v3.26.1
Borrowings
 9 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On May 17, 2023, the Company’s sole shareholder approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and declined the Company’s offer to repurchase all of its outstanding common shares. As a result of such approval, effective as of May 18, 2023, the Company’s asset coverage requirement was reduced from 200% to 150%, or a ratio of total debt-to-equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of June 30, 2026, the Company’s asset coverage for borrowed amounts was 183.6%.
2025-R Debt Securitization: On September 21, 2023, the Company completed a $693,620 term debt securitization (the “2023 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by the 2023 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. The 2023 Notes offered in the 2023 Debt Securitization consisted of $395,500 of AAA Class A-1 2023 Notes, which bore interest at three-month term SOFR plus 2.40%; $38,500 of AAA Class A-2 2023 Notes, which bore interest at three-month term SOFR plus 2.30%; and $259,620 of subordinated 2023 Notes. The Company indirectly retained all of the Subordinated 2023 Notes which were eliminated in consolidation. On September 9, 2024, the Company sold the previously retained Class A-2 2023 Notes to a third party, which resulted in a realized gain on the sale of debt of $1,274. On September 25, 2025, the Company completed a $931,550 term debt securitization (the “2025-R Debt Securitization”), which redeemed all of the notes issued under the 2023 Debt Securitization. The redemption of the 2023 Notes resulted in a realized loss on the extinguishment of debt of $1,900 for the portion of the unamortized discounts and debt issuance costs on the 2023 Notes issued.

The notes offered in the 2025-R Debt Securitization (the “2025 Reset Notes”) were issued by the 2025-R Issuer, a subsidiary of 2025-R CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The Secured Notes offered in the 2025-R Debt Securitization consist of $500,000 of AAA Class A-1R Senior Secured Floating Rate 2025 Reset Notes, which bear interest at the three-month SOFR plus 1.45% and $76,200 of AAA Class A-2R Senior Secured Floating Rate 2025 Reset Notes, which bear interest at the three-month SOFR plus 1.65%. Additionally, the 2025-R Issuer issued $285,650 of Subordinated 2025 Reset Notes due 2125 (the “Subordinated 2025 Reset Notes”), which do not bear interest. In partial consideration for the loans transferred to the 2025-R Issuer as part of the 2025-R Debt Securitization, the 2025-R CLO Depositor received and retained $20,200 of Class A-2R 2025 Reset Notes, $69,700 of AA Class B-R Senior Secured Floating Rate 2025 Reset Notes and $285,650 of Subordinated 2025 Reset Notes, which were eliminated in consolidation.

Through October 26, 2029, all principal collections received on the underlying collateral may be used by the 2025-R Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2025-R Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025-R Debt Securitization, allowing the Company to maintain the initial leverage in the 2025-R Debt Securitization. The Secured 2025 Reset Notes are due on October 26, 2037. The Subordinated 2025 Reset Notes are due on September 25, 2125.

As of June 30, 2026 and September 30, 2025, there were 114 and 77 portfolio companies, respectively, with total fair value of $904,590 and $679,738, securing the 2025 Reset Notes. The pool of loans in the 2025-R Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the 2025-R Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of June 30, 2026 based on the last interest rate reset was 3.7%.
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 2025-R Debt Securitization and the 2023 Debt Securitization were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,220 $7,327 $22,057 $22,675 
Accretion of discounts on notes issued— 24 — 72 
Amortization of debt issuance costs151 112 450 336 
Total interest and other debt financing expenses$7,371 $7,463 $22,507 $23,083 
Cash paid for interest expense$7,221 $7,340 $17,486 $23,721 
Annualized average stated interest rate
5.2 %6.8 %5.3 %7.0 %
Average outstanding balance$556,000 $434,000 $556,000 $434,000 

As of June 30, 2026, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1R and A-2R 2025 Reset Notes are as follows:

DescriptionClass A-1R
2025 Reset Notes		Class A-2R
2025 Reset Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$500,000$56,000
S&P Rating"AAA""AAA"
Fitch Rating "AAA"N/A
Interest Rate
SOFR + 1.45%
SOFR + 1.65%

The Investment Adviser serves as collateral manager to the 2025-R Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2025-R Issuer for rendering such collateral management services.

