Quarterly report [Sections 13 or 15(d)]

DEBT - Schedule of MSCC Funding Balance Sheet (Details)

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DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
ASSETS        
Investments at fair value: $ 5,674,751 [1],[2],[3] $ 5,518,117 [4],[5],[6]    
Investment, cost 4,933,484 [1],[3],[7] 4,724,528 [4],[6],[8]    
Cash and cash equivalents 20,791 41,959    
Interest and dividend receivable and other assets 119,805 107,905    
Deferred financing costs (net of accumulated amortization of $3,684 and $3,314 as of March 31, 2026 and December 31, 2025, respectively) 13,051 13,720    
Deferred financing costs, accumulated amortization 18,351 17,601    
Total assets 5,828,398 5,681,701    
LIABILITIES        
SPV Facility 2,529,576 2,457,594    
Accounts payable and other liabilities to affiliates 47,826 67,799    
Interest payable 20,306 30,094    
Total liabilities 2,734,754 2,687,808    
NET ASSETS        
Contributed capital 2,607,285 2,457,660    
Total undistributed earnings 485,434 535,335    
Total net assets 3,093,644 2,993,893 $ 2,840,133 $ 2,797,838
Total liabilities and net assets 5,828,398 5,681,701    
MSCC Funding I, LLC        
ASSETS        
Investments at fair value: 493,797 344,093    
Investment, cost 509,934 348,954    
Cash and cash equivalents 9,835 6,375    
Interest and dividend receivable and other assets 3,044 2,149    
Accounts receivable from MSCC and its subsidiaries 397 0    
Deferred financing costs (net of accumulated amortization of $3,684 and $3,314 as of March 31, 2026 and December 31, 2025, respectively) 6,714 7,084    
Deferred financing costs, accumulated amortization 3,684 3,314    
Total assets 513,787 359,701    
LIABILITIES        
SPV Facility 267,000 86,000    
Accounts payable and other liabilities to affiliates 0 42    
Interest payable 1,416 695    
Total liabilities 268,416 86,737    
NET ASSETS        
Contributed capital 173,319 197,064    
Total undistributed earnings 72,052 75,900    
Total net assets 245,371 272,964    
Total liabilities and net assets 513,787 359,701    
Control investments        
ASSETS        
Investments at fair value: 2,583,010 [2],[9] 2,569,626 [5],[10] $ 2,172,956 $ 2,087,890
Investment, cost 1,884,724 [7],[9] 1,824,132 [8],[10]    
Control investments | MSCC Funding I, LLC        
ASSETS        
Investments at fair value: 2,940 12,128    
Investment, cost 13,840 13,840    
Non‑Control/Non‑Affiliate investments        
ASSETS        
Investments at fair value: 2,036,083 [2],[11] 1,983,312 [5],[12]    
Investment, cost 2,081,821 [7],[11] 2,018,755 [8],[12]    
Non‑Control/Non‑Affiliate investments | MSCC Funding I, LLC        
ASSETS        
Investments at fair value: 490,857 331,965    
Investment, cost $ 496,094 $ 335,114    
[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] “Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[10] “Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[11] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[12] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.