foreign currencies (cost of $708 and $443, respectively)	809		520

Net unrealized appreciation on forward currency contracts	4,219		9,663
Interest receivable	26,167		24,540
Receivable from investments sold	—		1,635

Capital call receivable	1,190		2,090
Other assets	1,273		1,760
Total Assets	$	2,798,019	$	2,723,522
Liabilities
Debt	$	1,287,508	$	1,240,900
Less unamortized debt issuance costs	(2,734)		(4,038)
Debt less unamortized debt issuance costs	1,284,774		1,236,862


Interest payable	20,802		20,271
Distributions payable	8,888		30,621


Management and incentive fees payable	13,765		13,117

Accrued trustee fees	45		45
Accounts payable and other liabilities	2,213		3,144
Total Liabilities	1,330,487		1,304,060
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and September 30, 2023	—		—
Common stock, par value $0.001 per share, 110,000,000 shares authorized, 99,832,145.354 and 94,630,773.096 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively	100		95
Paid in capital in excess of par	1,492,496		1,414,697
Distributable earnings (losses)	(25,064)		4,670
Total Net Assets	1,467,532		1,419,462
Total Liabilities and Total Net Assets	$	2,798,019	$	2,723,522
Number of common shares outstanding	99,832,145.354		94,630,773.096
Net asset value per common share	$	14.70	$	15.00

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)


	Three months ended December 31,
	2023		2022
Investment income
Interest income	$	73,557	$	55,771
Payment-in-kind interest income	4,871		2,427
Dividend income	2,456		1,889
Fee income	166		210
Total investment income	81,050		60,297






Expenses
Interest and other debt financing expenses	25,832		18,017
Base management fee	9,274		8,332
Incentive fee	9,360		6,830

Professional fees	427		428
Administrative service fee	1,043		900
General and administrative expenses	204		87
Total expenses	46,140		34,594
Base management fee waived (Note 4)	(2,529)		(2,272)
Incentive fee waived (Note 4)	(2,340)		(1,708)
Incentive fee - reimbursement (Note 4)	(14,875)		—

Net expenses	26,396		30,614
Net investment income - before tax	54,654		29,683
Excise tax	—		655
Net investment income - after tax	54,654		29,028
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments	(6)		2,522
Foreign currency transactions	13		(407)

Forward currency contracts	—		936
Net realized gain (loss) on investment transactions	7		3,051
Net change in unrealized appreciation (depreciation) from:
Investments	(4,398)		(18,597)
Forward currency contracts	(5,444)		(11,487)
Translation of assets and liabilities in foreign currencies	6,097		11,336
Net change in unrealized appreciation (depreciation) on investment transactions	(3,745)		(18,748)
Net gain (loss) on investment transactions	(3,738)		(15,697)
Net increase (decrease) in net assets resulting from operations	$	50,916	$	13,331
Per Common Share Data
Basic and diluted earnings per common share (Note 11)	$	0.53	$	0.15
Basic and diluted weighted average common shares outstanding (Note 11)	96,188,744		86,259,604

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, 2022	85,511,291.055	$	86	$	1,279,046	$	(6,213)	$	1,272,919
Issuance of common stock	1,343,605.140	1		20,005		—		20,006

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		29,028		29,028
Net realized gain (loss) on investment transactions	—	—		—		3,051		3,051
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(18,748)		(18,748)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	362,642.468	—		5,399		—		5,399
Distributions from distributable earnings	—	—		—		(24,319)		(24,319)

Total increase (decrease) for the three months ended December 31, 2022	1,706,247.608	1		25,404		(10,988)		14,417
Balance at December 31, 2022	87,217,538.663	$	87	$	1,304,450	$	(17,201)	$	1,287,336















Balance at September 30, 2023	94,630,773.096	$	95	$	1,414,697	$	4,670	$	1,419,462
Issuance of common stock	3,912,356.985	4		58,681		—		58,685

Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		54,654		54,654
Net realized gain (loss) on investment transactions	—	—		—		7		7
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(3,745)		(3,745)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,289,015.273	1		19,118		—		19,119
Distributions from distributable earnings	—	—		—		(71,762)		(71,762)
Distributions declared and payable	—	—		—		(8,888)		(8,888)
Total increase (decrease) for the three months ended December 31, 2023	5,201,372.258	5		77,799		(29,734)		48,070
Balance at December 31, 2023	99,832,145.354	$	100	$	1,492,496	$	(25,064)	$	1,467,532

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Three months ended December 31,
	2023		2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	50,916	$	13,331
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	1,304		923
Accretion of discounts and amortization of premiums	(2,943)		(2,110)
Net realized (gain) loss on investments	6		(2,522)
Net realized (gain) loss on foreign currency transactions	(13)		407
Net realized (gain) loss on forward currency contracts	—		(936)
Net change in unrealized (appreciation) depreciation on investments	4,398		18,597
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(6,097)		(11,336)
Net change in unrealized (appreciation) depreciation on forward currency contracts	5,444		11,487

Proceeds from (fundings of) revolving loans, net	(895)		(441)
Fundings of investments	(112,820)		(160,832)
Proceeds from principal payments and sales of portfolio investments	82,055		80,511
Proceeds from settlements of forward currency contracts	—		936
Payment-in-kind interest capitalized	(5,703)		(2,328)
Non-cash dividends capitalized	(2,456)		(1,883)

Changes in operating assets and liabilities:

Interest receivable	(1,627)		(3,856)
Receivable from investments sold	1,635		—

Other assets	487		51

Interest payable	531		4,143
Management and incentive fees payable	648		980

Accrued trustee fees	—		(103)
Accounts payable and other liabilities	(931)		857
Net cash provided by (used in) operating activities	13,939		(54,124)



Cash flows from financing activities
Borrowings on debt	143,624		328,949
Repayments of debt	(100,700)		(257,800)


Capitalized debt issuance costs	—		(2,287)

Proceeds from issuance of common shares	59,585		20,006

Distributions paid	(83,264)		(18,920)
Net cash provided by (used in) financing activities	19,245		69,948
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	33,184		15,824
Effect of foreign currency exchange rates	78		(7)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	66,818		65,915
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	100,080	$	81,732
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	23,997	$	12,951

Distributions declared for the period	80,650		24,319
Supplemental disclosure of non-cash operating and financing activity:
Change in capital call receivable	$	(900)	$	—
Stock issued in connection with dividend reinvestment plan	19,119		5,399
Change in distributions payable	21,733		—

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
	December 31, 2023		September 30, 2023
Cash and cash equivalents	$	8,095	$	9,487
Foreign currencies (cost of $2,348 and $1,139, respectively)	2,369		1,084
Restricted cash and cash equivalents	88,807		55,727
Restricted foreign currencies (cost of $708 and $443, respectively)	809		520
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows	$	100,080	$	66,818

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

See Notes to Consolidated Financial Statements

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Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.~	One stop	SF +	7.00%	(i)(j)	12.35%				02/2029	$	9,875	$	9,621	0.7	%	$	9,875
PPW Aero Buyer, Inc.	One stop	SF +	7.00%	(j)	12.35%				02/2029	3		2		—		3
										9,878		9,623		0.7		9,878
Airlines
Accelya Lux Finco S.A.R.L.#(8)(13)(22)	One stop	SF +	7.00%	(j)	8.45%	cash/	4.00%	PIK	12/2026	7,659		7,579		0.5		7,276

Auto Components
COP CollisionRight Holdings, Inc.#~^	One stop	SF +	5.00%	(j)	10.50%				04/2028	10,330		10,212		0.7		10,330
COP CollisionRight Holdings, Inc.	One stop	SF +	5.00%	(j)	10.50%				04/2028	51		51		—		51
Covercraft Parent III, Inc.^	Senior secured	SF +	4.50%	(k)	10.10%				08/2027	2,051		2,038		0.1		1,969
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(j)	10.00%				08/2027	415		410		—		398
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(j)	10.03%				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC#(22)	One stop	SF +	8.00%	(j)	9.77%	cash/	3.75%	PIK	05/2027	2,437		2,414		0.2		2,095
North Haven Falcon Buyer, LLC(22)	One stop	SF +	8.00%	(j)	9.78%	cash/	3.75%	PIK	05/2027	408		404		—		351
										15,705		15,541		1.0		15,203
Automobiles
CG Group Holdings, LLC#~(22)	One stop	SF +	8.75%	(j)	12.10%	cash/	2.00%	PIK	07/2027	13,701		13,515		0.9		13,428
CG Group Holdings, LLC(22)	One stop	SF +	8.75%	(i)	12.11%	cash/	2.00%	PIK	07/2026	347		341		—		342
Denali Midco 2, LLC#^	One stop	SF +	6.25%	(i)	11.71%				12/2027	9,828		9,765		0.7		9,828
Denali Midco 2, LLC^	One stop	SF +	6.25%	(i)	11.71%				12/2027	2,941		2,922		0.2		2,941
Denali Midco 2, LLC~	One stop	SF +	6.25%	(i)	11.71%				12/2027	2,646		2,628		0.2		2,646
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,787		1,775		0.1		1,787
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,698		1,687		0.1		1,698
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,482		1,472		0.1		1,482
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,221		1,213		0.1		1,221
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,185		1,178		0.1		1,185
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	1,185		1,178		0.1		1,185
Denali Midco 2, LLC#	One stop	SF +	6.25%	(i)	11.71%				12/2027	978		971		0.1		978
Denali Midco 2, LLC#	One stop	SF +	6.50%	(i)	11.96%				12/2027	554		541		0.1		555
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	149		146		—		150
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	126		123		—		127
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	74		72		—		74
Denali Midco 2, LLC	One stop	SF +	5.75%	(i)	11.21%				12/2027	40		11		—		10
Denali Midco 2, LLC	One stop	SF +	6.50%	(i)	11.96%				12/2027	37		36		—		37
Denali Midco 2, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(3)		—		—
Denali Midco 2, LLC(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(4)		—		—
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	1,174		1,151		0.1		1,151
High Bar Brands Operating, LLC#	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	245		240		—		240
High Bar Brands Operating, LLC	Senior secured	SF +	5.25%	(k)	10.47%				12/2029	3		2		—		2
High Bar Brands Operating, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				12/2029	—		(5)		—		(5)
JHCC Holdings LLC#	One stop	SF +	5.25%	(j)	10.75%				09/2026	4,927		4,881		0.3		4,841
JHCC Holdings LLC~	One stop	SF +	5.25%	(j)	10.75%				09/2026	2,906		2,879		0.2		2,855
JHCC Holdings LLC	One stop	SF +	5.25%	(j)	10.75%				09/2026	1,688		1,670		0.1		1,658
JHCC Holdings LLC#	One stop	SF +	5.75%	(j)	11.10%				09/2026	599		593		0.1		593
JHCC Holdings LLC#	One stop	SF +	6.75%	(j)	12.25%				09/2026	566		555		0.1		567
JHCC Holdings LLC#	One stop	SF +	5.25%	(j)	10.75%				09/2026	250		248		—		246

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
JHCC Holdings LLC(5)	One stop	SF +	5.25%		N/A(6)	09/2026	$	—	$	(1)	—	%	$	(2)
JHCC Holdings LLC(5)	One stop	SF +	5.75%		N/A(6)	09/2026	—		(23)		—		(24)
MOP GM Holding, LLC~+	One stop	SF +	5.75%	(k)	11.18%	11/2026	9,472		9,414		0.6		9,188
MOP GM Holding, LLC^	One stop	SF +	5.75%	(j)	11.29%	11/2026	1,329		1,318		0.1		1,289
MOP GM Holding, LLC~	One stop	SF +	5.75%	(j)	11.28%	11/2026	1,049		1,044		0.1		1,018
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.28%	11/2026	1,019		1,012		0.1		988
MOP GM Holding, LLC+	One stop	SF +	5.75%	(k)	11.18%	11/2026	755		750		0.1		732
MOP GM Holding, LLC^	One stop	SF +	5.75%	(j)	11.28%	11/2026	627		624		—		608
MOP GM Holding, LLC^	One stop	SF +	5.75%	(j)	11.28%	11/2026	578		572		—		561
MOP GM Holding, LLC	One stop	SF +	5.75%	(k)	11.18%	11/2026	210		209		—		204
MOP GM Holding, LLC	One stop	SF +	5.75%	(j)(k)	11.20%	11/2026	186		185		—		180
MOP GM Holding, LLC	One stop	SF +	5.75%	(k)	11.18%	11/2026	183		182		—		178
MOP GM Holding, LLC	One stop	SF +	5.75%	(j)	11.28%	11/2026	92		91		—		89
MOP GM Holding, LLC	One stop	SF +	5.75%	(k)	11.18%	11/2026	59		59		—		57
MOP GM Holding, LLC	One stop	SF +	5.75%	(k)	11.18%	11/2026	31		30		—		30
MOP GM Holding, LLC	One stop	SF +	5.75%	(j)	11.28%	11/2026	31		30		—		30
MOP GM Holding, LLC(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—		(10)		—		—
National Express Wash Parent Holdco, LLC^	One stop	SF +	5.50%	(j)(k)	10.86%	07/2029	2,665		2,644		0.2		2,585
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—		(2)		—		(6)
National Express Wash Parent Holdco, LLC(5)	One stop	SF +	6.00%		N/A(6)	07/2029	—		(29)		—		(30)
POY Holdings, LLC#^+	One stop	SF +	5.50%	(j)	11.00%	11/2027	19,176		18,917		1.3		18,985
POY Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%	11/2027	3,398		3,332		0.2		3,364
POY Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%	11/2027	1,235		1,226		0.1		1,223
POY Holdings, LLC	One stop	SF +	5.50%	(j)	11.02%	11/2027	72		69		—		69
POY Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—		(12)		—		(13)
Quick Quack Car Wash Holdings, LLC^	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,977		1,956		0.1		1,958
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,622		1,601		0.1		1,605
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(j)	12.03%	10/2026	1,210		1,192		0.1		1,197
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(i)	11.96%	10/2026	1,194		1,183		0.1		1,182
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(j)	12.03%	10/2026	950		937		0.1		940
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(j)	12.03%	10/2026	789		779		0.1		781
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(j)	12.03%	10/2026	689		680		0.1		682
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(j)	12.03%	10/2026	461		455		—		456
Quick Quack Car Wash Holdings, LLC	One stop	SF +	6.50%	(i)(j)	11.99%	10/2026	394		388		—		390
Quick Quack Car Wash Holdings, LLC~	One stop	SF +	6.50%	(j)	12.03%	10/2026	375		371		—		371
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(j)	12.03%	10/2026	365		355		—		361
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(j)	12.03%	10/2026	334		328		—		331
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(j)	12.03%	10/2026	333		322		—		330
Quick Quack Car Wash Holdings, LLC#	One stop	SF +	6.50%	(j)	12.03%	10/2026	150		148		—		148
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(1)		—		(1)
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		(3)		—		(4)
Quick Quack Car Wash Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)	10/2026	—		—		—		(38)
Spotless Brands, LLC#	One stop	SF +	6.50%	(j)	12.03%	07/2028	4,131		4,068		0.3		4,131

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Spotless Brands, LLC	One stop	SF +	6.50%	(j)	12.03%		07/2028	$	448	$	444	—	%	$	448
Spotless Brands, LLC	One stop	SF +	6.50%	(j)	12.04%		07/2028	333		331		—		333
Spotless Brands, LLC	One stop	SF +	6.50%	(i)	11.96%		07/2028	6		6		—		6
TWAS Holdings, LLC~^	One stop	SF +	6.75%	(i)	12.21%		12/2026	11,956		11,880		0.8		11,717
TWAS Holdings, LLC#	One stop	SF +	6.75%	(i)	12.21%		12/2026	7,750		7,704		0.5		7,595
TWAS Holdings, LLC^	One stop	SF +	6.75%	(i)	12.21%		12/2026	7,215		7,172		0.5		7,071
TWAS Holdings, LLC#	One stop	SF +	6.75%	(i)	12.21%		12/2026	4,922		4,893		0.3		4,824
TWAS Holdings, LLC#	One stop	SF +	6.75%	(i)	12.21%		12/2026	3,104		3,085		0.2		3,042
TWAS Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—		(2)		—		(7)
Yorkshire Parent, Inc.#	One stop	SF +	6.00%	(j)	11.39%		12/2029	1,972		1,952		0.1		1,952
Yorkshire Parent, Inc.(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—		(10)		—		(10)
Yorkshire Parent, Inc.	One stop	SF +	6.00%	(i)	11.36%		12/2029	—		—		—		—
								147,184		145,626		9.9		144,916
Banks
OSP Hamilton Purchaser, LLC#	One stop	SF +	5.50%	(j)	10.87%		12/2029	1,518		1,503		0.1		1,503
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		(14)		—		(14)
OSP Hamilton Purchaser, LLC(5)	One stop	SF +	5.50%		N/A(6)		12/2029	—		—		—		(1)
								1,518		1,489		0.1		1,488
Beverages
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(j)	11.85%		06/2030	12,323		12,151		0.8		12,631
Financial Information Technologies, LLC(22)	One stop	N/A			14.00%	PIK	06/2031	6,325		6,159		0.4		6,198
Financial Information Technologies, LLC#	One stop	SF +	5.50%	(j)	10.85%		06/2030	941		934		0.1		934
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	—		(1)		—		—
Financial Information Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)		06/2030	—		(15)		—		(15)
Watermill Express, LLC#	One stop	SF +	5.00%	(j)	10.50%		04/2027	874		869		0.1		865
Watermill Express, LLC	One stop	SF +	5.00%	(j)	10.50%		04/2027	84		84		—		84
Watermill Express, LLC	One stop	SF +	5.00%	(i)	10.46%		04/2027	9		9		—		9
Winebow Holdings, Inc.#~	One stop	SF +	6.25%	(i)	11.71%		07/2025	3,015		2,998		0.2		2,954
								23,571		23,188		1.6		23,660

Building Products
BECO Holding Company, Inc.#~^	One stop	SF +	5.25%	(j)	10.75%		11/2028	33,569		33,341		2.2		32,898
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2027	—		(3)		—		(9)
								33,569		33,338		2.2		32,889







Chemicals
Inhance Technologies Holdings LLC^	One stop	SF +	6.00%	(j)	11.54%		07/2024	3,548		3,540		0.2		2,980
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(j)	11.54%		07/2024	2,403		2,401		0.1		2,019
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(j)	11.54%		07/2024	727		726		—		611
Inhance Technologies Holdings LLC	One stop	SF +	6.00%	(j)	11.54%		07/2024	105		105		—		87
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(d)	10.39%		09/2028	15,042		15,593		0.9		13,237
PHM NL SP Bidco B.V.(8)(14)	One stop	SF +	6.25%	(h)	11.57%		09/2028	5,922		5,852		0.4		5,212
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	SN +	6.25%	(g)	11.44%		09/2028	3,292		3,407		0.2		2,897
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(d)	10.21%		09/2028	1,590		1,602		0.1		1,399
								32,629		33,226		1.9		28,442

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services & Supplies
BradyIFS Holdings, LLC#	One stop	SF +	6.00%	(j)	11.38%				10/2029	$	4,459	$	4,372	0.3	%	$	4,370
BradyIFS Holdings, LLC	One stop	SF +	6.00%	(j)	11.37%				10/2029	120		116		—		111
BradyIFS Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		(1)
CI (Quercus) Intermediate Holdings, LLC#~	One stop	SF +	5.25%	(j)	10.75%				10/2028	7,743		7,670		0.5		7,743
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(i)	10.71%				10/2028	12		10		—		12
Encore Holdings, LLC	One stop	SF +	5.00%	(j)	10.45%				11/2028	194		188		—		185
Encore Holdings, LLC#	One stop	SF +	5.00%	(j)	10.45%				11/2028	83		82		—		81
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(j)	11.63%				09/2030	374		367		—		367
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		(1)
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2030	—		(1)		—		(1)
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	3,724		3,702		0.3		3,724
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	1,254		1,247		0.1		1,254
North Haven Stack Buyer, LLC(22)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	787		766		0.1		787
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(j)	11.00%				07/2027	692		684		—		692
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(j)	11.01%				07/2027	452		430		—		452
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	416		413		—		416
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	414		411		—		414
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(a)(j)	11.11%				07/2027	78		77		—		78
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	61		60		—		61
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(j)	11.03%				07/2027	30		30		—		30
Profile Products LLC#	One stop	SF +	5.50%	(j)	10.99%				11/2027	2,845		2,805		0.2		2,788
Profile Products LLC#(8)	One stop	SF +	5.50%	(j)	10.99%				11/2027	577		569		—		565
Profile Products LLC(5)	One stop	SF +	5.50%		N/A(6)				11/2027	—		(1)		—		(1)
Profile Products LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—		—		—		(1)
PT Intermediate Holdings III, LLC#~^	One stop	SF +	5.98%	(j)	11.47%				11/2028	24,122		23,832		1.7		24,122
PT Intermediate Holdings III, LLC#	One stop	SF +	5.98%	(j)	11.47%				11/2028	15,352		15,197		1.1		15,352
PT Intermediate Holdings III, LLC#	One stop	SF +	6.50%	(j)	11.85%				11/2028	1,425		1,408		0.1		1,436
PT Intermediate Holdings III, LLC(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(4)		—		—
Radwell Parent, LLC#^	One stop	SF +	6.53%	(j)	11.97%				03/2029	10,907		10,777		0.8		10,907
Radwell Parent, LLC+	One stop	SF +	6.75%	(j)	12.10%				03/2029	9,851		9,605		0.7		9,875
Radwell Parent, LLC	One stop	SF +	6.53%	(j)	11.91%				03/2029	216		173		—		216
Radwell Parent, LLC	One stop	SF +	6.75%	(j)	12.10%				03/2028	69		65		—		69
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%	(k)	11.20%				06/2027	495		492		—		495
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%	(k)	11.15%				06/2027	209		206		—		209
Trinity Air Consultants Holdings Corporation#	One stop	SF +	5.75%	(k)	11.29%				06/2027	174		172		—		174
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—



										87,135		85,918		5.9		86,980
Communications Equipment
Lightning Finco Limited(8)(10)	One stop	SF +	5.50%	(h)	11.25%				09/2028	4,453		4,393		0.3		4,453
Lightning Finco Limited(8)(9)(10)	One stop	E +	5.50%	(d)	9.39%				09/2028	504		536		—		504
										4,957		4,929		0.3		4,957
Containers and Packaging
AmerCareRoyal LLC#(22)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	2,543		2,525		0.2		2,543
AmerCareRoyal LLC#(22)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	543		539		0.1		543
AmerCareRoyal LLC(22)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	528		524		—		528
AmerCareRoyal LLC#(8)(22)	Senior secured	SF +	7.00%	(i)	11.98%	cash/	0.50%	PIK	11/2025	457		454		—		457
Chase Intermediate#~^	One stop	SF +	5.25%	(i)(j)(k)	10.92%				10/2028	38,731		38,478		2.6		38,344

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Chase Intermediate(5)	One stop	SF +	5.25%		N/A(6)				10/2028	$	—	$	(3)	—	%	$	(4)
Chase Intermediate(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(17)		—		(18)
Fortis Solutions Group, LLC#~^	One stop	SF +	5.50%	(j)	10.95%				10/2028	15,737		15,553		1.0		15,265
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.96%				10/2028	82		67		—		1
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.95%				10/2028	44		10		—		43
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(j)	10.95%				10/2027	15		11		—		8
										58,680		58,141		3.9		57,710




Diversified Consumer Services
Apex Service Partners, LLC#(22)	One stop	SF +	7.00%	(j)	10.40%	cash/	2.00%	PIK	10/2030	3,995		3,936		0.3		3,945
Apex Service Partners, LLC(22)	One stop	SF +	7.00%	(j)	10.38%	cash/	2.00%	PIK	10/2030	212		200		—		200
Apex Service Partners, LLC	One stop	SF +	6.50%	(a)(j)	12.76%				10/2029	4		3		—		3
Certus Pest, Inc.~	One stop	SF +	7.50%	(j)	13.00%				02/2026	615		605		0.1		609
Certus Pest, Inc.~	One stop	SF +	7.50%	(j)	13.00%				02/2026	589		576		0.1		584
Certus Pest, Inc.	One stop	SF +	7.50%	(j)	13.00%				02/2026	425		424		—		421
Certus Pest, Inc.~	One stop	SF +	7.50%	(j)	13.00%				02/2026	420		416		—		416
Certus Pest, Inc.~	One stop	SF +	7.50%	(j)	13.00%				02/2026	291		287		—		288
Certus Pest, Inc.~	One stop	SF +	7.50%	(j)	13.00%				02/2026	257		248		—		254
Certus Pest, Inc.	One stop	SF +	7.50%	(j)	13.00%				02/2026	250		248		—		248
Certus Pest, Inc.~	One stop	SF +	7.50%	(j)	13.00%				02/2026	148		145		—		146
Certus Pest, Inc.	One stop	SF +	7.50%	(j)	13.00%				02/2026	93		89		—		92
Certus Pest, Inc.	One stop	SF +	7.50%	(j)	13.00%				02/2026	51		44		—		50
Certus Pest, Inc.	One stop	SF +	7.50%	(j)	13.00%				02/2026	21		20		—		21
Certus Pest, Inc.(5)	One stop	SF +	7.50%		N/A(6)				02/2026	—		—		—		(1)
CHHJ Midco, LLC#	Senior secured	SF +	5.00%	(i)	10.46%				01/2026	1,072		1,067		0.1		1,072
CHHJ Midco, LLC	Senior secured	SF +	5.00%		N/A(6)				01/2026	—		—		—		—
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	966		957		0.1		940
COP Hometown Acquisitions, Inc.	Senior secured	P +	4.50%	(a)(j)	12.21%				07/2027	948		925		0.1		924
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.50%	(j)	10.97%				07/2027	926		908		0.1		907
COP Hometown Acquisitions, Inc.	Senior secured	SF +	5.50%	(a)(j)	11.62%				07/2027	823		807		0.1		806
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	728		723		0.1		708
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	709		702		—		689
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(j)	10.78%				07/2027	583		575		—		567
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(j)	10.79%				07/2027	465		461		—		452
COP Hometown Acquisitions, Inc.#	Senior secured	SF +	5.25%	(j)	10.78%				07/2027	328		326		—		319
COP Hometown Acquisitions, Inc.(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—		(1)		—		(2)
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(j)	11.60%				09/2028	1,307		1,289		0.1		1,307
DP Flores Holdings, LLC	One stop	SF +	6.25%	(j)	11.60%				09/2028	203		200		—		203
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(1)		—		—
DP Flores Holdings, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2028	—		(3)		—		—
EMS LINQ, LLC#+	One stop	SF +	6.25%	(i)	11.71%				12/2027	4,244		4,216		0.3		4,159
EMS LINQ, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(1)		—		(3)
Entomo Brands Acquisitions, Inc.#	Senior secured	SF +	5.50%	(j)	11.00%				07/2029	1,565		1,543		0.1		1,565
Entomo Brands Acquisitions, Inc.	Senior secured	SF +	5.50%	(i)	10.94%				07/2029	130		120		—		130
Entomo Brands Acquisitions, Inc.(5)	Senior secured	SF +	5.50%		N/A(6)				07/2029	—		(1)		—		—
EWC Growth Partners LLC^	One stop	SF +	6.00%	(j)	11.50%				03/2026	1,078		1,074		0.1		1,078
EWC Growth Partners LLC	One stop	SF +	6.00%	(j)	11.52%				03/2026	102		102		—		102
EWC Growth Partners LLC#	One stop	SF +	6.00%	(j)	11.50%				03/2026	62		62		—		62
EWC Growth Partners LLC	One stop	SF +	6.00%	(j)	11.50%				03/2026	14		14		—		14
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(j)	11.54%				03/2027	7,119		7,015		0.5		6,905
FPG Intermediate Holdco, LLC^	One stop	SF +	6.00%	(j)	11.54%				03/2027	6,100		6,043		0.4		5,917