2025 Debt Securitization: On September 18, 2025, the Company completed a $868,570 term debt securitization (the “2025 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2025 Debt Securitization (the “2025 Notes”) were issued by the 2025 Issuer, a subsidiary of 2025 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The 2025 Notes offered in the 2025 Debt Securitization consist of $430,000 of AAA Class A-1 Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.47%; $14,440 of AAA Class A-2 Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.65% and $59,650 of AA Class B Senior Secured Floating Rate 2025 Notes, which bear interest at the three-month SOFR plus 1.80%. Additionally, the 2025 Issuer issued $209,140 of Subordinated 2025 Notes due 2125 (the “Subordinated 2025 Notes”), which do not bear interest. In partial consideration for the loans transferred to the 2025 Issuer as part of the 2025 Debt Securitization, the 2025 CLO Depositor received and retained $60,340 of Class C Secured Deferrable Floating Rate 2025 Notes and $209,140 of Subordinated 2025 Notes, which were eliminated in consolidation.

Additionally, the 2025 Issuer incurred certain loans as part of the 2025 Debt Securitization (the “2025 Loans”), consisting of $60,000 of AAA Class A-1L-1 Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.47%; $10,000 of AAA Class A-1L-2 Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.47%; $20,000 of AAA Class A-2L Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.65%; and $5,000 of AA Class B-L Senior Secured Floating Rate 2025 Loans, which bear interest at the three-month SOFR plus 1.80%.
Through October 18, 2030, 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, 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 Secured 2025 Notes are due on October 18, 2039. The Subordinated 2025 Notes are due on September 18, 2125. The Secured 2025 Loans mature on October 18, 2039.

As of June 30, 2026 and September 30, 2025, there were 72 and 59 portfolio companies, respectively, with total fair value of $858,420 and $700,937, respectively, securing the 2025 Notes. 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. The interest charged under the 2025 Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of June 30, 2026 based on the last interest rate reset was 3.7%.

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 2025 Debt Securitization were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,859 $— $24,035 $— 
Amortization of debt issuance costs124 — 372 — 
Total interest and other debt financing expenses$7,983 $— $24,407 $— 
Cash paid for interest expense$7,764 $— $19,041 $— 
Annualized average stated interest rate
5.3 %N/A5.4 %N/A
Average outstanding balance$599,090 $— $599,090 $— 

As of June 30, 2026, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1, Class A-2, and Class B 2025 Notes, and of the Class A-1L-1, Class A-1L-2, Class A-2L and Class B-L 2025 Loans are as follows:
DescriptionClass A-1 2025 NotesClass A-2 2025 NotesClass B
2025 Notes		Class A-1L-1 2025 LoansClass A-1L-2 2025 LoansClass A-2L 2025 LoansClass B-L 2025 Loans
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$430,000$14,440$59,650$60,000$10,000$20,000$5,000
S&P Rating"AAA""AAA""AA""AAA""AAA""AAA""AA"
Fitch Rating "AAA""AAA""AA""AAA""AAA""AAA""AA"
Interest Rate
SOFR +
1.47%
SOFR +
1.65%
SOFR +
1.80%
SOFR +
1.47%
SOFR +
1.47%
SOFR +
1.65%
SOFR +
1.80%

