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

DEBT (Tables)

v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt and Average Amount of Total Borrowings Outstanding and Weighted-Overall Average Effective Interest Rate
A summary of MSC Income’s debt as of December 31, 2025 is as follows:
Outstanding Balance
Unamortized Debt Issuance
Costs (1)
Recorded Value
Estimated Fair Value (2)
(in thousands)
SPV Facility $ 244,000  $ —  $ 244,000  $ 244,000 
Corporate Facility 209,000  —  209,000  209,000 
Series A Notes 150,000  (249) 149,751  146,936 
Total Debt $ 603,000  $ (249) $ 602,751  $ 599,936 
_____________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the Series A Notes are reflected as a contra-liability to the Series A Notes on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if MSC Income had adopted the fair value option under ASC 825, Financial Instruments (“ASC 825”). See discussion of the methods used to estimate the fair value of MSC Income’s debt in Note B.10. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of MSC Income’s debt as of December 31, 2024 is as follows:
Outstanding Balance
Unamortized Debt Issuance Costs (1)
 Recorded Value
Estimated Fair Value (2)
(in thousands)
SPV Facility $ 266,688  $ —  $ 266,688  $ 266,688 
Corporate Facility 149,000  —  149,000  149,000 
Series A Notes 150,000  (547) 149,453  141,892 
Total Debt $ 565,688  $ (547) $ 565,141  $ 557,580 
_____________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the Series A Notes are reflected as a contra-liability to the Series A Notes on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if MSC Income had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income’s debt in Note B.10. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of MSC Income’s weighted-average amount of total borrowings outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
2025 2024 2023
(dollars in millions)
Weighted-average borrowings outstanding $ 547.0  $ 518.8  $ 486.2 
Weighted-average effective interest rate 6.1  % 7.5  % 7.5  %
Schedule of Interest Expense
A summary of MSC Income’s interest expense for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
2025 2024 2023
(in thousands)
SPV Facility $ 17,221  $ 23,082  $ 22,184 
Corporate Facility 10,348  9,595  7,916 
Series A Notes 6,358  6,358  6,358 
Total Interest Expense $ 33,927  $ 39,035  $ 36,458 
Schedule of Contractual Payment Obligations for the Repayment
A summary of MSC Income’s contractual payment obligations for the repayment of outstanding indebtedness as of December 31, 2025 is as follows:
2026 2027 2028 2029 2030 Total
(in thousands)
SPV Facility $ —  $ —  $ —  $ —  $ 244,000  $ 244,000 
Corporate Facility —  —  —  209,000  —  209,000 
Series A Notes 150,000  —  —  —  —  150,000 
Total $ 150,000  $ —  $ —  $ 209,000  $ 244,000  $ 603,000 
Schedule of Senior Securities
Information about MSC Income’s senior securities as of December 31 for the years indicated in the table, unless otherwise noted, is as follows:
Total Amount Outstanding Exclusive of Treasury Securities(1)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
(in thousands)
Corporate Facility
2016 $ 80,000  $ 2,448  —  N/A
2017 82,000  2,506  —  N/A
2018 120,000  2,229  —  N/A
2019 105,000  2,369  —  N/A
2020 44,000  2,920  —  N/A
2021 153,000  2,214  —  N/A
2022 98,000  2,290  —  N/A
2023 132,000  2,280  —  N/A
2024 149,000  2,104  —  N/A
2025 209,000  2,225  —  N/A
SPV Facility
2021 $ 273,688  $ 2,214  —  N/A
2022 223,688  2,290  —  N/A
2023 203,688  2,280  —  N/A
2024 266,688  2,104  —  N/A
2025 244,000  2,225  —  N/A
Series A Notes
2021 $ 77,500  $ 2,214  —  N/A
2022 150,000  2,290  —  N/A
2023 150,000  2,280  —  N/A
2024 150,000  2,104  —  N/A
2025 150,000  2,225  —  N/A
Deutsche Bank Credit Facility
2016 $ 333,000  $ 2,448  —  N/A
2017 348,000  2,506  —  N/A
2018 389,000  2,229  —  N/A
2019 340,000  2,369  —  N/A
2020 257,816  2,920  —  N/A
_____________________________
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of MSC Income’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(3)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading on a stock exchange.