GOLUB CAPITAL BDC, Inc.
For the period ended Mar 31, 2026. Filed May 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 4, 2026
GBDC$12.74-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001476765-26-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001476765-26-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 241 previous paragraphs and 248 current paragraphs.
175 unchanged; 58 reworded; 9 added; 5 removed; 3 previous and 6 current paragraphs rearranged.
Tables are not compared: 13 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
*Annualized
Current report
For the three months ended March 31, 2026, we had $11.1 million in unrealized appreciation on 103 portfolio company investments, which was offset by $145.3 million in unrealized depreciation on 343 portfolio company investments. For the three months ended December 31, 2025, we had $24.0 million in unrealized appreciation on 127 portfolio company investments, which was offset by $56.2 million in unrealized depreciation on 309 portfolio company investments. For the six months ended March 31, 2026, we had $24.1 million in unrealized appreciation on 90 portfolio company investments, which was offset by $190.5 million in unrealized depreciation on 356 portfolio company investments. For the six months ended March 31, 2025, we had $104.8 million in unrealized appreciation on 208 portfolio company investments, which was offset by $76.5 million in unrealized depreciation on 206 portfolio company investments.
Current report
*Represents an amount less than 0.1%.
Current report
The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026 and December 31, 2025, the net change in unrealized depreciation on debt and equity investments for the three months ended March 31, 2026 and the primary drivers of reductions in average price of our debt investments by internal performance rating category as for March 31, 2026 as compared to December 31, 2025:
Current report
Note: Percentages may not sum due to rounding.
Current report
(2)Net change in unrealized depreciation on investments reflects the net change in unrealized appreciation or depreciation on total debt and equity investments for the three months ended March 31, 2026 and excludes (i) the change in unrealized appreciation or depreciation resulting from the translation of assets and liabilities in foreign currencies and forward currency contracts and (ii) the reversal of the unrealized loss resulting from GCIC/GBDC 3 acquisition purchase premium amortization.
Current report
(3)Based on weighted average shares outstanding for the three months ended March 31, 2026.
Current report
The table below details the fair value of our debt investments in our software industry segment as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026, December 31, 2025 and September 30, 2025.
Current report
For periods ending on or before December 31, 2025, with respect to investments that are not publicly-traded or whose market price is not otherwise (a) readily available or (b) provided by a third-party pricing service or other quote: Our quarterly valuation process began with each portfolio company investment being initially valued by the investment professionals of the Valuation Designee responsible for the valuation function, with preliminary valuation conclusions documented and discussed with senior management. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de-minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm.
Removed paragraphs (5)
Previous report
*Annualized for periods less than one year.
Previous report
On February 2, 2026, our Board appointed Timothy J. Topicz, 41, as our Chief Operating Officer, effective immediately. Mr. Topicz joined Golub Capital in 2022 and is a Director in its Investor Partners Group. He is responsible for the program management of the BDC business for the firm. Mr. Topicz has been an officer of the Company since February 2023 and also currently serves as Chief Operating Officer of Golub Capital Direct Lending Corporation, Golub Capital Direct Lending Unlevered Corporation, Golub Capital BDC 4, Inc., Golub Capital Private Credit Fund, Golub Capital Private Income Fund S, and Golub Capital Private Income Fund I, each a business development company whose investment adviser is GC Advisors. Prior to joining Golub Capital, Mr. Topicz was a Vice President in the Financial Institutions Investment Banking group at Wells Fargo Securities, where he led the firm’s investment banking coverage effort for the business development company sector. Mr. Topicz earned his BS with honors in Business Administration and Finance from The Ohio State University and his MBA from the University of Chicago Booth School of Business. He is a CFA® Charterholder.
Previous report
Mr. Topicz (i) does not have a family relationship with any members of our Board or other executive officers; (ii) does not have a material interest in any transaction in which we were or are a participant, since the beginning of our last fiscal year; and (iii) has not entered into, nor expects to enter into, any material plan, contract, arrangement, grant or award in connection with his appointment as our Chief Operating Officer.
