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

DEBT (Tables)

v3.25.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 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’s debt as of December 31, 2024 is as follows:
Outstanding Balance
Unamortized Debt Issuance
Costs (1)
Recorded Value
Estimated Fair Value (2)
(dollars 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.9. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summary of MSC Income’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 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.9. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of MSC Income’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:
Year Ended December 31,
2024 2023 2022
(dollars in millions)
Weighted-average borrowings outstanding $ 518.8  $ 486.2  $ 495.3 
Weighted-average effective interest rate 7.5  % 7.5  % 4.9  %
Schedule of Interest Expense
Summarized interest expense for the years ended December 31, 2024, 2023 and 2022 is as follows:
Year Ended December 31,
2024 2023 2022
(dollars in thousands)
SPV Facility $ 23,082  $ 22,184  $ 13,856 
Corporate Facility 9,595  7,916  4,400 
Series A Notes 6,358  6,358  6,167 
Total Interest Expense $ 39,035  $ 36,458  $ 24,423 
Schedule of Maturities of Long-Term Debt
A summary of our significant contractual payment obligations for the repayment of outstanding borrowings as of December 31, 2024 is as follows.
2025 2026 2027 2028 2029 Thereafter Total
(dollars in thousands)
SPV Facility(1)
$ —  $ —  $ —  $ 266,688  $ —  $ —  $ 266,688 
Series A Notes —  150,000  —  —  —  —  150,000 
Corporate Facility(2)
—  —  —  —  149,000  —  149,000 
Total $ —  $ 150,000  $ —  $ 266,688  $ 149,000  $ —  $ 565,688 
_____________________________
(1)As of December 31, 2024, $33.3 million remained available to borrow under the SPV Facility.
(2)As of December 31, 2024, $16.0 million remained available to borrow under the Corporate Facility.