The Investment Adviser serves as collateral manager to the 2025 Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2025 Issuer for rendering such collateral management services.
2026-B Debt Securitization: On January 14, 2026, GCRED BSL CLO 1 (the “2026-B Issuer”), an indirect and wholly owned and primarily controlled subsidiary of the Company, completed a $400,150 term debt securitization (the “2026-B Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the overall asset coverage requirement. The notes offered in the 2026-B Debt Securitization (the “2026-B Notes”) were issued by the 2026-B Issuer, a subsidiary of 2026-B CLO Depositor, and are backed by a diversified portfolio of senior secured loans. The notes offered in the 2026-B Debt Securitization consist of $264,000 of AAA Class A-1 Senior Secured Floating Rate 2026-B Notes due 2034, which bear interest at the three-month SOFR plus 1.05% (the “Class A-1 Notes”); $8,000 of AAA Class A-2 Senior Secured Floating Rate 2026-B Notes due 2034, which bear interest at the three-month SOFR plus 1.30% (the “Class A-2 Notes”); $35,000 of AA Class B Senior Secured Floating Rate 2026-B Notes due 2034, which bear interest at the three-month SOFR plus 1.45% (the “Class B Notes”); $28,000 of Class C Secured Deferrable Floating Rate 2026-B Notes due 2034, which bear interest at the three-month SOFR plus 1.70% (the “Class C Notes”). Additionally, the 2026-B Issuer issued $65,150 of Subordinated 2026-B Notes due 2126 (the “Subordinated 2026-B Notes”), which do not bear interest. In partial consideration for the loans transferred to the 2026-B Issuer as part of the 2026-B Debt Securitization, the 2026-B CLO Depositor received and retained $65,150 of Subordinated 2026-B Notes, which were eliminated in consolidation.

Under the terms of the 2026-B Debt Securitization, principal collections received on the underlying collateral must be used to repay the outstanding 2026-B Notes. There were no repayments on the 2026-B Notes during the three and nine months ended June 30, 2026. As of June 30, 2026, $43,758 of restricted cash included in Restricted cash and Restricted cash equivalents on the Consolidated Statements of Financial Condition was held for future payments on the 2026-B Notes. The 2026-B Notes mature on January 20, 2034, and the Subordinated 2026-B Notes mature on January 14, 2126.

As of June 30, 2026, there were 120 portfolio companies with total fair value of $342,299, securing the 2026-B Notes. The pool of loans in the 2026-B Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the 2026-B Debt Securitization is based on three-month term SOFR. The three-month term SOFR in effect as of June 30, 2026 based on the last interest rate reset was 3.7%.

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 2026-B Debt Securitization were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$4,078 $— $7,528 $— 
Amortization of debt issuance costs42 — 78 — 
Total interest and other debt financing expenses$4,120 $— $7,606 $— 
Cash paid for interest expense$— $— $— $— 
Annualized average stated interest rate
4.9 %N/A4.9 %N/A
Average outstanding balance$335,000 $— $206,154 $— 

As of June 30, 2026, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1, Class A-2, and Class B Notes are as follows:
DescriptionClass A-1 2026-B NotesClass A-2 2026-B NotesClass B 2026-B NotesClass C 2026-B Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSecured Deferrable Floating Rate
Amount Outstanding$264,000$8,000$35,000$28,000
Fitch Rating "AAA""AAA""AA""A"
Interest Rate
SOFR + 1.05%
SOFR + 1.30%
SOFR + 1.45%
SOFR + 1.70%
The Investment Adviser serves as collateral manager to the 2026-B Issuer and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by the 2026-B Issuer for rendering such collateral management services.

SMBC Credit Facility: On September 6, 2023, the Company entered into a senior secured revolving credit facility (as amended, the “SMBC Credit Facility”) with the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and as collateral agent, and the lenders and issuing banks from time to time party thereto. As of June 30, 2026, the SMBC Credit Facility allowed the Company to borrow up to $3,127,500 in U.S. dollars and certain agreed upon foreign currencies, subject to leverage and borrowing base restrictions, which includes a term loan commitment of $102,500. On April 23, 2026, the Company amended the SMBC Credit Facility to, among other things, (i) increase the aggregate commitments from $2,602,500 to $3,127,500, (ii) increase the accordion feature, which allows the Company to increase the total size of the facility from $3,000,000 to $4,500,000, (iii) reduce the applicable margin on borrowings from 1.875% to 1.75% for any term benchmark loan or RFR loan and remove the 0.10% Term SOFR spread adjustment and (iv) extend the maturity date from November 22, 2029 to April 23, 2031.