Previous report
For the three months ended December 31, 2025, we had $25.4 million in unrealized appreciation on 153 portfolio company investments, which was offset by $54.5 million in unrealized depreciation on 283 portfolio company investments. For the three months ended September 30, 2025, we had $63.5 million in unrealized appreciation on 211 portfolio company investments, which was offset by $38.8 million in unrealized depreciation on 246 portfolio company investments. For the three months ended December 31, 2024, we had $81.2 million in unrealized appreciation on 225 portfolio company investments, which was offset by $37.6 million in unrealized depreciation on 174 portfolio company investments.
Previous report
Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The Valuation Designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The Valuation Designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.
Reworded paragraphs (58)
Previous wording
Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2025
Current wording
Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2025.
Previous wording
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of December 31, 2025 and September 30, 2025, one stop loans included $748.4 million and $771.9 million, respectively, of recurring revenue loans at fair value.
Current wording
One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2026 and September 30, 2025, one stop loans included $630.1 million and $771.9 million, respectively, of recurring revenue loans at fair value.
Previous wording
The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Current wording
The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Previous wording
(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
Current wording
(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and GCIC/GBDC 3 acquisition purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
Previous wording
(2)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
Current wording
(2)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of GCIC/GBDC 3 acquisition purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
Previous wording
(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
Current wording
(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and GCIC/GBDC 3 acquisition purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
Previous wording
(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
Current wording
(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of GCIC/GBDC 3 acquisition purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
Previous wording
Morgan Stanley & Co. LLC for its services in connection with the structuring of the 2018 Debt Securitization and by the 2024 Issuer to Deutsche Bank Securities Inc. for its services in connection with the structuring of the 2024 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of the GCIC Merger, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2021 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2021 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of each of the GBDC 3 2021 Debt Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.
Current wording
Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. These fees include structuring and placement fees paid by the 2018 Issuer to Morgan Stanley & Co. LLC for its services in connection with the structuring of the 2018 Debt Securitization and by the 2024 Issuer to Deutsche Bank Securities Inc. for its services in connection with the structuring of the 2024 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of the GCIC Merger, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2021 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2021 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of each of the GBDC 3 2021 Debt Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.
Previous wording
For the period of January 1, 2026 through February 4, 2026, Wells Fargo Securities, LLC, as broker, has repurchased 156,604 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $2.1 million at an average price of $13.20 per share.
Current wording
repurchased 652,700 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $8.4 million at an average price of $12.93 per share.
Previous wording
Consolidated operating results for three months ended December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:
Current wording
Consolidated operating results for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 are as follows:
Previous wording
We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.
Current wording
We believe that excluding the financial impact of the GCIC/GBDC 3 acquisition purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.
Previous wording
Investment income decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 by $10.8 million, primarily due to a decrease in interest income as a result of (1) a decrease in the average earning debt investments balance of $112.4 million and (2) declining interest base rates. Investment income decreased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $13.7 million, primarily due to a decrease in interest income as a result of declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments that was partially offset by interest income earned on an increase in the average earning debt investments balance of $321.0 million.
Current wording
Investment income decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 by $18.9 million. The decrease was primarily due to a decrease in interest income as a result of (1) a decrease in the average earning debt investments balance of $262.9 million, (2) the delayed impact of interest base rate reductions from December 2025 and (3) $1.5 million of previously accrued interest income that was recharacterized as payment-in-kind (“PIK”) interest income as such amounts were capitalized and added to the principal balance of certain loans during the period. Investment income decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 by $39.5 million, primarily due to a decrease in interest income as a result of declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments that was partially offset by interest income earned on an increase in the average earning debt investments balance of $74.1 million. For the three and six months ended March 31, 2026, PIK interest income represented 9.0% and 7.9%, respectively, of total investment income excluding amortization of purchase premium for the GCIC/GBDC 3 acquisitions. For the three and six months ended March 31, 2025, PIK interest income represented 6.4% and 5.6%, respectively, of total investment income excluding amortization of purchase premium for the GCIC/GBDC 3 acquisitions.
Previous wording
The annualized income yield by debt security type for three months ended December 31, 2025, September 30, 2025 and December 31, 2024 are as follows:
Current wording
The annualized income yield by debt security type for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 are as follows:
Previous wording
Income yields on senior secured and one stop loans decreased for the three months ended December 31, 2025 as compared to the three months ended September 30, 2025 and for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.9% of the loan portfolio at fair value is subject to an interest rate floor. As of December 31, 2025 and September 30, 2025, the weighted average base rate floor of our loans was 0.77% and 0.78%, respectively.
