Borrowings (Tables)

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Securitization

For the three and nine months ended June 30, 2023 and 2022 the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:

	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	6,947		$	2,612		$	19,207		$	6,362
Amortization of debt issuance costs	9			105			152			315
Total interest and other debt financing expenses	$	6,956		$	2,717		$	19,359		$	6,677
Cash paid for interest expense	$	6,577		$	1,930		$	17,246		$	5,624
Annualized average stated interest rate	6.9		%	2.6		%	6.3		%	2.1		%
Average outstanding balance	$	404,387		$	408,200		$	406,929		$	408,200

For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, cash paid for interest, annualized average 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,
	2023			2022			2023			2022
Stated interest expense	$	8,670		$	3,326		$	24,068		$	8,144
Accretion of discounts on notes issued	—			446			544			1,338
Amortization of debt issuance costs	—			17			21			51
Total interest and other debt financing expenses	$	8,670		$	3,789		$	24,633		$	9,533
Cash paid for interest expense	$	8,261		$	2,477		$	21,681		$	7,216
Annualized average stated interest rate	6.4		%	2.4		%	5.9		%	2.0		%
Average outstanding balance	$	539,674		$	546,500		$	544,225		$	546,500

For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the MS Credit Facility II were as follows:

	Three months ended June 30,					Nine months ended June 30,
	2023		2022			2023		2022
Stated interest expense	$	—	$	232		$	—	$	236
Facility fees	—		256			—		444
Amortization of debt issuance costs	—		53			—		159
Total interest and other debt financing expenses	$	—	$	541		$	—	$	839
Cash paid for interest expense and facility fees	$	—	$	295		$	—	$	591
Annualized average stated interest rate	N/A		3.3		%	N/A		3.3		%
Average outstanding balance	$	—	$	28,539		$	—	$	9,513

For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the JPM Credit Facility were as follows:

	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	11,195		$	4,347		$	29,463		$	7,822
Facility fees	1,005			529			2,145			1,855
Amortization of debt issuance costs	836			492			1,948			1,366
Total interest and other debt financing expenses	$	13,036		$	5,368		$	33,556		$	11,043
Cash paid for interest expense and facility fees	$	11,704		$	3,311		$	31,491		$	6,850
Annualized average stated interest rate	6.4		%	2.6		%	5.9		%	2.3		%
Average outstanding balance	$	703,448		$	663,088		$	670,564		$	460,080

For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2024 Notes were as follows:

	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	4,219		$	4,219		$	12,657		$	12,526
Accretion of discounts and amortization of premiums on notes issued	(345)			(345)			(1,035)			(978)
Amortization of debt issuance costs	495			486			1,485			1,437
Total interest and other debt financing expenses	$	4,369		$	4,360		$	13,107		$	12,985
Cash paid for interest expense	$	8,438		$	8,438		$	16,876		$	15,188
Annualized average stated interest rate	3.4		%	3.4		%	3.4		%	3.4		%
Average outstanding balance	$	500,000		$	500,000		$	500,000		$	494,872

For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2026 Notes were as follows:

	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	3,750		$	3,750		$	11,250		$	11,083
Accretion of discounts on notes issued	132			132			397			386
Amortization of debt issuance costs	372			408			1,117			1,202
Total interest and other debt financing expenses	$	4,254		$	4,290		$	12,764		$	12,671
Cash paid for interest expense	$	—		$	—		$	7,500		$	6,819
Annualized average stated interest rate	2.5		%	2.5		%	2.5		%	2.5		%
Average outstanding balance	$	600,000		$	600,000		$	600,000		$	591,209

For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2027 Notes were as follows:

	Three months ended June 30,						Nine months ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	1,794		$	1,794		$	5,382		$	5,382
Accretion of discounts on notes issued	183			182			548			548
Amortization of debt issuance costs	225			237			639			711
Total interest and other debt financing expenses	$	2,202		$	2,213		$	6,569		$	6,641
Cash paid for interest expense	$	—		$	—		$	3,587		$	3,827
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, 2023 and 2022, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Adviser Revolver were as follows:

	Three months ended June 30,				Nine months ended June 30,
	2023		2022		2023		2022
Stated interest expense	$	—	$	—	$	—	$	—
Cash paid for interest expense	—		—		—		—
Annualized average stated interest rate	N/A		N/A		N/A		N/A
Average outstanding balance	$	—	$	—	$	—	$	—

Interest Rate and Interest Differential Analysis

As of June 30, 2023, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month LIBOR) 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	$322,180	$61,200	$20,000
Fitch Rating	“AAA”	“NR”	“NR”
S&P Rating	“AAA”	“AA”	“A”
Interest Rate	LIBOR + 1.48%	LIBOR + 2.10%	LIBOR + 2.80%

As of June 30, 2023, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month LIBOR, 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	$481,372	$38,500	$18,000
Fitch’s Rating	"AAA"	"NR"	"NR"
S&P Rating	"AAA"	"AAA"	"AA"
Interest Rate	LIBOR + 1.48%	2.50%	LIBOR + 2.25%

Schedule of Maturities of Long-Term Debt

A summary of the Company’s maturity requirements for borrowings as of June 30, 2023 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	$	403,380	$	—	$	—	$	—	$	403,380
2018 GCIC Debt Securitization	537,872		—		—		—		537,872
JPM Credit Facility	780,889		—		37,500		743,389		—
2024 Notes(1)	501,096		501,096		—		—		—
2026 Notes(1)	598,327		—		—		598,327		—
2027 Notes(1)	347,342		—		—		347,342		—
Total borrowings	$	3,168,906	$	501,096	$	37,500	$	1,689,058	$	941,252

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