Senior Securities [Table Text Block]

The following is information about the Company’s senior securities as of the dates indicated in the table below:


Class and Year	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Adviser Revolver
September 30, 2022	$	2,383	$	2,063	—	N/A
September 30, 2023	$	—	$	2,018	—	N/A
September 30, 2024	$	—	$	1,923	—	N/A
September 30, 2025	$	—	$	1,885	—	N/A

2025 Debt Securitization
September 30, 2025	$	799,250	$	1,885	—	N/A

PNC Facility
September 30, 2022	$	62,500	$	2,063	—	N/A
September 30, 2023	$	176,928	$	2,018	—	N/A
September 30, 2024	$	240,428	$	1,923	—	N/A

DB Credit Facility
September 30, 2024	$	299,557	$	1,923	—	N/A
September 30, 2025	$	198,117	$	1,885	—	N/A

BNP Credit Facility
September 30, 2024	$	152,000	$	1,923	—	N/A
September 30, 2025	$	192,188	$	1,885	—	N/A

Total Debt
September 30, 2022	$	64,883	$	2,063	—	N/A
September 30, 2023	$	176,928	$	2,018	—	N/A
September 30, 2024	$	691,985	$	1,923	—	N/A
September 30, 2025	$	1,189,555	$	1,885	—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “ — ” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)Not applicable because such senior securities are not registered for public trading.

$ 1,189,555

$ 691,985

$ 176,928

$ 64,883

Senior Securities, Note [Text Block]

$ 1,885

$ 1,923

$ 2,018

$ 2,063

Note 12. Senior Securities

The following is information about the Company’s senior securities as of the dates indicated in the table below:


Class and Year	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Adviser Revolver
September 30, 2022	$	2,383	$	2,063	—	N/A
September 30, 2023	$	—	$	2,018	—	N/A
September 30, 2024	$	—	$	1,923	—	N/A
September 30, 2025	$	—	$	1,885	—	N/A

2025 Debt Securitization
September 30, 2025	$	799,250	$	1,885	—	N/A

PNC Facility
September 30, 2022	$	62,500	$	2,063	—	N/A
September 30, 2023	$	176,928	$	2,018	—	N/A
September 30, 2024	$	240,428	$	1,923	—	N/A

DB Credit Facility
September 30, 2024	$	299,557	$	1,923	—	N/A
September 30, 2025	$	198,117	$	1,885	—	N/A

BNP Credit Facility
September 30, 2024	$	152,000	$	1,923	—	N/A
September 30, 2025	$	192,188	$	1,885	—	N/A

Total Debt
September 30, 2022	$	64,883	$	2,063	—	N/A
September 30, 2023	$	176,928	$	2,018	—	N/A
September 30, 2024	$	691,985	$	1,923	—	N/A
September 30, 2025	$	1,189,555	$	1,885	—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(4)Not applicable because such senior securities are not registered for public trading.

General Description of Registrant [Abstract]

NAV Per Share

$ 15.00

Debt Securitization 2025 [Member]

$ 799,250

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

$ 1,885

2025 Debt Securitization

2025 Debt Securitization: On June 20, 2025, the Company completed a $1,154,900 term debt securitization (the “2025 Debt Securitization”). The notes offered in the 2025 Debt Securitization (the “2025 Notes”) were issued by the 2025 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $667,000 of Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.63% (the “Class A-1 2025 Notes”); $40,250 of Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.80% (the “Class A-2 2025 Notes”); $92,000 of Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.00% (the “Class B 2025 Notes”); $69,000 of Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.80% (the “Class C 2025 Notes”); and $286,650 of Subordinated Notes due 2125 which do not bear interest (the “Subordinated 2025 Notes”). The Company indirectly retained the Class C 2025 Notes and Subordinated 2025 Notes.

Through June 20, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 Debt Securitization, allowing the Company to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are scheduled to mature on July 20, 2037. The Subordinated 2025 Notes are due in 2125. The Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are included in the September 30, 2025 Consolidated Statement of Financial Condition as debt of the company. As of September 30, 2025, the Class C 2025 Notes and Subordinated 2025 Notes were eliminated in consolidation.

As of September 30, 2025, there were 126 portfolio companies with a total fair value of $1,139,381 securing the 2025 Debt Securitization. The pool of loans in the 2025 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

PNC Facility [Member]

$ 240,428

$ 176,928

$ 62,500

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

$ 1,923

$ 2,018

$ 2,063

PNC Facility

DB Credit Facility [Member]

PNC Facility: On July 8, 2022, the Company entered into a Revolving Credit and Security Agreement (the “PNC Facility”) with PNC Bank, National Association, as administrative agent, collateral agent, and a lender, and PNC Capital Markets LLC, as structuring agent. On June 30, 2025, all amounts outstanding under the PNC Facility were repaid, following which the agreements governing the PNC Facility were terminated. Prior to termination, the PNC Facility allowed the Company to borrow in an aggregate amount of up to $100,000, subject to leverage and borrowing base restrictions, with a stated maturity date of July 8, 2025 and on May 27, 2025, the Company exercised the option pursuant to the documents governing the PNC Facility to decrease the borrowing capacity under the PNC Facility from $250,000 to $100,000, effective as of June 3, 2025.

