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0001535778false00015357782025-11-132025-11-13
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________________________
FORM 8-K
__________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 13, 2025
__________________________________________________________________________
MSC Income Fund, Inc.
(Exact name of registrant as specified in its charter)
Maryland
814-00939
45-3999996
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1300 Post Oak Boulevard, 8th Floor, Houston, Texas
77056
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (713) 350-6000
Not Applicable
___________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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
NYSE Texas
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act
of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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
Item 2.02Results of Operations and Financial Condition.
On November 13, 2025, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by
reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such
filing.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
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 hereunto duly authorized.
MSC Income Fund, Inc.
Date: November 13, 2025
By:
/s/ Cory E. Gilbert
Name:           Cory E. Gilbert
Title:             Chief Financial Officer
EX-99.1 2 msifearningsreleaseq325.htm EX-99.1 MSIF Earnings Release Q3 25
1
Exhibit 99.1
image_0a.jpg
NEWS RELEASE
Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert@mainstcapital.com
713-350-6000
Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan@dennardlascar.com
713-529-6600
MSC INCOME FUND ANNOUNCES
THIRD QUARTER 2025 RESULTS
Third Quarter 2025 Net Investment Income of $0.35 Per Share
Net Asset Value of $15.54 Per Share
HOUSTON, November 13, 2025 – MSC Income Fund, Inc. (NYSE: MSIF) (“MSC Income” or the “Fund”) is
pleased to announce its financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights
•Net investment income (“NII”), including excise tax and NII related income taxes, of $16.6 million, or
$0.35 per share
•NII before taxes(1) of $17.0 million, or $0.36 per share
•Total investment income of $35.4 million
•Net increase in net assets resulting from operations of $26.5 million, or $0.56 per share
•Return on equity(2) of 14.6% on an annualized basis for the quarter and 11.6% for the trailing twelve-month
period ended September 30, 2025
•Net asset value of $15.54 per share as of September 30, 2025
•Declared a regular quarterly dividend of $0.35 per share and a supplemental quarterly dividend of $0.01 per
share, both payable in the fourth quarter of 2025, resulting in total dividends declared in the third quarter of
2025 of $0.36 per share
•Completed $74.6 million in total private loan portfolio investments, which after aggregate repayments of
debt investments and a decrease in cost basis due to realized losses resulted in a net decrease of $6.7 million
in the total cost basis of the private loan investment portfolio
•Completed $6.0 million in total lower middle market (“LMM”) portfolio follow-on investments, which after
aggregate repayments of debt investments, return of invested equity capital and a decrease in cost basis due
to a realized loss resulted in a net decrease of $2.6 million in the total cost basis of the LMM investment
portfolio
In commenting on the Fund’s operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income’s
Chief Executive Officer, stated, “We are pleased with the Fund’s performance in the third quarter, which
resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the
quality of the Fund’s existing investment portfolio, combined with the Fund’s existing liquidity, near-term
expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and
2
current attractive pipeline of new private loan investment opportunities provide the opportunity for increased
net investment income and shareholder dividends as we work to enhance the Fund’s investment portfolio over
the next several quarters.”
Third Quarter 2025 Operating Results(3)
The following table provides a summary of the Fund’s operating results for the third quarter of 2025:
Three Months Ended September 30,
2025
2024
Change ($)
Change (%)
(in thousands, except per share amounts)
Interest income
$30,117
$30,236
$(119)
—%
Dividend income
3,652
2,485
1,167
47%
Fee income
1,598
756
842
111%
Total investment income
$35,367
$33,477
$1,890
6%
Net investment income (4)
$16,577
$12,916
$3,661
28%
Net investment income per share (4)
$0.35
$0.32
$0.03
9%
Net increase in net assets resulting from operations
$26,529
$7,371
$19,158
260%
Net increase in net assets resulting from operations per share
$0.56
$0.18
$0.38
211%
The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of
the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a
$0.8 million increase in dividend income from the Fund’s LMM portfolio companies, a $0.2 million increase in
dividend income from the Fund’s other portfolio companies and a $0.2 million increase in dividend income
from the Fund’s private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a
$0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees
related to increased investment activity. The $1.9 million increase in total investment income in the third quarter
of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-
recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such
interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio
debt investments, in each case when compared to the same period in 2024.
Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025
from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million
decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2
million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-
average interest rate on the Fund’s Credit Facilities (as defined in the Liquidity and Capital Resources section
below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from
amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-
average outstanding borrowings used to fund the growth of the Fund’s investment portfolio. The increase in
incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund’s investment
adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII.
