Borrowings (Tables)

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Securitization

For the three and nine months ended June 30, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	5,823		$	6,947		$	19,422		$	19,207
Amortization of debt issuance costs	—			9			2			152
Total interest and other debt financing expenses	$	5,823		$	6,956		$	19,424		$	19,359
Cash paid for interest expense	$	6,354		$	6,577		$	20,766		$	17,246
Annualized average stated interest rate	7.4		%	6.9		%	7.4		%	6.3		%
Average outstanding balance	$	316,992		$	404,387		$	350,454		$	406,929

For the three and nine months ended June 30, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	6,734		$	8,670		$	23,410		$	24,068
Accretion of discounts on notes issued	—			—			—			544
Amortization of debt issuance costs	—			—			—			21
Total interest and other debt financing expenses	$	6,734		$	8,670		$	23,410		$	24,633
Cash paid for interest expense	$	7,928		$	8,261		$	25,531		$	21,681
Annualized average stated interest rate	6.8		%	6.4		%	6.8		%	5.9		%
Average outstanding balance	$	400,163		$	539,674		$	456,622		$	544,225

For the three and nine months ended June 30, 2024, 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,
	2024			2024
Stated interest expense	$	1,680		$	1,680
Amortization of debt issuance costs	—			—
Total interest expense	$	1,680		$	1,680
Cash paid for interest expense	$	—		$	—
Annualized average stated interest rate	7.4		%	7.4		%
Average outstanding balance	$	91,692		$	30,452

For the three and nine months ended June 30, 2024, 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,
	2024			2024
Stated interest expense	$	1,437		$	1,437
Amortization of debt issuance costs	—			—
Total interest expense	$	1,437		$	1,437
Cash paid for interest expense	$	—		$	—
Annualized average stated interest rate	7.5		%	7.5		%
Average outstanding balance	$	77,411		$	25,710

For the three and nine months ended June 30, 2024, 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,
	2024			2024
Stated interest expense	$	1,387		$	1,387
Amortization of debt issuance costs	—			—
Total interest expense	$	1,387		$	1,387
Cash paid for interest expense	$	—		$	—
Annualized average stated interest rate	8.1		%	8.1		%
Average outstanding balance	$	69,231		$	22,993

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:

	Three months ended June 30,			Nine months ended June 30,
	2024			2024
Stated interest expense	$	3,076		$	3,076
Facility fees	154			154
Amortization of debt issuance costs	—			—
Total interest and other debt financing expenses	$	3,230		$	3,230
Cash paid for interest expense and facility fees	$	—		$	—
Annualized average stated interest rate¹	7.6		%	7.6		%
Average outstanding balance	$	163,225		$	54,210

(1)The annualized 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, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	3,423		$	11,195		$	15,898		$	29,463
Facility fees	1,125			1,005			3,358			2,145
Amortization of debt issuance costs	848			836			2,491			1,948
Total interest and other debt financing expenses	$	5,396		$	13,036		$	21,747		$	33,556
Cash paid for interest expense and facility fees	$	4,083		$	11,704		$	18,818		$	31,491
Annualized average stated interest rate¹	7.1		%	6.4		%	7.1		%	5.9		%
Average outstanding balance	$	194,775		$	703,448		$	300,911		$	670,564

(1)The annualized 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, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:

	Three months ended June 30,						Nine months ended June 30,
	2024			2023			2024			2023
Stated interest expense	$	328		$	4,219		$	8,766		$	12,657
Accretion of discounts and amortization of premiums on notes issued	(53)			(345)			(747)			(1,035)
Amortization of debt issuance costs	84			495			1,204			1,485
Total interest and other debt financing expenses	$	359		$	4,369		$	9,223		$	13,107
Cash paid for interest expense	$	8,109		$	8,438		$	16,547		$	16,876
Annualized average stated interest rate	3.4		%	3.4		%	3.4		%	3.4		%
Average outstanding balance	$	38,462		$	500,000		$	346,715		$	500,000

For the three and nine months ended June 30, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	3,750		$	3,750		$	11,250		$	11,250
Accretion of discounts on notes issued	132			132			398			397
Amortization of debt issuance costs	420			372			1,269			1,117
Total interest and other debt financing expenses	$	4,302		$	4,254		$	12,917		$	12,764
Cash paid for interest expense	$	—		$	—		$	7,500		$	7,500
Annualized average stated interest rate	2.5		%	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, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	1,794		$	1,794		$	5,382		$	5,382
Accretion of discounts on notes issued	182			183			549			548
Amortization of debt issuance costs	231			225			698			639
Total interest and other debt financing expenses	$	2,207		$	2,202		$	6,629		$	6,569
Cash paid for interest expense	$	—		$	—		$	3,588		$	3,587
Annualized average stated interest rate	2.1		%	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, 2024, the components of interest expense, cash paid for interest and facility fees, 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,
	2024			2024
Stated interest expense	$	7,931		$	18,153
Net contractual interest rate swap expense	1,279			2,368
Net (gain)/loss related to the fair value hedge	3,906			(279)
Accretion of discounts on notes issued	241			552
Amortization of debt issuance costs	299			661
Total interest and other debt financing expenses	$	13,656		$	21,455
Cash paid for interest expense	$	12,944		$	17,873
Annualized average interest rate swap and stated interest rate	8.2		%	8.0		%
Average outstanding balance	$	450,000		$	343,248

