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 December 31, 2025, 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 the date of the Company’s election to be regulated as a BDC on December 31, 2025, 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 181.6%.

BANA Credit Facility: Effective December 31, 2025, the Company assumed, in connection with the GPIF S Purchase Agreement, Funding’s revolving credit and security agreement (as amended and/or restated from time to time, 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 Funding in an aggregate principal amount of up to $425,000 as of December 31, 2025. Funding may request drawdowns under the BANA Credit Facility through December 11, 2028 and the BANA Credit Facility will mature on December 11, 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 1.85% per annum. Additionally, for periods beginning after June 30, 2026, Funding pays a commitment fee on the unused portion of commitments of either 0.50% or 1.75% (or both) per annum, based on the amount of the unfunded commitments. A prepayment 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 Funding. 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 the BANA Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

As of June 30, 2026, the Company had $142,401 of outstanding debt under the BANA Credit Facility.
For the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the components of interest expense, cash paid for interest expense, the annualized average stated interest rate, and the average outstanding balance for the BANA Credit Facility were as follows:
Three months ended
June 30, 2026
Period from December 31, 2025 (commencement of operations) to June 30, 2026
Stated interest expense$1,915 $3,535 
Facility fees— 26 
Accretion of discount14 28 
Amortization of debt issuance costs34 62 
Total interest expense$1,963 $3,651 
Cash paid for interest expense(1)
$1,816 $2,237 
Annualized average stated interest rate(2)
5.4 %5.3 %
Average outstanding balance$143,229 $132,711 
(1)Cash paid for interest expense excludes interest payable under the BANA Credit Facility assumed in connection with the GPIF S Purchase Agreement.
(2)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, to U.S. dollar.
The Company assumed $295 of interest payable under the BANA Credit Facility as of December 31, 2025 in connection with the GPIF S Purchase Agreement, that was subsequently paid on February 12, 2026.

Promissory Notes - OS Cayman Trust: Effective December 31, 2025, the Company entered into a $13,637 short-term unsecured promissory note with OS Cayman Trust and the Investment Adviser previously defined as (the “OS Note”). For the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the Company did not incur any interest expense on the OS Note. The Investment Adviser, and not the Company, agreed to pay any interest payable under the OS Note. On January 26, 2026, the Company repaid in full the $13,637 OS Note.

For the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the average outstanding balance for the Promissory Notes - OS Cayman Trust is as follows:
Three months ended
June 30, 2026
Period from December 31, 2025 (commencement of operations) to June 30, 2026
Average outstanding balance$— $1,949 

Promissory Notes - REIT Funding: On December 31, 2025, concurrent with the Initial Closing, the Company issued and sold 400 promissory notes (the “RF Notes”) in a private offering with each RF Note issued in connection with the issuance of one Common Share to each accredited investor. The RF Notes each have a principal amount of $2, a maturity date of December 31, 2055, and the Company pays interest on the RF Notes at an interest rate equal to 12.0% annually. The RF Notes were issued at an original issue discount equal to the price of each Common Share issued in connection with each RF Note, or $25.00 per share. As of June 30, 2026, the outstanding aggregate principal amount of the RF Notes totaled $800.
For the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the components of interest expense, the annualized average stated interest rate, and the average outstanding balance for the Promissory Notes - REIT Funding were as follows:
Three months ended
June 30, 2026
Period from December 31, 2025 (commencement of operations) to June 30, 2026
Stated interest expense$24 $48 
Accretion of discount on notes issued1 2 
Total interest expense$25 $50 
Cash paid for interest expense$48 $48 
Annualized average stated interest rate(1)
12.2 %12.1 %
Average outstanding balance$800 $800 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, to U.S. dollar.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2026, the Company was permitted to borrow up to $100,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of December 23, 2028. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). As of June 30, 2026, the short-term AFR was 3.8%. As of June 30, 2026, the Company had no outstanding debt under the Adviser Revolver. For the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the Company did not incur any interest expense on the Adviser Revolver.

For the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the average total debt outstanding was $144,029 and $135,460, respectively.

For both the three months ended June 30, 2026 and the period from December 31, 2025 (commencement of operations) to June 30, 2026, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, on the Company’s total debt was 5.5%.

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
BANA Credit Facility(1)
$142,085 $— $— $— $142,085 
RF Notes(1)
712 — — — 712 
Total borrowings$142,797 $— $— $— $142,797 
(1) Represents principal outstanding plus unaccreted original issue discount.