The Fund’s ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly
average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for
the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base
management fee percentage under the amended advisory agreement effective upon the listing of the Fund’s
shares of common stock in January 2025.
3
The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was
principally attributable to the increase in total investment income and decreased expenses, each as discussed
above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter
of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the
weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued
through the Fund’s follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per
share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase
in investment income considered less consistent or non-recurring in nature compared to the third quarter of
2024, as discussed above.
The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a
$19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5
million increase in the net fair value change of the Fund’s portfolio investments resulting from the net impact of
net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair
value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million
in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value
increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net
fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset
by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was
the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million.
The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i)
$8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4
million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized
gain on the full exit of a LMM portfolio investment.
The following table provides a summary of the total net unrealized appreciation of $21.0 million for the third
quarter of 2025:
Three Months Ended September 30, 2025
Private
Loan
LMM (a)
Middle
Market
Other
Total
(dollars in millions)
Accounting reversals of net unrealized (appreciation)
depreciation recognized in prior periods due to net realized
(gains / income) losses recognized during the current period
$8.0
$0.8
$—
$—
$8.8
Net unrealized appreciation (depreciation) relating to portfolio
investments
4.8
9.7
(2.6)
0.3
12.2
Total net unrealized appreciation (depreciation) relating to
portfolio investments
$12.8
$10.5
$(2.6)
$0.3
$21.0
(a)LMM includes unrealized appreciation on 30 LMM portfolio investments and unrealized depreciation on 13
LMM portfolio investments.
Liquidity and Capital Resources
As of September 30, 2025, the Fund had aggregate liquidity of $183.5 million, including (i) $18.1 million in
cash and cash equivalents and (ii) $165.4 million of aggregate unused capacity under the Fund’s corporate
revolving credit facility (the “Corporate Facility”) and the Fund’s special purpose vehicle revolving credit
facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”), which the Fund
maintains to support its investment and operating activities.
4
Several details regarding the Fund’s capital structure as of September 30, 2025 are as follows:
•The SPV Facility included $300.0 million in total commitments plus an accordion feature that allows the
Fund to request an increase in the total commitments under the facility to up to $450.0 million.
•$234.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 6.2% based on the
applicable Secured Overnight Financing Rate (“SOFR”) effective for the contractual reset date of October 1,
2025.
•The Corporate Facility included $245.0 million in total commitments from a diversified group of seven
lenders plus an accordion feature that allows the Fund to request an increase in the total commitments under
the facility to up to $300.0 million.
•$145.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 6.2% based
on the applicable SOFR effective for the contractual reset date of October 1, 2025.
•$150.0 million of unsecured notes outstanding that bear interest at a rate of 4.04% per year (the “Series A
Notes”). The Series A Notes mature on October 30, 2026.
•The Fund maintains an investment grade rating from Kroll Bond Rating Agency, LLC of BBB- with a stable
outlook. Kroll Bond Rating Agency, LLC reaffirmed its rating in October 2025.
•The Fund’s net asset value totaled $734.4 million, or $15.54 per share.
•The Fund’s debt-to-equity ratio was 0.72x as of September 30, 2025, below the Fund’s targeted leverage
range.
Investment Portfolio Information as of September 30, 2025(5)
The following table provides a summary of the investments in the Fund’s private loan portfolio and LMM
portfolio as of September 30, 2025:
As of September 30, 2025
Private Loan
LMM (a)
(dollars in millions)
Number of portfolio companies
81
55
Fair value
$750.9
$466.7
Cost
$761.1
$369.9
Debt investments as a % of portfolio (at cost)
92.0%
69.8%
Equity investments as a % of portfolio (at cost)
8.0%
30.2%
% of debt investments at cost secured by first priority lien
99.9%
99.9%
Weighted-average annual effective yield (b)
11.3%
12.9%
Average EBITDA (c)
$31.5
$10.7
(a)The Fund had equity ownership in all of its LMM portfolio companies, and the Fund’s 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 September 30, 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 September 30, 2025.
(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) 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 three
LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the Fund’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.
5
The Fund’s total investment portfolio at fair value consists of approximately 60% private loan, 37% LMM, 2%
middle market and 1% other portfolio investments.
