Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.24.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt and Average Amount of Total Borrowings Outstanding and Weighted-Overall Average Effective Interest Rate
Summary of MSC Income Fund’s debt as of September 30, 2024 is as follows:
Outstanding Balance
Unamortized Debt Issuance
Costs (1)
Recorded Value
Estimated Fair Value (2)
(dollars in thousands)
SPV Facility $ 259,688  $ —  $ 259,688  $ 259,688 
Corporate Facility 147,000  —  147,000  147,000 
Series A Notes 150,000  (621) 149,379  138,677 
Total Debt $ 556,688  $ (621) $ 556,067  $ 545,365 
_________________
(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 Fund had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income Fund’s debt in Note B.9. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summary of MSC Income Fund’s debt as of December 31, 2023 is as follows:
Outstanding Balance
Unamortized Debt Issuance Costs (1)
Recorded Value
Estimated Fair Value (2)
(dollars in thousands)
SPV Facility $ 203,688  $ —  $ 203,688  $ 203,688 
Corporate Facility 132,000  —  132,000  132,000 
Series A Notes 150,000  (845) 149,155  141,531 
Total Debt $ 485,688  $ (845) $ 484,843  $ 477,219 
___________________
(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 Fund had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income Fund’s debt in Note B.9. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of MSC Income Fund’s 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 are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
(dollars in millions)
Weighted-average borrowings outstanding $ 531.1  $ 495.0  $ 504.5  $ 481.7 
Weighted-average effective interest rate 7.8  % 7.6  % 7.8  % 7.4  %
Schedule of Interest Expense
Summarized interest expense for the three and nine months ended September 30, 2024 and 2023 is as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
(dollars in thousands)
SPV Facility $ 5,904  $ 5,933  $ 17,902  $ 16,127 
Corporate Facility 2,880  1,880  6,799  5,703 
Series A Notes 1,590  1,590  4,769  4,769 
Total Interest Expense $ 10,374  $ 9,403  $ 29,470  $ 26,599