0001535778 12-31 2025 Q1 false 0.5 0.5 0.5 1 P3Y P5Y P3Y P5Y P12M xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure msif:company msif:segment msif:decimal msif:entity msif:investmentManager msif:extensionOption msif:plan msif:investment msif:component 0001535778 2025-01-01 2025-03-31 0001535778 2025-05-12 0001535778 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-12-31 0001535778 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-12-31 0001535778 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-03-31 0001535778 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001535778 2025-03-31 0001535778 2024-12-31 0001535778 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-03-31 0001535778 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2024-12-31 0001535778 msif:SeriesANotesDue2026Member us-gaap:UnsecuredDebtMember 2024-12-31 0001535778 msif:SeriesANotesDue2026Member us-gaap:UnsecuredDebtMember 2025-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-01-01 2025-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-01-01 2024-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-01-01 2025-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-01-01 2024-03-31 0001535778 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-01-01 2025-03-31 0001535778 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-01-01 2024-03-31 0001535778 2024-01-01 2024-03-31 0001535778 2024-12-16 2024-12-16 0001535778 us-gaap:CommonStockMember 2023-12-31 0001535778 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001535778 us-gaap:RetainedEarningsMember 2023-12-31 0001535778 2023-12-31 0001535778 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0001535778 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0001535778 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0001535778 us-gaap:CommonStockMember 2024-03-31 0001535778 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001535778 us-gaap:RetainedEarningsMember 2024-03-31 0001535778 2024-03-31 0001535778 us-gaap:CommonStockMember 2024-12-31 0001535778 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001535778 us-gaap:RetainedEarningsMember 2024-12-31 0001535778 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001535778 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001535778 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001535778 us-gaap:CommonStockMember 2025-03-31 0001535778 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001535778 us-gaap:RetainedEarningsMember 2025-03-31 0001535778 BDB Holdings, LLC, Secured Debt 2025-03-31 0001535778 BDB Holdings, LLC, , Preferred Equity 2025-03-31 0001535778 msif:BDBHoldingsLLCMember 2025-03-31 0001535778 Copper Trail Fund Investments, LP Interests (CTMH, LP)2025-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2025-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 2 2025-03-31 0001535778 GRT Rubber Technologies LLC, Member Units 2025-03-31 0001535778 msif:GRTRubberTechnologiesLLCMember 2025-03-31 0001535778 Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2025-03-31 0001535778 Volusion, LLC, Secured Debt 2025-03-31 0001535778 Volusion, LLC, Preferred Member Units 1 2025-03-31 0001535778 Volusion, LLC, Preferred Member Units 2 2025-03-31 0001535778 Volusion, LLC, Preferred Member Units 3 2025-03-31 0001535778 Volusion, LLC, Common Stock 2025-03-31 0001535778 msif:VolusionLLCMember 2025-03-31 0001535778 American Nuts, LLC, Secured Debt 1 2025-03-31 0001535778 American Nuts, LLC, Roaster, Secured Debt 2 2025-03-31 0001535778 American Nuts, LLC, Roaster, Preferred Equity 2025-03-31 0001535778 msif:AmericanNutsLLCMember 2025-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 1 2025-03-31 0001535778 Analytical Systems Keco Holdings, LLC,, Preferred Member Units 2 2025-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Warrants 2025-03-31 0001535778 msif:AnalyticalSystemsKecoHoldingsLLCMember 2025-03-31 0001535778 Barfly Ventures, LLC - Member Units 2025-03-31 0001535778 Batjer TopCo, LLC, , Secured Debt 1 2025-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 2 2025-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 3 2025-03-31 0001535778 Batjer TopCo, LLC, Preferred Stock 2025-03-31 0001535778 msif:BatjerTopCoLLCMember 2025-03-31 0001535778 Brewer Crane Holdings, LLC, Secured Debt 2025-03-31 0001535778 Brewer Crane Holdings, LLC, Preferred Member Units 2025-03-31 0001535778 msif:BrewerCraneHoldingsLLCMember 2025-03-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Centre Technologies Holdings, LLC,Secured Debt 2 2025-03-31 0001535778 Centre Technologies Holdings, LLC, Preferred Member Units 2025-03-31 0001535778 msif:CentreTechnologiesHoldingsLLCMember 2025-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 1 2025-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 2 2025-03-31 0001535778 Chamberlin Holding LLC, Member Units 1 2025-03-31 0001535778 Chamberlin Holding LLC, Member Units 2 2025-03-31 0001535778 msif:ChamberlinHoldingLLCMember 2025-03-31 0001535778 msif:CharpsLLCMember 2025-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 1 2025-03-31 0001535778 Clad-Rex Steel, LLC,, Secured Debt 2 2025-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 3 2025-03-31 0001535778 Clad-Rex Steel, LLC, Member Units 1 2025-03-31 0001535778 Clad-Rex Steel, LLC,, Member Units 2 2025-03-31 0001535778 msif:CladRexSteelLLCMember 2025-03-31 0001535778 Cody Pools, Inc., Secured Debt 1 2025-03-31 0001535778 Cody Pools, Inc., Secured Debt 2 2025-03-31 0001535778 Cody Pools, Inc., Preferred Member Units 2025-03-31 0001535778 msif:CodyPoolsIncMember 2025-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 1 2025-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 2 2025-03-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 2025-03-31 0001535778 msif:ColonialElectricCompanyLLCMember 2025-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 1 2025-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 2 2025-03-31 0001535778 Compass Systems & Sales, LLC, Preferred Equity 2025-03-31 0001535778 msif:CompassSystemsSalesLLCMember 2025-03-31 0001535778 Datacom, LLC, , Secured Debt 1 2025-03-31 0001535778 Datacom, LLC, Secured Debt 2 2025-03-31 0001535778 Datacom, LLC, Preferred Member Units 2025-03-31 0001535778 msif:DatacomLLCMember 2025-03-31 0001535778 Digital Products Holdings LLC, Secured Debt 2025-03-31 0001535778 Digital Products Holdings LLC, Preferred Member Units 2025-03-31 0001535778 msif:DigitalProductsHoldingsLLCMember 2025-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 1 2025-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 2 2025-03-31 0001535778 Direct Marketing Solutions, Inc., Preferred Stock 2025-03-31 0001535778 msif:DirectMarketingSolutionsIncMember 2025-03-31 0001535778 DMA Industries, LLC., Secured Debt 1 2025-03-31 0001535778 DMA Industries, LLC. Secured Debt 2 2025-03-31 0001535778 DMA Industries, LLC. Preferred Equity 1 2025-03-31 0001535778 DMA Industries, LLC. Preferred Equity 2 2025-03-31 0001535778 msif:DMAIndustriesLLCMember 2025-03-31 0001535778 Flame King Holdings, LLC, Preferred Equity 2025-03-31 0001535778 msif:FreeportFinancialFundsMember 2025-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Gamber-Johnson Holdings, LLC, Member Unit 2025-03-31 0001535778 msif:GamberJohnsonHoldingsLLCMember 2025-03-31 0001535778 GFG Group, LLC, Secured Debt 2025-03-31 0001535778 GFG Group, LLC, Preferred Member Units 2025-03-31 0001535778 msif:GFGGroupLLCMember 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2025-03-31 0001535778 msif:GulfPublishingHoldingsLLCMember 2025-03-31 0001535778 Harris Preston Fund Investments 2025-03-31 0001535778 IG Investor, LLC, Secured Debt 1 2025-03-31 0001535778 IG Investor, LLC, Secured Debt 2 2025-03-31 0001535778 IG Investor, LLC, Common Equity 2025-03-31 0001535778 msif:IGInvestorLLCMember 2025-03-31 0001535778 Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2025-03-31 0001535778 Integral Energy Services, Secured Debt 1 2025-03-31 0001535778 Integral Energy Services, Preferred Equity 2025-03-31 0001535778 Integral Energy Services, Common Stock 2025-03-31 0001535778 msif:IntegralEnergyServicesMember 2025-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 1 2025-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 2 2025-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, , Preferred Equity 2025-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Member Units 2025-03-31 0001535778 msif:KickhaeferManufacturingCompanyLLCMember 2025-03-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-Priced Products, Secured Debt 1 2025-03-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-Priced Products, Secured Debt 2 2025-03-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-Priced Products, Preferred Equity 2025-03-31 0001535778 msif:KMSLLCMember 2025-03-31 0001535778 Mills Fleet Farm Group, LLC, Secured Debt 2025-03-31 0001535778 Mills Fleet Farm Group, LLC, Common Equity 2025-03-31 0001535778 msif:MillsFleetFarmGroupLLCMember 2025-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Mystic Logistics Holdings, LLC, Common Stock 2025-03-31 0001535778 msif:MysticLogisticsHoldingsLLCMember 2025-03-31 0001535778 Nello Industries Investco, LLC, Secured Debt 2025-03-31 0001535778 Nello Industries Investco, LLC, Common Equity 2025-03-31 0001535778 msif:NelloIndustriesInvestcoLLCMember 2025-03-31 0001535778 NexRev LLC 2025-03-31 0001535778 NuStep, LLC, Designer, Secured Debt 1 2025-03-31 0001535778 NuStep, LLC, Designer, Secured Debt 2 2025-03-31 0001535778 NuStep, LLC, Designer, Preferred Member Units 1 2025-03-31 0001535778 NuStep, LLC, Designer, Preferred Member Units 2 2025-03-31 0001535778 msif:NuStepLLCMember 2025-03-31 0001535778 Oneliance, LLC 2025-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2025-03-31 0001535778 msif:OrttechHoldingsLLCMember 2025-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2025-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2025-03-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2025-03-31 0001535778 msif:PinnacleTopCoLLCMember 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 1 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 2 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 3 2025-03-31 0001535778 RA Outdoors LLC, Common Equity 2025-03-31 0001535778 msif:RAOutdoorsLLCMember 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 1 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 2 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 3 2025-03-31 0001535778 msif:RobbinsBrosJewelryIncMember 2025-03-31 0001535778 SI East, LLC, Secured Debt 1 2025-03-31 0001535778 SI East, LLC, Secured Debt 2 2025-03-31 0001535778 SI East, LLC, Preferred Member Units 2025-03-31 0001535778 msif:SIEastLLCMember 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 1 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 2 2025-03-31 0001535778 Student Resource Center, LLC, Preferred Equity 2025-03-31 0001535778 msif:StudentResourceCenterLLCMember 2025-03-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2025-03-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2025-03-31 0001535778 msif:TedderIndustriesLLCMember 2025-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 1 2025-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 2 2025-03-31 0001535778 Trantech Radiator Topco, LLC, Common Stock 2025-03-31 0001535778 msif:TrantechRadiatorTopcoLLCMember 2025-03-31 0001535778 Urgent DSO LLC, Secured Debt 2025-03-31 0001535778 Urgent DSO LLC, Preferred Equity 2025-03-31 0001535778 msif:UrgentDSOLLCMember 2025-03-31 0001535778 Victory Energy Operations, LLC, Secured Debt 1 2025-03-31 0001535778 Victory Energy Operations, LLC, Secured Debt 2 2025-03-31 0001535778 Victory Energy Operations, LLC, Preferred Equity 2025-03-31 0001535778 msif:VictoryEnergyOperationsLLCMember 2025-03-31 0001535778 VVS Holdco LLC, Secured Debt 1 2025-03-31 0001535778 VVS Holdco LLC, Secured Debt 2 2025-03-31 0001535778 VVS Holdco LLC, Preferred Equity 2025-03-31 0001535778 msif:VVSHoldcoLLCMember 2025-03-31 0001535778 AAC Holdings, Inc., Secured Debt 1 2025-03-31 0001535778 AAC Holdings, Inc., Secured Debt 2 2025-03-31 0001535778 AAC Holdings, Inc., Preferred Equity 2025-03-31 0001535778 AAC Holdings, Inc., Common Stock 2025-03-31 0001535778 AAC Holdings, Inc., Warrants 2025-03-31 0001535778 msif:AACHoldingsIncMember 2025-03-31 0001535778 Adams Publishing Group, LLC, Secured Debt 1 2025-03-31 0001535778 Adams Publishing Group, LLC, Secured Debt 2 2025-03-31 0001535778 msif:AdamsPublishingGroupLLCMember 2025-03-31 0001535778 AMEREQUIP LLC., Common Stock 2025-03-31 0001535778 American Health Staffing Group, Inc., Secured Debt 1 2025-03-31 0001535778 American Health Staffing Group, Inc., Secured Debt 2 2025-03-31 0001535778 msif:AmericanHealthStaffingGroupIncMember 2025-03-31 0001535778 Ansira Partners II, LLC, Secured Debt 1 2025-03-31 0001535778 Ansira Partners II, LLC, Secured Debt 2 2025-03-31 0001535778 msif:AnsiraPartnersIILLCMember 2025-03-31 0001535778 ArborWorks, LLC, Secured Debt 1 2025-03-31 0001535778 ArborWorks, LLC, Secured Debt 2 2025-03-31 0001535778 ArborWorks, LLC, Preferred Equity 1 2025-03-31 0001535778 ArborWorks, LLC, Preferred Equity 2 2025-03-31 0001535778 ArborWorks, LLC, Common Equity 2025-03-31 0001535778 msif:ArborWorksLLCMember 2025-03-31 0001535778 Archer Systems, LLC, Common Stock 2025-03-31 0001535778 ATS Operating, LLC, Secured Debt 1 2025-03-31 0001535778 ATS Operating, LLC, Secured Debt 2 2025-03-31 0001535778 ATS Operating, LLC, Secured Debt 3 2025-03-31 0001535778 ATS Operating, LLC, Common Stock 2025-03-31 0001535778 msif:ATSOperatingLLCMember 2025-03-31 0001535778 AVEX Aviation Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 AVEX Aviation Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 AVEX Aviation Holdings, LLC, Common Equity 2025-03-31 0001535778 msif:AVEXAviationHoldingsLLCMember 2025-03-31 0001535778 Berry Aviation, Inc., Preferred Member Units 1 2025-03-31 0001535778 Berry Aviation, Inc., Preferred Member Units 2 2025-03-31 0001535778 Berry Aviation, Inc., Preferred Member Units 3 2025-03-31 0001535778 msif:BerryAviationIncMember 2025-03-31 0001535778 Bettercloud, Inc., Secured Debt 1 2025-03-31 0001535778 Bettercloud, Inc., Secured Debt 2 2025-03-31 0001535778 msif:BettercloudIncMember 2025-03-31 0001535778 Binswanger Enterprises, LLC, Member Units 2025-03-31 0001535778 Bluestem Brands, Inc., Secured Debt 1 2025-03-31 0001535778 Bluestem Brands, Inc., Secured Debt 2 2025-03-31 0001535778 Bluestem Brands, Inc., Secured Debt 3 2025-03-31 0001535778 Bluestem Brands, Inc., Common Stock 2025-03-31 0001535778 Bluestem Brands, Inc., Warrants 2025-03-31 0001535778 msif:BluestemBrandsIncMember 2025-03-31 0001535778 Boccella Precast Products LLC, Secured Debt 2025-03-31 0001535778 Boccella Precast Products LLC, Member Units 2025-03-31 0001535778 msif:BoccellaPrecastProductsLLCMember 2025-03-31 0001535778 B-O-F Corporation, Secured Debt 1 2025-03-31 0001535778 B-O-F Corporation, Secured Debt 2 2025-03-31 0001535778 B-O-F Corporation, Secured Debt 3 2025-03-31 0001535778 B-O-F Corporation, Common Equity 2025-03-31 0001535778 msif:BOFCorporationMember 2025-03-31 0001535778 Bond Brand Loyalty ULC, Secured Debt 1 2025-03-31 0001535778 Bond Brand Loyalty ULC, Secured Debt 2 2025-03-31 0001535778 Bond Brand Loyalty ULC, Secured Debt 3 2025-03-31 0001535778 Bond Brand Loyalty ULC, Preferred Equity 2025-03-31 0001535778 Bond Brand Loyalty ULC, Common Equity 2025-03-31 0001535778 msif:BondBrandLoyaltyULCMember 2025-03-31 0001535778 BP Loenbro Holdings Inc., Secured Debt 1 2025-03-31 0001535778 BP Loenbro Holdings Inc., Secured Debt 2 2025-03-31 0001535778 BP Loenbro Holdings Inc., Secured Debt 3 2025-03-31 0001535778 BP Loenbro Holdings Inc., Common Equity 2025-03-31 0001535778 msif:BPLoenbroHoldingsInc.Member 2025-03-31 0001535778 Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2025-03-31 0001535778 Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2025-03-31 0001535778 msif:BrightwoodCapitalFundInvestmentsMember 2025-03-31 0001535778 Buca C, LLC, Secured Debt 1 2025-03-31 0001535778 Buca C, LLC, Secured Debt 2 2025-03-31 0001535778 Buca C, LLC, Secured Debt 3 2025-03-31 0001535778 Buca C, LLC, Preferred Member Units 2025-03-31 0001535778 msif:BucaCLLCMember 2025-03-31 0001535778 Burning Glass Intermediate Holding Company, Inc., Secured Debt 1 2025-03-31 0001535778 Burning Glass Intermediate Holding Company, Inc., Secured Debt 2 2025-03-31 0001535778 msif:BurningGlassIntermediateHoldingCompanyIncMember 2025-03-31 0001535778 CAI Software LLC, Preferred Equity 1 2025-03-31 0001535778 CAI Software LLC, Preferred Equity 2 2025-03-31 0001535778 msif:CAISoftwareLLCMember 2025-03-31 0001535778 Career Team Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Career Team Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Career Team Holdings, LLC, Common Stock 2025-03-31 0001535778 msif:CareerTeamHoldingsLLCMember 2025-03-31 0001535778 CaseWorthy, Inc., Common Equity 2025-03-31 0001535778 CenterPeak Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 CenterPeak Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 CenterPeak Holdings, LLC, Preferred Equity 2025-03-31 0001535778 msif:CenterPeakHoldingsLLCMember 2025-03-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 1 2025-03-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 2 2025-03-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 3 2025-03-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 4 2025-03-31 0001535778 msif:ChannelPartnersIntermediatecoLLCMember 2025-03-31 0001535778 Clarius BIGS, LLC, Secured Debt 2025-03-31 0001535778 Classic H&G Holdings, LLC, Preferred Member Units 2025-03-31 0001535778 Computer Data Source, LLC, Secured Debt 1 2025-03-31 0001535778 Computer Data Source, LLC, Secured Debt 2 2025-03-31 0001535778 msif:ComputerDataSourceLLCMember 2025-03-31 0001535778 Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2025-03-31 0001535778 Connect Telecommunications Solutions Holdings, Inc., Preferred Equity 2025-03-31 0001535778 msif:ConnectTelecommunicationsSolutionsHoldingsInc.Member 2025-03-31 0001535778 Coregistics Buyer LLC, Secured Debt 1 2025-03-31 0001535778 Coregistics Buyer LLC, Secured Debt 2 2025-03-31 0001535778 Coregistics Buyer LLC, Secured Debt 3 2025-03-31 0001535778 Coregistics Buyer LLC, Secured Debt 4 2025-03-31 0001535778 msif:CoregisticsBuyerLLCMember 2025-03-31 0001535778 CQ Fluency, LLC, Secured Debt 1 2025-03-31 0001535778 CQ Fluency, LLC, Secured Debt 2 2025-03-31 0001535778 CQ Fluency, LLC, Secured Debt 3 2025-03-31 0001535778 msif:CQFluencyLLCMember 2025-03-31 0001535778 Creative Foam Corporation, Secured Debt 1 2025-03-31 0001535778 Creative Foam Corporation, Secured Debt 2 2025-03-31 0001535778 Creative Foam Corporation, Secured Debt 3 2025-03-31 0001535778 Creative Foam Corporation, Common Equity 2025-03-31 0001535778 msif:CreativeFoamCorporationMember 2025-03-31 0001535778 Dalton US Inc., Common Stock 2025-03-31 0001535778 DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2025-03-31 0001535778 DTE Enterprises, LLC, Class A Preferred Member Units 2025-03-31 0001535778 msif:DTEEnterprisesLLCMember 2025-03-31 0001535778 Dynamic Communities, LLC, Secured Debt 1 2025-03-31 0001535778 Dynamic Communities, LLC, Secured Debt 2 2025-03-31 0001535778 Dynamic Communities, LLC, Preferred Equity 1 2025-03-31 0001535778 Dynamic Communities, LLC, Preferred Equity 2 2025-03-31 0001535778 Dynamic Communities, LLC, Common Equity 2025-03-31 0001535778 msif:DynamicCommunitiesLLCMember 2025-03-31 0001535778 Electro Technical Industries, LLC, Secured Debt 1 2025-03-31 0001535778 Electro Technical Industries, LLC, Secured Debt 2 2025-03-31 0001535778 Electro Technical Industries, LLC, Common Equity 2025-03-31 0001535778 msif:ElectroTechnicalIndustriesLLCMember 2025-03-31 0001535778 Elgin AcquireCo, LLC, Secured Debt 1 2025-03-31 0001535778 Elgin AcquireCo, LLC, Secured Debt 2 2025-03-31 0001535778 Elgin AcquireCo, LLC, Secured Debt 3 2025-03-31 0001535778 Elgin AcquireCo, LLC, Common Stock 1 2025-03-31 0001535778 Elgin AcquireCo, LLC, Common Stock 2 2025-03-31 0001535778 msif:ElginAcquireCoLLCMember 2025-03-31 0001535778 Emerald Technologies Acquisition Co, Inc., Secured Debt 2025-03-31 0001535778 Escalent, Inc., Secured Debt 1 2025-03-31 0001535778 Escalent, Inc., Secured Debt 2 2025-03-31 0001535778 Escalent, Inc., Secured Debt 3 2025-03-31 0001535778 Escalent, Inc., Common Equity 2025-03-31 0001535778 msif:EscalentIncMember 2025-03-31 0001535778 Event Holdco, LLC, Secured Debt 1 2025-03-31 0001535778 Event Holdco, LLC, Secured Debt 2 2025-03-31 0001535778 msif:EventHoldcoLLCMember 2025-03-31 0001535778 FCC Intermediate Holdco, LLC, Secured Debt 2025-03-31 0001535778 FCC Intermediate Holdco, LLC, Warrants 2025-03-31 0001535778 msif:FCCIntermediateHoldcoLLCMember 2025-03-31 0001535778 Garyline, LLC, Secured Debt 1 2025-03-31 0001535778 Garyline, LLC, Secured Debt 2 2025-03-31 0001535778 Garyline, LLC, Preferred Equity 2025-03-31 0001535778 Garyline, LLC, Common Equity 2025-03-31 0001535778 msif:GarylineLLCMember 2025-03-31 0001535778 GradeEight Corp., Secured Debt 1 2025-03-31 0001535778 GradeEight Corp., Secured Debt 2 2025-03-31 0001535778 GradeEight Corp., Secured Debt 3 2025-03-31 0001535778 GradeEight Corp., Common Equity 2025-03-31 0001535778 msif:GradeEightCorp.Member 2025-03-31 0001535778 Hawk Ridge Systems, LLC, Secured Debt 1 2025-03-31 0001535778 Hawk Ridge Systems, LLC, Secured Debt 2 2025-03-31 0001535778 Hawk Ridge Systems, LLC, Preferred Member Units 1 2025-03-31 0001535778 Hawk Ridge Systems, LLC, Preferred Member Units 2 2025-03-31 0001535778 msif:HawkRidgeSystemsLLCMember 2025-03-31 0001535778 HDC/HW Intermediate Holdings, Secured Debt 1 2025-03-31 0001535778 HDC/HW Intermediate Holdings, Secured Debt 2 2025-03-31 0001535778 HDC/HW Intermediate Holdings, Common Equity 2025-03-31 0001535778 msif:HDCHWIntermediateHoldingsMember 2025-03-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 1 2025-03-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 2 2025-03-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 3 2025-03-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 4 2025-03-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 5 2025-03-31 0001535778 msif:HEADLANDSOPCOLLCMember 2025-03-31 0001535778 Hornblower Sub, LLC, Secured Debt 1 2025-03-31 0001535778 Hornblower Sub, LLC, Secured Debt 2 2025-03-31 0001535778 msif:HornblowerSubLLCMember 2025-03-31 0001535778 Hybrid Promotions, LLC , Secured Debt 2025-03-31 0001535778 IG Parent Corporation, Secured Debt 1 2025-03-31 0001535778 IG Parent Corporation, Secured Debt 2 2025-03-31 0001535778 IG Parent Corporation, Secured Debt 3 2025-03-31 0001535778 msif:IGParentCorporationMember 2025-03-31 0001535778 Imaging Business Machines, L.L.C., Common Equity 2025-03-31 0001535778 Implus Footcare, LLC, Secured Debt 2025-03-31 0001535778 Infinity X1 Holdings, LLC, Secured Debt 2025-03-31 0001535778 Infinity X1 Holdings, LLC, Preferred Equity 2025-03-31 0001535778 msif:InfinityX1HoldingsLLCMember 2025-03-31 0001535778 Insight Borrower Corporation, Secured Debt 1 2025-03-31 0001535778 Insight Borrower Corporation, Secured Debt 2 2025-03-31 0001535778 Insight Borrower Corporation, Secured Debt 3 2025-03-31 0001535778 Insight Borrower Corporation, Common Equity 2025-03-31 0001535778 msif:InsightBorrowerCorporationMember 2025-03-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 1 2025-03-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 2 2025-03-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 3 2025-03-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 4 2025-03-31 0001535778 Inspire Aesthetics Management, LLC, Common Equity 2025-03-31 0001535778 msif:InspireAestheticsManagementLLCMember 2025-03-31 0001535778 Interface Security Systems, L.L.C, Secured Debt 1 2025-03-31 0001535778 Interface Security Systems, L.L.C, Secured Debt 2 2025-03-31 0001535778 Interface Security Systems, L.L.C, Common Stock 2025-03-31 0001535778 msif:InterfaceSecuritySystemsLLCMember 2025-03-31 0001535778 Invincible Boat Company, LLC., Secured Debt 1 2025-03-31 0001535778 Invincible Boat Company, LLC., Secured Debt 2 2025-03-31 0001535778 msif:InvincibleBoatCompanyLLCMember 2025-03-31 0001535778 Iron-Main Investments, LLC, Secured Debt 1 2025-03-31 0001535778 Iron-Main Investments, LLC, Secured Debt 2 2025-03-31 0001535778 Iron-Main Investments, LLC, Secured Debt 3 2025-03-31 0001535778 Iron-Main Investments, LLC, Secured Debt 4 2025-03-31 0001535778 Iron-Main Investments, LLC, Secured Debt 5 2025-03-31 0001535778 Iron-Main Investments, LLC, Preferred Equity 2025-03-31 0001535778 Iron-Main Investments, LLC, Common Stock 2025-03-31 0001535778 msif:IronMainInvestmentsLLCMember 2025-03-31 0001535778 Isagenix International, LLC, Secured Debt 2025-03-31 0001535778 Isagenix International, LLC, Common Equity 2025-03-31 0001535778 msif:IsagenixInternationalLLCMember 2025-03-31 0001535778 Island Pump and Tank, LLC, Secured Debt 1 2025-03-31 0001535778 Island Pump and Tank, LLC, Secured Debt 2 2025-03-31 0001535778 Island Pump and Tank, LLC, Secured Debt 3 2025-03-31 0001535778 Island Pump and Tank, LLC, Secured Debt 4 2025-03-31 0001535778 msif:IslandPumpAndTankLLCMember 2025-03-31 0001535778 ITA Holdings Group, LLC, Secured Debt 1 2025-03-31 0001535778 ITA Holdings Group, LLC, Secured Debt 2 2025-03-31 0001535778 ITA Holdings Group, LLC, Secured Debt 3 2025-03-31 0001535778 ITA Holdings Group, LLC, Secured Debt 4 2025-03-31 0001535778 ITA Holdings Group, LLC, Warrants 2025-03-31 0001535778 msif:ITAHoldingsGroupLLCMember 2025-03-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 1 2025-03-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 2 2025-03-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 3 2025-03-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 4 2025-03-31 0001535778 Jackmont Hospitality, Inc., Preferred Eqiuty 2025-03-31 0001535778 msif:JackmontHospitalityIncMember 2025-03-31 0001535778 JDC Power Services, LLC, Secured Debt 1 2025-03-31 0001535778 JDC Power Services, LLC, Secured Debt 2 2025-03-31 0001535778 msif:JDCPowerServicesLLCMember 2025-03-31 0001535778 Joerns Healthcare, LLC, Secured Debt 1 2025-03-31 0001535778 Joerns Healthcare, LLC, Secured Debt 2 2025-03-31 0001535778 Joerns Healthcare, LLC, Common Stock 2025-03-31 0001535778 msif:JoernsHealthcareLLCMember 2025-03-31 0001535778 JorVet Holdings, LLC, Secured Debt 2025-03-31 0001535778 JorVet Holdings, LLC., Preferred Eqiuty 2025-03-31 0001535778 msif:JorVetHoldingsLLCMember 2025-03-31 0001535778 JTI Electrical & Mechanical, LLC, Secured Debt 1 2025-03-31 0001535778 JTI Electrical & Mechanical, LLC, Secured Debt 2 2025-03-31 0001535778 JTI Electrical & Mechanical, LLC, Secured Debt 3 2025-03-31 0001535778 JTI Electrical & Mechanical, LLC, Common Eqiuty 2025-03-31 0001535778 msif:JTIElectricalMechanicalLLCMember 2025-03-31 0001535778 LL Management, Inc., Secured Debt 1 2025-03-31 0001535778 LL Management, Inc., Secured Debt 2 2025-03-31 0001535778 LL Management, Inc., Secured Debt 3 2025-03-31 0001535778 LL Management, Inc., Secured Debt 4 2025-03-31 0001535778 LL Management, Inc., Secured Debt 5 2025-03-31 0001535778 msif:LLManagementIncMember 2025-03-31 0001535778 LLFlex, LLC, Secured Debt 2025-03-31 0001535778 Logix Acquisition Company, LLC, Secured Debt 2025-03-31 0001535778 Metalforming Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Metalforming Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Metalforming Holdings, LLC, Preferred Equity 2025-03-31 0001535778 Metalforming Holdings, LLC, Common Stock 2025-03-31 0001535778 msif:MetalformingHoldingsLLCMember 2025-03-31 0001535778 Microbe Formulas, LLC, Secured Debt 1 2025-03-31 0001535778 Microbe Formulas, LLC, Secured Debt 2 2025-03-31 0001535778 Microbe Formulas, LLC, Secured Debt 3 2025-03-31 0001535778 msif:MicrobeFormulasLLCMember 2025-03-31 0001535778 Mini Melts of America, LLC, Secured Debt 1 2025-03-31 0001535778 Mini Melts of America, LLC, Secured Debt 2 2025-03-31 0001535778 Mini Melts of America, LLC, Secured Debt 3 2025-03-31 0001535778 Mini Melts of America, LLC, Secured Debt 4 2025-03-31 0001535778 Mini Melts of America, LLC, Common Equity 2025-03-31 0001535778 msif:MiniMeltsOfAmericaLLCMember 2025-03-31 0001535778 MoneyThumb Acquisition, LLC, Secured Debt 2025-03-31 0001535778 MoneyThumb Acquisition, LLC, Preferred Member Units 2025-03-31 0001535778 MoneyThumb Acquisition, LLC, Warrants 2025-03-31 0001535778 msif:MoneyThumbAcquisitionLLCMember 2025-03-31 0001535778 MonitorUS Holding, LLC, Secured Debt 1 2025-03-31 0001535778 MonitorUS Holding, LLC, Secured Debt 2 2025-03-31 0001535778 MonitorUS Holding, LLC, Secured Debt 3 2025-03-31 0001535778 MonitorUS Holding, LLC, Unsecured Debt 1 2025-03-31 0001535778 MonitorUS Holding, LLC, Unsecured Debt 2 2025-03-31 0001535778 MonitorUS Holding, LLC, Unsecured Debt 3 2025-03-31 0001535778 MonitorUS Holding, LLC, Common Stock 2025-03-31 0001535778 msif:MonitorUSHoldingLLCMember 2025-03-31 0001535778 NinjaTrader, LLC, Secured Debt 1 2025-03-31 0001535778 NinjaTrader, LLC, Secured Debt 2 2025-03-31 0001535778 msif:NinjaTraderLLCMember 2025-03-31 0001535778 Northwind Midstream Partners LLC 2025-03-31 0001535778 Obra Capital, Inc., Secured Debt 1 2025-03-31 0001535778 Obra Capital, Inc., Secured Debt 2 2025-03-31 0001535778 msif:ObraCapitalInc.Member 2025-03-31 0001535778 OnPoint Industrial Services, LLC, Secured Debt 1 2025-03-31 0001535778 OnPoint Industrial Services, LLC, Secured Debt 2 2025-03-31 0001535778 msif:OnPointIndustrialServicesLLCMember 2025-03-31 0001535778 Peaches Holding Corporation, Common Equity 2025-03-31 0001535778 Power System Solutions, Secured Debt 1 2025-03-31 0001535778 Power System Solutions, Secured Debt 2 2025-03-31 0001535778 Power System Solutions, Secured Debt 3 2025-03-31 0001535778 Power System Solutions, Common Equity 2025-03-31 0001535778 msif:PowerSystemSolutionsMember 2025-03-31 0001535778 PrimeFlight Aviation Services, Secured Debt 1 2025-03-31 0001535778 PrimeFlight Aviation Services, Secured Debt 2 2025-03-31 0001535778 PrimeFlight Aviation Services, Secured Debt 3 2025-03-31 0001535778 PrimeFlight Aviation Services, Secured Debt 4 2025-03-31 0001535778 PrimeFlight Aviation Services, Secured Debt 5 2025-03-31 0001535778 msif:PrimeFlightAviationServicesMember 2025-03-31 0001535778 PTL US Bidco, Inc, Secured Debt 1 2025-03-31 0001535778 PTL US Bidco, Inc, Secured Debt 2 2025-03-31 0001535778 msif:PTLUSBidcoIncMember 2025-03-31 0001535778 Purge Rite, LLC, Preferred Equity 2025-03-31 0001535778 Purge Rite, LLC, Common Equity 2025-03-31 0001535778 msif:PurgeRiteLLCMember 2025-03-31 0001535778 Richardson Sales Solutions, Secured Debt 1 2025-03-31 0001535778 Richardson Sales Solutions, Secured Debt 2 2025-03-31 0001535778 Richardson Sales Solutions, Secured Debt 3 2025-03-31 0001535778 msif:RichardsonSalesSolutionsMember 2025-03-31 0001535778 Roof Opco, LLC, Secured Debt 1 2025-03-31 0001535778 Roof Opco, LLC, Secured Debt 2 2025-03-31 0001535778 Roof Opco, LLC, Secured Debt 3 2025-03-31 0001535778 msif:RoofOpcoLLCMember 2025-03-31 0001535778 Rug Doctor, LLC., Secured Debt 1 2025-03-31 0001535778 Rug Doctor, LLC., Secured Debt 2 2025-03-31 0001535778 msif:RugDoctorLLCMember 2025-03-31 0001535778 Slick Innovations, LLC, Secured Debt 2025-03-31 0001535778 Slick Innovations, LLC, Common Stock 2025-03-31 0001535778 msif:SlickInnovationsLLCMember 2025-03-31 0001535778 South Coast Terminals Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 South Coast Terminals Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 South Coast Terminals Holdings, LLC, Common Equity 2025-03-31 0001535778 msif:SouthCoastTerminalsHoldingsLLCMember 2025-03-31 0001535778 SPAU Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 SPAU Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 SPAU Holdings, LLC, Common Stock 2025-03-31 0001535778 msif:SPAUHoldingsLLCMember 2025-03-31 0001535778 TEC Services, LLC, Secured Debt 1 2025-03-31 0001535778 TEC Services, LLC, Secured Debt 2 2025-03-31 0001535778 TEC Services, LLC, Secured Debt 3 2025-03-31 0001535778 msif:TECServicesLLCMember 2025-03-31 0001535778 Tex Tech Tennis, LLC, Preferred Equity 2025-03-31 0001535778 The Affiliati Network, LLC, Secured Debt 1 2025-03-31 0001535778 The Affiliati Network, LLC, Secured Debt 2 2025-03-31 0001535778 The Affiliati Network, LLC, Preferred Stock 1 2025-03-31 0001535778 The Affiliati Network, LLC, Preferred Stock 2 2025-03-31 0001535778 msif:TheAffiliatiNetworkLLCMember 2025-03-31 0001535778 Titan Meter Midco Corp., Secured Debt 1 2025-03-31 0001535778 Titan Meter Midco Corp., Secured Debt 2 2025-03-31 0001535778 Titan Meter Midco Corp., Secured Debt 3 2025-03-31 0001535778 Titan Meter Midco Corp., Preferred Equity 2025-03-31 0001535778 msif:TitanMeterMidcoCorp.Member 2025-03-31 0001535778 U.S. TelePacific Corp., Secured Debt 1 2025-03-31 0001535778 U.S. TelePacific Corp., Secured Debt 2 2025-03-31 0001535778 msif:USTelePacificCorpMember 2025-03-31 0001535778 UPS Intermediate, LLC, Secured Debt 2025-03-31 0001535778 UPS Intermediate, LLC, Common Equity 2025-03-31 0001535778 msif:UPSIntermediateLLCMember 2025-03-31 0001535778 UserZoom Technologies, Inc., Secured Debt 2025-03-31 0001535778 Vitesse Systems, Secured Debt 1 2025-03-31 0001535778 Vitesse Systems, Secured Debt 2 2025-03-31 0001535778 msif:VitesseSystemsMember 2025-03-31 0001535778 VORTEQ Coil Finishers, LLC, Common Equity 2025-03-31 0001535778 Watterson Brands, LLC, Secured Debt 1 2025-03-31 0001535778 Watterson Brands, LLC, Secured Debt 2 2025-03-31 0001535778 Watterson Brands, LLC, Secured Debt 3 2025-03-31 0001535778 Watterson Brands, LLC, Secured Debt 4 2025-03-31 0001535778 msif:WattersonBrandsLLCMember 2025-03-31 0001535778 West Star Aviation Acquisition, LLC, Secured Debt 1 2025-03-31 0001535778 West Star Aviation Acquisition, LLC, Secured Debt 2 2025-03-31 0001535778 West Star Aviation Acquisition, LLC, Secured Debt 3 2025-03-31 0001535778 West Star Aviation Acquisition, LLC, Common Stock 2025-03-31 0001535778 msif:WestStarAviationAcquisitionLLCMember 2025-03-31 0001535778 Winter Services LLC, Secured Debt 1 2025-03-31 0001535778 Winter Services LLC, Secured Debt 2 2025-03-31 0001535778 Winter Services LLC, Secured Debt 3 2025-03-31 0001535778 Winter Services LLC, Secured Debt 4 2025-03-31 0001535778 msif:WinterServicesLLCMember 2025-03-31 0001535778 World Micro Holdings, LLC, Secured Debt 2025-03-31 0001535778 World Micro Holdings, LLC, Preferred Equity 2025-03-31 0001535778 msif:WorldMicroHoldingsLLCMember 2025-03-31 0001535778 Xenon Arc, Inc., Secured Debt 1 2025-03-31 0001535778 Xenon Arc, Inc., Secured Debt 2 2025-03-31 0001535778 Xenon Arc, Inc., Secured Debt 3 2025-03-31 0001535778 msif:XenonArcIncMember 2025-03-31 0001535778 YS Garments, LLC, Secured Debt 2025-03-31 0001535778 Zips Car Wash, LLC, Secured Debt 1 2025-03-31 0001535778 Zips Car Wash, LLC, Secured Debt 2 2025-03-31 0001535778 Zips Car Wash, LLC, Secured Debt 3 2025-03-31 0001535778 Zips Car Wash, LLC, Secured Debt 4 2025-03-31 0001535778 msif:ZipsCarWashLLCMember 2025-03-31 0001535778 ZRG Partners, LLC, Secured Debt 1 2025-03-31 0001535778 ZRG Partners, LLC, Secured Debt 2 2025-03-31 0001535778 ZRG Partners, LLC, Secured Debt 3 2025-03-31 0001535778 ZRG Partners, LLC, Secured Debt 4 2025-03-31 0001535778 msif:ZRGPartnersLLCMember 2025-03-31 0001535778 First American Treasury Obligations Fund Class Z 2025-03-31 0001535778 Fidelity Government Portfolio Fund Class III 2025-03-31 0001535778 us-gaap:MoneyMarketFundsMember 2025-03-31 0001535778 srt:MinimumMember us-gaap:SecuredOvernightFinancingRateSofrMember 2025-03-31 0001535778 srt:MaximumMember us-gaap:SecuredOvernightFinancingRateSofrMember 2025-03-31 0001535778 srt:WeightedAverageMember us-gaap:SecuredOvernightFinancingRateSofrMember 2025-03-31 0001535778 srt:MinimumMember msif:SOFRAdjustmentSpreadMember 2025-03-31 0001535778 srt:MaximumMember msif:SOFRAdjustmentSpreadMember 2025-03-31 0001535778 Bluestem Brands, Inc., Warrants 2025-01-01 2025-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Warrants 2025-01-01 2025-03-31 0001535778 ITA Holdings Group, LLC, Warrants 2025-01-01 2025-03-31 0001535778 AAC Holdings, Inc., Warrants 2025-01-01 2025-03-31 0001535778 MoneyThumb Acquisition, LLC, Warrants 2025-01-01 2025-03-31 0001535778 FCC Intermediate Holdco, LLC , Warrants 2025-01-01 2025-03-31 0001535778 Acumera, Inc., Warrants 2025-01-01 2025-03-31 0001535778 Vitesse Systems, Secured Debt 1, Secured Overnight Financing Rate 2025-03-31 0001535778 Fidelity Government Portfolio Fund Class III 2025-03-31 0001535778 BDB Holdings, LLC, Preferred Equity 2024-12-31 0001535778 Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-12-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2024-12-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 2 2024-12-31 0001535778 GRT Rubber Technologies LLC, Member Units 2024-12-31 0001535778 msif:GRTRubberTechnologiesLLCMember 2024-12-31 0001535778 Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-12-31 0001535778 Volusion, LLC, Secured Debt 2024-12-31 0001535778 Volusion, LLC, Preferred Member Units 1 2024-12-31 0001535778 Volusion, LLC, Preferred Member Units 2 2024-12-31 0001535778 Volusion, LLC, Preferred Member Units 3 2024-12-31 0001535778 Volusion, LLC, Common Stock 2024-12-31 0001535778 msif:VolusionLLCMember 2024-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 1 2024-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 2 2024-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Warrants 2024-12-31 0001535778 msif:AnalyticalSystemsKecoHoldingsLLCMember 2024-12-31 0001535778 Barfly Ventures, LLC, Member Units 2024-12-31 0001535778 Batjer TopCo, LLC, Secured Debt 1 2024-12-31 0001535778 Batjer TopCo, LLC, Secured Debt 2 2024-12-31 0001535778 Batjer TopCo, LLC, Secured Debt 3 2024-12-31 0001535778 Batjer TopCo, LLC, Preferred Stock 2024-12-31 0001535778 msif:BatjerTopCoLLCMember 2024-12-31 0001535778 Brewer Crane Holdings, LLC, Provider of Crane Rental and Operating Services, Secured Debt 2024-12-31 0001535778 Brewer Crane Holdings, LLC, Provider of Crane Rental and Operating Services, Preferred Member Units 2024-12-31 0001535778 msif:BrewerCraneHoldingsLLCMember 2024-12-31 0001535778 Centre Technologies Holdings, LLC,Secured Debt 1 2024-12-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Centre Technologies Holdings, LLC, Preferred Member Units 2024-12-31 0001535778 msif:CentreTechnologiesHoldingsLLCMember 2024-12-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Chamberlin Holding LLC, Member Units 1 2024-12-31 0001535778 Chamberlin Holding LLC, Member Units 2 2024-12-31 0001535778 msif:ChamberlinHoldingLLCMember 2024-12-31 0001535778 Charps, LLC, Preferred Member Units 2024-12-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 1 2024-12-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 2 2024-12-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 3 2024-12-31 0001535778 Clad-Rex Steel, LLC, Member Units 1 2024-12-31 0001535778 Clad-Rex Steel, LLC, Member Units 2 2024-12-31 0001535778 msif:CladRexSteelLLCMember 2024-12-31 0001535778 Cody Pools, Inc., Secured Debt 1 2024-12-31 0001535778 Cody Pools, Inc., Secured Debt 2 2024-12-31 0001535778 Cody Pools, Inc., Preferred Member Units 2024-12-31 0001535778 msif:CodyPoolsIncMember 2024-12-31 0001535778 Colonial Electric Company LLC, Secured Debt 1 2024-12-31 0001535778 Colonial Electric Company LLC, Secured Debt 2 2024-12-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 2024-12-31 0001535778 msif:ColonialElectricCompanyLLCMember 2024-12-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 1 2024-12-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 2 2024-12-31 0001535778 Compass Systems & Sales, LLC, Preferred Equity 2024-12-31 0001535778 msif:CompassSystemsSalesLLCMember 2024-12-31 0001535778 Datacom, LLC, Secured Debt 1 2024-12-31 0001535778 Datacom, LLC, Secured Debt 2 2024-12-31 0001535778 Datacom, LLC, Preferred Member Units 2024-12-31 0001535778 msif:DatacomLLCMember 2024-12-31 0001535778 Digital Products Holdings LLC, Secured Debt 2024-12-31 0001535778 Digital Products Holdings LLC, Preferred Member Units 2024-12-31 0001535778 msif:DigitalProductsHoldingsLLCMember 2024-12-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 1 2024-12-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 2 2024-12-31 0001535778 Direct Marketing Solutions, Inc., Preferred Stock 2024-12-31 0001535778 msif:DirectMarketingSolutionsIncMember 2024-12-31 0001535778 DMA Industries, LLC, Secured Debt 1 2024-12-31 0001535778 DMA Industries, LLC, Secured Debt 2 2024-12-31 0001535778 DMA Industries, LLC, Preferred Equity 1 2024-12-31 0001535778 DMA Industries, LLC, Preferred Equity 2 2024-12-31 0001535778 msif:DMAIndustriesLLCMember 2024-12-31 0001535778 Flame King Holdings, LLC, Preferred Equity 2024-12-31 0001535778 Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-12-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Gamber-Johnson Holdings, LLC, Member Units 2024-12-31 0001535778 msif:GamberJohnsonHoldingsLLCMember 2024-12-31 0001535778 GFG Group, LLC, Secured Debt 2024-12-31 0001535778 GFG Group, LLC, Preferred Member Units 2024-12-31 0001535778 msif:GFGGroupLLCMember 2024-12-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2024-12-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2024-12-31 0001535778 msif:GulfPublishingHoldingsLLCMember 2024-12-31 0001535778 Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2024-12-31 0001535778 IG Investor, LLC, Secured Debt 1 2024-12-31 0001535778 IG Investor, LLC, Secured Debt 2 2024-12-31 0001535778 IG Investor, LLC, Common Equity 2024-12-31 0001535778 msif:IGInvestorLLCMember 2024-12-31 0001535778 Independent Pet Partners Intermediate Holdings, LLC, Common Equity 2024-12-31 0001535778 Integral Energy Services, Secured Debt 2024-12-31 0001535778 Integral Energy Services, Preferred Equity 2024-12-31 0001535778 Integral Energy Services, Common Stock 2024-12-31 0001535778 msif:IntegralEnergyServicesMember 2024-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 1 2024-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 2 2024-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Preferred Equity 2024-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Member Units 2024-12-31 0001535778 msif:KickhaeferManufacturingCompanyLLCMember 2024-12-31 0001535778 Mystic Logistics Holdings, LLC, Common Equity 2024-12-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Mystic Logistics Holdings, LLC, Common Stock 2024-12-31 0001535778 msif:MysticLogisticsHoldingsLLCMember 2024-12-31 0001535778 Nello Industries Investco, LLC, Secured Debt 1 2024-12-31 0001535778 Nello Industries Investco, LLC, Secured Debt 2 2024-12-31 0001535778 Nello Industries Investco, LLC, Common Equity 2024-12-31 0001535778 msif:NelloIndustriesInvestcoLLCMember 2024-12-31 0001535778 NexRev LLC, Secured Debt 1 2024-12-31 0001535778 NexRev LLC, Secured Debt 2 2024-12-31 0001535778 NexRev LLC, Preferred Member Units 2024-12-31 0001535778 msif:NexRevLLCMember 2024-12-31 0001535778 NuStep, LLC, Secured Debt 1 2024-12-31 0001535778 NuStep, LLC, Secured Debt 2 2024-12-31 0001535778 NuStep, LLC, Preferred Member Units 1 2024-12-31 0001535778 NuStep, LLC, Preferred Member Units 2 2024-12-31 0001535778 msif:NuStepLLCMember 2024-12-31 0001535778 Oneliance, LLC, Preferred Stock 2024-12-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2024-12-31 0001535778 msif:OrttechHoldingsLLCMember 2024-12-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2024-12-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2024-12-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2024-12-31 0001535778 msif:PinnacleTopCoLLCMember 2024-12-31 0001535778 RA Outdoors LLC, Secured Debt 1 2024-12-31 0001535778 RA Outdoors LLC, Secured Debt 2 2024-12-31 0001535778 RA Outdoors LLC, Common Equity 2024-12-31 0001535778 msif:RAOutdoorsLLCMember 2024-12-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 1 2024-12-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 2 2024-12-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2024-12-31 0001535778 msif:RobbinsBrosJewelryIncMember 2024-12-31 0001535778 SI East, LLC, Secured Debt 1 2024-12-31 0001535778 SI East, LLC, Secured Debt 2 2024-12-31 0001535778 SI East, LLC, Preferred Member Units 2024-12-31 0001535778 msif:SIEastLLCMember 2024-12-31 0001535778 Student Resource Center, LLC, Secured Debt 1 2024-12-31 0001535778 Student Resource Center, LLC, Secured Debt 2 2024-12-31 0001535778 Student Resource Center, LLC, Preferred Equity 2024-12-31 0001535778 msif:StudentResourceCenterLLCMember 2024-12-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2024-12-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2024-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2024-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2024-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2024-12-31 0001535778 msif:TedderIndustriesLLCMember 2024-12-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 1 2024-12-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 2 2024-12-31 0001535778 Trantech Radiator Topco, LLC, Common Stock 2024-12-31 0001535778 msif:TrantechRadiatorTopcoLLCMember 2024-12-31 0001535778 Urgent DSO LLC, Secured Debt 2024-12-31 0001535778 Urgent DSO LLC, Preferred Equity 2024-12-31 0001535778 msif:UrgentDSOLLCMember 2024-12-31 0001535778 Victory Energy Operations, LLC, Secured Debt 1 2024-12-31 0001535778 Victory Energy Operations, LLC, Secured Debt 2 2024-12-31 0001535778 Victory Energy Operations, LLC, Preferred Equity 2024-12-31 0001535778 msif:VictoryEnergyOperationsLLCMember 2024-12-31 0001535778 VVS Holdco LLC, Secured Debt 1 2024-12-31 0001535778 VVS Holdco LLC, Secured Debt 2 2024-12-31 0001535778 VVS Holdco LLC, Preferred Equity 2024-12-31 0001535778 msif:VVSHoldcoLLCMember 2024-12-31 0001535778 AAC Holdings, Inc., Secured Debt 1 2024-12-31 0001535778 AAC Holdings, Inc., Secured Debt 2 2024-12-31 0001535778 AAC Holdings, Inc., Common Stock 2024-12-31 0001535778 AAC Holdings, Inc., Warrants 2024-12-31 0001535778 msif:AACHoldingsIncMember 2024-12-31 0001535778 Adams Publishing Group, LLC, Secured Debt 1 2024-12-31 0001535778 Adams Publishing Group, LLC, Secured Debt 2 2024-12-31 0001535778 msif:AdamsPublishingGroupLLCMember 2024-12-31 0001535778 AMEREQUIP LLC., Common Stock 2024-12-31 0001535778 American Health Staffing