v3.25.2
Borrowings (Tables)
 9 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Securitization
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2024 Debt Securitization were as follows:
Three months ended June 30,
 Nine months ended June 30,
  2025202420252024
Stated interest expense$20,196 $— $50,637 $— 
Amortization of debt issuance costs232 — 573 — 
Total interest and other debt financing expenses$20,428 $— $51,210 $— 
Cash paid for interest expense$34,891 $— $34,891 $— 
Annualized average stated interest rate5.9 %N/A6.0 %N/A
Average outstanding balance$1,364,000 $— $1,124,176 $— 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $5,823 $1,839 $19,422 
Amortization of debt issuance costs— — — 2 
Total interest and other debt financing expenses$— $5,823 $1,839 $19,424 
Cash paid for interest expense$— $6,354 $5,152 $20,766 
Annualized average stated interest rateN/A7.4 %7.1 %7.4 %
Average outstanding balance$— $316,992 $34,603 $350,454 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $6,734 $1,682 $23,410 
Accretion of discounts on notes issued— — — — 
Amortization of debt issuance costs— — — — 
Total interest and other debt financing expenses$— $6,734 $1,682 $23,410 
Cash paid for interest expense$— $7,928 $4,861 $25,531 
Annualized average stated interest rateN/A6.8 %6.1 %6.8 %
Average outstanding balance$— $400,163 $36,904 $456,622 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$— $1,680 $2,694 $1,680 
Amortization of debt issuance costs— — — — 
Total interest expense$— $1,680 $2,694 $1,680 
Cash paid for interest expense$— $— $7,355 $— 
Annualized average stated interest rateN/A7.4 %6.9 %7.4 %
Average outstanding balance$— $91,692 $52,396 $30,452 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$2,951 $1,437 $10,399 $1,437 
Amortization of debt issuance costs— — — — 
Total interest expense$2,951 $1,437 $10,399 $1,437 
Cash paid for interest expense$3,289 $— $11,581 $— 
Annualized average stated interest rate6.4 %7.5 %6.6 %7.5 %
Average outstanding balance$186,024 $77,411 $211,325 $25,710 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$— $1,387 $3,504 $1,387 
Amortization of debt issuance costs— — — — 
Total interest expense$— $1,387 $3,504 $1,387 
Cash paid for interest expense$— $— $7,197 $— 
Annualized average stated interest rateN/A8.1 %7.5 %8.1 %
Average outstanding balance$— $69,231 $62,637 $22,993 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $3,076 $3,820 $3,076 
Facility fees— 154 244 154 
Accretion of discounts— — — — 
Total interest and other debt financing expenses$— $3,230 $4,064 $3,230 
Cash paid for interest expense and facility fees$— $— $11,680 $— 
Annualized average stated interest rate¹N/A7.6 %6.8 %7.6 %
Average outstanding balance$— $163,225 $75,658 $54,210 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the JPM Credit Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$17,811 $3,423 $50,909 $15,898 
Facility fees671 1,125 2,308 3,358 
Amortization of debt issuance costs888 848 3,039 2,491 
Total interest and other debt financing expenses$19,370 $5,396 $56,256 $21,747 
Cash paid for interest expense and facility fees$18,162 $4,083 $55,617 $18,818 
Annualized average stated interest rate¹5.7 %7.1 %5.9 %7.1 %
Average outstanding balance$1,262,514 $194,775 $1,154,567 $300,911 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $328 $— $8,766 
Accretion of discounts and amortization of premiums on notes issued— (53)— (747)
Amortization of debt issuance costs— 84 — 1,204 
Total interest and other debt financing expenses$— $359 $— $9,223 
Cash paid for interest expense$— $8,109 $— $16,547 
Annualized average stated interest rateN/A3.4 %N/A3.4 %
Average outstanding balance$— $38,462 $— $346,715 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2026 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$3,750 $3,750 $11,250 $11,250 
