v3.26.1
DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
ASSETS            
Investments at fair value: $ 5,746,044 [1],[2],[3]   $ 5,518,117 [4],[5],[6]      
Investment, cost 4,974,649 [1],[3],[7]   4,724,528 [4],[6],[8]      
Cash and cash equivalents 58,306   41,959      
Deferred financing costs (net of accumulated amortization of $4,056 and $3,314, respectively) 15,003   13,720      
Deferred financing costs, accumulated amortization 19,112   17,601      
Total assets 5,941,041   5,681,701      
LIABILITIES            
SPV Facility 2,533,853   2,457,594      
Accounts payable and other liabilities to affiliates 54,941   67,799      
Interest payable 36,711   30,094      
Total liabilities 2,774,503   2,687,808      
NET ASSETS            
Contributed capital 2,633,935   2,457,660      
Total undistributed earnings 531,669   535,335      
Total net assets 3,166,538 $ 3,093,644 2,993,893 $ 2,884,217 $ 2,840,133 $ 2,797,838
Total liabilities and net assets 5,941,041   5,681,701      
MSCC Funding I, LLC            
ASSETS            
Investments at fair value: 509,358   344,093      
Investment, cost 518,699   348,954      
Cash and cash equivalents 24,509   6,375      
Interest and dividend receivable and other assets 3,209   2,149      
Deferred financing costs (net of accumulated amortization of $4,056 and $3,314, respectively) 6,342   7,084      
Deferred financing costs, accumulated amortization 4,056   3,314      
Total assets 543,418   359,701      
LIABILITIES            
SPV Facility 215,000   86,000      
Accounts payable and other liabilities to affiliates 0   42      
Interest payable 1,189   695      
Total liabilities 216,189   86,737      
NET ASSETS            
Contributed capital 246,142   197,064      
Total undistributed earnings 81,087   75,900      
Total net assets 327,229   272,964      
Total liabilities and net assets $ 543,418   $ 359,701      
[1] All portfolio company headquarters are based in the U.S., unless otherwise noted.
[2] 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.
[3] All investments are LMM (as defined below) 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 (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).
[4] All portfolio company headquarters are based in the U.S., unless otherwise noted.
[5] 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.
[6] 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.
[7] 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.
[8] 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.