The fair value of the Fund’s LMM portfolio company equity investments was 197% of the cost of such equity
investments, and the Fund’s LMM portfolio companies had a median net senior debt (senior interest-bearing
debt through the Fund’s debt position less cash and cash equivalents) to EBITDA ratio of 2.9 to 1.0 and a
median total EBITDA to senior interest expense ratio of 2.8 to 1.0. Including all debt that is junior in priority to
the Fund’s debt position, these median ratios were 3.0 to 1.0 and 2.8 to 1.0, respectively.(5)(6)
As of September 30, 2025, the Fund’s investment portfolio also included:
•Middle market portfolio investments in eight portfolio companies, collectively totaling $26.6 million in fair
value and $40.0 million in cost basis, which comprised 2.1% and 3.4% of the Fund’s investment portfolio at
fair value and cost, respectively; and
•Other portfolio investments in six entities, spread across four investment managers, collectively totaling
$16.0 million in fair value and $14.3 million in cost basis, which comprised 1.3% and 1.2% of the Fund’s
investment portfolio at fair value and cost, respectively.
As of September 30, 2025, investments on non-accrual status comprised 1.4% of the total investment portfolio
at fair value and 4.6% at cost, and the Fund’s total portfolio investments at fair value were 106% of the related
cost basis.
Third Quarter 2025 Financial Results Conference Call / Webcast
MSC Income has scheduled a conference call for Friday, November 14, 2025 at 10:00 a.m. Eastern time to
discuss the third quarter 2025 financial results.
You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The
conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of
the Fund’s website at https://www.mscincomefund.com.
A telephonic replay of the conference call will be available through Friday, November 21, 2025 and may be
accessed by dialing 201-612-7415 and using the passcode 13752821#. An audio archive of the conference call
will also be available on the investor relations section of the Fund’s website at https://
www.mscincomefund.com shortly after the call and will be accessible until the date of MSC Income’s earnings
release for the next quarter.
For a more detailed discussion of the financial and other information included in this press release, please refer
to the MSC Income Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 to be
filed with the U.S. Securities and Exchange Commission (www.sec.gov) and MSC Income’s Third Quarter
2025 Investor Presentation to be posted on the investor relations section of the MSC Income website at https://
www.mscincomefund.com.
6
ABOUT MSC INCOME FUND, INC.
The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to
private companies owned by or in the process of being acquired by a private equity fund. The Fund’s portfolio
investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings
and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private
equity fund sponsors and primarily invests in secured debt investments within its private loan investment
strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower
middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business
owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) (“Main
Street”) utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s lower
middle market investment strategy. The Fund’s private loan portfolio companies generally have annual
revenues between $25 million and $500 million. The Fund’s lower middle market portfolio companies generally
have annual revenues between $10 million and $150 million.
ABOUT MSC ADVISER I, LLC
MSC Adviser I, LLC (“MSCA”) is a wholly-owned subsidiary of Main Street that is registered as an investment
adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and
administrator of the Fund in addition to several other advisory clients.
FORWARD-LOOKING STATEMENTS
MSC Income cautions that statements in this press release which are forward‑looking and provide other than
historical information, including but not limited to MSC Income’s ability to successfully source and execute on
new portfolio investments and deliver future financial performance and results, are based on current conditions
and information available to MSC Income as of the date hereof and include statements regarding MSC
Income’s goals, beliefs, strategies and future operating results and cash flows. Although its management
believes that the expectations reflected in those forward‑looking statements are reasonable, MSC Income can
give no assurance that those expectations will prove to be correct. Those forward-looking statements are made
based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without
limitation: MSC Income’s continued effectiveness in raising, investing and managing capital; adverse changes
in the economy generally or in the industries in which MSC Income’s portfolio companies operate; the impacts
of macroeconomic factors on MSC Income and its portfolio companies’ businesses and operations, liquidity and
access to capital, and on the U.S. and global economies, including impacts related to pandemics and other
public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain
constraints or disruptions and changes in market index interest rates; changes in laws and regulations or
business, political and/or regulatory conditions that may adversely impact MSC Income’s operations or the
operations of its portfolio companies; the operating and financial performance of MSC Income’s portfolio
companies and their access to capital; retention of key investment personnel by MSCA; competitive factors; and
such other factors described under the captions “Cautionary Statement Concerning Forward-Looking
Statements” and “Risk Factors” included in MSC Income’s filings with the U.S. Securities and Exchange
Commission (www.sec.gov). MSC Income undertakes no obligation to update the information contained herein
to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and
regulations.
7
MSC INCOME FUND, INC.