Current wording
Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2026 as compared to the three months ended December 31, 2025 primarily due to the delayed impact of interest base rate reductions in December 2025. Income yields on senior secured and one stop loans decreased for the six months ended March 31, 2026 as compared to the six months ended March 31, 2025, primarily due to declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.8% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2026 and September 30, 2025, the weighted average base rate floor of our loans was 0.77% and 0.78%, respectively.
Previous wording
The following table summarizes our expenses for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Current wording
The following table summarizes our expenses for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Previous wording
Interest and other debt financing expenses net of amortization of debt issuance costs, decreased from the three months ended September 30, 2025 to the three months ended December 31, 2025 by $4.1 million, primarily due to a decrease in interest expense as a result of (1) a decrease in the average debt outstanding of $108.4 million and (2) lower interest base rates on our floating rate borrowings. Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $13.3 million, primarily due to reduced borrowing costs resulting from (i) the debt capital refinancings completed during the fiscal year 2025 first quarter, including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58%, (ii) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and (iii) decreasing interest base rates on our floating rate borrowings that was partially offset by (1) increased interest expense due to an increase in average debt outstanding of $113.0 million and (2) $4.6 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended December 31, 2024. For more information about our outstanding borrowings for the three months ended December 31, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.
Current wording
Interest and other debt financing expenses, net of amortization of debt issuance costs, decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 by $5.2 million, primarily due to a decrease in interest expense as a result of (1) a decrease in the average debt outstanding of $244.2 million and (2) lower interest base rates on our floating rate borrowings. Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 by $22.2 million, primarily due to reduced borrowing costs resulting from (i) the debt capital refinancings completed during the fiscal year 2025 first quarter, including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58%, (ii) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and (iii) decreasing interest base rates on our floating rate borrowings. For more information about our outstanding borrowings for the three and six months ended March 31, 2026 and 2025, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.
Previous wording
For the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 5.4%, 5.6% and 6.2%, respectively. The effective annualized average interest rate decreased for the three months ended December 31, 2025 compared to the three months ended September 30, 2025 due to lower interest base rates on our floating rate borrowings. The effective annualized average interest rate decreased for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 primarily due to reduced borrowing costs resulting from (1) the debt capital refinancing completed during fiscal year 2025, (2) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin and (3) decreasing interest base rates on our floating rate borrowings.
Current wording
For the three months ended March 31, 2026 and December 31, 2025, the effective annualized average interest rate 1 on our total debt was 5.2% and 5.4%, respectively. For the six months ended March 31, 2026 and 2025, the effective annualized average interest rate 1 on our total debt was 5.3% and 6.0%, respectively. The effective annualized average interest rate 1 decreased for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 due to lower interest base rates on our floating rate borrowings. The effective annualized average interest rate 1 decreased for the six months ended March 31, 2026 compared to the six months ended March 31, 2025 primarily due to reduced borrowing costs resulting from (1) the debt capital refinancing completed during fiscal year 2025, (2) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin and (3) decreasing interest base rates on our floating rate borrowings.
Previous wording
The base management fee increased from the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to an increase in average adjusted gross assets from the three months ended December 31, 2024 to the three months ended December 31, 2025.
Current wording
The base management fee decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 primarily due to a decrease in average adjusted gross assets from the six months ended March 31, 2025 to the six months ended March 31, 2026.
Previous wording
The Income Incentive Fee decreased by $1.0 million from the three months ended September 30, 2025 to the three months ended December 31, 2025 primarily due to a decrease in Pre-Incentive Fee Net Investment Income. The Income Incentive Fee decreased by $0.6 million from the three months ended December 31, 2024 to the three months ended December 31, 2025 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates and, with regards to the three months ended December 31, 2025 as compared to the three months ended September 30, 2025, a decrease in average adjusted gross assets. For each of the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income.
Current wording
The Income Incentive Fee decreased by $1.9 million from the three months ended December 31, 2025 to the three months ended March 31, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income. The Income Incentive Fee decreased by $3.3 million from the six months ended March 31, 2025 to the six months ended March 31, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates and a decrease in our average earning debt investments. For each of the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income.
