Quarterly report [Sections 13 or 15(d)]

DEBT - Schedule of MSCC Funding Balance Sheet (Details)

v3.25.1
DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
ASSETS        
Investments at fair value: $ 5,054,139 [1],[2],[3] $ 4,932,669 [4],[5]    
Investment, cost 4,295,736 [1],[3],[6] 4,237,312 [4],[5]    
Cash and cash equivalents 109,180 78,251    
Interest and dividend receivable and other assets 98,395 98,084    
Deferred financing costs (net of accumulated amortization of $2,202 and $1,859 as of March 31, 2025 and December 31, 2024, respectively) 11,671 12,337    
Deferred financing costs, accumulated amortization 15,258 14,592    
Total assets 5,273,385 5,121,341    
LIABILITIES        
SPV Facility 2,253,179 2,122,371    
Accounts payable and other liabilities to affiliates 46,894 69,631    
Interest payable 20,016 23,290    
Total liabilities 2,433,252 2,323,503    
NET ASSETS        
Contributed capital 2,413,914 2,394,492    
Total undistributed earnings 425,332 402,462    
Total net assets 2,840,133 2,797,838 $ 2,515,970 $ 2,477,399
Total liabilities and net assets 5,273,385 5,121,341    
MSCC Funding I, LLC        
ASSETS        
Cash and cash equivalents 8,044 11,212    
Interest and dividend receivable and other assets 3,345 4,124    
Deferred financing costs (net of accumulated amortization of $2,202 and $1,859 as of March 31, 2025 and December 31, 2024, respectively) 6,169 6,512    
Deferred financing costs, accumulated amortization 2,202 1,859    
Total assets 378,940 372,740    
LIABILITIES        
SPV Facility 176,000 176,000    
Accounts payable and other liabilities to affiliates 0 65    
Interest payable 1,200 1,229    
Total liabilities 177,200 177,294    
NET ASSETS        
Contributed capital 137,853 138,088    
Total undistributed earnings 63,887 57,358    
Total net assets 201,740 195,446    
Total liabilities and net assets 378,940 372,740    
Non‑Control/Non‑Affiliate investments        
ASSETS        
Investments at fair value: 1,981,857 [2],[7] 1,997,981 [8],[9]    
Investment, cost 2,038,134 [6],[7] 2,077,901 [9],[10]    
Non‑Control/Non‑Affiliate investments | MSCC Funding I, LLC        
ASSETS        
Investments at fair value: 361,382 350,892    
Investment, cost $ 361,480 $ 351,053    
[1] All portfolio company headquarters are based in the United States, 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 Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[6] 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.
[7] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[8] 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.
[9] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[10] 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.