v3.26.1
Borrowings (Tables)
 9 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Securitization
For the three and nine months ended June 30, 2026 and 2025, 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,
  2026202520262025
Stated interest expense$18,127 $20,196 $55,570 $50,637 
Amortization of debt issuance costs232 232 696 573 
Total interest and other debt financing expenses$18,359 $20,428 $56,266 $51,210 
Cash paid for interest expense$17,908 $34,891 $57,344 $34,891 
Annualized average stated interest rate5.3 %5.9 %5.4 %6.0 %
Average outstanding balance$1,364,000 $1,364,000 $1,364,000 $1,124,176 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
  2026202520262025
Stated interest expense$— $— $— $1,839 
Amortization of debt issuance costs— — — — 
Total interest and other debt financing expenses$— $— $— $1,839 
Cash paid for interest expense$— $— $— $5,152 
Annualized average stated interest rateN/AN/AN/A7.1 %
Average outstanding balance$— $— $— $34,603 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
  2026202520262025
Stated interest expense$— $— $— $1,682 
Amortization of debt issuance costs— — — — 
Total interest and other debt financing expenses$— $— $— $1,682 
Cash paid for interest expense$— $— $— $4,861 
Annualized average stated interest rateN/AN/AN/A6.1 %
Average outstanding balance$— $— $— $36,904 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$— $— $— $2,694 
Amortization of debt issuance costs— — — — 
Total interest expense$— $— $— $2,694 
Cash paid for interest expense$— $— $— $7,355 
Annualized average stated interest rateN/AN/AN/A6.9 %
Average outstanding balance$— $— $— $52,396 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$— $2,951 $— $10,399 
Amortization of debt issuance costs— — — — 
Total interest expense$— $2,951 $— $10,399 
Cash paid for interest expense$— $3,289 $— $11,581 
Annualized average stated interest rateN/A6.4 %N/A6.6 %
Average outstanding balance$— $186,024 $— $211,325 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$— $— $— $3,504 
Amortization of debt issuance costs— — — — 
Total interest expense$— $— $— $3,504 
Cash paid for interest expense$— $— $— $7,197 
Annualized average stated interest rateN/AN/AN/A7.5 %
Average outstanding balance$— $— $— $62,637 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
  2026202520262025
Stated interest expense$— $— $— $3,820 
Facility fees— — — 244 
Total interest and other debt financing expenses$— $— $— $4,064 
Cash paid for interest expense and facility fees$— $— $— $11,680 
Annualized average stated interest rate¹
N/AN/AN/A6.8 %
Average outstanding balance$— $— $— $75,658 
(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, 2026 and 2025, 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,
  2026202520262025
Stated interest expense$7,843 $17,811 $32,628 $50,909 
Facility fees1,056 671 2,612 2,308 
Amortization of debt issuance costs939 888 2,771 3,039 
Total interest and other debt financing expenses$9,838 $19,370 $38,011 $56,256 
Cash paid for interest expense and facility fees$11,225 $18,162 $35,413 $55,617 
Annualized average stated interest rate¹
4.5 %5.7 %4.7 %5.9 %
Average outstanding balance$693,391 $1,262,514 $932,064 $1,154,567 
(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, 2026 and 2025, 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,
  2026202520262025
Stated interest expense$3,750 $3,750 $11,250 $11,250 
Accretion of discounts on notes issued133 132 398 397 
Amortization of debt issuance costs372 372 1,116 1,161 
Total interest and other debt financing expenses$4,255 $4,254 $12,764 $12,808 
Cash paid for interest expense$— $— $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, 2026 and 2025, 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,
  2026202520262025
Stated interest expense$1,794 $1,794 $5,382 $5,382 
Accretion of discounts on notes issued182 182 547 548 
Amortization of debt issuance costs203 203 609 635 
Total interest and other debt financing expenses$2,179 $2,179 $6,538 $6,565 
Cash paid for interest expense$— $— $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, 2026 and 2025, the components of interest expense, cash paid for interest and facility fees, annualized average contractual interest rate swap and stated interest rates and average outstanding balances for the 2028 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$12,338 $7,931 $37,012 $23,793 
Net contractual interest rate swap expense(348)197 (321)1,050 
Net (gain)/loss related to the fair value hedge
(15)(64)84 7,380 
Accretion of discounts (premium) on notes issued(868)241 (2,605)722 
Amortization of debt issuance costs447 295 1,316 917 
Total interest and other debt financing expenses$11,554 $8,600 $35,486 $33,862 
Cash paid (received) for interest expense(1)
$13,091 $7,930 $40,985 $24,831 
Annualized average contractual interest rate swap and stated interest rate6.9 %7.2 %7.0 %7.4 %
Average outstanding balance$700,000 $450,000 $700,000 $450,000 
(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.
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest and facility fees, annualized average contractual interest rate swap and stated interest rates and average outstanding balances for the 2029 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$11,250 $11,250 $33,750 $32,200 
Net contractual interest rate swap expense(190)1,064 301 3,957 
Net (gain)/loss related to the fair value hedge(31)(92)41 (2,840)
Accretion of discounts on notes issued272 272 816 841 
Amortization of debt issuance costs432 423 1,296 1,212 
Total interest and other debt financing expenses$11,733 $12,917 $36,204 $35,370 
Cash paid (received) for interest expense (1)
$2,131 $2,368 $26,414 $25,669 
Annualized average contractual interest rate swap and stated interest rate5.9 %6.6 %6.1 %6.8 %
Average outstanding balance$750,000 $750,000 $750,000 $715,385 
(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.
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest and facility fees, annualized average contractual interest rate swap and stated interest rates and average outstanding balances for the 2031 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$2,951 $— $2,951 $— 
Net contractual interest rate swap expense(126)— (126)— 
Accretion of discounts on notes issued104 — 104 — 
Amortization of debt issuance costs99 — 99 — 
Total interest and other debt financing expenses$3,028 $— $3,028 $— 
Cash paid (received) for interest expense (1)
$— $— $— $— 
Annualized average contractual interest rate swap and stated interest rate5.9 %N/A5.9 %N/A
Average outstanding balance$192,308 $— $64,103 $— 
(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 2031 Notes.
For the three and nine months ended June 30, 2026 and 2025, 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,
  2026202520262025
Stated interest expense$46 $— $79 $— 
Cash paid for interest expense20 — 91 — 
Annualized average stated interest rate3.5 %N/A3.6 %N/A
Average outstanding balance$5,266 $— $2,969 $— 
Schedule of Interest Rate and Interest Differential Analysis
As of June 30, 2026, 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%
Schedule of Maturities of Long-Term Debt
A summary of the Company’s maturity requirements for borrowings as of June 30, 2026 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2024 Debt Securitization$1,364,000 $— $— $— $1,364,000 
JPM Credit Facility271,559 — — 271,559 — 
Adviser Revolver33,200 — — — 33,200 
2026 Notes(1)
599,921 599,921 — — — 
2027 Notes(1)
349,541 349,541 — — — 
2028 Notes(1)(2)
705,397 — 705,397 — — 
2029 Notes(1)(2)
742,136 — — 742,136 — 
2031 Notes(1)(2)
496,045 — — 496,045 — 
Total borrowings$4,561,799 $949,462 $705,397 $1,509,740 $1,397,200 
(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.