10-Q 1 gcicfy2019q210-q.htm 10-Q Document
______________________________________________________________________________________________________ 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2019

OR

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01128

Golub Capital Investment Corporation
(Exact name of registrant as specified in its charter)

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

666 Fifth Avenue, 18th Floor
New York, NY 10103
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ   No o
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes o No o

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

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

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

As of May 13, 2019, the Registrant had 75,425,292.661 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information
  
Item 1.
Financial Statements
 
Consolidated Statements of Financial Condition as of March 31, 2019 (unaudited) and September 30, 2018
 
Consolidated Statements of Operations for the three and six months ended March 31,
2019 (unaudited) and 2018 (unaudited)
 
Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2019 (unaudited) and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the six months ended March 31, 2019
(unaudited) and 2018 (unaudited)
 
Consolidated Schedules of Investments as of March 31, 2019 (unaudited) and September
30, 2018
 
Notes to Consolidated Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
Part II. Other Information
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits



2

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)


 
March 31, 2019
 
September 30, 2018
Assets
(unaudited)
 
  

Investments, at fair value
  

 
  

Non-controlled/non-affiliate company investments
$
1,962,581

 
$
1,620,783

Non-controlled affiliate company investments
4,467

 
3,716

Controlled affiliate company investments
49,800

 
49,939

Total investments at fair value (amortized cost of $2,007,430 and $1,663,122, respectively)
2,016,848

 
1,674,438

Cash and cash equivalents
6,911

 
14,443

Foreign currencies (cost of $239 and $216, respectively)
239

 
216

Restricted cash, cash equivalents and foreign currencies (cost of $88,259 and $23,857, respectively)
88,257

 
23,857

Interest receivable
7,626

 
5,813

Capital call receivable

 
189

Other assets
49

 
105

Total Assets
$
2,119,930

 
$
1,719,061

Liabilities
  

 
  

Debt
$
993,713

 
$
762,330

Less unamortized debt issuance costs
6,320

 
1,921

Debt less unamortized debt issuance costs
987,393

 
760,409

Interest payable
9,257

 
2,916

Distributions payable
12,962

 
11,840

Management and incentive fees payable
10,180

 
10,102

Accounts payable and accrued expenses
1,430

 
1,563

Accrued trustee fees
68

 
22

Total Liabilities
1,021,290

 
786,852

Commitments and Contingencies (Note 8)
  

 
  

Net Assets
  

 
  

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2019 and September 30, 2018

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 73,242,692.661 and 62,147,237.484 shares issued and outstanding as of March 31, 2019 and September 30, 2018, respectively
73

 
62

Paid in capital in excess of par
1,098,305

 
931,885

Distributable earnings
262

 
262

Total Net Assets
1,098,640

 
932,209

Total Liabilities and Total Net Assets
$
2,119,930

 
$
1,719,061

Number of common shares outstanding at end of period
73,242,692.661

 
62,147,237.484

Net asset value per common share
$
15.00

 
$
15.00


See Notes to Consolidated Financial Statements.


3

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)

 
Three months ended March 31,
 
Six months ended March 31,
  
2019
 
2018
 
2019
 
2018
Investment income
  

 
  

 
 
 
 
From non-controlled/non-affiliate company investments:
  

 
  

 
 
 
 
Interest income
$
41,656

 
$
31,498

 
$
79,826

 
$
60,569

Dividend income

 
75

 
30

 
77

Fee income
93

 
897

 
473

 
1,288

Total investment income from non-controlled/non-affiliate company investments
41,749

 
32,470

 
80,329

 
61,934

From non-controlled affiliate company investments:
 
 
 
 
 
 
 
Interest income
52

 

 
81

 

Total investment income from non-controlled affiliate company investments
52

 

 
81

 

From controlled affiliate company investments:
  

 
  

 
  

 
  

Dividend income
1,192

 
1,294

 
2,228

 
2,424

Total investment income from controlled affiliate company investments
1,192

 
1,294

 
2,228

 
2,424

Total investment income
42,993

 
33,764

 
82,638

 
64,358

Expenses
  

 
  

 
  

 
  