Group, Inc., Secured Debt 1 2024-12-31 0001535778 American Health Staffing Group, Inc., Secured Debt 2 2024-12-31 0001535778 msif:AmericanHealthStaffingGroupIncMember 2024-12-31 0001535778 American Nuts, LLC, Roaster,Secured Debt 1 2024-12-31 0001535778 American Nuts, LLC, Roaster,Secured Debt 1 2025-03-31 0001535778 American Nuts, LLC, Roaster, Secured Debt 2 2024-12-31 0001535778 msif:AmericanNutsLLCMember 2024-12-31 0001535778 American Teleconferencing Services, Ltd., Secured Debt 1 2024-12-31 0001535778 American Teleconferencing Services, Ltd., Secured Debt 2 2024-12-31 0001535778 msif:AmericanTeleconferencingServicesLtdMember 2024-12-31 0001535778 Ansira Partners II, LLC, Secured Debt 1 2024-12-31 0001535778 Ansira Partners II, LLC, Secured Debt 2 2024-12-31 0001535778 msif:AnsiraPartnersIILLCMember 2024-12-31 0001535778 ArborWorks, LLC, Secured Debt 1 2024-12-31 0001535778 ArborWorks, LLC, Secured Debt 2 2024-12-31 0001535778 ArborWorks, LLC, Preferred Equity 1 2024-12-31 0001535778 ArborWorks, LLC, Preferred Equity 2 2024-12-31 0001535778 ArborWorks, LLC, Common Equity 2024-12-31 0001535778 msif:ArborWorksLLCMember 2024-12-31 0001535778 Archer Systems, LLC, Common Stock 2024-12-31 0001535778 ATS Operating, LLC, Secured Debt 1 2024-12-31 0001535778 ATS Operating, LLC, Secured Debt 2 2024-12-31 0001535778 ATS Operating, LLC, Secured Debt 3 2024-12-31 0001535778 ATS Operating, LLC, Common Stock 2024-12-31 0001535778 msif:ATSOperatingLLCMember 2024-12-31 0001535778 AVEX Aviation Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 AVEX Aviation Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 AVEX Aviation Holdings, LLC, Common Equity 2024-12-31 0001535778 msif:AVEXAviationHoldingsLLCMember 2024-12-31 0001535778 Berry Aviation, Inc., Preferred Member Units 1 2024-12-31 0001535778 Berry Aviation, Inc., Preferred Member Units 2 2024-12-31 0001535778 Berry Aviation, Inc., Preferred Member Units 3 2024-12-31 0001535778 msif:BerryAviationIncMember 2024-12-31 0001535778 Bettercloud, Inc., Secured Debt 1 2024-12-31 0001535778 Bettercloud, Inc., Secured Debt 2 2024-12-31 0001535778 msif:BettercloudIncMember 2024-12-31 0001535778 Binswanger Enterprises, LLC, Member Units 2024-12-31 0001535778 Bluestem Brands, Inc., Secured Debt 1 2024-12-31 0001535778 Bluestem Brands, Inc., Secured Debt 2 2024-12-31 0001535778 Bluestem Brands, Inc., Secured Debt 3 2024-12-31 0001535778 Bluestem Brands, Inc., Common Stock 2024-12-31 0001535778 Bluestem Brands, Inc., Warrants 2024-12-31 0001535778 msif:BluestemBrandsIncMember 2024-12-31 0001535778 Boccella Precast Products LLC, Secured Debt 2024-12-31 0001535778 Boccella Precast Products LLC, Member Units 2024-12-31 0001535778 msif:BoccellaPrecastProductsLLCMember 2024-12-31 0001535778 Bond Brand Loyalty ULC, Secured Debt 1 2024-12-31 0001535778 Bond Brand Loyalty ULC, Secured Debt 2 2024-12-31 0001535778 Bond Brand Loyalty ULC, Secured Debt 3 2024-12-31 0001535778 Bond Brand Loyalty ULC, Preferred Equity 2024-12-31 0001535778 Bond Brand Loyalty ULC, Common Equity 2024-12-31 0001535778 msif:BondBrandLoyaltyULCMember 2024-12-31 0001535778 BP Loenbro Holdings Inc., Secured Debt 1 2024-12-31 0001535778 BP Loenbro Holdings Inc., Secured Debt 2 2024-12-31 0001535778 BP Loenbro Holdings Inc., Secured Debt 3 2024-12-31 0001535778 BP Loenbro Holdings Inc., Common Equity 2024-12-31 0001535778 msif:BPLoenbroHoldingsInc.Member 2024-12-31 0001535778 Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2024-12-31 0001535778 Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2024-12-31 0001535778 msif:BrightwoodCapitalFundInvestmentsMember 2024-12-31 0001535778 Buca C, LLC, Secured Debt 1 2024-12-31 0001535778 Buca C, LLC, Secured Debt 2 2024-12-31 0001535778 Buca C, LLC, Secured Debt 3 2024-12-31 0001535778 Buca C, LLC, Preferred Member Units 2024-12-31 0001535778 msif:BucaCLLCMember 2024-12-31 0001535778 Burning Glass Intermediate Holding Company, Inc., Secured Debt 1 2024-12-31 0001535778 Burning Glass Intermediate Holding Company, Inc., Secured Debt 2 2024-12-31 0001535778 msif:BurningGlassIntermediateHoldingCompanyIncMember 2024-12-31 0001535778 CAI Software LLC, Preferred Equity 1 2024-12-31 0001535778 CAI Software LLC, Preferred Equity 2 2024-12-31 0001535778 msif:CAISoftwareLLCMember 2024-12-31 0001535778 Career Team Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Career Team Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Career Team Holdings, LLC, Common Stock 2024-12-31 0001535778 msif:CareerTeamHoldingsLLCMember 2024-12-31 0001535778 CaseWorthy, Inc., Common Equity 2024-12-31 0001535778 CenterPeak Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 CenterPeak Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 CenterPeak Holdings, LLC, Preferred Equity 2024-12-31 0001535778 msif:CenterPeakHoldingsLLCMember 2024-12-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 1 2024-12-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 2 2024-12-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 3 2024-12-31 0001535778 Channel Partners Intermediateco, LLC, Secured Debt 4 2024-12-31 0001535778 msif:ChannelPartnersIntermediatecoLLCMember 2024-12-31 0001535778 Clarius BIGS, LLC, Secured Debt 2024-12-31 0001535778 Classic H&G Holdings, LLC, Preferred Member Units 2024-12-31 0001535778 Computer Data Source, LLC, Secured Debt 1 2024-12-31 0001535778 Computer Data Source, LLC, Secured Debt 2 2024-12-31 0001535778 Computer Data Source, LLC, Secured Debt 3 2024-12-31 0001535778 msif:ComputerDataSourceLLCMember 2024-12-31 0001535778 Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2024-12-31 0001535778 Connect Telecommunications Solutions Holdings, Inc., Preferred Equity 2024-12-31 0001535778 msif:ConnectTelecommunicationsSolutionsHoldingsInc.Member 2024-12-31 0001535778 Coregistics Buyer LLC, Secured Debt 1 2024-12-31 0001535778 Coregistics Buyer LLC, Secured Debt 2 2024-12-31 0001535778 Coregistics Buyer LLC, Secured Debt 3 2024-12-31 0001535778 Coregistics Buyer LLC, Secured Debt 4 2024-12-31 0001535778 msif:CoregisticsBuyerLLCMember 2024-12-31 0001535778 CQ Fluency, LLC, Secured Debt 1 2024-12-31 0001535778 CQ Fluency, LLC, Secured Debt 2 2024-12-31 0001535778 CQ Fluency, LLC, Secured Debt 3 2024-12-31 0001535778 msif:CQFluencyLLCMember 2024-12-31 0001535778 Creative Foam Corporation, Secured Debt 1 2024-12-31 0001535778 Creative Foam Corporation, Secured Debt 2 2024-12-31 0001535778 msif:CreativeFoamCorporationMember 2024-12-31 0001535778 Dalton US Inc., Common Stock 2024-12-31 0001535778 DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-12-31 0001535778 DTE Enterprises, LLC, Class A Preferred Member Units 2024-12-31 0001535778 msif:DTEEnterprisesLLCMember 2024-12-31 0001535778 Dynamic Communities, LLC, Secured Debt 1 2024-12-31 0001535778 Dynamic Communities, LLC, Secured Debt 2 2024-12-31 0001535778 Dynamic Communities, LLC, Preferred Equity 1 2024-12-31 0001535778 Dynamic Communities, LLC, Preferred Equity 2 2024-12-31 0001535778 Dynamic Communities, LLC, Common Equity 2024-12-31 0001535778 msif:DynamicCommunitiesLLCMember 2024-12-31 0001535778 Elgin AcquireCo, LLC, Secured Debt 1 2024-12-31 0001535778 Elgin AcquireCo, LLC, Secured Debt 2 2024-12-31 0001535778 Elgin AcquireCo, LLC, Secured Debt 3 2024-12-31 0001535778 Elgin AcquireCo, LLC, Common Stock 1 2024-12-31 0001535778 Elgin AcquireCo, LLC, Common Stock 2 2024-12-31 0001535778 msif:ElginAcquireCoLLCMember 2024-12-31 0001535778 Emerald Technologies Acquisition Co, Inc., Secured Debt 2024-12-31 0001535778 Escalent, Inc., Secured Debt 1 2024-12-31 0001535778 Escalent, Inc., Secured Debt 2 2024-12-31 0001535778 Escalent, Inc., Secured Debt 3 2024-12-31 0001535778 Escalent, Inc., Common Equity 2024-12-31 0001535778 msif:EscalentIncMember 2024-12-31 0001535778 Event Holdco, LLC, Secured Debt 1 2024-12-31 0001535778 Event Holdco, LLC, Secured Debt 2 2024-12-31 0001535778 msif:EventHoldcoLLCMember 2024-12-31 0001535778 FCC Intermediate Holdco, LLC, Secured Debt 2024-12-31 0001535778 FCC Intermediate Holdco, LLC, Warrants 2024-12-31 0001535778 msif:FCCIntermediateHoldcoLLCMember 2024-12-31 0001535778 Garyline, LLC, Secured Debt 1 2024-12-31 0001535778 Garyline, LLC, Secured Debt 2 2024-12-31 0001535778 Garyline, LLC, Common Equity 2024-12-31 0001535778 msif:GarylineLLCMember 2024-12-31 0001535778 GradeEight Corp., Secured Debt 1 2024-12-31 0001535778 GradeEight Corp., Secured Debt 2 2024-12-31 0001535778 GradeEight Corp., Secured Debt 3 2024-12-31 0001535778 GradeEight Corp., Common Equity 2024-12-31 0001535778 msif:GradeEightCorp.Member 2024-12-31 0001535778 Hawk Ridge Systems, LLC, Secured Debt 1 2024-12-31 0001535778 Hawk Ridge Systems, LLC, Secured Debt 2 2024-12-31 0001535778 Hawk Ridge Systems, LLC, Preferred Member Units 1 2024-12-31 0001535778 Hawk Ridge Systems, LLC, Preferred Member Units 2 2024-12-31 0001535778 msif:HawkRidgeSystemsLLCMember 2024-12-31 0001535778 HDC/HW Intermediate Holdings, Secured Debt 1 2024-12-31 0001535778 HDC/HW Intermediate Holdings, Secured Debt 2 2024-12-31 0001535778 HDC/HW Intermediate Holdings, Common Equity 2024-12-31 0001535778 msif:HDCHWIntermediateHoldingsMember 2024-12-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 1 2024-12-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 2 2024-12-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 3 2024-12-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 4 2024-12-31 0001535778 HEADLANDS OP-CO LLC, Secured Debt 5 2024-12-31 0001535778 msif:HEADLANDSOPCOLLCMember 2024-12-31 0001535778 Hornblower Sub, LLC, Secured Debt 1 2024-12-31 0001535778 Hornblower Sub, LLC, Secured Debt 2 2024-12-31 0001535778 msif:HornblowerSubLLCMember 2024-12-31 0001535778 Hybrid Promotions, LLC , Secured Debt 2024-12-31 0001535778 IG Parent Corporation, Secured Debt 1 2024-12-31 0001535778 IG Parent Corporation, Secured Debt 2 2024-12-31 0001535778 IG Parent Corporation, Secured Debt 3 2024-12-31 0001535778 msif:IGParentCorporationMember 2024-12-31 0001535778 Imaging Business Machines, L.L.C., Secured Debt 1 2024-12-31 0001535778 Imaging Business Machines, L.L.C., Secured Debt 2 2024-12-31 0001535778 Imaging Business Machines, L.L.C., Common Equity 2024-12-31 0001535778 msif:ImagingBusinessMachinesLLCMember 2024-12-31 0001535778 Implus Footcare, LLC, Secured Debt 2024-12-31 0001535778 Infinity X1 Holdings, LLC, Secured Debt 2024-12-31 0001535778 Infinity X1 Holdings, LLC, Preferred Equity 2024-12-31 0001535778 msif:InfinityX1HoldingsLLCMember 2024-12-31 0001535778 Insight Borrower Corporation, Secured Debt 1 2024-12-31 0001535778 Insight Borrower Corporation, Secured Debt 2 2024-12-31 0001535778 Insight Borrower Corporation, Secured Debt 3 2024-12-31 0001535778 Insight Borrower Corporation, Common Equity 2024-12-31 0001535778 msif:InsightBorrowerCorporationMember 2024-12-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 1 2024-12-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 2 2024-12-31 0001535778 Inspire Aesthetics Management, LLC, Secured Debt 3 2024-12-31 0001535778 Inspire Aesthetics Management, LLC, Common Equity 2024-12-31 0001535778 msif:InspireAestheticsManagementLLCMember 2024-12-31 0001535778 Interface Security Systems, L.L.C, Secured Debt 1 2024-12-31 0001535778 Interface Security Systems, L.L.C, Secured Debt 2 2024-12-31 0001535778 Interface Security Systems, L.L.C, Common Stock 2024-12-31 0001535778 msif:InterfaceSecuritySystemsLLCMember 2024-12-31 0001535778 Invincible Boat Company, LLC., Secured Debt 1 2024-12-31 0001535778 Invincible Boat Company, LLC., Secured Debt 2 2024-12-31 0001535778 msif:InvincibleBoatCompanyLLCMember 2024-12-31 0001535778 Iron-Main Investments, LLC, Secured Debt 1 2024-12-31 0001535778 Iron-Main Investments, LLC, Secured Debt 2 2024-12-31 0001535778 Iron-Main Investments, LLC, Secured Debt 3 2024-12-31 0001535778 Iron-Main Investments, LLC, Secured Debt 4 2024-12-31 0001535778 Iron-Main Investments, LLC, Secured Debt 5 2024-12-31 0001535778 Iron-Main Investments, LLC, Preferred Equity 2024-12-31 0001535778 Iron-Main Investments, LLC, Common Stock 2024-12-31 0001535778 msif:IronMainInvestmentsLLCMember 2024-12-31 0001535778 Isagenix International, LLC, Secured Debt 2024-12-31 0001535778 Isagenix International, LLC, Common Equity 2024-12-31 0001535778 msif:IsagenixInternationalLLCMember 2024-12-31 0001535778 Island Pump and Tank, LLC, Secured Debt 1 2024-12-31 0001535778 Island Pump and Tank, LLC, Secured Debt 2 2024-12-31 0001535778 Island Pump and Tank, LLC, Secured Debt 3 2024-12-31 0001535778 Island Pump and Tank, LLC, Secured Debt 4 2024-12-31 0001535778 msif:IslandPumpAndTankLLCMember 2024-12-31 0001535778 ITA Holdings Group, LLC, Secured Debt 1 2024-12-31 0001535778 ITA Holdings Group, LLC, Secured Debt 2 2024-12-31 0001535778 ITA Holdings Group, LLC, Secured Debt 3 2024-12-31 0001535778 ITA Holdings Group, LLC, Secured Debt 4 2024-12-31 0001535778 ITA Holdings Group, LLC, Warrants 2024-12-31 0001535778 msif:ITAHoldingsGroupLLCMember 2024-12-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 1 2024-12-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 2 2024-12-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 3 2024-12-31 0001535778 Jackmont Hospitality, Inc., Secured Debt 4 2024-12-31 0001535778 Jackmont Hospitality, Inc., Preferred Eqiuty 2024-12-31 0001535778 msif:JackmontHospitalityIncMember 2024-12-31 0001535778 JDC Power Services, LLC, Secured Debt 1 2024-12-31 0001535778 JDC Power Services, LLC, Secured Debt 2 2024-12-31 0001535778 msif:JDCPowerServicesLLCMember 2024-12-31 0001535778 Joerns Healthcare, LLC, Secured Debt 1 2024-12-31 0001535778 Joerns Healthcare, LLC, Secured Debt 2 2024-12-31 0001535778 Joerns Healthcare, LLC, Secured Debt 3 2024-12-31 0001535778 Joerns Healthcare, LLC, Secured Debt 4 2024-12-31 0001535778 Joerns Healthcare, LLC, Common Stock 1 2024-12-31 0001535778 Joerns Healthcare, LLC, Common Stock 2 2024-12-31 0001535778 msif:JoernsHealthcareLLCMember 2024-12-31 0001535778 JorVet Holdings, LLC, Secured Debt 2024-12-31 0001535778 JorVet Holdings, LLC., Preferred Eqiuty 2024-12-31 0001535778 msif:JorVetHoldingsLLCMember 2024-12-31 0001535778 JTI Electrical & Mechanical, LLC, Secured Debt 1 2024-12-31 0001535778 JTI Electrical & Mechanical, LLC, Secured Debt 2 2024-12-31 0001535778 JTI Electrical & Mechanical, LLC, Secured Debt 3 2024-12-31 0001535778 JTI Electrical & Mechanical, LLC, Common Eqiuty 2024-12-31 0001535778 msif:JTIElectricalMechanicalLLCMember 2024-12-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 1 2024-12-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 2 2024-12-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 3 2024-12-31 0001535778 KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 4 2024-12-31 0001535778 msif:KMSLLCMember 2024-12-31 0001535778 Lightbox Holdings, L.P., Secured Debt 2024-12-31 0001535778 LL Management, Inc., Secured Debt 1 2024-12-31 0001535778 LL Management, Inc., Secured Debt 2 2024-12-31 0001535778 LL Management, Inc., Secured Debt 3 2024-12-31 0001535778 LL Management, Inc., Secured Debt 4 2024-12-31 0001535778 LL Management, Inc., Secured Debt 5 2024-12-31 0001535778 msif:LLManagementIncMember 2024-12-31 0001535778 LLFlex, LLC, Secured Debt 2024-12-31 0001535778 Logix Acquisition Company, LLC, Secured Debt 2024-12-31 0001535778 Mako Steel, LP, Secured Debt 1 2024-12-31 0001535778 Mako Steel, LP, Secured Debt 2 2024-12-31 0001535778 msif:MakoSteelLPMember 2024-12-31 0001535778 Metalforming Holdings, LLC, Secured Debt 1 2024-12-31 0001535778 Metalforming Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Metalforming Holdings, LLC, Preferred Equity 2024-12-31 0001535778 Metalforming Holdings, LLC, Common Stock 2024-12-31 0001535778 msif:MetalformingHoldingsLLCMember 2024-12-31 0001535778 Microbe Formulas, LLC, Secured Debt 1 2024-12-31 0001535778 Microbe Formulas, LLC, Secured Debt 2 2024-12-31 0001535778 Microbe Formulas, LLC, Secured Debt 3 2024-12-31 0001535778 msif:MicrobeFormulasLLCMember 2024-12-31 0001535778 Mini Melts of America, LLC, Secured Debt 1 2024-12-31 0001535778 Mini Melts of America, LLC, Secured Debt 2 2024-12-31 0001535778 Mini Melts of America, LLC, Secured Debt 3 2024-12-31 0001535778 Mini Melts of America, LLC, Secured Debt 4 2024-12-31 0001535778 Mini Melts of America, LLC, Common Equity 2024-12-31 0001535778 msif:MiniMeltsOfAmericaLLCMember 2024-12-31 0001535778 MoneyThumb Acquisition, LLC, Secured Debt 2024-12-31 0001535778 MoneyThumb Acquisition, LLC, Preferred Member Units 2024-12-31 0001535778 MoneyThumb Acquisition, LLC, Warrants 2024-12-31 0001535778 msif:MoneyThumbAcquisitionLLCMember 2024-12-31 0001535778 MonitorUS Holding, LLC, Secured Debt 1 2024-12-31 0001535778 MonitorUS Holding, LLC, Secured Debt 2 2024-12-31 0001535778 MonitorUS Holding, LLC, Secured Debt 3 2024-12-31 0001535778 MonitorUS Holding, LLC, Unsecured Debt 1 2024-12-31 0001535778 MonitorUS Holding, LLC, Unsecured Debt 2 2024-12-31 0001535778 MonitorUS Holding, LLC, Unsecured Debt 3 2024-12-31 0001535778 MonitorUS Holding, LLC, Common Stock 2024-12-31 0001535778 msif:MonitorUSHoldingLLCMember 2024-12-31 0001535778 NinjaTrader, LLC, Secured Debt 1 2024-12-31 0001535778 NinjaTrader, LLC, Secured Debt 2 2024-12-31 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msif:MSCIncomeMember 2025-03-31 0001535778 us-gaap:RelatedPartyMember msif:MSCIncomeMember 2024-03-31 0001535778 us-gaap:RelatedPartyMember msif:MainStreetMember 2025-03-31 0001535778 us-gaap:SubsequentEventMember msif:O2025Q2RegularDividendsMember 2025-05-01 2025-05-13 0001535778 us-gaap:SubsequentEventMember msif:O2025Q2SupplementalDividendsMember 2025-05-01 2025-05-13 0001535778 us-gaap:SubsequentEventMember 2025-04-01 2025-05-13 0001535778 BDB Holdings, LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 BDB Holdings, LLC, Preferred Equity 2025-03-31 0001535778 BDB Holdings, LLC, Secured Debt 2025-01-01 2025-03-31 0001535778 BDB Holdings, LLC, Secured Debt 2024-12-31 0001535778 Copper Trail Fund Investments, LP Interests (CTMH, LP)2025-01-01 2025-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2025-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 2 2025-03-31 0001535778 GRT Rubber 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0001535778 Gulf Publishing Holdings, LLC, Secured Debt 2 2024-12-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2025-01-01 2025-03-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2025-03-31 0001535778 HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2025-01-01 2025-03-31 0001535778 HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-12-31 0001535778 HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2025-03-31 0001535778 IG Investor, LLC, Secured Debt 1 2025-03-31 0001535778 IG Investor, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 IG Investor, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 IG Investor, LLC, Common Equity 2025-01-01 2025-03-31 0001535778 IG Investor, LLC, Common Equity 2025-03-31 0001535778 Independent Pet Partners Intermediate Holdings, LLC, Common Equity 2025-01-01 2025-03-31 0001535778 Independent Pet 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Industries Investco, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 Nello Industries Investco, LLC, Secured Debt 2 2025-03-31 0001535778 Nello Industries Investco, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 Nello Industries Investco, LLC, Secured Debt 2 2024-12-31 0001535778 Nello Industries Investco, LLC, Common Equity 2025-01-01 2025-03-31 0001535778 Nello Industries Investco, LLC, Common Equity 2024-12-31 0001535778 NexRev LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 NexRev LLC, Secured Debt 1 2025-03-31 0001535778 NexRev LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 NexRev LLC, Secured Debt 2 2025-03-31 0001535778 NexRev LLC, Preferred Member Units 2025-01-01 2025-03-31 0001535778 NexRev LLC, Preferred Member Units 2025-03-31 0001535778 NuStep, LLC, Secured Debt 1 2025-03-31 0001535778 NuStep, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 NuStep, LLC, Secured Debt 2 2025-03-31 0001535778 NuStep, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 NuStep, LLC, Preferred Member Units 1.1 2025-01-01 2025-03-31 0001535778 NuStep, LLC, Preferred Member Units 1.1 2024-12-31 0001535778 NuStep, LLC, Preferred Member Units 1.1 2025-03-31 0001535778 NuStep, LLC, Preferred Member Units 2.1 2025-01-01 2025-03-31 0001535778 NuStep, LLC, Preferred Member Units 2.1 2024-12-31 0001535778 NuStep, LLC, Preferred Member Units 2.1 2025-03-31 0001535778 Oneliance, LLC, Secured Debt 2025-01-01 2025-03-31 0001535778 Oneliance, LLC, Secured Debt 2024-12-31 0001535778 Oneliance, LLC, Secured Debt 2025-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2025-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2025-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2025-01-01 2025-03-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2025-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2025-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2025-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 1 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 2 2025-03-31 0001535778 RA Outdoors LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 RA Outdoors LLC, Common Equity 2025-01-01 2025-03-31 0001535778 RA Outdoors LLC, Common Equity 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 1 2025-01-01 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 2 2025-01-01 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2025-01-01 2025-03-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2025-03-31 0001535778 SI East, LLC, Secured Debt 1 2025-03-31 0001535778 SI East, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 SI East, LLC, Secured Debt 1 2024-12-31 0001535778 SI East, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 SI East, LLC, Secured Debt 2 2024-12-31 0001535778 SI East, LLC, Secured Debt 2 2025-03-31 0001535778 SI East, LLC, Preferred Member Units 2025-01-01 2025-03-31 0001535778 SI East, LLC, Preferred Member Units 2024-12-31 0001535778 Student Resource Center, LLC, Secured Debt 1.1 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 1.1 2025-01-01 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 1.1 2024-12-31 0001535778 Student Resource Center, LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 Student Resource Center, LLC, Preferred Equity 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 2.1 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 2.1 2025-01-01 2025-03-31 0001535778 Student Resource Center, LLC, Secured Debt 2.1 2024-12-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2025-03-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2025-03-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2025-01-01 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2025-01-01 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2025-01-01 2025-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2025-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 Trantech Radiator Topco, LLC, Common Stock 2025-01-01 2025-03-31 0001535778 Urgent DSO LLC, Secured Debt 2025-01-01 2025-03-31 0001535778 Urgent DSO LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 Victory Energy Operations, LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 Victory Energy Operations, LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 Victory Energy Operations, LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 VVS Holdco LLC, Secured Debt 1 2025-01-01 2025-03-31 0001535778 VVS Holdco LLC, Secured Debt 2 2025-01-01 2025-03-31 0001535778 VVS Holdco LLC, Preferred Equity 2025-01-01 2025-03-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments 2025-01-01 2025-03-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments 2024-12-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments 2025-03-31 0001535778 us-gaap:MidwestRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001535778 us-gaap:NortheastRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001535778 us-gaap:SoutheastRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001535778 us-gaap:SouthwestRegionMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-03-31 0001535778 us-gaap:SouthwestRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001535778 us-gaap:WestRegionMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-03-31 0001535778 us-gaap:WestRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001535778 Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-01-01 2024-03-31 0001535778 Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-12-31 0001535778 Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2024-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 1 2023-12-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 2 2024-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 GRT Rubber Technologies LLC, Secured Debt 2 2023-12-31 0001535778 GRT Rubber Technologies LLC, Member Units 2024-01-01 2024-03-31 0001535778 GRT Rubber Technologies LLC, Member Units 2023-12-31 0001535778 GRT Rubber Technologies LLC, Member Units 2024-03-31 0001535778 Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-01-01 2024-03-31 0001535778 Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-12-31 0001535778 Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-03-31 0001535778 Volusion, LLC, Secured Debt 2024-03-31 0001535778 Volusion, LLC, Secured Debt 2024-01-01 2024-03-31 0001535778 Volusion, LLC, Secured Debt 2023-12-31 0001535778 Volusion, LLC, Preferred Member Units 1.1 2024-01-01 2024-03-31 0001535778 Volusion, LLC, Preferred Member Units 1.1 2023-12-31 0001535778 Volusion, LLC, Preferred Member Units 1.1 2024-03-31 0001535778 Volusion, LLC, Preferred Member Units 2.1 2024-01-01 2024-03-31 0001535778 Volusion, LLC, Preferred Member Units 2.1 2023-12-31 0001535778 Volusion, LLC, Preferred Member Units 2.1 2024-03-31 0001535778 Volusion, LLC, Preferred Member Units 3 2024-01-01 2024-03-31 0001535778 Volusion, LLC, Preferred Member Units 3 2023-12-31 0001535778 Volusion, LLC, Preferred Member Units 3 2024-03-31 0001535778 Volusion, LLC, Common Stock 2024-01-01 2024-03-31 0001535778 Volusion, LLC, Common Stock 2023-12-31 0001535778 Volusion, LLC, Common Stock 2024-03-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments 2024-01-01 2024-03-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments 2023-12-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments 2024-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-12-31 0001535778 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 1 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 1 2023-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 2 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Secured Debt 2 2023-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.1 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.1 2024-01-01 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.1 2023-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.1 2024-01-01 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.1 2023-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.1 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Warrants 2024-01-01 2024-03-31 0001535778 Analytical Systems Keco Holdings, LLC, Warrants 2023-12-31 0001535778 Analytical Systems Keco Holdings, LLC, Warrants 2024-03-31 0001535778 Barfly Ventures, LLC, Member Units 2024-01-01 2024-03-31 0001535778 Barfly Ventures, LLC, Member Units 2023-12-31 0001535778 Barfly Ventures, LLC, Member Units 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 1 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 1 2023-12-31 0001535778 Batjer TopCo, LLC, Secured Debt 2 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 2 2023-12-31 0001535778 Batjer TopCo, LLC, Secured Debt 3 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 3 2024-01-01 2024-03-31 0001535778 Batjer TopCo, LLC, Secured Debt 3 2023-12-31 0001535778 Batjer TopCo, LLC, Preferred Stock 2024-01-01 2024-03-31 0001535778 Batjer TopCo, LLC, Preferred Stock 2023-12-31 0001535778 Batjer TopCo, LLC, Preferred Stock 2024-03-31 0001535778 Brewer Crane Holdings, LLC, Secured Debt 2024-01-01 2024-03-31 0001535778 Brewer Crane Holdings, LLC, Secured Debt 2023-12-31 0001535778 Brewer Crane Holdings, LLC, Secured Debt 2024-03-31 0001535778 Brewer Crane Holdings, LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 Brewer Crane Holdings, LLC, Preferred Member Units 2023-12-31 0001535778 Brewer Crane Holdings, LLC, Preferred Member Units 2024-03-31 0001535778 Centre Technologies Holdings, Secured Debt 1 2024-03-31 0001535778 Centre Technologies Holdings, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Centre Technologies Holdings, Secured Debt 1 2023-12-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 2 2024-03-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 2 2023-12-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 3 2024-03-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 3 2024-01-01 2024-03-31 0001535778 Centre Technologies Holdings, LLC, Secured Debt 3 2023-12-31 0001535778 Centre Technologies Holdings, LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 Centre Technologies Holdings, LLC, Preferred Member Units 2023-12-31 0001535778 Centre Technologies Holdings, LLC, Preferred Member Units 2024-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 1 2023-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 1 2024-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 1 2023-12-31 0001535778 Chamberlin Holding LLC, Secured Debt 2 2023-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 2 2024-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Chamberlin Holding LLC, Secured Debt 2 2023-12-31 0001535778 Chamberlin Holding LLC, Member Units 1 2024-01-01 2024-03-31 0001535778 Chamberlin Holding LLC, Member Units 1 2023-12-31 0001535778 Chamberlin Holding LLC, Member Units 1 2024-03-31 0001535778 Chamberlin Holding LLC, Member Units 2 2024-01-01 2024-03-31 0001535778 Chamberlin Holding LLC, Member Units 2 2023-12-31 0001535778 Chamberlin Holding LLC, Member Units 2 2024-03-31 0001535778 Charps, LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 Charps, LLC, Preferred Member Units 2023-12-31 0001535778 Charps, LLC, Preferred Member Units 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 1.1 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 1.1 2024-01-01 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 1.1 2023-12-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 2.1 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 2.1 2024-01-01 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 2.1 2023-12-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 3 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 3 2024-01-01 2024-03-31 0001535778 Clad-Rex Steel, LLC, Secured Debt 3 2023-12-31 0001535778 Clad-Rex Steel, LLC, Member Units 1 2024-01-01 2024-03-31 0001535778 Clad-Rex Steel, LLC, Member Units 1 2023-12-31 0001535778 Clad-Rex Steel, LLC, Member Units 1 2024-03-31 0001535778 Clad-Rex Steel, LLC, Member Units 2 2024-01-01 2024-03-31 0001535778 Clad-Rex Steel, LLC, Member Units 2 2023-12-31 0001535778 Clad-Rex Steel, LLC, Member Units 2 2024-03-31 0001535778 Cody Pools, Inc., Secured Debt 1 2024-03-31 0001535778 Cody Pools, Inc., Secured Debt 1 2024-01-01 2024-03-31 0001535778 Cody Pools, Inc., Secured Debt 1 2023-12-31 0001535778 Cody Pools, Inc., Secured Debt 2 2024-03-31 0001535778 Cody Pools, Inc., Secured Debt 2 2024-01-01 2024-03-31 0001535778 Cody Pools, Inc., Secured Debt 2 2023-12-31 0001535778 Cody Pools, Inc., Preferred Member Units 2024-01-01 2024-03-31 0001535778 Cody Pools, Inc., Preferred Member Units 2023-12-31 0001535778 Cody Pools, Inc., Preferred Member Units 2024-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 1 2024-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 1 2023-12-31 0001535778 Colonial Electric Company LLC, Secured Debt 2 2024-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Colonial Electric Company LLC, Secured Debt 2 2023-12-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 1 2024-01-01 2024-03-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 1 2023-12-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 1 2024-03-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 2 2024-01-01 2024-03-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 2 2023-12-31 0001535778 Colonial Electric Company LLC, Preferred Member Units 2 2024-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 1 2024-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 1 2023-12-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 2 2024-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Compass Systems & Sales, LLC, Secured Debt 2 2023-12-31 0001535778 Compass Systems & Sales, LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 Compass Systems & Sales, LLC, Preferred Equity 2023-12-31 0001535778 Compass Systems & Sales, LLC, Preferred Equity 2024-03-31 0001535778 Datacom, LLC, Secured Debt 1 2024-03-31 0001535778 Datacom, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Datacom, LLC, Secured Debt 1 2023-12-31 0001535778 Datacom, LLC, Secured Debt 2 2024-03-31 0001535778 Datacom, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Datacom, LLC, Secured Debt 2 2023-12-31 0001535778 Datacom, LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 Datacom, LLC, Preferred Member Units 2023-12-31 0001535778 Datacom, LLC, Preferred Member Units 2024-03-31 0001535778 Digital Products Holdings LLC, Secured Debt 2024-03-31 0001535778 Digital Products Holdings LLC, Secured Debt 2024-01-01 2024-03-31 0001535778 Digital Products Holdings LLC, Secured Debt 2023-12-31 0001535778 Digital Products Holdings LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 Digital Products Holdings LLC, Preferred Member Units 2023-12-31 0001535778 Digital Products Holdings LLC, Preferred Member Units 2024-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 2 2024-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 1 2024-01-01 2024-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 1 2023-12-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 1 2024-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 2 2024-01-01 2024-03-31 0001535778 Direct Marketing Solutions, Inc., Secured Debt 2 2023-12-31 0001535778 Direct Marketing Solutions, Inc., Preferred Stock 2024-01-01 2024-03-31 0001535778 Direct Marketing Solutions, Inc., Preferred Stock 2023-12-31 0001535778 Direct Marketing Solutions, Inc., Preferred Stock 2024-03-31 0001535778 Flame King Holdings, LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 Flame King Holdings, LLC, Preferred Equity 2023-12-31 0001535778 Flame King Holdings, LLC, Preferred Equity 2024-03-31 0001535778 Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-01 2024-03-31 0001535778 Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-31 0001535778 Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 1 2024-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 1 2023-12-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 2 2024-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Gamber-Johnson Holdings, LLC, Secured Debt 2 2023-12-31 0001535778 Gamber-Johnson Holdings, LLC, Member Units 2024-01-01 2024-03-31 0001535778 Gamber-Johnson Holdings, LLC, Member Units 2023-12-31 0001535778 Gamber-Johnson Holdings, LLC, Member Units 2024-03-31 0001535778 GFG Group, LLC, Secured Debt 2024-03-31 0001535778 GFG Group, LLC, Secured Debt 2024-01-01 2024-03-31 0001535778 GFG Group, LLC, Secured Debt 2023-12-31 0001535778 GFG Group, LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 GFG Group, LLC, Preferred Member Units 2023-12-31 0001535778 GFG Group, LLC, Preferred Member Units 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 1 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 1 2023-12-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 2 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Secured Debt 2 2023-12-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2023-12-31 0001535778 Gulf Publishing Holdings, LLC, Preferred Equity 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2024-01-01 2024-03-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2023-12-31 0001535778 Gulf Publishing Holdings, LLC, Member Units 2024-03-31 0001535778 HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-01-01 2024-03-31 0001535778 HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-12-31 0001535778 HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-03-31 0001535778 IG Investor, LLC, Secured Debt 1 2024-03-31 0001535778 IG Investor, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 IG Investor, LLC, Secured Debt 1 2023-12-31 0001535778 IG Investor, LLC, Secured Debt 2 2024-03-31 0001535778 IG Investor, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 IG Investor, LLC, Secured Debt 2 2023-12-31 0001535778 IG Investor, LLC, Common Equity 2024-01-01 2024-03-31 0001535778 IG Investor, LLC, Common Equity 2023-12-31 0001535778 IG Investor, LLC, Common Equity 2024-03-31 0001535778 Independent Pet Partners Intermediate Holdings, LLC, Common Equity 2024-01-01 2024-03-31 0001535778 Independent Pet Partners Intermediate Holdings, LLC, Common Equity 2023-12-31 0001535778 Independent Pet Partners Intermediate Holdings, LLC, Common Equity 2024-03-31 0001535778 Integral Energy Services, Secured Debt 2024-03-31 0001535778 Integral Energy Services, Secured Debt 2024-01-01 2024-03-31 0001535778 Integral Energy Services, Secured Debt 2023-12-31 0001535778 Integral Energy Services, Preferred Equity 2024-03-31 0001535778 Integral Energy Services, Preferred Equity 2024-01-01 2024-03-31 0001535778 Integral Energy Services, Preferred Equity 2023-12-31 0001535778 Integral Energy Services, Common Stock 2024-01-01 2024-03-31 0001535778 Integral Energy Services, Common Stock 2023-12-31 0001535778 Integral Energy Services, Common Stock 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 1 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 1 2023-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 2 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Secured Debt 2 2023-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Preferred Equity 2023-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Preferred Equity 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Member Units 2024-01-01 2024-03-31 0001535778 Kickhaefer Manufacturing Company, LLC, Member Units 2023-12-31 0001535778 Kickhaefer Manufacturing Company, LLC, Member Units 2024-03-31 0001535778 MH Corbin Holding LLC, Secured Debt 2024-03-31 0001535778 MH Corbin Holding LLC, Secured Debt 2024-01-01 2024-03-31 0001535778 MH Corbin Holding LLC, Secured Debt 2023-12-31 0001535778 MH Corbin Holding LLC, Preferred Member Units 1 2024-01-01 2024-03-31 0001535778 MH Corbin Holding LLC, Preferred Member Units 1 2023-12-31 0001535778 MH Corbin Holding LLC, Preferred Member Units 1 2024-03-31 0001535778 MH Corbin Holding LLC, Preferred Member Units 2 2024-01-01 2024-03-31 0001535778 MH Corbin Holding LLC, Preferred Member Units 2 2023-12-31 0001535778 MH Corbin Holding LLC, Preferred Member Units 2 2024-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 1 2024-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 1 2023-12-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 2 2024-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Mystic Logistics Holdings, LLC, Secured Debt 2 2023-12-31 0001535778 Mystic Logistics Holdings, LLC, Common Stock 2024-01-01 2024-03-31 0001535778 Mystic Logistics Holdings, LLC, Common Stock 2023-12-31 0001535778 Mystic Logistics Holdings, LLC, Common Stock 2024-03-31 0001535778 NexRev LLC, Secured Debt 1 2024-03-31 0001535778 NexRev LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 NexRev LLC, Secured Debt 1 2023-12-31 0001535778 NexRev LLC, Secured Debt 2 2024-03-31 0001535778 NexRev LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 NexRev LLC, Secured Debt 2 2023-12-31 0001535778 NexRev LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 NexRev LLC, Preferred Member Units 2023-12-31 0001535778 NexRev LLC, Preferred Member Units 2024-03-31 0001535778 NuStep, LLC, Secured Debt 1 2024-03-31 0001535778 NuStep, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 NuStep, LLC, Secured Debt 1 2023-12-31 0001535778 NuStep, LLC, Secured Debt 2 2024-03-31 0001535778 NuStep, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 NuStep, LLC, Secured Debt 2 2023-12-31 0001535778 NuStep, LLC, Preferred Member Units 1.1 2024-01-01 2024-03-31 0001535778 NuStep, LLC, Preferred Member Units 1.1 2023-12-31 0001535778 NuStep, LLC, Preferred Member Units 1.1 2024-03-31 0001535778 NuStep, LLC, Preferred Member Units 2.1 2024-01-01 2024-03-31 0001535778 NuStep, LLC, Preferred Member Units 2.1 2023-12-31 0001535778 NuStep, LLC, Preferred Member Units 2.1 2024-03-31 0001535778 Oneliance, LLC, Secured Debt 2024-03-31 0001535778 Oneliance, LLC, Secured Debt 2024-01-01 2024-03-31 0001535778 Oneliance, LLC, Secured Debt 2023-12-31 0001535778 Oneliance, LLC, Preferred Stock 2024-01-01 2024-03-31 0001535778 Oneliance, LLC, Preferred Stock 2023-12-31 0001535778 Oneliance, LLC, Preferred Stock 2024-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2024-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 1 2023-12-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2024-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Orttech Holdings, LLC, Secured Debt 2 2023-12-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2024-01-01 2024-03-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2023-12-31 0001535778 Orttech Holdings, LLC, Preferred Stock 2024-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2024-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 1 2023-12-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2024-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Pinnacle TopCo, LLC, Secured Debt 2 2023-12-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2023-12-31 0001535778 Pinnacle TopCo, LLC, Preferred Equity 2024-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 1 2024-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 1 2024-01-01 2024-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 1 2023-12-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 2 2024-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 2 2024-01-01 2024-03-31 0001535778 Robbins Bros. Jewelry, Inc., Secured Debt 2 2023-12-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2024-01-01 2024-03-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2023-12-31 0001535778 Robbins Bros. Jewelry, Inc., Preferred Equity 2024-03-31 0001535778 SI East, LLC, Secured Debt 1 2024-03-31 0001535778 SI East, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 SI East, LLC, Secured Debt 1 2023-12-31 0001535778 SI East, LLC, Secured Debt 2 2024-03-31 0001535778 SI East, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 SI East, LLC, Secured Debt 2 2023-12-31 0001535778 SI East, LLC, Preferred Member Units 2024-01-01 2024-03-31 0001535778 SI East, LLC, Preferred Member Units 2023-12-31 0001535778 SI East, LLC, Preferred Member Units 2024-03-31 0001535778 Student Resource Center, LLC, Secured Debt 1 2024-03-31 0001535778 Student Resource Center, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Student Resource Center, LLC, Secured Debt 1 2023-12-31 0001535778 Student Resource Center, LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 Student Resource Center, LLC, Preferred Equity 2023-12-31 0001535778 Student Resource Center, LLC, Preferred Equity 2024-03-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2024-03-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Tedder Industries, LLC, Secured Debt 1 2023-12-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2024-03-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Tedder Industries, LLC, Secured Debt 2 2023-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2024-01-01 2024-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2023-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 1 2024-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2024-01-01 2024-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2023-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 2 2024-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2024-01-01 2024-03-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2023-12-31 0001535778 Tedder Industries, LLC, Preferred Member Units 3 2024-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 1 2024-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 1 2023-12-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 2 2024-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 Trantech Radiator Topco, LLC, Secured Debt 2 2023-12-31 0001535778 Trantech Radiator Topco, LLC, Common Stock 2024-01-01 2024-03-31 0001535778 Trantech Radiator Topco, LLC, Common Stock 2023-12-31 0001535778 Trantech Radiator Topco, LLC, Common Stock 2024-03-31 0001535778 VVS Holdco LLC, Secured Debt 1 2024-03-31 0001535778 VVS Holdco LLC, Secured Debt 1 2024-01-01 2024-03-31 0001535778 VVS Holdco LLC, Secured Debt 1 2023-12-31 0001535778 VVS Holdco LLC, Secured Debt 2 2024-03-31 0001535778 VVS Holdco LLC, Secured Debt 2 2024-01-01 2024-03-31 0001535778 VVS Holdco LLC, Secured Debt 2 2023-12-31 0001535778 VVS Holdco LLC, Preferred Equity 2024-01-01 2024-03-31 0001535778 VVS Holdco LLC, Preferred Equity 2023-12-31 0001535778 VVS Holdco LLC, Preferred Equity 2024-03-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments 2024-01-01 2024-03-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments 2023-12-31 0001535778 Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments 2024-03-31 0001535778 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-12-31 0001535778 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001535778 us-gaap:MidwestRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001535778 us-gaap:NortheastRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001535778 us-gaap:SoutheastRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001535778 us-gaap:SouthwestRegionMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-03-31 0001535778 us-gaap:SouthwestRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001535778 us-gaap:WestRegionMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-03-31 0001535778 us-gaap:WestRegionMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)

þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025
OR

o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: to
Commission File Number: 814-00939
MSC Income Fund, Inc.
(Exact name of registrant as specified in its charter)

Maryland | 45-3999996
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8 th Floor Houston, TX | 77056
(Address of principal executive offices) | (Zip Code)

(713) 350-6000
(Registrant’s telephone number, including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class |  | Trading Symbol |  | Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share |  | MSIF |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | o | Accelerated filer | o | Non-accelerated filer | þ | Smaller reporting company | o
|  |  |  |  |  | Emerging growth company | o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
The number of shares outstanding of the issuer’s common stock as of May 12, 2025 was 47,148,886.

Table of contents
TABLE OF CONTENTS

PART I |
FINANCIAL INFORMATION |
Item 1. | Consolidated Financial Statements |
| Consolidated Balance Sheets—March 31, 2025 (unaudited) and December 31, 2024 | 1
| Consolidated Statements of Operations (unaudited)—Three months ended March 31, 2025 and 2024 | 2
| Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 31, 2025 and 2024 | 3
| Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31, 2025 and 2024 | 4
| Consolidated Schedule of Investments (unaudited)—March 31, 2025 | 5
| Consolidated Schedule of Investments—December 31, 2024 | 26
| Notes to Consolidated Financial Statements (unaudited) | 46
| Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 31, 2025 and 2024 | 84
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 94
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 107
Item 4. | Controls and Procedures | 108
PART II |
OTHER INFORMATION |
Item 1. | Legal Proceedings | 109
Item 1A. | Risk Factors | 109
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 109
Item 5. | Other Information | 109
Item 6. | Exhibits | 110
| Signatures | 111

Table of contents
MSC INCOME FUND, INC.
Consolidated Balance Sheets
(in thousands, except shares and per share amounts)

| March 31, 2025 |  | December 31, 2024
ASSETS | (Unaudited) |  |
Investments at fair value: |  |  |
Control investments (cost: $54,788 and $54,560 as of March 31, 2025 and December 31, 2024, respectively) | $ | 69,273 |  |  | $ | 69,878 |
Affiliate investments (cost: $297,276 and $284,211 as of March 31, 2025 and December 31, 2024, respectively) | 367,260 |  |  | 351,360 |
Non‑Control/Non‑Affiliate investments (cost: $851,266 and $799,974 as of March 31, 2025 and December 31, 2024, respectively) | 824,320 |  |  | 756,269 |
Total investments (cost: $1,203,330 and $1,138,745 as of March 31, 2025 and December 31, 2024, respectively) | 1,260,853 |  |  | 1,177,507 |
Cash and cash equivalents | 39,459 |  |  | 28,375 |
Interest and dividend receivable | 12,578 |  |  | 11,925 |
Receivable for securities sold | 4 |  |  | 141 |
Deferred financing costs (net of accumulated amortization of $6,622 and $6,449 as of March 31, 2025 and December 31, 2024, respectively) | 3,775 |  |  | 1,985 |
Prepaids and other assets | 3,329 |  |  | 4,113 |
Deferred tax asset, net | 2,478 |  |  | 625 |
Total assets | $ | 1,322,476 |  |  | $ | 1,224,671 |
LIABILITIES |  |  |
Credit Facilities | $ | 420,688 |  |  | $ | 415,688 |
Series A Notes due 2026 (par: $150,000 as of both March 31, 2025 and December 31, 2024) | 149,528 |  |  | 149,453 |
Accounts payable and other liabilities | 1,745 |  |  | 4,723 |
Interest payable | 7,715 |  |  | 6,909 |
Dividend payable | 16,866 |  |  | 14,487 |
Management and incentive fees payable | 6,994 |  |  | 8,508 |
Total liabilities | 603,536 |  |  | 599,768 |
Commitments and contingencies (Note I) |  |  |
NET ASSETS |  |  |
Common stock, $0.001 par value per share (450,000,000 shares authorized; 46,849,531 and 40,240,358 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) | 47 |  |  | 40 |
Additional paid‑in capital | 784,601 |  |  | 689,580 |
Total overdistributed earnings | (65,708) |  |  | (64,717) |
Total net assets | 718,940 |  |  | 624,903 |
Total liabilities and net assets | $ | 1,322,476 |  |  | $ | 1,224,671 |
NET ASSET VALUE PER SHARE | $ | 15.35 |  |  | $ | 15.53 |

The accompanying notes are an integral part of these consolidated financial statements
1

Table of contents
MSC INCOME FUND, INC.
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)

| Three Months Ended March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |
INVESTMENT INCOME: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest, fee and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |
Control investments | $ | 1,442 |  |  | $ | 811 |  |  |  |  |  |  |  |  |  |  |
Affiliate investments | 9,335 |  |  | 6,929 |  |  |  |  |  |  |  |  |  |  |
Non‑Control/Non‑Affiliate investments | 22,450 |  |  | 26,210 |  |  |  |  |  |  |  |  |  |  |
Total investment income | 33,227 |  |  | 33,950 |  |  |  |  |  |  |  |  |  |  |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest | (8,243) |  |  | (9,549) |  |  |  |  |  |  |  |  |  |  |
Base management fees | (4,972) |  |  | (5,028) |  |  |  |  |  |  |  |  |  |  |
Incentive fees | (2,023) |  |  | (3,637) |  |  |  |  |  |  |  |  |  |  |
Internal administrative services expenses | (174) |  |  | (2,267) |  |  |  |  |  |  |  |  |  |  |
General and administrative | (1,027) |  |  | (1,034) |  |  |  |  |  |  |  |  |  |  |
Total expenses before expense waivers | (16,439) |  |  | (21,515) |  |  |  |  |  |  |  |  |  |  |
Waiver of internal administrative services expenses | — |  |  | 2,111 |  |  |  |  |  |  |  |  |  |  |
Total expenses, net of expense waivers | (16,439) |  |  | (19,404) |  |  |  |  |  |  |  |  |  |  |
NET INVESTMENT INCOME | 16,788 |  |  | 14,546 |  |  |  |  |  |  |  |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |  |  |  |  |  |  |  |  |  |
Control investments | 9 |  |  | 10 |  |  |  |  |  |  |  |  |  |  |
Non‑Control/Non‑Affiliate investments | (21,075) |  |  | (1,894) |  |  |  |  |  |  |  |  |  |  |
Total net realized loss | (21,066) |  |  | (1,884) |  |  |  |  |  |  |  |  |  |  |
NET UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |  |  |  |  |  |  |  |  |  |
Control investments | (833) |  |  | 422 |  |  |  |  |  |  |  |  |  |  |
Affiliate investments | 2,836 |  |  | (19) |  |  |  |  |  |  |  |  |  |  |
Non‑Control/Non‑Affiliate investments | 16,780 |  |  | (1,536) |  |  |  |  |  |  |  |  |  |  |
Total net unrealized appreciation (depreciation) | 18,783 |  |  | (1,133) |  |  |  |  |  |  |  |  |  |  |
INCOME TAXES: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal and state income, excise and other taxes | (483) |  |  | (329) |  |  |  |  |  |  |  |  |  |  |
Deferred taxes | 1,853 |  |  | (611) |  |  |  |  |  |  |  |  |  |  |
Total income tax benefit (provision) | 1,370 |  |  | (940) |  |  |  |  |  |  |  |  |  |  |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 15,875 |  |  | $ | 10,589 |  |  |  |  |  |  |  |  |  |  |
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED (1) | $ | 0.38 |  |  | $ | 0.36 |  |  |  |  |  |  |  |  |  |  |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED (1) | $ | 0.36 |  |  | $ | 0.26 |  |  |  |  |  |  |  |  |  |  |
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED (1) | 44,680,084 |  |  | 40,129,395 |  |  |  |  |  |  |  |  |  |  |

(1)As discussed in Note A.3. — Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.
The accompanying notes are an integral part of these consolidated financial statements
2

Table of contents
MSC INCOME FUND, INC.
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)

| Common Stock (1) |  | Additional Paid-In Capital |  | Total Overdistributed Earnings |  | Total Net Asset Value
| Number of Shares |  | Par Value |  |  |
Balances as of December 31, 2023 | 40,054,433 |  | $ | 40 |  |  | $ | 686,176 |  |  | $ | (63,909) |  |  | $ | 622,307 |
Issuance of common stock | 157,034 |  | — |  |  | 2,500 |  |  | — |  |  | 2,500 |
Dividend reinvestment | 282,485 |  | 1 |  |  | 4,492 |  |  | — |  |  | 4,493 |
Common stock repurchased | (437,658) |  | (1) |  |  | (6,546) |  |  | — |  |  | (6,547) |
Net increase in net assets resulting from operations | — |  | — |  |  | — |  |  | 10,589 |  |  | 10,589 |
Dividends to stockholders | — |  | — |  |  | — |  |  | (14,821) |  |  | (14,821) |
Balances as of March 31, 2024 | 40,056,294 |  | $ | 40 |  |  | $ | 686,622 |  |  | $ | (68,141) |  |  | $ | 618,521 |
Balances as of December 31, 2024 | 40,240,358 |  | $ | 40 |  |  | $ | 689,580 |  |  | $ | (64,717) |  |  | $ | 624,903 |
Issuances of common stock, net of underwriting and offering costs | 6,325,000 |  | 6 |  |  | 90,526 |  |  | — |  |  | 90,532 |
Dividend reinvestment | 284,173 |  | 1 |  |  | 4,495 |  |  | — |  |  | 4,496 |
Net increase in net assets resulting from operations | — |  | — |  |  | — |  |  | 15,875 |  |  | 15,875 |
Dividends to stockholders | — |  | — |  |  | — |  |  | (16,866) |  |  | (16,866) |
Balances as of March 31, 2025 | 46,849,531 |  | $ | 47 |  |  | 784,601 |  |  | (65,708) |  |  | 718,940 |

(1)As discussed in Note A.3. — Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.
The accompanying notes are an integral part of these consolidated financial statements
3

Table of contents
MSC INCOME FUND, INC.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

| Three Months Ended March 31,
| 2025 |  | 2024
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net increase in net assets resulting from operations | $ | 15,875 |  |  | $ | 10,589 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |  |
Investments in portfolio companies | (142,755) |  |  | (75,728) |
Proceeds from sales and repayments of debt investments in portfolio companies | 52,244 |  |  | 49,378 |
Proceeds from sales and return of capital of equity investments in portfolio companies | 8,909 |  |  | 2,745 |
Net unrealized (appreciation) depreciation | (18,783) |  |  | 1,133 |
Net realized loss on portfolio investments | 21,066 |  |  | 1,884 |
Amortization of deferred financing costs | 247 |  |  | 772 |
Accretion of unearned income | (1,750) |  |  | (1,611) |
Payment-in-kind interest | (1,915) |  |  | (1,525) |
Cumulative dividends | (74) |  |  | (22) |
Deferred taxes | (1,853) |  |  | 611 |
Changes in other assets and liabilities: |  |  |
Interest and dividend receivable | (803) |  |  | (1,283) |
Prepaid and other assets | 784 |  |  | (696) |
Management and incentive fees payable | (1,514) |  |  | (80) |
Interest payable | 806 |  |  | 2,145 |
Accounts payable and other liabilities | (2,978) |  |  | 119 |
Net cash used in operating activities | (72,494) |  |  | (11,569) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Issuance of common stock, net of underwriting and offering costs | 90,532 |  |  | 2,500 |
Redemption of common stock | — |  |  | (6,547) |
Dividends paid | (9,991) |  |  | (9,522) |
Proceeds from Credit Facilities | 130,000 |  |  | 82,000 |
Repayments on Credit Facilities | (125,000) |  |  | (63,000) |
Payment of deferred financing costs | (1,963) |  |  | — |
Net cash provided by financing activities | 83,578 |  |  | 5,431 |
Net increase (decrease) in cash and cash equivalents | 11,084 |  |  | (6,138) |
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD | 28,375 |  |  | 30,786 |
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD | $ | 39,459 |  |  | $ | 24,648 |
Supplemental cash flow disclosures: |  |  |
Interest paid | $ | 7,189 |  |  | $ | 6,632 |
Taxes paid | $ | 4,120 |  |  | $ | 384 |
Non-cash financing activities: |  |  |
Dividends declared and unpaid | $ | 16,866 |  |  | $ | 14,821 |
Value of shares issued pursuant to the DRIP | $ | 4,496 |  |  | $ | 4,493 |

The accompanying notes are an integral part of these consolidated financial statements
4

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
Control Investments (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BDB Holdings, LLC |  | Casual Restaurant Group |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 2/24/2025 |  | 12.00% |  |  |  | 2/27/2027 | $ | 280 |  | $ | 280 |  | $ | 280 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/4/2024 | 12,504,663 |  |  |  |  |  |  | 13,025 |  | 12,610 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,305 |  | 12,890 |  |  |  |  |  |  |  |  |  |  |  |  |
Copper Trail Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (CTMH, LP) | (24) | 7/17/2017 | 38.75% |  |  |  |  |  |  | 640 |  | 514 |  |  |  |  |  |  |  |  |  |  |  |  |
GRT Rubber Technologies LLC |  | Manufacturer of Engineered Rubber Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/21/2018 |  | 10.48% | SF+ | 6.00% |  | 10/29/2026 | 1,550 |  | 1,540 |  | 1,550 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/19/2014 |  | 12.48% | SF+ | 8.00% |  | 10/29/2026 | 19,944 |  | 19,865 |  | 19,944 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) | 12/19/2014 | 2,896 |  |  |  |  |  |  | 6,435 |  | 22,600 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 27,840 |  | 44,094 |  |  |  |  |  |  |  |  |  |  |  |  |
Harris Preston Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (2717 MH, L.P.) |  | 10/1/2017 | 49.26% |  |  |  |  |  |  | 3,425 |  | 8,655 |  |  |  |  |  |  |  |  |  |  |  |  |
Volusion, LLC |  | Provider of Online Software-as-a-Service eCommerce Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2023 |  | 10.00% |  |  |  | 3/31/2025 | 900 |  | 900 |  | 900 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 3/31/2023 | 2,184,683 |  |  |  |  |  | 1,574 |  | 1,574 |  | 2,220 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 3/31/2023 | 61,077 |  |  |  |  |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 1/26/2015 | 2,090,001 |  |  |  |  |  | 6,000 |  | 6,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 3/31/2023 | 772,620 |  |  |  |  |  |  | 1,104 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,578 |  | 3,120 |  |  |  |  |  |  |  |  |  |  |  |  |
Subtotal Control Investments (9.6% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,788 |  | $ | 69,273 |  |  |  |  |  |  |  |  |  |  |  |  |
Affiliate Investments (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/25/2025 |  | 12.95% | SF+ | 8.50% | 12.95% | 3/28/2028 | $ | 2,111 |  | $ | 2,111 |  | $ | 2,111 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/25/2025 |  | 12.95% | SF+ | 8.50% | 12.95% | 3/28/2028 | 2,111 |  | 2,111 |  | 2,111 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 3/25/2025 | 7,590 |  |  |  |  |  |  | 2,556 |  | 2,556 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,778 |  | 6,778 |  |  |  |  |  |  |  |  |  |  |  |  |
Analytical Systems Keco Holdings, LLC |  | Manufacturer of Liquid and Gas Analyzers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 8/16/2019 |  |  |  |  |  | 8/16/2029 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/16/2019 |  | 17.50% |  |  |  | 8/16/2029 | 1,011 |  | 1,000 |  | 1,000 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 5/20/2021 | 607 |  |  |  |  |  |  | 607 |  | 1,290 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 8/16/2019 | 800 |  |  |  |  |  |  | 800 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Warrants | (27) | 8/16/2019 | 105 |  |  |  |  | 8/16/2029 |  | 79 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,486 |  | 2,290 |  |  |  |  |  |  |  |  |  |  |  |  |
Barfly Ventures, LLC | (10) | Casual Restaurant Group |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

5

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) | 10/26/2020 | 12 |  |  |  |  |  | 528 |  | 528 |  | 1,920 |  |  |  |  |  |  |  |  |  |  |  |  |
Batjer TopCo, LLC |  | HVAC Mechanical Contractor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/7/2022 |  | 11.00% |  |  |  | 3/7/2027 | 20 |  | 20 |  | 20 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/7/2022 |  | 11.00% |  |  |  | 3/7/2027 | 30 |  | 30 |  | 30 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/7/2022 |  | 11.00% |  |  |  | 3/7/2027 | 1,175 |  | 1,166 |  | 1,166 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock | (8) | 3/7/2022 | 453 |  |  |  |  |  |  | 455 |  | 570 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,671 |  | 1,786 |  |  |  |  |  |  |  |  |  |  |  |  |
Brewer Crane Holdings, LLC |  | Provider of Crane Rental and Operating Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/9/2018 |  | 14.48% | SF+ | 10.00% |  | 12/31/2025 | 1,254 |  | 1,254 |  | 1,254 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 1/9/2018 | 737 |  |  |  |  |  |  | 1,070 |  | 1,030 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,324 |  | 2,284 |  |  |  |  |  |  |  |  |  |  |  |  |
Centre Technologies Holdings, LLC |  | Provider of IT Hardware Services and Software Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 1/4/2019 |  |  | SF+ | 10.00% |  | 1/4/2028 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/29/2024 |  | 14.48% | SF+ | 10.00% |  | 1/4/2028 | 6,116 |  | 6,093 |  | 6,116 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 1/4/2019 | 3,471 |  |  |  |  |  |  | 1,596 |  | 3,570 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,689 |  | 9,686 |  |  |  |  |  |  |  |  |  |  |  |  |
Chamberlin Holding LLC |  | Roofing and Waterproofing Specialty Contractor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 2/26/2018 |  |  | SF+ | 6.00% |  | 2/26/2026 | — |  | (21) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/26/2018 |  | 12.49% | SF+ | 8.00% |  | 2/26/2026 | 4,305 |  | 4,302 |  | 4,305 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) | 2/26/2018 | 1,087 |  |  |  |  |  |  | 2,860 |  | 8,560 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) (23) | 11/2/2018 | 261,786 |  |  |  |  |  |  | 443 |  | 908 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,584 |  | 13,773 |  |  |  |  |  |  |  |  |  |  |  |  |
Charps, LLC |  | Pipeline Maintenance and Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 2/3/2017 | 457 |  |  |  |  |  |  | 491 |  | 3,900 |  |  |  |  |  |  |  |  |  |  |  |  |
Clad-Rex Steel, LLC |  | Specialty Manufacturer of Vinyl-Clad Metal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 10/28/2022 |  |  |  |  |  | 1/15/2027 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/20/2016 |  | 9.00% |  |  |  | 1/15/2027 | 1,630 |  | 1,620 |  | 1,630 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/20/2016 |  | 10.00% |  |  |  | 12/20/2036 | 241 |  | 239 |  | 241 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) | 12/20/2016 | 179 |  |  |  |  |  |  | 1,820 |  | 2,760 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (23) | 12/20/2016 | 200 |  |  |  |  |  |  | 127 |  | 317 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,806 |  | 4,948 |  |  |  |  |  |  |  |  |  |  |  |  |
Cody Pools, Inc. |  | Designer of Residential and Commercial Pools |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 3/6/2020 |  |  |  |  |  | 12/17/2026 | — |  | (3) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/6/2020 |  | 12.50% |  |  |  | 12/17/2026 | 6,327 |  | 6,316 |  | 6,327 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) (23) | 3/6/2020 | 147 |  |  |  |  |  |  | 2,079 |  | 17,370 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,392 |  | 23,697 |  |  |  |  |  |  |  |  |  |  |  |  |
Colonial Electric Company LLC |  | Provider of Electrical Contracting Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 3/31/2021 |  |  |  |  |  | 3/31/2026 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2021 |  | 12.00% |  |  |  | 3/31/2026 | 3,499 |  | 3,481 |  | 3,499 |  |  |  |  |  |  |  |  |  |  |  |  |

6

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 3/31/2021 | 4,320 |  |  |  |  |  |  | 1,920 |  | 3,580 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,401 |  | 7,079 |  |  |  |  |  |  |  |  |  |  |  |  |
Compass Systems & Sales, LLC |  | Designer of End-to-End Material Handling Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 11/22/2023 |  |  |  |  |  | 11/22/2028 | — |  | (15) |  | (15) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 11/22/2023 |  | 13.50% |  |  |  | 11/22/2028 | 4,300 |  | 4,207 |  | 4,207 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/22/2023 | 1,863 |  |  |  |  |  |  | 1,863 |  | 1,863 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,055 |  | 6,055 |  |  |  |  |  |  |  |  |  |  |  |  |
Datacom, LLC |  | Technology and Telecommunications Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/1/2022 |  | 7.50% |  |  |  | 12/31/2025 | 105 |  | 104 |  | 104 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2021 |  | 10.00% |  |  |  | 12/31/2025 | 891 |  | 876 |  | 876 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 3/31/2021 | 1,000 |  |  |  |  |  |  | 290 |  | 30 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,270 |  | 1,010 |  |  |  |  |  |  |  |  |  |  |  |  |
Digital Products Holdings LLC |  | Designer and Distributor of Consumer Electronics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/1/2018 |  | 14.38% | SF+ | 10.00% |  | 4/27/2026 | 3,072 |  | 3,061 |  | 3,026 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 4/1/2018 | 964 |  |  |  |  |  |  | 2,375 |  | 2,459 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,436 |  | 5,485 |  |  |  |  |  |  |  |  |  |  |  |  |
Direct Marketing Solutions, Inc. |  | Provider of Omni-Channel Direct Marketing Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 2/13/2018 |  |  |  |  |  | 2/13/2026 | — |  | (1) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/27/2022 |  | 14.00% |  |  |  | 2/13/2026 | 4,584 |  | 4,575 |  | 4,584 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock |  | 2/13/2018 | 2,100 |  |  |  |  |  |  | 2,100 |  | 4,620 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,674 |  | 9,204 |  |  |  |  |  |  |  |  |  |  |  |  |
DMA Industries, LLC |  | Distributor of Aftermarket Ride Control Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 6/18/2024 |  |  |  |  |  | 6/18/2029 | 140 |  | 138 |  | 138 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 11/19/2021 |  | 12.00% |  |  |  | 6/18/2029 | 4,200 |  | 4,163 |  | 4,163 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/19/2021 | 1,486 |  |  |  |  |  |  | 1,486 |  | 1,486 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 6/18/2024 | 767 | 15.00% |  |  | 15.00% |  |  | 840 |  | 840 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,627 |  | 6,627 |  |  |  |  |  |  |  |  |  |  |  |  |
Flame King Holdings, LLC |  | Propane Tank and Accessories Distributor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 10/29/2021 | 2,340 |  |  |  |  |  |  | 2,600 |  | 9,840 |  |  |  |  |  |  |  |  |  |  |  |  |
Freeport Financial Funds | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (24) | 7/31/2015 | 5.95% |  |  |  |  |  |  | 694 |  | 298 |  |  |  |  |  |  |  |  |  |  |  |  |
Gamber-Johnson Holdings, LLC |  | Manufacturer of Ruggedized Computer Mounting Systems |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (32) (30) | 6/24/2016 |  |  | SF+ | 7.50% |  | 1/1/2028 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/22/2024 |  | 11.50% | SF+ | 7.50% |  | 1/1/2028 | 18,282 |  | 18,176 |  | 18,282 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) | 6/24/2016 | 2,261 |  |  |  |  |  |  | 4,423 |  | 28,690 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 22,599 |  | 46,972 |  |  |  |  |  |  |  |  |  |  |  |  |
GFG Group, LLC |  | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

7

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2021 |  | 8.00% |  |  |  | 3/31/2026 | 2,046 |  | 2,034 |  | 2,046 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 3/31/2021 | 56 |  |  |  |  |  |  | 1,225 |  | 2,410 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,259 |  | 4,456 |  |  |  |  |  |  |  |  |  |  |  |  |
Gulf Publishing Holdings, LLC |  | Energy Industry Focused Media and Publishing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (30) | 9/29/2017 |  |  | SF+ | 9.50% |  | 7/1/2027 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 7/1/2022 |  | 12.50% |  |  | 12.50% | 7/1/2027 | 600 |  | 555 |  | 434 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 7/1/2022 | 15,930 |  |  |  |  |  |  | 1,400 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units |  | 4/29/2016 | 920 |  |  |  |  |  |  | 920 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,875 |  | 434 |  |  |  |  |  |  |  |  |  |  |  |  |
Harris Preston Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (HPEP 3, L.P.) | (24) | 8/9/2017 | 8.22% |  |  |  |  |  |  | 2,092 |  | 4,462 |  |  |  |  |  |  |  |  |  |  |  |  |
IG Investor, LLC |  | Military and Other Tactical Gear |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 6/21/2023 |  | 13.00% |  |  |  | 6/21/2028 | 400 |  | 381 |  | 400 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 6/21/2023 |  | 13.00% |  |  |  | 6/21/2028 | 8,766 |  | 8,598 |  | 8,766 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 6/21/2023 | 3,600 |  |  |  |  |  |  | 3,600 |  | 4,450 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 12,579 |  | 13,616 |  |  |  |  |  |  |  |  |  |  |  |  |
Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 4/7/2023 | 6,436,566 |  |  |  |  |  |  | 6,540 |  | 7,090 |  |  |  |  |  |  |  |  |  |  |  |  |
Integral Energy Services | (10) | Nuclear Power Staffing Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/20/2021 |  | 12.07% | SF+ | 7.50% |  | 8/20/2026 | 15,090 |  | 15,002 |  | 14,887 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 12/7/2023 | 3,725 | 10.00% |  |  | 10.00% |  |  | 305 |  | 542 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 8/20/2021 | 11,647 |  |  |  |  |  |  | 1,584 |  | 640 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 16,891 |  | 16,069 |  |  |  |  |  |  |  |  |  |  |  |  |
Kickhaefer Manufacturing Company, LLC |  | Precision Metal Parts Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/31/2018 |  | 11.50% |  |  |  | 10/31/2026 | 3,550 |  | 3,543 |  | 3,543 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/31/2018 |  | 9.00% |  |  |  | 10/31/2048 | 987 |  | 979 |  | 979 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 10/31/2018 | 145 |  |  |  |  |  |  | 3,060 |  | 3,220 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) (23) | 10/31/2018 | 200 |  |  |  |  |  |  | 248 |  | 678 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,830 |  | 8,420 |  |  |  |  |  |  |  |  |  |  |  |  |
KMS, LLC | (10) | Wholesaler of Closeout and Value-Priced Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 2/10/2025 |  | 12.50% |  |  | 12.50% | 10/1/2028 | 1,381 |  | 1,343 |  | 1,343 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 2/10/2025 |  | 12.50% |  |  | 12.50% | 10/1/2028 | 1,430 |  | 1,430 |  | 1,430 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 2/10/2025 | 11,516 |  |  |  |  |  |  | 6,113 |  | 6,113 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,886 |  | 8,886 |  |  |  |  |  |  |  |  |  |  |  |  |
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/19/2024 |  | 9.79% | SF+ | 5.50% |  | 12/31/2026 | 2,140 |  | 2,140 |  | 2,140 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (23) | 12/19/2024 | 53,505 |  |  |  |  | 12/31/2026 |  | 11,166 |  | 10,770 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,306 |  | 12,910 |  |  |  |  |  |  |  |  |  |  |  |  |
Mystic Logistics Holdings, LLC |  | Logistics and Distribution Services Provider for Large Volume Mailers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

8

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 8/18/2014 |  |  |  |  |  | 1/31/2027 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/18/2014 |  | 10.00% |  |  |  | 1/31/2027 | 1,436 |  | 1,433 |  | 1,436 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 8/18/2014 | 1,468 |  |  |  |  |  |  | 680 |  | 6,590 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,113 |  | 8,026 |  |  |  |  |  |  |  |  |  |  |  |  |
Nello Industries Investco, LLC |  | Manufacturer of Steel Poles and Towers For Critical Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 6/4/2024 |  | 13.50% |  |  |  | 6/4/2029 | 6,800 |  | 6,629 |  | 6,629 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (8) | 6/4/2024 | 91,145 |  |  |  |  |  |  | 3,030 |  | 4,120 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,659 |  | 10,749 |  |  |  |  |  |  |  |  |  |  |  |  |
NexRev LLC |  | Provider of Energy Efficiency Products & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 2/28/2018 | 25,786,046 |  |  |  |  |  |  | 2,053 |  | 3,350 |  |  |  |  |  |  |  |  |  |  |  |  |
NuStep, LLC |  | Designer, Manufacturer and Distributor of Fitness Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (17) | 1/31/2017 |  | 10.98% | SF+ | 6.50% |  | 1/31/2025 | 900 |  | 900 |  | 900 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (17) | 1/31/2017 |  | 12.00% |  |  |  | 1/31/2025 | 4,610 |  | 4,610 |  | 4,610 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 11/2/2022 | 600 |  |  |  |  |  |  | 696 |  | 1,500 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 1/31/2017 | 122 |  |  |  |  |  |  | 2,966 |  | 3,050 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,172 |  | 10,060 |  |  |  |  |  |  |  |  |  |  |  |  |
Oneliance, LLC |  | Construction Cleaning Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock | (8) | 8/6/2021 | 282 |  |  |  |  |  |  | 282 |  | 700 |  |  |  |  |  |  |  |  |  |  |  |  |
Orttech Holdings, LLC |  | Distributor of Industrial Clutches, Brakes and Other Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/30/2021 |  |  | SF+ | 11.00% |  | 7/31/2026 | — |  | (1) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/30/2021 |  | 15.48% | SF+ | 11.00% |  | 7/31/2026 | 5,390 |  | 5,362 |  | 5,390 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock | (8) (23) | 7/30/2021 | 2,500 |  |  |  |  |  |  | 2,500 |  | 3,360 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,861 |  | 8,750 |  |  |  |  |  |  |  |  |  |  |  |  |
Pinnacle TopCo, LLC |  | Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 12/21/2023 |  |  |  |  |  | 12/31/2028 | — |  | (7) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/21/2023 |  | 13.00% |  |  |  | 12/31/2028 | 7,160 |  | 7,028 |  | 7,160 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 12/21/2023 | 110 |  |  |  |  |  |  | 3,135 |  | 5,030 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,156 |  | 12,190 |  |  |  |  |  |  |  |  |  |  |  |  |
RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/8/2021 |  | 11.25% | SF+ | 6.75% |  | 4/8/2026 | 1,273 |  | 1,270 |  | 1,159 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 4/8/2021 |  |  | SF+ | 6.75% |  | 4/8/2026 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/8/2021 |  | 11.25% | SF+ | 6.75% |  | 4/8/2026 | 13,314 |  | 13,275 |  | 12,121 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 8/12/2024 | 107 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,545 |  | 13,280 |  |  |  |  |  |  |  |  |  |  |  |  |
Robbins Bros. Jewelry, Inc. |  | Bridal Jewelry Retailer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (30) | 12/15/2021 |  |  |  |  | 10.00% | 12/15/2026 | — |  | (8) |  | (8) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 12/15/2021 |  | 12.50% |  |  | 10.00% | 12/15/2026 | 3,740 |  | 3,581 |  | 1,595 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/15/2021 | 1,230 |  |  |  |  |  |  | 1,230 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |

9

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,803 |  | 1,587 |  |  |  |  |  |  |  |  |  |  |  |  |
SI East, LLC |  | Rigid Industrial Packaging Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/31/2018 |  | 11.75% |  |  |  | 6/16/2028 | 750 |  | 745 |  | 750 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (33) | 6/16/2023 |  | 12.82% |  |  |  | 6/16/2028 | 22,554 |  | 22,534 |  | 22,554 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 8/31/2018 | 55 |  |  |  |  |  |  | 508 |  | 4,150 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 23,787 |  | 27,454 |  |  |  |  |  |  |  |  |  |  |  |  |
Student Resource Center, LLC | (10) | Higher Education Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/11/2024 |  | 8.50% |  |  | 8.50% | 12/31/2027 | 232 |  | 232 |  | 980 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 12/31/2022 |  | 8.50% |  |  | 8.50% | 12/31/2027 | 5,918 |  | 5,425 |  | 1,000 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/31/2022 | 6,564,055 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,657 |  | 1,980 |  |  |  |  |  |  |  |  |  |  |  |  |
Tedder Industries, LLC |  | Manufacturer of Firearm Holsters and Accessories |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 8/31/2018 |  | 12.00% |  |  | 12.00% | 8/31/2023 | 460 |  | 455 |  | 389 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 8/31/2018 |  | 12.00% |  |  | 12.00% | 8/31/2023 | 3,800 |  | 3,761 |  | 802 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 8/28/2023 | 1,651 |  |  |  |  |  |  | 165 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 2/1/2023 | 1,411 |  |  |  |  |  |  | 141 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 8/31/2018 | 136 |  |  |  |  |  |  | 2,311 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,833 |  | 1,191 |  |  |  |  |  |  |  |  |  |  |  |  |
Trantech Radiator Topco, LLC |  | Transformer Cooling Products and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 5/31/2019 |  |  |  |  |  | 5/31/2027 | — |  | (1) |  | (1) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 5/31/2019 |  | 13.50% |  |  |  | 5/31/2027 | 1,980 |  | 1,963 |  | 1,963 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 5/31/2019 | 154 |  |  |  |  |  |  | 1,164 |  | 2,140 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,126 |  | 4,102 |  |  |  |  |  |  |  |  |  |  |  |  |
Urgent DSO LLC |  | General and Emergency Dentistry Practice |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 2/16/2024 |  | 13.50% |  |  |  | 2/16/2029 | 2,200 |  | 2,148 |  | 2,148 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 2/16/2024 | 1,000 | 9.00% |  |  | 9.00% |  |  | 1,104 |  | 1,104 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,252 |  | 3,252 |  |  |  |  |  |  |  |  |  |  |  |  |
Victory Energy Operations, LLC |  | Provider of Industrial and Commercial Combustion Systems |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 10/3/2024 |  |  |  |  |  | 10/3/2029 | — |  | (5) |  | (5) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/3/2024 |  | 13.00% |  |  |  | 10/3/2029 | 7,749 |  | 7,540 |  | 7,540 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 10/3/2024 | 8,338 |  |  |  |  |  |  | 3,644 |  | 3,644 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,179 |  | 11,179 |  |  |  |  |  |  |  |  |  |  |  |  |
VVS Holdco LLC |  | Omnichannel Retailer of Animal Health Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/1/2021 |  |  | SF+ | 6.00% |  | 12/1/2025 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/1/2021 |  | 11.50% |  |  |  | 12/1/2026 | 6,440 |  | 6,375 |  | 6,375 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) (23) | 12/1/2021 | 3,060 |  |  |  |  |  |  | 3,060 |  | 3,060 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,435 |  | 9,435 |  |  |  |  |  |  |  |  |  |  |  |  |
Subtotal Affiliate Investments (51.1% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 297,276 |  | $ | 367,260 |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Control/Non-Affiliate Investments (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

10

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 3/28/2025 |  |  |  |  | 10.00% | 3/31/2030 | $ | 1,070 |  | $ | 1,070 |  | $ | 1,070 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 3/28/2025 |  |  |  |  | 10.00% | 3/31/2030 | 1,070 |  | 1,070 |  | 1,070 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 3/28/2025 | 4,342,688 |  |  |  |  |  |  | 2,931 |  | 2,931 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 12/11/2020 | 593,927 |  |  |  |  |  |  | 3,148 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Warrants | (27) | 12/11/2020 | 197,717 |  |  |  |  | 12/11/2025 |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,219 |  | 5,071 |  |  |  |  |  |  |  |  |  |  |  |  |
Adams Publishing Group, LLC | (10) | Local Newspaper Operator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (29) | 3/11/2022 |  | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 948 |  | 948 |  | 928 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (29) | 3/11/2022 |  | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 2,180 |  | 2,178 |  | 2,134 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,126 |  | 3,062 |  |  |  |  |  |  |  |  |  |  |  |  |
AMEREQUIP LLC | (10) | Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 8/31/2022 | 11 |  |  |  |  |  |  | 83 |  | 20 |  |  |  |  |  |  |  |  |  |  |  |  |
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 11/19/2021 |  |  | P+ | 5.00% |  | 11/19/2026 | — |  | (6) |  | (6) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/19/2021 |  | 12.50% | P+ | 5.00% |  | 11/19/2026 | 7,385 |  | 7,360 |  | 7,385 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,354 |  | 7,379 |  |  |  |  |  |  |  |  |  |  |  |  |
Ansira Partners II, LLC | (10) | Provider of Data-Driven Marketing Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/1/2024 |  |  | SF+ | 6.75% |  | 7/1/2029 | — |  | (42) |  | (42) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/1/2024 |  | 11.07% | SF+ | 6.75% |  | 7/1/2029 | 17,659 |  | 17,263 |  | 17,398 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,221 |  | 17,356 |  |  |  |  |  |  |  |  |  |  |  |  |
ArborWorks, LLC | (10) | Vegetation Management Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 11/6/2023 |  | 15.00% |  |  | 15.00% | 11/6/2028 | 1,101 |  | 1,101 |  | 1,101 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/6/2023 |  | 10.92% | SF+ | 6.50% | 10.92% | 11/6/2028 | 4,396 |  | 4,396 |  | 4,396 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/6/2023 | 17,265 |  |  |  |  |  |  | 7,468 |  | 7,349 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/6/2023 | 17,265 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 11/9/2021 | 2,070 |  |  |  |  |  |  | 124 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,089 |  | 12,846 |  |  |  |  |  |  |  |  |  |  |  |  |
Archer Systems, LLC | (10) | Mass Tort Settlement Administration Solutions Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 8/11/2022 | 62,402 |  |  |  |  |  |  | 62 |  | 100 |  |  |  |  |  |  |  |  |  |  |  |  |
ATS Operating, LLC | (10) | For-Profit Thrift Retailer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 1/18/2022 |  | 10.56% | SF+ | 6.00% |  | 1/18/2027 | 125 |  | 125 |  | 125 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/18/2022 |  | 9.57% | SF+ | 5.00% |  | 1/18/2027 | 925 |  | 917 |  | 925 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/18/2022 |  | 11.57% | SF+ | 7.00% |  | 1/18/2027 | 925 |  | 917 |  | 925 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 1/18/2022 | 100,000 |  |  |  |  |  |  | 100 |  | 120 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,059 |  | 2,095 |  |  |  |  |  |  |  |  |  |  |  |  |
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer & MRO Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/23/2022 |  |  | SF+ | 7.25% |  | 12/23/2027 | — |  | (11) |  | (11) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/23/2022 |  | 11.70% | SF+ | 7.25% |  | 12/23/2027 | 3,322 |  | 3,256 |  | 3,322 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (8) | 12/15/2021 | 137 |  |  |  |  |  |  | 130 |  | 157 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,375 |  | 3,468 |  |  |  |  |  |  |  |  |  |  |  |  |
Berry Aviation, Inc. | (10) | Charter Airline Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

11

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (23) | 3/8/2024 | 286,109 |  |  |  |  |  |  | 286 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (23) | 11/12/2019 | 122,416 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (23) | 7/6/2018 | 1,548,387 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 286 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Bettercloud, Inc. | (10) | SaaS Provider of Workflow Management and Business Application Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (30) | 6/30/2022 |  |  | SF+ | 10.25% |  | 6/30/2028 | — |  | (14) |  | (14) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 6/30/2022 |  | 14.76% | SF+ | 10.25% | 9.25% | 6/30/2028 | 9,230 |  | 9,139 |  | 5,662 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,125 |  | 5,648 |  |  |  |  |  |  |  |  |  |  |  |  |
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units |  | 3/10/2017 | 1,050,000 |  |  |  |  |  |  | 1,050 |  | 880 |  |  |  |  |  |  |  |  |  |  |  |  |
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 1/9/2024 |  | 12.95% | SF+ | 8.50% | 11.95% | 8/28/2025 | 215 |  | 138 |  | 139 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 10/19/2022 |  | 15.00% | P+ | 7.50% | 14.75% | 8/28/2025 | 4,026 |  | 4,026 |  | 2,600 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 8/28/2020 |  | 12.95% | SF+ | 8.50% | 11.95% | 8/28/2025 | 4,486 |  | 4,231 |  | 2,897 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 10/1/2020 | 700,446 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Warrants | (27) | 10/19/2022 | 175,110 |  |  |  |  | 10/19/2032 |  | 1,111 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,506 |  | 5,636 |  |  |  |  |  |  |  |  |  |  |  |  |
Boccella Precast Products LLC |  | Manufacturer of Precast Hollow Core Concrete |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/23/2021 |  | 10.00% |  |  |  | 2/28/2027 | 80 |  | 80 |  | 65 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units | (8) | 6/30/2017 | 540,000 |  |  |  |  |  |  | 564 |  | 280 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 644 |  | 345 |  |  |  |  |  |  |  |  |  |  |  |  |
B-O-F Corporation | (10) | Manufacturer of Gravity Flow Shelving Solutions for Retail Applications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/3/2025 |  | 10.08% | SF+ | 5.75% |  | 2/3/2030 | 60 |  | 46 |  | 46 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/3/2025 |  | 9.04% | SF+ | 4.75% |  | 2/3/2030 | 3,000 |  | 2,949 |  | 2,949 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/3/2025 |  | 11.04% | SF+ | 6.75% |  | 2/3/2030 | 3,000 |  | 2,949 |  | 2,949 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 2/3/2025 | 180,000 |  |  |  |  |  |  | 180 |  | 180 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,124 |  | 6,124 |  |  |  |  |  |  |  |  |  |  |  |  |
Bond Brand Loyalty ULC | (10) (13) (21) | Provider of Loyalty Marketing Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 11.46% | SF+ | 7.00% |  | 5/1/2028 | 360 |  | 349 |  | 360 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 10.46% | SF+ | 6.00% |  | 5/1/2028 | 3,989 |  | 3,940 |  | 3,989 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 12.46% | SF+ | 8.00% |  | 5/1/2028 | 3,989 |  | 3,940 |  | 3,989 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 5/1/2023 | 360 |  |  |  |  |  |  | 360 |  | 310 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 5/1/2023 | 360 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,589 |  | 8,648 |  |  |  |  |  |  |  |  |  |  |  |  |
BP Loenbro Holdings Inc. | (10) | Specialty Industrial Maintenance Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 2/1/2024 |  | 10.17% | SF+ | 5.75% |  | 2/1/2029 | 385 |  | 366 |  | 385 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 2/1/2024 |  |  | SF+ | 5.75% |  | 2/1/2029 | — |  | (10) |  | (10) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/1/2024 |  | 10.14% | SF+ | 5.75% |  | 2/1/2029 | 11,145 |  | 10,972 |  | 11,145 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 2/1/2024 | 1,000,000 |  |  |  |  |  |  | 1,000 |  | 1,750 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 12,328 |  | 13,270 |  |  |  |  |  |  |  |  |  |  |  |  |

12

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (Brightwood Capital Fund III, LP) | (24) | 7/21/2014 | 0.52% |  |  |  |  |  |  | 1,870 |  | 969 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (Brightwood Capital Fund IV, LP) | (8) (24) | 10/26/2016 | 1.17% |  |  |  |  |  |  | 7,737 |  | 7,704 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,607 |  | 8,673 |  |  |  |  |  |  |  |  |  |  |  |  |
Buca C, LLC |  | Casual Restaurant Group |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 8/7/2024 |  | 15.00% |  |  | 15.00% | 11/4/2024 | 4,158 |  | 3,962 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (30) | 6/28/2024 |  | 15.00% |  |  | 15.00% | 4/1/2025 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 6/30/2015 |  | 15.00% |  |  | 15.00% | 8/31/2023 | 4,078 |  | 4,078 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 6/30/2015 | 4 | 6.00% |  |  | 6.00% |  |  | 3,040 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,080 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/14/2021 |  |  | SF+ | 5.00% |  | 6/10/2026 | — |  | (6) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/14/2021 |  | 9.45% | SF+ | 5.00% |  | 6/10/2028 | 10,955 |  | 10,861 |  | 10,955 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,855 |  | 10,955 |  |  |  |  |  |  |  |  |  |  |  |  |
CAI Software LLC |  | Provider of Specialized Enterprise Resource Planning Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/13/2021 | 454,344 |  |  |  |  |  |  | 454 |  | 594 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/13/2021 | 126,446 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 454 |  | 594 |  |  |  |  |  |  |  |  |  |  |  |  |
Career Team Holdings, LLC |  | Provider of Workforce Training and Career Development Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/17/2021 |  | 10.38% | SF+ | 6.00% |  | 12/17/2026 | 200 |  | 197 |  | 197 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.50% |  |  |  | 12/17/2026 | 2,138 |  | 2,115 |  | 2,115 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 12/17/2021 | 50,000 |  |  |  |  |  |  | 500 |  | 530 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,812 |  | 2,842 |  |  |  |  |  |  |  |  |  |  |  |  |
CaseWorthy, Inc. | (10) | SaaS Provider of Case Management Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 12/30/2022 | 105,856 |  |  |  |  |  |  | 106 |  | 186 |  |  |  |  |  |  |  |  |  |  |  |  |
CenterPeak Holdings, LLC |  | Executive Search Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 12/10/2021 |  |  |  |  |  | 12/10/2026 | — |  | (2) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/10/2021 |  | 15.00% |  |  |  | 12/10/2026 | 2,390 |  | 2,366 |  | 2,390 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 12/10/2021 | 368 |  |  |  |  |  |  | 404 |  | 1,780 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,768 |  | 4,170 |  |  |  |  |  |  |  |  |  |  |  |  |
Channel Partners Intermediateco, LLC | (10) | Outsourced Consumer Services Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 2/7/2022 |  | 11.56% | SF+ | 7.00% |  | 2/7/2027 | 571 |  | 562 |  | 559 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/7/2022 |  | 11.55% | SF+ | 7.00% |  | 2/7/2027 | 3,317 |  | 3,292 |  | 3,247 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/24/2022 |  | 11.55% | SF+ | 7.00% |  | 2/7/2027 | 184 |  | 183 |  | 180 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/27/2023 |  | 11.55% | SF+ | 7.00% |  | 2/7/2027 | 444 |  | 439 |  | 435 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,476 |  | 4,421 |  |  |  |  |  |  |  |  |  |  |  |  |
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

13

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 9/23/2014 |  |  |  |  |  | 1/5/2015 | 2,666 |  | 2,321 |  | 16 |  |  |  |  |  |  |  |  |  |  |  |  |
Classic H&G Holdings, LLC |  | Provider of Engineered Packaging Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 3/12/2020 | 39 |  |  |  |  |  |  | — |  | 660 |  |  |  |  |  |  |  |  |  |  |  |  |
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 8/6/2021 |  | 12.70% | SF+ | 8.25% | 11.96% | 8/6/2026 | 6,734 |  | 6,674 |  | 6,175 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/6/2021 |  | 12.70% | SF+ | 8.25% | 11.96% | 8/6/2026 | 16,368 |  | 16,241 |  | 15,009 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 22,915 |  | 21,184 |  |  |  |  |  |  |  |  |  |  |  |  |
Connect Telecommunications Solutions Holdings, Inc. | (13) | Value-Added Distributor of Fiber Products and Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/9/2024 |  | 13.00% |  |  |  | 10/9/2029 | 3,024 |  | 2,941 |  | 2,941 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 10/9/2024 | 2,478 |  |  |  |  |  |  | 1,400 |  | 1,400 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,341 |  | 4,341 |  |  |  |  |  |  |  |  |  |  |  |  |
Coregistics Buyer LLC | (10) (13) (21) | Contract Packaging Service Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 6/29/2024 |  | 10.31% | SF+ | 6.00% |  | 6/28/2029 | 449 |  | 429 |  | 449 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/29/2024 |  | 10.32% | SF+ | 6.00% |  | 6/28/2029 | 2,863 |  | 2,805 |  | 2,863 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/15/2024 |  | 10.31% | SF+ | 6.00% |  | 6/28/2029 | 1,909 |  | 1,874 |  | 1,909 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/29/2024 |  | 10.57% | SF+ | 6.25% |  | 6/28/2029 | 8,589 |  | 8,407 |  | 8,197 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,515 |  | 13,418 |  |  |  |  |  |  |  |  |  |  |  |  |
CQ Fluency, LLC | (10) | Global Language Services Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/27/2023 |  |  | SF+ | 6.75% |  | 6/27/2027 | — |  | (28) |  | (28) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/27/2023 |  |  | SF+ | 6.75% |  | 6/27/2027 | — |  | (28) |  | (28) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/27/2023 |  | 11.15% | SF+ | 6.75% |  | 6/27/2027 | 7,125 |  | 6,987 |  | 7,017 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,931 |  | 6,961 |  |  |  |  |  |  |  |  |  |  |  |  |
Creative Foam Corporation | (10) | Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/27/2024 |  |  | SF+ | 6.25% |  | 6/27/2029 | — |  | (26) |  | (26) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/27/2024 |  | 10.55% | SF+ | 6.25% |  | 6/27/2029 | 10,732 |  | 10,553 |  | 10,732 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/4/2025 |  | 10.57% | SF+ | 6.25% |  | 6/27/2029 | 17,106 |  | 16,769 |  | 17,106 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 3/4/2025 | 2,862 |  |  |  |  |  |  | 286 |  | 286 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 27,582 |  | 28,098 |  |  |  |  |  |  |  |  |  |  |  |  |
Dalton US Inc. | (10) | Provider of Supplemental Labor Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 8/16/2022 | 37 |  |  |  |  |  |  | 52 |  | 60 |  |  |  |  |  |  |  |  |  |  |  |  |
DTE Enterprises, LLC | (10) | Industrial Powertrain Repair and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Class AA Preferred Member Units (non-voting) |  | 4/13/2018 |  | 10.00% |  |  | 10.00% |  |  | 1,316 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Class A Preferred Member Units |  | 4/13/2018 | 776,316 | 8.00% |  |  | 8.00% |  |  | 776 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,092 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |

14

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/20/2022 |  | 11.92% | SF+ | 7.50% | 11.92% | 12/31/2026 | 2,384 |  | 2,226 |  | 2,286 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/20/2022 |  | 13.92% | SF+ | 9.50% | 13.92% | 12/31/2026 | 2,494 |  | 2,260 |  | 2,300 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/20/2022 | 125,000 |  |  |  |  |  |  | 128 |  | 110 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/20/2022 | 2,376,241 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 12/20/2022 | 1,250,000 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,614 |  | 4,696 |  |  |  |  |  |  |  |  |  |  |  |  |
Electro Technical Industries, LLC | (10) | Manufacturer of Mission-Critical Electrical Distribution Systems |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 3/31/2025 |  |  | SF+ | 6.00% |  | 3/31/2030 | — |  | (93) |  | (93) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/31/2025 |  | 10.30% | SF+ | 6.00% |  | 3/31/2030 | 27,048 |  | 26,516 |  | 26,516 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 3/31/2025 | 714,286 |  |  |  |  |  |  | 714 |  | 714 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 27,137 |  | 27,137 |  |  |  |  |  |  |  |  |  |  |  |  |
Elgin AcquireCo, LLC |  | Manufacturer and Distributor of Engine and Chassis Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 10/3/2022 |  |  | SF+ | 6.00% |  | 10/3/2026 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/3/2022 |  | 12.00% |  |  |  | 10/3/2027 | 1,177 |  | 1,159 |  | 1,159 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/3/2022 |  | 9.00% |  |  |  | 10/3/2052 | 409 |  | 405 |  | 405 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 10/3/2022 | 19 |  |  |  |  |  |  | 374 |  | 330 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (23) | 10/3/2022 | 61 |  |  |  |  |  |  | 102 |  | 203 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,040 |  | 2,097 |  |  |  |  |  |  |  |  |  |  |  |  |
Emerald Technologies Acquisition Co, Inc. | (11) | Design & Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/10/2022 |  | 10.67% | SF+ | 6.25% |  | 12/29/2027 | 2,313 |  | 2,290 |  | 1,734 |  |  |  |  |  |  |  |  |  |  |  |  |
Escalent, Inc. | (10) | Market Research and Consulting Firm |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 4/7/2023 |  |  | SF+ | 8.00% |  | 4/7/2029 | — |  | (7) |  | (7) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 10/2/2024 |  | 12.40% | SF+ | 8.00% |  | 4/7/2029 | 363 |  | 357 |  | 363 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/7/2023 |  | 12.40% | SF+ | 8.00% |  | 4/7/2029 | 6,837 |  | 6,697 |  | 6,837 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (8) | 4/7/2023 | 170,998 |  |  |  |  |  |  | 174 |  | 240 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,221 |  | 7,433 |  |  |  |  |  |  |  |  |  |  |  |  |
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/22/2021 |  | 12.56% | SF+ | 8.00% |  | 12/22/2026 | 308 |  | 307 |  | 308 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/22/2021 |  | 12.56% | SF+ | 8.00% | 4.00% | 12/22/2026 | 3,998 |  | 3,985 |  | 3,994 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,292 |  | 4,302 |  |  |  |  |  |  |  |  |  |  |  |  |
FCC Intermediate Holdco, LLC |  | Supply Chain Management Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 5/28/2024 |  | 13.00% |  |  |  | 5/29/2029 | 8,098 |  | 7,105 |  | 8,098 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Warrants | (8) (27) | 5/28/2024 | 3 |  |  |  |  |  |  | 980 |  | 3,660 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,085 |  | 11,758 |  |  |  |  |  |  |  |  |  |  |  |  |
Garyline, LLC | (10) | Manufacturer of Consumer Plastic Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 11/10/2023 |  | 11.16% | SF+ | 6.75% |  | 11/10/2028 | 2,626 |  | 2,570 |  | 2,626 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/10/2023 |  | 11.17% | SF+ | 6.75% |  | 11/10/2028 | 9,543 |  | 9,336 |  | 9,543 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 2/24/2025 | 16,340 |  |  |  |  |  |  | 16 |  | 16 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 11/10/2023 | 210,084 |  |  |  |  |  |  | 210 |  | 150 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 12,132 |  | 12,335 |  |  |  |  |  |  |  |  |  |  |  |  |
GradeEight Corp. | (10) | Distributor of Maintenance and Repair Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

15

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 10/4/2024 |  | 13.75% | P+ | 6.25% |  | 10/4/2029 | 541 |  | 499 |  | 528 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 10/4/2024 |  |  | SF+ | 7.25% |  | 10/4/2029 | — |  | (21) |  | (21) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 10/4/2024 |  | 11.57% | SF+ | 7.25% |  | 10/4/2029 | 14,731 |  | 14,466 |  | 14,370 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 10/4/2024 | 471 |  |  |  |  |  |  | 471 |  | 471 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 15,415 |  | 15,348 |  |  |  |  |  |  |  |  |  |  |  |  |
Hawk Ridge Systems, LLC |  | Value-Added Reseller of Engineering Design and Manufacturing Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/2/2016 |  | 10.48% | SF+ | 6.00% |  | 1/15/2026 | 626 |  | 625 |  | 626 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/2/2016 |  | 12.50% |  |  |  | 1/15/2026 | 9,744 |  | 9,726 |  | 9,744 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 12/2/2016 | 56 |  |  |  |  |  |  | 713 |  | 5,280 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (23) | 12/2/2016 | 56 |  |  |  |  |  |  | 38 |  | 280 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,102 |  | 15,930 |  |  |  |  |  |  |  |  |  |  |  |  |
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/7/2024 |  | 8.75% | SF+ | 3.50% | 2.50% | 6/21/2026 | 1,370 |  | 1,324 |  | 1,236 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 3/7/2024 |  | 2.50% |  |  | 2.50% | 6/21/2026 | 914 |  | 400 |  | 137 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 3/7/2024 | 35,971 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,724 |  | 1,373 |  |  |  |  |  |  |  |  |  |  |  |  |
HEADLANDS OP-CO LLC | (10) | Clinical Trial Sites Operator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 8/1/2022 |  |  | SF+ | 6.50% |  | 8/1/2027 | — |  | (9) |  | (9) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/1/2022 |  | 10.82% | SF+ | 6.50% |  | 8/1/2027 | 1,970 |  | 1,949 |  | 1,970 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/3/2024 |  | 10.82% | SF+ | 6.50% |  | 8/1/2027 | 1,393 |  | 1,374 |  | 1,393 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/1/2022 |  | 10.82% | SF+ | 6.50% |  | 8/1/2027 | 4,863 |  | 4,817 |  | 4,863 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/3/2024 |  | 10.82% | SF+ | 6.50% |  | 8/1/2027 | 2,376 |  | 2,358 |  | 2,376 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,489 |  | 10,593 |  |  |  |  |  |  |  |  |  |  |  |  |
Hornblower Sub, LLC | (10) | Marine Tourism and Transportation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 7/3/2024 |  | 9.80% | SF+ | 5.50% |  | 7/3/2029 | 2,432 |  | 2,411 |  | 2,395 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/3/2024 |  | 9.81% | SF+ | 5.50% |  | 7/3/2029 | 15,451 |  | 15,308 |  | 15,212 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,719 |  | 17,607 |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/30/2021 |  | 12.82% | SF+ | 8.25% |  | 12/31/2027 | 8,000 |  | 7,871 |  | 8,000 |  |  |  |  |  |  |  |  |  |  |  |  |
IG Parent Corporation | (11) | Software Engineering |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/30/2021 |  |  | SF+ | 5.75% |  | 7/30/2026 | — |  | (7) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/30/2021 |  | 10.17% | SF+ | 5.75% |  | 7/30/2028 | 6,154 |  | 6,107 |  | 6,154 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/30/2021 |  | 10.17% | SF+ | 5.75% |  | 7/30/2028 | 1,917 |  | 1,902 |  | 1,917 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,002 |  | 8,071 |  |  |  |  |  |  |  |  |  |  |  |  |
Imaging Business Machines, L.L.C. | (10) | Technology Hardware & Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 6/8/2023 | 422 |  |  |  |  |  |  | 580 |  | 640 |  |  |  |  |  |  |  |  |  |  |  |  |
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 6/1/2017 |  | 13.73% | SF+ | 7.75% |  | 7/31/2025 | 17,023 |  | 17,023 |  | 12,262 |  |  |  |  |  |  |  |  |  |  |  |  |
Infinity X1 Holdings, LLC |  | Manufacturer and Supplier of Personal Lighting Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

