Quarterly report [Sections 13 or 15(d)]

DEBT - Schedule of MSCC Funding Balance Sheet (Details)

v3.25.3
DEBT - Schedule of MSCC Funding Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
ASSETS                
Investments at fair value: $ 5,147,773 [1],[2],[3]     $ 4,932,669 [4],[5],[6]        
Investment, cost 4,345,983 [1],[3],[7]     4,237,312 [4],[6],[8]        
Cash and cash equivalents 30,568     78,251        
Interest and dividend receivable and other assets 90,110     98,084        
Deferred financing costs (net of accumulated amortization of $7,460 and $1,859 as of September 30, 2025 and December 31, 2024, respectively) 14,483     12,337        
Deferred financing costs, accumulated amortization 16,838     14,592        
Total assets 5,282,934     5,121,341        
LIABILITIES                
SPV Facility 2,149,768     2,122,371        
Accounts payable and other liabilities to affiliates 61,949     69,631        
Interest payable 18,573     23,290        
Total liabilities 2,348,359     2,323,503        
NET ASSETS                
Contributed capital 2,451,987     2,394,492        
Total undistributed earnings 481,693     402,462        
Total net assets 2,934,575 $ 2,884,217 $ 2,840,133 2,797,838 $ 2,692,254 $ 2,578,956 $ 2,515,970 $ 2,477,399
Total liabilities and net assets 5,282,934     5,121,341        
MSCC Funding I, LLC                
ASSETS                
Investments at fair value: 337,864     350,892        
Investment, cost 338,089     351,053        
Cash and cash equivalents 6,493     11,212        
Interest and dividend receivable and other assets 2,904     4,124        
Deferred financing costs (net of accumulated amortization of $7,460 and $1,859 as of September 30, 2025 and December 31, 2024, respectively) 7,460     6,512        
Deferred financing costs, accumulated amortization 7,460     1,859        
Total assets 354,721     372,740        
LIABILITIES                
SPV Facility 76,000     176,000        
Accounts payable and other liabilities to affiliates 0     65        
Interest payable 635     1,229        
Total liabilities 76,635     177,294        
NET ASSETS                
Contributed capital 203,939     138,088        
Total undistributed earnings 74,147     57,358        
Total net assets 278,086     195,446        
Total liabilities and net assets 354,721     372,740        
Control investments                
ASSETS                
Investments at fair value: 2,416,174 [2],[9]     2,087,890 [5],[10] $ 2,104,576     $ 2,006,698
Investment, cost 1,659,952 [7],[9]     1,415,970 [8],[10]        
Control investments | MSCC Funding I, LLC                
ASSETS                
Investments at fair value: 13,483     0        
Investment, cost 13,483              
Non‑Control/Non‑Affiliate investments                
ASSETS                
Investments at fair value: 1,838,685 [2],[11]     1,997,981 [5],[12]        
Investment, cost 1,872,021 [7],[11]     2,077,901 [8],[12]        
Non‑Control/Non‑Affiliate investments | MSCC Funding I, LLC                
ASSETS                
Investments at fair value: 324,381     350,892        
Investment, cost $ 324,606     $ 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 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 United States, 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.