Interest and other debt financing expenses
10,945

 
7,510

 
21,903

 
14,389

Base management fee
6,667

 
5,249

 
12,835

 
10,235

Incentive fee
4,683

 
4,940

 
7,541

 
9,104

Professional fees
512

 
450

 
1,277

 
972

Administrative service fee
647

 
531

 
1,298

 
1,026

General and administrative expenses
55

 
55

 
103

 
108

Total expenses
23,509

 
18,735

 
44,957

 
35,834

Base management fee waived (Note 4)
(1,818
)
 
(1,431
)
 
(3,500
)
 
(2,791
)
Incentive fee waived (Note 4)
(1,001
)
 
(1,235
)
 
(1,315
)
 
(2,161
)
Net expenses
20,690

 
16,069

 
40,142

 
30,882

Net investment income
22,303

 
17,695

 
42,496

 
33,476

Net gain (loss) on investments and foreign currency
  

 
  

 
  

 
  

Net realized gain (loss) on investments and foreign currency transactions:
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
(980
)
 
560

 
(942
)
 
111

Foreign currency transactions
40

 
20

 
25

 
(17
)
Net realized gain (loss) on investments and foreign currency transactions
(940
)
 
580

 
(917
)
 
94

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
(15
)
 
1,705

 
(1,984
)
 
3,472

Non-controlled affiliate company investments
117

 

 
225

 

Controlled affiliate company investments
(269
)
 
736

 
(139
)
 
1,480

Translation of assets and liabilities in foreign currencies
(97
)
 
(8
)
 
156

 

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation
(264
)
 
2,433

 
(1,742
)
 
4,952

Net gain (loss) on investments and foreign currency
(1,204
)
 
3,013

 
(2,659
)
 
5,046

Net increase in net assets resulting from operations
$
21,099

 
$
20,708

 
$
39,837

 
$
38,522

Per Common Share Data
 
 
 
 
 
 
 
Basic and diluted earnings per common share
$
0.30

 
$
0.37

 
$
0.58

 
$
0.71

Basic and diluted weighted average common shares outstanding
71,341,480

 
55,957,341

 
68,339,181

 
54,003,357

See Notes to Consolidated Financial Statements.


4

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)


 
Common Stock
 
Paid in Capital in Excess of Par
 
Distributable Earnings (1)
 
Total Net Assets
 
Shares
 
Par Amount
 
 
 
Balance at September 30, 2017
51,214,683.496

 
$
51

 
$
767,908

 
$
261

 
$
768,220

Issuance of common stock (2)
5,449,408.053

 
5

 
81,736

 

 
81,741

Net investment income

 

 

 
33,476

 
33,476

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
94

 
94

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
4,952

 
4,952

Distributions to stockholders:
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
1,155,601.901

 
1

 
17,333

 

 
17,334

Distributions from distributable earnings (1)

 

 

 
(24,323
)
 
(24,323
)
Distributions declared and payable

 

 

 
(14,199
)
 
(14,199
)
Total increase (decrease) for the six months ended March 31, 2018
6,605,009.954

 
6

 
99,069

 

 
99,075

Balance at March 31, 2018
57,819,693.450

 
$
57

 
$
866,977

 
$
261

 
$
867,295

Balance at December 31, 2017
54,122,735.354

 
$
54

 
$
811,526

 
$
261

 
$
811,841

Issuance of common stock (2)
3,226,122.520

 
3

 
48,389

 

 
48,392

Net investment income

 

 

 
17,695

 
17,695

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
580

 
580

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
2,433

 
2,433

Distributions to stockholders:
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
470,835.576

 

 
7,062

 

 
7,062

Distributions from distributable earnings

 

 

 
(6,509
)
 
(6,509
)
Distributions declared and payable

 

 

 
(14,199
)
 
(14,199
)
Total increase (decrease) for the three months ended March 31, 2018
3,696,958.096

 
3

 
55,451

 

 
55,454

Balance at March 31, 2018
57,819,693.450

 
$
57

 
$
866,977

 
$
261

 
$
867,295

Balance at September 30, 2018
62,147,237.484

 
$
62

 
$
931,885

 
$
262

 
$
932,209

Issuance of common stock (3)
9,692,254.796

 
10

 
145,373

 

 
145,383

Net investment income

 

 

 
42,496

 
42,496

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
(917
)
 
(917
)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
(1,742
)
 
(1,742
)
Distributions to stockholders:
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
1,403,200.381

 
1

 
21,047

 

 
21,048

Distributions from distributable earnings

 