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
FPG Intermediate Holdco, LLC	One stop	SF +	6.00%	(j)	11.53%				03/2027	$	62	$	61	—	%	$	60
FPG Intermediate Holdco, LLC(5)	One stop	SF +	6.50%		N/A(6)				03/2027	—		(20)		—		—
FSS Buyer LLC^	One stop	SF +	5.75%	(i)	11.21%				08/2028	2,303		2,273		0.2		2,303
FSS Buyer LLC	One stop	SF +	5.75%		N/A(6)				08/2027	—		—		—		—
HS Spa Holdings, Inc.#	One stop	SF +	5.75%	(j)	11.12%				06/2029	3,955		3,893		0.3		3,915
HS Spa Holdings, Inc.	One stop	SF +	5.75%	(i)	11.11%				06/2028	8		6		—		7
Learn-it Systems, LLC#(22)	Senior secured	SF +	5.25%	(j)	8.00%	cash/	2.75%	PIK	09/2026	761		758		—		723
Learn-it Systems, LLC(22)	Senior secured	SF +	5.25%	(k)	7.93%	cash/	2.75%	PIK	09/2026	578		576		—		549
Learn-it Systems, LLC(22)	Senior secured	SF +	5.25%	(k)	7.93%	cash/	2.75%	PIK	09/2026	212		211		—		201
Learn-it Systems, LLC(5)	Senior secured	SF +	5.25%		N/A(6)				09/2026	—		—		—		(2)
Liminex, Inc.+	One stop	SF +	7.25%	(j)	12.75%				11/2026	19,521		19,358		1.3		19,521
Liminex, Inc.#	One stop	SF +	7.25%	(j)	12.75%				11/2026	10,188		10,109		0.7		10,188
Liminex, Inc.#	One stop	SF +	7.25%	(j)	12.75%				11/2026	3,516		3,483		0.2		3,516
Liminex, Inc.#	One stop	SF +	7.25%	(j)	12.75%				11/2026	116		114		—		116
Liminex, Inc.(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(2)		—		—
Litera Bidco LLC#	One stop	SF +	6.00%	(i)	11.46%				05/2026	1,305		1,297		0.1		1,305
Litera Bidco LLC#	One stop	SF +	5.25%	(i)	10.71%				05/2026	600		597		—		600
Litera Bidco LLC	One stop	SF +	5.25%	(i)	10.71%				05/2026	269		267		—		269
Litera Bidco LLC	One stop	SF +	5.25%	(i)	10.71%				05/2026	269		269		—		269
Litera Bidco LLC	One stop	SF +	6.00%	(i)	11.46%				05/2026	118		117		—		118
Litera Bidco LLC	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC#	One stop	SF +	5.75%	(i)	11.21%				04/2029	3,913		3,853		0.3		3,756
Mario Purchaser, LLC	One stop	SF +	5.75%	(i)	11.21%				04/2029	2,246		2,189		0.1		2,049
Mario Purchaser, LLC(22)	One stop	SF +	10.75%	(j)	16.21%	PIK			04/2032	2,058		2,021		0.1		1,975
Mario Purchaser, LLC	One stop	SF +	5.75%	(i)	11.21%				04/2028	22		21		—		20
Mathnasium, LLC+	One stop	SF +	5.00%	(j)	10.53%				11/2027	4,144		4,118		0.3		4,144
Mathnasium, LLC	One stop	SF +	5.00%	(j)	10.53%				11/2027	18		17		—		18
NSG Buyer, Inc. ^	One stop	SF +	6.50%	(i)	11.96%				11/2029	9,862		9,698		0.7		9,962
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		(1)
NSG Buyer, Inc. (5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(28)		—		(28)
Provenance Buyer LLC^	One stop	SF +	5.00%	(i)	10.46%				06/2027	4,268		4,237		0.3		4,225
Provenance Buyer LLC#~	One stop	SF +	5.00%	(i)	10.46%				06/2027	2,911		2,876		0.2		2,881
Provenance Buyer LLC(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(1)		—		(1)
RW AM Holdco LLC^	One stop	SF +	5.25%	(k)	10.82%				04/2028	9,063		8,998		0.6		8,701
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(6)
Virginia Green Acquisition, LLC#	One stop	SF +	5.50%	(k)	10.75%				12/2030	2,107		2,086		0.1		2,086
Virginia Green Acquisition, LLC	One stop	SF +	5.50%	(k)	10.75%				12/2029	6		6		—		6
Virginia Green Acquisition, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(8)		—		(8)





										121,242		119,811		8.1		119,534
Diversified Financial Services
Avalara, Inc.#	One stop	SF +	7.25%	(j)	12.60%				10/2028	6,229		6,104		0.4		6,229
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(2)		—		—
Banker's Toolbox, Inc.^	One stop	SF +	5.25%	(j)	10.73%				07/2027	3,406		3,386		0.2		3,406
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(j)	10.73%				07/2027	634		632		0.1		634
Banker's Toolbox, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		(1)		—		—
Finastra USA, Inc.#	One stop	SF +	7.25%	(k)	12.71%				09/2029	450		441		—		441
Finastra USA, Inc.	One stop	SF +	7.25%	(i)	12.61%				09/2029	13		12		—		12
Flash Topco, Inc.^	One stop	SF +	5.75%	(k)	11.44%				10/2028	7,530		7,479		0.5		7,154
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.94%				10/2028	45		44		—		42
Flash Topco, Inc.	One stop	SF +	6.50%	(k)	11.94%				12/2024	25		25		—		25

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(i)	10.96%				11/2028	$	1,927	$	1,910	0.1	%	$	1,927
Higginbotham Insurance Agency, Inc.#	One stop	SF +	5.50%	(i)	10.96%				11/2028	1,808		1,795		0.1		1,808
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(i)	10.96%				11/2028	949		946		0.1		949
										23,016		22,771		1.5		22,627
Diversified Telecommunication Services
NTI Connect, LLC#	Senior secured	SF +	5.50%	(j)	11.00%				02/2026	629		622		—		629

Electrical Equipment
Power Grid Holdings, Inc.#	One stop	SF +	4.75%	(j)	10.14%				12/2030	1,026		1,006		0.1		1,006
Power Grid Holdings, Inc.	One stop	SF +	4.75%	(j)	10.12%				12/2030	2		1		—		1
										1,028		1,007		0.1		1,007
Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.50%	(i)	11.96%				11/2028	9,851		9,612		0.7		9,851
CST Holding Company	One stop	SF +	6.50%	(i)	11.96%				11/2028	5		4		—		5













										9,856		9,616		0.7		9,856
Food & Staples Retailing
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	625		622		0.1		625
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	431		429		0.1		431
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	321		319		—		321
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	269		267		—		269
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	252		251		—		252
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	247		246		—		247
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	217		216		—		217
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	161		160		—		161
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	122		121		—		122
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	121		121		—		121
Mendocino Farms, LLC	One stop	SF +	6.25%	(i)	11.71%				06/2025	60		59		—		60
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(j)	13.00%				06/2024	325		325		—		325
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(j)	13.00%				06/2024	131		130		—		131
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(j)	13.00%				06/2024	114		114		—		114
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(j)	13.00%				06/2024	54		54		—		54
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(j)	13.00%				06/2024	—		—		—		—
Wineshipping.com LLC^	One stop	SF +	5.75%	(j)	11.29%				10/2027	3,040		3,021		0.2		2,797
Wineshipping.com LLC	One stop	SF +	5.75%	(j)	11.33%				10/2027	83		83		—		76
Wineshipping.com LLC	One stop	SF +	5.75%	(a)(j)	11.46%				10/2027	73		73		—		67

										6,646		6,611		0.4		6,390
Food Products
Blast Bidco Inc.#	One stop	SF +	6.00%	(j)	11.35%				10/2030	450		443		—		446
Blast Bidco Inc.(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		(1)
Borrower R365 Holdings, LLC+	One stop	SF +	6.50%	(j)	12.00%				06/2027	5,322		5,264		0.4		5,322
Borrower R365 Holdings, LLC#	One stop	SF +	6.50%	(j)	12.00%				06/2027	443		438		—		443
Borrower R365 Holdings, LLC	One stop	SF +	6.50%	(j)	12.00%				06/2027	190		189		—		190
Borrower R365 Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(1)		—		—
Borrower R365 Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)				06/2027	—		(3)		—		—
Flavor Producers, LLC#(22)	Senior secured	SF +	6.50%	(a)(j)	10.20%	cash/	1.75%	PIK	12/2024	442		442		—		424
Flavor Producers, LLC(5)	Senior secured	SF +	6.50%		N/A(6)				09/2024	—		—		—		(1)
Kodiak Cakes, LLC+	Senior secured	SF +	6.75%	(i)	12.11%				06/2027	4,803		4,697		0.4		4,803
Kodiak Cakes, LLC	Senior secured	SF +	6.75%	(i)	12.11%				06/2026	125		121		—		125
Louisiana Fish Fry Products, Ltd.#~	One stop	SF +	6.25%	(j)	11.75%				07/2027	4,153		4,129		0.3		4,112
Louisiana Fish Fry Products, Ltd.	One stop	SF +	6.25%	(i)(j)	11.74%				07/2027	105		104		—		104

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
MAPF Holdings, Inc.~^+	One stop	SF +	5.00%	(j)	10.50%				12/2026	$	14,880	$	14,806	1.0	%	$	14,880
MAPF Holdings, Inc.#	One stop	SF +	5.00%	(j)	10.50%				12/2026	1,174		1,165		0.1		1,174
MAPF Holdings, Inc.	One stop	SF +	5.00%	(j)	10.51%				12/2026	300		299		—		300
P&P Food Safety Holdings, Inc.~^	One stop	SF +	6.00%	(i)(j)	11.50%				12/2026	7,407		7,357		0.5		7,185
P&P Food Safety Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(1)		—		(3)
P&P Food Safety Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—		(15)		—		(67)
Ultimate Baked Goods Midco LLC#	One stop	SF +	6.25%	(i)	11.71%				08/2027	2,798		2,769		0.2		2,770
Ultimate Baked Goods Midco LLC(5)	One stop	SF +	6.25%		N/A(6)				08/2027	—		(1)		—		(1)
Whitebridge Pet Brands, LLC^	One stop	SF +	4.75%	(i)	10.21%				07/2027	8,979		8,917		0.6		8,979
Whitebridge Pet Brands, LLC(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—		(2)		—		—
Wizard Bidco Limited#(8)(10)	One stop	SF +	6.00%	(j)	11.35%				03/2029	6,497		6,387		0.4		6,513
Wizard Bidco Limited#(8)(9)(10)(22)	One stop	SN +	5.00%	(g)	8.69%	cash/	1.50%	PIK	03/2029	3,387		3,467		0.2		3,251
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	6.50%	(g)	11.69%				03/2029	2,263		2,157		0.2		2,269
Wizard Bidco Limited(8)(9)(10)	One stop	SN +	4.75%	(g)	9.94%				09/2028	95		91		—		92
Wizard Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				03/2029	—		(20)		—		—
										63,813		63,198		4.3		63,309

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.	Senior secured	SF +	8.25%	(k)	13.75%				09/2024	$	182	$	182	—	%	$	182
Coding Solutions Acquisition, Inc.#	One stop	SF +	5.50%	(i)	11.11%				05/2028	2,683		2,663		0.2		2,663
Coding Solutions Acquisition, Inc.	One stop	SF +	5.75%	(i)	11.11%				05/2028	813		807		0.1		807
Coding Solutions Acquisition, Inc.#	One stop	SF +	6.00%	(i)	11.36%				05/2028	109		106		—		109
Coding Solutions Acquisition, Inc.	One stop	SF +	5.50%	(i)	11.11%				05/2028	24		24		—		24
Coding Solutions Acquisition, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—		(5)		—		—
Color Intermediate, LLC#	One stop	SF +	5.50%	(j)	10.95%				10/2029	6,062		5,963		0.4		6,062
Connexin Software, Inc.#+	One stop	SF +	8.50%	(j)	13.85%				02/2024	1,586		1,586		0.1		1,586
Connexin Software, Inc.	One stop	SF +	8.50%	(j)	13.85%				02/2024	10		10		—		10
Crow River Buyer, Inc.#	One stop	SF +	7.75%	(j)	13.13%				01/2029	2,466		2,424		0.2		2,466
Crow River Buyer, Inc.(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—		(1)		—		—
ESO Solution, Inc.#+	One stop	SF +	7.00%	(i)	12.36%				05/2027	3,811		3,784		0.3		3,811
ESO Solution, Inc.	One stop	SF +	7.00%	(i)	12.36%				03/2027	43		42		—		43
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(j)	11.20%				08/2026	1,486		1,472		0.1		1,486
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(j)	11.20%				08/2026	784		784		0.1		784
HSI Halo Acquisition, Inc.~	One stop	SF +	5.75%	(j)	11.20%				08/2026	516		514		—		516
HSI Halo Acquisition, Inc.#	One stop	SF +	5.75%	(j)	11.20%				08/2026	496		487		—		496
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(j)	11.20%				08/2026	360		357		—		360
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(j)	11.20%				08/2026	301		299		—		301
HSI Halo Acquisition, Inc.	One stop	SF +	5.75%	(a)(k)	11.59%				09/2025	46		46		—		46
Neptune Holdings, Inc.#	One stop	SF +	6.00%	(k)	11.50%				09/2030	11,352		11,190		0.8		11,210
Neptune Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2029	—		(1)		—		(1)
Plasma Buyer LLC#	One stop	SF +	5.75%	(j)	11.10%				05/2029	2,762		2,720		0.2		2,624
Plasma Buyer LLC	One stop	SF +	5.75%	(j)	11.10%				05/2028	18		18		—		16
Plasma Buyer LLC(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—		(6)		—		—
QF Holdings, Inc.	One stop	SF +	6.25%	(j)	11.73%				12/2027	305		302		—		305
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75%	(j)	10.20%				06/2025	5,594		5,575		0.4		5,538
Qgenda Intermediate Holdings, LLC~	One stop	SF +	4.75%	(j)	10.20%				06/2025	4,922		4,923		0.3		4,873
Qgenda Intermediate Holdings, LLC~	One stop	SF +	4.75%	(j)	10.20%				06/2025	2,382		2,382		0.2		2,358
Qgenda Intermediate Holdings, LLC+	One stop	SF +	4.75%	(j)	10.20%				06/2025	667		666		—		661
Qgenda Intermediate Holdings, LLC	One stop	SF +	4.75%	(j)	10.20%				06/2025	75		75		—		74
Transaction Data Systems, Inc.~+	One stop	SF +	4.25%	(j)	9.75%				02/2026	11,022		10,923		0.8		11,022
Transaction Data Systems, Inc.	One stop	SF +	4.25%	(i)	9.71%				02/2026	77		76		—		77
Veranex, Inc.(22)	Senior secured	SF +	6.25%	(k)	10.59%	cash/	1.00%	PIK	04/2028	372		370		—		286
Veranex, Inc.#(22)	Senior secured	SF +	6.25%	(k)	10.64%	cash/	1.00%	PIK	04/2028	197		196		—		152
Veranex, Inc.(22)	Senior secured	SF +	6.25%	(k)	10.56%	cash/	1.00%	PIK	04/2028	50		50		—		39
										61,573		61,003		4.2		60,986
Healthcare Equipment and Supplies
Aspen Medical Products, LLC~	One stop	SF +	5.25%	(j)	10.78%				06/2025	937		935		0.1		937
Aspen Medical Products, LLC#	One stop	SF +	5.25%	(j)	10.78%				06/2025	60		60		—		60
Aspen Medical Products, LLC	One stop	SF +	5.25%		N/A(6)				06/2025	—		—		—		—
Baduhenna Bidco Limited(8)(10)	One stop	SF +	5.95%	(h)	11.53%				08/2028	2,330		2,303		0.2		2,330
Baduhenna Bidco Limited(8)(9)(10)	One stop	E +	5.95%	(c)	9.92%				08/2028	1,375		1,458		0.1		1,375
Baduhenna Bidco Limited(8)(9)(10)	One stop	SN +	5.95%	(g)	11.26%				08/2028	387		418		—		387
Baduhenna Bidco Limited(8)(9)(10)	One stop	E +	5.95%	(c)	9.88%				08/2028	328		328		—		328
Baduhenna Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—		(6)		—		—
Belmont Instrument, LLC^	One stop	SF +	6.25%	(j)	11.60%				08/2028	4,839		4,801		0.3		4,839
Belmont Instrument, LLC	One stop	SF +	6.25%	(j)	11.60%				08/2028	33		32		—		33
Blades Buyer, Inc.#~	Senior secured	SF +	5.00%	(j)(k)	10.45%				03/2028	2,460		2,442		0.2		2,442

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Blades Buyer, Inc.#	Senior secured	SF +	5.00%	(i)	10.44%	03/2028	$	1,104	$	1,096	0.1	%	$	1,095
Blades Buyer, Inc.#	Senior secured	SF +	5.25%	(i)	10.69%	03/2028	458		453		—		458
Blades Buyer, Inc.	Senior secured	P +	3.75%	(a)	12.25%	03/2028	12		12		—		11
Blue River Pet Care, LLC~^	One stop	SF +	5.75%	(i)	11.21%	07/2026	12,890		12,803		0.9		12,761
Blue River Pet Care, LLC#	One stop	SF +	5.75%	(i)	11.21%	07/2026	11,794		11,728		0.8		11,676
Blue River Pet Care, LLC#	One stop	SF +	5.75%	(i)	11.21%	07/2026	2,750		2,735		0.2		2,723
Blue River Pet Care, LLC#	One stop	SF +	5.75%	(i)	11.21%	07/2026	2,643		2,628		0.2		2,617
Blue River Pet Care, LLC	One stop	SF +	5.75%	(i)	11.21%	07/2026	2,617		2,602		0.2		2,591
Blue River Pet Care, LLC	One stop	SF +	5.75%	(i)	11.21%	07/2026	2,011		2,000		0.1		1,991
Blue River Pet Care, LLC(5)	One stop	SF +	5.75%		N/A(6)	08/2025	—		(1)		—		(2)
Blue River Pet Care, LLC(5)	One stop	SF +	5.75%		N/A(6)	07/2026	—		(7)		—		(12)
CCSL Holdings, LLC~(8)	One stop	SF +	6.00%	(i)	11.36%	12/2028	6,023		5,930		0.4		6,023
CCSL Holdings, LLC#(8)	One stop	SF +	6.00%	(i)	11.36%	12/2028	1,626		1,602		0.1		1,626
CCSL Holdings, LLC#(8)(9)	One stop	SN +	6.00%	(g)	11.19%	12/2028	984		958		0.1		984
CCSL Holdings, LLC(8)	One stop	SF +	6.00%	(i)	11.36%	12/2028	209		193		—		209
CCSL Holdings, LLC(5)(8)	One stop	SF +	6.00%		N/A(6)	12/2028	—		(4)		—		—
CCSL Holdings, LLC(5)(8)	One stop	SF +	6.00%		N/A(6)	12/2028	—		(10)		—		—
CMI Parent Inc.~+	Senior secured	SF +	4.75%	(i)	10.21%	08/2025	13,755		13,705		0.9		13,755
CMI Parent Inc.+	Senior secured	SF +	4.75%	(i)	10.21%	08/2025	6,521		6,492		0.4		6,521
CMI Parent Inc.#	Senior secured	SF +	4.75%	(i)	10.21%	08/2025	6,117		6,083		0.4		6,117
CMI Parent Inc.(5)	Senior secured	SF +	4.75%		N/A(6)	08/2025	—		(1)		—		—
TIDI Legacy Products, Inc.#	One stop	SF +	5.50%	(i)	10.86%	12/2029	3,202		3,171		0.2		3,170
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)	12/2029	—		—		—		(1)
TIDI Legacy Products, Inc.(5)	One stop	SF +	5.50%		N/A(6)	06/2025	—		(8)		—		—
YI, LLC#	One stop	SF +	5.75%	(j)	11.09%	12/2029	4,097		4,016		0.3		4,015
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(1)		—		(1)
YI, LLC(5)	One stop	SF +	5.75%		N/A(6)	12/2029	—		(8)		—		(9)
							91,562		90,938		6.2		91,049

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AAH TOPCO, LLC	One stop	SF +	5.50%	(i)	10.96%				12/2027	$	7,694	$	7,635	0.5	%	$	7,501
AAH TOPCO, LLC (22)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,257		1,241		0.1		1,106
AAH TOPCO, LLC #	One stop	SF +	5.50%	(i)	10.96%				12/2027	515		511		—		502
AAH TOPCO, LLC (5)	One stop	SF +	5.50%		N/A(6)				12/2027	—		—		—		(2)
AAH TOPCO, LLC (5)	One stop	SF +	6.00%		N/A(6)				12/2027	—		(29)		—		(30)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(22)	Subordinated debt	N/A			13.75%				03/2028	14,362		14,217		1.0		14,075
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~	One stop	SF +	6.00%	(j)	11.49%				03/2027	1,820		1,807		0.1		1,820
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(j)	11.49%				03/2027	1,521		1,506		0.1		1,521
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(22)	Subordinated debt	N/A			13.75%				03/2028	887		879		0.1		869
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	SF +	6.00%	(j)	11.48%				03/2027	691		685		—		691
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(22)	Subordinated debt	N/A			13.75%				03/2028	339		337		—		332
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	One stop	SF +	6.00%	(j)	11.48%				03/2027	327		327		—		327
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—		(1)		—		—
Bamboo US Bidco LLC#	One stop	SF +	6.00%	(j)	11.38%				09/2030	243		236		—		235
Bamboo US Bidco LLC#(8)(9)	One stop	E +	6.00%	(c)	9.95%				09/2030	167		155		—		162
Bamboo US Bidco LLC	One stop	SF +	6.00%	(i)	11.36%				09/2030	3		2		—		2
Bamboo US Bidco LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(2)
Community Care Partners, LLC#	One stop	SF +	6.00%	(i)	11.47%				06/2026	1,197		1,191		0.1		1,125
Community Care Partners, LLC(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—		(1)		—		—
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	3,926		3,902		0.3		3,926
CRH Healthcare Purchaser, Inc.~	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	1,652		1,642		0.1		1,652
CRH Healthcare Purchaser, Inc.~	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	1,236		1,228		0.1		1,236
CRH Healthcare Purchaser, Inc.#	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	837		832		0.1		837
CRH Healthcare Purchaser, Inc.	Senior secured	SF +	6.25%	(j)	11.75%				06/2025	50		49		—		50
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(g)	9.69%				04/2025	24,019		25,576		1.7		24,019
Datix Bidco Limited(8)(9)(10)	Second lien	SN +	7.75%	(g)	12.94%				04/2026	8,523		9,050		0.6		8,523
Datix Bidco Limited(8)(9)(10)	Senior secured	SN +	4.50%	(g)	9.69%				04/2025	4,449		4,704		0.3		4,449
Datix Bidco Limited(8)(10)	Senior secured	SF +	4.50%	(k)	9.94%				04/2025	183		183		—		183
Datix Bidco Limited(8)(10)	Second lien	SF +	7.75%	(k)	13.19%				04/2026	58		58		—		58
Datix Bidco Limited(8)(10)	Senior secured	SF +	4.50%	(k)	9.94%				09/2024	37		37		—		37
Elite Dental Partners LLC(7)(22)	One stop	SF +	5.25%	(j)	10.70%	PIK			09/2024	2,043		1,889		0.1		756
Elite Dental Partners LLC(7)(22)	One stop	SF +	12.00%	(j)	17.45%	PIK			09/2024	1,079		963		—		496
Elite Dental Partners LLC(22)	One stop	SF +	5.25%	(j)	10.70%	PIK			09/2024	220		220		—		220
Emerge Intermediate, Inc.#(22)	One stop	SF +	6.50%	(j)	11.50%	cash/	0.50%	PIK	05/2024	2,302		2,297		0.2		2,302
Emerge Intermediate, Inc.#(22)	One stop	SF +	6.50%	(j)	11.50%	cash/	0.50%	PIK	05/2024	218		218		—		218
Emerge Intermediate, Inc.(22)	One stop	SF +	6.50%	(j)	11.50%	cash/	0.50%	PIK	05/2024	67		67		—		67
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	14,610		14,579		1.0		14,098
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	7,519		7,500		0.5		7,256
Encorevet Group LLC~(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	3,965		3,958		0.3		3,826
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	1,977		1,972		0.1		1,908
Encorevet Group LLC~(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	1,779		1,780		0.1		1,717
Encorevet Group LLC~(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	1,108		1,106		0.1		1,069
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	920		918		0.1		888

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	$	655	$	653	0.1	%	$	632
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	627		625		—		605
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	568		566		—		548
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	391		390		—		377
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	244		243		—		235
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	158		158		—		153
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.29%				02/2027	119		119		—		115
Encorevet Group LLC(22)	One stop	SF +	6.75%	(j)	12.26%				02/2027	47		47		—		45
Encorevet Group LLC(5)	One stop	SF +	8.75%		N/A(6)				02/2027	—		—		—		(1)
ERC Topco Holdings, LLC#^(22)	One stop	SF +	6.25%	(j)	8.61%	cash/	3.25%	PIK	11/2028	17,399		17,290		0.9		13,571
ERC Topco Holdings, LLC#^(22)	One stop	SF +	6.25%	(j)	11.86%	PIK			11/2028	140		138		—		109
ERC Topco Holdings, LLC(22)	One stop	SF +	6.25%	(j)	8.67%	cash/	3.25%	PIK	11/2027	65		64		—		37
ERC Topco Holdings, LLC(22)	One stop	SF +	6.25%	(j)	11.60%	PIK			11/2028	1		1		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	3,451		3,547		0.2		3,451
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	2,526		2,512		0.2		2,526
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	2,350		2,430		0.2		2,350
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(j)	11.28%				03/2027	1,035		1,025		0.1		1,035
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	728		716		—		728
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(j)	11.28%				03/2027	460		456		—		460
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(f)	11.33%				03/2027	408		390		—		408
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(i)	10.21%				12/2026	2,391		2,377		0.2		2,367
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(i)	10.21%				12/2026	378		376		—		374
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)				12/2026	—		—		—		—
Klick Inc.^(8)(12)	Senior secured	SF +	4.50%	(j)	9.95%				03/2028	3,864		3,840		0.3		3,864
Klick Inc.(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	784		777		0.1		784
Krueger-Gilbert Health Physics, LLC#	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	466		462		—		466
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	460		457		—		460
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	319		315		—		319
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	124		123		—		124
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.75%	(j)	11.25%				05/2026	30		30		—		30
Krueger-Gilbert Health Physics, LLC(5)	Senior secured	SF +	5.75%		N/A(6)				05/2026	—		(10)		—		—
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(9)(12)(22)	One stop	C +	6.00%	(f)	9.43%	cash/	2.00%	PIK	05/2028	7,430		7,981		0.5		7,058
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(j)	11.00%				05/2028	1,655		1,641		0.1		1,573
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(j)	11.00%				05/2028	1,184		1,170		0.1		1,125
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(f)	10.93%				05/2028	473		492		—		450
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(f)	10.93%				05/2028	247		249		—		234
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)(22)	One stop	SF +	6.00%	(j)	9.50%	cash/	2.00%	PIK	05/2028	87		86		—		83
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(5)(8)(9)(12)	One stop	C +	5.50%		N/A(6)				05/2026	—		(26)		—		(6)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—		(1)		—		(2)
Opening Day Borrower 111 LLC(7)(22)	One stop	SF +	6.25%	(j)	11.75%				05/2027	1,506		1,324		0.1		1,355
Opening Day Borrower 111 LLC(7)(22)	One stop	SF +	6.25%	(j)	11.75%				05/2027	575		518		—		518
Opening Day Borrower 111 LLC(5)(7)	One stop	SF +	6.25%		N/A(6)				05/2027	—		—		—		(18)
Suveto Buyer, LLC	One stop	SF +	4.25%	(i)	9.71%				09/2027	8,335		8,284		0.6		8,169
Suveto Buyer, LLC	One stop	SF +	4.25%	(i)	9.71%				09/2027	51		50		—		48
										175,531		177,309		11.4		166,784