Accretion of discounts on notes issued132 132 397 398 
Amortization of debt issuance costs372 420 1,161 1,269 
Total interest and other debt financing expenses$4,254 $4,302 $12,808 $12,917 
Cash paid for interest expense$— $— $7,500 $7,500 
Annualized average stated interest rate2.5 %2.5 %2.5 %2.5 %
Average outstanding balance$600,000 $600,000 $600,000 $600,000 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$1,794 $1,794 $5,382 $5,382 
Accretion of discounts on notes issued182 182 548 549 
Amortization of debt issuance costs203 231 635 698 
Total interest and other debt financing expenses$2,179 $2,207 $6,565 $6,629 
Cash paid for interest expense$— $— $3,588 $3,588 
Annualized average stated interest rate2.1 %2.1 %2.1 %2.1 %
Average outstanding balance$350,000 $350,000 $350,000 $350,000 
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2028 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$7,931 $7,931 $23,793 $18,153 
Net contractual interest rate swap expense197 1,279 1,050 2,368 
Net (gain)/loss related to the fair value hedge
(64)3,906 7,380 (279)
Accretion of discounts on notes issued241 241 722 552 
Amortization of debt issuance costs295 299 917 661 
Total interest and other debt financing expenses$8,600 $13,656 $33,862 $21,455 
Cash paid (received) for interest expense(1)
$7,930 $12,944 $24,831 $17,873 
Annualized average interest rate swap and stated interest rate(2)
7.2 %8.2 %7.4 %8.0 %
Average outstanding balance$450,000 $450,000 $450,000 $343,248 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2028 Notes.
(2) The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$11,250 $9,000 $32,200 $15,000 
Net contractual interest rate swap expense1,064 2,405 3,957 3,923 
Net (gain)/loss related to the fair value hedge
(92)1,857 (2,840)3,270 
Accretion of discounts on notes issued272 309 841 513 
Amortization of debt issuance costs423 333 1,212 543 
Total interest and other debt financing expenses$12,917 $13,904 $35,370 $23,249 
Cash paid (received) for interest expense (1)
$2,368 $— $25,669 $— 
Annualized average interest rate swap and stated interest rate (2)
6.6 %7.6 %6.8 %7.6 %
Average outstanding balance$750,000 $600,000 $715,385 $330,657 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2029 Notes.
(2)     The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $— $— $— 
Cash paid for interest expense— — — — 
Annualized average stated interest rateN/AN/AN/AN/A
Average outstanding balance$— $— $— $— 
Schedule of Interest Rate and Interest Differential Analysis
As of June 30, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1R and A-2RR 2024 Notes are as follows:
DescriptionClass A-1R 2024 NotesClass A-2RR 2024 Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$1,192,400$171,600
Fitch Rating“AAA”“NR”
S&P Rating“AAA”“AAA”
Interest Rate
SOFR + 1.56%
SOFR + 1.75%
As of June 30, 2025, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:
DescriptionSecured GBDC 3 2022 Notes
TypeSenior Secured Floating Rate
Amount Outstanding$179,529
Kroll Bond Rating Agency RatingA
Interest Rate
SOFR + 2.0%
Schedule of Maturities of Long-Term Debt
A summary of the Company’s maturity requirements for borrowings as of June 30, 2025 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
GBDC 3 2022 Debt Securitization$179,529 $— $— $179,529 $— 
2024 Debt Securitization1,364,000 — — — 1,364,000 
JPM Credit Facility1,450,188 — — 1,450,188 — 
2026 Notes(1)
599,391 — 599,391 — — 
2027 Notes(1)
348,807 — 348,807 — — 
2028 Notes(1)(2)
456,834 — — 456,834 — 
2029 Notes(1)(2)
755,252 — — 755,252 — 
Total borrowings$5,154,001 $— $948,198 $2,841,803 $1,364,000 
(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.
(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.