The SMBC Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $50,000, subject to increase or reduction from time to time pursuant to the terms of the SMBC Credit Facility.

The SMBC Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings under the SMBC Credit Facility bear interest at the applicable base rate plus a margin of either 0.75% or 1.75%. The applicable base rate under the SMBC Credit Facility is (i) SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment of 0.0326%, (iii) EURIBOR with respect to any advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars plus an adjustment of 0.29547% for one-month tenor loans and 0.32138% for three-month tenor loans, (v) the Bank Bill Swap Rate with respect to any advances denominated in Australian Dollars plus an adjustment of 0.20% and (vi) the relevant rate as defined in the SMBC Credit Facility for borrowings in other currencies.
The Company pays a commitment fee of 0.35% per annum on the daily unused portion of commitments under the SMBC Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the SMBC Credit Facility. The Company may request borrowings on the SMBC Credit Facility (the “Availability Period”) through April 23, 2030 (the “Commitment Termination Date”), and the SMBC Credit Facility requires mandatory prepayment of interest and principal upon certain events during the term-out period commencing on the Commitment Termination Date. The SMBC Credit Facility matures on April 23, 2031.

As of June 30, 2026 and September 30, 2025, the Company had outstanding debt of $975,061 and $1,297,041, respectively, and no letters of credit outstanding under the SMBC Credit Facility.

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 SMBC Credit Facility were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$13,838 $16,370 $53,358 $29,911 
Facility fees1,707 366 3,736 1,801 
Amortization of debt issuance costs1,679 930 3,966 2,299 
Total interest and other debt financing expenses$17,224 $17,666 $61,060 $34,011 
Cash paid for interest expense$18,491 $13,609 $57,350 $28,782 
Annualized average stated interest rate(1)
5.1 %6.0 %5.3 %5.9 %
Average outstanding balance$1,082,714 $1,093,822 $1,351,513 $676,057 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

BANA Credit Facility: On May 9, 2025, GCRED Funding, a direct wholly-owned subsidiary of the Company, entered into a revolving credit and security agreement (the “BANA Credit Facility”) with the Company, as servicer, Bank of America, N.A., as administrative agent and sole lender, and Computershare Trust Company, N.A., as collateral custodian. Under the BANA Credit Facility, the lenders have agreed to extend credit to GCRED Funding in an aggregate principal amount of up to $500,000 as of May 9, 2025. GCRED Funding may request drawdowns under the BANA Credit Facility through May 9, 2028 and the BANA Credit Facility will mature on May 9, 2031, the sixth anniversary of the closing date of the BANA Credit Facility.

Borrowings under the BANA Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin, which is based on the composition of the portfolio and ranges from a floor of 1.70% per annum to 1.95% per annum. Additionally, GCRED Funding pays a commitment fee on the unused portion of commitments of (i) 0.25% per annum through September 9, 2025 and (ii) either 0.50% or 1.75% per annum (or both), based on the amount of the unfunded commitments. A reduction fee may be payable in the event of any permanent reduction in commitments of the BANA Credit Facility.

The BANA Credit Facility is secured by all of the assets held by GCRED Funding. GCRED Funding 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 BANA Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.
As of June 30, 2026 and September 30, 2025, the Company had $310,900 and $310,000 of outstanding debt under the BANA Credit Facility, respectively.
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 BANA Credit Facility were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$5,089 $1,546 $18,070 $1,546 
Facility fees144 122 207 122 
Amortization of debt issuance costs168 91 505 91 
Total interest and other debt financing expenses$5,401 $1,759 $18,782 $1,759 
Cash paid for interest expense$6,252 $— $17,608 $— 
Annualized average stated interest rate
5.3 %6.3 %5.4 %6.3 %
Average outstanding balance$386,818 $97,626 $446,366 $32,542 

