Debt and Foreign Currency Transactions and Translations (Tables)

6 Months Ended

Jun. 30, 2025

Debt Instrument [Line Items]

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of June 30, 2025 were as follows:

	Date Issued/ Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/17/2024	$	1,660,000	**	$	1,221,946		*	$	1,221,946	(1	)	10/17/2029
MFIC Bethesda CLO 1 LLC Class A-1 Notes	11/2/2023		232,000			232,000				232,737	(2	)	10/23/2035
MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)	2/24/2025		399,000			399,000				397,490	(2	)	1/23/2037
2026 Notes	7/16/2021		125,000			125,000				121,844	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				80,960	(3	)	12/15/2028
Total Debt Obligations		$	2,496,000		$	2,057,946			$	2,054,977
Deferred Financing Costs and Debt Discount						(6,292	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	2,051,654

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** As of June 30, 2025, total lender commitments were $1,660,000.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of June 30, 2025. The valuation is based on broker quoted prices.

(3)The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2025. The valuation is arrived using the closing price on exchange as on the relevant date.

The Company’s outstanding debt obligations as of December 31, 2024 were as follows:

	Date Issued/ Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/17/2024	$	1,660,000	**	$	970,148		*	$	970,148	(1	)	10/17/2029
MFIC Bethesda CLO 1 LLC Class A-1 Notes	11/2/2023		232,000			232,000				232,812	(2	)	10/23/2035
2025 Notes	3/3/2015		350,000			350,000				349,342	(2	)	3/3/2025
2026 Notes	7/16/2021		125,000			125,000				120,918	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				81,472	(3	)	12/15/2028
Total Debt Obligations		$	2,447,000		$	1,757,148			$	1,754,692
Deferred Financing Costs and Debt Discount						(5,527	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,751,621

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Between October 17, 2024 and December 22, 2024, total lender commitments were $1,815,000. As of December 31, 2024, total lender commitments were $1,660,000.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2024. The valuation is based on broker quoted prices.

(3)The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2024. The valuation is arrived using the closing price on exchange as on the relevant date.

Summary of Average and Maximum Debt Outstanding, Interest and Debt Issuance Cost

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025				2024
Average debt outstanding	$	1,925,540		$	1,439,084		$	1,866,897		$		1,404,912
Maximum amount of debt outstanding (2)		2,053,954			1,511,548			2,325,684				1,511,548
Weighted average annualized interest cost (1)		6.45	%		7.05	%		6.42	%			7.05	%
Annualized amortized debt issuance cost		0.36	%		0.44	%		0.38	%			0.50	%
Total annualized interest cost		6.81	%		7.49	%		6.80	%			7.55	%

________________

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three and six months ended June 30, 2025 were $532 and $1,164, respectively. Commitment fees for the three and six months ended June 30, 2024 were $958 and $1,997, respectively.

(2)The maximum amount of debt outstanding during the six months ended June 30, 2025 is inclusive of $399 million of Class A1, Class A2, Class B, and Class C Notes of MFIC Bethesda CLO 2 that were sold on February 24, 2025. The Company used the proceeds received to repay borrowings under its Senior Secured Facility on February 25, 2025, the day following the closing of MFIC Bethesda CLO 2.

Schedule of Foreign-denominated Debt Outstanding

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of June 30, 2025:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
British Pound	£	23,200	$	28,912	$	31,858	$	(2,946	)		7/31/2025
European Euro	€	6,600		7,311		7,779		(468	)		7/31/2025
Canadian Dollar	C$	14,980		10,889		11,008		(119	)		7/31/2025
Total			$	47,112	$	50,645	$	(3,533	)

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2024:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
British Pound	£	17,700	$	22,058	$	22,153	$	(95	)		1/31/2025
European Euro	€	2,700		2,991		2,796		195			1/31/2025
Canadian Dollar	C$	12,800		9,304		8,899		405			1/31/2025
Total			$	34,353	$	33,848	$	505