16

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2023 |  | 12.00% |  |  |  | 3/31/2028 | 3,706 |  | 3,663 |  | 3,706 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 3/31/2023 | 21,840 |  |  |  |  |  |  | 1,092 |  | 2,020 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,755 |  | 5,726 |  |  |  |  |  |  |  |  |  |  |  |  |
Insight Borrower Corporation | (10) | Test, Inspection, and Certification Instrument Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/19/2023 |  |  | SF+ | 6.25% |  | 7/19/2028 | — |  | (29) |  | (29) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/19/2023 |  |  | SF+ | 6.25% |  | 7/19/2029 | — |  | (26) |  | (26) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/19/2023 |  | 10.54% | SF+ | 6.25% |  | 7/19/2029 | 16,698 |  | 16,520 |  | 15,601 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 7/19/2023 | 47,847 |  |  |  |  |  |  | 239 |  | 120 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  | 15,666 |  |  |  |  |  |  |  |  |  |  |  |  |
Inspire Aesthetics Management, LLC | (10) | Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 4/3/2023 |  | 14.42% | SF+ | 10.00% | 2.00% | 4/3/2028 | 723 |  | 710 |  | 659 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/3/2023 |  | 14.42% | SF+ | 10.00% | 2.00% | 4/3/2028 | 6,232 |  | 6,133 |  | 5,677 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/14/2023 |  | 14.42% | SF+ | 10.00% | 2.00% | 4/3/2028 | 1,255 |  | 1,235 |  | 1,143 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/31/2024 |  | 14.42% | SF+ | 10.00% | 2.00% | 4/3/2028 | 290 |  | 290 |  | 264 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 4/3/2023 | 137,302 |  |  |  |  |  |  | 358 |  | 30 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,726 |  | 7,773 |  |  |  |  |  |  |  |  |  |  |  |  |
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (17) (28) | 12/9/2021 |  | 14.41% | SF+ | 10.00% | 14.41% | 8/7/2023 | 2,149 |  | 2,149 |  | 1,655 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (17) | 8/7/2019 |  | 11.67% | SF+ | 7.00% | 11.67% | 8/7/2023 | 7,334 |  | 7,254 |  | 10 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 12/7/2021 | 2,143 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,403 |  | 1,665 |  |  |  |  |  |  |  |  |  |  |  |  |
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 8/28/2019 |  | 11.97% | SF+ | 7.50% |  | 12/31/2026 | 1,037 |  | 1,034 |  | 988 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/28/2019 |  | 11.97% | SF+ | 7.50% |  | 12/31/2026 | 16,653 |  | 16,595 |  | 15,868 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,629 |  | 16,856 |  |  |  |  |  |  |  |  |  |  |  |  |
Iron-Main Investments, LLC |  | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/2/2021 |  | 13.00% |  |  |  | 1/31/2028 | 1,128 |  | 1,115 |  | 1,115 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/1/2021 |  | 13.00% |  |  |  | 1/31/2028 | 735 |  | 726 |  | 726 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 11/15/2021 |  | 13.00% |  |  |  | 1/31/2028 | 2,236 |  | 2,236 |  | 2,236 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 11/15/2021 |  | 13.00% |  |  |  | 1/31/2028 | 4,406 |  | 4,349 |  | 4,349 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 1/31/2023 |  | 13.00% |  |  |  | 1/31/2028 | 2,389 |  | 2,316 |  | 2,316 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 6/26/2024 | 178 | 25.00% |  |  | 25.00% |  |  | 178 |  | 190 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 8/3/2021 | 50,753 |  |  |  |  |  |  | 689 |  | 710 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,609 |  | 11,642 |  |  |  |  |  |  |  |  |  |  |  |  |
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (31) | 4/13/2023 |  | 10.91% | SF+ | 6.60% | 8.41% | 4/14/2028 | 2,962 |  | 2,792 |  | 428 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 4/13/2023 | 186,322 |  |  |  |  |  |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,792 |  | 428 |  |  |  |  |  |  |  |  |  |  |  |  |
Island Pump and Tank, LLC | (10) | Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 5/20/2024 |  |  | SF+ | 5.50% |  | 5/17/2029 | — |  | (5) |  | (5) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 5/20/2024 |  | 10.07% | SF+ | 5.50% |  | 5/17/2029 | 2,111 |  | 2,078 |  | 2,063 |  |  |  |  |  |  |  |  |  |  |  |  |

17

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 5/20/2024 |  | 11.07% | SF+ | 6.50% |  | 5/17/2029 | 2,111 |  | 2,078 |  | 2,063 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 5/20/2024 |  | 12.07% | SF+ | 7.50% |  | 5/17/2029 |  | 2,078 |  | 2,063 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,229 |  | 6,184 |  |  |  |  |  |  |  |  |  |  |  |  |
ITA Holdings Group, LLC |  | Air Ambulance Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 12.96% | SF+ | 8.50% |  | 6/21/2027 | 295 |  | 291 |  | 295 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 12.96% | SF+ | 8.50% |  | 6/21/2027 | 248 |  | 245 |  | 248 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 11.96% | SF+ | 7.50% |  | 6/21/2027 | 1,110 |  | 954 |  | 1,110 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 13.96% | SF+ | 9.50% |  | 6/21/2027 | 1,110 |  | 954 |  | 1,110 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Warrants | (27) | 6/21/2023 | 48,327 |  |  |  |  | 6/21/2033 |  | 523 |  | 1,660 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,967 |  | 4,423 |  |  |  |  |  |  |  |  |  |  |  |  |
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 10/26/2022 |  | 11.58% | SF+ | 7.00% |  | 11/4/2026 | 1,563 |  | 1,547 |  | 1,563 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 2/27/2024 |  | 11.45% | SF+ | 7.00% |  | 11/4/2026 | 1,251 |  | 1,238 |  | 1,251 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 11/1/2024 |  | 11.45% | SF+ | 7.00% |  | 11/4/2026 | 1,333 |  | 1,301 |  | 1,333 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/8/2021 |  | 11.68% | SF+ | 7.00% |  | 11/4/2026 | 3,633 |  | 3,596 |  | 3,633 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/8/2021 | 5,653,333 |  |  |  |  |  |  | 216 |  | 1,740 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,898 |  | 9,520 |  |  |  |  |  |  |  |  |  |  |  |  |
JDC Power Services, LLC | (10) | Provider of Electrical Equipment and Maintenance Services for Datacenters |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/28/2024 |  |  | SF+ | 6.50% |  | 6/28/2029 | — |  | (44) |  | (44) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/28/2024 |  | 10.80% | SF+ | 6.50% |  | 6/28/2029 | 17,559 |  | 17,192 |  | 17,559 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,148 |  | 17,515 |  |  |  |  |  |  |  |  |  |  |  |  |
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/30/2024 |  | 13.14% | SF+ | 8.75% | 6.00% | 3/29/2029 | 1,493 |  | 1,493 |  | 1,493 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/30/2024 |  | 13.14% | SF+ | 8.75% | 13.14% | 3/29/2029 | 1,127 |  | 1,127 |  | 1,127 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 3/29/2024 | 4,535,784 |  |  |  |  |  |  | 166 |  | 110 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,786 |  | 2,730 |  |  |  |  |  |  |  |  |  |  |  |  |
JorVet Holdings, LLC |  | Supplier and Distributor of Veterinary Equipment and Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/28/2022 |  | 12.00% |  |  |  | 3/28/2027 | 2,591 |  | 2,571 |  | 2,571 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 3/28/2022 | 12,214 |  |  |  |  |  |  | 1,221 |  | 1,520 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,792 |  | 4,091 |  |  |  |  |  |  |  |  |  |  |  |  |
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 12/22/2021 |  | 10.80% | SF+ | 6.25% |  | 12/22/2026 | 702 |  | 697 |  | 665 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/22/2021 |  | 10.80% | SF+ | 6.25% |  | 12/22/2026 | 2,941 |  | 2,919 |  | 2,787 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/1/2024 |  | 10.80% | SF+ | 6.25% |  | 12/22/2026 | 275 |  | 270 |  | 262 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 12/22/2021 | 140,351 |  |  |  |  |  |  | 140 |  | 10 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,026 |  | 3,724 |  |  |  |  |  |  |  |  |  |  |  |  |
LL Management, Inc. | (10) | Medical Transportation Service Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 9/17/2024 |  | 11.67% | SF+ | 7.25% |  | 12/31/2025 | 701 |  | 701 |  | 701 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/2/2019 |  | 11.67% | SF+ | 7.25% |  | 12/31/2025 | 7,828 |  | 7,784 |  | 7,828 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/2/2019 |  | 11.67% | SF+ | 7.25% |  | 12/31/2025 | 5,167 |  | 5,138 |  | 5,167 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/26/2021 |  | 11.67% | SF+ | 7.25% |  | 12/31/2025 | 858 |  | 853 |  | 858 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/12/2022 |  | 11.67% | SF+ | 7.25% |  | 12/31/2025 | 8,695 |  | 8,643 |  | 8,695 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 23,119 |  | 23,249 |  |  |  |  |  |  |  |  |  |  |  |  |
LLFlex, LLC | (10) | Provider of Metal-Based Laminates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

18

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/16/2021 |  | 12.46% | SF+ | 8.00% | 3.00% | 8/16/2026 | 4,627 |  | 4,599 |  | 3,630 |  |  |  |  |  |  |  |  |  |  |  |  |
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (17) | 1/8/2018 |  | 12.25% | P+ | 4.25% |  | 12/22/2024 | 12,672 |  | 12,672 |  | 11,323 |  |  |  |  |  |  |  |  |  |  |  |  |
Metalforming Holdings, LLC |  | Distributor of Sheet Metal Folding and Metal Forming Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 10/19/2022 |  |  |  |  |  | 10/19/2025 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/19/2022 |  | 9.75% |  |  |  | 10/19/2027 | 1,397 |  | 1,376 |  | 1,376 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 10/19/2022 | 434,331 | 8.00% |  |  | 8.00% |  |  | 434 |  | 434 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 10/19/2022 | 112,865 |  |  |  |  |  |  | 113 |  | 540 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,923 |  | 2,350 |  |  |  |  |  |  |  |  |  |  |  |  |
Microbe Formulas, LLC | (10) | Nutritional Supplements Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 4/4/2022 |  |  | SF+ | 5.75% |  | 4/3/2028 | — |  | (4) |  | (4) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/20/2024 |  | 10.17% | SF+ | 5.75% |  | 4/3/2028 | 1,338 |  | 1,322 |  | 1,338 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/4/2022 |  | 10.07% | SF+ | 5.75% |  | 4/3/2028 | 2,389 |  | 2,364 |  | 2,389 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,682 |  | 3,723 |  |  |  |  |  |  |  |  |  |  |  |  |
Mini Melts of America, LLC | (10) | Manufacturer and Distributor of Branded Premium Beaded Ice Cream |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 11/30/2023 |  | 10.56% | SF+ | 6.25% |  | 11/30/2028 | 1,065 |  | 1,044 |  | 1,028 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 11/30/2023 |  | 10.55% | SF+ | 6.25% |  | 11/30/2028 | 856 |  | 840 |  | 826 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/30/2023 |  | 9.56% | SF+ | 5.25% |  | 11/30/2028 | 3,193 |  | 3,136 |  | 3,081 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/30/2023 |  | 11.56% | SF+ | 7.25% |  | 11/30/2028 | 3,193 |  | 3,134 |  | 3,082 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 11/30/2023 | 336,496 |  |  |  |  |  |  | 343 |  | 220 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,497 |  | 8,237 |  |  |  |  |  |  |  |  |  |  |  |  |
MoneyThumb Acquisition, LLC |  | Provider of Software-as-a-Service Financial File Conversion and Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/19/2024 |  | 14.00% |  |  |  | 8/19/2029 | 2,400 |  | 2,208 |  | 2,208 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 8/19/2024 | 40,821 | 12.00% |  |  | 12.00% |  |  | 440 |  | 440 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Warrants | (27) | 8/19/2024 | 14,842 |  |  |  |  | 8/19/2029 |  | 148 |  | 148 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,796 |  | 2,796 |  |  |  |  |  |  |  |  |  |  |  |  |
MonitorUS Holding, LLC | (10) (13) (21) | SaaS Provider of Media Intelligence Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/24/2022 |  | 10.55% | SF+ | 6.25% |  | 5/24/2027 | 1,181 |  | 1,172 |  | 1,172 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/24/2022 |  | 10.55% | SF+ | 6.25% |  | 5/24/2027 | 3,063 |  | 3,037 |  | 3,284 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/24/2022 |  | 10.81% | SF+ | 6.25% |  | 5/24/2027 | 5,201 |  | 5,158 |  | 5,201 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Unsecured Debt |  | 3/1/2024 |  | 8.00% |  |  | 8.00% | 6/30/2025 | 34 |  | 34 |  | 34 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Unsecured Debt |  | 9/25/2024 |  | 8.00% |  |  | 8.00% | 12/21/2025 | 32 |  | 32 |  | 32 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Unsecured Debt |  | 1/31/2025 |  | 8.00% |  |  | 8.00% | 3/31/2026 | 22 |  | 22 |  | 22 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 8/30/2022 | 15,935,356 |  |  |  |  |  |  | 268 |  | 141 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,723 |  | 9,886 |  |  |  |  |  |  |  |  |  |  |  |  |
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/18/2019 |  |  | SF+ | 6.50% |  | 12/18/2026 | — |  | (2) |  | (2) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/18/2019 |  | 10.96% | SF+ | 6.50% |  | 12/18/2026 | 14,404 |  | 14,303 |  | 14,404 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,301 |  | 14,402 |  |  |  |  |  |  |  |  |  |  |  |  |
Northwind Midstream Partners LLC | (10) | Owner and Operator of Midstream Gas Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

19

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/18/2025 |  | 10.70% | SF+ | 6.25% |  | 3/18/2030 | 12,500 |  | 12,254 |  | 12,254 |  |  |  |  |  |  |  |  |  |  |  |  |
Obra Capital, Inc. | (10) | Provider of Asset Management Services Specialized in Insurance-Linked Strategies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2024 |  | 11.93% | SF+ | 7.50% |  | 12/21/2028 | 260 |  | 248 |  | 256 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2024 |  | 11.93% | SF+ | 7.50% |  | 6/21/2029 | 11,949 |  | 11,650 |  | 11,755 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,898 |  | 12,011 |  |  |  |  |  |  |  |  |  |  |  |  |
OnPoint Industrial Services, LLC | (10) | Environmental & Facilities Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/18/2024 |  | 11.30% | SF+ | 7.00% |  | 11/16/2027 | 1,047 |  | 1,038 |  | 1,047 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/1/2024 |  | 11.30% | SF+ | 7.00% |  | 11/16/2027 | 2,910 |  | 2,890 |  | 2,910 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,928 |  | 3,957 |  |  |  |  |  |  |  |  |  |  |  |  |
Peaches Holding Corporation |  | Wholesale Provider of Consumer Packaging Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 5/22/2024 | 806 |  |  |  |  |  |  | 1,805 |  | 410 |  |  |  |  |  |  |  |  |  |  |  |  |
Power System Solutions | (10) | Backup Power Generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/7/2023 |  |  | SF+ | 6.50% |  | 6/7/2028 | — |  | (25) |  | (25) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/7/2023 |  | 10.82% | SF+ | 6.50% |  | 6/7/2028 | 2,633 |  | 2,579 |  | 2,633 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/7/2023 |  | 10.82% | SF+ | 6.50% |  | 6/7/2028 | 7,839 |  | 7,689 |  | 7,839 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 6/7/2023 | 532 |  |  |  |  |  |  | 532 |  | 1,780 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,775 |  | 12,227 |  |  |  |  |  |  |  |  |  |  |  |  |
PrimeFlight Aviation Services | (10) (13) | Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 10.58% | SF+ | 5.50% |  | 5/1/2029 | 5,895 |  | 5,746 |  | 5,895 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 9/7/2023 |  | 9.83% | SF+ | 5.50% |  | 5/1/2029 | 563 |  | 547 |  | 563 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/30/2024 |  | 9.83% | SF+ | 5.50% |  | 5/1/2029 | 566 |  | 554 |  | 566 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/28/2024 |  | 9.83% | SF+ | 5.25% |  | 5/1/2029 | 643 |  | 635 |  | 643 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/21/2025 |  | 9.54% | SF+ | 5.25% |  | 5/1/2029 | 1,425 |  | 1,412 |  | 1,425 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,894 |  | 9,092 |  |  |  |  |  |  |  |  |  |  |  |  |
PTL US Bidco, Inc | (10) (13) (21) | Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 8/19/2022 |  | 12.81% | SF+ | 8.25% |  | 8/19/2027 | 448 |  | 439 |  | 441 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/19/2022 |  | 12.84% | SF+ | 8.25% |  | 8/19/2027 | 1,120 |  | 1,102 |  | 1,103 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,541 |  | 1,544 |  |  |  |  |  |  |  |  |  |  |  |  |
Purge Rite, LLC | (10) | HVAC Flushing and Filtration Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 10/2/2023 | 13,021 |  |  |  |  |  |  | 1,289 |  | 1,289 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 4/1/2024 | 13,021 |  |  |  |  |  |  | 13 |  | 1,560 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,302 |  | 2,849 |  |  |  |  |  |  |  |  |  |  |  |  |
Richardson Sales Solutions | (10) | Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) (28) | 8/24/2023 |  |  | SF+ | 6.50% |  | 8/24/2028 | — |  | (39) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/24/2023 |  | 10.80% | SF+ | 6.50% |  | 8/24/2028 | 10,222 |  | 10,009 |  | 10,222 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 9/10/2024 |  | 10.79% | SF+ | 6.50% |  | 8/24/2028 | 5,033 |  | 4,947 |  | 5,033 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,917 |  | 15,255 |  |  |  |  |  |  |  |  |  |  |  |  |
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 8/27/2021 |  |  | SF+ | 8.00% |  | 8/27/2026 | — |  | (6) |  | — |  |  |  |  |  |  |  |  |  |  |  |  |

20

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/27/2021 |  | 11.57% | SF+ | 7.00% |  | 8/27/2026 | 4,219 |  | 4,171 |  | 3,848 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/27/2021 |  | 13.57% | SF+ | 9.00% |  | 8/27/2026 | 4,219 |  | 4,171 |  | 3,823 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,336 |  | 7,671 |  |  |  |  |  |  |  |  |  |  |  |  |
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/16/2021 |  | 12.49% | SF+ | 8.00% | 2.00% | 11/16/2025 | 6,575 |  | 6,567 |  | 6,575 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/16/2021 |  | 12.49% | SF+ | 8.00% | 2.00% | 11/16/2025 | 8,087 |  | 8,076 |  | 8,087 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,643 |  | 14,662 |  |  |  |  |  |  |  |  |  |  |  |  |
Slick Innovations, LLC |  | Text Message Marketing Platform |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/13/2018 |  | 14.00% |  |  |  | 3/21/2030 | 6,470 |  | 6,351 |  | 6,470 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 9/13/2018 | 17,500 |  |  |  |  |  |  | — |  | 490 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,351 |  | 6,960 |  |  |  |  |  |  |  |  |  |  |  |  |
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 8/8/2024 |  |  | SF+ | 5.25% |  | 8/8/2029 | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/8/2024 |  | 9.67% | SF+ | 5.25% |  | 8/8/2029 | 33,214 |  | 33,185 |  | 33,214 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 12/10/2021 | 61 |  |  |  |  |  |  | 61 |  | 62 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 33,246 |  | 33,276 |  |  |  |  |  |  |  |  |  |  |  |  |
SPAU Holdings, LLC | (10) | Digital Photo Product Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 7/1/2022 |  | 11.96% | SF+ | 7.50% |  | 7/1/2027 | 440 |  | 431 |  | 440 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/1/2022 |  | 11.95% | SF+ | 7.50% |  | 7/1/2027 | 4,863 |  | 4,819 |  | 4,862 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 7/1/2022 | 200,000 |  |  |  |  |  |  | 200 |  | 220 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,450 |  | 5,522 |  |  |  |  |  |  |  |  |  |  |  |  |
TEC Services, LLC | (10) | Provider of Janitorial Service for Food Retailers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/31/2024 |  | 10.14% | SF+ | 5.75% |  | 12/31/2029 | 93 |  | 87 |  | 91 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/31/2024 |  |  | SF+ | 5.75% |  | 12/31/2029 | — |  | (5) |  | (5) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/31/2024 |  | 10.13% | SF+ | 5.75% |  | 12/31/2029 | 2,328 |  | 2,295 |  | 2,275 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,377 |  | 2,361 |  |  |  |  |  |  |  |  |  |  |  |  |
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (23) | 7/7/2021 | 1,000,000 |  |  |  |  |  |  | 1,000 |  | 2,290 |  |  |  |  |  |  |  |  |  |  |  |  |
The Affiliati Network, LLC |  | Performance Marketing Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/9/2021 |  | 10.00% |  |  |  | 8/9/2026 | 30 |  | 29 |  | 29 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/9/2021 |  | 10.00% |  |  |  | 8/9/2026 | 1,300 |  | 1,292 |  | 1,277 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock | (8) | 9/1/2023 | 78,227 |  |  |  |  |  |  | 78 |  | 78 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock | (8) | 8/9/2021 | 320,000 |  |  |  |  |  |  | 1,600 |  | 1,600 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,999 |  | 2,984 |  |  |  |  |  |  |  |  |  |  |  |  |
Titan Meter Midco Corp. | (10) | Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 3/11/2024 |  |  | SF+ | 6.50% |  | 3/11/2029 | — |  | (38) |  | (38) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/11/2024 |  | 10.80% | SF+ | 6.50% |  | 3/11/2029 | 13,049 |  | 12,689 |  | 13,049 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/27/2025 |  | 10.80% | SF+ | 6.50% |  | 3/11/2029 | 1,665 |  | 1,625 |  | 1,665 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 3/11/2024 | 468,750 | 8.00% |  |  | 8.00% |  |  | 469 |  | 540 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,745 |  | 15,216 |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 6/1/2023 |  | 11.90% | SF+ | 7.40% | 6.00% | 5/2/2027 | 6,750 |  | 2,007 |  | 2,700 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) | 6/1/2023 |  |  |  |  |  | 5/2/2027 | 692 |  | 15 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |

21

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,022 |  | 2,700 |  |  |  |  |  |  |  |  |  |  |  |  |
UPS Intermediate, LLC | (10) | Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/29/2024 |  | 10.57% | SF+ | 6.25% |  | 7/27/2029 | 19,441 |  | 19,091 |  | 19,115 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 7/29/2024 | 412,371 |  |  |  |  |  |  | 412 |  | 380 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 19,503 |  | 19,495 |  |  |  |  |  |  |  |  |  |  |  |  |
UserZoom Technologies, Inc. | (10) | Provider of User Experience Research Automation Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/11/2023 |  | 11.80% | SF+ | 7.50% |  | 4/5/2029 | 3,000 |  | 2,942 |  | 3,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Vitesse Systems | (10) | Component Manufacturing and Machining Platform |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (28) | 12/22/2023 |  | 11.44% | SF+ | 7.00% |  | 12/22/2028 | 2,045 |  | 1,998 |  | 2,045 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/22/2023 |  | 11.44% | SF+ | 7.00% |  | 12/22/2028 | 12,344 |  | 12,114 |  | 12,344 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,112 |  | 14,389 |  |  |  |  |  |  |  |  |  |  |  |  |
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (8) | 11/30/2021 | 769,231 |  |  |  |  |  |  | 769 |  | 1,950 |  |  |  |  |  |  |  |  |  |  |  |  |
Watterson Brands, LLC | (10) | Facility Management Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 312 |  | 310 |  | 294 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 54 |  | 51 |  | 51 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 2,223 |  | 2,212 |  | 2,091 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 2,005 |  | 1,995 |  | 1,886 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,568 |  | 4,322 |  |  |  |  |  |  |  |  |  |  |  |  |
West Star Aviation Acquisition, LLC | (10) | Aircraft, Aircraft Engine and Engine Parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 3/1/2022 |  | 9.32% | SF+ | 5.00% |  | 3/1/2028 | 3,343 |  | 3,335 |  | 3,343 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/1/2022 |  | 9.32% | SF+ | 5.00% |  | 3/1/2028 | 14,815 |  | 14,783 |  | 14,815 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/3/2023 |  | 9.32% | SF+ | 5.00% |  | 3/1/2028 | 7,373 |  | 7,352 |  | 7,373 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 3/1/2022 | 200,000 |  |  |  |  |  |  | 200 |  | 640 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 25,670 |  | 26,171 |  |  |  |  |  |  |  |  |  |  |  |  |
Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 11/19/2021 |  | 12.56% | SF+ | 8.00% |  | 11/19/2026 | 3,333 |  | 3,291 |  | 3,273 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/19/2021 |  | 12.57% | SF+ | 8.00% |  | 11/19/2026 | 2,343 |  | 2,314 |  | 2,300 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/16/2024 |  | 11.57% | SF+ | 7.00% |  | 11/19/2026 | 9,050 |  | 8,929 |  | 8,885 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/16/2024 |  | 13.57% | SF+ | 9.00% |  | 11/19/2026 | 9,050 |  | 8,929 |  | 8,885 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 23,463 |  | 23,343 |  |  |  |  |  |  |  |  |  |  |  |  |
World Micro Holdings, LLC |  | Supply Chain Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/12/2022 |  | 11.00% |  |  |  | 12/12/2027 | 1,364 |  | 1,350 |  | 1,350 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 12/12/2022 | 530 |  |  |  |  |  |  | 530 |  | 530 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,880 |  | 1,880 |  |  |  |  |  |  |  |  |  |  |  |  |
Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/17/2021 |  | 9.65% | SF+ | 5.25% |  | 12/20/2028 | 1,173 |  | 1,155 |  | 1,173 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/17/2021 |  | 9.64% | SF+ | 5.25% |  | 12/20/2028 | 2,322 |  | 2,300 |  | 2,322 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/31/2025 |  | 10.15% | SF+ | 5.75% |  | 12/20/2028 | 608 |  | 596 |  | 608 |  |  |  |  |  |  |  |  |  |  |  |  |

22

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,051 |  | 4,103 |  |  |  |  |  |  |  |  |  |  |  |  |
YS Garments, LLC | (11) | Designer and Provider of Branded Activewear |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/22/2018 |  | 11.90% | SF+ | 7.50% |  | 8/9/2026 | 5,059 |  | 5,012 |  | 4,411 |  |  |  |  |  |  |  |  |  |  |  |  |
Zips Car Wash, LLC | (10) | Express Car Wash Operator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/10/2025 |  | 11.70% | SF+ | 7.25% |  | 10/10/2025 | 132 |  | 132 |  | 132 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/10/2025 |  | 11.70% | SF+ | 7.25% |  | 10/10/2025 | 230 |  | 230 |  | 230 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (17) | 2/11/2022 |  | 11.91% | SF+ | 7.25% | 11.91% | 12/31/2024 | 2,083 |  | 2,083 |  | 1,543 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (17) | 2/11/2022 |  | 11.91% | SF+ | 7.25% | 11.91% | 12/31/2024 | 522 |  | 522 |  | 387 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,967 |  | 2,292 |  |  |  |  |  |  |  |  |  |  |  |  |
ZRG Partners, LLC | (10) | Talent Advisory Services Provider |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 12.50% | P+ | 5.00% |  | 6/14/2029 | 691 |  | 670 |  | 691 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 6/14/2024 |  | 10.27% | SF+ | 6.00% |  | 6/14/2029 | 1,000 |  | 975 |  | 1,000 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 10.28% | SF+ | 6.00% |  | 6/14/2029 | 815 |  | 804 |  | 815 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 10.30% | SF+ | 6.00% |  | 6/14/2029 | 5,835 |  | 5,738 |  | 5,835 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,187 |  | 8,341 |  |  |  |  |  |  |  |  |  |  |  |  |
Subtotal Non-Control/Non-Affiliate Investments (114.7% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 851,266 |  | $ | 824,320 |  |  |  |  |  |  |  |  |  |  |  |  |
Total Portfolio Investments, March 31, 2025 (175.4% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,203,330 |  | $ | 1,260,853 |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (included in cash and cash equivalents) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First American Treasury Obligations Fund Class Z | (16) |  |  |  |  |  |  |  |  |  |  |  | $ | 13,968 |  | $ | 13,968 |  |  |  |  |  |  |  |  |  |  |  |  |
Fidelity Government Portfolio Fund Class III | (34) |  |  |  |  |  |  |  |  |  |  |  | 1,563 |  | 1,563 |  |  |  |  |  |  |  |  |  |  |  |  |
Total money market funds |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15,531 |  | $ | 15,531 |  |  |  |  |  |  |  |  |  |  |  |  |

___________________________________________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered as security for one of the Company’s Credit Facilities.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 97% of the loans (based on the par amount) contain Secured Overnight Financing Rate (“SOFR”) floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.32%.
(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.
(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)Effective yield as of March 31, 2025 was approximately 4.21% on the First American Treasury Obligations Fund Class Z.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of March 31, 2025.
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
(21)Portfolio company headquarters are located outside of the United States.
(22)Investment date represents the date of initial investment in the security position.
(23)Shares/Units represent ownership in a related Real Estate or HoldCo entity.
(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(25)A majority of the variable rate loans in the Company’s Investment Portfolio (defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging fro m 0.10% to 0.26%.
(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2025.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2025.
(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
(30)The position is unfunded and no interest income is being earned as of March 31, 2025. The position may earn a nominal unused facility fee on committed amounts.
(31)Investment is accruing income at the fixed cash rate of 2.50% as of March 31, 2025.
(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.
(33)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(34)Effective yield as of March 31, 2025 was approximately 3.98% on the Fidelity Government Portfolio Fund Class III.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Control Investments (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |
BDB Holdings, LLC |  | Casual Restaurant Group |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 11/4/2024 | 12,504,663 |  |  |  |  |  |  | $ | 13,025 |  | $ | 12,610 |
Copper Trail Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (CTMH, LP) | (24) | 7/17/2017 | 38.75% |  |  |  |  |  |  | 655 |  | 530 |
GRT Rubber Technologies LLC |  | Manufacturer of Engineered Rubber Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/21/2018 |  | 10.66% | SF+ | 6.00% |  | 10/29/2026 | 1,550 |  | 1,539 |  | 1,550 |
|  |  | Secured Debt |  | 12/19/2014 |  | 12.66% | SF+ | 8.00% |  | 10/29/2026 | 19,944 |  | 19,852 |  | 19,944 |
|  |  | Member Units |  | 12/19/2014 | 2,896 |  |  |  |  |  |  | 6,435 |  | 22,600 |
|  |  |  |  |  |  |  |  |  |  |  |  | 27,826 |  | 44,094 |
Harris Preston Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (2717 MH, L.P.) | (8) (24) | 10/1/2017 | 49.3% |  |  |  |  |  |  | 3,345 |  | 8,740 |
Volusion, LLC |  | Provider of Online Software-as-a-Service eCommerce Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2023 |  | 10.00% |  |  |  | 3/31/2025 | 900 |  | 900 |  | 900 |
|  |  | Preferred Member Units |  | 3/31/2023 | 2,184,683 |  |  |  |  |  |  | 1,705 |  | 3,004 |
|  |  | Preferred Member Units |  | 3/31/2023 | 61,077 |  |  |  |  |  |  | — |  | — |
|  |  | Preferred Member Units |  | 1/26/2015 | 2,090,001 |  |  |  |  |  |  | 6,000 |  | — |
|  |  | Common Stock |  | 3/31/2023 | 772,620 |  |  |  |  |  |  | 1,104 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,709 |  | 3,904 |
Subtotal Control Investments (11.2% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,560 |  | $ | 69,878 |
Affiliate Investments (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analytical Systems Keco Holdings, LLC |  | Manufacturer of Liquid and Gas Analyzers |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 8/16/2019 |  |  |  |  |  | 8/16/2029 | $ | — |  | $ | — |  | $ | — |
|  |  | Secured Debt |  | 8/16/2019 |  | 13.75% |  |  |  | 8/16/2029 | 1,024 |  | 1,012 |  | 1,012 |
|  |  | Preferred Member Units |  | 5/20/2021 | 607 |  |  |  |  |  |  | 607 |  | 1,330 |
|  |  | Preferred Member Units |  | 8/16/2019 | 800 |  |  |  |  |  |  | 800 |  | — |
|  |  | Warrants | (27) | 8/16/2019 | 105 |  |  |  |  | 8/16/2029 |  | 79 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,498 |  | 2,342 |
Barfly Ventures, LLC | (10) | Casual Restaurant Group |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units |  | 10/26/2020 | 12.25% |  |  |  |  |  |  | 528 |  | 1,953 |
Batjer TopCo, LLC |  | HVAC Mechanical Contractor |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/7/2022 |  | 10.00% |  |  |  | 3/7/2027 | 50 |  | 50 |  | 50 |
|  |  | Secured Debt |  | 3/7/2022 |  | 10.00% |  |  |  | 3/7/2027 | 30 |  | 30 |  | 30 |
|  |  | Secured Debt |  | 3/7/2022 |  | 10.00% |  |  |  | 3/7/2027 | 1,175 |  | 1,165 |  | 1,165 |
|  |  | Preferred Stock | (8) | 3/7/2022 | 453 |  |  |  |  |  |  | 455 |  | 570 |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,700 |  | 1,815 |
Brewer Crane Holdings, LLC |  | Provider of Crane Rental and Operating Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/9/2018 |  | 14.66% | SF+ | 10.00% |  | 12/31/2025 | 1,254 |  | 1,254 |  | 1,254 |
|  |  | Preferred Member Units | (8) | 1/9/2018 | 737 |  |  |  |  |  |  | 1,070 |  | 1,170 |

26

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  |  |  |  |  |  |  |  |  |  |  | 2,324 |  | 2,424 |
Centre Technologies Holdings, LLC |  | Provider of IT Hardware Services and Software Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 1/4/2019 |  |  | SF+ | 9.00% |  | 1/4/2028 | — |  | — |  | — |
|  |  | Secured Debt | (9) | 11/29/2024 |  | 13.66% | SF+ | 9.00% |  | 1/4/2028 | 6,384 |  | 6,356 |  | 6,384 |
|  |  | Preferred Member Units |  | 1/4/2019 | 3,471 |  |  |  |  |  |  | 1,596 |  | 3,110 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,952 |  | 9,494 |
Chamberlin Holding LLC |  | Roofing and Waterproofing Specialty Contractor |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 2/26/2018 |  |  | SF+ | 6.00% |  | 2/26/2026 | — |  | (26) |  | — |
|  |  | Secured Debt | (9) | 2/26/2018 |  | 12.74% | SF+ | 8.00% |  | 2/26/2026 | 3,905 |  | 3,904 |  | 3,905 |
|  |  | Member Units | (8) | 2/26/2018 | 1,087 |  |  |  |  |  |  | 2,860 |  | 8,280 |
|  |  | Member Units | (8) (23) | 11/2/2018 | 261,786 |  |  |  |  |  |  | 443 |  | 888 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,181 |  | 13,073 |
Charps, LLC |  | Pipeline Maintenance and Construction |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 2/3/2017 | 457 |  |  |  |  |  |  | 491 |  | 3,900 |
Clad-Rex Steel, LLC |  | Specialty Manufacturer of Vinyl-Clad Metal |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 10/28/2022 |  |  |  |  |  | 1/15/2027 | — |  | — |  | — |
|  |  | Secured Debt |  | 12/20/2016 |  | 9.00% |  |  |  | 1/15/2027 | 1,690 |  | 1,681 |  | 1,690 |
|  |  | Secured Debt |  | 12/20/2016 |  | 10.00% |  |  |  | 12/20/2036 | 243 |  | 242 |  | 243 |
|  |  | Member Units | (8) | 12/20/2016 | 179 |  |  |  |  |  |  | 1,820 |  | 2,750 |
|  |  | Member Units | (23) | 12/20/2016 | 200 |  |  |  |  |  |  | 127 |  | 237 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,870 |  | 4,920 |
Cody Pools, Inc. |  | Designer of Residential and Commercial Pools |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 3/6/2020 |  |  |  |  |  | 12/17/2026 | — |  | (3) |  | — |
|  |  | Secured Debt |  | 3/6/2020 |  | 12.50% |  |  |  | 12/17/2026 | 6,598 |  | 6,585 |  | 6,598 |
|  |  | Preferred Member Units | (8) (23) | 3/6/2020 | 147 |  |  |  |  |  |  | 2,079 |  | 16,950 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,661 |  | 23,548 |
Colonial Electric Company LLC |  | Provider of Electrical Contracting Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 3/31/2021 |  |  |  |  |  | 3/31/2026 | — |  | — |  | — |
|  |  | Secured Debt |  | 3/31/2021 |  | 12.00% |  |  |  | 3/31/2026 | 3,578 |  | 3,554 |  | 3,578 |
|  |  | Preferred Member Units | (8) | 3/31/2021 | 4,320 |  |  |  |  |  |  | 1,920 |  | 3,390 |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,474 |  | 6,968 |
Compass Systems & Sales, LLC |  | Designer of End-to-End Material Handling Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 11/22/2023 |  |  |  |  |  | 11/22/2028 | — |  | (16) |  | (16) |
|  |  | Secured Debt |  | 11/22/2023 |  | 13.50% |  |  |  | 11/22/2028 | 4,300 |  | 4,201 |  | 4,201 |
|  |  | Preferred Equity |  | 11/22/2023 | 1,863 |  |  |  |  |  |  | 1,863 |  | 1,860 |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,048 |  | 6,045 |
Datacom, LLC |  | Technology and Telecommunications Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/1/2022 |  | 7.50% |  |  |  | 12/31/2025 | 55 |  | 55 |  | 55 |
|  |  | Secured Debt |  | 3/31/2021 |  | 10.00% |  |  |  | 12/31/2025 | 898 |  | 878 |  | 878 |
|  |  | Preferred Member Units |  | 3/31/2021 | 1,000 |  |  |  |  |  |  | 290 |  | 30 |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,223 |  | 963 |
Digital Products Holdings LLC |  | Designer and Distributor of Consumer Electronics |  |  |  |  |  |  |  |  |  |  |  |

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Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Secured Debt | (9) | 4/1/2018 |  | 14.56% | SF+ | 10.00% |  | 4/27/2026 | 3,154 |  | 3,140 |  | 3,105 |
|  |  | Preferred Member Units | (8) | 4/1/2018 | 964 |  |  |  |  |  |  | 2,375 |  | 2,459 |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,515 |  | 5,564 |
Direct Marketing Solutions, Inc. |  | Provider of Omni-Channel Direct Marketing Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 2/13/2018 |  |  |  |  |  | 2/13/2026 | — |  | (2) |  | — |
|  |  | Secured Debt |  | 12/27/2022 |  | 14.00% |  |  |  | 2/13/2026 | 4,668 |  | 4,656 |  | 4,668 |
|  |  | Preferred Stock |  | 2/13/2018 | 2,100 |  |  |  |  |  |  | 2,100 |  | 4,480 |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,754 |  | 9,148 |
DMA Industries, LLC |  | Distributor of Aftermarket Ride Control Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 6/18/2024 |  | 12.00% |  |  |  | 6/19/2029 | 140 |  | 138 |  | 138 |
|  |  | Secured Debt |  | 11/19/2021 |  | 12.00% |  |  |  | 6/19/2029 | 4,200 |  | 4,161 |  | 4,161 |
|  |  | Preferred Equity |  | 11/19/2021 | 1,486 |  |  |  |  |  |  | 1,486 |  | 1,486 |
|  |  | Preferred Equity | (8) | 6/18/2024 | 767 | 15.00% |  |  | 15.00% |  |  | 810 |  | 810 |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,595 |  | 6,595 |
Flame King Holdings, LLC |  | Propane Tank and Accessories Distributor |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (8) | 10/29/2021 | 2,340 |  |  |  |  |  |  | 2,600 |  | 8,980 |
Freeport Financial Funds | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (24) | 7/31/2015 | 5.95% |  |  |  |  |  |  | 1,659 |  | 1,263 |
Gamber-Johnson Holdings, LLC |  | Manufacturer of Ruggedized Computer Mounting Systems |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (32) (30) | 6/24/2016 |  |  | SF+ | 7.00% |  | 1/1/2028 | — |  | — |  | — |
|  |  | Secured Debt | (9) (32) | 11/22/2024 |  | 11.00% | SF+ | 7.00% |  | 1/1/2028 | 18,282 |  | 18,166 |  | 18,282 |
|  |  | Member Units | (8) | 6/24/2016 | 2,261 |  |  |  |  |  |  | 4,423 |  | 28,690 |
|  |  |  |  |  |  |  |  |  |  |  |  | 22,589 |  | 46,972 |
GFG Group, LLC |  | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2021 |  | 8.00% |  |  |  | 3/31/2026 | 2,046 |  | 2,030 |  | 2,046 |
|  |  | Preferred Member Units | (8) | 3/31/2021 | 56.39% |  |  |  |  |  |  | 1,225 |  | 2,640 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,255 |  | 4,686 |
Gulf Publishing Holdings, LLC |  | Energy Industry Focused Media and Publishing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (30) | 9/29/2017 |  |  | SF+ | 9.50% |  | 7/1/2027 | — |  | — |  | — |
|  |  | Secured Debt | (14) | 7/1/2022 |  | 12.50% |  |  | 12.50% | 7/1/2027 | 600 |  | 581 |  | 378 |
|  |  | Preferred Equity |  | 7/1/2022 | 15,930 |  |  |  |  |  |  | 1,400 |  | — |
|  |  | Member Units |  | 4/29/2016 | 920 |  |  |  |  |  |  | 920 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,901 |  | 378 |
Harris Preston Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (HPEP 3, L.P.) | (24) | 8/9/2017 | 8.2% |  |  |  |  |  |  | 2,296 |  | 4,472 |
IG Investor, LLC |  | Military and Other Tactical Gear |  |  |  |  |  |  |  |  |  |  |  |

28

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Secured Debt |  | 6/21/2023 |  | 13.00% |  |  |  | 6/21/2028 | 400 |  | 379 |  | 379 |
|  |  | Secured Debt |  | 6/21/2023 |  | 13.00% |  |  |  | 6/21/2028 | 8,876 |  | 8,693 |  | 8,693 |
|  |  | Common Equity |  | 6/21/2023 | 3,600 |  |  |  |  |  |  | 3,600 |  | 4,060 |
|  |  |  |  |  |  |  |  |  |  |  |  | 12,672 |  | 13,132 |
Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 4/7/2023 | 6,436,566 |  |  |  |  |  |  | 6,540 |  | 7,290 |
Integral Energy Services | (10) | Nuclear Power Staffing Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/20/2021 |  | 12.35% | SF+ | 7.50% |  | 8/20/2026 | 15,090 |  | 14,986 |  | 14,872 |
|  |  | Preferred Equity | (8) | 12/7/2023 | 3,725 | 10.00% |  |  | 10.00% |  |  | 297 |  | 535 |
|  |  | Common Stock |  | 8/20/2021 | 11,647 |  |  |  |  |  |  | 1,584 |  | 640 |
|  |  |  |  |  |  |  |  |  |  |  |  | 16,867 |  | 16,047 |
Kickhaefer Manufacturing Company, LLC |  | Precision Metal Parts Manufacturing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/31/2018 |  | 11.50% |  |  |  | 10/31/2026 | 3,750 |  | 3,741 |  | 3,741 |
|  |  | Secured Debt |  | 10/31/2018 |  | 9.00% |  |  |  | 10/31/2048 | 990 |  | 982 |  | 982 |
|  |  | Preferred Equity |  | 10/31/2018 | 145 |  |  |  |  |  |  | 3,060 |  | 3,060 |
|  |  | Member Units | (8) (23) | 10/31/2018 | 200 |  |  |  |  |  |  | 248 |  | 678 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,031 |  | 8,461 |
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (23) | 12/19/2024 | 53,505 |  |  |  |  | 12/31/2026 |  | 11,166 |  | 11,166 |
Mystic Logistics Holdings, LLC |  | Logistics and Distribution Services Provider for Large Volume Mailers |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 8/18/2014 |  |  |  |  |  | 1/31/2027 | — |  | — |  | — |
|  |  | Secured Debt |  | 8/18/2014 |  | 10.00% |  |  |  | 1/31/2027 | 1,436 |  | 1,433 |  | 1,436 |
|  |  | Common Stock | (8) | 8/18/2014 | 1,468 |  |  |  |  |  |  | 680 |  | 6,590 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,113 |  | 8,026 |
Nello Industries Investco, LLC |  | Manufacturer of Steel Poles and Towers For Critical Infrastructure |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/4/2024 |  |  | SF+ | 6.50% |  | 6/4/2025 | — |  | (12) |  | (12) |
|  |  | Secured Debt |  | 6/4/2024 |  | 13.50% |  |  |  | 6/4/2029 | 6,800 |  | 6,619 |  | 6,619 |
|  |  | Common Equity | (8) | 6/4/2024 | 91,145 |  |  |  |  |  |  | 3,030 |  | 3,890 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,637 |  | 10,497 |
NexRev LLC |  | Provider of Energy Efficiency Products & Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 2/28/2018 |  |  |  |  |  | 2/28/2025 | — |  | — |  | — |
|  |  | Secured Debt |  | 2/28/2018 |  | 9.00% |  |  |  | 2/28/2025 | 2,453 |  | 2,450 |  | 2,453 |
|  |  | Preferred Member Units | (8) | 2/28/2018 | 25,786,046 |  |  |  |  |  |  | 2,053 |  | 2,970 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,503 |  | 5,423 |
NuStep, LLC |  | Designer, Manufacturer and Distributor of Fitness Equipment |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/31/2017 |  | 11.16% | SF+ | 6.50% |  | 1/31/2025 | 900 |  | 900 |  | 900 |
|  |  | Secured Debt |  | 1/31/2017 |  | 12.00% |  |  |  | 1/31/2025 | 4,610 |  | 4,610 |  | 4,610 |
|  |  | Preferred Member Units |  | 11/2/2022 | 600 |  |  |  |  |  |  | 696 |  | 1,500 |
|  |  | Preferred Member Units |  | 1/31/2017 | 122 |  |  |  |  |  |  | 2,966 |  | 2,890 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,172 |  | 9,900 |

29

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Oneliance, LLC |  | Construction Cleaning Company |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock |  | 8/6/2021 | 282 |  |  |  |  |  |  | 282 |  | 640 |
Orttech Holdings, LLC |  | Distributor of Industrial Clutches, Brakes and Other Components |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/30/2021 |  |  | SF+ | 11.00% |  | 7/31/2026 | — |  | (1) |  | — |
|  |  | Secured Debt | (9) | 7/30/2021 |  | 15.66% | SF+ | 11.00% |  | 7/31/2026 | 5,490 |  | 5,456 |  | 5,490 |
|  |  | Preferred Stock | (8) (23) | 7/30/2021 | 2,500 |  |  |  |  |  |  | 2,500 |  | 3,360 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,955 |  | 8,850 |
Pinnacle TopCo, LLC |  | Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 12/21/2023 |  |  |  |  |  | 12/31/2028 | — |  | (8) |  | — |
|  |  | Secured Debt |  | 12/21/2023 |  | 13.00% |  |  |  | 12/31/2028 | 7,160 |  | 7,019 |  | 7,160 |
|  |  | Preferred Equity | (8) | 12/21/2023 | 110 |  |  |  |  |  |  | 3,135 |  | 4,590 |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,146 |  | 11,750 |
RA Outdoors LLC | (10) (13) | Software Solutions Provider for Outdoor Activity Management |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/8/2021 |  | 11.74% | SF+ | 6.75% | 11.74% | 4/8/2026 | 1,311 |  | 1,307 |  | 1,215 |
|  |  | Secured Debt | (9) | 4/8/2021 |  | 11.74% | SF+ | 6.75% | 11.74% | 4/8/2026 | 13,714 |  | 13,665 |  | 12,710 |
|  |  | Common Equity |  | 8/12/2024 | 107 |  | SF+ | 6.75% | 11.59% | 4/8/2026 |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,972 |  | 13,925 |
Robbins Bros. Jewelry, Inc. |  | Bridal Jewelry Retailer |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (30) | 12/15/2021 |  |  |  |  | 10.00% | 12/15/2026 | — |  | (7) |  | (7) |
|  |  | Secured Debt | (14) | 12/15/2021 |  | 12.50% |  |  | 10.00% | 12/15/2026 | 3,740 |  | 3,604 |  | 1,617 |
|  |  | Preferred Equity |  | 12/15/2021 | 1,230 |  |  |  |  |  |  | 1,230 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,827 |  | 1,610 |
SI East, LLC |  | Rigid Industrial Packaging Manufacturing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/31/2018 |  | 11.75% |  |  |  | 6/16/2028 | 750 |  | 744 |  | 750 |
|  |  | Secured Debt | (33) | 6/16/2023 |  | 12.79% |  |  |  | 6/16/2028 | 22,554 |  | 22,533 |  | 22,554 |
|  |  | Preferred Member Units | (8) | 8/31/2018 | 55 |  |  |  |  |  |  | 508 |  | 4,550 |
|  |  |  |  |  |  |  |  |  |  |  |  | 23,785 |  | 27,854 |
Student Resource Center, LLC | (10) | Higher Education Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/11/2024 |  | 8.50% |  |  | 8.50% | 12/31/2027 | 227 |  | 227 |  | 227 |
|  |  | Secured Debt | (14) | 12/31/2022 |  | 8.50% |  |  | 8.50% | 12/31/2027 | 5,918 |  | 5,425 |  | 1,826 |
|  |  | Preferred Equity |  | 12/31/2022 | 6,564,055 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,652 |  | 2,053 |
Tedder Industries, LLC |  | Manufacturer of Firearm Holsters and Accessories |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 8/31/2018 |  | 12.00% |  |  | 12.00% | 8/31/2023 | 460 |  | 455 |  | 412 |
|  |  | Secured Debt | (14) (17) | 8/31/2018 |  | 12.00% |  |  | 12.00% | 8/31/2023 | 3,800 |  | 3,761 |  | 901 |
|  |  | Preferred Member Units |  | 8/28/2023 | 1,651 |  |  |  |  |  |  | 165 |  | — |
|  |  | Preferred Member Units |  | 2/1/2023 | 1,411 |  |  |  |  |  |  | 141 |  | — |
|  |  | Preferred Member Units |  | 8/31/2018 | 136 |  |  |  |  |  |  | 2,311 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,833 |  | 1,313 |
Trantech Radiator Topco, LLC |  | Transformer Cooling Products and Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 5/31/2019 |  |  |  |  |  | 5/31/2027 | — |  | (1) |  | (1) |
|  |  | Secured Debt |  | 5/31/2019 |  | 13.50% |  |  |  | 5/31/2027 | 1,980 |  | 1,962 |  | 1,962 |
|  |  | Common Stock | (8) | 5/31/2019 | 154 |  |  |  |  |  |  | 1,164 |  | 2,140 |

30

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  |  |  |  |  |  |  |  |  |  |  | 3,125 |  | 4,101 |
Urgent DSO LLC |  | General and Emergency Dentistry Practice |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 2/16/2024 |  | 13.50% |  |  |  | 2/16/2029 | 2,200 |  | 2,145 |  | 2,145 |
|  |  | Preferred Equity | (8) | 2/16/2024 | 1,000 | 9.00% |  |  | 9.00% |  |  | 1,080 |  | 1,080 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,225 |  | 3,225 |
Victory Energy Operations, LLC |  | Provider of Industrial and Commercial Combustion Systems |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 10/3/2024 |  |  |  |  |  | 10/3/2029 | — |  | (5) |  | (5) |
|  |  | Secured Debt |  | 10/3/2024 |  | 13.00% |  |  |  | 10/3/2029 | 7,749 |  | 7,529 |  | 7,529 |
|  |  | Preferred Equity |  | 10/3/2024 | 8,338 |  |  |  |  |  |  | 3,644 |  | 3,644 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,168 |  | 11,168 |
VVS Holdco LLC |  | Omnichannel Retailer of Animal Health Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/1/2021 |  |  | SF+ | 6.00% |  | 12/1/2025 | — |  | — |  | — |
|  |  | Secured Debt |  | 12/1/2021 |  | 11.50% |  |  |  | 12/1/2026 | 6,440 |  | 6,366 |  | 6,366 |
|  |  | Preferred Equity | (8) (23) | 12/1/2021 | 3,060 |  |  |  |  |  |  | 3,060 |  | 3,060 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,426 |  | 9,426 |
Subtotal Affiliate Investments (56.2% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 284,211 |  | $ | 351,360 |
Non-Control/Non-Affiliate Investments (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 1/31/2023 |  | 18.00% |  |  | 18.00% | 6/25/2025 | $ | 210 |  | $ | 210 |  | $ | 209 |
|  |  | Secured Debt |  | 12/11/2020 |  | 18.00% |  |  | 18.00% | 6/25/2025 | 6,013 |  | 5,971 |  | 5,975 |
|  |  | Common Stock |  | 12/11/2020 | 593,927 |  |  |  |  |  |  | 3,148 |  | $ | — |
|  |  | Warrants | (27) | 12/11/2020 | 197,717 |  |  |  |  | 12/11/2025 |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,329 |  | 6,184 |
Adams Publishing Group, LLC | (10) | Local Newspaper Operator |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (29) | 3/11/2022 |  | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 946 |  | 946 |  | 928 |
|  |  | Secured Debt | (9) (29) | 3/11/2022 |  | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 2,251 |  | 2,248 |  | 2,209 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,194 |  | 3,137 |
AMEREQUIP LLC | (10) | Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock | (8) | 8/31/2022 | 11 |  |  |  |  |  |  | 83 |  | 30 |
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 11/19/2021 |  |  | P+ | 5.00% |  | 11/19/2026 | — |  | (6) |  | (6) |
|  |  | Secured Debt | (9) | 11/19/2021 |  | 12.50% | P+ | 5.00% |  | 11/19/2026 | 7,703 |  | 7,673 |  | 7,703 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,667 |  | 7,697 |
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/11/2022 |  | 14.49% | SF+ | 9.75% | 14.49% | 4/10/2026 | 5,626 |  | 5,614 |  | 4,480 |
|  |  | Secured Debt | (9) (14) | 3/11/2022 |  | 16.49% | SF+ | 11.75% | 16.49% | 4/10/2026 | 4,270 |  | 4,244 |  | 2,621 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,858 |  | 7,101 |
American Teleconferencing Services, Ltd. | (11) | Provider of Audio Conferencing and Video Collaboration Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 9/17/2021 |  |  |  |  |  | 4/7/2023 | 2,425 |  | 2,375 |  | 59 |
|  |  | Secured Debt | (14) (17) | 5/19/2016 |  |  |  |  |  | 6/8/2023 | 11,693 |  | 11,451 |  | 282 |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,826 |  | 341 |