 

 
(26,875
)
 
(26,875
)
Distributions declared and payable

 

 

 
(12,962
)
 
(12,962
)
Total increase (decrease) for the six months ended March 31, 2019
11,095,455.177

 
11

 
166,420

 

 
166,431

Balance at March 31, 2019
73,242,692.661

 
$
73

 
$
1,098,305

 
$
262

 
$
1,098,640

Balance at December 31, 2018
70,438,775.169

 
$
70

 
$
1,056,249

 
$
262

 
$
1,056,581

Issuance of common stock (3)
2,257,162.199

 
3

 
33,854

 

 
33,857

Net investment income

 

 

 
22,303

 
22,303

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
(940
)
 
(940
)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
(264
)
 
(264
)
Distributions to stockholders:
  

 
  

 
  

 
  

 
 
Stock issued in connection with dividend reinvestment plan
546,755.293

 

 
8,202

 

 
8,202

Distributions from distributable earnings

 

 

 
(8,137
)
 
(8,137
)
Distributions declared and payable

 

 

 
(12,962
)
 
(12,962
)
Total increase (decrease) for the three months ended March 31, 2019
2,803,917.492

 
3

 
42,056

 

 
42,059

Balance at March 31, 2019
73,242,692.661

 
$
73

 
$
1,098,305

 
$
262

 
$
1,098,640


(1) See Note 2. Significant Accounting Policies and Recent Accounting Updates.
(2) Refer to Note 3 for a detailed listing of the common stock issuances for the three and six months ended March 31, 2018.
(3) Refer to Note 3 for a detailed listing of the common stock issuances for the three and six months ended March 31, 2019.
See Notes to Consolidated Financial Statements.


5

Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)


 
Six months ended March 31,
  
2019
 
2018
Cash flows from operating activities
  

 
 
Net increase in net assets resulting from operations
$
39,837

 
$
38,522

Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities
  

 
 
Amortization of deferred debt issuance costs
2,299

 
1,084

Accretion of discounts and origination fees
(3,742
)
 
(4,171
)
Net realized (gain) loss on investments
942

 
(111
)
Net realized (gain) loss on foreign currency and other transactions
(83
)
 

Net change in unrealized (appreciation) depreciation on investments
1,898

 
(4,952
)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies
(158
)
 

Proceeds from (fundings of) revolving loans, net
(1,810
)
 
774

Fundings of investments
(420,035
)
 
(359,432
)
Proceeds from principal payments and sales of portfolio investments
81,108

 
191,888

PIK interest
(771
)
 
(919
)
Changes in operating assets and liabilities:
 
 
 
Interest receivable
(1,813
)
 
(1,280
)
Other assets
56

 
142

Interest payable
6,341

 
445

Management and incentive fees payable
78

 
1,962

Payable for investments purchased

 
169

Accounts payable and accrued expenses
(133
)
 
(113
)
Accrued trustee fees
46

 
3

Net cash (used in) provided by operating activities
(295,940
)
 
(135,989
)
Cash flows from financing activities
  

 
 
Borrowings on debt
1,204,152

 
260,850

Repayments of debt
(972,611
)
 
(197,750
)
Capitalized debt issuance costs
(6,698
)
 
(260
)
Proceeds from other short-term borrowings
36,067

 

Repayments on other short-term borrowings
(35,984
)
 
 
Proceeds from issuance of common shares
145,572

 
82,799

Distributions paid
(17,667
)
 
(15,228
)
Net cash provided by (used in) financing activities
352,831

 
130,411

Net change in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
56,891

 
(5,578
)
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period
38,516

 
51,131

Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period
$
95,407

 
$
45,553

Supplemental information:
  

 
 
Cash paid during the period for interest
$
13,263

 
$
12,860

Distributions declared during the period
39,837

 
38,522

Supplemental disclosure of noncash financing activity:
 
 
 
Capital call receivable
$
(189
)
 
$
(1,058
)
Stock issued in connection with dividend reinvestment plan
21,048

 
17,334

Distributions payable
12,962

 
14,199



6


Golub Capital Investment Corporation and Subsidiaries
Consolidated Statements of Cash Flows (unaudited) - (continued)
(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
 
As of March 31,
 
2019
 
2018
Cash and cash equivalents
$
6,911

 
$
8,337

Foreign currencies (cost of $239 and $63, respectively)
239

 
63

Restricted cash, cash equivalents and foreign currencies (cost of $88,259 and $37,153, respectively)
88,257

 
37,153

Total cash, cash equivalents, restricted cash, cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows
$
95,407

 
$
45,553


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

See Notes to Consolidated Financial Statements.