2027 Notes: On May 22, 2024, the Company entered into a Master Note Purchase Agreement (the “Master Note Purchase Agreement”), governing the issuance of $300,000 aggregate principal amount of 7.12% Tranche A Series 2024A Senior Notes due November 18, 2027 (the “2027 Tranche A Notes”), $100,000 aggregate principal amount of Tranche B Floating Rate Series 2024A Senior Notes due November 18, 2027 (the “2027 Tranche B Notes”), and €25,000 aggregate principal amount of Tranche C Floating Rate Series 2024A Senior Notes due November 18, 2027 (the “2027 Tranche C Notes” and, together with the 2027 Tranche A Notes and 2027 Tranche B Notes, the “2027 Notes”), to qualified institutional investors in a private placement. The 2027 Tranche A Notes bear interest at a rate equal to 7.12% per annum that is payable semi-annually on February 5 and August 5 of each year. The 2027 Tranche B Notes bear interest at a rate equal to Term SOFR plus 2.63% that is payable quarterly on February 5, May 5, August 5 and November 5 of each year. The 2027 Tranche C Notes bear interest at a rate equal to EURIBOR plus 2.29% that is payable semi-annually on February 5 and August 5 of each year.

The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari-passu, or equal in right of payment, with all outstanding and future unsecured and unsubordinated indebtedness issued by the Company.
On May 8, 2024, the Company entered into interest rate swap agreements on the 2027 Tranche A Notes with SMBC and Macquarie as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed interest rate of 7.12% and (ii) pays SMBC a floating interest rate of three-month Term SOFR plus 2.5975% on the first $225,000 of the 2027 Tranche A Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed interest rate of 7.12% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR plus 2.644% on the second $75,000 of the 2027 Tranche A Notes. The Company designated these interest rate swaps and the 2027 Tranche A Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

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 2027 Notes were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,249 $7,463 $21,887 $22,523 
Net contractual interest rate swap expense(586)(87)(1,410)165 
Net (gain)/loss related to fair value hedge220 (139)474 3,537 
Amortization of debt issuance costs450 423 1,350 1,296 
Total interest and other debt financing expenses$7,333 $7,660 $22,301 $27,521 
Cash paid for interest expense(1)
$(1,762)$(1,073)$12,417 $14,887 
Annualized average contractual interest rate swap and stated interest rate(2)
6.2 %6.9 %6.4 %7.1 %
Average outstanding balance$428,892 $427,049 $429,342 $427,840 
(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 debt instrument.
(2)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

2028 Notes: On July 23, 2025, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of June 30, 2026, the outstanding aggregate principal amount of the 2028 Notes was $500,000. The 2028 Notes bear interest at a rate of 5.450% per year payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2026. The 2028 Notes mature on July 15, 2028.

The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2028 Notes. The 2028 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after June 15, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2028 Notes.
On July 16, 2025, the Company entered into interest rate swap agreements on the 2028 Notes with SMBC as a counterparty. Under the agreement with SMBC, the Company (i) receives a fixed interest rate of 5.45% and (ii) pays SMBC a floating interest rate of three-month Term SOFR plus 1.834% on the $500,000 of the 2028 Notes. The Company designated these interest rate swap and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

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 2028 Notes were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$6,812 $— $20,438 $— 
Net contractual interest rate swap expense202 — 871 — 
Accretion of discounts on notes issued270 — 811 — 
Amortization of debt issuance costs357 — 1,049 — 
Total interest and other debt financing expenses$7,641 $— $23,169 $— 
Cash paid for interest expense(1)
$6,792 $— $21,741 $— 
Annualized average contractual interest rate swap and stated interest rate
5.6 %N/A5.7 %N/A
Average outstanding balance$500,000 $— $500,000 $— 
(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 debt instrument.

2029 Notes: On September 12, 2024, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2029 Notes”). As of June 30, 2026, the outstanding aggregate principal amount of the 2029 Notes was $500,000. The 2029 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 12 and September 12 of each year, commencing on March 12, 2025. The 2029 Notes mature on September 12, 2029.