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments
$1,293
$818
$4,249
$2,643
Affiliate investments
9,268
7,719
28,220
22,891
Non‑Control/Non‑Affiliate investments
24,806
24,940
71,768
75,839
Total investment income
35,367
33,477
104,237
101,373
EXPENSES:
Interest
(8,649)
(10,374)
(25,570)
(29,470)
Base management fees
(4,860)
(5,338)
(14,739)
(15,545)
Incentive fees
(3,321)
(2,136)
(8,775)
(9,364)
Internal administrative services expenses
(173)
(2,368)
(519)
(7,155)
General and administrative
(1,334)
(1,285)
(3,510)
(3,424)
Total expenses before expense waivers
(18,337)
(21,501)
(53,113)
(64,958)
Waiver of internal administrative services expenses
—
2,206
—
6,678
Total expenses, net of expense waivers
(18,337)
(19,295)
(53,113)
(58,280)
NET INVESTMENT INCOME BEFORE TAXES (1)
17,030
14,182
51,124
43,093
Excise tax benefit (expense)
39
(491)
(240)
(570)
Federal and state income and other tax expenses
(492)
(775)
(2,253)
(2,201)
NET INVESTMENT INCOME (4)
16,577
12,916
48,631
40,322
NET REALIZED GAIN (LOSS):
Control investments
—
—
5,305
57
Affiliate investments
(2,321)
—
(2,319)
—
Non‑Control/Non‑Affiliate investments
(7,533)
25,372
(29,127)
23,745
Total net realized gain (loss)
(9,854)
25,372
(26,141)
23,802
NET UNREALIZED APPRECIATION
(DEPRECIATION):
Control investments
(1,113)
912
(7,014)
4,631
Affiliate investments
9,693
182
12,460
1,166
Non‑Control/Non‑Affiliate investments
12,427
(30,843)
30,440
(30,453)
Total net unrealized appreciation (depreciation)
21,007
(29,749)
35,886
(24,656)
Income tax benefit (provision) on net realized gain (loss)
and net unrealized appreciation (depreciation)
(1,201)
(1,168)
317
(3,379)
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS
$26,529
$7,371
$58,693
$36,089
NET INVESTMENT INCOME BEFORE TAXES PER
SHARE—BASIC AND DILUTED (1)(3)
$0.36
$0.35
$1.10
$1.07
NET INVESTMENT INCOME PER SHARE—BASIC
AND DILUTED (3)(4)
$0.35
$0.32
$1.05
$1.00
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS PER SHARE—BASIC AND
DILUTED (3)
$0.56
$0.18
$1.27
$0.90
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED (3)
47,303,204
40,167,985
46,353,334
40,154,730
8
MSC INCOME FUND, INC.
Consolidated Balance Sheets
(in thousands, except per share amounts)
September 30,
2025
December 31,
2024
(Unaudited)
ASSETS
Investments at fair value:
Control investments
$60,753
$69,878
Affiliate investments
392,285
351,360
Non‑Control/Non‑Affiliate investments
807,164
756,269
Total investments
1,260,202
1,177,507
Cash and cash equivalents
18,081
28,375
Interest and dividend receivable
12,245
11,925
Deferred financing costs
3,404
1,985
Prepaids and other assets
4,174
4,254
Deferred tax asset, net
—
625
Total assets
$1,298,106
$1,224,671
LIABILITIES
Credit Facilities
$379,000
$415,688
Series A Notes due 2026 (par: $150,000 as of both September 30, 2025 and
December 31, 2024)
149,677
149,453
Accounts payable and other liabilities
1,133
4,723
Payable for securities purchased
563
—
Interest payable
7,395
6,909
Dividend payable
17,016
14,487
Management and incentive fees payable
8,182
8,508
Deferred tax liability, net
782
—
Total liabilities
563,748
599,768
NET ASSETS
Common stock
47
40
Additional paid‑in capital
791,191
689,580
Total overdistributed earnings
(56,880)
(64,717)
Total net assets
734,358
624,903
Total liabilities and net assets
$1,298,106
$1,224,671
NET ASSET VALUE PER SHARE
$15.54
$15.53
9
MSC INCOME FUND, INC.
Endnotes
(1) The Fund believes presenting NII before taxes and the related per share amount is useful and appropriate
supplemental disclosure for analyzing its financial performance since taxes included in NII may include
excise taxes, which are not solely attributable to NII, and deferred taxes, which are not payable in the
current period.
(2) Return on equity equals the net increase in net assets resulting from operations divided by the average
quarterly total net assets.
(3) All prior period per share amounts have been retrospectively adjusted for a 2-for-1 reverse stock split
completed by the Fund, effective as of December 16, 2024.
(4) NII for each period in 2024 and the first quarter of 2025 necessary to present the comparable year-to-date
amounts for the nine months ended September 30, 2025 have been revised to include the impact of excise
tax and NII related federal and state income and other tax expenses previously included within the total
income tax provision. This correction was determined to be immaterial to any impacted prior periods and
had no impact on net increases in net assets resulting from operations or the related per share amounts.
(5) Portfolio company financial information has not been independently verified by MSC Income.
(6) These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which
EBITDA is not a meaningful metric.