7

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited)
March 31, 2019
(In thousands)



 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares
(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value (4)
Investments
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
 
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Debt investments
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Aerospace and Defense
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

ILC Dover, LP^
Senior loan
 
L + 4.75%
(c)(d) 
 
7.63%
 
12/2023
 
$
1,320

 
$
1,310

 
0.1

%
$
1,320

NTS Technical Systems*
One stop
 
L + 6.25%
(a) 
 
8.74%
 
06/2021
 
3,328

 
3,300

 
0.3

 
3,328

NTS Technical Systems^
One stop
 
L + 6.25%
(a) 
 
8.74%
 
06/2021
 
550

 
545

 
0.1

 
550

NTS Technical Systems(5)
One stop
 
L + 6.25%
 
 
N/A(6)
 
06/2021
 

 
(6
)
 

 

Tresys Technology Holdings, Inc.(7)
One stop
 
L + 6.75%
(a) 
 
9.25%
 
12/2019
 
53

 
27

 

 
16

Tresys Technology Holdings, Inc.(7)
One stop
 
L + 6.75%
(a) 
 
9.25%
 
12/2019
 
9

 
9

 

 
9

Tronair Parent, Inc.^
Senior loan
 
L + 4.75%
(a)(c) 
 
7.56%
 
09/2023
 
364

 
362

 

 
350

Tronair Parent, Inc.
Senior loan
 
L + 4.50%
(a)(c)(f) 
 
7.47%
 
09/2021
 
80

 
79

 

 
77

Whitcraft LLC*
One stop
 
L + 6.25%
(c) 
 
8.85%
 
04/2023
 
16,062

 
15,899

 
1.5

 
16,062

Whitcraft LLC*
One stop
 
L + 6.25%
(c) 
 
8.85%
 
04/2023
 
4,124

 
4,096

 
0.4

 
4,124

Whitcraft LLC(5)
One stop
 
L + 6.25%
 
 
N/A(6)
 
04/2023
 

 
(1
)
 

 

 
 
 
 
 
 
 
 
 
 
25,890

 
25,620

 
2.4

 
25,836

Automobile
  
 
  
 
 
  
 
  

  


  


  

 
  

Dent Wizard International Corporation*
Senior loan
 
L + 4.00%
(a) 
 
6.50%
 
04/2020
 
2,150

 
2,145

 
0.2

 
2,150

Grease Monkey International, LLC*
Senior loan
 
L + 5.00%
(a) 
 
7.50%
 
11/2022
 
3,035

 
3,008

 
0.3

 
3,035

Grease Monkey International, LLC#
Senior loan
 
L + 5.00%
(a) 
 
7.50%
 
11/2022
 
2,258

 
2,224

 
0.2

 
2,258

Grease Monkey International, LLC*
Senior loan
 
L + 5.00%
(a) 
 
7.50%
 
11/2022
 
1,146

 
1,142

 
0.1

 
1,146

Grease Monkey International, LLC^
Senior loan
 
L + 5.00%
(a) 
 
7.50%
 
11/2022
 
1,001

 
991

 
0.1

 
1,001

Grease Monkey International, LLC
Senior loan
 
L + 5.00%
(a) 
 
7.50%
 
11/2022
 
114

 
104

 

 
114

Grease Monkey International, LLC
Senior loan
 
L + 5.00%
(a) 
 
7.50%
 
11/2022
 
43

 
42

 

 
43

Polk Acquisition Corp.*
Senior loan
 
L + 5.25%
(c) 
 
7.85%
 
06/2022
 
5,086

 
5,056

 
0.5

 
4,984

Power Stop, LLC^
Senior loan
 
L + 4.75%
(c)(f) 
 
7.35%
 
10/2025
 
1,534

 
1,526

 
0.1

 
1,534

Quick Quack Car Wash Holdings, LLC*
One stop
 
L + 6.50%
(a) 
 
9.00%
 
04/2023
 
4,577

 
4,530

 
0.4

 
4,577

Quick Quack Car Wash Holdings, LLC
One stop
 
L + 6.50%
(a) 
 