The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2029 Notes. The 2029 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after August 12, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2029 Notes.
On September 5, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with Regions and Macquarie as counterparties. Under the agreement with Regions, the Company (i) receives a fixed interest rate of 6.046% and (ii) pays Regions a floating interest rate of three-month Term SOFR plus 2.7875% on the first $350,000 of the 2029 Notes. Under the agreement with Macquarie, the Company (i) receives a fixed interest rate of 6.046% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR plus 2.770% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swaps and the 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

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 2029 Notes were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,250 $7,250 $21,750 $21,750 
Net contractual interest rate swap expense601 1,399 2,249 4,951 
Net (gain)/loss related to fair value hedge(89)(121)(257)(1,051)
Accretion of discounts on notes issued261 261 783 783 
Amortization of debt issuance costs314 284 941 866 
Total interest and other debt financing expenses$8,337 $9,073 $25,466 $27,299 
Cash paid for interest expense(1)
$8,251 $9,048 $24,411 $27,172 
Annualized average contractual interest rate swap and stated interest rate
6.3 %6.9 %6.4 %7.1 %
Average outstanding balance$500,000 $500,000 $500,000 $500,000 
(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 debt instrument.

2030 Notes: On February 24, 2025, the Company issued $500,000 in aggregate principal amount of unsecured notes (the “2030 Notes”). As of June 30, 2026, the outstanding aggregate principal amount of the 2030 Notes was $500,000. The 2030 Notes bear interest at a rate of 5.875% per year payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2025. The 2030 Notes mature on May 1, 2030.

The 2030 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2030 Notes. The 2030 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2030 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2030 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2030 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points less interest accrued to the date of redemption. If the Company redeems any 2030 Notes on or after April 1, 2030 (the date falling one month prior to the maturity date of the 2030 Notes), the redemption price for the 2030 Notes will be equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2030 Notes.
On February 19, 2025, the Company entered into interest rate swap agreements with SMBC and Morgan Stanley as counterparties. Under the agreement with SMBC, the Company (i) receives a fixed interest rate of 5.875% and (ii) pays SMBC a floating interest rate of SOFR plus 1.727% on the first $350,000 of the 2030 Notes. Under the agreement with Morgan Stanley, the Company (i) receives a fixed interest rate of 5.875% and (ii) pays Morgan Stanley a floating interest rate of SOFR plus 1.745% on the second $150,000 of the 2030 Notes. The Company designated these interest rate swaps and the 2030 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information.

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 2030 Notes were as follows:

Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,343 $7,348 $22,031 $10,367 
Net contractual interest rate swap expense(524)333 (1,152)344 
Accretion of discounts on notes issued281 280 842 391 
Amortization of debt issuance costs299 291 897 417 
Total interest and other debt financing expenses$7,399 $8,252 $22,618 $11,519 
Cash paid for interest expense(1)
$6,653 $5,579 $21,509 $5,579 
Annualized average contractual interest rate swap and stated interest rate
5.5 %6.2 %5.6 %6.2 %
Average outstanding balance$500,000 $500,000 $500,000 $232,601 
(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 debt instrument.

2031 Notes: On January 29, 2026, the Company completed an offering of $500,000 aggregate principal amount of its 5.600% unsecured notes due 2031 (the “2031 Notes”). As of June 30, 2026, the outstanding aggregate principal amount of the 2031 Notes was $500,000. The 2031 Notes will mature on April 15, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the applicable redemption price. The 2031 Notes bear interest at a rate of 5.600% per year payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2026.

The 2031 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2031 Notes. The 2031 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to all of the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company may redeem some or all of the 2031 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2031 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2031 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points less interest accrued to the date of redemption. If the Company redeems any 2031 Notes on or after March 31, 2031 (the date falling one month prior to the maturity date of the 2031 Notes), the redemption price for the 2031 Notes will be equal to 100% of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. No sinking fund is provided for the 2031 Notes.
In connection with the 2031 Notes, the Company entered into interest rate swap agreements with SMBC and BNP as counterparties. Under the agreement with SMBC, the Company receives a fixed interest rate of 5.600% and pays SMBC a floating interest rate of SOFR plus 1.9485% on the first $300,000 of the 2031 Notes. Under the agreement with BNP, the Company receives a fixed interest rate of 5.600% and pays BNP a floating interest rate of SOFR plus 1.955% on the second $200,000 of the 2031 Notes.