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(j)	11.53%				08/2028	$	4,282	$	4,249	0.3	%	$	4,282
Barteca Restaurants, LLC	One stop	SF +	6.00%	(j)	11.51%				08/2028	335		331		—		335
Barteca Restaurants, LLC(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(1)		—		—
BJH Holdings III Corp.#~^	One stop	SF +	4.50%	(j)	10.05%				08/2025	20,943		20,848		1.4		20,734
BJH Holdings III Corp.	One stop	SF +	4.50%	(i)(j)	10.03%				08/2025	225		223		—		221
Davidson Hotel Company, LLC^	One stop	SF +	5.25%	(i)	10.71%				07/2025	1,349		1,344		0.1		1,349
Davidson Hotel Company, LLC	One stop	SF +	5.25%	(i)	10.71%				07/2025	330		329		—		330
Davidson Hotel Company, LLC	One stop	SF +	5.25%		N/A(6)				07/2025	—		—		—		—
EOS Fitness Opco Holdings, LLC#	One stop	SF +	5.25%	(j)	10.75%				01/2027	1,877		1,863		0.2		1,844
EOS Fitness Opco Holdings, LLC#	One stop	SF +	5.25%	(j)	10.75%				01/2027	360		357		—		354
EOS Fitness Opco Holdings, LLC	One stop	SF +	5.25%	(j)	10.75%				01/2027	197		195		—		193
EOS Fitness Opco Holdings, LLC#	One stop	SF +	5.75%	(j)	11.10%				01/2027	150		149		—		149
EOS Fitness Opco Holdings, LLC	One stop	SF +	5.75%	(j)	11.10%				01/2027	80		78		—		77
EOS Fitness Opco Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2027	—		—		—		(1)
ESN Venture Holdings, LLC#^	One stop	SF +	6.50%	(j)	11.85%				10/2028	1,834		1,812		0.1		1,834
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(j)(k)	11.87%				10/2028	278		274		—		278
ESN Venture Holdings, LLC	One stop	SF +	6.50%	(j)	11.86%				10/2028	32		31		—		32
ESN Venture Holdings, LLC(5)	One stop	SF +	6.50%		N/A(6)				10/2028	—		(8)		—		—
GFP Atlantic Holdco 2, LLC#	One stop	SF +	6.00%	(j)	11.62%				11/2027	931		913		0.1		912
GFP Atlantic Holdco 2, LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—		(20)		—		(41)
Harri US LLC+(22)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	365		340		—		369
Harri US LLC(22)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	247		246		—		250
Harri US LLC(22)	One stop	SF +	10.00%	(j)	11.54%	cash/	4.00%	PIK	08/2026	240		239		—		243
Harri US LLC	One stop	SF +	10.00%		N/A(6)				08/2026	—		—		—		—
Health Buyer, LLC#	Senior secured	SF +	5.25%	(j)	10.75%				04/2029	1,331		1,316		0.1		1,324
Health Buyer, LLC#	Senior secured	SF +	5.50%	(j)	10.85%				04/2029	612		598		—		612
Health Buyer, LLC	Senior secured	SF +	5.25%		N/A(6)				04/2028	—		—		—		—
Health Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—		(4)		—		—
SSRG Holdings, LLC~^	One stop	SF +	4.75%	(j)	10.25%				11/2025	6,857		6,835		0.5		6,857
SSRG Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%				11/2025	500		496		—		500
SSRG Holdings, LLC	One stop	SF +	4.75%	(j)	10.25%				11/2025	20		20		—		20
Tropical Smoothie Cafe Holdings, LLC#^	One stop	SF +	5.50%	(j)	11.03%				09/2026	9,143		9,084		0.6		9,052
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.75%	(j)	11.12%				09/2026	5,000		4,951		0.4		4,950
Tropical Smoothie Cafe Holdings, LLC~	One stop	SF +	5.50%	(i)(j)	11.02%				09/2026	4,813		4,775		0.3		4,765
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.50%	(j)	11.03%				09/2026	2,122		2,107		0.2		2,101
Tropical Smoothie Cafe Holdings, LLC(5)	One stop	SF +	5.50%		N/A(6)				09/2026	—		(1)		—		(1)
YE Brands Holding, LLC#	One stop	SF +	5.75%	(j)	11.20%				10/2027	12,828		12,710		0.9		12,828
YE Brands Holding, LLC	One stop	SF +	5.50%	(i)	10.96%				10/2027	26		26		—		26
										77,307		76,705		5.2		76,778

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Household Durables
Groundworks LLC#	One stop	SF +	6.50%	(j)	11.90%	03/2030	$	3,857	$	3,760	0.3	%	$	3,857
Groundworks LLC	One stop	SF +	6.50%	(i)(j)	11.86%	03/2030	93		83		—		93
Groundworks LLC(5)	One stop	SF +	6.50%		N/A(6)	03/2029	—		(1)		—		—
							3,950		3,842		0.3		3,950
Household Products
WU Holdco, Inc.~	One stop	SF +	5.50%	(j)	11.00%	03/2026	1,194		1,189		0.1		1,157
WU Holdco, Inc.#	One stop	SF +	5.50%	(j)	11.00%	03/2026	425		425		—		412
WU Holdco, Inc.	One stop	SF +	5.50%	(j)	11.00%	03/2026	110		110		—		107
WU Holdco, Inc.	One stop	SF +	5.50%	(j)	11.00%	03/2025	15		15		—		15
							1,744		1,739		0.1		1,691
Industrial Conglomerates
Arch Global CCT Holdings Corp.#	Senior secured	SF +	4.75%	(j)	10.24%	04/2026	893		892		0.1		875
Arch Global CCT Holdings Corp.#	Senior secured	SF +	4.75%	(j)	10.22%	04/2026	499		498		—		489
Arch Global CCT Holdings Corp.	Senior secured	SF +	4.75%	(j)	10.20%	04/2026	468		466		—		459
Arch Global CCT Holdings Corp.	Senior secured	SF +	4.75%		N/A(6)	04/2025	—		—		—		—
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(j)	11.20%	07/2027	1,999		1,971		0.1		1,959
Dwyer Instruments, Inc.	One stop	SF +	5.75%	(i)(j)	11.20%	07/2027	507		499		—		497
Dwyer Instruments, Inc.#	One stop	SF +	5.75%	(k)	11.09%	07/2027	244		239		—		239
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(1)		—		(1)
Dwyer Instruments, Inc.(5)	One stop	SF +	5.75%		N/A(6)	07/2027	—		(3)		—		(3)
Essential Services Holdings Corporation#^	One stop	SF +	5.75%	(j)	11.29%	11/2026	21,906		21,787		1.5		21,468
Essential Services Holdings Corporation	One stop	SF +	5.75%	(j)	11.28%	11/2025	40		40		—		39
Excelitas Technologies Corp.#	One stop	SF +	5.75%	(j)	11.23%	08/2029	3,683		3,625		0.3		3,646
Excelitas Technologies Corp.#(8)(9)	One stop	E +	5.75%	(c)	9.75%	08/2029	629		579		0.1		623
Excelitas Technologies Corp.	One stop	SF +	5.75%	(j)	11.22%	08/2029	325		316		—		321
Excelitas Technologies Corp.	One stop	SF +	5.75%	(a)(j)	11.29%	08/2028	136		133		—		134
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.00%	(h)	11.58%	11/2027	3,185		3,135		0.2		3,185
Specialty Measurement Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(c)	9.96%	11/2027	2,954		3,139		0.2		2,954
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.50%	(h)	12.25%	11/2027	1,520		1,490		0.1		1,527
Specialty Measurement Bidco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.22%	11/2027	1,503		1,476		0.1		1,506
Specialty Measurement Bidco Limited(8)(9)(10)	One stop	E +	6.00%	(c)	9.96%	11/2027	1,453		1,378		0.1		1,453
Specialty Measurement Bidco Limited#(8)(10)	One stop	SF +	6.25%	(h)	11.83%	11/2027	1,257		1,236		0.1		1,260
							43,201		42,895		2.9		42,630
Insurance
Accession Risk Management Group, Inc.~+	One stop	SF +	5.50%	(j)	11.03%	11/2029	12,055		11,901		0.8		11,875
Accession Risk Management Group, Inc.#^	One stop	SF +	5.50%	(j)	11.01%	11/2029	3,791		3,756		0.3		3,734
Accession Risk Management Group, Inc.~+	One stop	SF +	5.50%	(j)	11.02%	11/2029	3,095		2,995		0.2		3,049
Accession Risk Management Group, Inc.^	One stop	SF +	5.50%	(j)	11.02%	11/2029	2,874		2,845		0.2		2,832
Accession Risk Management Group, Inc.	One stop	SF +	6.00%	(j)	11.41%	11/2029	363		357		—		363
Accession Risk Management Group, Inc.	One stop	SF +	6.00%	(j)	11.35%	11/2029	162		118		—		162
Accession Risk Management Group, Inc.(5)	One stop	SF +	5.50%		N/A(6)	11/2029	—		(1)		—		(1)
Alera Group, Inc.#	One stop	SF +	6.00%	(i)	11.46%	10/2028	10,641		10,569		0.7		10,641
Alera Group, Inc.^	One stop	SF +	6.00%	(i)	11.46%	10/2028	3,442		3,421		0.2		3,442
Alera Group, Inc.^	One stop	SF +	6.00%	(i)	11.46%	10/2028	3,024		2,993		0.2		3,024
Alera Group, Inc.(5)	One stop	SF +	5.75%		N/A(6)	10/2028	—		(15)		—		(15)
AMBA Buyer, Inc.^	One stop	SF +	5.25%	(j)(k)	10.53%	07/2027	1,354		1,346		0.1		1,341
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)(k)	10.53%	07/2027	403		402		—		399
AMBA Buyer, Inc.#	One stop	SF +	5.25%	(j)(k)	10.53%	07/2027	338		336		—		334
AMBA Buyer, Inc.	One stop	SF +	5.25%	(j)	10.70%	07/2027	10		10		—		10

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
AMBA Buyer, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	$	—	$	(1)	—	%	$	(4)
Captive Resources Midco, LLC#(22)	One stop	SF +	5.25%	(i)	5.31%	cash/	5.80%	PIK	07/2029	5,028		4,953		0.3		5,028
Captive Resources Midco, LLC(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—		(3)		—		—
Disco Parent, Inc.#	One stop	SF +	7.50%	(j)	12.89%				03/2029	2,177		2,130		0.2		2,177
Disco Parent, Inc.(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—		(1)		—		—
Doxa Insurance Holdings LLC#	One stop	SF +	5.50%	(j)	10.87%				12/2030	1,513		1,498		0.1		1,498
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		—		—		(1)
Doxa Insurance Holdings LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(14)		—		(14)
Illumifin Corporation#(22)	One stop	SF +	7.00%	(j)	6.66%	cash/	6.00%	PIK	09/2027	1,303		1,288		0.1		1,108
Integrated Specialty Coverages, LLC#	One stop	SF +	6.00%	(i)(j)(k)	11.40%				07/2030	1,801		1,759		0.1		1,801
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—		(1)		—		—
Integrated Specialty Coverages, LLC(5)	One stop	SF +	6.00%		N/A(6)				07/2030	—		(5)		—		—
Integrity Marketing Acquisition, LLC^	Senior secured	SF +	6.05%	(j)	11.54%				08/2026	1,363		1,350		0.1		1,353
Integrity Marketing Acquisition, LLC	One stop	SF +	6.02%	(j)	11.41%				08/2026	1,112		1,097		0.1		1,101
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.05%	(j)	11.54%				08/2026	901		895		0.1		894
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.05%	(j)	11.54%				08/2026	679		672		0.1		674
Integrity Marketing Acquisition, LLC	Senior secured	SF +	6.02%	(j)	11.51%				08/2026	679		675		0.1		674
Integrity Marketing Acquisition, LLC~	One stop	SF +	5.80%	(j)	11.29%				08/2026	351		348		—		347
Integrity Marketing Acquisition, LLC	Senior secured	SF +	5.80%	(j)	11.29%				08/2026	308		306		—		304
Integrity Marketing Acquisition, LLC	One stop	SF +	6.00%	(j)	11.39%				08/2026	202		189		—		173
Integrity Marketing Acquisition, LLC	One stop	SF +	5.80%	(j)	11.29%				08/2026	186		185		—		184
Integrity Marketing Acquisition, LLC	One stop	SF +	6.50%		N/A(6)				08/2026	—		—		—		—
J.S. Held Holdings, LLC~+	One stop	SF +	5.50%	(j)	11.00%				07/2025	18,163		18,050		1.2		17,980
J.S. Held Holdings, LLC^	One stop	SF +	5.50%	(j)	11.00%				07/2025	3,982		3,953		0.3		3,942
J.S. Held Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%				07/2025	3,852		3,816		0.3		3,813
J.S. Held Holdings, LLC#	One stop	SF +	5.50%	(j)	11.00%				07/2025	3,489		3,473		0.2		3,454
J.S. Held Holdings, LLC	One stop	SF +	5.50%	(j)	11.00%				07/2025	801		775		0.1		788
J.S. Held Holdings, LLC	One stop	SF +	5.50%	(j)	11.00%				07/2025	72		71		—		70
Keystone Agency Partners LLC^	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	2,717		2,686		0.2		2,663
Keystone Agency Partners LLC	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	1,074		1,062		0.1		1,052
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(j)	11.00%				05/2027	772		763		0.1		756
Keystone Agency Partners LLC#	Senior secured	SF +	5.50%	(i)	10.96%				05/2027	534		523		—		523
Keystone Agency Partners LLC(5)	Senior secured	SF +	5.50%		N/A(6)				05/2027	—		(24)		—		(25)
Majesco~+	One stop	SF +	7.25%	(j)	12.60%				09/2027	7,397		7,328		0.5		7,397
Majesco(5)	One stop	SF +	7.25%		N/A(6)				09/2026	—		(2)		—		—
Norvax, LLC#+(8)	Senior secured	SF +	7.50%	(j)	13.03%				09/2025	12,298		12,236		0.8		12,298
Norvax, LLC#(8)	Senior secured	SF +	7.50%	(j)	13.03%				09/2025	4,019		3,981		0.3		4,019
Oakbridge Insurance Agency LLC#	One stop	SF +	5.75%	(i)	11.09%				11/2029	1,986		1,967		0.1		1,966
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		—		—		(1)
Oakbridge Insurance Agency LLC(5)	One stop	SF +	5.75%		N/A(6)				11/2029	—		(9)		—		(10)
Paisley Bidco Limited(8)(9)(10)	One stop	E +	6.75%	(c)	10.70%				03/2028	773		735		0.1		765
Paisley Bidco Limited(8)(9)(10)	One stop	E +	6.75%	(c)	10.70%				03/2028	730		690		—		723
Paisley Bidco Limited(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2028	—		(18)		—		(15)
Pareto Health Intermediate Holdings, Inc.^	One stop	SF +	6.50%	(k)	11.97%				05/2030	7,859		7,715		0.5		7,859
Pareto Health Intermediate Holdings, Inc.	One stop	SF +	6.50%	(k)	11.97%				05/2030	2,620		2,572		0.2		2,620
Pareto Health Intermediate Holdings, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(1)		—		—
Patriot Growth Insurance Services, LLC#^	One stop	SF +	5.50%	(i)(j)	11.00%				10/2028	4,640		4,609		0.3		4,547
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(j)	11.25%				10/2028	954		947		0.1		944
Patriot Growth Insurance Services, LLC	One stop	SF +	5.75%	(j)	11.10%				10/2028	207		177		—		162
Patriot Growth Insurance Services, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(2)		—		(2)

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
People Corporation#(8)(9)(12)	One stop	C +	6.25%	(f)	11.75%				02/2028	$	5,451	$	5,638	0.4	%	$	5,382
People Corporation(8)(9)(12)	One stop	C +	5.75%	(f)	11.25%				02/2028	4,592		4,535		0.3		4,465
People Corporation(8)(9)(12)	One stop	C +	6.25%	(f)	11.75%				02/2028	1,779		1,890		0.1		1,757
People Corporation(8)(9)(12)	One stop	C +	6.00%	(f)	11.50%				02/2028	209		191		—		152
People Corporation(8)(9)(12)	One stop	C +	6.25%	(f)	11.74%				02/2027	148		144		—		146
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(j)	11.50%				10/2026	370		369		—		370
Sunstar Insurance Group, LLC#	Senior secured	SF +	6.00%	(j)	11.50%				10/2026	307		305		—		307
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(j)	11.50%				10/2026	155		154		—		155
Sunstar Insurance Group, LLC	Senior secured	SF +	6.00%	(a)(i)	12.27%				10/2026	4		4		—		4

										151,109		149,656		10.2		149,513
Internet & Catalog Retail
Revalize, Inc.~+	One stop	SF +	5.75%	(i)	11.21%				04/2027	5,846		5,814		0.4		5,612
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	3,422		3,403		0.2		3,285
Revalize, Inc.#	One stop	SF +	5.75%	(i)	11.21%				04/2027	2,023		2,016		0.1		1,942
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	1,697		1,687		0.1		1,629
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.21%				04/2027	1,022		1,016		0.1		981
Revalize, Inc.#	One stop	SF +	5.75%	(i)	11.21%				04/2027	789		784		0.1		757
Revalize, Inc.	One stop	SF +	5.75%	(j)	11.25%				04/2027	191		185		—		183
Revalize, Inc.	One stop	SF +	5.75%	(j)	11.23%				04/2027	57		56		—		48
										15,047		14,961		1.0		14,437

IT Services
Acquia, Inc.+	One stop	SF +	7.00%	(k)	12.74%				10/2025	2,442		2,432		0.2		2,418
Acquia, Inc.	One stop	SF +	7.00%	(k)	12.60%				10/2025	27		27		—		27
Acquia, Inc.(5)	One stop	SF +	7.00%		N/A(6)				10/2025	—		—		—		(6)
CivicPlus, LLC+(22)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	2,701		2,680		0.2		2,674
CivicPlus, LLC#(22)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	1,603		1,592		0.1		1,587
CivicPlus, LLC#(22)	One stop	SF +	6.50%	(j)	9.54%	cash/	2.50%	PIK	08/2027	1,266		1,257		0.1		1,254
CivicPlus, LLC(22)	One stop	SF +	11.75%	(k)	17.00%	PIK			06/2034	254		249		—		249
CivicPlus, LLC	One stop	SF +	6.00%	(i)	11.46%				08/2027	27		27		—		26
Critical Start, Inc.#(22)	One stop	SF +	6.75%	(j)	8.54%	cash/	3.63%	PIK	05/2028	1,736		1,724		0.1		1,719
Critical Start, Inc.#(22)	One stop	SF +	6.75%	(j)	8.54%	cash/	3.63%	PIK	05/2028	807		794		0.1		799
Critical Start, Inc.	One stop	SF +	6.25%	(h)	11.57%				05/2028	27		26		—		26
Delinea Inc.+	One stop	SF +	5.75%	(j)	11.25%				03/2028	6,415		6,356		0.5		6,415
Delinea Inc.+	One stop	SF +	5.75%	(j)	11.25%				03/2028	3,764		3,735		0.3		3,764
Delinea Inc.(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—		(2)		—		—
Goldcup 31018 AB#(8)(9)(17)(22)	One stop	E +	6.50%	(d)	10.43%	PIK			07/2029	4,438		4,012		0.3		4,393
Goldcup 31018 AB(8)(9)(17)(22)	One stop	E +	6.50%	(d)	10.43%	PIK			07/2029	414		391		—		407
Goldcup 31018 AB(5)(8)(9)(17)	One stop	E +	6.25%		N/A(6)				01/2029	—		(1)		—		(1)
Netwrix Corporation^	One stop	SF +	5.00%	(j)(k)	10.39%				06/2029	2,116		2,102		0.1		2,074
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(1)		—		(4)
Netwrix Corporation(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—		(3)		—		(12)
Netwrix Corporation(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—		(26)		—		(26)
Optimizely North America, Inc.+	One stop	SF +	5.25%	(j)	10.75%				04/2026	4,839		4,805		0.3		4,791
Optimizely North America, Inc.(8)(9)	One stop	E +	5.50%	(c)	9.43%				04/2026	4,389		4,556		0.3		4,345
Optimizely North America, Inc.+	One stop	SF +	5.25%	(j)	10.75%				04/2026	2,649		2,637		0.2		2,623
Optimizely North America, Inc.#	One stop	SF +	5.25%	(j)	10.75%				04/2026	1,500		1,488		0.1		1,485
Optimizely North America, Inc.(5)	One stop	SF +	5.25%		N/A(6)				04/2026	—		(1)		—		(3)
PCS Intermediate II Holdings, LLC~	One stop	SF +	5.25%	(i)	10.71%				01/2026	4,758		4,741		0.3		4,758
PCS Intermediate II Holdings, LLC#	One stop	SF +	5.25%	(i)	10.71%				01/2026	696		693		—		696
PCS Intermediate II Holdings, LLC	One stop	SF +	5.25%		N/A(6)				01/2026	—		—		—		—
PDQ Intermediate, Inc.(22)	Subordinated debt	N/A			13.75%	PIK			10/2031	50		49		—		49

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Recordxtechnologies, LLC#~	One stop	SF +	6.50%	(j)	11.85%	12/2025	$	18,294	$	18,193	1.2	%	$	18,294
Recordxtechnologies, LLC	One stop	SF +	6.50%	(j)	11.85%	12/2025	1,669		1,661		0.1		1,669
Recordxtechnologies, LLC#	One stop	SF +	6.50%	(j)	11.85%	12/2025	861		853		0.1		861
Recordxtechnologies, LLC	One stop	SF +	6.50%	(j)	11.85%	12/2025	145		144		—		145
Red Dawn SEI Buyer, Inc.~^	Senior secured	SF +	4.25%	(j)	9.70%	11/2025	13,131		13,080		0.9		12,934
Red Dawn SEI Buyer, Inc.#(8)(9)	Senior secured	SN +	4.50%	(g)	9.69%	11/2025	8,711		9,340		0.6		8,623
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(j)	9.95%	11/2025	2,623		2,609		0.2		2,597
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.25%	(j)	9.70%	11/2025	2,335		2,328		0.2		2,300
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(j)	9.95%	11/2025	2,177		2,169		0.1		2,155
Red Dawn SEI Buyer, Inc.(5)	Senior secured	SF +	4.25%		N/A(6)	11/2025	—		(1)		—		(4)
Red Dawn SEI Buyer, Inc.(5)	Senior secured	SF +	4.50%		N/A(6)	11/2025	—		(3)		—		(5)
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(j)	16.13%	10/2026	567		559		—		567
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(j)	16.13%	10/2026	179		179		—		179
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(j)	16.13%	10/2026	64		63		—		64
Saturn Borrower Inc.#~	One stop	SF +	6.50%	(j)	12.00%	09/2026	7,902		7,793		0.5		7,665
Saturn Borrower Inc.	One stop	SF +	6.50%	(j)	12.00%	09/2026	103		102		—		100
Transform Bidco Limited(8)(10)	One stop	SF +	7.00%		N/A(6)	06/2030	—		—		—		—
Transform Bidco Limited#(8)(10)	One stop	SF +	7.00%		N/A(6)	12/2030	—		—		—		—
WPEngine, Inc.#	One stop	SF +	6.50%	(k)	11.92%	08/2029	1,916		1,880		0.1		1,916
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)	08/2029	—		(1)		—		—
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(j)	11.89%	07/2027	2,495		2,495		0.2		2,495
Zarya Holdco, Inc.	One stop	SF +	6.50%	(j)	11.87%	07/2027	40		40		—		40
							110,130		109,822		7.4		109,122

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	$	1,417	$	1,416	0.1	%	$	1,403
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	483		482		0.1		478
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	335		335		—		332
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(j)	11.00%	cash/	1.00%	PIK	09/2024	175		175		—		173
WBZ Investment LLC(5)	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		(1)
										2,410		2,408		0.2		2,385
Life Sciences Tools & Services
Celerion Buyer, Inc.~	One stop	SF +	6.50%	(k)	11.93%				11/2029	8,505		8,329		0.6		8,505
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(28)		—		—
PAS Parent Inc.#~^	One stop	SF +	5.00%	(i)	10.47%				12/2028	21,203		20,948		1.4		20,673
PAS Parent Inc.	One stop	SF +	5.00%	(i)	10.47%				12/2028	1,167		1,113		0.1		1,137
PAS Parent Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2027	—		(9)		—		(4)
PAS Parent Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(29)		—		(30)
Reaction Biology Corporation#	One stop	SF +	5.25%	(j)	10.75%				03/2029	2,625		2,606		0.2		2,362
Reaction Biology Corporation#	One stop	SF +	5.25%	(j)	10.75%				03/2029	1,745		1,733		0.1		1,571
Reaction Biology Corporation#	One stop	SF +	5.25%	(j)	10.75%				03/2029	511		507		—		460
Reaction Biology Corporation	One stop	SF +	5.25%	(j)	10.75%				03/2029	105		104		—		90
Reaction Biology Corporation(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(21)		—		—
Unchained Labs, LLC	Senior secured	SF +	5.50%	(i)	10.91%				08/2027	424		422		—		420
Unchained Labs, LLC#	Senior secured	SF +	5.50%	(i)	10.91%				08/2027	358		354		—		355
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										36,643		36,028		2.4		35,539
Machinery
Blackbird Purchaser, Inc.#	One stop	SF +	5.50%	(j)	10.86%				12/2030	4,134		4,093		0.3		4,093
Blackbird Purchaser, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		(8)		—		(8)
Blackbird Purchaser, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2030	—		—		—		(1)
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(j)	11.00%	cash/	1.50%	PIK	05/2025	1,951		1,951		0.1		1,853
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(j)	11.00%	cash/	1.50%	PIK	05/2025	338		338		—		321
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(j)	11.00%	cash/	1.50%	PIK	05/2025	71		71		—		62

