v3.25.0.1
Borrowings (Tables)
 3 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Securitization
For the three months ended December 31, 2024, 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 December 31,
  2024
Stated interest expense$10,212 
Amortization of debt issuance costs112 
Total interest and other debt financing expenses$10,324 
Cash paid for interest expense$— 
Annualized average stated interest rate6.2 %
Average outstanding balance$652,348 
For the three months ended December 31, 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 December 31,
  20242023
Stated interest expense$1,839 $7,096 
Amortization of debt issuance costs— 2 
Total interest and other debt financing expenses$1,839 $7,098 
Cash paid for interest expense$5,152 $7,185 
Annualized average stated interest rate7.1 %7.4 %
Average outstanding balance$102,681 $379,974 
For the three months ended December 31, 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 December 31,
  20242023
Stated interest expense$1,682 $8,627 
Accretion of discounts on notes issued— — 
Amortization of debt issuance costs— — 
Total interest and other debt financing expenses$1,682 $8,627 
Cash paid for interest expense$4,861 $8,855 
Annualized average stated interest rate6.1 %6.9 %
Average outstanding balance$109,509 $496,297 
For the three months ended December 31, 2024 and 2023, 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 December 31,
20242023
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 rate6.9 %N/A
Average outstanding balance$155,478 $— 
For the three months ended December 31, 2024 and 2023, 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 December 31,
20242023
Stated interest expense$3,504 $— 
Amortization of debt issuance costs— — 
Total interest expense$3,504 $— 
Cash paid for interest expense$4,360 $— 
Annualized average stated interest rate7.5 %N/A
Average outstanding balance$185,870 $— 
For the three months ended December 31, 2024 and 2023, 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 December 31,
20242023
Stated interest expense$4,035 $— 
Amortization of debt issuance costs— — 
Total interest expense$4,035 $— 
Cash paid for interest expense$7,197 $— 
Annualized average stated interest rate6.9 %N/A
Average outstanding balance$233,453 $— 
For the three months ended December 31, 2024 and 2023, 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 December 31,
  20242023
Stated interest expense$3,820 $— 
Facility fees244 — 
Accretion of discounts— — 
Total interest and other debt financing expenses$4,064 $— 
Cash paid for interest expense and facility fees$11,680 $— 
Annualized average stated interest rate¹6.9 %N/A
Average outstanding balance$220,086 $— 
(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 months ended December 31, 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 December 31,
  20242023
Stated interest expense$17,045 $10,836 
Facility fees788 822 
Amortization of debt issuance costs1,231 822 
Total interest and other debt financing expenses$19,064 $12,480 
Cash paid for interest expense and facility fees$20,021 $13,098 
Annualized average stated interest rate¹6.4 %7.0 %
Average outstanding balance$1,063,419 $619,850 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:
Three months ended December 31,
  20242023
Stated interest expense$— $4,219 
Accretion of discounts and amortization of premiums on notes issued— (349)
Amortization of debt issuance costs— 534 
Total interest and other debt financing expenses$— $4,404 
Cash paid for interest expense$— $8,438 
Annualized average stated interest rateN/A3.4 %
Average outstanding balance$— $500,000 
For the three months ended December 31, 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 December 31,
  20242023
Stated interest expense$3,750 $3,750 
Accretion of discounts on notes issued134 134 
Amortization of debt issuance costs403 416 
Total interest and other debt financing expenses$4,287 $4,300 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.5 %2.5 %
Average outstanding balance$600,000 $600,000 
For the three months ended December 31, 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 December 31,
  20242023
Stated interest expense$1,794 $1,794 
Accretion of discounts on notes issued185 185 
Amortization of debt issuance costs221 229 
Total interest and other debt financing expenses$2,200 $2,208 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.1 %2.1 %
Average outstanding balance$350,000 $350,000 
For the three months ended December 31, 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 2028 Notes were as follows:
Three months ended December 31,
20242023
Stated interest expense$7,931 $2,291 
Net contractual interest rate swap expense738 276 
Net (gain)/loss related to the fair value hedge
7,409 (301)
Accretion of discounts on notes issued243 71 
Amortization of debt issuance costs318 106 
Total interest and other debt financing expenses$16,639 $2,443 
Cash paid for interest expense$8,492 $— 
Annualized average interest rate swap and stated interest rate7.6 %6.9 %
Average outstanding balance$450,000 $132,065 
For the three months ended December 31, 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 2029 Notes were as follows:
Three months ended December 31,
20242023
Stated interest expense$9,700 $— 
Net contractual interest rate swap expense1,697 — 
Net (gain)/loss related to the fair value hedge
(2,747)— 
Accretion of discounts on notes issued301 — 
Amortization of debt issuance costs360 — 
Total interest and other debt financing expenses$9,311 $— 
Cash paid for interest expense$— $— 
Annualized average interest rate swap and stated interest rate7.0 %N/A
Average outstanding balance$647,283 $— 
For the three months ended December 31, 2024 and 2023, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended December 31,
  20242023
Stated interest expense$— $— 
Cash paid for interest expense— — 
Annualized average stated interest rateN/AN/A
Average outstanding balance$— $— 
Schedule of Interest Rate and Interest Differential Analysis
As of December 31, 2024, 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%
As of December 31, 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:
DescriptionSecured GBDC 3 2022 Notes
TypeSenior Secured Floating Rate
Amount Outstanding$232,513
Kroll Bond Rating Agency RatingA
Interest Rate
SOFR + 2.0%
Schedule of Maturities of Long-Term Debt
A summary of the Company’s maturity requirements for borrowings as of December 31, 2024 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
GBDC 3 2022 Debt Securitization$232,513 $— $— $— $232,513 
2024 Debt Securitization1,364,000 — — — 1,364,000 
JPM Credit Facility1,191,300 — — 1,191,300 — 
2026 Notes(1)
599,127 — 599,127 — — 
2027 Notes(1)
348,445 — 348,445 — — 
2028 Notes(1)(2)
447,495 — — 447,495 — 
2029 Notes(1)(2)
736,378 — — 736,378 — 
Total borrowings$4,919,258 $— $947,572 $2,375,173 $1,596,513 
(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. Derivatives” for additional information.