Annual report [Section 13 and 15(d), not S-K Item 405]

DEBT - Schedule of MSCC Funding Balance Sheet (Details)

v3.25.4
DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
ASSETS                    
Investments at fair value: $ 5,518,117 [1],[2],[3] $ 4,932,669 [4],[5],[6]                
Investment, cost 4,724,528 [1],[3],[7] 4,237,312 [4],[6],[8]                
Cash and cash equivalents 41,959 78,251                
Interest and dividend receivable and other assets 107,905 98,084                
Deferred financing costs (net of accumulated amortization of $3,314 and $1,859 as of December 31, 2025 and 2024, respectively) 13,720 12,337                
Deferred financing costs, accumulated amortization 17,601 14,592                
Total assets 5,681,701 5,121,341                
LIABILITIES                    
SPV Facility 2,457,594 2,122,371                
Accounts payable and other liabilities to affiliates 67,799 69,631                
Interest payable 30,094 23,290                
Total liabilities 2,687,808 2,323,503                
NET ASSETS                    
Contributed capital 2,457,660 2,394,492                
Total undistributed earnings 535,335 402,462 $ 206,002              
Total net assets 2,993,893 2,797,838 2,477,399 $ 2,108,586 $ 1,788,846 $ 1,514,767 $ 1,536,390 $ 1,476,049 $ 1,380,368 $ 1,201,481
Total liabilities and net assets 5,681,701 5,121,341                
MSCC Funding I, LLC                    
ASSETS                    
Investments at fair value: 344,093 350,892                
Investment, cost 348,954 351,053                
Cash and cash equivalents 6,375 11,212                
Interest and dividend receivable and other assets 2,149 4,124                
Deferred financing costs (net of accumulated amortization of $3,314 and $1,859 as of December 31, 2025 and 2024, respectively) 7,084 6,512                
Deferred financing costs, accumulated amortization 3,314 1,859                
Total assets 359,701 372,740                
LIABILITIES                    
SPV Facility 86,000 176,000                
Accounts payable and other liabilities to affiliates 42 65                
Interest payable 695 1,229                
Total liabilities 86,737 177,294                
NET ASSETS                    
Contributed capital 197,064 138,088                
Total undistributed earnings 75,900 57,358                
Total net assets 272,964 195,446                
Total liabilities and net assets 359,701 372,740                
Control investments                    
ASSETS                    
Investments at fair value: 2,569,626 [2] 2,087,890 $ 2,006,698              
Investment, cost 1,824,132 [7] 1,415,970                
Control investments | MSCC Funding I, LLC                    
ASSETS                    
Investments at fair value: 12,128 0                
Investment, cost 13,840                  
Non‑Control/Non‑Affiliate investments                    
ASSETS                    
Investments at fair value: 1,983,312 [2],[9] 1,997,981 [5],[10]                
Investment, cost 2,018,755 [7],[9] 2,077,901 [8],[10]                
Non‑Control/Non‑Affiliate investments | MSCC Funding I, LLC                    
ASSETS                    
Investments at fair value: 331,965 350,892                
Investment, cost $ 335,114 $ 351,053                
[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.
[9] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[10] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.