										6,494		6,445		0.4		6,320
Marine
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(j)	11.35%				04/2029	14,603		14,493		1.0		14,165
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(j)	11.35%				04/2029	323		320		—		314
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(j)	11.35%				04/2029	75		73		—		68
										15,001		14,886		1.0		14,547
Media
Triple Lift, Inc.#	One stop	SF +	5.75%	(j)	11.27%				05/2028	2,081		2,055		0.2		1,998
Triple Lift, Inc.#	One stop	SF +	5.75%	(j)	11.27%				05/2028	450		444		—		432
Triple Lift, Inc.	One stop	SF +	5.75%	(j)	11.31%				05/2028	27		26		—		25
										2,558		2,525		0.2		2,455

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.75%	(j)	12.24%				05/2025	$	5,494	$	5,467	0.4	%	$	5,494
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.75%	(i)	12.21%				05/2025	60		60		—		60
Envernus, Inc.#	One stop	SF +	5.50%	(i)	10.86%				12/2029	4,714		4,644		0.3		4,644
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(1)		—		(1)
Envernus, Inc.(5)	One stop	SF +	5.50%		N/A(6)				12/2029	—		(2)		—		(2)
Project Power Buyer, LLC#~	One stop	SF +	7.00%	(j)	12.35%				05/2026	13,622		13,393		0.9		13,622
Project Power Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—

										23,890		23,560		1.6		23,817
Paper & Forest Products
Messenger, LLC#~	One stop	SF +	5.75%	(j)	11.25%				12/2027	4,783		4,750		0.3		4,639
Messenger, LLC~	One stop	SF +	5.75%	(j)	11.28%				12/2027	1,455		1,446		0.1		1,412
Messenger, LLC#	One stop	SF +	5.75%	(j)	11.25%				12/2027	730		725		0.1		708
Messenger, LLC	One stop	P +	4.75%	(a)	13.25%				12/2027	8		8		—		6
										6,976		6,929		0.5		6,765
Pharmaceuticals
ACP Ulysses Buyer, Inc.~^	One stop	SF +	6.00%	(j)	11.50%				02/2029	8,681		8,509		0.6		8,508
ACP Ulysses Buyer, Inc.#	One stop	SF +	6.00%	(j)	11.50%				02/2029	375		365		—		368
Amalthea Parent, Inc.#~^+(8)	One stop	SF +	5.00%	(j)(k)	10.82%				03/2027	29,779		29,515		1.8		26,802
Amalthea Parent, Inc.(5)(8)	One stop	SF +	5.00%		N/A(6)				03/2027	—		(2)		—		(27)
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF +	5.50%	(j)	10.85%				05/2029	12,672		12,477		0.8		12,292
Caerus Midco 3 S.A.R.L.#(8)(13)	One stop	SF +	5.75%	(j)	11.10%				05/2029	2,105		2,071		0.1		2,063
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(k)	11.21%				05/2029	855		834		0.1		817
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(i)	11.11%				05/2029	210		206		—		204
Caerus Midco 3 S.A.R.L.(8)(13)	One stop	SF +	5.75%	(k)	11.21%				05/2029	136		132		—		130
Cobalt Buyer Sub, Inc.^	One stop	SF +	6.00%	(i)	11.47%				10/2028	4,458		4,396		0.3		4,368
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(i)	11.47%				10/2028	1,494		1,473		0.1		1,465
Cobalt Buyer Sub, Inc.#	One stop	SF +	6.00%	(i)	11.47%				10/2028	1,136		1,100		0.1		1,113
Cobalt Buyer Sub, Inc.	One stop	SF +	6.00%	(i)	11.47%				10/2027	38		37		—		37
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	10,737		11,489		0.7		10,147
Spark Bidco Limited#(8)(9)(10)	Senior secured	SN +	6.00%	(g)	11.19%				08/2028	1,826		1,719		0.1		1,808
Spark Bidco Limited(8)(10)	Senior secured	SF +	6.00%	(j)	11.35%				08/2028	1,378		1,355		0.1		1,364
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	1,301		1,157		0.1		1,230
Spark Bidco Limited(8)(9)(10)	Senior secured	SN +	4.75%	(g)	9.94%				08/2028	1,139		1,078		0.1		1,076
Spark Bidco Limited(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—		(2)		—		(5)
										78,320		77,909		5.0		73,760
Professional Services
ALKU Intermediate Holdings, LLC#	One stop	SF +	6.25%	(i)	11.61%				05/2029	2,416		2,383		0.2		2,416
bswift, LLC#	One stop	SF +	6.38%	(j)	11.78%				11/2028	2,654		2,586		0.2		2,654
Citrin Cooperman Advisors LLC	One stop	SF +	5.75%	(j)(k)	11.26%				10/2027	2,773		2,752		0.2		2,766
Citrin Cooperman Advisors LLC^	One stop	SF +	6.25%	(k)	11.82%				10/2027	1,202		1,173		0.1		1,202
Citrin Cooperman Advisors LLC	One stop	SF +	6.25%	(k)	11.78%				10/2027	273		267		—		273
Citrin Cooperman Advisors LLC#	One stop	SF +	5.25%	(i)	10.68%				10/2027	192		189		—		189
Citrin Cooperman Advisors LLC(5)	One stop	SF +	5.25%		N/A(6)				10/2027	—		(13)		—		(13)
DISA Holdings Corp.#	Senior secured	SF +	5.50%	(i)	10.84%				09/2028	1,814		1,785		0.1		1,814
DISA Holdings Corp.	Senior secured	SF +	5.50%	(i)	10.84%				09/2028	130		128		—		130
DISA Holdings Corp.	One stop	SF +	5.50%	(i)	10.84%				09/2028	106		103		—		106
DISA Holdings Corp.(22)	Subordinated debt	SF +	10.00%	(i)	13.36%	cash/	2.00%	PIK	03/2029	51		50		—		51
DISA Holdings Corp.	Senior secured	SF +	5.50%	(i)	10.85%				09/2028	9		9		—		9
Eliassen Group, LLC#	One stop	SF +	5.50%	(j)	10.85%				04/2028	738		733		0.1		731
Eliassen Group, LLC	One stop	SF +	5.50%	(j)	10.87%				04/2028	137		136		—		133

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Filevine, Inc.#(22)	One stop	SF +	6.50%	(j)(k)	9.71%	cash/	2.50%	PIK	04/2027	$	2,651	$	2,622	0.2	%	$	2,678
Filevine, Inc.	One stop	SF +	6.50%		N/A(6)				04/2027	—		—		—		—
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(j)	11.48%				09/2028	2,741		2,701		0.2		2,741
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(j)	11.48%				09/2028	236		236		—		236
IG Investments Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				09/2027	—		(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^+	One stop	SF +	5.25%	(j)	10.78%				11/2028	26,788		26,651		1.8		25,716
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(i)(j)	10.77%				11/2028	151		149		—		141
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(i)	11.21%				12/2025	1,432		1,426		0.1		1,418
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(i)	11.21%				12/2025	838		833		0.1		830
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(i)	11.21%				12/2025	721		717		—		713
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(i)	11.21%				12/2025	453		450		—		448
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(i)	11.21%				12/2025	107		107		—		106
Net Health Acquisition Corp.	One stop	SF +	5.75%	(i)	11.21%				12/2025	103		103		—		101
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(k)	11.90%				04/2025	2,818		2,809		0.2		2,818
PlanSource Holdings, Inc.	One stop	SF +	6.25%	(k)	11.90%				04/2025	556		555		—		556
PlanSource Holdings, Inc.#	One stop	SF +	6.25%	(k)	11.90%				04/2025	484		482		—		484
PlanSource Holdings, Inc.	One stop	SF +	6.25%		N/A(6)				04/2025	—		—		—		—
Procure Acquireco, Inc.~^	One stop	SF +	5.00%	(j)	10.54%				12/2028	7,704		7,649		0.5		7,704
Procure Acquireco, Inc.	One stop	SF +	5.00%	(j)	10.50%				12/2028	1,082		1,074		0.1		1,082
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—		(1)		—		—
										61,360		60,843		4.1		60,233

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Real Estate Management & Development
Inhabit IQ Inc.#^	One stop	SF +	5.50%	(i)	10.96%	07/2025	$	16,393	$	16,327	1.1	%	$	16,393
Inhabit IQ Inc.+	One stop	SF +	5.50%	(i)	10.96%	07/2025	9,320		9,282		0.6		9,320
Inhabit IQ Inc.~	One stop	SF +	5.50%	(i)	10.96%	07/2025	2,686		2,683		0.2		2,686
Inhabit IQ Inc.~	One stop	SF +	5.50%	(i)	10.96%	07/2025	2,511		2,507		0.2		2,511
Inhabit IQ Inc.~	One stop	SF +	5.50%	(i)	10.96%	07/2025	1,085		1,084		0.1		1,085
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	885		883		0.1		885
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	685		682		0.1		685
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	382		381		—		382
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	324		324		—		324
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	323		322		—		323
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	255		254		—		255
Inhabit IQ Inc.#	One stop	SF +	5.50%	(i)	10.96%	07/2025	134		134		—		134
Inhabit IQ Inc.	One stop	SF +	5.50%	(i)	10.96%	07/2025	65		65		—		65
MRI Software LLC~+	One stop	SF +	5.50%	(j)	10.95%	02/2026	14,966		14,901		1.0		14,668
MRI Software LLC~^+	One stop	SF +	5.50%	(j)	10.95%	02/2026	7,921		7,875		0.5		7,763
MRI Software LLC(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—		(1)		—		(6)
MRI Software LLC(5)	One stop	SF +	5.75%		N/A(6)	02/2026	—		(2)		—		(10)
RPL Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(g)	10.44%	08/2028	7,998		8,627		0.5		7,938
RPL Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(g)	11.19%	08/2028	5,237		5,141		0.4		5,198
RPL Bidco Limited#(8)(9)(10)	One stop	A +	6.75%	(e)	11.12%	08/2028	3,617		3,517		0.2		3,590
RPL Bidco Limited#(8)(9)(10)	One stop	A +	5.25%	(e)	9.67%	08/2028	878		940		0.1		871
RPL Bidco Limited(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—		—		—		—
							75,665		75,926		5.1		75,060
Road & Rail
Channelside Acquisitona Co, Inc.#	One stop	SF +	6.38%	(i)	11.83%	07/2028	1,651		1,631		0.1		1,651
Channelside Acquisitona Co, Inc.#	One stop	SF +	6.75%	(i)	12.11%	07/2028	1,579		1,541		0.1		1,615
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—		(1)		—		—
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—		(1)		—		—
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	5.50%		N/A(6)	07/2028	—		(1)		—		—
Internet Truckstop Group LLC~	One stop	SF +	5.00%	(j)	10.50%	04/2025	7,514		7,431		0.5		7,514
Internet Truckstop Group LLC^	One stop	SF +	5.00%	(j)	10.50%	04/2025	3,305		3,288		0.3		3,305
Internet Truckstop Group LLC(5)	One stop	SF +	5.00%		N/A(6)	04/2025	—		(1)		—		—
							14,049		13,887		1.0		14,085

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.#+	One stop	SF +	6.50%	(j)	11.85%				06/2029	$	14,840	$	14,724	1.0	%	$	14,840
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC~+	One stop	SF +	5.50%	(i)(j)	11.02%				03/2027	15,817		15,692		1.1		15,501
Appfire Technologies, LLC	One stop	P +	4.50%	(a)	13.00%				03/2027	53		51		—		48
Appfire Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(14)		—		(32)
Aras Corporation+(22)	One stop	SF +	6.75%	(j)	9.04%	cash/	3.25%	PIK	04/2027	5,809		5,779		0.4		5,751
Aras Corporation	One stop	SF +	6.50%	(a)(j)	12.34%				04/2027	79		79		—		78
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN +	5.25%	(g)	10.44%				06/2029	1,889		1,773		0.1		1,813
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.25%	(g)	10.44%				06/2029	985		899		0.1		946
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(j)	11.85%				06/2030	8,934		8,726		0.6		8,934
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(24)		—		—
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	5.75%	(j)	8.53%	cash/	2.75%	PIK	07/2027	3,133		3,116		0.2		3,086
Auvik Networks Inc.#(8)(12)(22)	One stop	SF +	6.25%	(j)	8.53%	cash/	3.25%	PIK	07/2027	569		565		—		569
Auvik Networks Inc.(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Avetta, LLC#	One stop	SF +	5.75%	(j)	11.15%				10/2030	450		440		—		440
Avetta, LLC(5)	One stop	SF +	5.75%		N/A(6)				10/2029	—		(1)		—		(1)
Axiom Merger Sub Inc.#	One stop	SF +	5.25%	(j)	10.79%				04/2026	1,115		1,107		0.1		1,115
Axiom Merger Sub Inc.#	One stop	SF +	5.25%	(j)	10.79%				04/2026	959		955		0.1		959
Axiom Merger Sub Inc.(8)(9)	One stop	E +	5.50%	(c)(d)	9.60%				04/2026	455		461		—		455
Axiom Merger Sub Inc.	One stop	SF +	5.25%	(k)	10.88%				04/2026	138		137		—		138
Axiom Merger Sub Inc.	One stop	SF +	5.25%		N/A(6)				10/2025	—		—		—		—
Azul Systems, Inc.~	Senior secured	SF +	4.50%	(j)	10.00%				04/2027	9,492		9,447		0.7		9,492
Azul Systems, Inc.	Senior secured	SF +	4.50%		N/A(6)				04/2026	—		—		—		—
Bayshore Intermediate #2, L.P.+(22)	One stop	SF +	7.50%	(i)	12.96%				10/2028	32,390		32,001		2.2		32,390
Bayshore Intermediate #2, L.P.	One stop	SF +	6.50%	(j)	12.01%				10/2027	33		31		—		33
Bloomerang, LLC#	One stop	SF +	6.00%	(k)	11.19%				12/2029	3,808		3,770		0.3		3,770
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		—		—		(1)
Bloomerang, LLC(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—		(11)		—		(11)
Bonterra LLC#+	One stop	SF +	7.25%	(j)	12.60%				09/2027	27,466		27,221		1.8		26,643
Bonterra LLC(22)	One stop	SF +	8.00%	(j)	13.35%				09/2027	517		510		—		502
Bonterra LLC	One stop	SF +	7.25%	(j)	12.60%				09/2027	60		58		—		54
Bottomline Technologies, Inc.#	One stop	SF +	5.25%	(i)	10.61%				05/2029	13,565		13,358		0.9		13,023
Bottomline Technologies, Inc.#	One stop	SF +	5.75%	(i)	11.11%				05/2029	500		490		—		490
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(9)
Bullhorn, Inc.~^	One stop	SF +	5.50%	(i)	10.96%				09/2026	13,102		12,995		0.9		13,102
Bullhorn, Inc.#~	One stop	SF +	5.50%	(i)	10.96%				09/2026	3,198		3,183		0.2		3,198
Bullhorn, Inc.(8)(9)	One stop	SN +	5.75%	(g)	10.94%				09/2026	2,419		2,322		0.2		2,419
Bullhorn, Inc.^	One stop	SF +	5.50%	(i)	10.96%				09/2026	1,437		1,426		0.1		1,437
Bullhorn, Inc.#(8)(9)	One stop	E +	5.50%	(b)	9.34%				09/2026	948		932		0.1		948
Bullhorn, Inc.#	One stop	SF +	5.50%	(i)	10.96%				09/2026	644		639		0.1		644
Bullhorn, Inc.#	One stop	SF +	5.50%	(i)	10.96%				09/2026	513		509		—		513
Bullhorn, Inc.(5)	One stop	SF +	5.50%		N/A(6)				09/2026	—		(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.~	One stop	SF +	5.00%	(i)	10.46%				06/2028	3,758		3,709		0.3		3,758
Burning Glass Intermediate Holdings Company, Inc.	One stop	SF +	5.00%	(i)	10.46%				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(j)	12.63%				01/2029	2,895		2,821		0.2		2,895
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(j)	12.63%				01/2029	766		746		0.1		766
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Calabrio, Inc.#+	One stop	SF +	7.13%	(i)	12.48%				04/2027	21,174		21,000		1.5		21,174
Calabrio, Inc.	One stop	SF +	7.13%	(i)	12.48%				04/2027	135		132		—		135

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Calabrio, Inc.#	One stop	SF +	7.13%		N/A(6)				04/2027	$	—	$	—	—	%	$	—
Camelia Bidco Limited#(8)(9)(10)	One stop	SN +	6.25%	(g)	11.44%				08/2030	1,891		1,855		0.1		1,862
Camelia Bidco Limited(8)(9)(10)	One stop	A +	6.25%	(e)	10.57%				08/2030	125		117		—		123
Camelia Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(11)		—		(12)
Community Brands Parentco LLC#	One stop	SF +	5.50%	(i)	10.96%				02/2028	2,536		2,501		0.2		2,485
Community Brands Parentco LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		(7)
Coupa Holdings, LLC#	One stop	SF +	7.50%	(i)	12.86%				02/2030	9,134		8,934		0.6		9,043
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(9)		—		(8)
Crewline Buyer, Inc.#	One stop	SF +	6.75%	(j)	12.10%				11/2030	4,950		4,877		0.3		4,888
Crewline Buyer, Inc.(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—		(1)		—		(1)
Daxko Acquisition Corporation~+	One stop	SF +	5.50%	(i)	10.96%				10/2028	12,401		12,316		0.8		12,029
Daxko Acquisition Corporation^	One stop	SF +	5.50%	(i)	10.96%				10/2028	1,046		1,035		0.1		1,014
Daxko Acquisition Corporation	One stop	SF +	5.50%	(i)	10.96%				10/2028	62		59		—		47
Daxko Acquisition Corporation	One stop	P +	4.50%	(a)	13.00%				10/2027	12		11		—		7
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(g)	11.19%				08/2030	4,442		4,307		0.3		4,398
Denali Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(b)	9.84%				08/2030	1,116		1,074		0.1		1,105
Denali Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(18)		—		(15)
Diligent Corporation~^+	One stop	SF +	6.25%	(j)	11.78%				08/2025	27,140		27,045		1.8		27,140
Diligent Corporation+	One stop	SF +	5.75%	(j)	11.28%				08/2025	2,305		2,297		0.2		2,288
Diligent Corporation#	One stop	SF +	6.25%	(j)	11.78%				08/2025	673		667		—		673
Diligent Corporation	One stop	SF +	6.25%	(i)(j)	11.76%				08/2025	471		470		—		471
Diligent Corporation#	One stop	SF +	6.25%	(j)	11.78%				08/2025	424		408		—		424
Dragon UK Bidco Limited#(8)(9)(10)	One stop	SN +	5.75%	(g)	10.94%				02/2029	7,179		7,353		0.5		6,963
Dragon UK Bidco Limited(8)(9)(10)	One stop	C +	5.75%	(f)	11.19%				02/2029	4,297		4,371		0.3		4,168
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(51)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(j)	11.35%				09/2030	450		439		—		439
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		(1)
FirstUp, Inc.+(22)	One stop	SF +	7.50%	(j)	8.60%	cash/	4.25%	PIK	07/2027	3,469		3,443		0.3		3,469
FirstUp, Inc.#(22)	One stop	SF +	7.50%	(j)	8.60%	cash/	4.25%	PIK	07/2027	336		331		—		336
FirstUp, Inc.(5)	One stop	SF +	7.50%		N/A(6)				07/2027	—		(1)		—		—
Gainsight, Inc.+(22)	One stop	SF +	6.75%	(j)	12.28%	PIK			07/2027	4,950		4,908		0.3		4,901
Gainsight, Inc.(22)	One stop	SF +	6.75%	(j)	12.28%	PIK			07/2027	58		57		—		57
GS Acquisitionco, Inc.#~^+	One stop	SF +	5.50%	(j)	11.00%				05/2026	39,492		39,477		2.7		39,492
GS Acquisitionco, Inc.	One stop	SF +	5.50%		N/A(6)				05/2026	—		—		—		—
GTY Technology Holdings, Inc.#(22)	One stop	SF +	6.88%	(j)	7.92%	cash/	4.30%	PIK	07/2029	1,662		1,638		0.1		1,629
GTY Technology Holdings, Inc.#(22)	One stop	SF +	6.88%	(j)	7.95%	cash/	4.30%	PIK	07/2029	1,086		1,067		0.1		1,064
GTY Technology Holdings, Inc.(22)	One stop	SF +	6.88%	(j)	7.92%	cash/	4.30%	PIK	07/2029	199		197		—		195
GTY Technology Holdings, Inc.	One stop	P +	5.25%	(a)	13.75%				07/2029	11		9		—		9
GTY Technology Holdings, Inc.(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—		(9)		—		(9)
Hyland Software, Inc.#	One stop	SF +	6.00%	(i)	11.36%				09/2030	42,650		42,036		2.9		42,010
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
ICIMS, Inc.#(22)	One stop	SF +	7.25%	(j)	8.74%	cash/	3.88%	PIK	08/2028	3,978		3,928		0.3		3,899
ICIMS, Inc.	One stop	SF +	6.75%	(j)	12.10%				08/2028	27		25		—		24
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(16)
IQN Holding Corp. ^	One stop	SF +	5.25%	(j)	10.64%				05/2029	8,486		8,410		0.6		8,315
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(11)		—		(37)
Island Bidco AB#(8)(9)(17)(22)	One stop	E +	7.25%	(d)	3.89%	cash/	7.25%	PIK	07/2028	3,442		3,236		0.3		3,442

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Island Bidco AB#(8)(17)(22)	One stop	SF +	7.00%	(k)	8.68%	cash/	3.50%	PIK	07/2028	$	1,589	$	1,577	0.1	%	$	1,589
Island Bidco AB(8)(17)	One stop	SF +	6.50%	(k)	11.83%				07/2028	30		30		—		30
Island Bidco AB(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Juvare, LLC~	One stop	SF +	5.75%	(j)	11.29%				10/2026	3,012		2,994		0.2		2,951
Juvare, LLC^	One stop	SF +	5.75%	(j)	11.29%				10/2026	695		691		—		681
Juvare, LLC	One stop	SF +	5.75%	(j)	11.29%				10/2026	221		218		—		217
Juvare, LLC	One stop	SF +	5.75%	(a)(j)	11.48%				04/2026	50		50		—		49
Kaseya Inc.#+(22)	One stop	SF +	6.00%	(j)	8.88%	cash/	2.50%	PIK	06/2029	14,013		13,849		1.0		13,872
Kaseya Inc.(22)	One stop	SF +	5.50%	(i)	10.86%				06/2029	68		65		—		65
Kaseya Inc.(22)	One stop	SF +	6.00%	(j)	8.88%	cash/	2.50%	PIK	06/2029	52		45		—		43
LeadsOnline, LLC#	One stop	SF +	6.00%	(j)	11.49%				02/2028	8,951		8,744		0.6		8,951
LeadsOnline, LLC#	One stop	SF +	6.00%	(j)	11.49%				02/2028	1,579		1,543		0.1		1,579
LeadsOnline, LLC	One stop	SF +	6.00%	(i)	11.46%				02/2028	8		7		—		8
Mindbody, Inc.+	One stop	SF +	7.00%	(j)	12.53%				02/2025	12,066		12,044		0.8		12,066
Mindbody, Inc.+	One stop	SF +	7.00%	(j)	12.53%				02/2025	955		950		0.1		955
Mindbody, Inc.	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC#	One stop	SF +	5.50%	(i)	10.96%				12/2028	9,604		9,536		0.6		9,220
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(i)	10.96%				12/2028	2,759		2,696		0.2		2,404
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(a)(i)	11.28%				12/2027	96		95		—		90
Navex TopCo, Inc.#	One stop	SF +	5.75%	(i)	11.11%				11/2030	4,950		4,853		0.3		4,851
Navex TopCo, Inc.(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—		(1)		—		(1)
Naviga Inc.	Senior secured	SF +	7.00%	(j)	12.45%				02/2024	53		53		—		53
Neo Bidco GMBH#(8)(9)(13)	One stop	E +	6.00%	(d)	9.95%				07/2028	2,816		2,983		0.2		2,816
Neo Bidco GMBH#(8)(9)(13)	One stop	E +	6.25%	(c)	10.08%				07/2028	263		258		—		264
Neo Bidco GMBH(8)(9)(13)	One stop	E +	6.00%	(d)	9.92%				01/2028	22		22		—		22
Neo Bidco GMBH(8)(13)	One stop	SF +	6.00%		N/A(6)				01/2028	—		—		—		—
Panzura, LLC(22)	One stop	N/A			2.00%	cash/	15.00%	PIK	08/2027	52		47		—		47
PDI TA Holdings, Inc.~+	One stop	SF +	4.50%	(j)	10.07%				10/2024	3,289		3,282		0.2		3,289
PDI TA Holdings, Inc.#	Second lien	SF +	8.50%	(j)	14.02%				10/2025	1,356		1,349		0.1		1,356
PDI TA Holdings, Inc.#	Second lien	SF +	8.50%	(j)	14.02%				10/2025	1,335		1,313		0.1		1,335
PDI TA Holdings, Inc.#	One stop	SF +	4.50%	(j)	10.07%				10/2024	748		745		0.1		748
PDI TA Holdings, Inc.(8)(9)	One stop	SN +	4.50%	(g)	9.81%				10/2024	442		471		—		442
PDI TA Holdings, Inc.	One stop	SF +	4.50%	(j)	10.07%				10/2024	438		437		—		438
PDI TA Holdings, Inc.#	Second lien	SF +	8.71%	(j)	14.23%				10/2025	274		273		—		274
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(j)	10.07%				10/2024	270		269		—		270
PDI TA Holdings, Inc.	Second lien	SF +	8.53%	(j)	14.05%				10/2025	149		149		—		149
Personify, Inc.~	One stop	SF +	5.25%	(j)	10.60%				09/2024	2,933		2,929		0.2		2,933
Personify, Inc.^	One stop	SF +	5.25%	(j)	10.60%				09/2024	1,834		1,830		0.1		1,834
Personify, Inc.	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.#	One stop	SF +	7.00%	(i)	12.36%				10/2029	5,192		5,127		0.4		5,192
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+	One stop	SF +	8.00%	(j)	13.56%				04/2027	9,346		9,286		0.6		9,253
Pluralsight, LLC	One stop	SF +	8.00%	(i)(j)	13.52%				04/2027	78		77		—		77
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(i)	12.11%				09/2028	1,793		1,781		0.1		1,793
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(j)	12.10%				09/2028	868		856		0.1		868
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(j)	12.10%				09/2028	359		356		—		359
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.^	One stop	SF +	4.75%	(j)	10.28%				05/2027	7,154		7,114		0.5		7,154
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(j)	10.28%				05/2027	740		731		0.1		740
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.29%				05/2027	618		615		0.1		618
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.29%				05/2027	340		338		—		340
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(j)	10.28%				05/2027	311		309		—		311

