XML 65 R56.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt and Foreign Currency Transactions and Translations - Additional Information (Details)
9 Months Ended 12 Months Ended
Dec. 13, 2023
USD ($)
Apr. 19, 2023
Jul. 16, 2021
USD ($)
Mar. 03, 2015
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Installment
Dec. 31, 2022
USD ($)
Dec. 23, 2024
USD ($)
Dec. 22, 2024
USD ($)
Nov. 02, 2023
USD ($)
Nov. 19, 2022
USD ($)
Apr. 04, 2019
Apr. 04, 2018
Debt Instrument [Line Items]                          
Aggregate principal amount         $ 2,238,829,000 $ 2,492,000,000 $ 2,238,829,000            
Debt         1,483,394,000 1,462,267,000 $ 1,483,394,000            
MFIC Bethesda CLO 1 LLC Debt Securitization Member                          
Debt Instrument [Line Items]                          
Debt           402,360,000              
Subordinated Debt [1]           $ 154,360,000              
Term debt securitization                   $ 402,360,000      
Senior Secured Facility                          
Debt Instrument [Line Items]                          
Required assets coverage percentage                       150.00% 200.00%
Final Maturity Date           Apr. 19, 2028 [2] Dec. 22, 2025 [3]            
Credit facility expiration date   Apr. 19, 2028                      
Aggregate principal amount         1,763,829,000 $ 1,705,000,000 $ 1,763,829,000            
Date of first required payment to repay           Apr. 19, 2027              
Number of installment | Installment           12              
Frequency of payment and payment terms           Commencing April 19, 2027, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of April 19, 2027.              
Frequency of periodic payment           monthly              
Commitment fee per annum           0.375%              
Required minimum percentage of equity to assets           30.00%              
Base amount considered for covenants           $ 705,000,000              
Considered percentage of net proceeds from sale of equity interest for covenants           25.00%              
Maximum borrowing capacity         1,763,829,000 $ 1,705,000,000 1,763,829,000       $ 1,810,000,000    
Maximum borrowing capacity under accordian feature           2,325,000,000              
Available remaining capacity         713,634,000 $ 1,004,732,000 $ 713,634,000            
Senior Secured Facility | Forecast                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity               $ 1,550,000,000 $ 1,705,000,000        
2025 Notes                          
Debt Instrument [Line Items]                          
Final Maturity Date       Mar. 03, 2025   Mar. 03, 2025 [4] Mar. 03, 2025 [5]            
Aggregate principal amount       $ 350,000,000 $ 350,000,000 $ 350,000,000 $ 350,000,000            
Date of first required payment to repay       Sep. 03, 2015                  
Frequency of payment and payment terms         The 2025 Notes will mature on March 3, 2025. Interest on the 2025 Notes is due semi-annually on March 3 and September 3, at an annual rate of 5.25%, commencing on September 3, 2015.                
Frequency of periodic payment       semi-annually                  
Net proceeds from senior unsecured notes       $ 343,650,000                  
Annual interest rate       5.25%                  
2026 Notes                          
Debt Instrument [Line Items]                          
Final Maturity Date     Jul. 16, 2026     Jul. 16, 2026 [4] Jul. 16, 2026 [5]            
Aggregate principal amount     $ 125,000,000   $ 125,000,000 $ 125,000,000 $ 125,000,000            
Date of first required payment to repay     Jan. 16, 2022                    
Frequency of payment and payment terms         The 2026 Notes will mature on July 16, 2026. Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022.                
Frequency of periodic payment     semi-annually                    
Net proceeds from senior unsecured notes     $ 122,965,000                    
Annual interest rate     4.50%                    
2028 Notes                          
Debt Instrument [Line Items]                          
Final Maturity Date Dec. 15, 2028         Dec. 15, 2028 [6]              
Aggregate principal amount $ 80,000,000         $ 80,000,000              
Frequency of payment and payment terms         The 2028 Notes will mature on December 15, 2028. The 2028 Notes bear interest at a rate of 8.00% per year, commencing December 13, 2023.                
Annual interest rate 8.00%                        
Redemption period, start date Dec. 15, 2025                        
Debt instrument redemption rate per note $ 25,000                        
Debt instrument redemption start date Dec. 15, 2025                        
2028 Notes | Over-allotment Option                          
Debt Instrument [Line Items]                          
Aggregate principal amount $ 5,000,000                        
Maximum | Senior Secured Facility                          
Debt Instrument [Line Items]                          
Fronting fees on letters of credit issued           2.25%              
Maximum | Senior Secured Facility | SOFR                          
Debt Instrument [Line Items]                          
Borrowing base interest rate           1.975%              
Maximum | Senior Secured Facility | Alternate Base Rate                          
Debt Instrument [Line Items]                          
Borrowing base interest rate           0.875%              
Minimum | Senior Secured Facility                          
Debt Instrument [Line Items]                          
Required indebtedness ratio for covenants           1.5              
Minimum | Senior Secured Facility | SOFR                          
Debt Instrument [Line Items]                          
Borrowing base interest rate           1.85%              
Minimum | Senior Secured Facility | Alternate Base Rate                          
Debt Instrument [Line Items]                          
Borrowing base interest rate           0.75%              
Standby Letters of Credit | Senior Secured Facility                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity           $ 150,000,000              
Line of credit         $ 37,692,000 $ 17,291,000 $ 37,692,000            
[1] The Company retained (in the Bethesda CLO 1 Depositor) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 Debt Securitization which are eliminated in consolidation.
[2] The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
[3] The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2022. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
[4] The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2023. The valuation is based on broker quoted prices.
[5] The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2022. The valuation is based on broker quoted prices.
[6] The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2023. The valuation is arrived using the closing price on exchange as on the relevant date.