31

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Ansira Partners II, LLC | (10) | Provider of Data-Driven Marketing Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/1/2024 |  |  | SF+ | 6.75% |  | 7/1/2029 | — |  | (45) |  | (45) |
|  |  | Secured Debt | (9) | 7/1/2024 |  | 11.25% | SF+ | 6.75% |  | 7/1/2029 | 17,659 |  | 17,239 |  | 17,375 |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,194 |  | 17,330 |
ArborWorks, LLC | (10) | Vegetation Management Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 11/6/2023 |  | 15.00% |  |  | 15.00% | 11/6/2028 | 1,061 |  | 1,061 |  | 1,061 |
|  |  | Secured Debt | (9) | 11/6/2023 |  | 11.08% | SF+ | 6.50% | 11.08% | 11/6/2028 | 4,278 |  | 4,278 |  | 4,278 |
|  |  | Preferred Equity |  | 11/6/2023 | 17,265 |  |  |  |  |  |  | 7,468 |  | 6,667 |
|  |  | Preferred Equity |  | 11/6/2023 | 17,265 |  |  |  |  |  |  | — |  | — |
|  |  | Common Equity |  | 11/9/2021 | 2,070 |  |  |  |  |  |  | 124 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 12,931 |  | 12,006 |
Archer Systems, LLC | (10) | Mass Tort Settlement Administration Solutions Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 8/11/2022 | 62,403 |  |  |  |  |  |  | 62 |  | 110 |
ATS Operating, LLC | (10) | For-Profit Thrift Retailer |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/18/2022 |  | 10.85% | SF+ | 6.00% |  | 1/18/2027 | 50 |  | 50 |  | 50 |
|  |  | Secured Debt | (9) | 1/18/2022 |  | 9.85% | SF+ | 5.00% |  | 1/18/2027 | 925 |  | 916 |  | 925 |
|  |  | Secured Debt | (9) | 1/18/2022 |  | 11.85% | SF+ | 7.00% |  | 1/18/2027 | 925 |  | 916 |  | 925 |
|  |  | Common Stock |  | 1/18/2022 | 100,000 |  |  |  |  |  |  | 100 |  | 120 |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,982 |  | 2,020 |
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer & MRO Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/23/2022 |  |  | SF+ | 7.25% |  | 12/23/2027 | — |  | (12) |  | (12) |
|  |  | Secured Debt | (9) | 12/23/2022 |  | 11.73% | SF+ | 7.25% |  | 12/23/2027 | 3,343 |  | 3,271 |  | 3,343 |
|  |  | Common Equity | (8) | 12/15/2021 | 137 |  |  |  |  |  |  | 130 |  | 124 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,389 |  | 3,455 |
Berry Aviation, Inc. | (10) | Charter Airline Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units |  | 3/8/2024 | 286,109 |  |  |  |  |  |  | 286 |  | — |
|  |  | Preferred Member Units | (23) | 11/12/2019 | 122,416 |  |  |  |  |  |  | — |  | — |
|  |  | Preferred Member Units | (23) | 7/6/2018 | 1,548,387 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 286 |  | — |
Bettercloud, Inc. | (10) | SaaS Provider of Workflow Management and Business Application Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/30/2022 |  |  | SF+ | 10.25% |  | 6/30/2028 | — |  | (14) |  | (14) |
|  |  | Secured Debt | (9) | 6/30/2022 |  | 15.76% | SF+ | 10.25% | 9.25% | 6/30/2028 | 9,230 |  | 9,139 |  | 6,963 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,125 |  | 6,949 |
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Member Units |  | 3/10/2017 | 1,050,000 |  |  |  |  |  |  | 1,050 |  | 650 |
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/9/2024 |  | 13.17% | SF+ | 8.50% | 12.17% | 8/28/2025 | 215 |  | 138 |  | 181 |
|  |  | Secured Debt | (9) | 10/19/2022 |  | 15.00% | P+ | 7.50% | 14.75% | 8/28/2025 | 3,304 |  | 3,304 |  | 2,792 |
|  |  | Secured Debt | (9) | 8/28/2020 |  | 13.17% | SF+ | 8.50% | 12.17% | 8/28/2025 | 4,486 |  | 4,231 |  | 3,790 |
|  |  | Common Stock |  | 10/1/2020 | 700,446 |  |  |  |  |  |  | — |  | — |
|  |  | Warrants | (27) | 10/19/2022 | 175,110 |  |  |  |  | 10/19/2032 |  | 1,111 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,784 |  | 6,763 |

32

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Boccella Precast Products LLC |  | Manufacturer of Precast Hollow Core Concrete |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/23/2021 |  | 10.00% |  |  |  | 2/28/2027 | 80 |  | 80 |  | 66 |
|  |  | Member Units |  | 6/30/2017 | 540,000 |  |  |  |  |  |  | 564 |  | 80 |
|  |  |  |  |  |  |  |  |  |  |  |  | 644 |  | 146 |
Bond Brand Loyalty ULC | (10) (13) (21) | Provider of Loyalty Marketing Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 11.65% | SF+ | 7.00% |  | 5/1/2028 | 360 |  | 348 |  | 360 |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 10.74% | SF+ | 6.00% |  | 5/1/2028 | 3,999 |  | 3,945 |  | 3,999 |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 12.74% | SF+ | 8.00% |  | 5/1/2028 | 3,999 |  | 3,945 |  | 3,999 |
|  |  | Preferred Equity |  | 5/1/2023 | 360 |  |  |  |  |  |  | 360 |  | 310 |
|  |  | Common Equity |  | 5/1/2023 | 360 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,598 |  | 8,668 |
BP Loenbro Holdings Inc. | (10) | Specialty Industrial Maintenance Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 2/1/2024 |  | 10.68% | SF+ | 6.25% |  | 2/1/2029 | 514 |  | 493 |  | 514 |
|  |  | Secured Debt | (9) (30) | 2/1/2024 |  |  | SF+ | 6.25% |  | 2/1/2029 | — |  | (10) |  | (10) |
|  |  | Secured Debt | (9) | 2/1/2024 |  | 10.92% | SF+ | 6.25% |  | 2/1/2029 | 11,217 |  | 11,031 |  | 11,217 |
|  |  | Common Equity |  | 2/1/2024 | 1,000,000 |  |  |  |  |  |  | 1,000 |  | 1,550 |
|  |  |  |  |  |  |  |  |  |  |  |  | 12,514 |  | 13,271 |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership |  |  |  |  |  |  |  |  |  |  |  |
|  |  | LP Interests (Brightwood Capital Fund III, LP) | (24) | 7/21/2014 | 0.52% |  |  |  |  |  |  | 1,899 |  | 1,039 |
|  |  | LP Interests (Brightwood Capital Fund IV, LP) | (8) (24) | 10/26/2016 | 1.17% |  |  |  |  |  |  | 8,064 |  | 8,031 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,963 |  | 9,070 |
Buca C, LLC |  | Casual Restaurant Group |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 8/7/2024 |  | 15.00% |  |  | 15.00% | 11/4/2024 | 4,291 |  | 3,717 |  | — |
|  |  | Secured Debt | (14) | 6/28/2024 |  | 15.00% |  |  | 15.00% | 4/1/2025 | 10 |  | — |  | — |
|  |  | Secured Debt | (14) (17) | 6/30/2015 |  | 15.00% |  |  | 15.00% | 8/31/2023 | 6,369 |  | 4,078 |  | — |
|  |  | Preferred Member Units |  | 6/30/2015 | 4 | 6.00% |  |  | 6.00% |  |  | 3,040 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,835 |  | — |
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/14/2021 |  |  | SF+ | 5.00% |  | 6/10/2026 | — |  | (8) |  | — |
|  |  | Secured Debt | (9) | 6/14/2021 |  | 9.46% | SF+ | 5.00% |  | 6/10/2028 | 11,575 |  | 11,469 |  | 11,575 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,461 |  | 11,575 |
CAI Software LLC |  | Provider of Specialized Enterprise Resource Planning Software |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity |  | 12/13/2021 | 454,344 |  |  |  |  |  |  | 454 |  | 513 |
|  |  | Preferred Equity |  | 12/13/2021 | 126,446 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 454 |  | 513 |
Career Team Holdings, LLC |  | Provider of Workforce Training and Career Development Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/17/2021 |  | 10.56% | SF+ | 6.00% |  | 12/17/2026 | 100 |  | 97 |  | 97 |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.50% |  |  |  | 12/17/2026 | 2,160 |  | 2,134 |  | 2,134 |
|  |  | Common Stock |  | 12/17/2021 | 50,000 |  |  |  |  |  |  | 500 |  | 530 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,731 |  | 2,761 |
CaseWorthy, Inc. | (10) | SaaS Provider of Case Management Solutions |  |  |  |  |  |  |  |  |  |  |  |

33

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Common Equity |  | 12/30/2022 | 80,000 |  |  |  |  |  |  | 80 |  | 160 |
CenterPeak Holdings, LLC |  | Executive Search Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 12/10/2021 |  |  |  |  |  | 12/10/2026 | — |  | (3) |  | — |
|  |  | Secured Debt |  | 12/10/2021 |  | 15.00% |  |  |  | 12/10/2026 | 2,390 |  | 2,364 |  | 2,390 |
|  |  | Preferred Equity | (8) | 12/10/2021 | 368 |  |  |  |  |  |  | 404 |  | 1,610 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,765 |  | 4,000 |
Channel Partners Intermediateco, LLC | (10) | Outsourced Consumer Services Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 2/7/2022 |  | 11.53% | SF+ | 7.00% |  | 2/7/2027 | 467 |  | 456 |  | 444 |
|  |  | Secured Debt | (9) | 2/7/2022 |  | 11.93% | SF+ | 7.00% |  | 2/7/2027 | 3,326 |  | 3,297 |  | 3,166 |
|  |  | Secured Debt | (9) | 6/24/2022 |  | 11.93% | SF+ | 7.00% |  | 2/7/2027 | 184 |  | 183 |  | 175 |
|  |  | Secured Debt | (9) | 3/27/2023 |  | 11.93% | SF+ | 7.00% |  | 2/7/2027 | 445 |  | 439 |  | 424 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,375 |  | 4,209 |
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (14) (17) | 9/23/2014 |  |  |  |  |  | 1/5/2015 | 2,666 |  | 2,321 |  | 19 |
Classic H&G Holdings, LLC |  | Provider of Engineered Packaging Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Member Units | (8) | 3/12/2020 | 39 |  |  |  |  |  |  | — |  | 710 |
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 8/6/2021 |  | 12.93% | SF+ | 8.25% |  | 8/6/2026 | 6,531 |  | 6,461 |  | 6,118 |
|  |  | Secured Debt | (9) (30) | 3/29/2024 |  |  | SF+ | 8.25% |  | 8/6/2026 | — |  | (42) |  | (42) |
|  |  | Secured Debt | (9) | 8/6/2021 |  | 12.92% | SF+ | 8.25% |  | 8/6/2026 | 15,807 |  | 15,656 |  | 14,807 |
|  |  |  |  |  |  |  |  |  |  |  |  | 22,075 |  | 20,883 |
Connect Telecommunications Solutions Holdings, Inc. | (13) | Value-added Distributor of Fiber Products and Equipment |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 10/9/2024 |  | 13.00% |  |  |  | 10/9/2029 | 3,064 |  | 2,977 |  | 2,977 |
|  |  | Preferred Equity |  | 10/9/2024 | 2,478 |  |  |  |  |  |  | 1,400 |  | 1,400 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,377 |  | 4,377 |
Coregistics Buyer LLC | (10) (13) (21) | Contract Packaging Service Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/29/2024 |  | 10.39% | SF+ | 6.00% |  | 6/28/2029 | 449 |  | 427 |  | 440 |
|  |  | Secured Debt | (9) | 6/29/2024 |  | 10.36% | SF+ | 6.00% |  | 6/28/2029 | 2,877 |  | 2,816 |  | 2,824 |
|  |  | Secured Debt | (9) | 8/15/2024 |  | 10.40% | SF+ | 6.00% |  | 6/28/2029 | 1,913 |  | 1,878 |  | 1,878 |
|  |  | Secured Debt | (9) | 6/29/2024 |  | 10.61% | SF+ | 6.25% |  | 6/28/2029 | 8,611 |  | 8,417 |  | 8,109 |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,538 |  | 13,251 |
CQ Fluency, LLC | (10) | Global Language Services Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/27/2023 |  |  | SF+ | 6.75% |  | 6/27/2027 | — |  | (31) |  | (31) |
|  |  | Secured Debt | (9) (30) | 12/27/2023 |  |  | SF+ | 6.75% |  | 6/27/2027 | — |  | (31) |  | (31) |
|  |  | Secured Debt | (9) | 12/27/2023 |  | 11.18% | SF+ | 6.75% |  | 6/27/2027 | 7,219 |  | 7,064 |  | 7,169 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,002 |  | 7,107 |
Creative Foam Corporation | (10) | Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/27/2024 |  |  | SF+ | 5.75% |  | 6/27/2029 | — |  | (28) |  | (28) |

34

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Secured Debt | (9) | 6/27/2024 |  | 10.11% | SF+ | 5.75% |  | 6/27/2029 | 10,801 |  | 10,610 |  | 10,694 |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,582 |  | 10,666 |
Dalton US Inc. | (10) | Provider of Supplemental Labor Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Stock |  | 8/16/2022 | 37 |  |  |  |  |  |  | 52 |  | 50 |
DTE Enterprises, LLC | (10) | Industrial Powertrain Repair and Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Class AA Preferred Member Units (non-voting) | (8) | 4/13/2018 |  | 10.00% |  |  | 10.00% |  |  | 1,316 |  | 438 |
|  |  | Class A Preferred Member Units |  | 4/13/2018 | 776,316 | 8.00% |  |  | 8.00% |  |  | 776 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,092 |  | 438 |
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/20/2022 |  | 11.46% | SF+ | 7.00% | 11.46% | 12/31/2026 | 2,318 |  | 2,160 |  | 2,220 |
|  |  | Secured Debt | (9) | 12/20/2022 |  | 13.46% | SF+ | 9.00% | 13.46% | 12/31/2026 | 2,413 |  | 2,179 |  | 2,219 |
|  |  | Preferred Equity |  | 12/20/2022 | 125,000 |  |  |  |  |  |  | 128 |  | 60 |
|  |  | Preferred Equity |  | 12/20/2022 | 2,376,241 |  |  |  |  |  |  | — |  | — |
|  |  | Common Equity |  | 12/20/2022 | 1,250,000 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,467 |  | 4,499 |
Elgin AcquireCo, LLC |  | Manufacturer and Distributor of Engine and Chassis Components |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 10/3/2022 |  |  | SF+ | 6.00% |  | 10/3/2027 | — |  | — |  | — |
|  |  | Secured Debt |  | 10/3/2022 |  | 12.00% |  |  |  | 10/3/2027 | 1,181 |  | 1,162 |  | 1,162 |
|  |  | Secured Debt |  | 10/3/2022 |  | 9.00% |  |  |  | 10/3/2052 | 409 |  | 406 |  | 406 |
|  |  | Common Stock |  | 10/3/2022 | 19 |  |  |  |  |  |  | 374 |  | 370 |
|  |  | Common Stock | (23) | 10/3/2022 | 61 |  |  |  |  |  |  | 102 |  | 199 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,044 |  | 2,137 |
Emerald Technologies Acquisition Co, Inc. | (11) | Design & Manufacturing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/10/2022 |  | 10.71% | SF+ | 6.25% |  | 12/29/2027 | 2,328 |  | 2,303 |  | 1,863 |
Escalent, Inc. | (10) | Market Research and Consulting Firm |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 4/7/2023 |  |  | SF+ | 8.00% |  | 4/7/2029 | — |  | (7) |  | (7) |
|  |  | Secured Debt | (9) | 10/2/2024 |  | 12.39% | SF+ | 8.00% |  | 4/7/2029 | 364 |  | 358 |  | 358 |
|  |  | Secured Debt | (9) | 4/7/2023 |  | 12.43% | SF+ | 8.00% |  | 4/7/2029 | 6,855 |  | 6,707 |  | 6,855 |
|  |  | Common Equity |  | 4/7/2023 | 170,998 |  |  |  |  |  |  | 174 |  | 240 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,232 |  | 7,446 |
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/22/2021 |  | 12.59% | SF+ | 8.00% |  | 12/22/2026 | 308 |  | 306 |  | 308 |
|  |  | Secured Debt | (9) | 12/22/2021 |  | 12.59% | SF+ | 8.00% | 6.00% | 12/22/2026 | 3,969 |  | 3,955 |  | 3,969 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,261 |  | 4,277 |
FCC Intermediate Holdco, LLC |  | Supply Chain Management Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 5/28/2024 |  | 13.00% |  |  |  | 5/29/2029 | 8,200 |  | 7,135 |  | 7,135 |
|  |  | Warrants | (27) | 5/28/2024 | 3 |  |  |  |  |  |  | 980 |  | 2,710 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,115 |  | 9,845 |
Garyline, LLC | (10) | Manufacturer of Consumer Plastic Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 11/10/2023 |  | 11.29% | SF+ | 6.75% |  | 11/10/2028 | 2,416 |  | 2,355 |  | 2,416 |
|  |  | Secured Debt | (9) | 11/10/2023 |  | 11.34% | SF+ | 6.75% |  | 11/10/2028 | 9,567 |  | 9,346 |  | 9,567 |

35

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Common Equity |  | 11/10/2023 | 210,084 |  |  |  |  |  |  | 210 |  | 150 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,911 |  | 12,133 |
GradeEight Corp. | (10) | Distributor of Maintenance and Repair Parts |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 10/4/2024 |  |  | SF+ | 7.25% |  | 10/4/2029 | — |  | (45) |  | (45) |
|  |  | Secured Debt | (9) (30) | 10/4/2024 |  |  | SF+ | 7.25% |  | 10/4/2029 | — |  | (22) |  | (22) |
|  |  | Secured Debt | (9) | 10/4/2024 |  | 11.74% | SF+ | 7.25% |  | 10/4/2029 | 14,824 |  | 14,542 |  | 14,542 |
|  |  | Common Equity |  | 10/4/2024 | 471 |  |  |  |  |  |  | 471 |  | 471 |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,946 |  | 14,946 |
Hawk Ridge Systems, LLC |  | Value-Added Reseller of Engineering Design and Manufacturing Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/2/2016 |  | 10.73% | SF+ | 6.00% |  | 1/15/2026 | 661 |  | 661 |  | 661 |
|  |  | Secured Debt |  | 12/2/2016 |  | 12.50% |  |  |  | 1/15/2026 | 9,744 |  | 9,721 |  | 9,744 |
|  |  | Preferred Member Units | (8) | 12/2/2016 | 56 |  |  |  |  |  |  | 713 |  | 5,060 |
|  |  | Preferred Member Units | (23) | 12/2/2016 | 56 |  |  |  |  |  |  | 38 |  | 270 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,133 |  | 15,735 |
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/7/2024 |  | 8.75% | SF+ | 3.50% | 2.50% | 6/21/2026 | 1,361 |  | 1,307 |  | 1,307 |
|  |  | Secured Debt | (14) | 3/7/2024 |  | 2.50% |  |  | 2.50% | 6/21/2026 | 914 |  | 401 |  | 235 |
|  |  | Common Equity |  | 3/7/2024 | 35,971 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,708 |  | 1,542 |
HEADLANDS OP-CO LLC | (10) | Clinical Trial Sites Operator |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 8/1/2022 |  |  | SF+ | 6.50% |  | 8/1/2027 | — |  | (10) |  | (10) |
|  |  | Secured Debt | (9) | 8/1/2022 |  | 10.86% | SF+ | 6.50% |  | 8/1/2027 | 1,975 |  | 1,951 |  | 1,975 |
|  |  | Secured Debt | (9) | 6/3/2024 |  | 10.86% | SF+ | 6.50% |  | 8/1/2027 | 1,397 |  | 1,362 |  | 1,396 |
|  |  | Secured Debt | (9) | 8/1/2022 |  | 10.86% | SF+ | 6.50% |  | 8/1/2027 | 4,875 |  | 4,824 |  | 4,875 |
|  |  | Secured Debt | (9) | 6/3/2024 |  | 10.86% | SF+ | 6.50% |  | 8/1/2027 | 2,382 |  | 2,363 |  | 2,382 |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,490 |  | 10,618 |
Hornblower Sub, LLC | (10) | Marine Tourism and Transportation |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/3/2024 |  | 9.92% | SF+ | 5.50% |  | 7/3/2029 | 1,215 |  | 1,192 |  | 1,204 |
|  |  | Secured Debt | (9) | 7/3/2024 |  | 10.11% | SF+ | 5.50% |  | 7/3/2029 | 15,490 |  | 15,338 |  | 15,338 |
|  |  |  |  |  |  |  |  |  |  |  |  | 16,530 |  | 16,542 |
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/30/2021 |  | 13.10% | SF+ | 8.25% |  | 12/31/2027 | 8,000 |  | 7,859 |  | 8,000 |
IG Parent Corporation | (11) | Software Engineering |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/30/2021 |  |  | SF+ | 5.75% |  | 7/30/2026 | — |  | (8) |  | — |
|  |  | Secured Debt | (9) | 7/30/2021 |  | 10.21% | SF+ | 5.75% |  | 7/30/2028 | 6,154 |  | 6,102 |  | 6,154 |
|  |  | Secured Debt | (9) | 7/30/2021 |  | 10.21% | SF+ | 5.75% |  | 7/30/2028 | 1,922 |  | 1,906 |  | 1,922 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,000 |  | 8,076 |
Imaging Business Machines, L.L.C. | (10) | Technology Hardware & Equipment |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 6/8/2023 |  | 11.39% | SF+ | 7.00% |  | 6/30/2028 | 791 |  | 791 |  | 791 |
|  |  | Secured Debt | (9) | 6/8/2023 |  | 11.62% | SF+ | 7.00% |  | 6/30/2028 | 10,280 |  | 10,034 |  | 10,280 |
|  |  | Common Equity |  | 6/8/2023 | 422 |  |  |  |  |  |  | 580 |  | 510 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,405 |  | 11,581 |
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/1/2017 |  | 13.73% | SF+ | 7.75% | 1.50% | 7/31/2025 | 17,066 |  | 17,066 |  | 14,524 |

36

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Infinity X1 Holdings, LLC |  | Manufacturer and Supplier of Personal Lighting Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/31/2023 |  | 12.00% |  |  |  | 3/31/2028 | 3,763 |  | 3,714 |  | 3,763 |
|  |  | Preferred Equity | (8) | 3/31/2023 | 21,840 |  |  |  |  |  |  | 1,092 |  | 2,310 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,806 |  | 6,073 |
Insight Borrower Corporation | (10) | Test, Inspection, and Certification Instrument Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/19/2023 |  |  | SF+ | 6.25% |  | 7/19/2028 | — |  | (32) |  | (32) |
|  |  | Secured Debt | (9) (30) | 7/19/2023 |  |  | SF+ | 6.25% |  | 7/19/2029 | — |  | (27) |  | (27) |
|  |  | Secured Debt | (9) | 7/19/2023 |  | 10.87% | SF+ | 6.25% |  | 7/19/2029 | 8,289 |  | 8,100 |  | 7,869 |
|  |  | Common Equity |  | 7/19/2023 | 47,847 |  |  |  |  |  |  | 239 |  | 120 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,280 |  | 7,930 |
Inspire Aesthetics Management, LLC | (10) | Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 4/3/2023 |  | 14.69% | SF+ | 10.00% |  | 4/3/2028 | 677 |  | 664 |  | 620 |
|  |  | Secured Debt | (9) | 4/3/2023 |  | 14.58% | SF+ | 10.00% |  | 4/3/2028 | 6,198 |  | 6,091 |  | 5,681 |
|  |  | Secured Debt | (9) | 6/14/2023 |  | 14.58% | SF+ | 10.00% |  | 4/3/2028 | 1,248 |  | 1,227 |  | 1,144 |
|  |  | Common Equity |  | 4/3/2023 | 128,727 |  |  |  |  |  |  | 349 |  | 21 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,331 |  | 7,466 |
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (17) (28) | 12/9/2021 |  | 14.54% | SF+ | 10.00% | 14.54% | 8/7/2023 | 2,075 |  | 2,075 |  | 1,580 |
|  |  | Secured Debt | (9) (14) (17) | 8/7/2019 |  | 11.67% | SF+ | 7.00% | 11.67% | 8/7/2023 | 7,334 |  | 7,254 |  | 13 |
|  |  | Common Stock |  | 12/7/2021 | 2,143 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,329 |  | 1,593 |
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 8/28/2019 |  | 12.01% | SF+ | 7.50% |  | 12/31/2026 | 1,037 |  | 1,033 |  | 996 |
|  |  | Secured Debt | (9) | 8/28/2019 |  | 12.01% | SF+ | 7.50% |  | 12/31/2026 | 16,771 |  | 16,704 |  | 16,098 |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,737 |  | 17,094 |
Iron-Main Investments, LLC |  | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/2/2021 |  | 13.00% |  |  |  | 1/31/2028 | 1,128 |  | 1,113 |  | 1,113 |
|  |  | Secured Debt |  | 9/1/2021 |  | 13.00% |  |  |  | 1/31/2028 | 735 |  | 725 |  | 725 |
|  |  | Secured Debt |  | 11/15/2021 |  | 13.00% |  |  |  | 1/31/2028 | 2,236 |  | 2,236 |  | 2,236 |
|  |  | Secured Debt |  | 11/15/2021 |  | 13.00% |  |  |  | 1/31/2028 | 4,406 |  | 4,344 |  | 4,344 |
|  |  | Secured Debt |  | 1/31/2023 |  | 13.00% |  |  |  | 1/31/2028 | 2,461 |  | 2,379 |  | 2,379 |
|  |  | Preferred Equity |  | 6/26/2024 | 177,800 | 25.00% |  |  | 25.00% |  |  | 178 |  | 190 |
|  |  | Common Stock |  | 8/3/2021 | 50,753 |  |  |  |  |  |  | 689 |  | 710 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,664 |  | 11,697 |
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 4/13/2023 |  | 11.25% | SF+ | 6.60% | 8.75% | 4/14/2028 | 2,962 |  | 2,778 |  | 622 |
|  |  | Common Equity |  | 4/13/2023 | 186,322 |  |  |  |  |  |  | — |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,778 |  | 622 |
Island Pump and Tank, LLC | (10) | Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S. |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 5/20/2024 |  |  | SF+ | 6.50% |  | 5/17/2029 | — |  | (5) |  | (5) |
|  |  | Secured Debt | (9) | 5/20/2024 |  | 10.35% | SF+ | 5.50% |  | 5/17/2029 | 1,735 |  | 1,708 |  | 1,722 |

37

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Secured Debt | (9) | 5/20/2024 |  | 11.35% | SF+ | 6.50% |  | 5/17/2029 | 1,735 |  | 1,708 |  | 1,722 |
|  |  | Secured Debt | (9) | 5/20/2024 |  | 12.35% | SF+ | 7.50% |  | 5/17/2029 | 1,735 |  | 1,708 |  | 1,722 |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,119 |  | 5,161 |
ITA Holdings Group, LLC |  | Air Ambulance Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 13.78% | SF+ | 9.00% |  | 6/21/2027 | 295 |  | 290 |  | 295 |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 13.78% | SF+ | 9.00% |  | 6/21/2027 | 248 |  | 245 |  | 248 |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 12.78% | SF+ | 8.00% |  | 6/21/2027 | 1,110 |  | 937 |  | 1,110 |
|  |  | Secured Debt | (9) | 6/21/2023 |  | 14.78% | SF+ | 10.00% |  | 6/21/2027 | 1,110 |  | 937 |  | 1,110 |
|  |  | Warrants | (27) | 6/21/2023 | 48,327 |  |  |  |  | 6/21/2033 |  | 523 |  | 1,420 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,932 |  | 4,183 |
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (26) | 10/26/2022 |  | 12.18% | SF+ | 7.50% |  | 11/4/2026 | 1,585 |  | 1,567 |  | 1,585 |
|  |  | Secured Debt | (9) | 2/27/2024 |  | 12.19% | SF+ | 7.50% |  | 11/4/2026 | 1,251 |  | 1,236 |  | 1,251 |
|  |  | Secured Debt | (9) | 2/27/2024 |  | 12.18% | SF+ | 7.50% |  | 11/4/2026 | 121 |  | 96 |  | 121 |
|  |  | Secured Debt | (9) | 11/8/2021 |  | 12.18% | SF+ | 7.50% |  | 11/4/2026 | 3,685 |  | 3,643 |  | 3,685 |
|  |  | Preferred Equity |  | 11/8/2021 | 5,653,333 |  |  |  |  |  |  | 216 |  | 1,740 |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,758 |  | 8,382 |
JDC Power Services, LLC | (10) | Provider of Electrical Equipment and Maintenance Services for Datacenters |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/28/2024 |  |  | SF+ | 6.50% |  | 6/28/2029 | — |  | (47) |  | (47) |
|  |  | Secured Debt | (9) | 6/28/2024 |  | 10.83% | SF+ | 6.50% |  | 6/28/2029 | 17,671 |  | 17,277 |  | 17,489 |
|  |  |  |  |  |  |  |  |  |  |  |  | 17,230 |  | 17,442 |
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) (17) | 8/21/2019 |  | 21.59% | SF+ | 16.00% | 21.59% | 8/21/2024 | 942 |  | 942 |  | — |
|  |  | Secured Debt | (9) (14) (17) | 8/21/2019 |  | 21.59% | SF+ | 16.00% | 21.59% | 8/21/2024 | 906 |  | 906 |  | — |
|  |  | Secured Debt | (9) | 3/30/2024 |  | 13.21% | SF+ | 8.75% | 6.00% | 3/29/2029 | 1,470 |  | 1,470 |  | 1,470 |
|  |  | Secured Debt | (9) | 3/30/2024 |  | 13.18% | SF+ | 8.75% | 13.18% | 3/29/2029 | 1,091 |  | 1,091 |  | 1,091 |
|  |  | Common Stock |  | 8/21/2019 | 392,514 |  |  |  |  |  |  | 3,678 |  | — |
|  |  | Common Stock |  | 3/29/2024 | 4,535,784 |  |  |  |  |  |  | 166 |  | 110 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,253 |  | 2,671 |
JorVet Holdings, LLC |  | Supplier and Distributor of Veterinary Equipment and Supplies |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 3/28/2022 |  | 12.00% |  |  |  | 3/28/2027 | 2,591 |  | 2,568 |  | 2,568 |
|  |  | Preferred Equity | (8) | 3/28/2022 | 12,214 |  |  |  |  |  |  | 1,221 |  | 1,460 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,789 |  | 4,028 |
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 12/22/2021 |  | 12.72% | SF+ | 8.00% |  | 12/22/2026 | 702 |  | 696 |  | 665 |
|  |  | Secured Debt | (9) | 12/22/2021 |  | 12.58% | SF+ | 8.00% |  | 12/22/2026 | 2,980 |  | 2,956 |  | 2,823 |
|  |  | Secured Debt | (9) | 2/1/2024 |  | 12.58% | SF+ | 8.00% |  | 12/22/2026 | 279 |  | 273 |  | 265 |
|  |  | Common Equity |  | 12/22/2021 | 140,351 |  |  |  |  |  |  | 140 |  | 30 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,065 |  | 3,783 |
KMS, LLC | (10) | Wholesaler of Closeout and Value-priced Products |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 10/4/2021 |  | 14.50% | SF+ | 9.75% |  | 10/4/2026 | 1,286 |  | 1,238 |  | 829 |
|  |  | Secured Debt | (9) | 11/27/2024 |  | 14.23% | SF+ | 9.75% | 14.23% | 10/4/2026 | 562 |  | 562 |  | 562 |

38

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Secured Debt | (9) | 11/27/2024 |  | 14.23% | SF+ | 9.75% | 14.23% | 10/4/2026 | 550 |  | 550 |  | 550 |
|  |  | Secured Debt | (9) (14) | 10/4/2021 |  | 14.50% | SF+ | 9.75% |  | 10/4/2026 | 9,262 |  | 9,175 |  | 5,973 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,525 |  | 7,914 |
Lightbox Holdings, L.P. | (11) | Provider of Commercial Real Estate Software |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 5/9/2019 |  | 9.44% | SF+ | 5.00% |  | 5/9/2026 | 5,705 |  | 5,688 |  | 5,534 |
LL Management, Inc. | (10) | Medical Transportation Service Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 9/17/2024 |  | 11.89% | SF+ | 7.25% |  | 12/31/2025 | 701 |  | 701 |  | 701 |
|  |  | Secured Debt | (9) | 5/2/2019 |  | 11.92% | SF+ | 7.25% |  | 12/31/2025 | 7,850 |  | 7,791 |  | 7,850 |
|  |  | Secured Debt | (9) | 5/2/2019 |  | 11.71% | SF+ | 7.25% |  | 12/31/2025 | 5,181 |  | 5,141 |  | 5,181 |
|  |  | Secured Debt | (9) | 2/26/2021 |  | 11.92% | SF+ | 7.25% |  | 12/31/2025 | 860 |  | 854 |  | 860 |
|  |  | Secured Debt | (9) | 5/12/2022 |  | 11.71% | SF+ | 7.25% |  | 12/31/2025 | 8,716 |  | 8,647 |  | 8,716 |
|  |  |  |  |  |  |  |  |  |  |  |  | 23,134 |  | 23,308 |
LLFlex, LLC | (10) | Provider of Metal-Based Laminates |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/16/2021 |  | 12.74% | SF+ | 8.00% | 3.00% | 8/16/2026 | 4,592 |  | 4,560 |  | 3,684 |
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (17) | 1/8/2018 |  | 12.25% | P+ | 4.25% |  | 12/22/2024 | 11,552 |  | 11,552 |  | 9,191 |
Mako Steel, LP | (10) | Self-Storage Design & Construction |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 3/15/2021 |  |  | SF+ | 7.50% |  | 3/15/2026 | — |  | (19) |  | — |
|  |  | Secured Debt | (9) | 3/28/2024 |  | 12.00% | SF+ | 7.50% |  | 3/15/2026 | 21,081 |  | 20,910 |  | 21,081 |
|  |  |  |  |  |  |  |  |  |  |  |  | 20,891 |  | 21,081 |
Metalforming Holdings, LLC |  | Distributor of Sheet Metal Folding and Metal Forming Equipment |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (30) | 10/19/2022 |  |  |  |  |  | 10/19/2025 | — |  | — |  | — |
|  |  | Secured Debt |  | 10/19/2022 |  | 9.75% |  |  |  | 10/19/2027 | 1,539 |  | 1,513 |  | 1,513 |
|  |  | Preferred Equity | (8) | 10/19/2022 | 434,331 | 8.00% |  |  | 8.00% |  |  | 434 |  | 470 |
|  |  | Common Stock |  | 10/19/2022 | 112,865 |  |  |  |  |  |  | 113 |  | 500 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,060 |  | 2,483 |
Microbe Formulas, LLC | (10) | Nutritional Supplements Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 4/4/2022 |  |  | SF+ | 5.75% |  | 4/3/2028 | — |  | (5) |  | (5) |
|  |  | Secured Debt | (9) | 11/20/2024 |  | 10.22% | SF+ | 5.75% |  | 4/3/2028 | 1,342 |  | 1,323 |  | 1,342 |
|  |  | Secured Debt | (9) | 4/4/2022 |  | 10.21% | SF+ | 5.75% |  | 4/3/2028 | 2,389 |  | 2,361 |  | 2,389 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,679 |  | 3,726 |
Mini Melts of America, LLC | (10) | Manufacturer and Distributor of Branded Premium Beaded Ice Cream |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 11/30/2023 |  | 10.74% | SF+ | 6.25% |  | 11/30/2028 | 375 |  | 353 |  | 375 |
|  |  | Secured Debt | (9) (26) | 11/30/2023 |  | 10.77% | SF+ | 6.25% |  | 11/30/2028 | 858 |  | 841 |  | 858 |
|  |  | Secured Debt | (9) | 11/30/2023 |  | 9.76% | SF+ | 5.25% |  | 11/30/2028 | 3,201 |  | 3,140 |  | 3,201 |
|  |  | Secured Debt | (9) | 11/30/2023 |  | 11.76% | SF+ | 7.25% |  | 11/30/2028 | 3,201 |  | 3,138 |  | 3,201 |
|  |  | Common Equity |  | 11/30/2023 | 336,496 |  |  |  |  |  |  | 336 |  | 280 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,808 |  | 7,915 |
MoneyThumb Acquisition, LLC |  | Provider of Software-as-a-Service Financial File Conversion and Reconciliation |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/19/2024 |  | 14.00% |  |  |  | 8/19/2029 | 2,400 |  | 2,197 |  | 2,197 |
|  |  | Preferred Member Units | (8) | 8/19/2024 | 40,821 | 12.00% |  |  | 12.00% |  |  | 427 |  | 427 |
|  |  | Warrants | (27) | 8/19/2024 | 14,842 |  |  |  |  |  |  | 148 |  | 148 |

39

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  |  |  |  |  |  |  |  |  |  |  | 2,772 |  | 2,772 |
MonitorUS Holding, LLC | (10) (13) (21) | SaaS Provider of Media Intelligence Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/24/2022 |  | 11.59% | SF+ | 7.00% |  | 5/24/2027 | 1,181 |  | 1,171 |  | 1,125 |
|  |  | Secured Debt | (9) | 5/24/2022 |  | 11.59% | SF+ | 7.00% |  | 5/24/2027 | 3,071 |  | 3,042 |  | 3,160 |
|  |  | Secured Debt | (9) | 5/24/2022 |  | 11.59% | SF+ | 7.00% |  | 5/24/2027 | 5,213 |  | 5,166 |  | 5,213 |
|  |  | Unsecured Debt |  | 11/14/2023 |  | 8.00% |  |  | 8.00% | 3/31/2025 |  | 34 |  | 34 |
|  |  | Unsecured Debt |  | 3/15/2024 |  | 8.00% |  |  | 8.00% | 6/30/2025 |  | 15 |  | 15 |
|  |  | Unsecured Debt |  | 9/25/2024 |  | 8.00% |  |  | 8.00% | 12/21/2025 |  | 31 |  | 31 |
|  |  | Common Stock |  | 8/30/2022 | 12,798,820 |  |  |  |  |  |  | 256 |  | 226 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,715 |  | 9,804 |
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/18/2019 |  |  | SF+ | 6.50% |  | 12/18/2026 | — |  | (3) |  | (3) |
|  |  | Secured Debt | (9) | 12/18/2019 |  | 11.24% | SF+ | 6.50% |  | 12/18/2026 | 14,436 |  | 14,320 |  | 14,436 |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,317 |  | 14,433 |
Obra Capital, Inc. | (10) | Provider of Asset Management Services Specialized in Insurance-Linked Strategies |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/21/2024 |  |  | SF+ | 7.50% |  | 12/21/2028 | — |  | (14) |  | (14) |
|  |  | Secured Debt | (9) | 6/21/2024 |  | 11.97% | SF+ | 7.50% |  | 6/21/2029 | 11,979 |  | 11,661 |  | 11,766 |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,647 |  | 11,752 |
OnPoint Industrial Services, LLC | (10) | Environmental & Facilities Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/18/2024 |  | 11.35% | SF+ | 7.00% |  | 11/16/2027 | 1,050 |  | 1,040 |  | 1,040 |
|  |  | Secured Debt | (9) | 4/1/2024 |  | 11.33% | SF+ | 7.00% |  | 11/16/2027 | 2,910 |  | 2,888 |  | 2,888 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,928 |  | 3,928 |
Peaches Holding Corporation |  | Wholesale Provider of Consumer Packaging Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity |  | 5/22/2024 | 806 |  |  |  |  |  |  | 1,805 |  | 1,140 |
Power System Solutions | (10) | Backup Power Generation |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 6/7/2023 |  |  | SF+ | 6.50% |  | 6/7/2028 | — |  | (27) |  | (27) |
|  |  | Secured Debt | (9) | 6/7/2023 |  | 10.86% | SF+ | 6.50% |  | 6/7/2028 | 2,640 |  | 2,581 |  | 2,640 |
|  |  | Secured Debt | (9) | 6/7/2023 |  | 10.90% | SF+ | 6.50% |  | 6/7/2028 | 7,859 |  | 7,697 |  | 7,859 |
|  |  | Common Equity |  | 6/7/2023 | 532 |  |  |  |  |  |  | 532 |  | 1,640 |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,783 |  | 12,112 |
PrimeFlight Aviation Services | (10) | Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 5/1/2023 |  | 10.58% | SF+ | 5.50% |  | 5/1/2029 | 5,910 |  | 5,751 |  | 5,910 |
|  |  | Secured Debt | (9) | 9/7/2023 |  | 9.83% | SF+ | 5.50% |  | 5/1/2029 | 564 |  | 548 |  | 564 |
|  |  | Secured Debt | (9) | 1/30/2024 |  | 9.83% | SF+ | 5.50% |  | 5/1/2029 | 567 |  | 555 |  | 567 |
|  |  | Secured Debt | (9) | 6/28/2024 |  | 9.58% | SF+ | 5.25% |  | 5/1/2029 | 644 |  | 636 |  | 644 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,490 |  | 7,685 |
PTL US Bidco, Inc | (10) (13) (21) | Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/19/2022 |  | 13.03% | SF+ | 8.25% |  | 8/19/2027 | 448 |  | 441 |  | 443 |
|  |  | Secured Debt | (9) | 8/19/2022 |  | 13.03% | SF+ | 8.25% |  | 8/19/2027 | 1,167 |  | 1,153 |  | 1,155 |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,594 |  | 1,598 |
Purge Rite, LLC | (10) | HVAC Flushing and Filtration Services |  |  |  |  |  |  |  |  |  |  |  |

40

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  | Preferred Equity |  | 10/2/2023 | 13,021 |  |  |  |  |  |  | 1,289 |  | 1,289 |
|  |  | Common Equity |  | 4/1/2024 | 13,021 |  |  |  |  |  |  | 13 |  | 820 |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,302 |  | 2,109 |
Richardson Sales Solutions | (10) | Business Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (28) | 8/24/2023 |  | 11.22% | SF+ | 6.75% |  | 8/24/2028 | 1,075 |  | 1,033 |  | 1,075 |
|  |  | Secured Debt | (9) | 8/24/2023 |  | 11.38% | SF+ | 6.75% |  | 8/24/2028 | 10,288 |  | 10,058 |  | 10,288 |
|  |  | Secured Debt | (9) | 9/10/2024 |  | 11.43% | SF+ | 6.75% |  | 8/24/2028 | 5,065 |  | 4,972 |  | 5,065 |
|  |  |  |  |  |  |  |  |  |  |  |  | 16,063 |  | 16,428 |
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 8/27/2021 |  |  | SF+ | 8.00% |  | 8/27/2026 | — |  | (6) |  | — |
|  |  | Secured Debt | (9) | 8/27/2021 |  | 11.85% | SF+ | 7.00% |  | 8/27/2026 | 4,219 |  | 4,163 |  | 3,840 |
|  |  | Secured Debt | (9) | 8/27/2021 |  | 13.85% | SF+ | 9.00% |  | 8/27/2026 | 4,219 |  | 4,163 |  | 3,815 |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,320 |  | 7,655 |
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/16/2021 |  | 12.52% | SF+ | 8.00% | 2.00% | 11/16/2025 | 6,542 |  | 6,532 |  | 6,542 |
|  |  | Secured Debt | (9) | 7/16/2021 |  | 12.52% | SF+ | 8.00% | 2.00% | 11/16/2025 | 8,277 |  | 8,262 |  | 8,277 |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,794 |  | 14,819 |
Slick Innovations, LLC |  | Text Message Marketing Platform |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 9/13/2018 |  | 14.00% |  |  |  | 12/22/2027 | 4,080 |  | 3,978 |  | 4,080 |
|  |  | Common Stock | (8) | 9/13/2018 | 17,500 |  |  |  |  |  |  | — |  | 630 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,978 |  | 4,710 |
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 8/8/2024 |  |  | SF+ | 5.25% |  | 8/8/2029 | — |  | — |  | — |
|  |  | Secured Debt | (9) | 8/8/2024 |  | 9.71% | SF+ | 5.25% |  | 8/8/2029 | 4,388 |  | 4,357 |  | 4,388 |
|  |  | Common Equity |  | 12/10/2021 | 61 |  |  |  |  |  |  | 61 |  | 62 |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,418 |  | 4,450 |
SPAU Holdings, LLC | (10) | Digital Photo Product Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/1/2022 |  |  | SF+ | 7.50% |  | 7/1/2027 | — |  | (10) |  | — |
|  |  | Secured Debt | (9) | 7/1/2022 |  | 11.98% | SF+ | 7.50% |  | 7/1/2027 | 4,875 |  | 4,826 |  | 4,875 |
|  |  | Common Stock |  | 7/1/2022 | 200,000 |  |  |  |  |  |  | 200 |  | 190 |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,016 |  | 5,065 |
TEC Services, LLC | (10) | Provider of Janitorial Service for Food Retailers |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 12/31/2024 |  |  | SF+ | 5.75% |  | 12/31/2029 | — |  | (7) |  | (7) |
|  |  | Secured Debt | (9) (30) | 12/31/2024 |  |  | SF+ | 5.75% |  | 12/31/2029 | — |  | (5) |  | (5) |
|  |  | Secured Debt | (9) | 12/31/2024 |  | 10.13% | SF+ | 5.75% |  | 12/31/2029 | 2,333 |  | 2,299 |  | 2,299 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,287 |  | 2,287 |
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Equity | (23) | 7/7/2021 | 1,000,000 |  |  |  |  |  |  | 1,000 |  | 2,290 |
The Affiliati Network, LLC |  | Performance Marketing Solutions |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 8/9/2021 |  | 10.00% |  |  |  | 8/9/2026 | 100 |  | 98 |  | 98 |
|  |  | Secured Debt |  | 8/9/2021 |  | 10.00% |  |  |  | 8/9/2026 | 1,300 |  | 1,290 |  | 1,274 |
|  |  | Preferred Stock | (8) | 9/1/2023 | 71,827 |  |  |  |  |  |  | 72 |  | 72 |
|  |  | Preferred Stock | (8) | 8/9/2021 | 320,000 |  |  |  |  |  |  | 1,600 |  | 1,600 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,060 |  | 3,044 |

41

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Titan Meter Midco Corp. | (10) | Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 3/11/2024 |  |  | SF+ | 6.50% |  | 3/11/2029 | — |  | (40) |  | (40) |
|  |  | Secured Debt | (9) | 3/11/2024 |  | 10.83% | SF+ | 6.50% |  | 3/11/2029 | 13,049 |  | 12,666 |  | 13,049 |
|  |  | Preferred Equity |  | 3/11/2024 | 468,750 | 8.00% |  |  | 8.00% |  |  | 469 |  | 540 |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,095 |  | 13,549 |
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (14) | 6/1/2023 |  | 11.90% | SF+ | 7.40% | 6.00% | 5/2/2027 | 6,750 |  | 2,229 |  | 2,686 |
|  |  | Secured Debt | (14) | 6/1/2023 |  |  |  |  |  | 5/2/2027 | 692 |  | 15 |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,244 |  | 2,686 |
UPS Intermediate, LLC | (10) | Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 7/29/2024 |  | 10.36% | SF+ | 6.00% |  | 7/27/2029 | 19,490 |  | 19,118 |  | 19,294 |
|  |  | Common Equity |  | 7/29/2024 | 412,371 |  |  |  |  |  |  | 412 |  | 412 |
|  |  |  |  |  |  |  |  |  |  |  |  | 19,530 |  | 19,706 |
UserZoom Technologies, Inc. | (10) | Provider of User Experience Research Automation Software |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 1/11/2023 |  | 12.75% | SF+ | 7.50% |  | 4/5/2029 | 3,000 |  | 2,938 |  | 3,000 |
Vistar Media, Inc. | (10) | Operator of Digital Out-of-Home Advertising Platform |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Preferred Stock |  | 4/3/2019 | 70,207 |  |  |  |  |  |  | 767 |  | 4,676 |
Vitesse Systems | (10) | Component Manufacturing and Machining Platform |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/22/2023 |  | 11.55% | SF+ | 7.00% |  | 12/22/2028 | 1,705 |  | 1,669 |  | 1,705 |
|  |  | Secured Debt | (9) | 12/22/2023 |  | 11.47% | SF+ | 7.00% |  | 12/22/2028 | 12,375 |  | 12,130 |  | 12,375 |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,799 |  | 14,080 |
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Common Equity | (8) | 11/30/2021 | 769,231 |  |  |  |  |  |  | 769 |  | 1,950 |
Wall Street Prep, Inc. | (10) | Financial Training Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) (30) | 7/19/2021 |  |  | SF+ | 7.00% |  | 7/19/2026 | — |  | (3) |  | (3) |
|  |  | Secured Debt | (9) | 7/19/2021 |  | 11.74% | SF+ | 7.00% |  | 7/19/2026 | 2,199 |  | 2,183 |  | 2,199 |
|  |  | Common Stock |  | 7/19/2021 | 500,000 |  |  |  |  |  |  | 500 |  | 1,510 |
|  |  |  |  |  |  |  |  |  |  |  |  | 2,680 |  | 3,706 |
Watterson Brands, LLC | (10) | Facility Management Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 309 |  | 307 |  | 292 |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 53 |  | 49 |  | 50 |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 2,200 |  | 2,187 |  | 2,076 |
|  |  | Secured Debt |  | 12/17/2021 |  | 12.00% |  |  | 4.00% | 12/17/2026 | 1,986 |  | 1,973 |  | 1,874 |

42

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
|  |  |  |  |  |  |  |  |  |  |  |  | 4,516 |  | 4,292 |
West Star Aviation Acquisition, LLC | (10) | Aircraft, Aircraft Engine and Engine Parts |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 3/1/2022 |  | 9.47% | SF+ | 5.00% |  | 3/1/2028 | 658 |  | 649 |  | 658 |
|  |  | Secured Debt | (9) | 3/1/2022 |  | 9.60% | SF+ | 5.00% |  | 3/1/2028 | 2,918 |  | 2,884 |  | 2,917 |
|  |  | Secured Debt | (9) | 11/3/2023 |  | 9.60% | SF+ | 5.00% |  | 3/1/2028 | 1,452 |  | 1,429 |  | 1,452 |
|  |  | Common Stock | (8) | 3/1/2022 | 200,000 |  |  |  |  |  |  | 200 |  | 640 |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,162 |  | 5,667 |
Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 11/19/2021 |  | 12.81% | SF+ | 8.00% |  | 11/19/2026 | 2,750 |  | 2,701 |  | 2,672 |
|  |  | Secured Debt | (9) | 11/19/2021 |  | 12.85% | SF+ | 8.00% |  | 11/19/2026 | 2,343 |  | 2,310 |  | 2,276 |
|  |  | Secured Debt | (9) | 1/16/2024 |  | 11.85% | SF+ | 7.00% |  | 11/19/2026 | 9,050 |  | 8,911 |  | 8,794 |
|  |  | Secured Debt | (9) | 1/16/2024 |  | 13.85% | SF+ | 9.00% |  | 11/19/2026 | 9,050 |  | 8,911 |  | 8,794 |
|  |  |  |  |  |  |  |  |  |  |  |  | 22,833 |  | 22,536 |
World Micro Holdings, LLC |  | Supply Chain Management |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt |  | 12/12/2022 |  | 13.00% |  |  |  | 12/12/2027 | 1,485 |  | 1,468 |  | 1,468 |
|  |  | Preferred Equity | (8) | 12/12/2022 | 530 |  |  |  |  |  |  | 530 |  | 530 |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,998 |  | 1,998 |
Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 12/17/2021 |  | 9.70% | SF+ | 5.25% |  | 12/20/2028 | 1,176 |  | 1,157 |  | 1,176 |
|  |  | Secured Debt | (9) | 12/17/2021 |  | 9.98% | SF+ | 5.25% |  | 12/20/2028 | 2,328 |  | 2,304 |  | 2,328 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,461 |  | 3,504 |
YS Garments, LLC | (11) | Designer and Provider of Branded Activewear |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 8/22/2018 |  | 12.25% | SF+ | 7.50% |  | 8/9/2026 | 5,106 |  | 5,048 |  | 4,661 |
Zips Car Wash, LLC | (10) | Express Car Wash Operator |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 2/11/2022 |  | 11.91% | SF+ | 7.25% | 11.91% | 12/31/2024 | 2,458 |  | $ | 2,458 |  | $ | 2,025 |
|  |  | Secured Debt | (9) | 2/11/2022 |  | 11.91% | SF+ | 7.25% | 11.91% | 12/31/2024 | 616 |  | 616 |  | 508 |
|  |  |  |  |  |  |  |  |  |  |  |  | 3,074 |  | 2,533 |
ZRG Partners, LLC | (10) | Talent Advisory Services Provider |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 12.50% | P+ | 5.00% |  | 6/14/2029 | 86 |  | 64 |  | 86 |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 10.74% | SF+ | 6.00% |  | 6/14/2029 | 517 |  | 496 |  | 517 |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 10.28% | SF+ | 6.00% |  | 6/14/2029 | 817 |  | 806 |  | 817 |
|  |  | Secured Debt | (9) | 6/14/2024 |  | 10.66% | SF+ | 6.00% |  | 6/14/2029 | 5,852 |  | 5,748 |  | 5,852 |
|  |  |  |  |  |  |  |  |  |  |  |  | 7,114 |  | 7,272 |
Subtotal Non-Control/Non-Affiliate Investments (121.0% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 799,974 |  | $ | 756,269 |
Total Portfolio Investments, December 31, 2024 (188.4% of net assets at fair value) |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,138,745 |  | $ | 1,177,507 |
Money market funds (included in cash and cash equivalents) |  |  |  |  |  |  |  |  |  |  |  |  |  |
First American Treasury Obligations Fund Class Z | (16) |  |  |  |  |  |  |  |  |  |  |  | $ | 12,261 |  | $ | 12,261 |