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.28%				05/2027	$	210	$	209	—	%	$	210
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.28%				05/2027	70		69		—		70
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.28%				05/2027	61		61		—		61
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.28%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.29%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(j)	10.28%				05/2027	23		23		—		23
Pyramid Healthcare Acquisition Corp.(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
QAD, Inc.#	One stop	SF +	5.38%	(i)	10.73%				11/2027	34,226		34,007		2.3		34,226
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.#	One stop	SF +	6.00%	(k)	11.39%				06/2029	1,474		1,463		0.1		1,429
Quant Buyer, Inc.#	One stop	SF +	6.00%	(k)	11.39%				06/2029	1,241		1,232		0.1		1,204
Quant Buyer, Inc.~	One stop	SF +	6.00%	(k)	11.39%				06/2029	1,036		1,028		0.1		1,005
Quant Buyer, Inc.(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—		(1)		—		(5)
Quant Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—		(38)		—		—
Rainforest Bidco Limited(8)(9)(10)(22)	One stop	SN +	5.43%	(g)	8.68%	cash/	1.93%	PIK	07/2029	11,689		10,701		0.8		11,279
Rainforest Bidco Limited(8)(10)(22)	One stop	SF +	5.43%	(h)	8.82%	cash/	1.93%	PIK	07/2029	2,169		2,146		0.1		2,093
Rainforest Bidco Limited(8)(9)(10)(22)	One stop	SN +	5.43%	(g)	8.68%	cash/	1.93%	PIK	07/2029	859		788		0.1		829
Rainforest Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.50%		N/A(6)				07/2029	—		(6)		—		—
RegEd Aquireco, LLC#	Senior secured	SF +	4.25%	(i)(j)(k)	9.79%				12/2024	1,177		1,175		0.1		1,142
RegEd Aquireco, LLC	Senior secured	SF +	4.25%	(j)(k)	9.94%				12/2024	105		105		—		101
Riskonnect Parent, LLC#^	One stop	SF +	5.50%	(j)	11.00%				12/2028	35,909		35,655		2.4		35,190
Riskonnect Parent, LLC	One stop	SF +	5.50%	(j)	11.00%				12/2028	201		198		—		194
Riskonnect Parent, LLC(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—		(11)		—		(30)
Rodeo Buyer Company & Absorb Software Inc.#+	One stop	SF +	6.25%	(i)	11.71%				05/2027	2,575		2,538		0.2		2,549
Rodeo Buyer Company & Absorb Software Inc.(5)	One stop	SF +	6.25%		N/A(6)				05/2027	—		(1)		—		(1)
SailPoint Technologies Holdings, Inc.#	One stop	SF +	6.00%	(i)	11.36%				08/2029	4,827		4,750		0.3		4,779
SailPoint Technologies Holdings, Inc.(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—		(3)		—		(2)
Sapphire Bidco Oy(8)(9)(16)	One stop	E +	5.50%	(c)	9.49%				07/2029	16,540		14,863		1.1		16,540
Sapphire Bidco Oy(8)(9)(16)	One stop	E +	5.50%	(c)	9.49%				07/2029	1,352		1,276		0.1		1,352
Sonatype, Inc.#	One stop	SF +	6.75%	(i)	12.21%				12/2025	15,238		15,181		1.0		15,238
Sonatype, Inc.+	One stop	SF +	6.75%	(i)	12.21%				12/2025	12,912		12,870		0.9		12,912
Sonatype, Inc.(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—		(1)		—		—
Spartan Buyer Acquisition Co.#+(22)	One stop	SF +	8.50%	(i)	11.86%	cash/	2.00%	PIK	12/2026	12,719		12,597		0.8		12,337
Spartan Buyer Acquisition Co.#(22)	One stop	SF +	8.50%	(i)	11.86%	cash/	2.00%	PIK	12/2026	817		805		0.1		793
Spartan Buyer Acquisition Co.(5)(22)	One stop	P +	7.50%	(a)	14.00%	cash/	2.00%	PIK	12/2026	1		(1)		—		(1)
Telesoft Holdings LLC~^+	One stop	SF +	5.75%	(i)	11.21%				12/2025	20,477		20,322		1.4		20,222
Telesoft Holdings LLC#	One stop	SF +	6.25%	(i)	11.71%				08/2028	1,379		1,366		0.1		1,365
Telesoft Holdings LLC	One stop	SF +	5.75%	(i)	11.14%				12/2025	32		31		—		29
Templafy APS and Templafy, LLC#(8)(18)	One stop	SF +	6.00%	(k)	11.68%				07/2028	1,629		1,595		0.1		1,629
Templafy APS and Templafy, LLC(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		—		—		—
Templafy APS and Templafy, LLC(5)(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—		(7)		—		—
TI Intermediate Holdings, LLC~	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	795		794		0.1		763
TI Intermediate Holdings, LLC#	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	213		212		—		205
TI Intermediate Holdings, LLC	Senior secured	SF +	4.50%	(j)(k)	9.99%				12/2024	134		134		—		129
TI Intermediate Holdings, LLC	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	100		100		—		96
TI Intermediate Holdings, LLC#	Senior secured	SF +	4.50%	(j)	9.98%				12/2024	37		37		—		36
TI Intermediate Holdings, LLC	Senior secured	SF +	4.50%	(k)	10.00%				12/2024	34		34		—		32
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,895		1,887		0.2		1,895
Togetherwork Holdings, LLC^	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,254		1,250		0.1		1,254
Togetherwork Holdings, LLC+	One stop	SF +	6.00%	(i)	11.46%				03/2025	1,202		1,190		0.1		1,202

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(i)	11.46%				03/2025	$	841	$	838	0.1	%	$	841
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(i)	11.46%				03/2025	741		739		0.1		741
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	484		482		—		484
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	463		461		—		463
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	458		456		—		458
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	426		425		—		426
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	391		390		—		391
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	294		292		—		294
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(i)	11.46%				03/2025	205		204		—		205
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	196		195		—		196
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	177		176		—		177
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	82		82		—		82
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	80		79		—		80
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	17		17		—		17
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(i)	11.46%				03/2025	16		16		—		16
Togetherwork Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(1)		—		—
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	8.12%	PIK	05/2024	2,252		2,301		0.1		2,026
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	8.12%	PIK	05/2024	75		77		—		67
Vendavo, Inc.^	One stop	SF +	5.75%	(j)	11.23%				09/2027	8,225		8,184		0.5		7,732
Vendavo, Inc.	One stop	P +	4.75%	(a)	13.25%				09/2027	104		103		—		95
WebPT, Inc.	One stop	SF +	6.75%	(j)	12.24%				01/2028	305		302		—		302
Workforce Software, LLC+(22)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	11,789		11,714		0.8		11,671
Workforce Software, LLC+(22)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	2,089		2,089		0.1		2,069
Workforce Software, LLC#(22)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	1,480		1,467		0.1		1,465
Workforce Software, LLC#(22)	One stop	SF +	7.25%	(j)	9.79%	cash/	3.00%	PIK	07/2025	1,437		1,426		0.1		1,423
Workforce Software, LLC(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(1)
Zendesk, Inc.+(22)	One stop	SF +	6.75%	(j)	8.86%	cash/	3.25%	PIK	11/2028	8,167		8,038		0.6		8,167
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(16)		—		—
										715,859		706,848		48.3		707,244
Specialty Retail
Ave Holdings III, Corp^	One stop	SF +	5.50%	(j)	11.00%				02/2028	5,757		5,722		0.4		5,757
Ave Holdings III, Corp#	One stop	SF +	5.50%	(j)	11.00%				02/2028	1,429		1,408		0.1		1,429
Ave Holdings III, Corp	One stop	SF +	5.50%	(j)	11.00%				02/2028	756		751		0.1		756
Ave Holdings III, Corp(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		—
Cavender Stores L.P.#	Senior secured	SF +	5.00%	(j)	10.35%				10/2029	500		495		—		495
Consilio Midco Limited#(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	28,861		29,248		2.0		28,573
Consilio Midco Limited^(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	5,856		5,814		0.4		5,798
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	4,415		4,359		0.3		4,371
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	826		815		0.1		818
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	549		545		0.1		544
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	433		411		—		429
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	281		276		—		278
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	191		183		—		189
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	113		114		—		112
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	110		104		—		109
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	99		97		—		98
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	45		44		—		44
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	36		36		—		35
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(c)	10.19%				05/2028	28		18		—		25
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(j)	11.25%				05/2028	12		12		—		12

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	$	14,781	$	14,761	0.9	%	$	13,082
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	7,102		7,095		0.5		6,285
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	4,674		4,667		0.3		4,136
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	2,440		2,437		0.1		2,160
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	2,336		2,333		0.1		2,067
Imperial Optical Midco Inc.(22)	One stop	SF +	13.00%	(j)	8.03%	cash/	10.50%	PIK	05/2024	1,699		1,684		0.1		1,546
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	1,547		1,545		0.1		1,370
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	1,367		1,365		0.1		1,210
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	1,156		1,154		0.1		1,023
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	684		693		0.1		605
Imperial Optical Midco Inc.(22)	One stop	SF +	13.00%	(j)	8.03%	cash/	10.50%	PIK	05/2024	678		678		0.1		732
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	630		627		—		557
Imperial Optical Midco Inc.(22)	One stop	SF +	13.00%	(i)	7.96%	cash/	10.50%	PIK	05/2024	424		424		—		557
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	196		195		—		174
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	157		157		—		139
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(j)	6.53%	cash/	7.75%	PIK	05/2024	54		54		—		48
PetVet Care Centers LLC#	One stop	SF +	6.00%	(i)	11.36%				11/2030	4,379		4,293		0.3		4,291
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—		(1)		—		(1)
PetVet Care Centers LLC(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—		(6)		—		(6)
PPV Intermediate Holdings, LLC(22)	One stop	N/A			14.75%	PIK			08/2030	5,153		5,014		0.3		4,999
PPV Intermediate Holdings, LLC#~	One stop	SF +	5.75%	(j)	11.14%				08/2029	4,612		4,547		0.3		4,520
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.75%	PIK			08/2030	541		532		—		503
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.75%	PIK			08/2030	125		124		—		116
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.75%	PIK			08/2030	23		21		—		21
PPV Intermediate Holdings, LLC(22)	One stop	N/A			13.75%	PIK			08/2030	23		23		—		21
PPV Intermediate Holdings, LLC(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(6)		—		(8)
Salon Lofts Group, LLC#	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	1,766		1,752		0.1		1,748
Salon Lofts Group, LLC(22)	Second lien	SF +	9.00%	(j)	14.43%				09/2029	956		939		0.1		937
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	116		115		—		115
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	115		114		—		114
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	91		91		—		90
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	75		73		—		73
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	38		38		—		38
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	29		29		—		29
Salon Lofts Group, LLC	Senior secured	SF +	6.25%	(j)	11.60%				08/2028	27		26		—		26
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(4)		—		(5)
Salon Lofts Group, LLC(5)	Senior secured	SF +	6.25%		N/A(6)				08/2028	—		(3)		—		(3)
Salon Lofts Group, LLC(5)	Second lien	SF +	17.00%		N/A(6)				09/2029	—		(20)		—		(21)
SureWerx Purchaser III, Inc.#(8)	One stop	SF +	6.75%	(j)	12.10%				12/2029	8,192		8,016		0.6		8,192
SureWerx Purchaser III, Inc.(8)	One stop	SF +	6.75%	(i)	12.11%				12/2028	27		26		—		27
SureWerx Purchaser III, Inc.(5)(8)	One stop	SF +	6.75%		N/A(6)				12/2029	—		(22)		—		—
Titan Fitness, LLC#(22)	One stop	SF +	7.25%	(i)(k)	10.45%	cash/	2.50%	PIK	10/2026	6,921		6,835		0.4		6,505
Titan Fitness, LLC(22)	One stop	SF +	7.25%	(k)	10.47%	cash/	2.50%	PIK	10/2026	816		806		0.1		767
Titan Fitness, LLC(22)	One stop	SF +	7.25%	(k)	10.47%	cash/	2.50%	PIK	10/2026	254		251		—		238
Vermont Aus Pty Ltd(8)(11)	One stop	SF +	5.65%	(j)	11.00%				03/2028	1,879		1,859		0.1		1,879
Vermont Aus Pty Ltd(8)(9)(11)	One stop	A +	5.75%	(e)	10.16%				03/2028	1,745		1,892		0.1		1,745
VSG Acquisition Corp. and Sherrill, Inc.^	One stop	SF +	5.50%	(k)	11.11%				04/2028	4,002		3,959		0.3		3,842
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(j)(k)	11.11%				04/2028	1,525		1,471		0.1		1,462
VSG Acquisition Corp. and Sherrill, Inc.	One stop	SF +	5.50%	(j)	11.11%				04/2028	15		14		—		11
										133,667		133,117		8.8		127,828

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Textiles, Apparel and Luxury Goods
Dollfus Mieg Company, Inc.#(8)(10)	One stop	SF +	6.00%	(k)	11.47%	03/2028	$	393	$	390	—	%	$	374
Dollfus Mieg Company, Inc.#(8)(10)	One stop	SF +	6.00%	(k)	11.47%	03/2028	196		194		—		186
Dollfus Mieg Company, Inc.#(8)(10)	One stop	SF +	6.00%	(k)	11.47%	03/2028	172		171		—		164
Dollfus Mieg Company, Inc.(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)	03/2028	—		(6)		—		—
							761		749		—		724
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.^	One stop	SF +	6.25%	(j)	11.75%	06/2028	6,272		6,196		0.4		5,911
Marcone Yellowstone Buyer Inc.#^	One stop	SF +	6.25%	(j)	11.75%	06/2028	5,928		5,845		0.4		5,587
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.50%	(j)	12.00%	06/2028	2,125		2,074		0.2		2,018
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(j)	11.76%	06/2028	2,116		2,090		0.1		1,995
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(j)	11.75%	06/2028	1,353		1,335		0.1		1,275
Marcone Yellowstone Buyer Inc.(5)	One stop	SF +	6.50%		N/A(6)	06/2028	—		(18)		—		—
							17,794		17,522		1.2		16,786
Water Utilities
S.J. Electro Systems, LLC^	Senior secured	SF +	4.75%	(j)	10.28%	06/2027	2,127		2,115		0.1		2,063
S.J. Electro Systems, LLC#	Senior secured	SF +	4.75%	(j)	10.28%	06/2027	1,115		1,112		0.1		1,081
S.J. Electro Systems, LLC	Senior secured	SF +	4.75%	(i)(j)	10.21%	06/2027	48		47		—		42
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(k)	10.07%	11/2026	891		883		0.1		862
Vessco Midco Holdings, LLC#	Senior secured	SF +	4.50%	(i)	9.96%	11/2026	87		87		—		84
Vessco Midco Holdings, LLC	Senior secured	SF +	5.00%	(k)	10.40%	11/2026	52		49		—		47
Vessco Midco Holdings, LLC	Senior secured	SF +	5.25%	(k)	10.73%	11/2026	4		—		—		—
Vessco Midco Holdings, LLC	Senior secured	P +	3.50%	(a)	12.00%	10/2026	1		1		—		—
							4,325		4,294		0.3		4,179
Total debt investments							2,575,641		2,554,980		172.1		2,525,418

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	27	$	266	—	%	$	281

Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	320		—		220
Go Car Wash Parent, Corp.(21)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	2,667		0.2		2,714
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	1,449		0.1		504
MOP GM Holding, LLC	LP units	N/A	N/A		N/A	—	134		—		131
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	—	32		—		43
POY Holdings, LLC	LLC units	N/A	N/A		N/A	305	150		0.1		635
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	93		—		177
Yorkshire Parent, Inc.	LP units	N/A	N/A		N/A	—	189		—		189
							5,034		0.4		4,613
Biotechnology
Cobepa BlueSky Aggregator, SCSp	LP Interest	N/A	N/A		N/A	42	422		—		221
Cobepa BlueSky Aggregator, SCSp	LP units	N/A	N/A		N/A	1	8		—		7
							430		—		228

Building Products
BECO Holding Company, Inc.(21)	Preferred stock	N/A	11.75%	Non-Cash	N/A	122	13,968		1.0		14,684
BECO Holding Company, Inc.	LP Interest	N/A	N/A		N/A	8	821		0.1		970
							14,789		1.1		15,654
Chemicals
Inhance Technologies Holdings LLC	Preferred stock	N/A	N/A		N/A	10	9,689		0.3		5,020
Inhance Technologies Holdings LLC	LLC units	N/A	N/A		N/A	—	34		—		—
							9,723		0.3		5,020
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP Interest	N/A	N/A		N/A	233	233		—		280
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	3,035	1,438		0.3		4,474
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	156	156		—		231
PT Intermediate Holdings III, LLC	LLC units	N/A	N/A		N/A	8	778		0.1		927
Radwell Parent, LLC	LP units	N/A	N/A		N/A	2	175		—		234
							2,780		0.4		6,146
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	168	85		—		185

Diversified Consumer Services
CHHJ Midco, LLC	LLC units	N/A	N/A		N/A	8	79		—		123
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	36	36		—		45
EMS LINQ, LLC	LP Interest	N/A	N/A		N/A	236	236		—		188
EWC Growth Partners LLC	LLC interest	N/A	N/A		N/A	—	25		—		4
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	250	250		—		252
Liminex, Inc.	Common stock	N/A	N/A		N/A	5	176		—		249
NSG Buyer, Inc. (8)	LP units	N/A	N/A		N/A	1	794		0.1		829
Virginia Green Acquisition, LLC	LP units	N/A	N/A		N/A	140	140		—		140
							1,736		0.1		1,830

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food & Staples Retailing
Mendocino Farms, LLC	Common stock	N/A			N/A		N/A	59	$	257	—	%	$	399
Ruby Slipper Cafe LLC, The	LLC interest	N/A			N/A		N/A	6	64		—		32
Ruby Slipper Cafe LLC, The	LLC interest	N/A			N/A		N/A	—	4		—		7
									325		—		438


Food Products
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	30	40		—		62
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	2	3		—		3
Borrower R365 Holdings, LLC	LLC units	N/A			N/A		N/A	1	2		—		2
Borrower R365 Holdings, LLC	Common stock	N/A			N/A		N/A	—	1		—		1
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	1	1		—		1
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	—	1		—		1
Borrower R365 Holdings, LLC	LP units	N/A			N/A		N/A	—	—		—		—
Kodiak Cakes, LLC	Common stock	N/A			N/A		N/A	—	189		—		128
Louisiana Fish Fry Products, Ltd.	Common stock	N/A			N/A		N/A	—	212		—		160
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A			N/A		N/A	—	6		—		11
P&P Food Safety Holdings, Inc.	Common stock	N/A			N/A		N/A	1	142		—		77
									597		—		446
Health Care Technology
Connexin Software, Inc.	LLC interest	N/A			N/A		N/A	26	26		—		31
HSI Halo Acquisition, Inc.(21)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	10		—		45
HSI Halo Acquisition, Inc.	LP Interest	N/A			N/A		N/A	—	1		—		35
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,293		0.2		3,233
Symplr Software, Inc.(21)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	1	798		0.1		1,142
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	403		0.1		429
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	247		—		251
Symplr Software, Inc.	Common stock	N/A			N/A		N/A	42	—		—		201
									4,778		0.4		5,367
Health Care Equipment & Supplies
Aspen Medical Products, LLC	LP Interest	N/A			N/A		N/A	—	17		—		21
Blue River Pet Care, LLC	Common stock	N/A			N/A		N/A	—	207		0.1		586
CCSL Holdings, LLC(8)	LP Interest	N/A			N/A		N/A	—	135		—		137
CMI Parent Inc.	Common stock	N/A			N/A		N/A	—	279		—		401
CMI Parent Inc.	Common stock	N/A			N/A		N/A	5	5		—		507
									643		0.1		1,652
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	LLC units	N/A			N/A		N/A	51	52		—		80
CRH Healthcare Purchaser, Inc.	LP Interest	N/A			N/A		N/A	102	50		—		120
Elite Dental Partners LLC	LLC interest	N/A			N/A		N/A	—	444		—		—
Elite Dental Partners LLC	LLC interest	N/A			N/A		N/A	—	191		—		—
Elite Dental Partners LLC	LLC units	N/A			N/A		N/A	—	—		—		—
Emerge Intermediate, Inc.	LLC units	N/A			N/A		N/A	—	165		—		120
Emerge Intermediate, Inc.	LLC units	N/A			N/A		N/A	—	10		—		16
Emerge Intermediate, Inc.	LLC units	N/A			N/A		N/A	2	2		—		—
Encorevet Group LLC	Common stock	N/A			N/A		N/A	2	223		—		5
Encorevet Group LLC	LLC units	N/A			N/A		N/A	1	158		—		2
Krueger-Gilbert Health Physics, LLC	Common stock	N/A			N/A		N/A	54	58		—		99
Midwest Veterinary Partners, LLC(21)	Preferred stock	N/A			12.00%	Non-Cash	N/A	—	540		0.1		556
Midwest Veterinary Partners, LLC(21)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	14		—		19
Midwest Veterinary Partners, LLC	Warrant	N/A			N/A		N/A	3	—		—		158

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
NDX Parent, LLC	Common stock	N/A	N/A	N/A	—	$	106	—	%	$	16
NDX Parent, LLC	Preferred stock	N/A	N/A	N/A	16	16		—		18
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	Common stock	N/A	N/A	N/A	—	126		—		106
Opening Day Borrower 111 LLC	LLC units	N/A	N/A	N/A	18	785		0.1		772
Suveto Buyer, LLC	Common stock	N/A	N/A	N/A	2	241		—		159
						3,181		0.2		2,246

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants and Leisure
Freddy's Frozen Custard LLC	LP Interest	N/A	N/A		N/A	81	$	75	—	%	$	148
Harri US LLC	Preferred stock	N/A	N/A		N/A	29	331		—		332
Harri US LLC	LLC units	N/A	N/A		N/A	36	286		—		253
Harri US LLC	Preferred stock	N/A	N/A		N/A	31	198		—		213
Harri US LLC	Warrant	N/A	N/A		N/A	10	46		—		68
SSRG Holdings, LLC	LP Interest	N/A	N/A		N/A	40	399		0.1		578
Tropical Smoothie Cafe Holdings, LLC	LP Interest	N/A	N/A		N/A	2	28		—		395
							1,363		0.1		1,987



Insurance
Accession Risk Management Group, Inc.(21)	Preferred stock	N/A	13.25%	Non-Cash	N/A	6	6,031		0.4		6,059
Majesco(21)	Preferred stock	N/A	9.00%	Non-Cash	N/A	—	131		—		164
Majesco	LP Interest	N/A	N/A		N/A	28	—		—		80
Oakbridge Insurance Agency LLC	LP units	N/A	N/A		N/A	7	142		—		142

							6,304		0.4		6,445
Internet and Catalog Retail
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	8	7,472		0.6		8,856
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	5	4,484		0.4		5,315
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	4	3,632		0.3		3,868
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	3	2,681		0.2		3,065
							18,269		1.5		21,104
IT Services
Appriss Health Intermediate Holdings, Inc(21)	Preferred stock	N/A	11.00%	Non-Cash	N/A	1	926		0.1		926
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	217	170		0.1		1,694
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	57	156		0.1		444
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	13	108		—		102
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A		N/A	75	59		0.1		542
Critical Start, Inc.	Common stock	N/A	N/A		N/A	118	118		—		134
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	83	475		—		475
Netwrix Corporation	LLC units	N/A	N/A		N/A	2	5		—		8
Optimizely North America, Inc.	Common stock	N/A	N/A		N/A	17	173		—		199
PCS Intermediate II Holdings, LLC	LLC interest	N/A	N/A		N/A	13	126		—		273
Red Dawn SEI Buyer, Inc.	LP Interest	N/A	N/A		N/A	219	219		—		396
Saturn Borrower Inc.	LP units	N/A	N/A		N/A	139	139		—		44
							2,674		0.4		5,237
Leisure Products
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	15	24		—		28
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	10	16		—		19
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	9	13		—		16
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	8	12		—		14
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	3	5		—		6
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	—	—		—		1
							70		—		84

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	372	$	372	—	%	$	372
Celerion Buyer, Inc.	LP units	N/A			N/A		N/A	372	—		—		131
PAS Parent Inc.	LP Interest	N/A			N/A		N/A	6	624		0.1		616
PAS Parent Inc.	Preferred stock	N/A			N/A		N/A	1	93		—		116
Reaction Biology Corporation	LLC units	N/A			N/A		N/A	—	244		—		182
									1,333		0.1		1,417

Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	2	213		—		121
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									213		—		121
Pharmaceuticals
Amalthea Parent, Inc.(8)	LP Interest	N/A			N/A		N/A	199	199		—		101
Cobalt Buyer Sub, Inc.(21)	Preferred stock	SF +	10.00%	(j)	15.35%	Non-Cash	N/A	3	4,053		0.3		4,492
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	72		—		59
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	1	1		—		—
									4,325		0.3		4,652
Professional Services
Enboarder, Inc.(8)(11)	Preferred stock	N/A			N/A		N/A	27	280		—		280
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	141	892		0.1		1,143
Filevine, Inc.	Warrant	N/A			N/A		N/A	57	57		—		65
Filevine, Inc.	Warrant	N/A			N/A		N/A	21	31		—		127
Net Health Acquisition Corp.	LP Interest	N/A			N/A		N/A	1	133		—		150
Procure Acquireco, Inc.	LP Interest	N/A			N/A		N/A	—	333		—		433
									1,726		0.1		2,198
Real Estate Management & Development
Inhabit IQ Inc.	Common stock	N/A			N/A		N/A	11	60		—		147

Road & Rail
Internet Truckstop Group LLC	LP Interest	N/A			N/A		N/A	146	146		—		152