9.00%
 
04/2023
 
1,944

 
1,929

 
0.2

 
1,944

Quick Quack Car Wash Holdings, LLC
One stop
 
L + 6.50%
(a) 
 
9.00%
 
04/2023
 
1,300

 
1,289

 
0.1

 
1,300

Quick Quack Car Wash Holdings, LLC
One stop
 
L + 6.50%
(a) 
 
9.00%
 
04/2023
 
40

 
39

 

 
40

Quick Quack Car Wash Holdings, LLC(5)
One stop
 
L + 6.50%
 
 
N/A(6)
 
04/2023
 

 
(40
)
 

 

  
 
 
 
 
 
 
 
 
 
24,228

 
23,985

 
2.2

 
24,126

Beverage, Food and Tobacco
  
 
  
 
 
  
 
  

  


  


  

 
  

Abita Brewing Co., L.L.C.^
One stop
 
L + 5.75%
(a) 
 
8.25%
 
04/2021
 
3,349

 
3,333

 
0.3

 
3,349

Abita Brewing Co., L.L.C.
One stop
 
L + 5.75%
 
 
N/A(6)
 
04/2021
 

 

 

 

C. J. Foods, Inc.#*
One stop
 
L + 6.25%
(c) 
 
8.85%
 
05/2020
 
20,788

 
20,708

 
1.9

 
20,788

C. J. Foods, Inc.
One stop
 
L + 6.25%
(c) 
 
8.85%
 
05/2020
 
1,572

 
1,572

 
0.1

 
1,572

C. J. Foods, Inc.
One stop
 
L + 6.25%
(c) 
 
8.86%
 
05/2020
 
1,364

 
1,364

 
0.1

 
1,364

Cafe Rio Holding, Inc.*
One stop
 
L + 5.50%
(a) 
 
8.00%
 
09/2023
 
8,580

 
8,463

 
0.8

 
8,580

Cafe Rio Holding, Inc.
One stop
 
L + 5.50%
(a) 
 
8.00%
 
09/2023
 
2,157

 
2,140

 
0.2

 
2,157

Cafe Rio Holding, Inc.*
One stop
 
L + 5.50%
(a) 
 
8.00%
 
09/2023
 
1,370

 
1,359

 
0.1

 
1,370

Cafe Rio Holding, Inc.
One stop
 
L + 5.50%
(a) 
 
8.00%
 
09/2023
 
1,209

 
1,171

 
0.1

 
1,209

Cafe Rio Holding, Inc.
One stop
 
P + 4.50%
(f) 
 
10.00%
 
09/2023
 
2

 

 

 
2

Cafe Rio Holding, Inc.(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
09/2023
 

 
(30
)
 

 

Fintech Midco, LLC#^
One stop
 
L + 5.25%
(a) 
 
7.75%
 
08/2024
 
11,855

 
11,750

 
1.1

 
11,855

Fintech Midco, LLC
One stop
 
L + 5.25%
(a) 
 
7.75%
 
08/2024
 
1,068

 
1,058

 
0.1

 
1,068

Fintech Midco, LLC(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
08/2024
 

 
(1
)
 

 


See Notes to Consolidated Financial Statements.

8

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2019
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares
(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value (4)
Beverage, Food and Tobacco - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fintech Midco, LLC(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
08/2024
 
$

 
$
(20
)
 

%
$

Flavor Producers, LLC*
Senior loan
 
L + 4.75%
(c) 
 
7.35%
 
12/2023
 
2,823

 
2,789

 
0.3

 
2,823

Flavor Producers, LLC(5)
Senior loan
 
L + 4.75%
 
 
N/A(6)
 
12/2022
 

 
(1
)
 

 

FWR Holding Corporation*
One stop
 
L + 5.50%
(a) 
 
8.00%
 
08/2023
 
4,018

 
3,973

 
0.4

 
4,018

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
8%
 
08/2023
 
1,746

 
1,723

 
0.2

 
1,746

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
8.00%
 
08/2023
 
1,104

 
1,096

 
0.1

 
1,104

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
7.99%
 
08/2023
 
226

 
224

 

 
226

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
8.00%
 
08/2023
 
17

 
16

 

 
17

FWR Holding Corporation(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
08/2023
 