Previous wording
In total, professional fees, the administrative service fee and general and administrative expenses increased by less than $0.1 million from the three months ended December 31, 2024 to the three months ended December 31, 2025, primarily due to an increase in administrative service fees that was partially offset by a decrease in professional fees and general and administrative expenses.
Current wording
In total, the administrative service fee, professional fees and general and administrative expenses decreased by $0.4 million from the three months ended December 31, 2025 to the three months ended March 31, 2026, primarily due to decreases across each of these expense categories.
Previous wording
In total, professional fees, the administrative service fee and general and administrative expenses decreased by $0.4 million from the three months ended September 30, 2025 to the three months ended December 31, 2025, primarily due to a decrease in professional fees and general and administrative expenses that was partially offset by an increase in administrative service fees.
Current wording
In total, professional fees, the administrative service fee and general and administrative expenses decreased by $0.4 million from the six months ended March 31, 2025 to the six months ended March 31, 2026, primarily due to a decrease in professional fees and general and administrative expenses that was partially offset by an increase in the administrative service fee.
Previous wording
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 were $2.5 million, $2.1 million, and $2.7 million, respectively.
Current wording
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 were $2.6 million, $2.5 million, $5.1 million, and $4.4 million, respectively.
Previous wording
As of December 31, 2025 and September 30, 2025, included in accounts payable and other liabilities were $2.6 million and $2.5 million, respectively, of expenses paid on behalf of us by the Administrator.
Current wording
As of March 31, 2026 and September 30, 2025, included in accounts payable and other liabilities were $1.1 million and $2.5 million, respectively, of expenses paid on behalf of us by the Administrator.
Previous wording
The following table summarizes our net realized and unrealized gains (losses) for three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Current wording
The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Previous wording
During the three months ended December 31, 2025, we had a net realized loss of $3.8 million, primarily attributable to (1) realized losses recognized on the restructuring of a portfolio company investment and (2) $1.1 million of net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by $2.8 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. During the three months ended September 30, 2025, we had a net realized loss of $33.5 million primarily attributable to the realized losses recognized on (i) the restructure of equity and debt investments in multiple portfolio companies and (ii) net realized losses recognized on the settlement of forward currency contracts. During the three months ended December 31, 2024, we had a net realized loss of $27.9 million, primarily attributable to realized losses recognized on (i) the restructuring of equity and debt investments of two portfolio company investments and the sale of a portfolio company debt investment, and (ii) net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars, that were partially offset by (i) net realized gains recognized on the settlement of forward currency contracts and (ii) $0.4 million of realized gain recognized on the sale of one equity investment.
Current wording
During the three months ended March 31, 2026, we had a net realized loss of $10.4 million, primarily attributable to (i) $8.9 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of a portfolio company investment. During the three months ended December 31, 2025, we had a net realized loss of $3.8 million, primarily attributable to (1) realized losses recognized on the restructuring of a portfolio company investment and (2) $1.1 million of net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by $2.8 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. During the six months ended March 31, 2026, we had a net realized loss of $14.2 million, primarily attributable to (i) $10.0 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of two portfolio company investments. During the six months ended March 31, 2025, we had a net realized loss of $38.9 million, primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars.
Previous wording
Unrealized appreciation for the three months ended December 31, 2025 and September 30, 2025 was primarily due to reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments. Unrealized appreciation for the three months ended December 31, 2024 was primarily due to unrealized appreciation resulting from solid borrower credit trends across our portfolio and the reversal of previously recognized unrealized depreciation (i) on the disposition or restructuring of portfolio company investments and (ii) spread tightening in the market during the second half of calendar year 2024.
Current wording
Unrealized appreciation for the three months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the three months ended December 31, 2025 was primarily due to increases in the fair value of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the six months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments. Unrealized appreciation for the six months ended March 31, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent originations up to or near par.
Previous wording
Unrealized depreciation for the three months ended December 31, 2025 and September 30, 2025 primarily resulted from isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the three months ended December 31, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were on non-accrual status as well as isolated deterioration in the credit performance of a small number of portfolio companies.