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.	LP Interest	N/A			N/A		N/A	577	$	577	0.1	%	$	855
Aras Corporation(21)	Preferred stock	N/A			12.00%	Non-Cash	N/A	—	475		0.1		524
Aras Corporation	LP Interest	N/A			N/A		N/A	121	121		—		162
Astute Holdings, Inc.	LP Interest	N/A			N/A		N/A	—	59		—		208
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	11	111		—		130
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	1	13		—		15
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	1,746	1,746		0.1		1,598
Calabrio, Inc.	LP Interest	N/A			N/A		N/A	—	306		—		295
Calabrio, Inc.	LP Interest	N/A			N/A		N/A	38	—		—		—
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	30	341		—		357
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	15	93		—		148
Cloudbees, Inc.	Warrant	N/A			N/A		N/A	27	40		—		214
Cynet Security Ltd.(8)(15)	Preferred stock	N/A			N/A		N/A	75	262		—		324
Denali Bidco Limited(8)(10)	LP Interest	N/A			N/A		N/A	140	182		—		207
Diligent Corporation(21)	Preferred stock	N/A			10.50%	Non-Cash	N/A	7	7,592		0.6		8,061
FirstUp, Inc.	Common stock	N/A			N/A		N/A	84	205		—		119
GS Acquisitionco, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	9	10,797		0.8		10,825
GS Acquisitionco, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,379		0.2		3,296
GS Acquisitionco, Inc.(21)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	—	51		—		52
GS Acquisitionco, Inc.	LP Interest	N/A			N/A		N/A	—	26		—		198
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	25	25		—		36
Impartner, Inc.	Preferred stock	N/A			N/A		N/A	11	90		—		86
Kaseya Inc.(21)	Preferred stock	SF +	11.75%	(j)	17.10%	Non-Cash	N/A	3	2,905		0.2		3,042
Kaseya Inc.	LP Interest	N/A			N/A		N/A	150	150		—		153
MetricStream, Inc.	Warrant	N/A			N/A		N/A	44	67		—		41
Ministry Brands Holdings LLC	LP Interest	N/A			N/A		N/A	361	362		—		355
mParticle, Inc.	Preferred stock	N/A			N/A		N/A	65	426		0.1		388
mParticle, Inc.	Warrant	N/A			N/A		N/A	32	6		—		133
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	Warrant	N/A			N/A		N/A	2	6		—		7
Onit, Inc.(21)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	49		—		53
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		3
PDI TA Holdings, Inc.	Preferred stock	N/A			N/A		N/A	43	1,340		0.1		1,598
Personify, Inc.	LP Interest	N/A			N/A		N/A	163	171		0.1		404
Pyramid Healthcare Acquisition Corp.	Common stock	N/A			N/A		N/A	73	73		—		146
QAD, Inc.(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	1	822		0.1		904
QAD, Inc.	Common stock	N/A			N/A		N/A	53	—		—		121
RegEd Aquireco, LLC	LP Interest	N/A			N/A		N/A	—	73		—		17
RegEd Aquireco, LLC	Preferred stock	N/A			N/A		N/A	—	5		—		6
RegEd Aquireco, LLC	LP Interest	N/A			N/A		N/A	1	—		—		—
Riskonnect Parent, LLC(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	8	9,194		0.6		8,590
Riskonnect Parent, LLC	LP Interest	N/A			N/A		N/A	378	379		0.1		429
Riskonnect Parent, LLC(21)	Preferred stock	SF +	10.50%	(j)	15.85%	Non-Cash	N/A	—	394		—		409
SnapLogic, Inc.	Preferred stock	N/A			N/A		N/A	66	164		—		336
SnapLogic, Inc.	Warrant	N/A			N/A		N/A	25	18		—		86
Spartan Buyer Acquisition Co.	Common stock	N/A			N/A		N/A	—	252		—		137
Spartan Buyer Acquisition Co.	Preferred stock	N/A			N/A		N/A	—	15		—		19
Telesoft Holdings LLC	LP Interest	N/A			N/A		N/A	131	131		—		107

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A	N/A		N/A	—	$	23	—	%	$	30
Zendesk, Inc.	LP units	N/A	N/A		N/A	18	182		—		252

							43,708		3.2		45,483
Specialty Retail
Ave Holdings III, Corp(21)	Preferred stock	N/A	11.50%	Non-Cash	N/A	6	6,852		0.4		5,692
Ave Holdings III, Corp	LP units	N/A	N/A		N/A	1	777		—		730
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	110		—		—
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	42		—		—
Imperial Optical Midco Inc.	Common stock	N/A	N/A		N/A	—	—		—		—
Salon Lofts Group, LLC	LP units	N/A	N/A		N/A	—	45		—		40
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		N/A	—	39		—		23

							7,865		0.4		6,485
Textiles, Apparel and Luxury Goods
MakerSights, Inc.	Preferred stock	N/A	N/A		N/A	16	85		—		54

Total equity investments							132,508		9.5		139,672

Total investments							2,687,488		181.6		2,665,090

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.25%	(24)			$	7,151	0.5	%	$	7,151
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)			5.27%	(24)			739		0.1		739
Morgan Stanley US Dollar Liquidity Fund (CUSIP L64887109)			5.46%	(24)			10,596		0.7		10,596
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)			5.21`%	(24)			1,240		0.1		1,240
Total money market funds							19,726		1.4		19,726

Total investments and money market funds							$	2,707,214	183.0	%	$	2,684,816

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)


#						Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 8).
~						Denotes that all or a portion of the loan secures the notes offered in the 2021 Debt Securitization (as defined in Note 8).
^						Denotes that all or a portion of the loan secures the notes offered in the 2022-2 Debt Securitization (as defined in Note 8).
+						Denotes that all or a portion of the loan secures the notes offered in the 2022 Debt Securitization (as defined in Note 8).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’), Prime (‘‘P’’), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’), Australian Interbank Rate (‘‘AUD’’ or ‘‘A’’) or Canadian Bankers Acceptance Rate (‘‘CDOR’’ or ‘‘C’’) which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2023, as the loan may have priced or repriced based on an index rate prior to December 31, 2023.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of December 31, 2023.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of December 31, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.91% as of December 31, 2023.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.86% as of December 31, 2023.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.36% as of December 31, 2023.

(f) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.45% as of December 31, 2023.

(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of December 31, 2023.

(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.38% as of December 31, 2023.

(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.35% as of December 31, 2023.

(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.33% as of December 31, 2023.

(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.16% as of December 31, 2023.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2023.

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

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 7. Fair Value Measurements.

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

(6)The entire commitment was unfunded as of December 31, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of December 31, 2023, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 15.1% of the Company’s total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2023

(Dollar and share amounts in thousands)

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

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

(22) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2023.

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

(24) The rate shown is the annualized seven-day yield as of December 31, 2023.

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.#	One stop	SF +	7.00%	(k)(m)	12.33%				02/2029	$	9,900	$	9,634	0.7	%	$	9,900
PPW Aero Buyer, Inc.(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—		(1)		—		—
										9,900		9,633		0.7		9,900
Airlines
Accelya Lux Finco S.A.R.L.#(8)(13)	One stop	SF +	6.00%	(l)	11.49%				12/2026	7,564		7,477		0.5		7,186

Auto Components
COP CollisionRight Holdings, Inc.#~^	One stop	SF +	5.25%	(l)	10.79%				04/2028	10,362		10,237		0.7		10,258
COP CollisionRight Holdings, Inc.	One stop	SF +	5.25%	(l)	10.79%				04/2028	36		35		—		35
Covercraft Parent III, Inc.^	Senior secured	SF +	4.50%	(l)(m)	10.10%				08/2027	2,056		2,043		0.2		1,974
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(m)	10.09%				08/2027	415		408		—		398
Covercraft Parent III, Inc.	Senior secured	SF +	4.50%	(m)	10.03%				08/2027	13		12		—		9
North Haven Falcon Buyer, LLC#(22)	One stop	SF +	8.00%	(l)	9.78%	cash/	3.75%	PIK	05/2027	2,419		2,395		0.2		2,129
North Haven Falcon Buyer, LLC(22)	One stop	SF +	8.00%	(l)	9.82%	cash/	3.75%	PIK	05/2027	406		402		—		357
										15,707		15,532		1.1		15,160
Automobiles
CG Group Holdings, LLC#~(22)	One stop	SF +	8.75%	(l)	12.14%	cash/	2.00%	PIK	07/2027	13,666		13,466		0.9		13,119
CG Group Holdings, LLC(22)	One stop	SF +	8.75%	(k)	12.07%	cash/	2.00%	PIK	07/2026	345		339		—		333
Denali Midco 2, LLC#^	One stop	SF +	6.25%	(k)	11.67%				12/2027	9,853		9,786		0.7		9,657
Denali Midco 2, LLC^	One stop	SF +	6.25%	(k)	11.67%				12/2027	2,948		2,929		0.2		2,889
Denali Midco 2, LLC~	One stop	SF +	6.25%	(k)	11.67%				12/2027	2,653		2,634		0.2		2,600
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,791		1,779		0.1		1,756
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,702		1,690		0.1		1,668
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,485		1,475		0.1		1,456
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,224		1,216		0.1		1,200
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,188		1,180		0.1		1,165
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	1,188		1,180		0.1		1,165
Denali Midco 2, LLC#	One stop	SF +	6.25%	(k)	11.67%				12/2027	980		974		0.1		961
Denali Midco 2, LLC#	One stop	SF +	6.50%	(k)	11.92%				12/2027	555		542		0.1		550
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	74		72		—		73
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	37		36		—		37
Denali Midco 2, LLC(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—		(4)		—		(10)
Denali Midco 2, LLC(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—		(4)		—		(2)
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	127		123		—		125
Denali Midco 2, LLC	One stop	SF +	6.50%	(k)	11.92%				12/2027	150		146		—		148
JHCC Holdings LLC#	One stop	SF +	5.25%	(l)	10.79%				09/2025	4,939		4,913		0.4		4,865
JHCC Holdings LLC~	One stop	SF +	5.25%	(l)	10.79%				09/2025	2,913		2,898		0.2		2,870
JHCC Holdings LLC	One stop	SF +	5.25%	(l)	10.79%				09/2025	1,692		1,681		0.1		1,667
JHCC Holdings LLC#	One stop	SF +	5.25%	(l)	10.79%				09/2025	251		249		—		247
JHCC Holdings LLC(5)	One stop	SF +	5.25%		N/A(6)				09/2025	—		(1)		—		(2)
JHCC Holdings LLC#	One stop	SF +	6.75%	(l)	12.29%				09/2025	567		558		—		570
MOP GM Holding, LLC~+	One stop	SF +	5.75%	(l)	11.29%				11/2026	9,496		9,434		0.7		9,117
MOP GM Holding, LLC^	One stop	SF +	5.75%	(l)	11.32%				11/2026	1,332		1,321		0.1		1,279
MOP GM Holding, LLC~	One stop	SF +	5.75%	(m)	11.03%				11/2026	1,052		1,046		0.1		1,010
MOP GM Holding, LLC+	One stop	SF +	5.75%	(m)	11.03%				11/2026	1,021		1,014		0.1		980
MOP GM Holding, LLC+	One stop	SF +	5.75%	(l)	11.29%				11/2026	757		752		0.1		726
MOP GM Holding, LLC^	One stop	SF +	5.75%	(l)	11.27%				11/2026	629		625		0.1		603

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Beverages
Financial Information Technologies, LLC(5)	One stop	SF +	6.50%		N/A(6)		06/2030	$	—	$	(1)	—	%	$	(1)
Financial Information Technologies, LLC(22)	One stop	N/A			14.00%	PIK	06/2031	6,109		5,937		0.4		5,926
Financial Information Technologies, LLC#	One stop	SF +	6.50%	(l)	11.89%		06/2030	12,353		12,175		0.9		12,230
Watermill Express, LLC#	One stop	SF +	5.00%	(l)	10.54%		04/2027	876		871		0.1		876
Watermill Express, LLC	One stop	SF +	5.00%	(l)	10.54%		04/2027	85		84		—		85
Watermill Express, LLC	One stop	SF +	5.00%	(k)	10.42%		04/2027	8		7		—		8
Winebow Holdings, Inc.#~	One stop	SF +	6.25%	(k)	11.67%		07/2025	3,022		3,003		0.2		2,962
								22,453		22,076		1.6		22,086

Building Products
BECO Holding Company, Inc.#~^	One stop	SF +	5.25%	(l)	10.79%		11/2028	32,343		32,111		2.2		31,696
BECO Holding Company, Inc.	One stop	SF +	5.25%	(k)	10.67%		11/2027	22		19		—		13
BECO Holding Company, Inc.(5)	One stop	SF +	5.25%		N/A(6)		11/2028	—		(61)		—		(169)
								32,365		32,069		2.2		31,540







Chemicals
Inhance Technologies Holdings LLC^	One stop	SF +	6.00%	(l)	11.40%		07/2024	3,557		3,546		0.2		3,361
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(l)	11.40%		07/2024	2,410		2,406		0.2		2,277
Inhance Technologies Holdings LLC#	One stop	SF +	6.00%	(l)	11.40%		07/2024	729		728		—		689
Inhance Technologies Holdings LLC	One stop	SF +	6.00%	(k)(l)	11.42%		07/2024	105		105		—		99
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(e)	10.39%		09/2028	14,411		15,583		0.9		12,682
PHM NL SP Bidco B.V.(8)(14)	One stop	SF +	6.25%	(j)	11.55%		09/2028	5,922		5,848		0.4		5,212
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	SN +	6.25%	(i)	11.44%		09/2028	3,156		3,407		0.2		2,777
PHM NL SP Bidco B.V.(8)(9)(14)	One stop	E +	6.25%	(e)	10.01%		09/2028	1,523		1,601		0.1		1,340
								31,813		33,224		2.0		28,437

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC#~	One stop	SF +	5.25%	(k)(l)	10.79%				10/2028	$	7,557	$	7,483	0.5	%	$	7,557
CI (Quercus) Intermediate Holdings, LLC	One stop	SF +	5.25%	(k)	10.67%				10/2028	10		8		—		10
CI (Quercus) Intermediate Holdings, LLC(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—		(1)		—		—
Kleinfelder Intermediate, LLC#	One stop	SF +	6.25%	(l)	11.66%				09/2030	375		368		—		368
Kleinfelder Intermediate, LLC	One stop	SF +	6.25%	(l)	11.66%				09/2028	6		5		—		5
Kleinfelder Intermediate, LLC(5)	One stop	SF +	6.25%		N/A(6)				09/2030	—		(1)		—		(1)
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	3,734		3,710		0.3		3,687
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	1,258		1,250		0.1		1,242
North Haven Stack Buyer, LLC~	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	415		412		—		410
North Haven Stack Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				07/2027	—		(8)		—		(9)
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(b)(l)	11.40%				07/2027	66		65		—		64
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	417		414		—		411
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	61		61		—		60
North Haven Stack Buyer, LLC	Senior secured	SF +	5.50%	(l)	11.02%				07/2027	30		30		—		30
North Haven Stack Buyer, LLC(5)	Senior secured	SF +	5.50%		N/A(6)				07/2027	—		(23)		—		(20)
North Haven Stack Buyer, LLC(5)	Second lien	N/A			N/A(6)				01/2028	—		(23)		—		(19)
Profile Products LLC#	One stop	SF +	5.75%	(l)	11.22%				11/2027	2,852		2,809		0.2		2,795
Profile Products LLC#(8)	One stop	SF +	5.75%	(l)	11.22%				11/2027	578		570		0.1		567
Profile Products LLC	One stop	SF +	5.75%	(b)(k)	11.42%				11/2027	42		41		—		41
Profile Products LLC	One stop	P +	4.75%	(b)	13.25%				11/2027	8		8		—		8
PT Intermediate Holdings III, LLC#~^	One stop	SF +	5.98%	(l)	11.52%				11/2028	24,185		23,870		1.7		24,185
PT Intermediate Holdings III, LLC#	One stop	SF +	5.98%	(l)	11.52%				11/2028	15,391		15,228		1.1		15,391
PT Intermediate Holdings III, LLC#	One stop	SF +	6.50%	(l)	11.89%				11/2028	1,397		1,379		0.1		1,407
PT Intermediate Holdings III, LLC(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(5)		—		—
Radwell Parent, LLC#^	One stop	SF +	6.53%	(l)	12.02%				03/2029	10,935		10,798		0.8		10,935
Radwell Parent, LLC#	One stop	SF +	6.75%	(l)	12.14%				03/2029	9,875		9,618		0.7		9,900
Radwell Parent, LLC	One stop	SF +	6.75%	(l)	12.14%				03/2028	69		64		—		69
Radwell Parent, LLC(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—		(46)		—		—
Trinity Air Consultants Holdings Corporation(5)	One stop	SF +	5.75%		N/A(6)				06/2027	—		(3)		—		—
Trinity Air Consultants Holdings Corporation#	One stop	SF +	5.75%	(l)	11.10%				06/2027	174		172		—		174
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%		N/A(6)				06/2027	—		—		—		—
Trinity Air Consultants Holdings Corporation	One stop	SF +	5.75%	(m)	11.27%				06/2027	495		492		—		495



										79,930		78,745		5.6		79,762
Communications Equipment
Lightning Finco Limited(8)(10)	One stop	SF +	5.75%	(l)	11.13%				09/2028	4,453		4,390		0.3		4,408
Lightning Finco Limited(8)(9)(10)	One stop	E +	5.75%	(d)	9.53%				09/2028	483		535		—		478
										4,936		4,925		0.3		4,886
Containers and Packaging
AmerCareRoyal LLC#(22)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	2,548		2,528		0.2		2,548
AmerCareRoyal LLC#(22)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	545		540		—		545
AmerCareRoyal LLC(22)	Senior secured	SF +	7.00%	(k)	11.98%	cash/	0.50%	PIK	11/2025	529		525		—		529
AmerCareRoyal LLC#(8)(22)	Senior secured	SF +	7.00%	(k)(l)	11.98%	cash/	0.50%	PIK	11/2025	456		453		—		456
Chase Intermediate#~^	One stop	SF +	5.25%	(k)(l)(m)	10.95%				10/2028	38,283		38,018		2.7		37,516
Chase Intermediate	One stop	SF +	5.25%	(m)	11.00%				10/2028	120		117		—		113

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Chase Intermediate(5)	One stop	SF +	5.25%		N/A(6)				10/2028	$	—	$	(4)	—	%	$	(11)
Chase Intermediate(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—		(18)		—		(18)
Fortis Solutions Group, LLC#~^	One stop	SF +	5.50%	(l)	10.99%				10/2028	15,592		15,398		1.1		15,124
Fortis Solutions Group, LLC(5)	One stop	SF +	5.50%		N/A(6)				10/2027	—		(4)		—		(8)
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(l)	10.99%				10/2028	45		8		—		43
Fortis Solutions Group, LLC	One stop	SF +	5.50%	(l)	10.99%				10/2028	186		168		—		99
										58,304		57,729		4.0		56,936




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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Learn-it Systems, LLC(22)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	$	574	$	572	—	%	$	528
Learn-it Systems, LLC(22)	Senior secured	SF +	5.25%	(l)	8.04%	cash/	2.75%	PIK	09/2026	210		210		—		194
Learn-it Systems, LLC(5)(22)	Senior secured	L +	4.75%	(a)	10.40%				09/2026	—		—		—		(2)
Liminex, Inc.+	One stop	SF +	7.25%	(l)	12.79%				11/2026	19,521		19,343		1.4		19,521
Liminex, Inc.#	One stop	SF +	7.25%	(l)	12.79%				11/2026	10,188		10,102		0.7		10,188
Liminex, Inc.#	One stop	SF +	7.25%	(l)	12.79%				11/2026	3,516		3,480		0.2		3,516
Liminex, Inc.(5)	One stop	SF +	7.25%		N/A(6)				11/2026	—		(2)		—		—
Liminex, Inc.#	One stop	SF +	7.25%	(l)	12.79%				11/2026	116		114		—		116
Litera Bidco LLC#	One stop	SF +	6.00%	(k)	11.42%				05/2026	1,309		1,300		0.1		1,309
Litera Bidco LLC#	One stop	SF +	5.25%	(k)	10.67%				05/2026	602		599		—		602
Litera Bidco LLC	One stop	SF +	5.25%	(k)	10.67%				05/2026	269		268		—		269
Litera Bidco LLC	One stop	SF +	5.25%	(k)	10.67%				05/2026	269		269		—		269
Litera Bidco LLC	One stop	SF +	6.00%	(k)	11.42%				05/2026	118		118		—		118
Litera Bidco LLC	One stop	SF +	5.25%		N/A(6)				05/2025	—		—		—		—
Mario Purchaser, LLC#	One stop	SF +	5.75%	(k)	11.17%				04/2029	3,923		3,860		0.3		3,766
Mario Purchaser, LLC(22)	One stop	SF +	10.75%	(k)	16.17%	PIK			04/2032	1,976		1,938		0.1		1,936
Mario Purchaser, LLC	One stop	SF +	5.75%	(k)	11.17%				04/2029	2,251		2,192		0.1		2,055
Mario Purchaser, LLC(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—		(1)		—		(3)
Mathnasium, LLC#	One stop	SF +	5.00%	(l)	10.51%				11/2027	4,155		4,126		0.3		4,155
Mathnasium, LLC	One stop	SF +	5.00%	(l)	10.52%				11/2027	11		11		—		11
NSG Buyer, Inc. ^	One stop	SF +	6.50%	(k)	11.92%				11/2029	8,303		8,158		0.6		8,303
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(28)		—		—
NSG Buyer, Inc. (5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Provenance Buyer LLC^	One stop	SF +	5.00%	(k)	10.42%				06/2027	4,278		4,246		0.3		4,278
Provenance Buyer LLC#~	One stop	SF +	5.00%	(k)	10.42%				06/2027	2,918		2,881		0.2		2,918
Provenance Buyer LLC(5)	One stop	SF +	5.00%		N/A(6)				06/2027	—		(2)		—		—
RW AM Holdco LLC^	One stop	SF +	5.25%	(m)	10.82%				04/2028	9,086		9,017		0.6		8,814
RW AM Holdco LLC(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—		(1)		—		(5)





										110,260		108,908		7.7		109,094
Diversified Financial Services
Adenza Group, Inc. #	One stop	SF +	5.75%	(k)	11.18%				12/2027	1,235		1,219		0.1		1,235
Adenza Group, Inc.	One stop	SF +	5.75%		N/A(6)				12/2025	—		—		—		—
Avalara, Inc.#	One stop	SF +	7.25%	(l)	12.64%				10/2028	6,229		6,098		0.5		6,229
Avalara, Inc.(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—		(3)		—		—
Banker's Toolbox, Inc.^	One stop	SF +	5.25%	(l)	10.72%				07/2027	3,414		3,393		0.2		3,414
Banker's Toolbox, Inc.	One stop	SF +	5.25%	(l)	10.72%				07/2027	636		634		—		636
Banker's Toolbox, Inc.(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—		(1)		—		—
Flash Topco, Inc.^	One stop	SF +	5.75%	(l)	11.22%				10/2028	7,549		7,495		0.5		7,172
Flash Topco, Inc.	One stop	SF +	6.50%	(l)	11.87%				10/2028	41		40		—		38
Flash Topco, Inc.	One stop	SF +	6.50%	(l)	11.87%				12/2024	19		19		—		19
Finastra USA, Inc.#(8)	One stop	SF +	7.25%	(m)	12.71%				09/2029	450		441		—		441
Finastra USA, Inc.(8)	One stop	SF +	7.25%	(k)	12.58%				09/2029	11		10		—		10
Higginbotham Insurance Agency, Inc.#	One stop	SF +	5.50%	(k)	10.92%				11/2028	1,813		1,799		0.1		1,804
Higginbotham Insurance Agency, Inc.	One stop	SF +	5.50%	(k)	10.92%				11/2028	951		948		0.1		946
Higginbotham Insurance Agency, Inc.(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—		(14)		—		(15)
										22,348		22,078		1.5		21,929

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Diversified Telecommunication Services
NTI Connect, LLC#	Senior secured	SF +	4.75%	(l)	10.29%	12/2024	$	631	$	627	—	%	$	631

Electronic Equipment, Instruments and Components
CST Holding Company#	One stop	SF +	6.50%	(k)	11.92%	11/2028	9,875		9,624		0.7		9,875
CST Holding Company(5)	One stop	SF +	6.50%		N/A(6)	11/2028	—		(1)		—		—













							9,875		9,623		0.7		9,875
Food & Staples Retailing
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	627		623		0.1		627
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	321		319		—		321
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	252		251		—		252
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	248		246		—		248
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	161		160		—		161
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	122		121		—		122
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	122		121		—		122
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	60		60		—		60
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	432		428		0.1		432
Mendocino Farms, LLC	One stop	SF +	6.25%	(k)	11.67%	06/2025	270		268		—		270
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	326		326		—		326
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	115		115		—		115
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	55		54		—		55
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	—		—		—		—
Ruby Slipper Cafe LLC, The	One stop	SF +	7.50%	(l)	13.04%	06/2024	91		90		—		91
Wineshipping.com LLC^	One stop	SF +	5.75%	(l)	11.32%	10/2027	3,048		3,028		0.2		2,926
Wineshipping.com LLC	One stop	SF +	5.75%	(l)	11.20%	10/2027	83		80		—		80
Wineshipping.com LLC	One stop	SF +	5.75%	(b)(l)	11.47%	10/2027	63		63		—		60


							6,396		6,353		0.4		6,268

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

										61,573		61,165		4.3		60,870

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

							82,434		81,998		5.8		81,922

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	$	621	$	619	—	%	$	603
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	563		560		—		546
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	387		386		—		376
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	242		241		—		234
Encorevet Group LLC	Senior secured	SF +	6.75%	(l)	12.32%	11/2024	157		157		—		152
Encorevet Group LLC	One stop	SF +	6.75%	(l)	12.32%	11/2024	118		117		—		114
Encorevet Group LLC	Senior secured	SF +	6.75%	(l)	12.28%	11/2024	47		47		—		45
ERC Topco Holdings, LLC#^	One stop	SF +	5.50%	(l)	11.15%	11/2028	17,399		17,282		1.0		14,440
ERC Topco Holdings, LLC	One stop	SF +	5.50%	(l)	11.10%	11/2027	60		59		—		37
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	3,368		3,544		0.2		3,368
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	2,465		2,510		0.2		2,465
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	2,293		2,429		0.2		2,293
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(l)	11.27%	03/2027	1,035		1,025		0.1		1,035
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	710		715		0.1		710
FYI Optical Acquisitions, Inc. & FYI USA, Inc.#(8)(12)	One stop	SF +	5.75%	(l)	11.27%	03/2027	460		456		—		460
FYI Optical Acquisitions, Inc. & FYI USA, Inc.(8)(9)(12)	One stop	C +	5.75%	(h)	11.25%	03/2027	398		389		—		398
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(k)	10.17%	12/2026	2,397		2,382		0.2		2,349
Heartland Veterinary Partners LLC#	Senior secured	SF +	4.75%	(k)	10.17%	12/2026	379		376		—		371
Heartland Veterinary Partners LLC	Senior secured	SF +	4.75%		N/A(6)	12/2026	—		—		—		—
Klick Inc.^(8)(12)	Senior secured	SF +	4.50%	(l)	9.99%	03/2028	3,874		3,849		0.3		3,874
Klick Inc.(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)	03/2026	—		(1)		—		—
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	786		783		0.1		786
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	461		460		—		461
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	319		317		—		319
Krueger-Gilbert Health Physics, LLC~	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	124		124		—		124
Krueger-Gilbert Health Physics, LLC	Senior secured	SF +	5.25%	(l)	10.79%	05/2025	30		30		—		30
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	6,928		7,684		0.5		6,582
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	1,660		1,644		0.1		1,577
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	1,097		1,089		0.1		1,042
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	422		456		—		401
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2028	220		231		—		209
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	One stop	C +	5.50%	(h)	11.01%	05/2026	182		184		—		177
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2028	77		75		—		74
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(12)	One stop	SF +	5.50%	(l)	11.04%	05/2026	80		79		—		77
Opening Day Borrower 111 LLC(7)(22)	One stop	SF +	6.25%	(l)	11.79%	05/2027	1,462		1,324		0.1		1,316
Opening Day Borrower 111 LLC(7)(22)	One stop	SF +	6.25%	(l)	11.79%	05/2027	559		518		—		503
Opening Day Borrower 111 LLC(5)(7)	One stop	SF +	6.25%		N/A(6)	05/2027	—		—		—		(18)
Suveto Buyer, LLC	One stop	SF +	4.25%	(k)	9.67%	09/2027	8,356		8,302		0.6		8,106
Suveto Buyer, LLC	One stop	SF +	4.25%	(k)	9.67%	09/2027	24		23		—		19
							170,902		174,823		11.5		163,875