 
(5
)
 

 

Global ID Corporation*
One stop
 
L + 6.50%
(c) 
 
9.13%
 
11/2021
 
5,076

 
5,042

 
0.5

 
5,076

Global ID Corporation*
One stop
 
L + 6.50%
(c) 
 
9.13%
 
11/2021
 
754

 
749

 
0.1

 
754

Global ID Corporation
One stop
 
L + 6.50%
(c) 
 
9.13%
 
11/2021
 
452

 
444

 
0.1

 
452

Global ID Corporation
One stop
 
L + 6.50%
 
 
N/A(6)
 
11/2021
 

 

 

 

Mendocino Farms, LLC
One stop
 
L + 8.50%
(a) 
 
3.50% cash/7.50% PIK
 
06/2023
 
690

 
684

 
0.1

 
690

Mendocino Farms, LLC(5)
One stop
 
L + 1.00%
 
 
N/A(6)
 
06/2023
 

 
(15
)
 

 

Mid-America Pet Food, L.L.C.*
One stop
 
L + 6.00%
(c) 
 
8.60%
 
12/2021
 
12,124

 
12,039

 
1.1

 
12,124

Mid-America Pet Food, L.L.C.(5)
One stop
 
L + 6.00%
 
 
N/A(6)
 
12/2021
 

 
(1
)
 

 

NBC Intermediate, LLC*
Senior loan
 
L + 4.25%
(a) 
 
6.75%
 
09/2023
 
1,380

 
1,367

 
0.1

 
1,380

Purfoods, LLC*
One stop
 
L + 5.50%
(c) 
 
8.13%
 
05/2021
 
7,797

 
7,747

 
0.7

 
7,797

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
491

 
487

 
0.1

 
491

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
352

 
350

 

 
352

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
267

 
265

 

 
267

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
266

 
265

 

 
266

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
267

 
265

 

 
267

Purfoods, LLC
One stop
 
N/A
 
 
7.00% PIK
 
05/2026
 
108

 
108

 

 
108

Purfoods, LLC
One stop
 
L + 5.50%
(a)(c) 
 
8.05%
 
05/2021
 
55

 
54

 

 
55

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
24

 
23

 

 
24

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
14

 
14

 

 
14

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
11

 
11

 

 
11

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
11

 
11

 

 
11

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
05/2021
 
10

 
10

 

 
10

Purfoods, LLC(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
05/2021
 

 
(1
)
 

 

Purfoods, LLC(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
05/2021
 

 
(1
)
 

 

Rubio's Restaurants, Inc.*
Senior loan
 
L + 5.25%
(c) 
 
7.85%
 
10/2019
 
294

 
287

 

 
279

Rubio's Restaurants, Inc.
Senior loan
 
P + 3.50%
(f) 
 
9.00%
 
10/2019
 
75

 
73

 

 
74

Uinta Brewing Company^(7)
One stop
 
L + 4.00%
(a) 
 
6.48%
 
08/2021
 
186

 
186

 

 
161

Uinta Brewing Company(7)
One stop
 
L + 4.00%
(a) 
 
6.48%
 
08/2021
 
37

 
37

 

 
32

Wood Fired Holding Corp.*
One stop
 
L + 5.75%
(c) 
 
8.65%
 
12/2023
 
7,298

 
7,230

 
0.7

 
7,298

Wood Fired Holding Corp.(5)
One stop
 
L + 5.75%
 
 
N/A(6)
 
12/2023
 

 
(1
)
 

 

Wood Fired Holding Corp.(5)
One stop
 
L + 5.75%
 
 
N/A(6)
 
12/2023
 

 
(6
)
 

 

 
 
 
 
 
 
 
 
 
 
101,317

 
100,435

 
9.3

 
101,271

Broadcasting and Entertainment
 
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

TouchTunes Interactive Networks, Inc.*
Senior loan
 
L + 4.75%
(a) 
 
7.25%
 
05/2021
 
680

 
678

 
0.1

 
680

 
 
 
 
 
 
 
 
 
 


 


 


 



See Notes to Consolidated Financial Statements.