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)

Portfolio Company (1) (20) |  | Business Description | Type of Investment (2) (3) (15) |  | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18)
Fidelity Government Portfolio Fund Class III | (34) |  |  |  |  |  |  |  |  |  |  |  | 2,099 |  | 2,099 |
Total money market funds |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,360 |  | $ | 14,360 |

___________________________________________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered as security for one of the Company’s Credit Facilities.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 96% of the loans (based on the par amount) contain Term SOFR floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.28%.
(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.
(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)Effective yield as of December 31, 2024 was approximately 4.41% on the First American Treasury Obligations Fund Class Z.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of December 31, 2024.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
(21)Portfolio company headquarters are located outside of the United States.
(22)Investment date represents the date of initial investment in the security position.
(23)Shares/Units represent ownership in a related Real Estate or HoldCo entity.
(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(25)A majority of the variable rate loans in the Company’s Investment Portfolio (defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging fro m 0.10% to 0.26%.
(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2024.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2024.
(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(30)The position is unfunded and no interest income is being earned as of December 31, 2024. The position may earn a nominal unused facility fee on committed amounts.
(31)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.
(33)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(34)Effective yield as of December 31, 2024 was approximately 4.13% on the Fidelity Government Portfolio Fund Class III.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements
(Unaudited)
NOTE A — ORGANIZATION AND BASIS OF PRESENTATION
1.Organization
MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Company”) is a principal investment firm primarily focused on providing debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). MSC Income’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSC Income seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the United States.
MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its “LMM investment portfolio”), and through those investments MSC Income has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (“Main Street”), a New York Stock Exchange (“NYSE”) listed business development company (“BDC”), utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s LMM investment strategy (the “LMM investment strategy”). Through the LMM investment strategy, MSC Income primarily invested in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Effective upon the MSC Income Listing (as defined below) on January 29, 2025, MSC Income changed its investment strategy for investments in new portfolio companies to be solely focused on its Private Loan investment strategy, rather than its historical focus primarily on its Private Loan investment strategy and secondarily on the LMM investment strategy (as further discussed below).
MSC Income also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. Similar to its Middle Market investments, MSC Income has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as its existing Other Portfolio investments are repaid or sold.
The “Investment Portfolio,” as used herein, refers to all of MSC Income’s investments in Private Loan portfolio companies, investments in LMM portfolio companies, investments in Middle Market portfolio companies and Other Portfolio investments.
MSIF was formed in November 2011 to operate as an externally managed BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). MSIF has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSIF generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
On October 28, 2020, MSC Income’s stockholders approved the appointment of MSC Adviser I, LLC (the “Adviser”), which is wholly-owned by Main Street, as MSC Income’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Prior Investment Advisory Agreement”).
On January 29, 2025, MSC Income’s shares of common stock were listed on the NYSE under the ticker symbol “MSIF” (the “MSC Income Listing”).
On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into an Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) with the Adviser. The
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at a special meeting of MSC Income’s stockholders held on December 11, 2024 (the “2025 Special Meeting”), effective upon the MSC Income Listing. In such role, the Adviser has the responsibility to manage the business of MSC Income, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor MSC Income’s Investment Portfolio and provide ongoing administrative services.
On January 29, 2025, in connection with the MSC Income Listing, the Company amended and restated its Articles of Amendment and Restatement, as amended, by filing new Articles of Amendment and Restatement of the Company (the “New Articles”) with the State Department of Assessments and Taxation of the State of Maryland. The New Articles revised the Company’s charter to, among other things, (i) include a provision that limits the transferability of shares of its common stock outstanding at the time of the MSC Income Listing during the 365-day period following the MSC Income Listing, (ii) reflect an amendment to delete provisions regarding restrictions and requirements applicable to its dividend reinvestment plan, (iii) reflect an amendment to delete provisions prohibiting acquisitions of assets in exchange for shares of its common stock and restricting certain transactions between the Company and the Adviser and its affiliates and (iv) delete certain provisions required by, and remove references to, the NASAA Guidelines in order to conform certain provisions of the Company’s charter more closely to provisions in the charters of other BDCs whose securities are listed and publicly-traded on a national securities exchange.
On January 30, 2025, in connection with the MSC Income Listing, MSC Income closed a follow-on public offering of 5,500,000 shares of its common stock, at the public offering price of $15.53 per share. In addition, on February 3, 2025, MSC Income issued and sold 825,000 additional shares of its common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option (together with the offering and sale of the 5,500,000 shares, the “MSC Income Offering”). Net of underwriting discounts and commissions and offering costs, MSC Income received net cash proceeds of $90.5 million in connection with the MSC Income Offering.
MSIF has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSIF to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSIF also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).
Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “MSC Income” refer to MSIF and its consolidated subsidiaries, which include the Taxable Subsidiaries and the Structured Subsidiaries.
2.Basis of Presentation
MSC Income’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, MSC Income’s consolidated financial statements include the accounts of MSIF and its consolidated subsidiaries. MSC Income’s results of operations for the three months ended March 31, 2025 and 2024, cash flows for the three months ended March 31, 2025 and 2024 and financial position as of March 31, 2025 and December 31, 2024 are presented on a consolidated basis. The effects of all intercompany transactions between MSIF and its consolidated subsidiaries have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements of MSC Income are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three months ended March 31, 2025 are not necessarily
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
indicative of the operating results to be expected for the full year. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Principles of Consolidation
Under ASC 946, MSC Income is precluded from consolidating other entities in which MSC Income has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if MSC Income holds a controlling interest in an operating company that provides all or substantially all of its services directly to MSC Income. Accordingly, as noted above, MSC Income’s consolidated financial statements include the financial position and operating results for the Taxable Subsidiaries and the Structured Subsidiaries. MSC Income has determined that none of its portfolio investments qualify for this exception. Therefore, MSC Income’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value, as discussed further in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases on the Consolidated Statements of Operations.
Portfolio Investment Classification
MSC Income classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control Investments” are defined as investments in which MSC Income owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which MSC Income owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. For purposes of determining the classification of its Investment Portfolio, MSC Income has excluded consideration of any voting securities or board appointment rights held by Main Street or any other advisory client of the Adviser.
3.Reverse Stock Split
On December 16, 2024, in advance of the MSC Income Listing, the Company effectuated a 2-for-1 reverse stock split of its outstanding common stock pursuant to approval from its Board of Directors (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every two shares of the Company’s issued and outstanding common stock were converted into one share of issued and outstanding common stock, without any change in the par value or shares authorized. All share, per share, common stock and additional paid-in capital amounts presented in these consolidated financial statements and notes to the consolidated financial statements prior to December 16, 2024 have been retrospectively adjusted to give effect to the Reverse Stock Split.
NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.Valuation of the Investment Portfolio
MSC Income accounts for its Investment Portfolio at fair value. As a result, MSC Income follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires MSC Income to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.
MSC Income’s portfolio strategy calls for it to invest primarily in debt securities issued by Private Loan companies. MSC Income also maintains its LMM investment portfolio and its portfolio strategy calls for it to invest in future follow-on investments in illiquid debt and equity securities issued by its existing LMM portfolio companies, as or if such opportunities exist. Effective on the date of the MSC Income Listing, the Company has changed its investment
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
strategy with respect to new platform investments to be solely focused on the Private Loan investment strategy. As a result, the size of the LMM investment portfolio is expected to decrease over time as existing LMM investments are repaid or sold in the ordinary course of business. MSC Income also maintains a legacy portfolio of investments in Middle Market companies and a limited portfolio of Other Portfolio investments which are also expected to decrease over time as MSC Income is generally no longer making new Middle Market investments or Other Portfolio investments. MSC Income’s portfolio investments may be subject to restrictions on resale.
Private Loan investments may include investments which have no established market or have established markets that are not active, while LMM investments and Other Portfolio investments generally have no established trading market. Middle Market portfolio investments generally have established markets that are not active. MSC Income determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. MSC Income’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of MSC Income’s Investment Portfolio.
For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the yield-to-maturity model (“Yield-to-Maturity”) valuation method. For LMM portfolio investments, MSC Income generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a Yield-to-Maturity valuation method for its LMM debt investments. For Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, MSC Income primarily uses quoted prices in the valuation process. MSC Income determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, MSC Income generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for MSC Income’s portfolio investments estimate the value of the investment as if MSC Income were to sell, or exit, the investment as of the measurement date.
These valuation approaches consider the value associated with MSC Income’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which MSC Income has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies for which MSC Income does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.
Under the Waterfall valuation method, MSC Income estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, MSC Income analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for MSC Income’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited,
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, MSC Income also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, MSC Income allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, MSC Income assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which MSC Income believes is consistent with its past transaction history and standard industry practices.
Under the Yield-to-Maturity valuation method, MSC Income also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. MSC Income’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as MSC Income generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. MSC Income will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of MSC Income’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that MSC Income uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, MSC Income may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.
Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, MSC Income measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to MSC Income that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if MSC Income holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, MSC Income considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of MSC Income’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding MSC Income’s ability to realize the full NAV of its interests in the investment fund.
Pursuant to its internal valuation process and the requirements under the 1940 Act, MSC Income performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, MSC Income, among other things, consults with a nationally recognized independent financial advisory services firm (the “Financial Advisory Firm”). The Financial Advisory Firm analyzes and provides observations and recommendations and an assurance certification regarding MSC Income’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income’s investments in each Private Loan portfolio company at least once every calendar year, and for MSC Income’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, MSC Income may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of MSC Income’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 13 and 14 Private Loan portfolio companies during the three months ended March 31, 2025 and 2024, respectively, representing 26% and 21% of the total Private Loan portfolio at fair value as of March 31, 2025 and 2024, respectively. A total of 63 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2025, representing 88% of the total Private Loan portfolio at fair value as of March 31, 2025. Excluding
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
its investments in Private Loan portfolio companies that, as of March 31, 2025, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment, 96% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2025.
For valuation purposes, all of MSC Income’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.
In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its LMM portfolio companies, MSC Income, among other things, consults with the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding MSC Income’s determinations of the fair value of its LMM portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income’s investments in each LMM portfolio company at least once every calendar year, and for MSC Income’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, MSC Income may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of MSC Income’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 12 LMM portfolio companies during each of the three months ended March 31, 2025 and 2024, representing 26% of the total LMM portfolio at fair value as of both March 31, 2025 and 2024. A total of 48 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2025, representing 95% of the total LMM portfolio at fair value as of March 31, 2025. Excluding its investments in LMM portfolio companies that, as of March 31, 2025, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, 99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2025.
For valuation purposes, all of MSC Income’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, MSC Income uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. MSC Income generally consults on a limited basis with the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (91% and 93% as of March 31, 2025 and December 31, 2024, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services or (ii) MSC Income has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months.
For valuation purposes, all of MSC Income’s Other Portfolio investments are non-control investments. MSC Income’s Other Portfolio investments comprised 1.8% and 2.0% of MSC Income’s Investment Portfolio at fair value as of March 31, 2025 and December 31, 2024, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, MSC Income generally determines the fair value of these investments using the NAV valuation method.
Due to the inherent uncertainty in the valuation process, MSC Income’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
materially different than the valuations currently assigned. MSC Income determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.
MSC Income uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its Private Loan, LMM and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each Private Loan, LMM and Middle Market portfolio company.
Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. MSC Income’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated the Adviser, led by a group of Main Street’s and the Adviser’s executive officers, to serve as the Board of Directors’ valuation designee. MSC Income believes its Investment Portfolio as of March 31, 2025 and December 31, 2024 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.
2.Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by MSC Income pursuant to valuation policies and procedures approved and overseen by MSC Income’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.
Macroeconomic factors, including pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries and changing market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of MSC Income’s portfolio companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of MSC Income’s Investment Portfolio has and may continue to experience increased volatility.
3.Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. As of March 31, 2025 and December 31, 2024, the Company had $15.5 million and $14.4 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Company’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.
As of March 31, 2025 and December 31, 2024, cash balances totaling $22.8 million and $13.5 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance.
4.Interest, Dividend and Fee Income
MSC Income records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. MSC Income evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if MSC Income otherwise does not expect the debtor to be able to service its debt obligation, MSC Income will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, MSC Income removes it from non-accrual status.
As of March 31, 2025, investments on non-accrual status comprised 2.8% of MSC Income’s total Investment Portfolio at fair value and 6.1% at cost. As of December 31, 2024, investments on non-accrual status comprised 1.5% of MSC Income’s total Investment Portfolio at fair value and 5.6% at cost.
MSC Income holds certain debt and preferred equity instruments in its Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.8. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the PIK interest and cumulative dividends in cash. MSC Income stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended March 31, 2025 and 2024, (i) 5.8% and 4.5%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.2% and 0.1%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash.
MSC Income may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
A presentation of total investment income MSC Income received from its Investment Portfolio in each of the periods presented is as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (dollars in thousands)
Interest, fee and dividend income: |  |  |  |  |  |  |
Interest income | $ | 27,424 |  |  | $ | 29,059 |  |  |  |  |
Dividend income | 5,142 |  |  | 2,472 |  |  |  |  |
Fee income | 661 |  |  | 2,419 |  |  |  |  |
Total investment income | $ | 33,227 |  |  | $ | 33,950 |  |  |  |  |

5.Deferred Financing Costs
Deferred financing costs include commitment fees and other direct costs incurred in connection with arranging MSC Income’s borrowings. Deferred financing costs incurred in connection with MSC Income’s multi-year revolving Credit Facilities (as defined in Note D — Debt) have been capitalized as an asset. Deferred financing costs incurred in connection with the Series A Notes (as defined in Note D — Debt) are reflected as a direct deduction from the principal amount outstanding.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
6.Equity Offering Costs
The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.
7.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value
MSC Income capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.
In connection with its portfolio debt investments, MSC Income sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are valued as part of the negotiation process with the particular portfolio company. When MSC Income receives nominal cost equity, it allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.
MSC Income may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, MSC Income records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, MSC Income records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.
To maintain RIC tax treatment (as discussed in Note B.8. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the interest income. For the three months ended March 31, 2025 and 2024, 2.3% and 2.5%, respectively, of MSC Income’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.
8.Income Taxes
MSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSIF generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSIF distributes to its stockholders. MSIF must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The Taxable Subsidiaries primarily hold certain equity investments for MSC Income. The Taxable Subsidiaries permit MSC Income to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSC Income for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSIF for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss,
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in MSC Income’s consolidated financial statements.
The Taxable Subsidiaries use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. MSC Income’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.
Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
9.Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation
Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.
10.Fair Value of Financial Instruments
Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. MSC Income believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.
MSC Income’s debt instruments, including all revolving and term debt, are accounted for on a historical cost basis as applicable under U.S. GAAP. As also required under U.S. GAAP, MSC Income discloses the estimated fair value of its debt obligations in Note D — Debt. To estimate the fair value of MSC Income’s Series A Notes as disclosed in Note D — Debt, MSC Income uses the Yield-to-Maturity valuation method based on projections of the discounted future free cash flows that the debt security will likely generate, including both the discounted cash flows of the associated interest and principal amounts for the debt security. The inputs used to value MSC Income’s debt instruments for purposes of the fair value estimate disclosures in Note D — Debt are considered to be Level 2 according to the ASC 820 fair value hierarchy.
11.Earnings Per Share
Basic and diluted per share calculations, including net increase in net assets resulting from operations per share and net investment income per share, are computed utilizing the weighted-average number of shares of common stock outstanding for the period.
12.Segments
MSC Income operates as a single segment with a principal investment objective to maximize total return primarily by generating current income from debt investments and, to a lesser extent, by generating current income and capital appreciation from equity and equity-related investments. The Adviser’s Investment Committee and the Company’s Chief Executive Officer collectively perform the function that allocates resources and assesses performance, and thus together, serve as the Company’s chief operating decision maker (the “CODM”). Among other metrics, the CODM uses net investment income as a primary U.S. GAAP profit or loss metric used in making operating decisions, which can be found
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
on the Consolidated Statement of Operations along with significant expenses. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.
13.Recently Issued or Adopted Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024, and early adoption is permitted. The Company has determined that ASU 2023-09 will not have a material impact on the consolidated financial statements and the notes thereto.
From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.
NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION
ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. MSC Income accounts for its investments at fair value.
Fair Value Hierarchy
In accordance with ASC 820, MSC Income has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).
Investments recorded on MSC Income’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:
Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that MSC Income has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).
Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:
•Quoted prices for similar assets in active markets (for example, investments in restricted stock);
•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);
•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and
•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.
Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.
As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
As of March 31, 2025 and December 31, 2024, MSC Income’s Private Loan portfolio investments primarily consisted of investments in secured debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of MSC Income’s Private Loan portfolio investments were categorized as Level 3 as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, all of MSC Income’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of MSC Income’s LMM portfolio investments were categorized as Level 3 as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, MSC Income’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of MSC Income’s Middle Market portfolio investments were categorized as Level 3 as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, MSC Income’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of MSC Income’s Other Portfolio investments were categorized as Level 3 as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.
The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:
•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
•Current and projected financial condition of the portfolio company;
•Current and projected ability of the portfolio company to service its debt obligations;
•Type and amount of collateral, if any, underlying the investment;
•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
•Pending debt or capital restructuring of the portfolio company;
•Projected operating results of the portfolio company;
•Current information regarding any offers to purchase the investment;
•Current ability of the portfolio company to raise any additional financing as needed;
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
•Changes in the economic environment which may have a material impact on the operating results of the portfolio company;
•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
•Qualitative assessment of key management;
•Contractual rights, obligations or restrictions associated with the investment; and
•Other factors deemed relevant.
The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of MSC Income’s LMM equity securities, which are generally valued through an average of the discounted cash flow technique and the market comparable/enterprise value technique (unless one of these approaches is determined to not be appropriate), are (i) EBITDA multiples and (ii) the weighted-average cost of capital (“WACC”). Significant increases (decreases) in EBITDA multiple inputs in isolation would result in a significantly higher (lower) fair value measurement, and significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of MSC Income’s Private Loan, LMM and Middle Market debt securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.
The following tables provide a summary of the significant unobservable inputs used to fair value MSC Income’s Level 3 portfolio investments as of March 31, 2025 and December 31, 2024:

Type of Investment |  | Fair Value as of March 31, 2025 (in thousands) |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range (3) |  | Weighted-Average (3)(4) |  | Median (3)
Equity investments |  | $ | 291,419 |  |  | Discounted cash flow |  | WACC |  | 11.3% - 22.3% |  | 14.7 | % |  | 15.0 | %
|  |  |  | Market comparable / Enterprise value |  | EBITDA multiple (1) |  | 5.0x - 8.5x (2) |  | 6.6x |  | 6.5x
Debt investments |  | $ | 964,554 |  |  | Discounted cash flow |  | Risk adjusted discount rate (5) |  | 8.9% - 15.8% (2) |  | 12.7 | % |  | 12.3 | %
|  |  |  |  |  | Expected principal recovery percentage |  | 0.3% - 500.0% |  | 99.9 | % |  | 100.0 | %
Debt investments |  | $ | 4,880 |  |  | Market approach |  | Third-party quote |  | 14.5 - 75.0 |  | 50.1 |  | 40.0
Total Level 3 investments |  | $ | 1,260,853 |  |  |  |  |  |  |  |  |  |  |

_____________________
(1)EBITDA may include proforma adjustments and/or other add-backs based on specific circumstances related to each investment.
(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 13.5x and the range for risk adjusted discount rate is 7.2% - 36.2%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
(4)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.
(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.

Type of Investment |  | Fair Value as of December 31, 2024 (in thousands) |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range (3) |  | Weighted-Average (3)(4) |  | Median (3)
Equity investments |  | $ | 281,831 |  |  | Discounted cash flow |  | WACC |  | 11.5% - 22.5% |  | 14.8 | % |  | 15.1 | %
|  |  |  | Market comparable / Enterprise value |  | EBITDA multiple (1) |  | 4.9x - 9.0x (2) |  | 6.6x |  | 6.5x
Debt investments |  | $ | 862,813 |  |  | Discounted cash flow |  | Risk adjusted discount rate (5) |  | 8.5% - 18.0% (2) |  | 13.2 | % |  | 12.1 | %
|  |  |  |  |  | Expected principal recovery percentage |  | 0.3% - 100.0% |  | 99.7 | % |  | 100.0 | %
Debt investments |  | $ | 32,863 |  |  | Market approach |  | Third-party quote |  | 21.0 - 99.4 |  | 82.9 |  | 84.5
Total Level 3 investments |  | $ | 1,177,507 |  |  |  |  |  |  |  |  |  |  |

_____________________
(1)EBITDA may include proforma adjustments and/or other add-backs based on specific circumstances related to each investment.
(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 17.0x and the range for risk adjusted discount rate is 6.8% - 38.3%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(4)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.
(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.
The following tables provide a summary of changes in fair value of MSC Income’s Level 3 portfolio investments for the three months ended March 31, 2025 and 2024 (amounts in thousands):

Type of Investment |  | Fair Value as of December 31, 2024 |  | Transfers Into Level 3 Hierarchy |  | Redemptions/ Repayments |  | New Investments |  | Net Changes from Unrealized to Realized |  | Net Unrealized Appreciation (Depreciation) |  | Other (1) |  | Fair Value as of March 31, 2025
Debt |  | $ | 895,676 |  |  | $ | — |  |  | $ | (74,862) |  |  | $ | 144,667 |  |  | $ | 23,520 |  |  | $ | (7,955) |  |  | $ | (11,612) |  |  | $ | 969,434 |
Equity |  | 277,553 |  |  | — |  |  | (6,617) |  |  | 1,397 |  |  | (2,289) |  |  | 4,295 |  |  | 11,612 |  |  | 285,951 |
Equity Warrant |  | 4,278 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,190 |  |  | — |  |  | 5,468 |
|  | $ | 1,177,507 |  |  | $ | — |  |  | $ | (81,479) |  |  | $ | 146,064 |  |  | $ | 21,231 |  |  | $ | (2,470) |  |  | $ | — |  |  | $ | 1,260,853 |

______________________
(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)

Type of Investment |  | Fair Value as of December 31, 2023 |  | Transfers Into Level 3 Hierarchy |  | Redemptions/ Repayments |  | New Investments |  | Net Changes from Unrealized to Realized |  | Net Unrealized Appreciation (Depreciation) |  | Other (1) |  | Fair Value as of March 31, 2024
Debt |  | $ | 838,125 |  |  | $ | — |  |  | $ | (50,999) |  |  | $ | 75,519 |  |  | $ | 884 |  |  | $ | (3,635) |  |  | $ | (166) |  |  | $ | 859,728 |
Equity |  | 254,029 |  |  | — |  |  | (3,324) |  |  | 3,025 |  |  | 673 |  |  | 1,053 |  |  | 166 |  |  | 255,622 |
Equity Warrant |  | 741 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (109) |  |  | — |  |  | 632 |
|  | $ | 1,092,895 |  |  | $ | — |  |  | $ | (54,323) |  |  | $ | 78,544 |  |  | $ | 1,557 |  |  | $ | (2,691) |  |  | $ | — |  |  | $ | 1,115,982 |

_____________________
(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.
As of March 31, 2025 and December 31, 2024, MSC Income’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:

|  |  |  | Fair Value Measurements
|  |  |  | (in thousands)
As of March 31, 2025 |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Private Loan portfolio investments |  | $ | 767,780 |  |  | $ | — |  |  | $ | — |  |  | $ | 767,780 |
LMM portfolio investments |  | 439,689 |  |  | — |  |  | — |  |  | 439,689 |
Middle Market portfolio investments |  | 30,781 |  |  | — |  |  | — |  |  | 30,781 |
Other Portfolio investments |  | 22,603 |  |  | — |  |  | — |  |  | 22,603 |
Total investments |  | $ | 1,260,853 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,260,853 |

|  |  |  | Fair Value Measurements
|  |  |  | (in thousands)
As of December 31, 2024 |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Private Loan portfolio investments |  | $ | 677,878 |  |  | $ | — |  |  | $ | — |  |  | $ | 677,878 |
LMM portfolio investments |  | 436,150 |  |  | — |  |  | — |  |  | 436,150 |
Middle Market portfolio investments |  | 39,402 |  |  | — |  |  | — |  |  | 39,402 |
Other Portfolio investments |  | 24,077 |  |  | — |  |  | — |  |  | 24,077 |
Total investments |  | $ | 1,177,507 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,177,507 |

Investment Portfolio Composition
MSC Income’s principal investment objective is to maximize its portfolio’s total return, primarily by generating current income from its debt investments and, to a lesser extent, by generating current income and capital appreciation from its equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. MSC Income seeks to achieve its investment objective primarily by providing debt capital to companies in its Private Loan investment strategy and secondarily through its LMM investment portfolio.
MSC Income’s Private Loan investment strategy is focused on investments in secured debt in privately held companies that generally have annual revenues between $25 million and $500 million, and its Private Loan investments generally range in size from $1 million to $30 million. MSC Income’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by the Adviser or, to a lesser extent, through the Adviser’s strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
markets as “club deals” because of the small lender group size. In both cases, MSC Income’s Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. MSC Income’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. MSC Income may have the option to co-invest with Main Street and the private equity fund in the equity securities of its Private Loan portfolio companies.
MSC Income maintains a LMM investment portfolio with investments in secured debt and equity investments in privately held, LMM companies based in the United States. MSC Income’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $1 million to $30 million. The LMM debt investments are typically secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating interest rates and generally have a term of between five and seven years from the original investment date. MSC Income typically makes direct equity investments and/or receives nominally priced equity warrants in connection with a LMM portfolio company debt investment.
In connection with the MSC Income Listing, the Company’s Board of Directors and the Adviser decided to change the Company’s investment strategy with respect to new platform investments to be solely focused on the Private Loan investment strategy. As a result, the size of the Company’s LMM investment portfolio is expected to decrease over time as existing LMM investments are repaid or sold in the ordinary course of business. The Company does, however, plan to continue executing follow-on investments in its existing LMM portfolio companies going forward in accordance with its existing SEC order for co-investment exemptive relief.
MSC Income also maintains a legacy portfolio of investments in Middle Market companies. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Middle Market debt investments generally range in size from $1 million to $20 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.
MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments which may be managed by third parties. In the Other Portfolio, MSC Income may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, MSC Income generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be realized over a five to ten-year period. Similar to its Middle Market investments, the Company has generally stopped making new Other Portfolio investments and expects its Other Portfolio to continue to decline in future periods as existing Other Portfolio investments are repaid or sold.
Based upon MSC Income’s liquidity and capital structure management activities, MSC Income’s Investment Portfolio may also periodically include short-term portfolio investments that are atypical of MSC Income’s Private Loan and LMM portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be realized in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.
Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three months ended March 31, 2025 and 2024, MSC Income did not record investment income from any single portfolio company in excess of 10% of total investment income.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
The following tables provide a summary of MSC Income’s investments in the Private Loan and LMM portfolios as of March 31, 2025 and December 31, 2024 (this information excludes Middle Market and Other Portfolio investments, which are discussed further below).

| As of March 31, 2025
| Private Loan |  | LMM (a) |  |
| (dollars in millions)
Number of portfolio companies | 84 |  |  | 57 |  |  |
Fair value | $ | 767.8 |  |  | $ | 439.7 |  |  |
Cost | $ | 790.0 |  |  | $ | 356.3 |  |  |
Debt investments as a % of portfolio (at cost) | 93.5 | % |  | 67.7 | % |  |
Equity investments as a % of portfolio (at cost) | 6.5 | % |  | 32.3 | % |  |
% of debt investments at cost secured by first priority lien | 99.9 | % |  | 99.9 | % |  |
Weighted-average annual effective yield (b) | 11.6 | % |  | 13.1 | % |  |
Average EBITDA (c) | $ | 32.3 |  |  | $ | 11.0 |  |  |

___________________
(a)As of March 31, 2025, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2025. The weighted-average annual effective yield on MSC Income’s debt portfolio as of March 31, 2025, including debt investments on non-accrual status, was 10.9% for its Private Loan portfolio and 12.2% for its LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on its investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including four Private Loan portfolio companies and four LMM portfolio companies, as EBITDA is not a meaningful valuation metric for MSC Income’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)

| As of December 31, 2024
| Private Loan |  | LMM (a) |  |
| (dollars in millions)
Number of portfolio companies | 84 |  |  | 57 |  |  |
Fair value | $ | 677.9 |  |  | $ | 436.1 |  |  |
Cost | $ | 697.5 |  |  | $ | 357.1 |  |  |
Debt investments as a % of portfolio (at cost) | 93.9 | % |  | 67.8 | % |  |
Equity investments as a % of portfolio (at cost) | 6.1 | % |  | 32.2 | % |  |
% of debt investments at cost secured by first priority lien | 99.9 | % |  | 99.9 | % |  |
Weighted-average annual effective yield (b) | 12.0 | % |  | 13.0 | % |  |
Average EBITDA (c) | $ | 28.6 |  |  | $ | 10.8 |  |  |

___________________
(a)As of December 31, 2024, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2024. The weighted-average annual effective yield on MSC Income’s debt portfolio as of December 31, 2024, including debt investments on non-accrual status, was 11.4% for its Private Loan portfolio and 12.2% for its LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on its investment because it does not reflect MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including two Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for MSC Income’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.
For the three months ended March 31, 2025 and 2024, MSC Income achieved an annualized total return on investments of 10.6% and 11.8%, respectively. For the year ended December 31, 2024, MSC Income achieved a total return on investments of 12.4%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. MSC Income’s total return on investments is not reflective of what an investor in shares of MSC Income’s common stock will realize on its investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.
As of March 31, 2025, MSC Income had Middle Market Portfolio investments in eight portfolio companies, collectively totaling $30.8 million in fair value and $40.6 million in cost basis, which comprised 2.4% and 3.4% of MSC Income’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, MSC Income had Middle Market Portfolio investments in ten portfolio companies, collectively totaling $39.4 million in fair value and $66.3 million in cost basis, which comprised 3.3% and 5.8% of MSC Income’s Investment Portfolio at fair value and cost, respectively.
As of March 31, 2025, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $22.6 million in fair value and $16.5 million in cost basis, which comprised 1.8% and 1.4% of MSC Income’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $24.1 million in fair value and $17.9 million in cost basis, which comprised 2.0% and 1.6% of MSC Income’s Investment Portfolio at fair value and cost, respectively.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments, as of March 31, 2025 and December 31, 2024 (this information excludes Other Portfolio investments, which are discussed above).

Cost: |  | March 31, 2025 |  | December 31, 2024
First lien debt |  | 85.4 | % |  | 85.2 | %
Equity |  | 14.4 |  |  | 14.5 |
Equity warrants |  | 0.2 |  |  | 0.3 |
Other |  | — |  |  | — |
|  | 100.0 | % |  | 100.0 | %

Fair Value: |  | March 31, 2025 |  | December 31, 2024
First lien debt |  | 78.3 | % |  | 77.6 | %
Equity |  | 21.3 |  |  | 22.0 |
Equity warrants |  | 0.4 |  |  | 0.4 |
Other |  | — |  |  | — |
|  | 100.0 | % |  | 100.0 | %

The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments, as of March 31, 2025 and December 31, 2024 (this information excludes Other Portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

Cost: |  | March 31, 2025 |  | December 31, 2024
Northeast |  | 23.3 | % |  | 22.4 | %
Midwest |  | 22.3 |  |  | 21.5 |
Southwest |  | 20.5 |  |  | 18.2 |
West |  | 18.2 |  |  | 18.7 |
Southeast |  | 13.7 |  |  | 17.0 |
Canada |  | 1.1 |  |  | 1.2 |
Other Non-United States |  | 0.9 |  |  | 1.0 |
|  | 100.0 | % |  | 100.0 | %

Fair Value: |  | March 31, 2025 |  | December 31, 2024
Midwest |  | 23.3 | % |  | 22.7 | %
Southwest |  | 22.4 |  |  | 20.4 |
Northeast |  | 22.4 |  |  | 22.6 |
West |  | 18.1 |  |  | 18.4 |
Southeast |  | 11.9 |  |  | 13.8 |
Canada |  | 1.0 |  |  | 1.1 |
Other Non-United States |  | 0.9 |  |  | 1.0 |
|  | 100.0 | % |  | 100.0 | %

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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
MSC Income’s Private Loan, LMM and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments by industry at cost and fair value as of March 31, 2025 and December 31, 2024 (this information excludes Other Portfolio investments).

Cost: |  | March 31, 2025 |  | December 31, 2024
Electrical Equipment |  | 7.3 | % |  | 4.6 | %
Machinery |  | 7.3 |  |  | 7.8 |
Commercial Services & Supplies |  | 7.2 |  |  | 7.6 |
Internet Software & Services |  | 6.3 |  |  | 7.2 |
Professional Services |  | 5.6 |  |  | 6.1 |
Containers & Packaging |  | 4.8 |  |  | 4.5 |
Diversified Consumer Services |  | 4.7 |  |  | 5.2 |
IT Services |  | 4.4 |  |  | 4.6 |
Distributors |  | 3.9 |  |  | 4.3 |
Health Care Providers & Services |  | 3.9 |  |  | 4.2 |
Aerospace & Defense |  | 3.4 |  |  | 1.7 |
Leisure Equipment & Products |  | 3.3 |  |  | 3.5 |
Auto Components |  | 3.1 |  |  | 1.7 |
Chemicals |  | 2.8 |  |  | 0.4 |
Hotels, Restaurants & Leisure |  | 2.8 |  |  | 2.8 |
Textiles, Apparel & Luxury Goods |  | 2.6 |  |  | 2.8 |
Diversified Financial Services |  | 2.2 |  |  | 2.3 |
Specialty Retail |  | 2.1 |  |  | 2.0 |
Computers & Peripherals |  | 2.0 |  |  | 3.0 |
Construction & Engineering |  | 1.8 |  |  | 2.1 |
Software |  | 1.7 |  |  | 1.6 |
Communications Equipment |  | 1.6 |  |  | 2.9 |
Energy Equipment & Services |  | 1.6 |  |  | 1.6 |
Household Products |  | 1.6 |  |  | 1.7 |
Internet & Catalog Retail |  | 1.6 |  |  | 1.6 |
Marine |  | 1.5 |  |  | 1.5 |
Food & Staples Retailing |  | 1.3 |  |  | 1.6 |
Trading Companies & Distributors |  | 1.3 |  |  | 1.3 |
Air Freight & Logistics |  | 1.0 |  |  | 0.9 |
Media |  | 1.0 |  |  | 1.2 |
Oil, Gas & Consumable Fuels |  | 1.0 |  |  | — |
Health Care Equipment & Supplies |  | 0.6 |  |  | 1.1 |
Building Products |  | 0.3 |  |  | 2.2 |
Other (1) |  | 2.4 |  |  | 2.4 |
|  | 100.0 | % |  | 100.0 | %

___________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined Private Loan, LMM and Middle Market portfolio investments at each date.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)

Fair Value: |  | March 31, 2025 |  | December 31, 2024
Machinery |  | 8.4 | % |  | 9.1 | %
Electrical Equipment |  | 7.2 |  |  | 4.7 |
Commercial Services & Supplies |  | 6.4 |  |  | 6.6 |
Professional Services |  | 5.6 |  |  | 6.1 |
Diversified Consumer Services |  | 5.3 |  |  | 6.0 |
Internet Software & Services |  | 5.2 |  |  | 6.3 |
Containers & Packaging |  | 5.0 |  |  | 4.8 |
IT Services |  | 4.2 |  |  | 4.5 |
Distributors |  | 4.1 |  |  | 4.3 |
Computers & Peripherals |  | 3.8 |  |  | 5.1 |
Health Care Providers & Services |  | 3.5 |  |  | 3.8 |
Aerospace & Defense |  | 3.3 |  |  | 1.7 |
Auto Components |  | 3.0 |  |  | 1.7 |
Chemicals |  | 2.7 |  |  | 0.4 |
Construction & Engineering |  | 2.7 |  |  | 3.0 |
Leisure Equipment & Products |  | 2.7 |  |  | 2.9 |
Textiles, Apparel & Luxury Goods |  | 2.4 |  |  | 2.6 |
Diversified Financial Services |  | 2.1 |  |  | 2.3 |
Software |  | 2.1 |  |  | 2.1 |
Specialty Retail |  | 2.1 |  |  | 2.2 |
Hotels, Restaurants & Leisure |  | 2.0 |  |  | 2.0 |
Household Products |  | 1.6 |  |  | 1.8 |
Communications Equipment |  | 1.5 |  |  | 1.4 |
Air Freight & Logistics |  | 1.4 |  |  | 1.4 |
Energy Equipment & Services |  | 1.4 |  |  | 1.3 |
Marine |  | 1.4 |  |  | 1.4 |
Food & Staples Retailing |  | 1.2 |  |  | 1.3 |
Internet & Catalog Retail |  | 1.2 |  |  | 1.4 |
Trading Companies & Distributors |  | 1.2 |  |  | 1.3 |
Media |  | 1.0 |  |  | 1.5 |
Oil, Gas & Consumable Fuels |  | 1.0 |  |  | — |
Building Products |  | 0.4 |  |  | 2.3 |
Other (1) |  | 2.9 |  |  | 2.7 |
|  | 100.0 | % |  | 100.0 | %

___________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined Private Loan, LMM and Middle Market portfolio investments at each date.
As of March 31, 2025 and December 31, 2024, MSC Income had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.
Unconsolidated Significant Subsidiaries
In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, MSC Income must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” In evaluating its unconsolidated controlled portfolio companies in accordance with Regulation S-X, there are two tests that MSC Income
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
must utilize to determine if any of MSC Income’s Control Investments (as defined in Note A — Organization and Basis of Presentation, including those unconsolidated portfolio companies defined as Control Investments in which MSC Income does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board representation) are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing MSC Income’s investment in the Control Investment by the value of MSC Income’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control Investment for the period being tested by the absolute value of MSC Income’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require MSC Income to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which MSC Income owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control Investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.
As of March 31, 2025 and December 31, 2024, MSC Income had no single investment that qualified as a significant subsidiary under either the investment or income tests.
NOTE D — DEBT
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 |

_________________
(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.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
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 |

___________________
(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.
Summarized interest expense for the three months ended March 31, 2025 and 2024 is as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands)
SPV Facility | $ | 4,796 |  |  | $ | 6,046 |  |  |  |  |
Corporate Facility | 1,857 |  |  | 1,913 |  |  |  |  |
Series A Notes | 1,590 |  |  | 1,590 |  |  |  |  |
Total Interest Expense | $ | 8,243 |  |  | $ | 9,549 |  |  |  |  |

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 | % |  |  |  |

SPV Facility
MSC Income, through MSIF Funding, LLC (“MSIF Funding”), a wholly-owned Structured Subsidiary that primarily holds debt investments, is party to a senior secured revolving credit facility dated February 3, 2021 (as amended, the “SPV Facility”) with JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, and U.S. Bank, N.A., as collateral agent and collateral administrator, JPM and other financial institutions as lenders and MSIF as portfolio manager. In March 2025, the SPV facility was amended to, among other things: (i) decrease the interest rate for advances to the applicable SOFR plus 2.20% from the prior interest rate of the applicable SOFR plus 3.00%, (ii) extend the revolving
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
period from through February 2027 to through February 2029 and (iii) extend the final maturity date from February 2028 to February 2030.
As of March 31, 2025, the SPV Facility included (i) total commitments of $300.0 million ,(ii) an accordion feature with the right to request an increase of total commitments and borrowing availability up to $450.0 million and (iii) a revolving period through February 2029 and a final maturity date in February 2030. As of March 31, 2025, advances under the SPV Facility bore interest at a rate equal to the applicable SOFR in effect, plus a margin of 2.20%. MSIF Funding also pays a commitment fee of 0.75% on the average daily unused amount of the financing commitments until February 2029. The SPV Facility is secured by a collateral loan on the assets of MSIF Funding. In connection with the SPV Facility, MSIF Funding has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Our borrowing ability is limited to leverage and borrowing base restrictions imposed by the SPV Facility and the 1940 Act.
As of March 31, 2025, the interest rate for borrowings on the SPV Facility was 6.51%. The average interest rate for borrowings under the SPV Facility was 7.24% and 8.33% for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, MSIF Funding was in compliance with all financial covenants of the SPV Facility.
Corporate Facility
MSC Income is a party to a senior secured revolving credit agreement dated March 6, 2017 (as amended, the “Corporate Facility” and, together with the SPV Facility, the “Credit Facilities”) with EverBank, as administrative agent, and with EverBank and other financial institutions as lenders. In November 2024, the Company entered into an amendment to the Corporate Facility to, among other things: (i) extend the revolving period from through September 2025 to through November 2028, (ii) extend the final maturity date from March 2026 to May 2029 and (iii) reduce the interest rate, subject to MSC Income’s election, to (a) SOFR plus 2.05% or (b) the base rate plus 1.05%. In February 2025, the Company entered into an amendment to the Corporate Facility to, among other things: (i) increase the total commitments from $165.0 million to $245.0 million and (ii) increase the accordion feature from up to a total of $200.0 million to up to a total of $300.0 million.
As of March 31, 2025, the Corporate Facility included (i) total commitments of $245.0 million, (ii) an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to $300.0 million of total commitments and (iii) a revolving period through November 2028 and a final maturity date in May 2029, with two one-year extension options subject to lender approval.
Borrowings under the Corporate Facility bear interest, subject to MSC Income’s election, at a rate equal to (i) SOFR plus 2.05% or (ii) the base rate plus 1.05%. The base rate is defined as the higher of (a) the Prime rate, (b) the Federal Funds Rate (as defined in the credit agreement) plus 0.5% or (c) SOFR plus 1.0%. Additionally, MSC Income pays an unused commitment fee of 0.25% on the unused lender commitments if more than 50% or more of the lender commitments are being used and an annual unused commitment fee of 0.375% on the unused lender commitments if less than 50% of the lender commitments are being used. Borrowings under the Corporate Facility are secured by a first lien on all of the assets of MSIF and its subsidiaries, excluding the assets of Structured Subsidiaries or immaterial subsidiaries, as well as all of the assets, and a pledge of equity ownership interests, of any future subsidiaries of MSIF (other than Structured Subsidiaries or immaterial subsidiaries). In connection with the Corporate Facility, MSIF has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Our borrowing ability is limited to leverage and borrowing base restrictions imposed by the Corporate Facility and the 1940 Act.
As of March 31, 2025, the interest rate for borrowings on the Corporate Facility was 6.37%. The average interest rate for borrowings under the Corporate Facility was 6.38% and 7.84% for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, MSC Income was in compliance with all financial covenants of the Corporate Facility.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Series A Notes
Pursuant to a Master Note Purchase Agreement dated October 21, 2021 (the “Note Purchase Agreement”), MSC Income issued $77.5 million of 4.04% Series A Senior Notes due 2026 (the “Series A Notes”) upon entering into the Note Purchase Agreement and an additional $72.5 million on January 21, 2022. The Series A Notes bear a fixed interest rate of 4.04% per year and will mature on October 30, 2026, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms.
Interest on the Series A Notes is due semiannually on April 30 and October 30 of each year. The Series A Notes may be redeemed in whole or in part at any time or from time to time at MSC Income’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, MSC Income is obligated to offer to prepay the Series A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. In the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the Series A Notes will bear interest at a fixed rate of 5.04% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event ends. The Series A Notes are general unsecured obligations of MSIF that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by MSIF.
The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of MSIF or subsidiary guarantors subject to a cure pass-through, certain judgments and orders and certain events of bankruptcy. As of March 31, 2025, MSC Income was in compliance with all financial covenants of the Note Purchase Agreement.
NOTE E — FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights of MSC Income for the three months ended March 31, 2025 and 2024:

| Three Months Ended March 31,
Per Share Data: | 2025 |  | 2024
NAV as of the beginning of the period | $ | 15.53 |  |  | $ | 15.54 |
Net investment income (1) | 0.38 |  |  | 0.36 |
Net realized loss (1)(2) | (0.47) |  |  | (0.05) |
Net unrealized appreciation (depreciation) (1)(2) | 0.42 |  |  | (0.03) |
Income tax benefit (provision) (1)(2) | 0.03 |  |  | (0.02) |
Net increase in net assets resulting from operations (1) | 0.36 |  |  | 0.26 |
Dividends paid from net investment income (3) | (0.36) |  |  | (0.37) |
Distributions paid or accrued (3)(4) | (0.36) |  |  | (0.37) |
Dilutive effect of stock offerings (issuing shares below NAV per share) | (0.16) |  |  | — |
Other (5) | (0.02) |  |  | 0.01 |
NAV as of the end of the period | $ | 15.35 |  |  | $ | 15.44 |
Market value as of the end of the period | $ | 16.47 |  |  | N/A
Shares outstanding as of the end of the period | 46,849,531 |  |  | 40,056,294 |

________________
(1)Based on weighted-average number of common shares outstanding for the period.
(2)Net realized gains or losses, net unrealized appreciation or depreciation, and income tax provision or benefit can fluctuate significantly from period to period.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
(3)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. As a result, the character of MSIF’s dividends and distributions for each period is also an estimate. Therefore, the final character of MSIF’s dividends and distributions may be different than this estimate.
(4)Represents stockholder distributions paid or accrued for the period.
(5)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

| Three Months Ended March 31,
| 2025 |  | 2024
| (dollars in thousands)
NAV as of the end of the period | $ | 718,940 |  |  | $ | 618,521 |
Average NAV | $ | 671,922 |  |  | $ | 620,414 |
Average outstanding debt | $ | 517,938 |  |  | $ | 488,688 |
Ratios to average NAV: |  |  |
Ratio of total expenses, including income tax expense, to average NAV (1)(2)(3)(6) | 2.24 | % |  | 3.62 | %
Ratio of operating expenses to average NAV (2)(3)(6) | 2.45 | % |  | 3.47 | %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)(6) | 1.22 | % |  | 1.93 | %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV (2)(3)(6) | 0.92 | % |  | 1.34 | %
Ratio of net investment income to average NAV (2)(6) | 2.50 | % |  | 2.34 | %
Portfolio turnover ratio (2) | 5.02 | % |  | 4.72 | %
Total investment return (2)(4) | 8.47 | % |  | N/A
Total return based on change in NAV (2)(5) | 2.54 | % |  | 1.70 | %

_______________
(1)Total expenses are the sum of operating expenses and net income tax provision or benefit. Net income tax provision or benefit includes the accrual of net deferred tax provision or benefit relating to the net unrealized appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. MSC Income is required to include net deferred tax provision or benefit in calculating its total expenses even though these net deferred taxes are not currently payable or receivable.
(2)Not annualized.
(3)Unless otherwise noted, operating expenses include interest, management fees, incentive fees and general and administrative expenses.
(4)Total investment return is based on the purchase of stock in the MSC Income Offering at the public offering price of $15.53 and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by MSC Income’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(5)For the three months ended March 31, 2025, total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items. For the three months ended March 31, 2024, total return was calculated based on the change in NAV per share and stockholder distributions declared per share during the reporting period, divided by
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
the NAV per share at the beginning of the period. In each of the three months ended March 31, 2025 and 2024, the total return does not reflect the sales load from the sale of MSC Income’s common stock.
(6)Net of expense waivers of $2.1 million for the three months ended March 31, 2024. There were no expense waivers for the three months ended March 31, 2025. Excluding these expense waivers, the expense and income ratios are as follows:

|  |  | Three Months Ended March 31,
|  |  | 2024
Ratio of total expenses, including income tax expense, to average NAV(1)(2)(3) |  |  | 3.97 | %
Ratio of operating expenses to average NAV(2)(3) |  |  | 3.81 | %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3) |  |  | 2.27 | %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3) |  |  | 1.69 | %
Ratio of net investment income to average NAV(2) |  |  | 2.01 | %

________________
See footnotes (1), (2), and (3) immediately prior to this table.
NOTE F — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME
MSC Income currently accrues and pays regular quarterly dividends to its stockholders and expects to periodically accrue and pay supplemental quarterly dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis.
Summarized dividend information for the three months ended March 31, 2025 and 2024 is as follows:

|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (in thousands, except per share amounts) |  |  |  |
Regular quarterly dividends per share |  | $ | 0.35 |  |  | $ | 0.37 |  |  |  |  |
Supplemental quarterly dividends per share |  | 0.01 |  |  | — |  |  |  |  |
Total dividends per share |  | $ | 0.36 |  |  | $ | 0.37 |  |  |  |  |
Total regular quarterly dividends accrued |  | $ | 16,397 |  |  | $ | 14,821 |  |  |  |  |
Total supplemental quarterly dividends accrued |  | 468 |  |  | — |  |  |  |  |
Total dividends accrued |  | $ | 16,866 |  |  | $ | 14,821 |  |  |  |  |

MSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSIF generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSIF distributes to its stockholders. MSIF must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
The determination of the tax attributes for MSC Income’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.
Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the three months ended March 31, 2025 and 2024.

| Three Months Ended March 31,
| 2025 |  | 2024
| (estimated, in thousands)
Net increase in net assets resulting from operations | $ | 15,875 |  |  | $ | 10,589 |
Net unrealized (appreciation) depreciation | (18,783) |  |  | 1,133 |
Income tax provision (benefit) | (1,370) |  |  | 940 |
Pre-tax book (income) loss not consolidated for tax purposes | 275 |  |  | (1,261) |
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | 19,424 |  |  | 1,481 |
Estimated taxable income (1) | 15,421 |  |  | 12,882 |
Taxable income earned in prior year and carried forward for distribution in current year | 20,348 |  |  | 14,745 |
Taxable income earned prior to period end and carried forward for distribution next period | (35,769) |  |  | (27,627) |
Dividend payable as of period end and paid in the following period | 16,866 |  |  | 14,821 |
Total distributions accrued or paid to common stockholders | $ | 16,866 |  |  | $ | 14,821 |

________________
(1)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.
The Taxable Subsidiaries primarily hold certain equity investments for MSC Income. The Taxable Subsidiaries permit MSC Income to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSIF for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSIF for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in MSC Income’s consolidated financial statements.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
The income tax provision for MSC Income is generally composed of (i) deferred tax expense (benefit), which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes and excise taxes on MSC Income’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in MSC Income’s Consolidated Statements of Operations. MSC Income’s provision for income taxes was comprised of the following for the three months ended March 31, 2025 and 2024:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (dollars in thousands)
Current tax expense: |  |  |  |  |  |  |
Federal | $ | 53 |  |  | $ | 53 |  |  |  |  |
State | 238 |  |  | 200 |  |  |  |  |
Excise | 192 |  |  | 76 |  |  |  |  |
Total current tax expense | 483 |  |  | 329 |  |  |  |  |
Deferred tax expense (benefit): |  |  |  |  |  |  |
Federal | (1,613) |  |  | 656 |  |  |  |  |
State | (240) |  |  | (45) |  |  |  |  |
Total deferred tax expense (benefit) | (1,853) |  |  | 611 |  |  |  |  |
Total income tax provision (benefit) | $ | (1,370) |  |  | $ | 940 |  |  |  |  |