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 2031 Notes were as follows:

Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,000 $— $11,822 $— 
Net contractual interest rate swap expense60 — 76 — 
Accretion of discounts on notes issued272 — 457 — 
Amortization of debt issuance costs268 — 446 — 
Total interest and other debt financing expenses$7,600 $— $12,801 $— 
Cash paid for interest expense(1)
$5,929 $— $5,929 $— 
Annualized average contractual interest rate swap and stated interest rate
5.7 %N/A5.7 %N/A
Average outstanding balance$500,000 $— $280,220 $— 
(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 debt instrument, if any.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2026, permitted the Company to borrow up to $300,000 in U.S. dollars and certain agreed upon foreign currencies and which has a maturity date of July 3, 2026. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of June 30, 2026 was 3.8%. As of June 30, 2026 and September 30, 2025, the Company had no outstanding debt under the Adviser Revolver.

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 Adviser Revolver were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$19 $535 $34 $535 
Cash paid for interest expense15 — 15 — 
Annualized average stated interest rate
3.5 %4.1 %3.6 %4.1 %
Average outstanding balance$2,104 $52,302 $1,269 $17,434 

Other Short-Term Borrowings: Borrowings with original maturities of less than one year are classified as short-term. The Company’s short-term borrowings are the result of investments that were sold under repurchase agreements. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition. The Company includes other short-term borrowings in the balance of outstanding indebtedness in the calculation of the Company’s asset coverage requirement under the 1940 Act.

As of June 30, 2026, the Company had $134,315 of other short-term borrowings and the fair value of the loans collateralizing the short-term borrowings was $222,110. As of September 30, 2025, the Company had $74,178 of other short-term borrowings and the fair value of the loans collateralizing the short-term borrowings was $109,743.
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 short-term borrowings were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$1,684 $59 $4,991 $59 
Cash paid for interest expense1,714 — 4,892 — 
Annualized average stated interest rate
4.8 %5.5 %4.9 %5.5 %
Average outstanding balance$141,699 $4,263 $136,995 $1,421 

For the three and nine months ended June 30, 2026, the average total debt outstanding was $5,532,317 and $5,506,949, respectively. For the three and nine months ended June 30, 2025, the average total debt outstanding was $3,109,062 and $2,321,894, respectively.

For the three and nine months ended June 30, 2026, the effective average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes, on the Company’s total debt was 5.9% and 6.0%, respectively. For the three and nine months ended June 30, 2025, the effective average interest rate, which includes amortization of debt financing costs, non-usage facility fees and the net contractual interest rate swap expense on the 2027 Tranche A Notes, 2029 Notes and 2030 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2027 Tranche A Notes, 2029 Notes and 2030 Notes, on the Company’s total debt was 6.8% and 7.1%, respectively.

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
2025 Debt Securitization(1)
$599,090 $— $— $— $599,090 
2025-R Debt Securitization(1)
556,000 — — — 556,000 
2026-B Debt Securitization(1)
335,000 — — — 335,000 
SMBC Credit Facility(1)
975,061 — — 975,061 — 
BANA Credit Facility310,900 — — 310,900 — 
2027 Notes(2)
429,871 — 429,871 — — 
2028 Notes(1)(2)
492,933 — 492,933 — — 
2029 Notes(1)(2)
486,352 — — 486,352 — 
2030 Notes(1)(2)
497,930 — — 497,930 — 
2031 Notes(1)(2)
487,089 — — 487,089 — 
Other short-term borrowings134,315 134,315 — — — 
Total borrowings$5,304,541 $134,315 $922,804 $2,757,332 $1,490,090 
(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.