Prior to termination, the PNC Facility bore interest, at the Company’s election and depending on the currency of the borrowing, of either CORRA, SONIA, €STR, Daily Simple SOFR, Term SOFR, or the Base Rate (each, as defined in the PNC Facility) plus a margin ranging from 2.15% to 2.45%, depending on the degree of uncalled capital commitments coverage of the PNC Facility’s borrowing base versus the assets of GBDC 4 Funding securing the facility. As of September 30, 2024, the Company had outstanding debt of $240,428 under the PNC Facility.

$ 198,117

$ 299,557

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

$ 1,885

$ 1,923

DB Credit Facility

BNP Credit Facility [Member]

On March 28, 2024 (the “DB Credit Facility Effective Date”), the Company and GBDC 4 Funding II entered into a loan financing and servicing agreement (the “DB Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank National Trust Company, as collateral agent and as collateral custodian. The period during which GBDC 4 Funding II may request drawdowns under the DB Credit Facility (the “DB Credit Facility Revolving Period”) commenced on the DB Credit Facility Effective Date and continues through March 28, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on March 28, 2030, three years from the last day of the DB Credit Facility Revolving Period, unless terminated earlier in accordance with the DB Credit Facility. On June 13, 2025, the Company entered into an amendment to the DB Credit Facility that, among other things, reduced the applicable margin (a) effective during the DB Credit Facility Revolving Period from 2.35% to 1.75% and (b) effective after the DB Credit Facility Revolving Period from 2.85% to 2.25%. As of September 30, 2025, the DB Credit Facility allowed the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions.

As of September 30, 2025, the DB Credit Facility bears interest at the applicable base rate plus 1.75% per annum during the DB Credit Facility Revolving Period and 2.25% after the DB Credit Facility Revolving Period. The base rate under the DB Credit Facility is (i) the three-month CORRA plus an adjustment for a period of three months equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple SONIA with respect to any advances denominated U.K. pound sterling plus an adjustment for a period of three months equal to 0.1193%, (v) the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (vi) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vii) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (viii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (ix) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (x) the three-month term SOFR with respect to any other advances. Additionally, a syndication/agent fee is payable to the facility agent each quarter. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under the DB Credit Facility, and, during the DB Credit Facility Revolving Period, an additional fee based on unfunded commitments of the lenders could be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in commitments of the DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the DB Credit Facility Effective Date, respectively.

The DB Credit Facility is secured by all of the assets held by GBDC 4 Funding II. GBDC 4 Funding II has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 4 Funding II through a sale and contribution agreement and causes GBDC 4 Funding II to originate or acquire loans, consistent with the Company’s investment objectives.

$ 192,188

$ 152,000

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

$ 1,885

$ 1,923

BNP Credit Facility

Advisor Revolver [Member]

On August 15, 2024 (the “BNP Credit Facility Effective Date”), the Company and GBDC 4 Funding III entered into a revolving credit and security agreement (the “BNP Credit Facility”), with the Company, as equity holder and as servicer, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, each of the securitization subsidiaries from time to time parties thereto and Computershare Trust Company, N.A., as collateral agent. Under the BNP Credit Facility, the lenders have agreed to extend credit to GBDC 4 Funding III in an aggregate principal amount of up to $750,000 as of September 30, 2025. The period during which GBDC 4 Funding III may request drawdowns under the BNP Credit Facility (the “BNP Credit Facility Revolving Period”) commenced on the BNP Credit Facility Effective Date and will continue through August 15, 2027, unless there is an earlier termination due to an event of default. The BNP Credit Facility will mature on August 15, 2030, the first business day on or after the date that is the 36-month anniversary of the last day of the BNP Credit Facility Revolving Period, unless terminated earlier in accordance with the BNP Credit Facility.

As of September 30, 2025, borrowings under the BNP Credit Facility in United States Dollars will bear interest at the applicable base rate plus 2.10% per annum during the BNP Credit Facility Revolving Period, and 2.35% per annum after the BNP Credit Facility Revolving Period (the “BNP Credit Facility Applicable Margin”), and borrowings in eligible currencies other than United States Dollars will bear interest at the applicable base rate plus (i) the BNP Credit Facility Applicable Margin and (ii) 0.15% per annum. The base rate under the BNP Credit Facility is (i) term CORRA with respect to any advances denominated in Canadian dollars, (ii) the 3-month Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) the 3-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the adjusted cumulative compound Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling, (v) daily simple adjusted non-cumulative compound SARON with respect to any advances denominated in Swiss francs, (vi) 3-month Norwegian Interbank Offered Rate with respect to any advances denominated in Norwegian Krona, (vii) 3-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish Krona and (viii) the term SOFR with respect to advances denominated in United States Dollars and any other advances.

The BNP Credit Facility is secured by all of the assets held by GBDC 4 Funding III. GBDC 4 Funding III has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the BNP Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

The Company transfers certain loans and debt securities it has originated or acquired from time to time to GBDC 4 Funding III through a sale and contribution agreement and causes GBDC 4 Funding III to originate or acquire loans, consistent with the Company’s investment objectives.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Adviser Revolver

Adviser Revolver [Member]

The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of September 30, 2025 and 2024, the Company was permitted to borrow up to $100,000 in U.S. dollars and certain agreed upon foreign currencies, with a maturity date of March 26, 2028. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR in effect as of September 30, 2025 was 3.9%.

$ 0

$ 2,383