The net deferred tax asset as of March 31, 2025 and December 31, 2024 was $2.5 million and $0.6 million, respectively, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries.
As of March 31, 2025, for U.S. federal income tax purposes, the Taxable Subsidiaries did not have any net operating loss carryforwards. The Taxable Subsidiaries have net capital loss carryforwards from prior years which, if unused, will expire in various taxable years 2025 through 2030. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period.
NOTE G — SHARE REPURCHASES
Prior to the MSC Income Listing, MSC Income maintained a quarterly share repurchase program whereby the Company made quarterly offers to purchase shares at the estimated NAV per share, as determined within 48 hours prior to the repurchase date. The amount of shares of MSC Income’s common stock to be repurchased during any calendar quarter was equal to the lesser of (i) the number of shares of common stock MSC Income could repurchase with the proceeds it received from the issuance of common stock under MSC Income’s dividend reinvestment plan as then in effect or (ii) 2.5% of the weighted-average number of shares of common stock outstanding in the prior four calendar quarters. Repurchase offers were limited to the number of shares of common stock that MSC Income could repurchase with 90% of the cash retained as a result of issuances of common stock under the then-effective dividend reinvestment plan. On November 13, 2024, the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser, unanimously approved suspending the quarterly share repurchase program in anticipation of the MSC Income Listing, and the quarterly share repurchase program ultimately terminated upon the MSC Income Listing. For the three months ended March 31, 2025 there were no shares of MSC Income’s common stock tendered for repurchase under the share repurchase program. For the three months ended March 31, 2024, MSC Income funded $4.0 million for shares of its common stock tendered for repurchase under the share repurchase program.
In addition to its quarterly share repurchase program, beginning in the second quarter of 2023, MSC Income began periodically offering to complete modified Dutch auction tender offers (“Dutch Auction Tenders”), pursuant to
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
which MSC Income offered to purchase up to a specified amount of shares of its common stock at the lowest clearing purchase price elected by participating stockholders within a specified range that allowed MSC Income to purchase the maximum amount offered. In such Dutch Auction Tenders all shares purchased are purchased at the clearing purchase price. SEC rules permit MSC Income to increase the number of shares accepted for purchase in any Dutch Auction Tender by up to 2% of MSC Income’s outstanding shares without amending the offer.
On February 5, 2024, MSC Income commenced a modified “Dutch Auction” tender offer (the “February 2024 Dutch Auction Tender Offer”) pursuant to the Offer to Purchase, dated February 5, 2024, which expired on March 4, 2024. Pursuant to the February 2024 Dutch Auction Tender Offer, MSC Income repurchased 178,572 shares on March 8, 2024 at a price of $14.00 per share for an aggregate cost of $2.5 million, excluding fees and expenses related to the February 2024 Dutch Auction Tender Offer.
On August 13, 2024, the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser, unanimously approved suspending the Dutch Auction Tenders prior to the MSC Income Listing.
Following the MSC Income Listing, the Company entered into a new share repurchase plan (the “10b5-1 Repurchase Plan”) to repurchase up to $65.0 million in the aggregate of shares of the Company’s common stock in the open market for a twelve-month period beginning in March 2025, at times when the market price per share of the Company’s common stock is trading below the most recently reported NAV per share of the Company’s common stock by certain pre-determined levels (including any updates, corrections or adjustments publicly announced by the Company to any previously announced NAV per share). The repurchases of shares of the Company’s common stock pursuant to the 10b5-1 Repurchase Plan are intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances. Main Street also entered into a share purchase plan to purchase up to $20.0 million in the aggregate of shares of the Company’s common stock in the open market with terms and conditions substantially similar to the Company’s 10b5-1 Repurchase Plan for shares of the Company’s common stock, and daily purchases under the two plans, if any, are expected to be split pro rata (or as close thereto as reasonably possible) between the Company and Main Street based on the respective plan sizes. On January 20, 2025, in connection with Main Street’s potential acquisition in excess of 3% of the Company’s outstanding common stock, as a result of any purchases pursuant to the share purchase plan for shares of the Company’s common stock or otherwise, the Company entered into a Fund of Funds Investment Agreement with Main Street (the “Main Street Fund of Funds Agreement”). The Main Street Fund of Funds Agreement provides for the acquisition of shares of the Company’s common stock by Main Street, and the Company’s sale of such shares to Main Street, in a manner consistent with the requirements of Rule 12d1-4 under the 1940 Act. For the three months ended March 31, 2025, MSC Income did not repurchase any shares pursuant to the 10b5-1 Repurchase Plan.
NOTE H — DIVIDEND REINVESTMENT PLAN
Prior to March 6, 2025, MSC Income’s dividend reinvestment plan (the “Prior DRIP”) provided for the reinvestment of dividends on behalf of its stockholders. As a result, if MSC Income declared a cash dividend, its stockholders who had “opted in” to the Prior DRIP would have had their cash dividend automatically reinvested into additional shares of MSC Income common stock. The number of shares of common stock to be issued to a stockholder under the Prior DRIP was determined by dividing the total dollar amount of the distribution payable to such stockholder by a price per share of common stock determined by MSC Income’s Board of Directors or a committee thereof, in its sole discretion, that was (i) not less than the NAV per share of common stock determined in good faith by the Board of Directors or a committee thereof, in its sole discretion, within 48 hours prior to the payment of the distribution and (ii) not more than 2.5% greater than the NAV per share as of such date.
Effective as of March 6, 2025, the date of the Company’s Board of Directors’ first declaration of a dividend or distribution on the Company’s common stock following the MSC Income Listing, the Company adopted an “opt out” dividend reinvestment plan (the “New DRIP” and, together with the Prior DRIP, the “DRIP”). The New DRIP provides for the reinvestment of dividends on behalf of the Company’s registered stockholders who hold their shares with the Company’s transfer agent and registrar, or certain brokerage firms that have elected to participate in the New DRIP, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, its registered stockholders (or stockholders holding shares through participating brokerage firms) who have not properly “opted out” of
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
the New DRIP will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. For the avoidance of doubt, stockholders of the Company who did not elect to “opt in” to the New DRIP in effect prior to the effective date of the “opt out” New DRIP will be deemed to have made an election to “opt out” of our New DRIP as of the effective date of the “opt out” New DRIP and to continue to receive cash in connection with any cash dividend declared by the Company. The share requirements of the New DRIP may be satisfied through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of the Company’s common stock reported on the NYSE on the trading day immediately preceding the dividend payment date for each dividend. Shares purchased in the open market to satisfy the New DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs. The DRIP is administered by the Company’s transfer agent.
Summarized DRIP information for the three months ended March 31, 2025 and 2024 is as follows:

| Three Months Ended March 31,
| 2025 |  | 2024
| (dollars in thousands)
DRIP participation | $ | 4,496 |  |  | $ | 4,493 |
Shares issued for DRIP | 284,173 |  | 282,485

NOTE I — COMMITMENTS AND CONTINGENCIES
As of March 31, 2025, MSC Income had the following outstanding commitments (in thousands):

Investments with equity capital commitments that have not yet funded: |  | Amount
HPEP 3, L.P. |  | 1,308 |
Brightwood Capital Fund III, LP |  | 22 |
Total Equity Commitments (1) |  | $ | 1,330
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded: |  |
CQ Fluency, LLC |  | $ | 4,500 |
GradeEight Corp. |  | 4,165 |
Insight Borrower Corporation |  | 3,887 |
HEADLANDS OP-CO LLC |  | 3,600 |
ZRG Partners, LLC |  | 2,543 |
BP Loenbro Holdings Inc. |  | 2,183 |
JDC Power Services, LLC |  | 2,105 |
Sales Performance International, LLC |  | 1,964 |
Ansira Partners II, LLC |  | 1,951 |
SI East, LLC (Stavig) |  | 1,750 |
IG Parent Corporation (Infogain) |  | 1,667 |
American Health Staffing Group, Inc. |  | 1,667 |
Creative Foam Corporation |  | 1,562 |
Burning Glass Intermediate Holding Company, Inc. |  | 1,549 |
ArborWorks, LLC |  | 1,387 |
Titan Meter Midco Corp. |  | 1,384 |

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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)

KMS, LLC |  | 1,357 |
Power System Solutions |  | 1,330 |
Bluestem Brands, Inc. |  | 1,220 |
Bettercloud, Inc. |  | 1,216 |
TEC Services, LLC |  | 1,073 |
Winter Services LLC |  | 833 |
VVS Holdco LLC |  | 800 |
Cody Pools, Inc. |  | 786 |
B-O-F Corporation |  | 780 |
NinjaTrader, LLC |  | 750 |
Gamber-Johnson Holdings, LLC |  | 738 |
Centre Technologies Holdings, LLC |  | 600 |
IG Investor, LLC (Ira Green) |  | 600 |
South Coast Terminals Holdings, LLC |  | 589 |
SPAU Holdings, LLC |  | 560 |
Bond Brand Loyalty ULC |  | 540 |
Coregistics Buyer LLC (Belvika) |  | 513 |
AVEX Aviation Holdings, LLC |  | 512 |
The Affiliati Network, LLC |  | 470 |
Island Pump and Tank, LLC |  | 456 |
RA Outdoors (Aspira) LLC |  | 449 |
Microbe Formulas, LLC |  | 434 |
Pinnacle TopCo, LLC |  | 400 |
Trantech Radiator Topco, LLC |  | 400 |
Chamberlin Holding LLC |  | 400 |
Colonial Electric Company LLC |  | 400 |
CenterPeak Holdings, LLC (Johnson Downie) |  | 400 |
Escalent, Inc. |  | 349 |
Clad-Rex Steel, LLC |  | 300 |
Roof Opco (Apple Roof), LLC |  | 292 |
BDB Restaurant Holdings, LLC |  | 280 |
Obra Capital, Inc. |  | 260 |
Vitesse Systems |  | 227 |
Batjer TopCo, LLC |  | 210 |
MetalForming AcquireCo, LLC |  | 205 |
Orttech Holdings, LLC |  | 200 |
Mystic Logistics Holdings, LLC |  | 200 |
PTL US Bidco, Inc |  | 177 |
ATS Operating, LLC |  | 125 |
GRT Rubber Technologies LLC |  | 100 |
Career Team Holdings, LLC |  | 100 |
Mini Melts of America, LLC |  | 60 |
Invincible Boat Company, LLC. |  | 42 |
Total Loan Commitments |  | $ | 59,597 |

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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)

Total Commitments |  | $ | 60,927 |

____________________
(1)This table excludes commitments related to one additional Other Portfolio investment for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow-on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to this investment to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow-on investments. As a result, the Company has excluded those commitments from this table.
MSC Income will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). MSC Income follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. MSC Income had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of March 31, 2025.
MSC Income may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on MSC Income in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, MSC Income does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on MSC Income’s financial condition or results of operations in any future reporting period.
NOTE J — RELATED PARTY TRANSACTIONS
1.Advisory Agreements and Conditional Expense Reimbursement Waivers
On October 30, 2020, MSC Income entered into the Prior Investment Advisory Agreement with the Adviser. On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into the Advisory Agreement with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at the 2025 Special Meeting, to become effective upon the MSC Income Listing. The Advisory Agreement is effective for an initial two-year term commencing upon the date of the MSC Income Listing on January 29, 2025.
Prior Investment Advisory Agreement
Pursuant to the Prior Investment Advisory Agreement, MSC Income paid the Adviser a base management fee and incentive fees as compensation for the services described above. The base management fee was calculated at an annual rate of 1.75% of MSC Income’s average gross assets. The term “gross assets” meant total assets of MSC Income as disclosed on MSC Income’s Consolidated Balance Sheets. “Average gross assets” were calculated based on MSC Income’s gross assets at the end of the two most recently completed calendar quarters. The base management fee was payable quarterly in arrears. The base management fee was expensed as incurred.
The incentive fee under the Prior Investment Advisory Agreement consisted of two parts. The first part, referred to as the subordinated incentive fee on income, was calculated and payable quarterly in arrears based on Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding quarter. The subordinated incentive fee on income was equal to 20.0% of MSC Income’s Pre-Incentive Fee Net Investment Income for the immediately preceding quarter, expressed as a quarterly rate of return on adjusted capital at the beginning of the most recently completed calendar quarter, exceeding 1.875% (or 7.5% annualized), subject to a “catch up” feature (as described below).
For this purpose, Pre-Incentive Fee Net Investment Income meant interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that MSC Income receives from portfolio companies) accrued during the calendar quarter, minus MSC Income’s operating expenses for the quarter (including the management fee, expenses payable under any proposed administration agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding taxes and the
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
incentive fee). Pre-Incentive Fee Net Investment Income included, in the case of investments with a deferred interest feature (such as original issue discount debt instruments and PIK interest and zero coupon securities), accrued income that MSC Income had not yet received in cash. Pre-Incentive Fee Net Investment Income did not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of this fee, adjusted capital means cumulative gross proceeds generated from sales of MSC Income’s common stock (including proceeds from MSC Income’s DRIP) reduced for non-liquidating distributions, other than distributions of profits, paid to MSC Income’s stockholders and amounts paid for share repurchases pursuant to MSC Income’s share repurchase program. The subordinated incentive fee on income was expensed in the quarter in which it was incurred.
The calculation of the subordinated incentive fee on income for each quarter was as follows:
•No subordinated incentive fee on income was payable to the Adviser in any calendar quarter in which MSC Income’s Pre-Incentive Fee Net Investment Income did not exceed the hurdle rate of 1.875% (or 7.5% annualized) on adjusted capital;
•100% of MSC Income’s Pre-Incentive Fee Net Investment Income, if any, that exceeded the hurdle rate but was less than or equal to 2.34375% in any calendar quarter (9.375% annualized) was payable to the Adviser. This portion of the subordinated incentive fee on income was referred to as the “catch up” and was intended to provide the Adviser with an incentive fee of 20.0% on all of MSC Income’s Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply when the Pre-Incentive Fee Net Investment Income exceeded 2.34375% (9.375% annualized) in any calendar quarter; and
•For any quarter in which MSC Income’s Pre-Incentive Fee Net Investment Income exceeded 2.34375% (9.375% annualized), the subordinated incentive fee on income equaled 20.0% of the amount of MSC Income’s Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up had been achieved.
The second part of the incentive fee, referred to as the incentive fee on capital gains, was an incentive fee on realized capital gains earned from the portfolio of MSC Income and was determined and payable in arrears as of the end of each calendar year (or upon termination of the Prior Investment Advisory Agreement). This fee equaled 20.0% of MSC Income’s incentive fee capital gains, which equaled MSC Income’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. At the end of each reporting period, MSC Income estimated the incentive fee on capital gains and accrued the fee based on a hypothetical liquidation of its portfolio. Therefore, the accrual included both net realized gains and net unrealized gains (the net unrealized difference between the fair value and the par value of its portfolio), if any. The incentive fee accrued pertaining to the unrealized gain was neither earned nor payable to the Adviser until such time it was realized.
Pursuant to the Prior Investment Advisory Agreement, MSC Income was required to pay or reimburse the Adviser for administrative services expenses, which included all costs and expenses related to MSC Income’s day-to-day administration and management not related to advisory services, whether such administrative services were performed by a third-party service provider or the Adviser or its affiliates (to the extent performed by the Adviser or its affiliates, the “Internal Administrative Services”). Internal Administrative Services included, but were not limited to, the cost of an Adviser’s personnel performing accounting and compliance functions and other administrative services on behalf of MSC Income.
On January 1, 2022, the Adviser assumed responsibility of certain administrative services that were previously provided for MSC Income by a third-party sub-administrator. After December 31, 2021, the Adviser continued to waive reimbursement of all Internal Administrative Services expenses, except for the cost of the services previously provided by the sub-administrator.
Advisory Agreement (post-MSC Income Listing)
Effective on the date of the MSC Income Listing and pursuant to the Advisory Agreement, MSC Income pays the Adviser a base management fee and incentive fees as compensation for investment management services under the Advisory Agreement. The base management fee is calculated at an annual rate of 1.5% of the Company’s average total assets (including cash and cash equivalents), payable quarterly in arrears, and is calculated based on the average value of
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
the Company’s total assets (including cash and cash equivalents) at the end of the two most recently completed calendar quarters. The determination of total assets reflects changes in the fair value of portfolio investments reflecting both unrealized appreciation and unrealized depreciation. All or any part of base management fee not taken as to any quarter is deferred without interest and is taken in such other quarter as the Adviser shall determine, unless the Adviser expressly and in writing delivered to the Company permanently waives receipt of such base management fee, in which event the Company shall forever be relieved of the obligation to pay such base management fee for such quarter. The base management fee for any partial quarter is appropriately pro-rated.
Under the Advisory Agreement, the base management fee will be reduced to an annual rate of (i) 1.25% of the average value of the Company’s total assets (including cash and cash equivalents) commencing with the first full calendar quarter following the date on which the aggregate fair value of the Company’s investments in its LMM portfolio companies falls below 20% of the Company’s total investment portfolio at fair value and (ii) 1.00% of the average value of the Company’s total assets (including cash and cash equivalents) commencing with the first full calendar quarter following the date on which the aggregate fair value of the Company’s investments in its LMM portfolio companies falls below 7.5% of the Company’s total Investment Portfolio at fair value.
The incentive fee under Advisory Agreement consists of two parts: (1) a subordinated incentive fee on income and (2) an incentive fee on capital gains. The incentive fee under the Advisory Agreement for any partial quarter is appropriately pro-rated.
The first part of the incentive fee under the Advisory Agreement, referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding quarter. The payment of the subordinated incentive fee on income is subject to pre-incentive fee net investment income for the previous quarter, expressed as a quarterly rate of return on net assets of the Company at the beginning of the most recently completed calendar quarter, exceeding 1.5% (6.0% annualized), subject to a “catch up” feature (as described below). For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, administrative services expenses, the expenses payable under any other administration or similar agreement and any interest expense and dividends paid on any issued and outstanding preferred stock and any income tax expense on the Company’s net investment income and any excise tax, but excluding any income tax expense or benefit on the Company’s realized capital gains, realized capital losses or unrealized capital appreciation or depreciation and the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation, or any income tax expense or benefit related to such items. The calculation of the subordinated incentive fee on income for each quarter is as follows:
1.No subordinated incentive fee on income is payable to the Adviser in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.5% (or 6.0% annualized);
2.50% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.307692% in any calendar quarter (9.230769% annualized) is payable to the Adviser. This portion of the subordinated incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 17.5% on all of the Company’s pre-incentive fee net investment income as if the hurdle rate did not apply when the pre-incentive fee net investment income exceeds 2.307692% (9.230769% annualized) in any calendar quarter; and
3.For any quarter in which the Company’s pre-incentive fee net investment income exceeds 2.307692% (9.230769% annualized), the subordinated incentive fee on income equals 17.5% of the amount of the Company’s pre-incentive fee net investment income, as the hurdle rate and catch-up have been achieved.
The second part of the incentive fee under the Advisory Agreement, referred to as the incentive fee on capital gains, is an incentive fee on realized capital gains earned on liquidated investments from the Company’s Investment
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Portfolio, net of any income tax expense associated with such realized capital gains, and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement). This fee equals (a) 17.5% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains (net of any related income tax expense) on a cumulative basis from the date of the MSC Income Listing, calculated as of the end of each calendar year thereafter (or upon termination of the Advisory Agreement), computed net of (1) all realized capital losses on a cumulative basis (net of any related income tax benefit) from the date of the MSC Income Listing, and (2) unrealized capital depreciation (net of any related income tax benefit) on a cumulative basis from the date of the MSC Income Listing, less (b) the aggregate amount of any previously paid capital gain incentive fees from the date of the MSC Income Listing. For purposes of calculating each component of the Company’s incentive fee capital gains under the Advisory Agreement, (1) the cost basis for any investment held by the Company as of the date of the MSC Income Listing is deemed to be the fair value for such investment as of the most recent quarter end immediately prior to the date of the MSC Income Listing and, with respect to any investment acquired by the Company subsequent to the date of the MSC Income Listing, the cost basis equals the cost basis of such investment as reflected in the Company’s financial statements and (2) the income tax expense or benefit associated with all investments is measured from the most recent quarter end immediately prior to the date of the MSC Income Listing through the date of any such calculation.
The following table provides a summary of MSC Income’s incurred base management fees, subordinated incentive fees and capital gains incentive fees for the three months ended March 31, 2025 and 2024.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
| (in thousands) |  |  |  |  |  |
Base management fees | $ | 4,972 |  |  | $ | 5,028 |  |  |  |  |  |  |
Subordinated incentive fees | 2,023 |  |  | 3,637 |  |  |  |  |  |  |
Capital gains incentive fees | — |  |  | — |  |  |  |  |  |  |

Under the Advisory Agreement, the waivers under the Prior Investment Advisory Agreement of Internal Administrative Services expenses, except for the cost of the services previously provided by the former sub-administrator, were memorialized as a quarterly cap on the Company’s obligation to reimburse the Adviser for “Internal Administrative Expenses.” MSC Income is not required to reimburse the Adviser for Internal Administrative Expenses in an amount that exceeds on a quarterly basis the product obtained by multiplying (x) the value of MSC Income’s total assets at the end of each calendar quarter by (y) the applicable “Annual Basis Point Rate” set forth in the below table:

Total Assets |  | Annual Basis Point Rate
$0 - $500 million |  | 6.000 |
Over $500 million - $1.25 billion |  | 5.125 |
Greater than $1.25 billion |  | 4.500 |

The following table provides a summary of MSC Income’s incurred Internal Administrative Expenses (before and after waivers) for the three months ended March 31, 2025 and 2024.

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
| (in thousands) |  |
Internal Administrative Expenses before waivers | $ | 174 |  |  | $ | 2,267 |  |  |  |  |  |  |
Internal Administrative Expenses waived (1) | — |  |  | (2,111) |  |  |  |  |  |  |

____________________
(1)Waived Internal Administrative Services expenses are permanently waived and are not subject to future reimbursement.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
2.Indemnification
The Prior Investment Advisory Agreement and the Advisory Agreement provide that the Adviser, any sub-adviser and their respective officers, directors, managers, partners, shareholders, members (and their shareholders or members, including the owners of their shareholders or members), agents, employees, controlling persons and any other person or entity affiliated with or acting on behalf of the Adviser or any sub-adviser, as applicable (each an “Indemnified Party” and, collectively, the “Indemnified Parties”) will not be liable to us for any action taken or omitted to be taken by the Adviser or any sub-adviser in connection with the performance of any of their duties or obligations as an investment adviser of the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and that we will indemnify, defend and protect Indemnified Parties and hold them harmless from and against all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in connection with the performance of their duties as an investment adviser of the Company, to the extent such losses, damages, liabilities, costs and expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the Maryland General Corporation Law, the 1940 Act, the Company’s charter and other applicable law if, among other things, (i) the Indemnified Party has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company, (ii) the Indemnified Party was acting on behalf of or performing services for the Company, (iii) such liability or loss was not the result of negligence, willful misfeasance, bad faith, or misconduct by the Indemnified Party and (iv) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from stockholders.
3.Co-Investment
In the ordinary course of business, MSC Income enters into transactions with other parties that may be considered related party transactions. MSC Income has implemented certain policies and procedures, both written and unwritten, to ensure that it does not engage in any prohibited transactions with any persons affiliated with MSC Income. If such affiliations are found to exist, MSC Income seeks the Board of Directors and/or appropriate Board of Directors committee review and approval for such transactions and otherwise comply with, or seek, orders for exemptive relief from the SEC, as appropriate.
MSC Income has received an exemptive order from the SEC permitting co-investments among MSC Income, Main Street and other advisory clients of the Adviser in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. MSC Income has made co-investments, and in the future intends to continue to make co-investments with Main Street and other advisory clients of the Adviser, in accordance with the conditions of the order. The order requires, among other things, that the Adviser and Main Street consider whether each such investment opportunity is appropriate for MSC Income, Main Street and the other advisory clients of the Adviser, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the Adviser is wholly-owned by Main Street and is not managing MSC Income’s investment activities as its sole activity, this may provide the Adviser an incentive to allocate opportunities to other participating advisory clients instead of MSC Income. However, both MSC Income and the Adviser have policies and procedures in place to manage this conflict, including approval of investment allocations and oversight of co-investments by the independent members of the Board of Directors. Additional information regarding the operation of the co-investment program is set forth in the order granting exemptive relief, which may be reviewed on the SEC’s website at www.sec.gov. In addition to the co-investment program described above, MSC Income also co-invests in syndicated deals and other transactions where price is the only negotiated point by MSC Income and its affiliates.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
4.Other Related Party Transactions
The following table summarizes MSC Income’s sale of shares of its common stock to Main Street during each of the three months ended March 31, 2025 and 2024.

|  | Three Months Ended March 31,
|  | 2025 |  | 2024
|  | (in thousands, except share and per share amounts)
Shares Purchased |  | 289,761 (1) |  | 157,035 (2)
Price per Share |  | $ | 15.53 |  |  | $ | 15.92 |
Total Cost |  | $ | 4,500 |  |  | $ | 2,500 |

____________________
(1)These shares were purchased in the MSC Income Offering at the public offering price.
(2)These sales were at the same price at which the Company issued new shares in connection with reinvestments of MSC Income’s quarterly dividend pursuant to the Prior DRIP. Each issuance and sale was made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).
Each of Main Street’s purchases of MSC Income common stock was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser. As of March 31, 2025, Main Street had not sold any shares of MSC Income’s common stock previously purchased and owned 1,374,872 shares of MSC Income’s common stock. In addition, certain of Main Street’s officers and employees own shares of MSC Income and therefore have direct pecuniary interests in MSC Income.
NOTE K — SUBSEQUENT EVENTS
The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements, and identified the following to report:
In May 2025, MSC Income declared a regular quarterly dividend of $0.35 per share and a supplemental quarterly dividend of $0.01 per share, both payable on August 1, 2025 to stockholders of record as of June 30, 2025.
Since March 31, 2025, the Company repurchased 9,921 shares at an average price of $14.57, as part of the Company's 10b5-1 Repurchase Plan.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates
March 31, 2025
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2024 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2025 Fair Value (13)
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BDB Holdings, LLC |  |  |  |  | Preferred Equity |  | (7) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,610 |
| 12.00% |  |  |  | Secured Debt (12) |  | (7) |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 280 |  |  | — |  |  | 280 |
Copper Trail Fund Investments |  |  |  |  | LP Interests (CTMH, LP) |  | (9) |  | — |  |  | — |  |  | — |  |  | 530 |  |  | — |  |  | 16 |  |  | 514 |
GRT Rubber Technologies LLC | 10.48% | SF+ | 6.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | (1) |  |  | 42 |  |  | 1,550 |  |  | 1 |  |  | 1 |  |  | 1,550 |
| 12.48% | SF+ | 8.00% |  | Secured Debt |  | (8) |  | — |  |  | (12) |  |  | 632 |  |  | 19,944 |  |  | 12 |  |  | 12 |  |  | 19,944 |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | — |  |  | 742 |  |  | 22,600 |  |  | — |  |  | — |  |  | 22,600 |
Harris Preston Fund Investments |  |  |  |  | LP Interests (2717 MH, L.P.) |  | (8) |  | — |  |  | (166) |  |  | — |  |  | 8,740 |  |  | 80 |  |  | 165 |  |  | 8,655 |
Volusion, LLC | 10.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 23 |  |  | 900 |  |  | — |  |  | — |  |  | 900 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (8) |  | 9 |  |  | (654) |  |  | — |  |  | 3,004 |  |  | 10 |  |  | 794 |  |  | 2,220 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Common Stock |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other Amounts related to investments transferred to or from other 1940 Act classification during the period |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Control Investments |  |  |  |  |  |  |  |  | $ | 9 |  |  | $ | (833) |  |  | $ | 1,442 |  |  | $ | 69,878 |  |  | $ | 383 |  |  | $ | 988 |  |  | $ | 69,273 |
Affiliate Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Nuts, LLC |  |  |  |  | Preferred Equity |  | (9) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,556 |  |  | $ | — |  |  | $ | 2,556 |
| 12.95% | SF+ | 8.50% | 12.95% | Secured Debt |  | (9) |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 2,111 |  |  | — |  |  | 2,111 |
| 12.95% | SF+ | 8.50% | 12.95% | Secured Debt |  | (9) |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 2,111 |  |  | — |  |  | 2,111 |
Analytical Systems Keco Holdings, LLC |  |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 17.50% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 45 |  |  | 1,012 |  |  | 1 |  |  | 13 |  |  | 1,000 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | (40) |  |  | — |  |  | 1,330 |  |  | — |  |  | 40 |  |  | 1,290 |
|  |  |  |  | Warrants |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Barfly Ventures, LLC |  |  |  |  | Member Units |  | (5) |  | — |  |  | (33) |  |  | 368 |  |  | 1,953 |  |  | — |  |  | 33 |  |  | 1,920 |
Batjer TopCo, LLC | 11.00% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | 50 |  |  | — |  |  | 30 |  |  | 20 |
| 11.00% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
| 11.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 32 |  |  | 1,165 |  |  | 1 |  |  | — |  |  | 1,166 |
|  |  |  |  | Preferred Stock |  | (8) |  | — |  |  | — |  |  | 21 |  |  | 570 |  |  | — |  |  | — |  |  | 570 |
Brewer Crane Holdings, LLC | 14.48% | SF+ | 10.00% |  | Secured Debt |  | (9) |  | — |  |  | — |  |  | 45 |  |  | 1,254 |  |  | — |  |  | — |  |  | 1,254 |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | (140) |  |  | 8 |  |  | 1,170 |  |  | — |  |  | 140 |  |  | 1,030 |
Centre Technologies Holdings, LLC |  | SF+ | 10.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 14.48% | SF+ | 10.00% |  | Secured Debt |  | (8) |  | — |  |  | (3) |  |  | 225 |  |  | 6,384 |  |  | 2 |  |  | 270 |  |  | 6,116 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 460 |  |  | 8 |  |  | 3,110 |  |  | 460 |  |  | — |  |  | 3,570 |
Chamberlin Holding LLC |  | SF+ | 6.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | (6) |  |  | 6 |  |  | — |  |  | 6 |  |  | 6 |  |  | — |
| 12.49% | SF+ | 8.00% |  | Secured Debt |  | (8) |  | — |  |  | 2 |  |  | 125 |  |  | 3,905 |  |  | 400 |  |  | — |  |  | 4,305 |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | 280 |  |  | 698 |  |  | 8,280 |  |  | 280 |  |  | — |  |  | 8,560 |

84

Table of contents Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2025
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2024 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2025 Fair Value (13)
|  |  |  |  | Member Units |  | (8) |  | — |  |  | 20 |  |  | 6 |  |  | 888 |  |  | 20 |  |  | — |  |  | 908 |
Charps, LLC |  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | 82 |  |  | 3,900 |  |  | — |  |  | — |  |  | 3,900 |
Clad-Rex Steel, LLC |  |  |  |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 9.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 40 |  |  | 1,690 |  |  | — |  |  | 60 |  |  | 1,630 |
| 10.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 6 |  |  | 243 |  |  | — |  |  | 2 |  |  | 241 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | 10 |  |  | 111 |  |  | 2,750 |  |  | 10 |  |  | — |  |  | 2,760 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | 80 |  |  | — |  |  | 237 |  |  | 80 |  |  | — |  |  | 317 |
Cody Pools, Inc. |  |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.50% |  |  |  | Secured Debt |  | (8) |  | — |  |  | (2) |  |  | 203 |  |  | 6,598 |  |  | 2 |  |  | 273 |  |  | 6,327 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 420 |  |  | 321 |  |  | 16,950 |  |  | 420 |  |  | — |  |  | 17,370 |
Colonial Electric Company LLC |  |  |  |  | Secured Debt (12) |  | (6) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | (5) |  |  | 110 |  |  | 3,578 |  |  | 5 |  |  | 84 |  |  | 3,499 |
|  |  |  |  | Preferred Member Units |  | (6) |  | — |  |  | 190 |  |  | 104 |  |  | 3,390 |  |  | 190 |  |  | — |  |  | 3,580 |
Compass Systems & Sales, LLC |  |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 1 |  |  | (16) |  |  | 1 |  |  | — |  |  | (15) |
| 13.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 151 |  |  | 4,201 |  |  | 6 |  |  | — |  |  | 4,207 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | 3 |  |  | 15 |  |  | 1,860 |  |  | 3 |  |  | — |  |  | 1,863 |
Datacom, LLC | 7.50% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 1 |  |  | 55 |  |  | 64 |  |  | 15 |  |  | 104 |
| 10.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 27 |  |  | 878 |  |  | 6 |  |  | 8 |  |  | 876 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
Digital Products Holdings LLC | 14.38% | SF+ | 10.00% |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 113 |  |  | 3,105 |  |  | 4 |  |  | 83 |  |  | 3,026 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | 13 |  |  | 2,459 |  |  | — |  |  | — |  |  | 2,459 |
Direct Marketing Solutions, Inc. |  |  |  |  | Secured Debt |  | (9) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 14.00% |  |  |  | Secured Debt |  | (9) |  | — |  |  | (3) |  |  | 165 |  |  | 4,668 |  |  | 3 |  |  | 87 |  |  | 4,584 |
|  |  |  |  | Preferred Stock |  | (9) |  | — |  |  | 140 |  |  | — |  |  | 4,480 |  |  | 140 |  |  | — |  |  | 4,620 |
DMA Industries, LLC | 12.00% |  |  |  | Secured Debt |  | (7) |  | — |  |  | — |  |  | 4 |  |  | 138 |  |  | — |  |  | — |  |  | 138 |
| 12.00% |  |  |  | Secured Debt |  | (7) |  | — |  |  | — |  |  | 128 |  |  | 4,161 |  |  | 2 |  |  | — |  |  | 4,163 |
|  |  |  |  | Preferred Equity |  | (7) |  | — |  |  | — |  |  | — |  |  | 1,486 |  |  | — |  |  | — |  |  | 1,486 |
| 15.00% |  |  | 15.00% | Preferred Equity |  | (7) |  | — |  |  | — |  |  | 30 |  |  | 810 |  |  | 30 |  |  | — |  |  | 840 |
Flame King Holdings, LLC |  |  |  |  | Preferred Equity |  | (9) |  | — |  |  | 860 |  |  | 574 |  |  | 8,980 |  |  | 860 |  |  | — |  |  | 9,840 |
Freeport Financial Funds |  |  |  |  | LP Interests (Freeport First Lien Loan Fund III LP) |  | (5) |  | — |  |  | — |  |  | — |  |  | 1,263 |  |  | — |  |  | 965 |  |  | 298 |
Gamber-Johnson Holdings, LLC |  | SF+ | 7.50% |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 11.50% | SF+ | 7.50% |  | Secured Debt (12) |  | (5) |  | — |  |  | (10) |  |  | 535 |  |  | 18,282 |  |  | 10 |  |  | 10 |  |  | 18,282 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | — |  |  | 414 |  |  | 28,690 |  |  | — |  |  | — |  |  | 28,690 |
GFG Group, LLC | 8.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | (3) |  |  | 44 |  |  | 2,046 |  |  | 3 |  |  | 3 |  |  | 2,046 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | (230) |  |  | 109 |  |  | 2,640 |  |  | — |  |  | 230 |  |  | 2,410 |
Gulf Publishing Holdings, LLC |  | SF+ | 9.50% |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.50% |  |  | 12.50% | Secured Debt |  | (8) |  | — |  |  | 80 |  |  | — |  |  | 378 |  |  | 56 |  |  | — |  |  | 434 |
|  |  |  |  | Preferred Equity |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
HPEP 3, L.P. |  |  |  |  | LP Interests (HPEP 3, L.P.) (12) |  | (8) |  | — |  |  | 194 |  |  | — |  |  | 4,472 |  |  | 194 |  |  | 204 |  |  | 4,462 |
IG Investor, LLC | 13.00% |  |  |  | Secured Debt (12) |  | (6) |  | — |  |  | 19 |  |  | 15 |  |  | 379 |  |  | 21 |  |  | — |  |  | 400 |
| 13.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | 168 |  |  | 300 |  |  | 8,693 |  |  | 183 |  |  | 110 |  |  | 8,766 |

85

Table of contents Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2025
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2024 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2025 Fair Value (13)
|  |  |  |  | Common Equity |  | (6) |  | — |  |  | 390 |  |  | — |  |  | 4,060 |  |  | 390 |  |  | — |  |  | 4,450 |
Independent Pet Partners Intermediate Holdings, LLC |  |  |  |  | Common Equity |  | (6) |  | — |  |  | (200) |  |  | — |  |  | 7,290 |  |  | — |  |  | 200 |  |  | 7,090 |
Integral Energy Services | 12.07% | SF+ | 7.50% |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 471 |  |  | 14,872 |  |  | 15 |  |  | — |  |  | 14,887 |
| 10.00% |  |  | 10.00% | Preferred Equity |  | (8) |  | — |  |  | — |  |  | 7 |  |  | 535 |  |  | 7 |  |  | — |  |  | 542 |
|  |  |  |  | Common Stock |  | (8) |  | — |  |  | — |  |  | — |  |  | 640 |  |  | — |  |  | — |  |  | 640 |
Kickhaefer Manufacturing Company, LLC | 11.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 107 |  |  | 3,741 |  |  | 2 |  |  | 200 |  |  | 3,543 |
| 9.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 22 |  |  | 982 |  |  | — |  |  | 3 |  |  | 979 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | 160 |  |  | — |  |  | 3,060 |  |  | 160 |  |  | — |  |  | 3,220 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | — |  |  | 7 |  |  | 678 |  |  | — |  |  | — |  |  | 678 |
KMS, LLC | 14.50% | SF+ | 9.75% |  | Secured Debt |  | (5) |  | (511) |  |  | 409 |  |  | — |  |  | 829 |  |  | — |  |  | 829 |  |  | — |
| 14.50% | SF+ | 9.75% |  | Secured Debt |  | (5) |  | (3,790) |  |  | 3,202 |  |  | — |  |  | 5,973 |  |  | — |  |  | 5,973 |  |  | — |
|  | SF+ | 9.75% | 14.23% | Secured Debt |  | (5) |  | — |  |  | — |  |  | 9 |  |  | 562 |  |  | — |  |  | 562 |  |  | — |
|  | SF+ | 9.75% | 14.23% | Secured Debt |  | (5) |  | — |  |  | — |  |  | 9 |  |  | 550 |  |  | — |  |  | 550 |  |  | — |
| 14.23% | SF+ | 9.75% | 14.23% | Secured Debt |  | (5) |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.50% |  |  | 12.50% | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 1,343 |  |  | — |  |  | 1,343 |
| 12.50% |  |  | 12.50% | Secured Debt |  | (5) |  | — |  |  | — |  |  | 25 |  |  | — |  |  | 1,430 |  |  | — |  |  | 1,430 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,113 |  |  | — |  |  | 6,113 |
Mills Fleet Farm Group, LLC |  |  |  |  | Common Equity |  | (5) |  | — |  |  | (396) |  |  | — |  |  | 11,166 |  |  | — |  |  | 396 |  |  | 10,770 |
| 9.79% | SF+ | 5.50% |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 35 |  |  | — |  |  | 2,140 |  |  | — |  |  | 2,140 |
Mystic Logistics Holdings, LLC |  |  |  |  | Secured Debt (12) |  | (6) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 10.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | — |  |  | 36 |  |  | 1,436 |  |  | — |  |  | — |  |  | 1,436 |
|  |  |  |  | Common Stock |  | (6) |  | — |  |  | — |  |  | 236 |  |  | 6,590 |  |  | — |  |  | — |  |  | 6,590 |
Nello Industries Investco, LLC |  | SF+ | 6.50% |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 12 |  |  | (12) |  |  | 12 |  |  | — |  |  | — |
| 13.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 240 |  |  | 6,619 |  |  | 10 |  |  | — |  |  | 6,629 |
|  |  |  |  | Common Equity |  | (5) |  | — |  |  | 230 |  |  | 43 |  |  | 3,890 |  |  | 230 |  |  | — |  |  | 4,120 |
NexRev LLC |  |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Secured Debt |  | (8) |  | — |  |  | (3) |  |  | 38 |  |  | 2,453 |  |  | 3 |  |  | 2,456 |  |  | — |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 380 |  |  | 103 |  |  | 2,970 |  |  | 380 |  |  | — |  |  | 3,350 |
NuStep, LLC | 10.98% | SF+ | 6.50% |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 25 |  |  | 900 |  |  | — |  |  | — |  |  | 900 |
| 12.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 139 |  |  | 4,610 |  |  | — |  |  | — |  |  | 4,610 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | 160 |  |  | — |  |  | 2,890 |  |  | 160 |  |  | — |  |  | 3,050 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Oneliance, LLC |  |  |  |  | Preferred Stock |  | (7) |  | — |  |  | 60 |  |  | 13 |  |  | 640 |  |  | 60 |  |  | — |  |  | 700 |
Orttech Holdings, LLC |  | SF+ | 11.00% |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 15.48% | SF+ | 11.00% |  | Secured Debt |  | (5) |  | — |  |  | (6) |  |  | 215 |  |  | 5,490 |  |  | 6 |  |  | 106 |  |  | 5,390 |
|  |  |  |  | Preferred Stock |  | (5) |  | — |  |  | — |  |  | 15 |  |  | 3,360 |  |  | — |  |  | — |  |  | 3,360 |
Pinnacle TopCo, LLC |  |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 13.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | (9) |  |  | 242 |  |  | 7,160 |  |  | 9 |  |  | 9 |  |  | 7,160 |
|  |  |  |  | Preferred Equity |  | (8) |  | — |  |  | 440 |  |  | 195 |  |  | 4,590 |  |  | 440 |  |  | — |  |  | 5,030 |
RA Outdoors LLC | 11.25% | SF+ | 6.75% |  | Secured Debt |  | (8) |  | — |  |  | (19) |  |  | 38 |  |  | 1,215 |  |  | 1 |  |  | 57 |  |  | 1,159 |
| 11.25% | SF+ | 6.75% |  | Secured Debt |  | (8) |  | — |  |  | (199) |  |  | 394 |  |  | 12,710 |  |  | 10 |  |  | 599 |  |  | 12,121 |
|  |  |  |  | Common Equity |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |

86

Table of contents Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2025
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2024 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2025 Fair Value (13)
Robbins Bros. Jewelry, Inc. |  |  |  | 10.00% | Secured Debt |  | (9) |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | 1 |  |  | (8) |
| 12.50% |  |  | 10.00% | Secured Debt |  | (9) |  | — |  |  | — |  |  | — |  |  | 1,617 |  |  | — |  |  | 22 |  |  | 1,595 |
|  |  |  |  | Preferred Equity |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
SI East, LLC | 11.75% |  |  |  | Secured Debt (12) |  | (7) |  | — |  |  | — |  |  | 24 |  |  | 750 |  |  | — |  |  | — |  |  | 750 |
| 12.82% |  |  |  | Secured Debt |  | (7) |  | — |  |  | (2) |  |  | 724 |  |  | 22,554 |  |  | 2 |  |  | 2 |  |  | 22,554 |
|  |  |  |  | Preferred Member Units |  | (7) |  | — |  |  | (400) |  |  | — |  |  | 4,550 |  |  | — |  |  | 400 |  |  | 4,150 |
Student Resource Center, LLC | 8.50% |  |  | 8.50% | Secured Debt |  | (6) |  | — |  |  | (827) |  |  | — |  |  | 1,826 |  |  | — |  |  | 826 |  |  | 1,000 |
|  |  |  |  | Preferred Equity |  | (6) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 8.50% |  |  | 8.50% | Secured Debt |  | (6) |  | — |  |  | 748 |  |  | 5 |  |  | 227 |  |  | 753 |  |  | — |  |  | 980 |
Tedder Industries, LLC | 12.00% |  |  | 12.00% | Secured Debt |  | (9) |  | — |  |  | (23) |  |  | — |  |  | 412 |  |  | — |  |  | 23 |  |  | 389 |
| 12.00% |  |  | 12.00% | Secured Debt |  | (9) |  | — |  |  | (99) |  |  | — |  |  | 901 |  |  | — |  |  | 99 |  |  | 802 |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Trantech Radiator Topco, LLC |  |  |  |  | Secured Debt (12) |  | (7) |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
| 13.50% |  |  |  | Secured Debt |  | (7) |  | — |  |  | — |  |  | 69 |  |  | 1,962 |  |  | 1 |  |  | — |  |  | 1,963 |
|  |  |  |  | Common Stock |  | (7) |  | — |  |  | — |  |  | 7 |  |  | 2,140 |  |  | — |  |  | — |  |  | 2,140 |
Urgent DSO LLC | 13.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 78 |  |  | 2,145 |  |  | 3 |  |  | — |  |  | 2,148 |
| 9.00% |  |  | 9.00% | Preferred Equity |  | (5) |  | — |  |  | — |  |  | 24 |  |  | 1,080 |  |  | 24 |  |  | — |  |  | 1,104 |
Victory Energy Operations, LLC |  |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 1 |  |  | (5) |  |  | — |  |  | — |  |  | (5) |
| 13.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 263 |  |  | 7,529 |  |  | 11 |  |  | — |  |  | 7,540 |
|  |  |  |  | Preferred Equity |  | (8) |  | — |  |  | — |  |  | 19 |  |  | 3,644 |  |  | — |  |  | — |  |  | 3,644 |
VVS Holdco LLC |  | SF+ | 6.00% |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 11.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 195 |  |  | 6,366 |  |  | 9 |  |  | — |  |  | 6,375 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | — |  |  | 25 |  |  | 3,060 |  |  | — |  |  | — |  |  | 3,060 |
Other Amounts related to investments transferred to or from other 1940 Act classification during the period |  |  |  |  |  |  |  |  | 4,301 |  |  | (3,611) |  |  | (22) |  |  | (7,914) |  |  | — |  |  | — |  |  | — |
Total Affiliate investments |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 2,836 |  |  | $ | 9,335 |  |  | $ | 351,360 |  |  | $ | 23,965 |  |  | $ | 15,979 |  |  | $ | 367,260 |

_________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”
87

Table of contents Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2025
(dollars in thousands)
(unaudited)
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for affiliate investments located in this region was $146,496. This represented 20.4% of net assets as of March 31, 2025.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for affiliate investments located in this region was $37,791. This represented 5.3% of net assets as of March 31, 2025.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for affiliate investments located in this region was $38,883. This represented 5.4% of net assets as of March 31, 2025.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for control investments located in this region was $55,869. This represented 7.8% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for affiliate investments located in this region was $113,206. This represented 15.7% of net assets as of March 31, 2025.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for control investments located in this region was $514. This represented 0.1% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for affiliate investments located in this region was $30,884. This represented 4.3% of net assets as of March 31, 2025.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of March 31, 2025 (see Note I — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
88

Table of contents Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates
March 31, 2024
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2023 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2024 Fair Value (13)
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Copper Trail Fund Investments |  |  |  |  | LP Interests (CTMH, LP) |  | (9) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 568 |  |  | $ | — |  |  | $ | — |  |  | $ | 568 |
GRT Rubber Technologies LLC | 11.48% | SF+ | 6.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | (1) |  |  | 35 |  |  | 1,182 |  |  | 1 |  |  | 1 |  |  | 1,182 |
| 13.48% | SF+ | 8.00% |  | Secured Debt |  | (8) |  | — |  |  | (12) |  |  | 692 |  |  | 19,944 |  |  | 12 |  |  | 12 |  |  | 19,944 |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | — |  |  | 21 |  |  | 21,890 |  |  | — |  |  | — |  |  | 21,890 |
Harris Preston Fund Investments |  |  |  |  | LP Interests (2717 MH, L.P.) |  | (8) |  | 10 |  |  | — |  |  | 40 |  |  | 6,050 |  |  | 10 |  |  | 10 |  |  | 6,050 |
Volusion, LLC | 10.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 23 |  |  | 900 |  |  | — |  |  | — |  |  | 900 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 435 |  |  | — |  |  | 3,110 |  |  | 435 |  |  | 435 |  |  | 3,110 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Common Stock |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other Amounts related to investments transferred to or from other 1940 Act classification during the period |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Control Investments |  |  |  |  |  |  |  |  | $ | 10 |  |  | $ | 422 |  |  | $ | 811 |  |  | $ | 53,644 |  |  | $ | 458 |  |  | $ | 458 |  |  | $ | 53,644 |
Affiliate Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analytical Systems Keco Holdings, LLC | 15.38% | SF+ | 10.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | 54 |  |  | — |  |  | — |  |  | 54 |
| 15.38% | SF+ | 10.00% |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 44 |  |  | 1,020 |  |  | 5 |  |  | 18 |  |  | 1,007 |
| 14.13% |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 180 |  |  | — |  |  | 1,210 |  |  | 180 |  |  | — |  |  | 1,390 |
|  |  |  |  | Warrants |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Barfly Ventures, LLC |  |  |  |  | Member Units |  | (5) |  | — |  |  | 160 |  |  | — |  |  | 1,380 |  |  | 160 |  |  | — |  |  | 1,540 |
Batjer TopCo, LLC | 10.00% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 50 |  |  | — |  |  | 50 |
| 10.00% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
| 10.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | (1) |  |  | 31 |  |  | 1,175 |  |  | 1 |  |  | 1 |  |  | 1,175 |
|  |  |  |  | Preferred Stock |  | (8) |  | — |  |  | — |  |  | 39 |  |  | 680 |  |  | — |  |  | — |  |  | 680 |
Brewer Crane Holdings, LLC | 15.48% | SF+ | 10.00% |  | Secured Debt |  | (9) |  | — |  |  | — |  |  | 52 |  |  | 1,374 |  |  | — |  |  | 31 |  |  | 1,343 |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | 30 |  |  | 8 |  |  | 1,400 |  |  | 30 |  |  | — |  |  | 1,430 |
Centre Technologies Holdings, LLC | 14.48% | SF+ | 9.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 14.48% | SF+ | 9.00% |  | Secured Debt |  | (8) |  | — |  |  | 66 |  |  | 128 |  |  | — |  |  | 5,494 |  |  | — |  |  | 5,494 |
| 14.48% | SF+ | 9.00% |  | Secured Debt |  | (8) |  | — |  |  | (29) |  |  | 84 |  |  | 4,394 |  |  | — |  |  | 4,394 |  |  | — |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 280 |  |  | 8 |  |  | 2,760 |  |  | 280 |  |  | — |  |  | 3,040 |
Chamberlin Holding LLC | 11.49% | SF+ | 6.00% |  | Secured Debt (12) |  | (8) |  | — |  |  | (6) |  |  | 6 |  |  | — |  |  | 6 |  |  | 6 |  |  | — |
| 13.49% | SF+ | 8.00% |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 133 |  |  | 3,905 |  |  | — |  |  | — |  |  | 3,905 |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | 60 |  |  | 366 |  |  | 7,330 |  |  | 60 |  |  | — |  |  | 7,390 |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | 35 |  |  | 6 |  |  | 715 |  |  | 35 |  |  | — |  |  | 750 |
Charps, LLC |  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | 90 |  |  | — |  |  | 3,920 |  |  | 90 |  |  | — |  |  | 4,010 |
Clad-Rex Steel, LLC | 12.00% |  |  |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 64 |  |  | 2,103 |  |  | — |  |  | 3 |  |  | 2,100 |
| 10.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 6 |  |  | 251 |  |  | — |  |  | 2 |  |  | 249 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | (290) |  |  | — |  |  | 1,300 |  |  | — |  |  | 290 |  |  | 1,010 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | (45) |  |  | — |  |  | 282 |  |  | — |  |  | 45 |  |  | 237 |
Cody Pools, Inc. | 12.50% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | 2 |  |  | 3 |  |  | — |  |  | 236 |  |  | 236 |  |  | — |

