Summary of MSC Income’s debt as of March 31, 2025 is as follows:


	Outstanding Balance		Unamortized Debt Issuance Costs (1)		Recorded Value		Estimated Fair Value (2)
	(in thousands)

SPV Facility	$	260,688	$	—	$	260,688	$	260,688

Corporate Facility	160,000		—		160,000		160,000
Series A Notes	150,000		(472)		149,528		143,879
Total Debt	$	570,688	$	(472)	$	570,216	$	564,567

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(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.

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

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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:


	Three Months Ended March 31,
	2025			2024
	(dollars in millions)
Weighted-average borrowings outstanding	$	511.8		$	488.9
Weighted-average effective interest rate	6.4		%	7.8		%