Current wording
Unrealized depreciation for the three and six months ended March 31, 2026, primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories, as defined below under the “Portfolio Composition, Investment Activity and Yield” section and (2) isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the three months ended December 31, 2025 primarily resulted from isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges. Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status.
Previous wording
For the three months ended December 31, 2024, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.
Current wording
For the six months ended March 31, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.
Previous wording
For the three months ended December 31, 2025, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $48.0 million. During the period, cash provided by operating activities was $212.0 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $302.9 million, partially offset by purchases and fundings of portfolio investments of $172.7 million, and net investment income after tax of $95.8 million. Lastly, cash used in financing activities was $164.0 million, primarily driven by borrowings on debt of $165.3 million offset by repayments of debt of $190.2 million, distributions paid and purchases of common stock under the DRIP totaling $102.8 million and purchases of common stock under the Program of $35.9 million.
Current wording
For the six months ended March 31, 2026, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $22.8 million. During the period, cash provided by operating activities was $460.8 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $639.5 million, partially offset by purchases and fundings of portfolio investments of $296.1 million, and net investment income after tax of $181.3 million. Lastly, cash used in financing activities was $438.0 million, primarily driven by borrowings on debt of $378.1 million offset by repayments of debt of $562.5 million, distributions paid and purchases of common stock under the DRIP totaling $189.2 million and purchases of common stock under the Program of $63.7 million.
Previous wording
For the three months ended December 31, 2024, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $136.6 million. During the period, cash used in operating activities was $374.7 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $450.2 million and net investment income after tax of $96.6 million, offset by fundings of portfolio investments of $909.5 million. Lastly, cash provided by financing activities was $238.1 million, primarily driven by borrowings on debt of $3,390.2 million, offset by repayments of debt of $3,037.7 million and distributions paid of $108.3 million.
Current wording
For the six months ended March 31, 2025, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $111.3 million. During the period, cash used in operating activities was $179.3 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $840.3 million and net investment income after tax of $195.3 million, offset by fundings of portfolio investments of $1,208.0 million. Lastly, cash provided by financing activities was $68.0 million, primarily driven by borrowings on debt of $3,731.4 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,496.1 million and distributions paid of $197.6 million.
Previous wording
As of December 31, 2025 and September 30, 2025, we had cash of $58.4 million and $0.0 million, and cash equivalents of $25.9 million and $11.9 million, respectively. In addition, we had foreign currencies of $9.7 million and $11.7 million as of December 31, 2025 and September 30, 2025, respectively, restricted cash of $32.1 million and $7.1 million as of December 31, 2025 and September 30, 2025, respectively, and restricted cash equivalents of $34.4 million and $81.7 million as of December 31, 2025 and September 30, 2025, respectively. We had no restricted foreign currencies as of December 31, 2025 and September 30, 2025. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. As of December 31, 2025 and September 30, 2025, we did not have any debt securitizations that were past their reinvestment period term.
Current wording
As of March 31, 2026 and September 30, 2025, we had cash and cash equivalents totaling $65.4 million and $11.9 million, respectively. In addition, we had foreign currencies of $6.8 million and $11.7 million as of March 31, 2026 and September 30, 2025, respectively and restricted cash and restricted cash equivalents totaling $63.0 million and $88.8 million as of March 31, 2026 and September 30, 2025, respectively. We had no restricted foreign currencies as of March 31, 2026 and September 30, 2025. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. As of March 31, 2026 and September 30, 2025, we did not have any debt securitizations that were past their reinvestment period term.
Previous wording
JPM Credit Facility - On February 11, 2021, we initially entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of December 31, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2025 and September 30, 2025, we had outstanding debt under the JPM Credit Facility of $1,115.7 million and $1,098.4 million, respectively. As of December 31, 2025 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $881.8 million and $899.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
Current wording
JPM Credit Facility - On February 11, 2021, we initially entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of March 31, 2026, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2026 and September 30, 2025, we had outstanding debt under the JPM Credit Facility of $947.7 million and $1,098.4 million, respectively. As of March 31, 2026 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $1,049.8 million and $899.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
Previous wording
On April 10, 2024, we entered into an interest rate swap on the remaining portion of the initial $450.0 million of 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus
Current wording
On April 10, 2024, we entered into an interest rate swap on the remaining portion of the initial $450.0 million of 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.
