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FINANCIAL HIGHLIGHTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Investment Company [Abstract] |
Schedule of Financial Highlights of MSC Income Fund | The following is a schedule of financial highlights of MSC Income for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30,
Per Share Data: | 2025 |  | 2024
NAV as of the beginning of the period | $ | 15.53 |  |  | $ | 15.54 |
Net investment income (1) | 1.05 |  |  | 1.00 |
Net realized gain (loss) (1)(2) | (0.56) |  |  | 0.59 |
Net unrealized appreciation (depreciation) (1)(2) | 0.77 |  |  | (0.61) |
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) (1)(2) | 0.01 |  |  | (0.08) |
Net increase in net assets resulting from operations (1) | 1.27 |  |  | 0.90 |
Dividends paid from net investment income (3) | (1.08) |  |  | (0.76) |
Distributions paid from capital gains (3) | — |  |  | (0.33) |
Distributions paid or accrued (3) | (1.08) |  |  | (1.09) |
Accretive effect of stock repurchases (repurchasing shares below NAV per share) | — |  |  | 0.02 |
Dilutive effect of stock offerings (issuing shares below NAV per share) | (0.16) |  |  | — |
Other (4) | (0.02) |  |  | 0.01 |
NAV as of the end of the period | $ | 15.54 |  |  | $ | 15.38 |
Market value as of the end of the period | $ | 13.13 |  |  | N/A
Shares outstanding as of the end of the period | 47,268,027 |  |  | 40,217,446 |
________________ (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 the related income tax provision or benefit can fluctuate significantly from period to period. (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)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.
| Nine Months Ended September 30,
| 2025 |  | 2024
| (dollars in thousands)
NAV as of the end of the period | $ | 734,358 |  |  | $ | 618,485 |
Average NAV | $ | 700,247 |  |  | $ | 620,622 |
Average outstanding debt | $ | 541,875 |  |  | $ | 512,088 |
Ratios to average NAV: |  |  |
Ratio of total expenses, including tax expenses, to average NAV (1)(2)(3)(6) | 7.90 | % |  | 10.38 | %
Ratio of operating expenses to average NAV (2)(3)(6) | 7.58 | % |  | 9.39 | %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)(6) | 3.93 | % |  | 4.64 | %
Ratio of operating expenses, excluding interest expense and incentive fees to average NAV (2)(3)(6) | 2.68 | % |  | 3.13 | %
Ratio of net investment income to average NAV (2)(6) | 6.94 | % |  | 6.50 | %
Portfolio turnover ratio (2) | 17.49 | % |  | 18.54 | %
Total investment return (2)(4) | (9.39) | % |  | N/A
Total return based on change in NAV (2)(5) | 9.39 | % |  | 6.41 | %
_______________ (1)Total expenses are the sum of operating expenses and all tax expenses. The total tax provision or benefit includes the accrual of net deferred tax provision or benefit relating to book versus tax differences on income at the Taxable Subsidiaries that is included in net investment income, 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)For the nine months ended September 30, 2025, 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 September 30, 2025 and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP (as defined below) during the period. The return does not reflect any sales load that may be paid by an investor. (5)For the nine months ended September 30, 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, shares repurchased by the Fund and other miscellaneous items. For the nine months ended September 30, 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 the NAV per share at the beginning of the period. In each of the nine months ended September 30, 2025 and 2024, the total return does not reflect the sales load from the sale of MSC Income’s common stock. (6)Ratios include internal administrative services expense waivers of $6.7 million for the nine months ended September 30, 2024. There were no internal administrative services expense waivers for the nine months ended September 30, 2025. Excluding these internal administrative services expense waivers, the expense and income ratios are as follows:
|  |  | Nine Months Ended September 30,
|  |  | 2024
Ratio of total expenses, including tax expenses, to average NAV(1)(2)(3) |  |  | 11.49 | %
Ratio of operating expenses to average NAV(2)(3) |  |  | 10.49 | %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3) |  |  | 5.73 | %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3) |  |  | 4.22 | %
Ratio of net investment income to average NAV(2) |  |  | 5.44 | %
________________ See footnotes (1), (2), and (3) immediately prior to this table.

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- Definition Tabular disclosure of financial highlights. Includes, but is not limited to, per share information, income and expense ratios, total return, capital commitment and fee waiver. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1 + Details
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