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

										143,647		142,673		10.0		141,964

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Internet & Catalog Retail
Revalize, Inc.~+	One stop	SF +	5.75%	(l)	11.29%				04/2027	$	5,861	$	5,827	0.4	%	$	5,509
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	3,431		3,410		0.2		3,225
Revalize, Inc.#	One stop	SF +	5.75%	(l)	11.29%				04/2027	2,028		2,020		0.1		1,906
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	1,701		1,691		0.1		1,599
Revalize, Inc.+	One stop	SF +	5.75%	(l)	11.29%				04/2027	1,025		1,019		0.1		963
Revalize, Inc.#	One stop	SF +	5.75%	(l)	11.29%				04/2027	791		786		0.1		744
Revalize, Inc.	One stop	SF +	5.75%	(l)	11.24%				04/2027	191		185		—		179
Revalize, Inc.	One stop	SF +	5.75%	(l)	11.30%				04/2027	29		27		—		15
										15,057		14,965		1.0		14,140

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Recordxtechnologies, LLC(22)	One stop	SF +	6.50%	(l)	11.89%	12/2025	$	1,673	$	1,664	0.1	%	$	1,640
Recordxtechnologies, LLC(22)	One stop	SF +	6.50%	(l)	11.89%	12/2025	147		146		—		143
Red Dawn SEI Buyer, Inc.~^	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	13,165		13,108		0.9		12,968
Red Dawn SEI Buyer, Inc.#(8)(9)	Senior secured	SN +	4.50%	(i)	9.69%	11/2025	8,371		9,359		0.6		8,288
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	2,341		2,333		0.2		2,306
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(l)	9.99%	11/2025	2,183		2,173		0.2		2,161
Red Dawn SEI Buyer, Inc.#	Senior secured	SF +	4.50%	(l)	9.99%	11/2025	2,504		2,490		0.2		2,479
Red Dawn SEI Buyer, Inc.	Senior secured	SF +	4.25%	(l)	9.74%	11/2025	30		29		—		26
Red Dawn SEI Buyer, Inc.(5)	Senior secured	SF +	4.50%		N/A(6)	11/2025	—		(4)		—		(6)
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(l)	16.12%	10/2026	567		559		—		567
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(l)	16.12%	10/2026	137		137		—		137
ReliaQuest Holdings, LLC	One stop	SF +	10.75%	(l)	16.12%	10/2026	42		42		—		42
Saturn Borrower Inc.#~(22)	One stop	SF +	6.50%	(l)	12.04%	09/2026	7,923		7,803		0.5		7,606
Saturn Borrower Inc.	One stop	SF +	6.50%	(l)	12.04%	09/2026	103		101		—		99
WPEngine, Inc.#	One stop	SF +	6.50%	(m)	11.92%	08/2029	1,916		1,878		0.1		1,887
WPEngine, Inc.(5)	One stop	SF +	6.50%		N/A(6)	08/2029	—		(1)		—		(1)
Zarya Holdco, Inc.#	One stop	SF +	6.50%	(l)	11.92%	07/2027	2,489		2,489		0.2		2,489
Zarya Holdco, Inc.	One stop	SF +	6.50%	(l)	11.91%	07/2027	20		20		—		20
							140,138		140,238		9.7		138,300

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Leisure Products
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	$	1,417	$	1,415	0.1	%	$	1,417
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	483		482		0.1		483
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	335		335		—		335
WBZ Investment LLC^(22)	One stop	SF +	6.50%	(l)	11.04%	cash/	1.00%	PIK	09/2024	175		174		—		175
WBZ Investment LLC	One stop	SF +	6.50%		N/A(6)				09/2024	—		—		—		—
										2,410		2,406		0.2		2,410
Life Sciences Tools & Services
Celerion Buyer, Inc.~	One stop	SF +	6.50%	(m)	11.93%				11/2029	8,526		8,342		0.6		8,526
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Celerion Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—		(30)		—		—
Covaris Intermediate 3, LLC#	One stop	SF +	5.25%	(l)	10.79%				01/2028	364		361		—		346
Covaris Intermediate 3, LLC(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—		—		—		(3)
Covaris Intermediate 3, LLC	One stop	SF +	5.25%	(l)	10.79%				01/2028	579		549		—		372
PAS Parent Inc.#~^	One stop	SF +	5.25%	(k)	10.68%				12/2028	21,256		20,988		1.5		20,831
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—		(10)		—		(7)
PAS Parent Inc.(5)	One stop	SF +	5.25%		N/A(6)				12/2028	—		(56)		—		(23)
Reaction Biology Corporation#	One stop	SF +	5.25%	(m)	10.87%				03/2029	2,631		2,612		0.2		2,500
Reaction Biology Corporation#	One stop	SF +	5.25%	(l)	10.79%				03/2029	1,750		1,737		0.2		1,662
Reaction Biology Corporation#	One stop	SF +	5.25%	(l)	10.79%				03/2029	512		508		—		487
Reaction Biology Corporation	One stop	SF +	5.25%	(l)	10.79%				03/2029	75		74		—		68
Reaction Biology Corporation(5)	One stop	SF +	5.25%		N/A(6)				03/2029	—		(22)		—		(141)
Unchained Labs, LLC	Senior secured	SF +	5.50%	(k)	10.87%				08/2027	425		423		—		421
Unchained Labs, LLC#	Senior secured	SF +	5.50%	(k)	10.87%				08/2027	359		355		—		356
Unchained Labs, LLC	Senior secured	SF +	5.50%		N/A(6)				08/2027	—		—		—		—
										36,477		35,830		2.5		35,395
Machinery
Bad Boy Mowers Acquisition, LLC#	Senior secured	SF +	4.25%	(k)	9.68%				03/2028	730		729		0.1		730
Blackbird Purchaser, Inc.#~	Senior secured	SF +	4.25%	(k)	9.67%				04/2026	7,964		7,884		0.6		7,964
Blackbird Purchaser, Inc.	Senior secured	SF +	4.25%		N/A(6)				10/2025	—		—		—		—
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	1,956		1,956		0.1		1,785
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	339		339		—		309
Chase Industries, Inc.(22)(23)	Senior secured	SF +	7.00%	(l)	11.04%	cash/	1.50%	PIK	05/2025	85		85		—		69

										11,074		10,993		0.8		10,857
Marine
Project Nike Purchaser, LLC#	One stop	SF +	6.00%	(l)	11.39%				04/2029	14,640		14,524		1.0		14,200
Project Nike Purchaser, LLC	One stop	SF +	6.00%	(l)	11.39%				04/2029	75		73		—		68
										14,715		14,597		1.0		14,268
Media
Triple Lift, Inc.#	One stop	SF +	5.75%	(l)	11.30%				05/2028	2,086		2,059		0.2		2,003
Triple Lift, Inc.#	One stop	SF +	5.75%	(l)	11.30%				05/2028	451		444		—		433
Triple Lift, Inc.	One stop	SF +	5.75%	(l)	11.20%				05/2028	27		26		—		25
										2,564		2,529		0.2		2,461

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.50%	(k)	11.92%				05/2025	$	5,508	$	5,476	0.4	%	$	5,508
3ES Innovation, Inc.(8)(12)	One stop	SF +	6.50%	(k)	11.92%				05/2025	40		39		—		40
Envernus, Inc.#~+	Senior secured	SF +	4.50%	(k)	9.92%				07/2025	11,775		11,660		0.8		11,775
Envernus, Inc.#~+	Senior secured	SF +	4.25%	(k)	9.67%				07/2025	10,240		10,178		0.7		10,187
Envernus, Inc.	Senior secured	SF +	4.50%	(k)	9.92%				09/2026	48		44		—		48
Project Power Buyer, LLC#~	One stop	SF +	7.00%	(l)	12.39%				05/2026	13,656		13,404		1.0		13,656
Project Power Buyer, LLC(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—		(1)		—		—

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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(k)(l)	11.45%	09/2028	$	2,748	$	2,706	0.2	%	$	2,748
IG Investments Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)	09/2027	—		(1)		—		—
IG Investments Holdings, LLC^	One stop	SF +	6.00%	(l)	11.47%	09/2028	237		237		—		237
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^+	One stop	SF +	5.25%	(l)	10.77%	11/2028	26,857		26,713		1.8		26,050
NBG Acquisition Corp. and NBG-P Acquisition Corp.	One stop	SF +	5.25%	(l)	10.78%	11/2028	157		156		—		150
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—		(43)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.(5)	One stop	SF +	5.25%		N/A(6)	11/2028	—		(10)		—		—
Net Health Acquisition Corp.#	One stop	SF +	5.75%	(k)	11.17%	12/2025	1,436		1,429		0.1		1,407
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	840		835		0.1		823
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	723		718		0.1		708
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	454		451		—		445
Net Health Acquisition Corp.~	One stop	SF +	5.75%	(k)	11.17%	12/2025	107		107		—		105
Net Health Acquisition Corp.	One stop	SF +	5.75%	(k)	11.17%	12/2025	58		58		—		54
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(m)	11.90%	04/2025	2,818		2,807		0.2		2,818
PlanSource Holdings, Inc.	One stop	SF +	6.25%	(m)	11.90%	04/2025	556		554		—		556
PlanSource Holdings, Inc.#	One stop	SF +	6.25%	(m)	11.90%	04/2025	484		482		—		484
PlanSource Holdings, Inc.	One stop	SF +	6.25%		N/A(6)	04/2025	—		—		—		—
Procure Acquireco, Inc.~^	One stop	SF +	5.00%	(l)	10.57%	12/2028	7,725		7,667		0.5		7,725
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(1)		—		—
Procure Acquireco, Inc.(5)	One stop	SF +	5.00%		N/A(6)	12/2028	—		(33)		—		—
							59,244		58,637		4.1		58,353

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Real Estate Management & Development
Inhabit IQ Inc.#^	One stop	SF +	5.50%	(k)	10.92%	07/2025	$	16,435	$	16,358	1.2	%	$	16,435
Inhabit IQ Inc.+	One stop	SF +	5.50%	(k)	10.92%	07/2025	9,344		9,300		0.7		9,344
Inhabit IQ Inc.~	One stop	SF +	5.50%	(k)	10.92%	07/2025	2,694		2,689		0.2		2,694
Inhabit IQ Inc.~	One stop	SF +	5.50%	(k)	10.92%	07/2025	2,517		2,510		0.2		2,517
Inhabit IQ Inc.~	One stop	SF +	5.50%	(k)	10.92%	07/2025	1,088		1,086		0.1		1,088
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	887		885		0.1		887
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	687		683		0.1		687
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	383		382		—		383
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	325		324		—		325
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	324		323		—		324
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	256		255		—		256
Inhabit IQ Inc.#	One stop	SF +	5.50%	(k)	10.92%	07/2025	135		134		—		135
Inhabit IQ Inc.	One stop	SF +	5.50%	(k)	10.92%	07/2025	65		65		—		65
MRI Software LLC~+	One stop	SF +	5.50%	(l)	10.99%	02/2026	15,005		14,956		1.0		14,705
MRI Software LLC~^+	One stop	SF +	5.50%	(l)	10.99%	02/2026	7,942		7,903		0.5		7,783
MRI Software LLC(5)	One stop	SF +	5.50%		N/A(6)	02/2026	—		(1)		—		(5)
RPL Bidco Limited(8)(9)(10)	One stop	SN +	5.50%	(i)	10.69%	08/2028	7,667		8,622		0.5		7,379
RPL Bidco Limited#(8)(9)(10)	One stop	A +	5.50%	(f)	9.63%	08/2028	829		940		0.1		798
RPL Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—		—		—		(2)
RPL Bidco Limited#(8)(9)(10)	One stop	A +	6.75%	(f)	10.93%	08/2028	3,415		3,514		0.2		3,433
							69,998		70,928		4.9		69,231
Road & Rail
Channelside Acquisitona Co, Inc.#	One stop	SF +	6.38%	(k)	11.79%	07/2028	1,656		1,633		0.1		1,656
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—		(2)		—		—
Channelside Acquisitona Co, Inc.(5)	One stop	SF +	6.75%		N/A(6)	07/2028	—		(1)		—		—
Channelside Acquisitona Co, Inc.#	One stop	SF +	6.75%	(k)	12.08%	07/2028	1,567		1,527		0.1		1,575
Internet Truckstop Group LLC~	One stop	SF +	5.00%	(l)	10.54%	04/2025	7,514		7,424		0.6		7,514
Internet Truckstop Group LLC^	One stop	SF +	5.00%	(l)	10.54%	04/2025	3,305		3,285		0.2		3,305
Internet Truckstop Group LLC(5)	One stop	SF +	5.00%		N/A(6)	04/2025	—		(1)		—		—

							14,042		13,865		1.0		14,050

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.#+	One stop	SF +	6.50%	(k)	11.82%				06/2029	$	14,840	$	14,718	1.1	%	$	14,840
Anaplan, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—		(1)		—		—
Appfire Technologies, LLC~+	One stop	SF +	5.50%	(l)	11.06%				03/2027	15,751		15,615		1.1		15,437
Appfire Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(2)		—		(5)
Appfire Technologies, LLC(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—		(15)		—		(35)
Aras Corporation+(22)	One stop	SF +	6.75%	(l)	8.95%	cash/	3.25%	PIK	04/2027	5,761		5,729		0.4		5,704
Aras Corporation	One stop	SF +	6.50%	(b)(l)	12.14%				04/2027	67		67		—		66
Armstrong Bidco Limited#(8)(9)(10)	One stop	SN +	5.00%	(i)	10.19%				06/2029	1,810		1,771		0.1		1,720
Armstrong Bidco Limited(8)(9)(10)	One stop	SN +	5.00%	(i)	10.19%				06/2029	944		898		0.1		897
Arrow Buyer, Inc.(5)	One stop	SF +	6.50%		N/A(6)				06/2030	—		(25)		—		(26)
Arrow Buyer, Inc.#	One stop	SF +	6.50%	(l)	11.89%				06/2030	8,934		8,718		0.6		8,822
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	5.75%	(l)	8.52%	cash/	2.75%	PIK	07/2027	3,112		3,093		0.2		3,065
Auvik Networks Inc.#(8)(12)(22)	One stop	SF +	6.25%	(l)	8.52%	cash/	3.25%	PIK	07/2027	564		560		—		564
Auvik Networks Inc.(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—		—		—		(1)
Axiom Merger Sub Inc.#	One stop	L +	5.25%	(a)	10.60%				04/2026	1,118		1,109		0.1		1,118
Axiom Merger Sub Inc.#	One stop	L +	5.25%	(a)	10.60%				04/2026	962		957		0.1		962
Axiom Merger Sub Inc.(8)(9)	One stop	E +	5.50%	(d)(e)	8.90%				04/2026	437		462		—		437
Axiom Merger Sub Inc.	One stop	SF +	5.25%	(m)	10.86%				04/2026	138		137		—		138
Axiom Merger Sub Inc.	One stop	SF +	5.25%		N/A(6)				10/2025	—		—		—		—
Azul Systems, Inc.~	Senior secured	SF +	4.50%	(l)	10.04%				04/2027	9,492		9,444		0.7		9,492
Azul Systems, Inc.	Senior secured	SF +	4.50%		N/A(6)				04/2026	—		—		—		—
Bayshore Intermediate #2, L.P.+(22)	One stop	SF +	7.50%	(l)	13.00%				10/2028	31,359		30,950		2.2		31,359
Bayshore Intermediate #2, L.P.	One stop	SF +	6.50%	(l)	11.87%				10/2027	33		31		—		33
Bonterra LLC#+	One stop	SF +	7.25%	(l)	12.64%				09/2027	27,466		27,205		1.9		26,643
Bonterra LLC(5)	One stop	SF +	7.25%		N/A(6)				09/2027	—		(2)		—		(6)
Bonterra LLC	One stop	SF +	8.00%	(l)	13.39%				09/2027	500		493		—		485
Bottomline Technologies, Inc.#	One stop	SF +	5.25%	(k)	10.57%				05/2029	13,600		13,382		0.9		13,022
Bottomline Technologies, Inc.(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—		(3)		—		(7)
Bullhorn, Inc.~^	One stop	SF +	5.75%	(l)	11.24%				09/2026	13,136		13,020		0.9		13,004
Bullhorn, Inc.#~	One stop	SF +	5.75%	(l)	11.24%				09/2026	3,207		3,190		0.2		3,174
Bullhorn, Inc.(8)(9)	One stop	SN +	6.00%	(i)	11.19%				09/2026	2,325		2,326		0.2		2,302
Bullhorn, Inc.^	One stop	SF +	5.75%	(l)	11.24%				09/2026	1,440		1,429		0.1		1,426
Bullhorn, Inc.#(8)(9)	One stop	E +	5.75%	(d)	9.69%				09/2026	910		934		0.1		901
Bullhorn, Inc.#	One stop	SF +	5.75%	(l)	11.24%				09/2026	645		640		—		639
Bullhorn, Inc.#	One stop	SF +	5.75%	(l)	11.24%				09/2026	514		510		—		509
Bullhorn, Inc.(5)	One stop	SF +	5.75%		N/A(6)				09/2026	—		(2)		—		(3)
Burning Glass Intermediate Holdings Company, Inc.~	One stop	SF +	5.00%	(k)	10.42%				06/2028	3,767		3,716		0.3		3,767
Burning Glass Intermediate Holdings Company, Inc.	One stop	SF +	5.00%	(k)	10.42%				06/2026	21		20		—		21
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(l)	12.60%				01/2029	2,895		2,818		0.2		2,895
Bynder BidCo, Inc.& Bynder BidCo B.V.#(8)(14)	One stop	SF +	7.25%	(l)	12.60%				01/2029	766		745		0.1		766
Bynder BidCo, Inc.& Bynder BidCo B.V.(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—		(1)		—		—
Calabrio, Inc.#+	One stop	SF +	7.13%	(k)	12.44%				04/2027	21,174		20,986		1.5		21,174
Calabrio, Inc.	One stop	SF +	7.13%	(k)	12.45%				04/2027	135		132		—		135
Camelia Bidco Limited(8)(9)(10)	One stop	SN +	6.25%	(i)	11.44%				08/2030	1,812		1,852		0.1		1,785
Camelia Bidco Limited(8)(9)(10)	One stop	A +	6.25%	(f)	10.39%				08/2030	118		117		—		116
Camelia Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.25%		N/A(6)				08/2030	—		(12)		—		(12)

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Community Brands Parentco LLC#	One stop	SF +	5.50%	(l)	11.02%				02/2028	$	2,542	$	2,505	0.2	%	$	2,491
Community Brands Parentco LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(1)		—		(1)
Community Brands Parentco LLC(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(3)		—		(7)
Coupa Holdings, LLC#	One stop	SF +	7.50%	(k)	12.82%				02/2030	9,134		8,926		0.6		8,906
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—		(1)		—		(1)
Coupa Holdings, LLC(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—		(9)		—		(20)
Daxko Acquisition Corporation~+	One stop	SF +	5.50%	(k)	10.92%				10/2028	12,432		12,343		0.9		11,935
Daxko Acquisition Corporation^	One stop	SF +	5.50%	(k)	10.92%				10/2028	1,048		1,037		0.1		1,006
Daxko Acquisition Corporation	One stop	P +	4.50%	(b)	13.00%				10/2027	22		21		—		17
Daxko Acquisition Corporation(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—		(4)		—		(20)
Denali Bidco Limited#(8)(9)(10)	One stop	SN +	6.00%	(i)	11.19%				08/2030	4,258		4,304		0.3		4,152
Denali Bidco Limited#(8)(9)(10)	One stop	E +	6.00%	(c)	9.86%				08/2030	1,069		1,073		0.1		1,042
Denali Bidco Limited(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				08/2030	—		(19)		—		(18)
Diligent Corporation~^+	One stop	SF +	6.25%	(l)	11.77%				08/2025	27,209		27,100		1.9		26,938
Diligent Corporation+	One stop	SF +	5.75%	(l)	11.27%				08/2025	2,311		2,301		0.2		2,271
Diligent Corporation#	One stop	SF +	6.25%	(l)	11.77%				08/2025	674		668		0.1		668
Diligent Corporation#	One stop	SF +	6.25%	(l)	11.77%				08/2025	425		407		—		421
Diligent Corporation	One stop	SF +	6.25%	(l)	11.77%				08/2025	357		356		—		349
Dragon UK Bidco Limited#(8)(9)(10)	One stop	SN +	5.75%	(i)	10.94%				02/2029	6,882		7,349		0.5		6,675
Dragon UK Bidco Limited(8)(9)(10)	One stop	C +	5.75%	(h)	11.26%				02/2029	4,193		4,368		0.3		4,067
Dragon UK Bidco Limited(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)				02/2029	—		—		—		(49)
Evergreen IX Borrower 2023, LLC#	One stop	SF +	6.00%	(l)	11.39%				09/2030	450		439		—		439
Evergreen IX Borrower 2023, LLC(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—		(1)		—		(1)
FirstUp, Inc.+(22)	One stop	SF +	6.75%	(l)	8.64%	cash/	3.50%	PIK	07/2027	3,433		3,405		0.2		3,390
FirstUp, Inc.(5)(22)	One stop	SF +	7.50%		N/A(6)				07/2027	—		(1)		—		(1)
FirstUp, Inc.#(22)	One stop	SF +	7.50%	(l)	8.64%	cash/	4.25%	PIK	07/2027	332		328		—		328
Gainsight, Inc.+(22)	One stop	SF +	6.75%	(l)	12.27%	PIK			07/2027	4,800		4,754		0.3		4,752
Gainsight, Inc.(22)	One stop	SF +	6.75%	(l)	12.27%	PIK			07/2027	56		55		—		55
GS Acquisitionco, Inc.#~^+	One stop	SF +	5.75%	(l)	11.29%				05/2026	39,595		39,543		2.8		39,199
GS Acquisitionco, Inc.(5)	One stop	SF +	5.75%		N/A(6)				05/2026	—		—		—		(2)
GTY Technology Holdings, Inc.#(22)	One stop	SF +	6.87%	(l)	7.97%	cash/	4.30%	PIK	07/2029	1,644		1,619		0.1		1,628
GTY Technology Holdings, Inc.#(22)	One stop	SF +	6.88%	(l)	7.97%	cash/	4.30%	PIK	07/2029	1,074		1,055		0.1		1,063
GTY Technology Holdings, Inc.(22)	One stop	SF +	6.88%	(l)	7.97%	cash/	4.30%	PIK	07/2029	197		195		—		195
GTY Technology Holdings, Inc.(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—		(2)		—		(1)
Hyland Software, Inc.#	One stop	SF +	6.00%	(k)	11.32%				09/2030	42,650		42,013		3.0		42,010
Hyland Software, Inc.(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—		(1)		—		(1)
ICIMS, Inc.#(22)	One stop	SF +	7.25%	(l)	8.76%	cash/	3.88%	PIK	08/2028	3,939		3,886		0.3		3,861
ICIMS, Inc.	One stop	SF +	6.75%	(l)	12.14%				08/2028	27		24		—		24
ICIMS, Inc.(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—		—		—		(18)
IQN Holding Corp. ^	One stop	SF +	5.25%	(l)	10.67%				05/2029	8,507		8,428		0.6		8,337
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2029	—		(12)		—		(37)
IQN Holding Corp. (5)	One stop	SF +	5.25%		N/A(6)				05/2028	—		(1)		—		(2)
Island Bidco AB#(8)(9)(17)(22)	One stop	E +	7.25%	(e)	3.93%	cash/	7.25%	PIK	07/2028	3,239		3,174		0.2		3,239
Island Bidco AB#(8)(17)(22)	One stop	SF +	7.00%	(m)	8.84%	cash/	3.50%	PIK	07/2028	1,575		1,563		0.1		1,575
Island Bidco AB(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—		—		—		—
Island Bidco AB(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—		(1)		—		—
Juvare, LLC~	One stop	SF +	6.25%	(l)	11.82%				10/2026	3,011		2,992		0.2		2,861
Juvare, LLC^	One stop	SF +	6.25%	(l)	11.82%				10/2026	695		690		—		660
Juvare, LLC	One stop	SF +	6.25%	(l)	11.82%				10/2026	221		218		—		218
Juvare, LLC	One stop	SF +	6.25%	(b)(l)	12.01%				04/2026	50		50		—		48

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Kaseya Inc.#+(22)	One stop	SF +	6.25%	(l)	9.12%	cash/	2.50%	PIK	06/2029	$	13,924	$	13,753	1.0	%	$	13,784
Kaseya Inc.(22)	One stop	SF +	6.25%	(k)	9.07%	cash/	2.50%	PIK	06/2029	68		64		—		65
Kaseya Inc.(22)	One stop	SF +	6.25%	(l)	9.12%	cash/	2.50%	PIK	06/2029	51		44		—		43
LeadsOnline, LLC#	One stop	SF +	6.25%	(k)	11.58%				02/2028	8,973		8,753		0.6		8,749
LeadsOnline, LLC#	One stop	SF +	6.25%	(k)	11.58%				02/2028	1,583		1,545		0.1		1,544
LeadsOnline, LLC(5)	One stop	SF +	6.25%		N/A(6)				02/2028	—		(1)		—		(1)
Mindbody, Inc.+	One stop	SF +	7.00%	(l)	12.52%				02/2025	12,066		12,039		0.9		12,066
Mindbody, Inc.+	One stop	SF +	7.00%	(l)	12.52%				02/2025	955		949		0.1		955
Mindbody, Inc.	One stop	SF +	7.00%		N/A(6)				02/2025	—		—		—		—
Ministry Brands Holdings LLC#	One stop	SF +	5.50%	(k)	10.92%				12/2028	9,629		9,557		0.7		9,244
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(k)	10.92%				12/2027	81		80		—		75
Ministry Brands Holdings LLC	One stop	SF +	5.50%	(k)(l)	10.99%				12/2028	1,419		1,353		0.1		1,064
Naviga Inc.	Senior secured	SF +	7.00%	(l)	12.49%				12/2023	53		53		—		53
Neo Bidco GMBH#(8)(9)(13)(22)	One stop	E +	6.00%	(e)	9.95%				07/2028	2,698		2,981		0.2		2,698
Neo Bidco GMBH(8)(13)	One stop	SF +	6.00%		N/A(6)				01/2028	—		—		—		—
Neo Bidco GMBH(8)(9)(13)	One stop	E +	6.00%	(d)(e)	9.95%				01/2028	63		66		—		63
Panzura, LLC(22)	One stop	N/A			2.00%	cash/	13.00%	PIK	08/2027	50		44		—		44
PDI TA Holdings, Inc.~+	One stop	SF +	4.50%	(l)	9.98%				10/2024	3,298		3,289		0.2		3,298
PDI TA Holdings, Inc.#	Second lien	SF +	8.50%	(l)	14.03%				10/2025	1,356		1,348		0.1		1,356
PDI TA Holdings, Inc.	One stop	SF +	4.50%	(l)	9.98%				10/2024	439		438		—		439
PDI TA Holdings, Inc.(8)(9)	One stop	SN +	4.50%	(i)	9.81%				10/2024	425		472		—		425
PDI TA Holdings, Inc.#	Second lien	SF +	8.71%	(l)	14.24%				10/2025	274		272		—		274
PDI TA Holdings, Inc.+	One stop	SF +	4.50%	(l)	9.98%				10/2024	271		270		—		271
PDI TA Holdings, Inc.#	One stop	SF +	4.50%	(l)	9.98%				10/2024	750		745		0.1		750
PDI TA Holdings, Inc.	Second lien	SF +	8.53%	(l)	14.06%				10/2025	149		149		—		149
PDI TA Holdings, Inc.#	Second lien	SF +	8.50%	(l)	14.03%				10/2025	1,335		1,310		0.1		1,335
Personify, Inc.~	One stop	SF +	5.25%	(l)	10.64%				09/2024	2,942		2,937		0.2		2,942
Personify, Inc.^	One stop	SF +	5.25%	(l)	10.64%				09/2024	1,839		1,834		0.1		1,839
Personify, Inc.	One stop	SF +	5.25%		N/A(6)				09/2024	—		—		—		—
PING Identity Holding Corp.#	One stop	SF +	7.00%	(k)	12.32%				10/2029	5,192		5,125		0.4		5,192
PING Identity Holding Corp.(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—		(1)		—		—
Pluralsight, LLC+	One stop	SF +	8.00%	(l)	13.45%				04/2027	9,346		9,281		0.7		9,253
Pluralsight, LLC	One stop	SF +	8.00%	(l)	13.47%				04/2027	63		62		—		62
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(k)	12.07%				09/2028	1,793		1,780		0.1		1,793
ProcessUnity Holdings, LLC	One stop	SF +	6.75%	(l)	12.14%				09/2028	359		356		—		359
ProcessUnity Holdings, LLC(5)	One stop	SF +	6.75%		N/A(6)				09/2028	—		(1)		—		—
ProcessUnity Holdings, LLC#	One stop	SF +	6.75%	(l)	12.14%				09/2028	868		856		0.1		868
Pyramid Healthcare Acquisition Corp.^	One stop	SF +	4.75%	(l)	10.27%				05/2027	7,173		7,129		0.5		7,173
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(l)	10.27%				05/2027	741		732		0.1		741
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.32%				05/2027	341		339		—		341
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	211		209		—		211
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	70		70		—		70
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	62		61		—		62
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.32%				05/2027	58		57		—		58
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.27%				05/2027	23		23		—		23
Pyramid Healthcare Acquisition Corp.(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—		(1)		—		—
Pyramid Healthcare Acquisition Corp.#	One stop	SF +	4.75%	(l)	10.30%				05/2027	620		616		—		620
Pyramid Healthcare Acquisition Corp.	One stop	SF +	4.75%	(l)	10.28%				05/2027	312		310		—		312
QAD, Inc.#	One stop	SF +	5.38%	(k)	10.69%				11/2027	34,313		34,079		2.4		34,313
QAD, Inc.(5)	One stop	SF +	5.38%		N/A(6)				11/2027	—		(3)		—		—
Quant Buyer, Inc.#	One stop	SF +	6.00%	(m)	11.30%				06/2029	1,477		1,466		0.1		1,444

