v3.26.3
DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
ASSETS                
Investments at fair value: $ 5,800,369 [1],[2],[3]     $ 5,518,117 [4],[5],[6]        
Investment, cost 4,958,925 [1],[3],[7]     4,724,528 [4],[6],[8]        
Cash and cash equivalents 102,387     41,959        
Deferred financing costs (net of accumulated amortization of $4,432 and $3,314, respectively) 14,275     13,720        
Deferred financing costs, accumulated amortization 19,928     17,601        
Total assets 6,043,538     5,681,701        
LIABILITIES                
SPV Facility 2,588,928     2,457,594        
Accounts payable and other liabilities to affiliates 64,931     67,799        
Interest payable 23,911     30,094        
Total liabilities 2,835,860     2,687,808        
NET ASSETS                
Contributed capital 2,660,769     2,457,660        
Total undistributed earnings 545,972     535,335        
Total net assets 3,207,678 $ 3,166,538 $ 3,093,644 2,993,893 $ 2,934,575 $ 2,884,217 $ 2,840,133 $ 2,797,838
Total liabilities and net assets 6,043,538     5,681,701        
MSCC Funding I, LLC                
ASSETS                
Investments at fair value: 528,368     344,093        
Investment, cost 536,968     348,954        
Cash and cash equivalents 9,181     6,375        
Interest and dividend receivable and other assets 3,177     2,149        
Deferred financing costs (net of accumulated amortization of $4,432 and $3,314, respectively) 5,966     7,084        
Deferred financing costs, accumulated amortization 4,432     3,314        
Total assets 546,692     359,701        
LIABILITIES                
SPV Facility 300,500     86,000        
Accounts payable and other liabilities to affiliates 0     42        
Interest payable 1,513     695        
Total liabilities 302,013     86,737        
NET ASSETS                
Contributed capital 153,709     197,064        
Total undistributed earnings 90,970     75,900        
Total net assets 244,679     272,964        
Total liabilities and net assets $ 546,692     $ 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.