Borrowings (Tables)

9 Months Ended

Jun. 30, 2026

Schedule of Components of Interest Expense

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 discount	14			28
Amortization of debt issuance costs	34			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.

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

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 issued	1			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.

Schedule of Maturity Requirements for Borrowings

A summary of the Company’s maturity requirements for borrowings as of June 30, 2026 is as follows:


	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More 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.