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)				Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	$	196	$	195	—	%	$	196
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	177		176		—		177
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	83		82		—		83
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	80		80		—		80
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	17		17		—		17
Togetherwork Holdings, LLC~	One stop	SF +	6.00%	(k)	11.42%				03/2025	16		16		—		16
Togetherwork Holdings, LLC(5)	One stop	SF +	6.00%		N/A(6)				03/2025	—		(1)		—		—
Togetherwork Holdings, LLC#	One stop	SF +	6.00%	(k)	11.42%				03/2025	1,205		1,191		0.1		1,205
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	8.38%	PIK	05/2024	2,113		2,255		0.1		1,965
Vector CS Midco Limited & Cloudsense Ltd.(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	8.38%	PIK	05/2024	70		75		—		65
Vendavo, Inc.^	One stop	SF +	5.75%	(l)	11.25%				09/2027	8,246		8,201		0.6		7,834
Vendavo, Inc.	One stop	P +	4.75%	(b)	13.25%				09/2027	85		84		—		78
WebPT, Inc.	One stop	SF +	6.75%	(l)	12.27%				01/2028	305		302		—		302
Workforce Software, LLC+(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	11,701		11,614		0.8		11,584
Workforce Software, LLC+(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	2,074		2,074		0.1		2,053
Workforce Software, LLC#(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	1,469		1,454		0.1		1,454
Workforce Software, LLC#(22)	One stop	SF +	7.25%	(l)	9.82%	cash/	3.00%	PIK	07/2025	1,426		1,413		0.1		1,412
Workforce Software, LLC(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—		(1)		—		(1)
Zendesk, Inc.+(22)	One stop	SF +	6.75%	(l)	8.90%	cash/	3.25%	PIK	11/2028	8,100		7,964		0.6		8,100
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(1)		—		—
Zendesk, Inc.(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—		(17)		—		—
										698,333		691,783		48.5		687,972
Specialty Retail
Ave Holdings III, Corp^	One stop	SF +	5.50%	(l)	11.04%				02/2028	6,656		6,607		0.5		6,456
Ave Holdings III, Corp#	One stop	SF +	5.50%	(l)	11.04%				02/2028	1,653		1,628		0.1		1,603
Ave Holdings III, Corp(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—		(2)		—		(4)
Ave Holdings III, Corp	One stop	SF +	5.50%	(l)	11.04%				02/2028	832		707		—		523
Consilio Midco Limited#(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	27,722		29,300		1.9		27,444
Consilio Midco Limited^(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	5,871		5,826		0.4		5,812
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	4,426		4,367		0.3		4,382
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	828		817		0.1		820
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	551		546		0.1		545
Consilio Midco Limited~(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	281		276		—		279
Consilio Midco Limited(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—		(10)		—		(4)
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	7		7		—		7
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	100		99		—		99
Consilio Midco Limited(8)(10)	One stop	SF +	5.75%	(l)	11.29%				05/2028	9		9		—		9
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	416		412		—		412
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	95		97		—		94
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	184		184		—		182
Consilio Midco Limited(8)(9)(10)	One stop	E +	6.25%	(d)	10.20%				05/2028	108		114		—		107
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	1,517		1,514		0.1		1,447
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	670		685		—		639
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	618		614		—		589
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	6,964		6,952		0.5		6,639
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	193		190		—		184
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	14,494		14,460		1.0		13,818
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	154		154		—		147
Imperial Optical Midco Inc.(22)	One stop	SF +	8.75%	(l)	6.52%	cash/	7.75%	PIK	05/2024	4,583		4,572		0.3		4,369

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


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

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)	Maturity Date	Principal ($) / Shares(3)		Amortized Cost		Percentage of Net Assets		Fair Value (4)
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.^	One stop	SF +	6.25%	(l)	11.81%	06/2028	$	6,288	$	6,207	0.4	%	$	5,911
Marcone Yellowstone Buyer Inc.#^	One stop	SF +	6.25%	(l)	11.79%	06/2028	5,943		5,856		0.4		5,586
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.50%	(l)	12.04%	06/2028	2,130		2,076		0.1		2,024
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(l)	11.79%	06/2028	2,122		2,094		0.1		1,994
Marcone Yellowstone Buyer Inc.#	One stop	SF +	6.25%	(l)	11.79%	06/2028	1,356		1,338		0.1		1,275
Marcone Yellowstone Buyer Inc.(5)	One stop	SF +	6.50%		N/A(6)	06/2028	—		(19)		—		—
							17,839		17,552		1.1		16,790
Water Utilities
S.J. Electro Systems, LLC^	Senior secured	SF +	4.75%	(l)	10.27%	06/2027	2,132		2,119		0.1		2,026
S.J. Electro Systems, LLC#	Senior secured	SF +	4.75%	(l)	10.27%	06/2027	1,118		1,115		0.1		1,062
S.J. Electro Systems, LLC	Senior secured	SF +	4.75%	(l)	10.27%	06/2027	58		57		—		51
Vessco Midco Holdings, LLC(5)	Senior secured	SF +	4.00%		N/A(6)	11/2026	—		(2)		—		—
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%	(a)(m)	10.04%	11/2026	893		884		0.1		893
Vessco Midco Holdings, LLC#	Senior secured	SF +	4.50%	(k)	9.92%	11/2026	87		87		—		87
Vessco Midco Holdings, LLC	Senior secured	SF +	4.50%		N/A(6)	10/2026	—		—		—		—
							4,288		4,260		0.3		4,119
Total debt investments							2,525,806		2,514,613		174.5		2,475,840

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Equity investments(19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.	LP units	N/A	N/A		N/A	27	$	266	—	%	$	278

Automobiles
CG Group Holdings, LLC	LP units	N/A	N/A		N/A	—	320		—		213
Go Car Wash Parent, Corp.(21)	Preferred stock	N/A	17.00%	Non-Cash	N/A	—	2,553		0.2		2,662
Go Car Wash Parent, Corp.	Common stock	N/A	N/A		N/A	—	1,449		0.1		1,147
MOP GM Holding, LLC	LP units	N/A	N/A		N/A	—	134		—		144
National Express Wash Parent Holdco, LLC	LP units	N/A	N/A		N/A	—	32		—		36
POY Holdings, LLC(21)	LLC units	N/A	N/A		N/A	305	305		0.1		764
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	93		—		149
							4,886		0.4		5,115
Biotechnology
Cobepa BlueSky Aggregator, SCSp	LP interest	N/A	N/A		N/A	42	422		—		314

Building Products
BECO Holding Company, Inc.(21)	Preferred stock	N/A	11.75%	Non-Cash	N/A	122	13,511		1.0		14,470
BECO Holding Company, Inc.	LP interest	N/A	N/A		N/A	8	821		0.1		839
							14,332		1.1		15,309
Chemicals
Inhance Technologies Holdings LLC	Preferred stock	N/A	N/A		N/A	10	9,689		0.6		8,822
Inhance Technologies Holdings LLC	LLC units	N/A	N/A		N/A	—	34		—		76
							9,723		0.6		8,898
Commercial Services and Supplies
CI (Quercus) Intermediate Holdings, LLC	LP interest	N/A	N/A		N/A	233	233		—		269
EGD Security Systems, LLC	Common stock	N/A	N/A		N/A	3,035	2,050		0.3		4,346
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	156	156		—		224
PT Intermediate Holdings III, LLC(21)	LLC units	N/A	N/A		N/A	8	778		0.1		911
Radwell Parent, LLC(21)	LP units	N/A	N/A		N/A	2	175		—		220
							3,392		0.4		5,970
Containers and Packaging
Chase Intermediate	LP units	N/A	N/A		N/A	168	85		—		191

Diversified Consumer Services
CHHJ Midco, LLC(21)	LLC units	N/A	N/A		N/A	8	79		—		123
DP Flores Holdings, LLC	LLC units	N/A	N/A		N/A	36	36		—		41
EMS LINQ, LLC	LP interest	N/A	N/A		N/A	236	236		—		183
EWC Growth Partners LLC	LLC interest	N/A	N/A		N/A	—	25		—		5
HS Spa Holdings, Inc.	Common stock	N/A	N/A		N/A	250	250		—		259
Liminex, Inc.	Common stock	N/A	N/A		N/A	5	176		—		282
NSG Buyer, Inc. (8)	LP units	N/A	N/A		N/A	1	744		0.1		725
							1,546		0.1		1,618



Food & Staples Retailing
Mendocino Farms, LLC	Common stock	N/A	N/A		N/A	59	257		—		534
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A		N/A	6	64		—		36
Ruby Slipper Cafe LLC, The	LLC interest	N/A	N/A		N/A	—	4		—		7
							325		—		577

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Food Products
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	30	$	40	—	%	$	68
Borrower R365 Holdings, LLC	LLC units	N/A			N/A		N/A	1	2		—		3
Borrower R365 Holdings, LLC	Common stock	N/A			N/A		N/A	—	1		—		1
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	1	1		—		1
Borrower R365 Holdings, LLC	LP units	N/A			N/A		N/A	—	—		—		—
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	—	1		—		1
Borrower R365 Holdings, LLC	Preferred stock	N/A			N/A		N/A	2	3		—		3
Kodiak Cakes, LLC	Common stock	N/A			N/A		N/A	—	189		—		120
Louisiana Fish Fry Products, Ltd.	Common stock	N/A			N/A		N/A	—	212		—		152
Louisiana Fish Fry Products, Ltd.	Preferred stock	N/A			N/A		N/A	—	6		—		11
P&P Food Safety Holdings, Inc.	Common stock	N/A			N/A		N/A	1	142		—		88
									597		—		448
Health Care Technology
Connexin Software, Inc.	LLC interest	N/A			N/A		N/A	26	26		—		38
HSI Halo Acquisition, Inc.(21)	Preferred stock	N/A			10.00%	Non-Cash	N/A	—	79		—		113
HSI Halo Acquisition, Inc.	LP interest	N/A			N/A		N/A	—	1		—		34
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,192		0.2		3,191
Symplr Software, Inc.(21)	Preferred stock	SF +	10.50%	(l)	15.74%	Non-Cash	N/A	1	753		0.1		1,099
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	390		0.1		423
Symplr Software, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	—	239		—		248
Symplr Software, Inc.	Common stock	N/A			N/A		N/A	42	—		—		191
									4,680		0.4		5,337
Health Care Equipment & Supplies
Aspen Medical Products, LLC	LP interest	N/A			N/A		N/A	—	17		—		20
Blue River Pet Care, LLC	Common stock	N/A			N/A		N/A	—	207		0.1		591
CCSL Holdings, LLC(8)	LP interest	N/A			N/A		N/A	—	135		—		127
CMI Parent Inc.	Common stock	N/A			N/A		N/A	—	279		—		393
CMI Parent Inc.	Common stock	N/A			N/A		N/A	5	5		—		597
									643		0.1		1,728

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Health Care Providers & Services
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC	LLC units	N/A	N/A		N/A	51	$	52	—	%	$	80
CRH Healthcare Purchaser, Inc.	LP interest	N/A	N/A		N/A	102	50		—		150
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	444		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	191		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—	—		—		—
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	—	165		—		103
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	—	10		—		15
Emerge Intermediate, Inc.	LLC units	N/A	N/A		N/A	2	2		—		—
Encorevet Group LLC	Common stock	N/A	N/A		N/A	2	223		—		231
Encorevet Group LLC	LLC units	N/A	N/A		N/A	1	158		—		136
Krueger-Gilbert Health Physics, LLC	Common stock	N/A	N/A		N/A	54	58		—		78
Midwest Veterinary Partners, LLC(21)	Preferred stock	N/A	12.00%	Non-Cash	N/A	—	522		0.1		548
Midwest Veterinary Partners, LLC(21)	Preferred stock	N/A	10.00%	Non-Cash	N/A	—	13		—		19
Midwest Veterinary Partners, LLC	Warrant	N/A	N/A		N/A	3	—		—		154
NDX Parent, LLC	Common stock	N/A	N/A		N/A	—	106		—		15
NDX Parent, LLC	Preferred stock	N/A	N/A		N/A	16	16		—		18
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.(8)(9)(12)	Common stock	N/A	N/A		N/A	—	126		—		122
Opening Day Borrower 111 LLC	LLC units	N/A	N/A		N/A	18	785		0.1		847
Suveto Buyer, LLC	Common stock	N/A	N/A		N/A	2	241		—		162
							3,162		0.2		2,678

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Hotels, Restaurants and Leisure
Freddy's Frozen Custard LLC(21)	LP interest	N/A	N/A		N/A	81	$	75	—	%	$	146
Harri US LLC	LLC units	N/A	N/A		N/A	36	287		—		265
Harri US LLC	Preferred stock	N/A	N/A		N/A	31	198		—		223
Harri US LLC	Warrant	N/A	N/A		N/A	10	46		—		71
SSRG Holdings, LLC	LP interest	N/A	N/A		N/A	40	399		0.1		566
Tropical Smoothie Cafe Holdings, LLC	LP interest	N/A	N/A		N/A	2	99		—		431
							1,104		0.1		1,702



Insurance
Accession Risk Management Group, Inc.(21)	Preferred stock	N/A	13.25%	Non-Cash	N/A	6	5,827		0.4		5,723
Majesco(21)	Preferred stock	N/A	9.00%	Non-Cash	N/A	—	127		—		161
Majesco	LP interest	N/A	N/A		N/A	28	—		—		82

							5,954		0.4		5,966
Internet and Catalog Retail
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	8	7,472		0.6		8,541
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	5	4,484		0.4		5,126
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	4	3,632		0.3		3,731
Revalize, Inc.	Preferred stock	N/A	N/A		N/A	3	2,681		0.2		2,957
							18,269		1.5		20,355
IT Services
Appriss Health Intermediate Holdings, Inc(21)	Preferred stock	N/A	11.00%	Non-Cash	N/A	1	896		0.1		901
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	217	171		0.1		1,573
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	57	156		—		412
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Preferred stock	N/A	N/A		N/A	13	108		—		95
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.	Warrant	N/A	N/A		N/A	75	59		0.1		503
Critical Start, Inc.	Common stock	N/A	N/A		N/A	118	118		—		141
Optimizely North America, Inc.	Common stock	N/A	N/A		N/A	17	173		—		156
Kentik Technologies, Inc.	Preferred stock	N/A	N/A		N/A	83	475		—		475
Netwrix Corporation(21)	LLC units	N/A	N/A		N/A	2	5		—		8
PCS Intermediate II Holdings, LLC	LLC interest	N/A	N/A		N/A	13	126		—		197
Red Dawn SEI Buyer, Inc.	LP interest	N/A	N/A		N/A	219	219		—		351
Saturn Borrower Inc.	LP units	N/A	N/A		N/A	139	139		—		46
							2,645		0.3		4,858
Leisure Products
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	15	24		—		31
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	10	16		—		21
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	9	13		—		17
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	8	12		—		15
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	3	5		—		6
WBZ Investment LLC	LLC interest	N/A	N/A		N/A	—	—		—		1
							70		—		91
Life Sciences Tools & Services
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	372	372		—		372
Celerion Buyer, Inc.	LP units	N/A	N/A		N/A	372	—		—		115
PAS Parent Inc.	LP interest	N/A	N/A		N/A	6	624		—		588
PAS Parent Inc.	Preferred stock	N/A	N/A		N/A	1	93		—		108
Reaction Biology Corporation	LLC units	N/A	N/A		N/A	—	245		—		252
							1,334		—		1,435

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Paper and Forest Products
Messenger, LLC	LLC units	N/A			N/A		N/A	2	$	213	—	%	$	110
Messenger, LLC	LLC units	N/A			N/A		N/A	—	—		—		—
									213		—		110
Pharmaceuticals
Amalthea Parent, Inc.(8)(12)	LP interest	N/A			N/A		N/A	199	199		—		172
Cobalt Buyer Sub, Inc.(21)	Preferred stock	SF +	10.00%	(l)	15.24%	Non-Cash	N/A	3	3,882		0.3		4,385
Cobalt Buyer Sub, Inc.	Preferred stock	N/A			N/A		N/A	—	72		—		71
Cobalt Buyer Sub, Inc.	Common stock	N/A			N/A		N/A	1	1		—		—
									4,154		0.3		4,628
Professional Services
Enboarder, Inc.(8)(11)	Preferred stock	N/A			N/A		N/A	27	280		—		280
Filevine, Inc.	Preferred stock	N/A			N/A		N/A	141	892		0.1		1,018
Filevine, Inc.	Warrant	N/A			N/A		N/A	21	31		—		109
Filevine, Inc.	Warrant	N/A			N/A		N/A	57	57		—		58
Net Health Acquisition Corp.	LP interest	N/A			N/A		N/A	1	133		—		152
Procure Acquireco, Inc.	LP interest	N/A			N/A		N/A	—	333		0.1		418
									1,726		0.2		2,035
Real Estate Management & Development
Inhabit IQ Inc.	Common stock	N/A			N/A		N/A	11	60		—		173

Road & Rail
Internet Truckstop Group LLC	LP interest	N/A			N/A		N/A	146	146		—		173

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)			Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Software
Anaplan, Inc.	LP interest	N/A			N/A		N/A	577	$	577	0.1	%	$	820
Aras Corporation(21)	Preferred stock	N/A			12.00%	Non-Cash	N/A	—	458		0.1		491
Aras Corporation	LP interest	N/A			N/A		N/A	121	121		—		162
Astute Holdings, Inc.	LP interest	N/A			N/A		N/A	—	59		—		214
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	11	111		—		137
Auvik Networks Inc.(8)(12)	Preferred stock	N/A			N/A		N/A	1	13		—		16
Bayshore Intermediate #2, L.P.	Common stock	N/A			N/A		N/A	1,746	1,746		0.1		1,533
Calabrio, Inc.	LP interest	N/A			N/A		N/A	—	306		—		283
Calabrio, Inc.	LP interest	N/A			N/A		N/A	38	—		—		—
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	30	341		—		341
Cloudbees, Inc.	Preferred stock	N/A			N/A		N/A	15	93		—		141
Cloudbees, Inc.	Warrant	N/A			N/A		N/A	27	40		—		202
Cynet Security Ltd.(8)(15)	Preferred stock	N/A			N/A		N/A	75	262		—		316
Denali Bidco Limited(8)(10)	LP interest	N/A			N/A		N/A	140	182		—		182
Diligent Corporation(21)	Preferred stock	N/A			10.50%	Non-Cash	N/A	7	7,359		0.6		7,603
FirstUp, Inc.	Common stock	N/A			N/A		N/A	84	205		—		120
GS Acquisitionco, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	9	10,466		0.8		10,349
GS Acquisitionco, Inc.(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	3	3,279		0.2		3,151
GS Acquisitionco, Inc.	LP interest	N/A			N/A		N/A	—	26		—		213
GS Acquisitionco, Inc.(21)	Preferred stock	SF +	10.50%	(l)	15.88%	Non-Cash	N/A	—	49		—		49
GTY Technology Holdings, Inc.	LP units	N/A			N/A		N/A	25	25		—		32
Impartner, Inc.	Preferred stock	N/A			N/A		N/A	11	90		—		86
Kaseya Inc.(21)	Preferred stock	N/A			11.75%	Non-Cash	N/A	3	2,816		0.2		2,867
Kaseya Inc.	LP interest	N/A			N/A		N/A	150	150		—		165
MetricStream, Inc.	Warrant	N/A			N/A		N/A	44	67		—		42
Ministry Brands Holdings LLC	LP interest	N/A			N/A		N/A	361	362		—		318
mParticle, Inc.	Preferred stock	N/A			N/A		N/A	65	426		0.1		366
mParticle, Inc.	Warrant	N/A			N/A		N/A	30	6		—		115
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH	Warrant	N/A			N/A		N/A	2	6		—		13
Onit, Inc.(21)	Preferred stock	N/A			15.00%	Non-Cash	N/A	—	46		—		50
Onit, Inc.	Warrant	N/A			N/A		N/A	—	6		—		7
Panzura, LLC	LLC units	N/A			N/A		N/A	1	4		—		4
PDI TA Holdings, Inc.	Preferred stock	N/A			N/A		N/A	43	1,340		0.1		1,518
Personify, Inc.	LP interest	N/A			N/A		N/A	163	171		0.1		405
Pyramid Healthcare Acquisition Corp.	Common stock	N/A			N/A		N/A	73	73		—		125
QAD, Inc.(21)	Preferred stock	N/A			9.00%	Non-Cash	N/A	1	802		0.1		884
QAD, Inc.	Common stock	N/A			N/A		N/A	53	—		—		72
RegEd Aquireco, LLC	LP interest	N/A			N/A		N/A	—	73		—		14
RegEd Aquireco, LLC	LP interest	N/A			N/A		N/A	1	—		—		—
RegEd Aquireco, LLC	Preferred stock	N/A			N/A		N/A	—	5		—		5
Riskonnect Parent, LLC(21)	Preferred stock	N/A			11.00%	Non-Cash	N/A	8	8,928		0.6		8,571
Riskonnect Parent, LLC	LP interest	N/A			N/A		N/A	378	379		—		496
Riskonnect Parent, LLC(21)	Preferred stock	SF +	10.50%	(l)	15.92%	Non-Cash	N/A	—	378		0.1		394
SnapLogic, Inc.	Preferred stock	N/A			N/A		N/A	66	164		—		318
SnapLogic, Inc.	Warrant	N/A			N/A		N/A	25	18		—		81
Spartan Buyer Acquisition Co.	Common stock	N/A			N/A		N/A	—	252		—		133
Spartan Buyer Acquisition Co.	Preferred stock	N/A			N/A		N/A	—	15		—		18
Telesoft Holdings LLC	LP interest	N/A			N/A		N/A	131	131		—		111

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


	Investment Type	Spread Above Index(1)	Interest Rate(2)		Maturity Date	Principal ($) / Shares(3)	Amortized Cost		Percentage of Net Assets		Fair Value (4)
Templafy APS and Templafy, LLC(8)(18)	Warrant	N/A	N/A		N/A	—	$	32	—	%	$	23
Zendesk, Inc.	LP units	N/A	N/A		N/A	18	182		—		251

							42,640		3.2		43,807
Specialty Retail
Ave Holdings III, Corp(21)	Preferred stock	N/A	11.50%	Non-Cash	N/A	6	6,640		0.5		6,398
Ave Holdings III, Corp	LP units	N/A	N/A		N/A	1	777		0.1		742
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	110		—		45
Imperial Optical Midco Inc.	Preferred stock	N/A	N/A		N/A	—	42		—		17
Imperial Optical Midco Inc.	Common stock	N/A	N/A		N/A	—	—		—		34
Salon Lofts Group, LLC	LP units	N/A	N/A		N/A	—	45		—		36
VSG Acquisition Corp. and Sherrill, Inc.	LP units	N/A	N/A		N/A	—	39		—		25

							7,653		0.6		7,297
Textiles, Apparel and Luxury Goods
MakerSights, Inc.	Preferred stock	N/A	N/A		N/A	16	85		—		85

Total equity investments							130,112		9.9		141,176

Total investments							2,644,725		184.4		2,617,016

Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			5.23%	(24)			$	7,134	0.5	%	$	7,134
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (CUSIP 61747C707)			5.26%	(24)			4,670		0.3		4,670
Morgan Stanley US Dollar Liquidity Fund (CUSIP L64887109)			5.43%	(24)			414		—		414
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)			5.17%	(24)			698		—		698
Total money market funds							12,916		0.8		12,916

Total investments and money market funds							$	2,657,641	185.2	%	$	2,629,932

See Notes to Consolidated Financial Statements.

TABLE OF CONTENTS

Golub Capital BDC 3, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2023

(Dollar and share amounts in thousands)


#						Denotes that all or a portion of the loan collateralizes the DB Credit Facility (as defined in Note 8).
~						Denotes that all or a portion of the loan secures the notes offered in the 2021 Debt Securitization (as defined in Note 8).
^						Denotes that all or a portion of the loan secures the notes offered in the 2022-2 Debt Securitization (as defined in Note 8).
+						Denotes that all or a portion of the loan secures the notes offered in the 2022 Debt Securitization (as defined in Note 8).

(1) The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’), Prime (‘‘P’’), Sterling Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’), Australian Interbank Rate (‘‘AUD’’ or ‘‘A’’), Canadian Bankers Acceptance Rate (‘‘CDOR’’ or ‘‘C’’) or London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.

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

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

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

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

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

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

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

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

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

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

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

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

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

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2023.

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

(4)The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See Note 7. Fair Value Measurements.

(6)The entire commitment was unfunded as of September 30, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2023, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 14.7% of the Company’s total assets calculated in accordance with the 1940 Act.