Previous wording
On September 19, 2025, we entered into an interest rate swap on the additional$250.0 million in aggregate principal of the 2028 Notes, pursuant to which we agreed to receive a fixed rate of 5.050% and pay a floating interest rate of SOFR plus 1.723%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $250.0 million and terminates on December 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair valueof an effective hedge accounting relationship.
Current wording
SOFR plus 1.723%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $250.0 million and terminates on December 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair valueof an effective hedge accounting relationship.
Previous wording
On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $288.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. During the three months ended December 31, 2025 and December 31, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of December 31, 2025 and September 30, 2025, following an amendment to the 2023 Equity Distribution Agreement in May 2025 to increase the aggregate offering amount by $38.0 million, common stock with an aggregate offering amount of $250.0 million remained available for issuance under the 2023 Distribution Agreement.
Current wording
On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $288.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. During the six months ended March 31, 2026, there were no common stock issuances under the 2023 Equity Distribution Agreement. During the six months ended March 31, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of March 31, 2026 and September 30, 2025, following an amendment to the 2023 Equity Distribution Agreement in May 2025 to increase the aggregate offering amount by $38.0 million, common stock with an aggregate offering amount of $250.0 million remained available for issuance under the 2023 Distribution Agreement.
Previous wording
As of December 31, 2025, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of December 31, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 178.9% and 1.27x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash, cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.23x as of December 31, 2025.
Current wording
As of March 31, 2026, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2026, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 178.8% and 1.27x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash, cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.24x as of March 31, 2026.
Previous wording
On August 1, 2025, our board of directors re-approved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the three months ended December 31, 2025, we repurchased 2.6 million shares of our common stock for an aggregate repurchase price of approximately $35.9 million. During the three months ended December 31, 2024, we did not make any repurchases of our common stock.
Current wording
On August 1, 2025, our board of directors re-approved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the six months ended March 31, 2026, we repurchased 4.9 million shares of our common stock for an aggregate repurchase price of approximately $63.7 million. During the six months ended March 31, 2025, we repurchased 77,777 shares of our common stock for an aggregate repurchase price of approximately $1.1 million.
Previous wording
As of December 31, 2025 and September 30, 2025, we had outstanding commitments to fund investments totaling $815.9 million and $927.9 million, respectively. As of December 31, 2025, total commitments of $815.9 million included $242.2 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of December 31, 2025 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2025. As of December 31, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.
Current wording
As of March 31, 2026 and September 30, 2025, we had outstanding commitments to fund investments totaling $680.5 million and $927.9 million, respectively. As of March 31, 2026, total commitments of $680.5 million included $234.0 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of March 31, 2026 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2026. As of March 31, 2026, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.
Previous wording
As of December 31, 2025 and September 30, 2025, we had investments in 420 and 417 portfolio companies, respectively, with a total fair value of $8.6 billion and $8.8 billion, respectively.
Current wording
As of March 31, 2026 and September 30, 2025, we had investments in 420 and 417 portfolio companies, respectively, with a total fair value of $8.3 billion and $8.8 billion, respectively.
Previous wording
The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024:
Current wording
The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:
Showing the first 40 of 58 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
For the period of April 1, 2026 through May 4, 2026, Wells Fargo Securities, LLC, as broker, has
Current report — wording carried from elsewhere
1 The effective average interest rate includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps.
Current report — wording carried from elsewhere
On September 19, 2025, we entered into an interest rate swap on the additional$250.0 million in aggregate principal of the 2028 Notes, pursuant to which we agreed to receive a fixed rate of 5.050% and pay a floating interest rate of
Current report — wording carried from elsewhere
(1)Includes only debt investments held as of March 31, 2026 and December 31, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.
Current report — wording carried from elsewhere
The following table shows the distribution of our investments in our software industry segment on the 1 to 5 internal performance rating scale at fair value as of March 31, 2026, December 31, 2025 and September 30, 2025:
Current report — wording carried from elsewhere
(1)Includes only debt investments held as of March 31, 2026, December 31, 2025 and September 30, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this
Previous report — wording carried elsewhere
Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. These fees include structuring and placement fees paid by the 2018 Issuer to
Previous report — wording carried elsewhere
2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.