9

Golub Capital Investment Corporation and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
March 31, 2019
(In thousands)


 
Investment
Type
 
Spread
Above
Index(1)
 
Interest
Rate(2)
 
Maturity
Date
 
Principal ($) /
Shares
(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value (4)
Buildings and Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
(c) 
 
7.63%
 
08/2020
 
$
5,634

 
$
5,634

 
0.5

%
$
5,634

Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
(c) 
 
7.66%
 
08/2020
 
563

 
561

 
0.1

 
563

Brooks Equipment Company, LLC
One stop
 
P + 3.75%
(f) 
 
9.25%
 
08/2020
 
48

 
48

 

 
48

Jensen Hughes, Inc.^
Senior loan
 
L + 4.25%
(c)(f) 
 
6.86%
 
03/2024
 
429

 
427

 
0.1

 
429

Jensen Hughes, Inc.
Senior loan
 
L + 4.25%
(c)(f) 
 
6.86%
 
03/2024

413


411


0.1

 
413

Jensen Hughes, Inc.^
Senior loan
 
L + 4.25%
(c)(f) 
 
6.86%
 
03/2024
 
131

 
130

 

 
131

Jensen Hughes, Inc.
Senior loan
 
L + 4.25%
(a)(c)(f) 
 
6.86%
 
03/2024
 
106

 
96

 

 
106

MRI Software LLC*
One stop
 
L + 5.50%
(a) 
 
8.00%
 
06/2023
 
18,546

 
18,294

 
1.7

 
18,546

MRI Software LLC#^
One stop
 
L + 5.50%
(a) 
 
8.00%
 
06/2023
 
17,174

 
17,029

 
1.6

 
17,174

MRI Software LLC
One stop
 
L + 5.50%
(c) 
 
8.30%
 
06/2023
 
6,260

 
6,238

 
0.6

 
6,260

MRI Software LLC*
One stop
 
L + 5.50%
(a) 
 
8.00%
 
06/2023
 
3,083

 
3,069

 
0.3

 
3,083

MRI Software LLC^
One stop
 
L + 5.50%
(c) 
 
8.30%
 
06/2023
 
1,973

 
1,966

 
0.2

 
1,973

MRI Software LLC
One stop
 
L + 5.50%
(c) 
 
8.10%
 
06/2023
 
1,152

 
1,030

 
0.1

 
1,152

MRI Software LLC*
One stop
 
L + 5.50%
(a) 
 
8.00%
 
06/2023
 
344

 
341

 

 
344

MRI Software LLC
One stop
 
L + 5.50%
(a)(c) 
 
8.00%
 
06/2023
 
19

 
16

 

 
19

Paradigm DKD Group, LLC^(7)
Senior loan
 
L + 6.25%
(a) 
 
8.75%
 
05/2020

2,110


2,110


0.1

 
844

Paradigm DKD Group, LLC(7)
Senior loan
 
L + 6.25%
(a) 
 
8.75%
 
05/2020
 
644

 
640

 

 
258

 
 
 
 
 
 
 
 
 
 
58,629

 
58,040

 
5.4

 
56,977

Chemicals, Plastics and Rubber
 
 
 
 
 
 
 
 
 
  

 
  

 
 
 
  

Flexan, LLC*
One stop
 
L + 5.75%
(c) 
 
8.35%
 
02/2020
 
1,025

 
1,021

 
0.1

 
1,025

Flexan, LLC*
One stop
 
L + 5.75%
(c) 
 
8.35%
 
02/2020
 
483

 
482

 
0.1

 
483

Flexan, LLC
One stop
 
P + 4.50%
(f) 
 
10.00%
 
02/2020
 
17

 
17

 

 
17

Inhance Technologies Holdings LLC*
One stop
 
L + 5.25%
(c) 
 
7.84%
 
07/2024
 
6,033

 
5,967

 
0.5

 
6,033

Inhance Technologies Holdings LLC(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
07/2024
 

 
(1
)
 

 

Inhance Technologies Holdings LLC(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
07/2024
 

 
(18
)
 

 

 
 
 
 
 
 
 
 
 
 
7,558

 
7,468

 
0.7

 
7,558

Diversified/Conglomerate Manufacturing
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Chase Industries, Inc.^
Senior loan
 
L + 4.00%
(c)(f) 
 
6.61%
 
05/2025
 
5,377

 
5,294

 
0.5

 
5,377

Chase Industries, Inc.
Senior loan
 
L + 4.00%
(c)(f) 
 
6.60%
 
05/2025
 
165