89

Table of contents Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2024
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2023 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2024 Fair Value (13)
| 12.50% |  |  |  | Secured Debt |  | (8) |  | — |  |  | (2) |  |  | 223 |  |  | 7,111 |  |  | 2 |  |  | 117 |  |  | 6,996 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 430 |  |  | 153 |  |  | 18,120 |  |  | 430 |  |  | — |  |  | 18,550 |
Colonial Electric Company LLC | 12.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | 41 |  |  | 173 |  |  | 5,407 |  |  | 53 |  |  | 498 |  |  | 4,962 |
|  |  |  |  | Preferred Member Units |  | (6) |  | — |  |  | — |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  | 600 |
|  |  |  |  | Preferred Member Units |  | (6) |  | — |  |  | 160 |  |  | 24 |  |  | 1,920 |  |  | 160 |  |  | — |  |  | 2,080 |
Compass Systems & Sales, LLC | 13.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 13.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 153 |  |  | 4,175 |  |  | 7 |  |  | — |  |  | 4,182 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | — |  |  | 15 |  |  | 1,863 |  |  | — |  |  | — |  |  | 1,863 |
Datacom, LLC | 7.50% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 1 |  |  | 49 |  |  | 25 |  |  | 20 |  |  | 54 |
| 10.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 29 |  |  | 844 |  |  | 5 |  |  | 7 |  |  | 842 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | 10 |  |  | — |  |  | 20 |
Digital Products Holdings LLC | 15.38% | SF+ | 10.00% |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 146 |  |  | 3,673 |  |  | 6 |  |  | 364 |  |  | 3,315 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | 13 |  |  | 2,459 |  |  | — |  |  | — |  |  | 2,459 |
Direct Marketing Solutions, Inc. | 14.00% |  |  |  | Secured Debt |  | (9) |  | — |  |  | — |  |  | 6 |  |  | 217 |  |  | 225 |  |  | 442 |  |  | — |
| 14.00% |  |  |  | Secured Debt |  | (9) |  | — |  |  | (4) |  |  | 179 |  |  | 5,002 |  |  | 4 |  |  | 88 |  |  | 4,918 |
|  |  |  |  | Preferred Stock |  | (9) |  | — |  |  | (120) |  |  | — |  |  | 5,180 |  |  | — |  |  | 120 |  |  | 5,060 |
Flame King Holdings, LLC |  |  |  |  | Preferred Equity |  | (9) |  | — |  |  | — |  |  | 170 |  |  | 6,970 |  |  | — |  |  | — |  |  | 6,970 |
Freeport Financial Funds |  |  |  |  | LP Interests (Freeport First Lien Loan Fund III LP) (12) |  | (5) |  | — |  |  | — |  |  | 138 |  |  | 3,705 |  |  | — |  |  | — |  |  | 3,705 |
Gamber-Johnson Holdings, LLC | 10.00% | SF+ | 7.00% |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 10.00% | SF+ | 7.00% |  | Secured Debt |  | (5) |  | — |  |  | (17) |  |  | 353 |  |  | 13,520 |  |  | 17 |  |  | 417 |  |  | 13,120 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | 2,460 |  |  | 372 |  |  | 24,180 |  |  | 2,460 |  |  | — |  |  | 26,640 |
GFG Group, LLC | 8.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | (4) |  |  | 51 |  |  | 2,336 |  |  | 4 |  |  | 4 |  |  | 2,336 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | (410) |  |  | 164 |  |  | 2,870 |  |  | — |  |  | 410 |  |  | 2,460 |
Gulf Publishing Holdings, LLC | 14.98% | SF+ | 9.50% |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 12.50% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 19 |  |  | 571 |  |  | — |  |  | — |  |  | 571 |
|  |  |  |  | Preferred Equity |  | (8) |  | — |  |  | (240) |  |  | — |  |  | 620 |  |  | — |  |  | 240 |  |  | 380 |
|  |  |  |  | Member Units |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
HPEP 3, L.P. |  |  |  |  | LP Interests (HPEP 3, L.P.) (12) |  | (8) |  | — |  |  | — |  |  | — |  |  | 4,225 |  |  | — |  |  | — |  |  | 4,225 |
IG Investor, LLC | 13.00% |  |  |  | Secured Debt (12) |  | (6) |  | — |  |  | — |  |  | 2 |  |  | (27) |  |  | 2 |  |  | — |  |  | (25) |
| 13.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | — |  |  | 319 |  |  | 9,069 |  |  | 17 |  |  | 111 |  |  | 8,975 |
|  |  |  |  | Common Equity |  | (6) |  | — |  |  | — |  |  | — |  |  | 3,600 |  |  | — |  |  | — |  |  | 3,600 |
Independent Pet Partners Intermediate Holdings, LLC |  |  |  |  | Common Equity |  | (6) |  | — |  |  | 80 |  |  | — |  |  | 6,320 |  |  | 80 |  |  | — |  |  | 6,400 |
Integral Energy Services | 13.09% | SF+ | 7.50% |  | Secured Debt |  | (8) |  | — |  |  | 277 |  |  | 595 |  |  | 16,232 |  |  | 312 |  |  | 1,585 |  |  | 14,959 |
| 10.00% |  |  | 10.00% | Preferred Equity |  | (8) |  | — |  |  | — |  |  | 10 |  |  | 350 |  |  | 10 |  |  | — |  |  | 360 |
|  |  |  |  | Common Stock |  | (8) |  | — |  |  | 170 |  |  | 13 |  |  | 190 |  |  | 170 |  |  | — |  |  | 360 |
Kickhaefer Manufacturing Company, LLC | 12.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 152 |  |  | 4,933 |  |  | 1 |  |  | — |  |  | 4,934 |
| 9.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 22 |  |  | 951 |  |  | — |  |  | 2 |  |  | 949 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | 220 |  |  | — |  |  | 2,420 |  |  | 220 |  |  | — |  |  | 2,640 |
|  |  |  |  | Member Units |  | (5) |  | — |  |  | — |  |  | 8 |  |  | 683 |  |  | — |  |  | — |  |  | 683 |
MH Corbin Holding LLC | 14.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 46 |  |  | 1,256 |  |  | — |  |  | 20 |  |  | 1,236 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | 80 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2024
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2023 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2024 Fair Value (13)
Mystic Logistics Holdings, LLC | 10.00% |  |  |  | Secured Debt (12) |  | (6) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 10.00% |  |  |  | Secured Debt |  | (6) |  | — |  |  | 5 |  |  | 36 |  |  | 1,436 |  |  | — |  |  | — |  |  | 1,436 |
|  |  |  |  | Common Stock |  | (6) |  | — |  |  | — |  |  | 248 |  |  | 6,598 |  |  | — |  |  | — |  |  | 6,598 |
NexRev LLC | 10.00% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | — |  |  | — |  |  | 400 |  |  | — |  |  | 400 |
| 10.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 66 |  |  | 2,435 |  |  | 4 |  |  | — |  |  | 2,439 |
|  |  |  |  | Preferred Member Units |  | (8) |  | — |  |  | 460 |  |  | 26 |  |  | 1,590 |  |  | 460 |  |  | — |  |  | 2,050 |
NuStep, LLC | 11.98% | SF+ | 6.50% |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 28 |  |  | 899 |  |  | — |  |  | — |  |  | 899 |
| 12.00% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 141 |  |  | 4,606 |  |  | 1 |  |  | — |  |  | 4,607 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | 240 |  |  | — |  |  | 2,310 |  |  | 240 |  |  | — |  |  | 2,550 |
|  |  |  |  | Preferred Member Units |  | (5) |  | — |  |  | — |  |  | — |  |  | 1,290 |  |  | — |  |  | — |  |  | 1,290 |
Oneliance, LLC | 16.48% | SF+ | 11.00% |  | Secured Debt |  | (7) |  | — |  |  | 7 |  |  | 58 |  |  | 1,339 |  |  | 9 |  |  | 21 |  |  | 1,327 |
|  |  |  |  | Preferred Stock |  | (7) |  | — |  |  | — |  |  | — |  |  | 282 |  |  | — |  |  | — |  |  | 282 |
Orttech Holdings, LLC | 16.48% | SF+ | 11.00% |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 16.48% | SF+ | 11.00% |  | Secured Debt |  | (5) |  | — |  |  | (6) |  |  | 235 |  |  | 5,510 |  |  | 6 |  |  | 26 |  |  | 5,490 |
|  |  |  |  | Preferred Stock |  | (5) |  | — |  |  | (170) |  |  | 15 |  |  | 4,260 |  |  | — |  |  | 170 |  |  | 4,090 |
Pinnacle TopCo, LLC | 8.00% |  |  |  | Secured Debt (12) |  | (8) |  | — |  |  | — |  |  | 2 |  |  | 105 |  |  | — |  |  | 59 |  |  | 46 |
| 13.00% |  |  |  | Secured Debt |  | (8) |  | — |  |  | — |  |  | 261 |  |  | 7,472 |  |  | 9 |  |  | — |  |  | 7,481 |
|  |  |  |  | Preferred Equity |  | (8) |  | — |  |  | — |  |  | 79 |  |  | 3,135 |  |  | — |  |  | — |  |  | 3,135 |
Robbins Bros. Jewelry, Inc. | 12.50% |  |  |  | Secured Debt |  | (9) |  | — |  |  | — |  |  | 1 |  |  | (6) |  |  | 1 |  |  | — |  |  | (5) |
| 12.50% |  |  |  | Secured Debt |  | (9) |  | — |  |  | (669) |  |  | 123 |  |  | 3,421 |  |  | 4 |  |  | 717 |  |  | 2,708 |
|  |  |  |  | Preferred Equity |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
SI East, LLC | 11.25% |  |  |  | Secured Debt (12) |  | (7) |  | — |  |  | — |  |  | 13 |  |  | 375 |  |  | — |  |  | — |  |  | 375 |
| 12.45% |  |  |  | Secured Debt |  | (7) |  | — |  |  | (9) |  |  | 584 |  |  | 18,179 |  |  | 9 |  |  | 9 |  |  | 18,179 |
|  |  |  |  | Preferred Member Units |  | (7) |  | — |  |  | — |  |  | 39 |  |  | 6,390 |  |  | — |  |  | — |  |  | 6,390 |
Student Resource Center, LLC | 8.50% |  |  | 8.50% | Secured Debt |  | (6) |  | — |  |  | (1,618) |  |  | — |  |  | 3,543 |  |  | — |  |  | 1,618 |  |  | 1,925 |
|  |  |  |  | Preferred Equity |  | (6) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Tedder Industries, LLC | 12.00% |  |  |  | Secured Debt |  | (9) |  | — |  |  | — |  |  | 14 |  |  | 432 |  |  | — |  |  | — |  |  | 432 |
| 12.00% |  |  |  | Secured Debt |  | (9) |  | — |  |  | (1,580) |  |  | 115 |  |  | 3,565 |  |  | — |  |  | 1,580 |  |  | 1,985 |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | Preferred Member Units |  | (9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Trantech Radiator Topco, LLC | 11.50% |  |  |  | Secured Debt (12) |  | (7) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 13.50% |  |  |  | Secured Debt |  | (7) |  | — |  |  | 18 |  |  | 64 |  |  | 1,980 |  |  | — |  |  | — |  |  | 1,980 |
|  |  |  |  | Common Stock |  | (7) |  | — |  |  | (280) |  |  | 7 |  |  | 3,180 |  |  | — |  |  | 280 |  |  | 2,900 |
VVS Holdco LLC | 11.48% | SF+ | 6.00% |  | Secured Debt (12) |  | (5) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
| 11.50% |  |  |  | Secured Debt |  | (5) |  | — |  |  | — |  |  | 216 |  |  | 6,926 |  |  | 11 |  |  | — |  |  | 6,937 |
|  |  |  |  | Preferred Equity |  | (5) |  | — |  |  | — |  |  | 25 |  |  | 3,060 |  |  | — |  |  | — |  |  | 3,060 |

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2024
(dollars in thousands)
(unaudited)

Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment (1)(10)(11) |  | Geography |  | Amount of Realized Gain/(Loss) |  | Amount of Unrealized Gain/(Loss) |  | Amount of Interest, Fees or Dividends Credited to Income (2) |  | December 31, 2023 Fair Value |  | Gross Additions (3) |  | Gross Reductions (4) |  | March 31, 2024 Fair Value (13)
Other Amounts related to investments transferred to or from other 1940 Act classification during the period |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Affiliate investments |  |  |  |  |  |  |  |  | $ | — |  |  | $ | (19) |  |  | $ | 6,929 |  |  | $ | 291,279 |  |  | $ | 12,001 |  |  | $ | 13,951 |  |  | $ | 289,329 |

___________________________________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for affiliate investments located in this region was $108,671. This represented 17.6% of net assets as of March 31, 2024.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for affiliate investments located in this region was $36,551. This represented 5.9% of net assets as of March 31, 2024.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for affiliate investments located in this region was $31,433. This represented 5.1% of net assets as of March 31, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $53,076. This represented 8.6% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $87,833. This represented 14.2% of net assets as of March 31, 2024.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
March 31, 2024
(dollars in thousands)
(unaudited)
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $568. This represented 0.1% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $24,841. This represented 4.0% of net assets as of March 31, 2024.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of March 31, 2024 (see Note I — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Quarterly Report on Form 10-Q contains forward-looking statements regarding the plans and objectives of management for future operations and which relate to future events or our future performance or financial condition. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including, without limitation, the factors referenced in Item 1A entitled “Risk Factors” below in this Quarterly Report on Form 10-Q, if any, and discussed in Item 1A entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 and elsewhere in this Quarterly Report on Form 10-Q and our other SEC filings. Other factors that could cause actual results to differ materially include changes in the economy and future changes in laws or regulations and conditions in our operating areas.
We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to refer to any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including subsequent periodic and current reports.
This discussion should be read in conjunction with our consolidated financial statements as of December 31, 2024, and for the year then ended, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, both contained in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.
ORGANIZATION
MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Company”) is a principal investment firm primarily focused on providing debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). MSC Income’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSC Income seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the United States.
MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its “LMM investment portfolio”), and through those investments MSC Income has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (“Main Street”), a New York Stock Exchange (“NYSE”) listed business development company (“BDC”), utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s LMM investment strategy (the “LMM investment strategy”). Through the LMM investment strategy, MSC Income primarily invested in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Effective upon the MSC Income Listing (as defined below) on January 29, 2025, MSC Income changed its investment strategy for investments in new portfolio companies to be solely focused on its Private Loan investment strategy, rather than its historical focus primarily on its Private Loan investment strategy and secondarily on the LMM investment strategy (as further discussed below).
MSC Income also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds
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managed by third parties. Similar to its Middle Market investments, MSC Income has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as its existing Other Portfolio investments are repaid or sold.
The “Investment Portfolio,” as used herein, refers to all of MSC Income’s investments in Private Loan portfolio companies, investments in LMM portfolio companies, investments in Middle Market portfolio companies and Other Portfolio investments.
MSIF was formed in November 2011 to operate as an externally managed BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). MSIF has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSIF generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
On October 28, 2020, MSC Income’s stockholders approved the appointment of MSC Adviser I, LLC (the “Adviser”), which is wholly-owned by Main Street, as MSC Income’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Prior Investment Advisory Agreement”).
Additionally, on December 16, 2024, in advance of the MSC Income Listing, the Company effectuated a 2-for-1 reverse stock split of its outstanding common stock pursuant to approval from the Board of Directors (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every two shares of MSC Income’s issued and outstanding common stock were converted into one share of issued and outstanding common stock, without any change in the par value per share or the number of authorized shares of its common stock. Unless otherwise indicated, all figures in this Quarterly Report on Form 10-Q reflect the implementation of the Reverse Stock Split.
On January 29, 2025, MSC Income’s shares of common stock were listed on the NYSE under the ticker symbol “MSIF” (the “MSC Income Listing”).
On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into an Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at a special meeting of MSC Income’s stockholders held on December 11, 2024 (the “2025 Special Meeting”), effective upon the MSC Income Listing. In such role, the Adviser has the responsibility to manage the business of MSC Income, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor MSC Income’s Investment Portfolio and provide ongoing administrative services.
On January 29, 2025, in connection with the MSC Income Listing, the Company amended and restated its Articles of Amendment and Restatement, as amended, by filing new Articles of Amendment and Restatement of the Company (the “New Articles”) with the State Department of Assessments and Taxation of the State of Maryland. The New Articles revised the Company’s charter to, among other things, (i) include a provision that limits the transferability of shares of its common stock outstanding at the time of the MSC Income Listing during the 365-day period following the MSC Income Listing, (ii) reflect an amendment to delete provisions regarding restrictions and requirements applicable to its dividend reinvestment plan, (iii) reflect an amendment to delete provisions prohibiting acquisitions of assets in exchange for shares of its common stock and restricting certain transactions between the Company and the Adviser and its affiliates and (iv) delete certain provisions required by, and remove references to, the NASAA Guidelines in order to conform certain provisions of the Company’s charter more closely to provisions in the charters of other BDCs whose securities are listed and publicly-traded on a national securities exchange.
On January 30, 2025, in connection with the MSC Income Listing, MSC Income closed a follow-on public offering of 5,500,000 shares of its common stock, at the public offering price of $15.53 per share. In addition, on February 3, 2025, MSC Income issued and sold 825,000 additional shares of its common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option (together with the offering and sale of the 5,500,000 shares, the “MSC Income Offering”). Net of underwriting discounts and commissions and offering costs, MSC Income received net cash proceeds of $90.5 million in connection with the MSC Income Offering.
MSIF has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSIF to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSIF also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).
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Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “MSC Income” refer to MSIF and its consolidated subsidiaries, which include the Taxable Subsidiaries and the Structured Subsidiaries.
OVERVIEW OF OUR BUSINESS
Our principal investment objective is to maximize our Investment Portfolio’s total return, primarily by generating current income from our debt investments and, to a lesser extent, by generating current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective primarily through our Private Loan investment strategy and our LMM investment portfolio. Our Private Loan investment strategy involves investments in companies that generally have annual revenues between $25 million and $500 million and annual earnings before interest, tax, depreciation and amortization expenses (“EBITDA”) between $7.5 million and $50 million. Our LMM investment portfolio consists of investments in companies that generally have annual revenues between $10 million and $150 million and annual EBITDA between $3 million and $20 million. Our Private Loan and LMM investments generally range in size from $1 million to $30 million.
Private Loan investments primarily consist of debt securities that have primarily been originated directly by our Adviser or, to a lesser extent, through our Adviser’s strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, our Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also co-invest with Main Street and the private equity funds in the equity securities of our Private Loan portfolio companies.
We have also historically sought to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM created the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participation. Our ability to invest across a company’s capital structure, from secured loans to equity securities, allowed us to offer portfolio companies a comprehensive suite of financing options, or a “one-stop” financing solutions. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.
In connection with the MSC Income Listing, our Board of Directors and the Adviser decided to change our investment strategy with respect to new platform investments to be solely focused on our Private Loan investment strategy. As a result, the size of our LMM investment portfolio is expected to decrease over time as our existing LMM investments are repaid or sold in the ordinary course of business. We do, however, plan to continue executing follow-on investments in our existing LMM portfolio companies going forward in accordance with our existing SEC order for co-investment exemptive relief.
Our Middle Market investments are generally debt investments in companies owned by private equity funds that were originally issued through a syndication financing process. We have generally stopped making new Middle Market investments and expect the size of our Middle Market investment portfolio to continue to decline in future periods as existing Middle Market investments are repaid or sold. Our Middle Market debt investments generally range in size from $1 million to $20 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.
Our Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for our Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. In our Other Portfolio, we may incur indirect fees and expenses to third party managers. Similar to our Middle Market investments, we have generally stopped making new Other Portfolio investments and expect the size of our Other Portfolio to continue to decline in future periods as existing Other Portfolio investments are repaid or sold.
Subject to changes in our cash and overall liquidity, we may in the future invest in short-term portfolio investments that are atypical of our Private Loan and LMM portfolio investments in that they would be intended to be a short-term deployment of capital. These assets would be expected to be realized in one year or less and would not be expected to be a significant portion of our total investments.
Our portfolio investments are generally made through MSIF, the Taxable Subsidiaries and the Structured Subsidiaries. MSIF, the Taxable Subsidiaries and the Structured Subsidiaries share the same investment strategies and
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criteria. An investor’s return in MSIF will depend, in part, on the Taxable Subsidiaries’ and the Structured Subsidiaries’ investment returns as they are wholly-owned subsidiaries of MSIF.
The level of new portfolio investment activity will fluctuate from period to period based upon our view of the current economic fundamentals, our ability to identify new investment opportunities that meet our investment criteria, and our ability to consummate the identified opportunities and our available liquidity. The level of new investment activity, and associated interest and fee income, will directly impact future investment income. In addition, the level of dividends paid by portfolio companies and the portion of our portfolio debt investments on non-accrual status will directly impact future investment income. While we intend to grow our portfolio and our investment income over the long term, our growth and our operating results may be more limited during depressed economic periods. However, we intend to appropriately manage our cost structure and liquidity position based on applicable economic conditions and our investment outlook. The level of realized gains or losses and unrealized appreciation or depreciation on our investments will also fluctuate depending upon portfolio activity, economic conditions and the performance of our individual portfolio companies. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.
We have received an exemptive order from the SEC permitting co-investments among us, Main Street and other advisory clients of our Adviser in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. We have made co-investments with, and in the future intend to continue to make co-investments with Main Street and other advisory clients of our Adviser, in accordance with the conditions of the order. The order requires, among other things, that Main Street and our Adviser consider whether each such investment opportunity is appropriate for us, Main Street and the other advisory clients of our Adviser, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because our Adviser is wholly-owned by Main Street and is not managing our investment activities as its sole activity, this may provide our Adviser an incentive to allocate opportunities to Main Street or its other advisory clients instead of us. However, both we and our Adviser have policies and procedures in place to manage this conflict, including approval of investment allocations and oversight of co-investments by the independent members of our Board of Directors. In addition to the co-investment program described above, we also co-invest in syndicated deals and other transactions where price is the only negotiated point by us and our affiliates.
INVESTMENT PORTFOLIO SUMMARY
The following tables provide a summary of our investments in the Private Loan and LMM portfolios as of March 31, 2025 and December 31, 2024 (this information excludes Middle Market and Other Portfolio investments, which are discussed further below).

| As of March 31, 2025
| Private Loan |  | LMM (a) |  |
| (dollars in millions)
Number of portfolio companies | 84 |  | 57 |  |
Fair value | $ | 767.8 |  |  | $ | 439.7 |  |  |
Cost | $ | 790.0 |  |  | $ | 356.3 |  |  |
Debt investments as a % of portfolio (at cost) | 93.5 | % |  | 67.7 | % |  |
Equity investments as a % of portfolio (at cost) | 6.5 | % |  | 32.3 | % |  |
% of debt investments at cost secured by first priority lien | 99.9 | % |  | 99.9 | % |  |
Weighted-average annual effective yield (b) | 11.6 | % |  | 13.1 | % |  |
Average EBITDA (c) | $ | 32.3 |  |  | $ | 11.0 |  |  |

__________________
(a)As of March 31, 2025, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2025. The weighted-average annual effective yield on our debt portfolio as of March 31, 2025, including debt investments on non-accrual status, was 10.9% for our Private Loan portfolio and 12.2% for our LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
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(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including four Private Loan portfolio companies and four LMM portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

| As of December 31, 2024
| Private Loan |  | LMM (a) |  |
| (dollars in millions)
Number of portfolio companies | 84 |  | 57 |  |
Fair value | $ | 677.9 |  |  | $ | 436.1 |  |  |
Cost | $ | 697.5 |  |  | $ | 357.1 |  |  |
Debt investments as a % of portfolio (at cost) | 93.9 | % |  | 67.8 | % |  |
Equity investments as a % of portfolio (at cost) | 6.1 | % |  | 32.2 | % |  |
% of debt investments at cost secured by first priority lien | 99.9 | % |  | 99.9 | % |  |
Weighted-average annual effective yield (b) | 12.0 | % |  | 13.0 | % |  |
Average EBITDA (c) | $ | 28.6 |  |  | $ | 10.8 |  |  |

________________
(a)As of December 31, 2024, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2024. The weighted-average annual effective yield on our debt portfolio as of December 31, 2024, including debt investments on non-accrual status, was 11.4% for our Private Loan portfolio and 12.2% for our LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including two Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.
For the three months ended March 31, 2025 and 2024, we achieved an annualized total return on investments of 10.6% and 11.8%, respectively. For the year ended December 31, 2024, we achieved a total return on investments of 12.4%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
As of March 31, 2025, we had Middle Market portfolio investments in eight portfolio companies, collectively totaling $30.8 million in fair value and $40.6 million in cost basis, which comprised 2.4% and 3.4% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, we had Middle Market Portfolio investments in ten portfolio companies, collectively totaling $39.4 million in fair value and $66.3 million in cost basis, which comprised 3.3% and 5.8% of our Investment Portfolio at fair value and cost, respectively.
As of March 31, 2025, we had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $22.6 million in fair value and $16.5 million in cost basis, which comprised 1.8% and 1.4% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, we had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $24.1 million in fair value and $17.9 million in cost basis, which comprised 2.0% and 1.6% of our Investment Portfolio at fair value and cost, respectively.
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CRITICAL ACCOUNTING POLICIES
The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. Critical accounting policies are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on our current and future financial condition and results of operations.
Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board of Directors. Our critical accounting policies and estimates include the Investment Portfolio Valuation and Revenue Recognition policies described below. Our significant accounting policies are described in greater detail in Note B — Summary of Significant Accounting Policies to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Investment Portfolio Valuation
The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of March 31, 2025 and December 31, 2024, our Investment Portfolio valued at fair value represented 95% and 96%, respectively, of our total assets. We are required to report our investments at fair value. We follow the provisions of FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our Investment Portfolio valuation process and procedures.
Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.
Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated our Adviser, led by a group of Main Street’s and our Adviser’s executive officers, to serve as the Board of Directors’ valuation designee. We believe our Investment Portfolio as of March 31, 2025 and December 31, 2024 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.
Revenue Recognition
Interest and Dividend Income
We record interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. We evaluate accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service its debt obligation, we will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, we remove it from non-accrual status.
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Fee Income
We may periodically provide services, including structuring and advisory services to our portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
Payment-in-Kind (“PIK”) Interest and Cumulative Dividends
We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.8. — Summary of Significant Accounting Policies — Income Taxes included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended March 31, 2025 and 2024, (i) 5.8% and 4.5%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.2% and 0.1%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.
INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined Private Loan, LMM and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments as of March 31, 2025 and December 31, 2024 (this information excludes Other Portfolio investments).

Cost: |  | March 31, 2025 |  | December 31, 2024
First lien debt |  | 85.4 | % |  | 85.2 | %
Equity |  | 14.4 |  |  | 14.5 |
Equity warrants |  | 0.2 |  |  | 0.3 |
Other |  | — |  |  | — |
|  | 100.0 | % |  | 100.0 | %

Fair Value: |  | March 31, 2025 |  | December 31, 2024
First lien debt |  | 78.3 | % |  | 77.6 | %
Equity |  | 21.3 |  |  | 22.0 |
Equity warrants |  | 0.4 |  |  | 0.4 |
Other |  | — |  |  | — |
|  | 100.0 | % |  | 100.0 | %

Our Private Loan, LMM and Middle Market portfolio investments carry a number of risks including: (1) investing in companies which may have limited operating histories and financial resources; (2) holding investments that generally are not publicly traded and which may be subject to legal and other restrictions on resale; and (3) other risks common to investing in below investment-grade debt and equity investments in our Investment Portfolio. Please see Item 1A. Risk Factors — Risks Related to our Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for a more complete discussion of the risks involved with investing in our Investment Portfolio.
PORTFOLIO ASSET QUALITY
Our Adviser utilizes an internally developed investment rating system to rate the performance of each Private Loan, LMM and Middle Market portfolio company and to monitor our expected level of returns on each of our Private Loan, LMM and Middle Market investments in relation to our expectations for the portfolio company. The investment rating system takes into consideration various factors, including, but not limited to, each investment’s expected level of
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returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.
As of March 31, 2025, investments on non-accrual status comprised 2.8% of our total Investment Portfolio at fair value and 6.1% at cost. As of December 31, 2024, investments on non-accrual status comprised 1.5% of our total Investment Portfolio at fair value and 5.6% at cost.
The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
Comparison of the three months ended March 31, 2025 and 2024
Set forth below is a comparison of the results of operations for the three months ended March 31, 2025 and 2024.

| Three Months Ended March 31, |  | Net Change
| 2025 |  | 2024 |  | Amount |  | %
| (in thousands)
Total investment income | $ | 33,227 |  |  | $ | 33,950 |  |  | $ | (723) |  |  | (2) | %
Total expenses, net of expense waivers | (16,439) |  |  | (19,404) |  |  | 2,965 |  |  | (15) | %
Net investment income | 16,788 |  |  | 14,546 |  |  | 2,242 |  |  | 15 | %
Net realized loss | (21,066) |  |  | (1,884) |  |  | (19,182) |  |  | NM
Net unrealized appreciation (depreciation) | 18,783 |  |  | (1,133) |  |  | 19,916 |  |  | NM
Income tax benefit (provision) | 1,370 |  |  | (940) |  |  | 2,310 |  |  | NM
Net increase in net assets resulting from operations | $ | 15,875 |  |  | $ | 10,589 |  |  | $ | 5,286 |  |  | 50 | %

_________________
NM — Net Change % not meaningful
Investment Income
Total investment income for the three months ended March 31, 2025 was $33.2 million, a 2% decrease from the $34.0 million of total investment income for the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.

| Three Months Ended March 31, |  | Net Change |
| 2025 |  | 2024 |  | Amount |  | % |
| (in thousands) |
Interest income | $ | 27,424 |  |  | $ | 29,059 |  |  | $ | (1,635) |  |  | (6) | % | (a)
Dividend income | 5,142 |  |  | 2,472 |  |  | 2,670 |  |  | 108 | % | (b)
Fee income | 661 |  |  | 2,419 |  |  | (1,758) |  |  | (73) | % | (c)
Total investment income | $ | 33,227 |  |  | $ | 33,950 |  |  | $ | (723) |  |  | (2) | % | (d)

_________________
(a)The decrease in interest income was primarily due to (i) an increase in investments on non-accrual status and (ii) a decrease in interest rates on floating rate Investment Portfolio debt investments primarily resulting from decreases in benchmark index rates, partially offset by higher average levels of income producing Investment Portfolio debt investments.
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(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of a $2.6 million increase in dividend income from certain of our LMM and Private Loan portfolio investments.
(c)The decrease in fee income was primarily related to a $1.6 million decrease in exit, prepayment and amendment fees.
(d)The decrease in total investment income includes the impact of a net decrease of $1.3 million in certain income considered less consistent or non-recurring, primarily related to a $1.6 million decrease in such fee income, partially offset by (i) a $0.2 million increase in such dividend income and (ii) a $0.1 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.
Expenses
Total expenses, net of expense waivers, for the three months ended March 31, 2025 were $16.4 million, a 15% decrease from $19.4 million in the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.

| Three Months Ended March 31, |  | Net Change |
| 2025 |  | 2024 |  | Amount |  | % |
| (in thousands) |
Interest | $ | 8,243 |  |  | $ | 9,549 |  |  | $ | (1,306) |  |  | (14) | % | (a)
Base management fees | 4,972 |  |  | 5,028 |  |  | (56) |  |  | (1) | % |
Incentive fees | 2,023 |  |  | 3,637 |  |  | (1,614) |  |  | (44) | % | (b)
Internal administrative services expenses | 174 |  |  | 2,267 |  |  | (2,093) |  |  | (92) | % | (c)
General and administrative | 1,027 |  |  | 1,034 |  |  | (7) |  |  | (1) | % |
Total expenses before expense waivers | 16,439 |  |  | 21,515 |  |  | (5,076) |  |  | (24) | % |
Waiver of internal administrative services expenses | — |  |  | (2,111) |  |  | 2,111 |  |  | (100) | % | (c)
Total expenses, net of expense waivers | $ | 16,439 |  |  | $ | 19,404 |  |  | $ | (2,965) |  |  | (15) | % |

_________________
(a)The decrease in interest expense was primarily related to decreased weighted-average interest rates on our Credit Facilities (as defined in the Liquidity and Capital Resources section below) based upon the decreases in benchmark index rates for these floating rate debt obligations and reductions to the spreads, partially offset by higher weighted-average outstanding borrowings used to fund the growth of the Fund’s Investment Portfolio.
(b)The decrease in incentive fees was primarily attributable to the transition to the amended Advisory Agreement effective upon the MSC Income Listing during the first quarter of 2025.
(c)Under the Prior Investment Advisory Agreement, the Adviser historically waived reimbursement of all internal administrative services expenses except for services that were previously provided by an external third-party that were later internalized by the Adviser. Beginning in January 2025, under the Advisory Agreement, the waivers for those costs (except for services that were previously provided by the external third-party) were memorialized as a quarterly cap on the Company’s obligation to reimburse the Adviser for such internal administrative services expenses. As a result, the historical waiver of such costs is no longer required after the MSC Income Listing.
Net Investment Income
Net investment income for the three months ended March 31, 2025 increased to $16.8 million, or $0.38 per share, compared to net investment income of 14.5 million, or $0.36 per share, for the corresponding period of 2024. The increase in net investment income was principally attributable to the decreased expenses, partially offset by the decrease in total investment income, as discussed above. The per share increase in net investment income was after the impact of an 11.3% increase in the weighted-average shares outstanding compared to the first quarter of 2024 primarily due to new shares issued in the MSC Income Offering. The increase in net investment income on a per share basis also includes a $0.04 per share decrease in investment income considered less consistent or non-recurring.
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Net Realized Loss
The following table provides a summary of the primary components of the total net realized loss on investments of $21.1 million for the three months ended March 31, 2025.

| Three Months Ended March 31, 2025
| Full Exits |  | Partial Exits |  | Restructures |  | Other (a) |  | Total
| Net Gain/(Loss) |  | # of Investments |  | Net Gain/(Loss) |  | # of Investments |  | Net Gain/(Loss) |  | # of Investments |  | Net Gain/(Loss) |  | Net Gain/(Loss)
| (in thousands)
Private Loan portfolio | $ | 5,961 |  |  | 2 |  | $ | — |  |  | — |  | $ | (7,706) |  |  | 2 |  | $ | (12) |  |  | $ | (1,757) |
LMM portfolio | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | 9 |  |  | 9 |
Middle Market portfolio | (13,465) |  |  | 1 |  | (5,533) |  |  | 1 |  | (1,153) |  |  | 1 |  | 833 |  |  | (19,318) |
Other Portfolio | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |
Total net realized gain/(loss) | $ | (7,504) |  |  | 3 |  | $ | (5,533) |  |  | 1 |  | $ | (8,859) |  |  | 3 |  | $ | 830 |  |  | $ | (21,066) |

_________________
(a)Other activity includes realized gains and losses from transactions involving five portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation (Depreciation)
The following table provides a summary of the total net unrealized appreciation of $18.8 million for the three months ended March 31, 2025.

| Three Months Ended March 31, 2025
| Private Loan |  | LMM (a) |  | Middle Market |  | Other |  | Total
| (in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period | $ | 1,305 |  |  | $ | (225) |  |  | $ | 20,150 |  |  | $ | — |  |  | $ | 21,230 |
Net unrealized appreciation (depreciation) relating to portfolio investments | (3,822) |  |  | 4,529 |  |  | (3,143) |  |  | (11) |  |  | (2,447) |
Total net unrealized appreciation (depreciation) relating to portfolio investments | $ | (2,517) |  |  | $ | 4,304 |  |  | $ | 17,007 |  |  | $ | (11) |  |  | $ | 18,783 |

_________________
(a)Includes unrealized appreciation on 24 LMM portfolio investments and unrealized depreciation on 12 LMM portfolio investments.
Income Tax Benefit (Provision)
The income tax benefit for the three months ended March 31, 2025 of $1.4 million principally consisted of a deferred tax benefit of $1.9 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences, partially offset by a current tax provision of $0.5 million, related to a $0.3 million provision for current U.S. federal and state income taxes and a $0.2 million provision for excise tax.
The income tax provision for the three months ended March 31, 2024 of $0.9 million principally consisted of (i) a deferred tax provision of $0.6 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $0.3 million related to a $0.2 million provision for current U.S. federal and state income taxes and a $0.1 million provision for excise tax on our estimated undistributed taxable income.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the three months ended March 31, 2025 was $15.9 million, or $0.36 per share, compared with $10.6 million, or $0.26 per share, during the three months ended March 31,
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2024. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the three months ended March 31, 2025, we realized a net increase in cash and cash equivalents of $11.1 million, which is the net result of $72.5 million of cash used in our operating activities and $83.6 million of cash provided by our financing activities.
The $72.5 million of cash used in our operating activities resulted primarily from (i) cash uses totaling $142.8 million for the funding of new and follow-on portfolio investments and (ii) $3.7 million in cash outflows related to changes in other assets and liabilities, partially offset by (i) cash proceeds totaling $61.2 million from the sales and repayments of debt investments and sales and return of capital from equity investments and (ii) cash flows that we generated from the operating profits earned totaling $13.3 million, which is our net investment income, excluding the non-cash effects of the accretion of unearned income, payment-in-kind interest income, cumulative dividends and the amortization expense for deferred financing costs.
The $83.6 million of cash provided by our financing activities principally consisted of (i) $90.5 million in cash proceeds related to common stock issuance and (ii) $5.0 million in net cash borrowings related to our Credit Facilities, partially offset by (i) $10.0 million in cash dividends paid to stockholders and (ii) $2.0 million for the payment of deferred financing costs.
Share Repurchases
See Note G — Share Repurchases to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a description of our share repurchase programs.
See Item 2. Unregistered Sales of Equity Securities and Use of Proceeds in this Quarterly Report on Form 10-Q for more information regarding repurchases of our common stock during the three months ended March 31, 2025.
Capital Resources
As of March 31, 2025, we had $39.5 million in cash and cash equivalents and $124.0 million of unused capacity under our Credit Facilities, which we maintain to support our investment and operating activities. As of March 31, 2025, our NAV totaled $718.9 million, or $15.35 per share.
As of March 31, 2025, we had $160.0 million outstanding and $85.0 million of undrawn commitments under our floating rate multi-year revolving credit facility (the “Corporate Facility”) and $260.7 million outstanding and $39.3 million of undrawn commitments under our special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”), both of which we estimated approximated fair value. Availability under our Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. On November 8, 2024, we entered into an amendment to our Corporate Facility to, among other things: (i) extend the revolving period from September 2025 to November 2028, (ii) extend the final maturity date from March 2026 to May 2029 and (iii) reduce the interest rate, subject to our election, to (a) SOFR plus 2.05% or (b) the base rate plus 1.05%. On February 27, 2025, we entered into an amendment to the Corporate Facility to, among other things: (i) increase the total commitments from $165.0 million to $245.0 million and (ii) increase the accordion feature from up to a total of $200.0 million to up to a total of $300.0 million. On March 24, 2025, the SPV facility was amended to, among other things (i) decrease the interest rate for advances to the applicable SOFR plus 2.20% from the prior interest rate of the applicable SOFR plus 3.00%, (ii) extend the revolving period from February 2027 to February 2029 and (iii) extend the final maturity date from February 2028 to February 2030.
For further information on our Credit Facilities, including key terms and financial covenants, refer to Note D — Debt included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
In October 2021, we issued $77.5 million in aggregate principal amount of our 4.04% Series A Senior Notes due 2026 (the “Series A Notes”), and we issued an additional $72.5 million of Series A Notes in January 2022. The aggregate principal amount of the Series A Notes was $150.0 million as of both March 31, 2025 and December 31, 2024.
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On January 30, 2025, we closed our follow-on public offering of 5,500,000 shares of our common stock, at the public offering price of $15.53 per share, in connection with which the MSC Income Listing occurred. In addition, on February 3, 2025, we issued and sold 825,000 additional shares of our common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option. Net of underwriting discounts and commissions and offering costs, we received net cash proceeds of $90.5 million in connection with the follow-on public equity offering.
We periodically invest excess cash balances into marketable securities and idle funds investments. The primary investment objective of marketable securities and idle funds investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our Private Loan and LMM portfolio investments. Marketable securities and idle funds investments generally consist of money market funds and certificates of deposit with financial institutions.
If our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We have not historically sought stockholder authorization to sell shares of our common stock below the then current NAV per share of our common stock; however, at the 2025 Special Meeting, in advance of the MSC Income Listing, we received approval from our stockholders to have the flexibility, with the approval of the Board of Directors, to offer and sell shares of our common stock at a price below the current net asset value per share until December 11, 2025. We may also seek such authorization at future annual or special meetings of stockholders. Any decision to sell shares of our common stock below the then current NAV per share of our common stock would be subject to the determination by our Board of Directors that such issuance is in our and our stockholders’ best interests.
In order to satisfy the Code requirements applicable to a RIC, we intend to distribute to our stockholders, after consideration and application of our ability under the Code to carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of our taxable income.
In addition, as a BDC, we generally are required to meet a coverage ratio, or BDC asset coverage ratio, of total assets to total senior securities, which include borrowings and any preferred stock we may issue in the future, of at least 200% (or 150% if certain requirements are met). On January 29, 2025, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, which will result in the Company’s asset coverage requirements applicable to senior securities being reduced from 200% to 150%, effective on January 29, 2026. As of March 31, 2025, our BDC asset coverage ratio was 226%.
Although we have been able to secure access to additional liquidity, including through our Credit Facilities and the Master Note Purchase Agreement dated October 22, 2021 governing the Series A Notes (the “Note Purchase Agreement”), there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.
Recently Issued or Adopted Accounting Standards
From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. For a description of recently issued or adopted accounting standards, see Note B.13. — Summary of Significant Accounting Policies — Recently Issued or Adopted Accounting Standards included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Inflation
Inflation has not historically had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, specifically including over the last few years, as a result of recent geopolitical events, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of our
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investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect our results of operations.
Off-Balance Sheet Arrangements
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. As of March 31, 2025, we had a total of $60.9 million in outstanding commitments comprised of (i) 59 commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) two investments with equity capital commitments that had not been fully called.
Contractual Obligations
As of March 31, 2025, we had $570.7 million in total borrowings outstanding under our Credit Facilities and Series A Notes. The SPV Facility is scheduled to mature on February 3, 2030. The Corporate Facility is scheduled to mature on May 8, 2029. The Series A Notes are scheduled to mature on October 30, 2026. See further discussion of the terms of our Credit Facilities, Series A Notes and other debt in Note D — Debt included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
A summary of our significant contractual payment obligations for the repayment of outstanding borrowings at March 31, 2025 is as follows:

| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
| (in thousands)
SPV Facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 260,688 |  |  | $ | 260,688 |
Series A Notes | — |  |  | 150,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
Corporate Facility | — |  |  | — |  |  | — |  |  | — |  |  | 160,000 |  |  | — |  |  | 160,000 |
Total | $ | — |  |  | $ | 150,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,000 |  |  | $ | 260,688 |  |  | $ | 570,688 |

Related Party Transactions and Agreements
We have entered into agreements with our Adviser and/or certain of its affiliates and other parties whereby we pay certain fees and reimbursements to these entities. These included payments for selling commissions and fees and for reimbursement of offering costs. In addition, we make payments for certain services that include the identification, execution and management of our investments and also the management of our day-to-day operations provided to us by our Adviser, pursuant to various agreements that we have entered into. See Note J — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding these related party transactions and agreements.
Recent Developments
In May 2025, we declared a regular quarterly dividend of $0.35 per share and a supplemental quarterly dividend of $0.01 per share, both payable on August 1, 2025 to stockholders of record as of June 30, 2025.
Since March 31, 2025, we repurchased 9,921 shares at an average price of $14.57, as part of the Company's 10b5-1 Repurchase Plan.
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both our interest expense on the debt outstanding under our Credit Facilities and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rate indices, including SOFR and Prime rates, to the extent that any debt investments include floating interest rates. See Risk Factors — Risks Related to our Business and Structure — We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. and Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks associated with our debt investments and borrowings that utilize SOFR or Prime as a reference rate.
The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of March 31, 2025, 81% of our debt Investment Portfolio (at cost) bore interest at floating rates, 97% of which were subject to contractual minimum interest rates. As of March 31, 2025, 26% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR in connection with our Credit Facilities; however, the interest rates on our outstanding Series A Notes are fixed for the life of such debt. As of March 31, 2025, we had not entered into any interest rate hedging arrangements. Due to our limited use of derivatives, we have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and, therefore, are not subject to registration or regulation as a pool operator under such Act. The Company expects to operate as a “limited derivatives user” under Rule 18f-4 under the 1940 Act.
The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of March 31, 2025. The pro forma changes in incentive fee expense are calculated based upon the incentive fee expense for the first quarter of 2025 on an annualized basis, pursuant to the terms included in the Advisory Agreement, as adjusted for the pro forma change in Pre-Incentive Fee Net Investment Income resulting from the assumed interest income and interest expense changes noted in the table, with no other changes in investment income or expenses.

Basis Point Change |  | Increase (Decrease) in Interest Income |  | (Increase) Decrease in Interest Expense |  | Increase (Decrease) in Pre-Incentive Fee Net Investment Income |  | (Increase) Decrease in Incentive Fee Expense |  | Increase (Decrease) in Net Investment Income |  | Increase (Decrease) in Net Investment Income per Share
|  | (dollars in thousands, except per share amounts)
(200) |  | $ | (15,466) |  |  | $ | 8,414 |  |  | $ | (7,052) |  |  | $ | 1,234 |  |  | $ | (5,818) |  |  | $ | (0.12) |
(175) |  | (13,555) |  |  | 7,362 |  |  | (6,193) |  |  | 1,084 |  |  | (5,109) |  |  | (0.11) |
(150) |  | (11,644) |  |  | 6,310 |  |  | (5,334) |  |  | 933 |  |  | (4,401) |  |  | (0.09) |
(125) |  | (9,710) |  |  | 5,259 |  |  | (4,451) |  |  | 779 |  |  | (3,672) |  |  | (0.08) |
(100) |  | (7,768) |  |  | 4,207 |  |  | (3,561) |  |  | 623 |  |  | (2,938) |  |  | (0.06) |
(75) |  | (5,689) |  |  | 3,155 |  |  | (2,534) |  |  | 443 |  |  | (2,091) |  |  | (0.04) |
(50) |  | (3,777) |  |  | 2,103 |  |  | (1,674) |  |  | 293 |  |  | (1,381) |  |  | (0.03) |
(25) |  | (1,888) |  |  | 1,052 |  |  | (836) |  |  | 146 |  |  | (690) |  |  | (0.01) |
25 |  | 1,888 |  |  | (1,052) |  |  | 836 |  |  | (146) |  |  | 690 |  |  | 0.01 |
50 |  | 3,777 |  |  | (2,103) |  |  | 1,674 |  |  | (293) |  |  | 1,381 |  |  | 0.03 |
75 |  | 5,666 |  |  | (3,155) |  |  | 2,511 |  |  | (439) |  |  | 2,072 |  |  | 0.04 |
100 |  | 7,558 |  |  | (4,207) |  |  | 3,351 |  |  | (586) |  |  | 2,765 |  |  | 0.06 |
125 |  | 9,450 |  |  | (5,259) |  |  | 4,191 |  |  | (733) |  |  | 3,458 |  |  | 0.07 |
150 |  | 11,342 |  |  | (6,310) |  |  | 5,032 |  |  | (881) |  |  | 4,151 |  |  | 0.09 |
175 |  | 13,234 |  |  | (7,362) |  |  | 5,872 |  |  | (1,028) |  |  | 4,844 |  |  | 0.10 |
200 |  | 15,126 |  |  | (8,414) |  |  | 6,712 |  |  | (1,175) |  |  | 5,537 |  |  | 0.12 |

Although we believe that this analysis is indicative of the impact of interest rate changes to our net investment income as of March 31, 2025, the analysis does not take into consideration future changes in the credit market, credit
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quality or other business or economic developments that could affect our net investment income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above. The hypothetical results assume that all SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual SOFR and Prime rate reset dates would vary throughout the period. The majority of our investments are based on contracts which reset quarterly while our Corporate Facility and our SPV Facility reset on a monthly and quarterly basis, respectively. The hypothetical results would also be impacted by the changes in the amount of outstanding debt under our Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense).
Item 4. CONTROLS AND PROCEDURES
As of the end of the period covered by this quarterly report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, President, Chief Financial Officer, General Counsel and Chief Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer, President, Chief Financial Officer, General Counsel and Chief Accounting Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act. There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
We, the Adviser and/or Main Street may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us, the Adviser and/or Main Street in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our, the Adviser’s or Main Street’s financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our, the Adviser’s or Main Street’s financial condition or results of operations in any future reporting period.
Item 1A. RISK FACTORS
You should carefully consider the risks described below and all other information contained in this Quarterly Report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 that we filed with the SEC on March 20, 2025, which could materially affect our business, financial condition and/or operating results.
Changes to U.S. tariff, trade and economic policies may have a negative effect on our portfolio companies and, in turn, harm us.
The U.S. has recently enacted, and subsequently rescinded and/or temporarily suspended, significant new tariffs against certain countries, prompting reciprocal tariffs against the U.S. Additionally, the current U.S. presidential administration and the U.S. Congress have directed various federal agencies to further evaluate other key aspects of U.S. trade and economic policies, including changes to domestic fiscal policies aimed at reducing U.S. federal expenditures, and there has been ongoing discussion and commentary regarding further potential significant changes to such tariff, trade and economic policies. These developments, and the perception that further material changes may occur or continue to occur, have contributed to volatility in global financial markets and may have a material adverse effect on global economic conditions. This may significantly reduce global trade, affect the ability of businesses to procure new or extend existing government contracts and have other negative impacts on U.S. businesses. Any of these factors could depress economic activity and may restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Sales of Unregistered Securities
During the three months ended March 31, 2025, we issued 284,173 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The aggregate value of the shares of common stock issued during the three months ended March 31, 2025 under the dividend reinvestment plan was $4.5 million.
Issuer Purchases of Equity Securities
No shares were repurchased under our 10b5-1 Plan during the three months ended March 31, 2025.
Item 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plans for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6. EXHIBITS
Listed below are the exhibits which are filed as part of this report (according to the number assigned to them in Item 601 of Regulation S-K):

Exhibit Number |  | Description of Exhibit
3.1 |  | Articles of Amendment and Restatement (filed as Exhibit 3.1 to the Registrant’s current report on Form 8-K, filed on February 4, 2025 (File No. 814-00939) and incorporated herein by reference).
3.2 |  | Second Amended and Restated Bylaws (filed as Exhibit 3.3 to the Registrant’s annual report on Form 10-K filed on March 20, 2025 (File No. 814-00939) and incorporated herein by reference).
4.1 |  | Second Amended and Restated Distribution Reinvestment Plan (filed as Exhibit 4.2 to the Registrant’s annual report on Form 10-K filed on March 20, 2025 (File No. 814-00939) and incorporated herein by reference).
10.1 |  | Third Amendment to Loan and Security Agreement, dated as of March 24, 2025, by and among MSIF Funding, LLC, as borrower, the Company, as portfolio manager, JPMorgan Chase Bank, National Association, in its capacities as administrative agent and lender, U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), in its capacities as collateral agent and collateral administrator, and U.S. Bank National Association, as securities intermediary (filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on March 25, 2025 (File No. 814-00939) and incorporated herein by reference).
10.2 |  | Amended and Restated Investment Advisory and Administrative Services Agreement, dated January 29, 2025, between MSC Income Fund, Inc. and MSC Adviser I, LLC (filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on February 4, 2025 (File No. 814-00939) and incorporated herein by reference).
10.3 |  | Ninth Amendment to Credit Agreement, dated as of February 27, 2025, by and among the Registrant, the Guarantors party thereto, the lenders party thereto and EverBank (filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on March 4, 2025 (File No. 814-00939) and incorporated herein by reference).
31.1* |  | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2* |  | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1** |  | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32.2** |  | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
99.1 |  | Rule 12d1-4 Fund of Funds Investment Agreement, dated January 20, 2025, by and between Main Street Capital Corporation and MSC Income Fund, Inc. (Filed as Exhibit (k)(15) to the Registrant’s Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 filed with the SEC on January 21, 2025 (File No. 333-282501) and incorporated herein by reference).
101* |  | The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal year 2025, filed with the SEC on May 13, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, (ii) the Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, (iii) the Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024, (iv) the Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024, (v) the Consolidated Schedule of Investments for the periods ended March 31, 2025 and December 31, 2024, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the three months ended March 31, 2025 and 2024.
104* |  | Cover Page Interactive Data File (embedded within the Inline XBRL document)

___________________________
* Filed herewith
** Furnished herewith
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| MSC Income Fund, Inc.
Date: May 13, 2025 | /s/ DWAYNE L. HYZAK
| Dwayne L. Hyzak
| Chief Executive Officer
| (principal executive officer)
Date: May 13, 2025 | /s/ CORY E. GILBERT
| Cory E. Gilbert
| Chief Financial Officer
| (principal financial officer)
Date: May 13, 2025 | /s/ RYAN H. MCHUGH
| Ryan H. McHugh
| Chief Accounting Officer
| (principal accounting officer)

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