v3.26.1
Debt and Foreign Currency Transactions and Translations (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Instrument [Line Items]  
Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of June 30, 2026 were as follows:

 

 

Date Issued/
Amended

 

Total Aggregate Principal Amount Committed

 

 

 

Principal Amount Outstanding

 

 

 

Fair Value

 

 

 

 

Final Maturity Date

Senior Secured Facility

 

10/1/2025

 

$

 

1,610,000

 

**

 

$

 

685,000

 

*

 

$

 

685,000

 

 

(1

)

 

10/1/2030

MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C)

 

10/23/2025

 

 

 

456,000

 

 

 

 

 

456,000

 

 

 

 

 

454,920

 

 

(2

)

 

10/23/2037

MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)

 

2/24/2025

 

 

 

399,000

 

 

 

 

 

399,000

 

 

 

 

 

398,198

 

 

(2

)

 

1/23/2037

2026 Notes

 

7/16/2021

 

 

 

125,000

 

 

 

 

 

125,000

 

 

 

 

 

124,845

 

 

(2

)

 

7/16/2026

2028 Notes

 

12/13/2023

 

 

 

80,000

 

 

 

 

 

80,000

 

 

 

 

 

80,704

 

 

(3

)

 

12/15/2028

Total Debt Obligations

 

 

 

$

 

2,670,000

 

 

 

$

 

1,745,000

 

 

 

$

 

1,743,667

 

 

 

 

 

Deferred Financing Costs and Debt Discount

 

 

 

 

 

(5,396

)

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount

 

 

 

$

 

1,739,604

 

 

 

 

 

 

 

 

 

 

* May include foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** As of June 30, 2026, total lender commitments were $1,610,000.

(1)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2026. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of June 30, 2026. The valuation is based on quoted prices.
(3)
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2026. The valuation is arrived using the closing price on exchange as on the relevant date.

 

 

The Company’s outstanding debt obligations as of December 31, 2025 were as follows:

 

 

 

Date Issued/
Amended

 

Total Aggregate Principal Amount Committed

 

 

 

Principal Amount Outstanding

 

 

 

Fair Value

 

 

 

 

Final Maturity Date

Senior Secured Facility

 

10/1/2025

 

$

 

1,610,000

 

**

 

$

 

941,048

 

*

 

$

 

941,048

 

 

(1

)

 

10/1/2030

MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C)

 

10/23/2025

 

 

 

456,000

 

 

 

 

 

456,000

 

 

 

 

 

456,000

 

 

(2

)

 

10/23/2037

MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)

 

2/24/2025

 

 

 

399,000

 

 

 

 

 

399,000

 

 

 

 

 

396,513

 

 

(2

)

 

1/23/2037

2026 Notes

 

7/16/2021

 

 

 

125,000

 

 

 

 

 

125,000

 

 

 

 

 

123,451

 

 

(2

)

 

7/16/2026

2028 Notes

 

12/13/2023

 

 

 

80,000

 

 

 

 

 

80,000

 

 

 

 

 

80,416

 

 

(3

)

 

12/15/2028

Total Debt Obligations

 

 

 

$

 

2,670,000

 

 

 

$

 

2,001,048

 

 

 

$

 

1,997,428

 

 

 

 

 

Deferred Financing Costs and Debt Discount

 

 

 

 

 

(5,838

)

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred
Financing Cost and Debt Discount

 

 

 

$

 

1,995,210

 

 

 

 

 

 

 

 

 

 

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

**Between January 1, 2025 and October 1, 2025, total lender commitments were $1,660,000. As of December 31, 2025, total lender commitments were $1,610,000.

(1)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2025. The valuation is based on broker quoted prices.
(3)
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2025. The valuation is arrived using the closing price on exchange as on the relevant date.
Summary of Average and Maximum Debt Outstanding, Interest and Debt Issuance Cost

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Average debt outstanding

 

$

 

1,796,198

 

 

$

 

1,925,540

 

 

$

 

1,852,550

 

 

$

 

1,866,897

 

Maximum amount of debt outstanding

 

 

 

1,894,000

 

 

 

 

2,053,954

 

 

 

 

2,004,728

 

 

 

 

2,325,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average annualized interest cost (1)

 

 

 

5.66

%

 

 

 

6.45

%

 

 

 

5.64

%

 

 

 

6.42

%

Annualized amortized debt issuance cost

 

 

 

0.37

%

 

 

 

0.36

%

 

 

 

0.36

%

 

 

 

0.38

%

Total annualized interest cost

 

 

 

6.03

%

 

 

 

6.81

%

 

 

 

6.00

%

 

 

 

6.80

%

 

(1)
Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three and six months ended June 30, 2026 were $718 and $1,335, respectively. Commitment fees for the three and six months ended June 30, 2025 were $532 and $1,164, respectively.
Summary of Foreign Denominated Debt Outstanding on Senior Secured Facility

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2025:

 

 

 

Original Principal Amount (Local)

 

 

Original Principal Amount (USD)

 

 

Principal Amount Outstanding

 

 

Unrealized Gain/(Loss)

 

 

Reset Date

British Pound

 

£

 

28,200

 

 

$

 

35,143

 

 

$

 

38,000

 

 

$

 

(2,857

)

 

 

1/30/2026

European Euro

 

€

 

6,000

 

 

 

 

6,646

 

 

 

 

7,048

 

 

 

 

(402

)

 

 

1/31/2026

Canadian Dollar

 

C$

 

14,000

 

 

 

 

10,176

 

 

 

 

10,201

 

 

 

 

(25

)

 

 

1/31/2026

Total

 

 

 

 

 

$

 

51,965

 

 

$

 

55,249

 

 

$

 

(3,284

)