For the three and nine months ended June 30, 2024, the components of interest expense, cash paid for interest and facility fees, 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,
	2024			2024
Stated interest expense	$	9,000		$	15,000
Net contractual interest rate swap expense	2,405			3,923
Net (gain)/loss related to the fair value hedge	1,857			3,270
Accretion of discounts on notes issued	309			513
Amortization of debt issuance costs	333			543
Total interest and other debt financing expenses	$	13,904		$	23,249
Cash paid for interest expense	$	—		$	—
Annualized average interest rate swap and stated interest rate	7.6		%	7.6		%
Average outstanding balance	$	600,000		$	330,657

For the three and nine months ended June 30, 2024 and 2023, 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,
	2024			2023			2024			2023
Stated interest expense	$	—		$	—		$	—		$	—
Cash paid for interest expense	—			—			—			—
Annualized average stated interest rate	—		%	—		%	—		%	—		%
Average outstanding balance	$	—		$	—		$	—		$	—

Schedule of Interest Rate and Interest Differential Analysis

As of June 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A, B and C-1 2018 Notes are as follows:

Description	Class A 2018 Notes	Class B 2018 Notes	Class C-1 2018 Notes
Type	Senior Secured Floating Rate	Senior Secured Floating Rate	Senior Secured Floating Rate
Amount Outstanding	$226,794	$61,200	$20,000
Fitch Rating	“AAA”	“NR”	“NR”
S&P Rating	“AAA”	“AA”	“A”
Interest Rate(1)	SOFR + 1.48%	SOFR + 2.10%	SOFR + 2.80%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

As of June 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:

Description	Class A-1 GCIC 2018 Notes	Class A-2-R GCIC 2018 Notes	Class B-1 GCIC 2018 Notes
Type	Senior Secured Floating Rate	Senior Secured Fixed Rate	Senior Secured Floating Rate
Amount Outstanding	$323,517	$38,500	$18,000
Fitch’s Rating	"AAA"	"NR"	"NR"
S&P Rating	"AAA"	"AAA"	"AA"
Interest Rate(1)	SOFR + 1.48%	2.50%	SOFR + 2.25%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

As of June 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month term SOFR, as applicable) of the Class A 2021 Notes, Class B 2021 Notes, Class C-1 2021 Notes and the Class C-2 GBDC 3 2021 Notes were as follows:

Description	Class A GBDC 3 2021 Notes	Class B GBDC 3 2021 Notes	Class C-1 GBDC 3 2021 Notes	Class C-2 GBDC 3 2021 Notes
Type	Senior Secured Floating Rate	Senior Secured Floating Rate	Senior Secured Floating Rate	Senior Secured Floating Rate
Amount Outstanding	$224,000	$28,000	$36,000	$10,000
S&P Rating	"AAA"	"AA"	"A"	"A"
Interest Rate(1)	SOFR + 1.60%	SOFR + 1.85%	SOFR + 2.80%	3.91%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

As of June 30, 2024, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:

Description	Secured GBDC 3 2022 Notes
Type	Senior Secured Floating Rate
Amount Outstanding	$251,587
Kroll Bond Rating Agency Rating	A
Interest Rate	SOFR + 2.0%

As of June 30, 2024, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans were as follows:

Description	Class A GBDC 3 2022-2 Notes	Class A GBDC 3 2022-2 Loans
Type	Senior Secured Floating Rate	Senior Secured Floating Rate
Amount Outstanding	$140,000	$85,000
S&P Rating	"AAA"	"AAA"
Interest Rate	SOFR + 2.60%	SOFR + 2.60%

Schedule of Maturities of Long-Term Debt

A summary of the Company’s maturity requirements for borrowings as of June 30, 2024 is as follows:

	Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
2018 Debt Securitization	$	307,994	$	—	$	—	$	—	$	307,994
GCIC 2018 Debt Securitization	380,017		—		—		—		380,017
GBDC 3 2021 Debt Securitization(1)	297,950		—		—		—		297,950
GBDC 3 2022 Debt Securitization	251,587		—		—		—		251,587
GBDC 3 2022-2 Debt Securitization	225,000		—		—		—		225,000
DB Credit Facility	565,778		—		—		565,778		—
JPM Credit Facility	333,718		—		—		333,718		—
2026 Notes(2)	598,860		—		598,860		—		—
2027 Notes(2)	348,076		—		348,076		—		—
2028 Notes(2)(3)	445,088		—		—		445,088		—
2029 Notes(2)(3)	583,629		—		—		—		583,629
Total borrowings	$	4,337,697	$	—	$	946,936	$	1,344,584	$	2,046,177

(1) Includes $50 of discount recognized on the assumption of the GBDC 3 2021 Debt Securitization in the GBDC 3 Merger.

(2) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

(3) 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.