v3.25.2
DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
ASSETS            
Investments at fair value: $ 5,093,070 [1]   $ 4,932,669 [2],[3],[4]      
Investment, cost 4,352,705 [5]   4,237,312 [2],[4],[6]      
Cash and cash equivalents 86,984   78,251      
Interest and dividend receivable and other assets 92,509   98,084      
Deferred financing costs (net of accumulated amortization of $2,565 and $1,859 as of June 30, 2025 and December 31, 2024, respectively) 15,203   12,337      
Deferred financing costs, accumulated amortization 16,084   14,592      
Total assets 5,287,766   5,121,341      
LIABILITIES            
SPV Facility 2,216,984   2,122,371      
Accounts payable and other liabilities to affiliates 50,025   69,631      
Interest payable 23,717   23,290      
Total liabilities 2,403,549   2,323,503      
NET ASSETS            
Contributed capital 2,429,817   2,394,492      
Total undistributed earnings 453,507   402,462      
Total net assets 2,884,217 $ 2,840,133 2,797,838 $ 2,578,956 $ 2,515,970 $ 2,477,399
Total liabilities and net assets 5,287,766   5,121,341      
MSCC Funding I, LLC            
ASSETS            
Cash and cash equivalents 7,785   11,212      
Interest and dividend receivable and other assets 3,581   4,124      
Deferred financing costs (net of accumulated amortization of $2,565 and $1,859 as of June 30, 2025 and December 31, 2024, respectively) 7,833   6,512      
Deferred financing costs, accumulated amortization 2,565   1,859      
Total assets 368,339   372,740      
LIABILITIES            
SPV Facility 176,000   176,000      
Accounts payable and other liabilities to affiliates 0   65      
Interest payable 1,096   1,229      
Total liabilities 177,096   177,294      
NET ASSETS            
Contributed capital 123,490   138,088      
Total undistributed earnings 67,753   57,358      
Total net assets 191,243   195,446      
Total liabilities and net assets 368,339   372,740      
Non‑Control/Non‑Affiliate investments            
ASSETS            
Investments at fair value: 1,941,279 [1]   1,997,981 [3],[7]      
Investment, cost 2,001,002 [5]   2,077,901 [6],[7]      
Non‑Control/Non‑Affiliate investments | MSCC Funding I, LLC            
ASSETS            
Investments at fair value: 349,140   350,892      
Investment, cost $ 351,592   $ 351,053      
[1] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[2] All portfolio company headquarters are based in the United States, unless otherwise noted.
[3] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[4] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and issued by the Funds.
[5] Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
[6] Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
[7] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.