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Jewelry, Inc., Secured Debt 12024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-03-310001535778Robbins Bros. 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32024-03-310001535778Channel Partners Intermediateco, LLC, Secured Debt 42024-03-310001535778msif:ChannelPartnersIntermediatecoLLCMember2024-03-310001535778Clarius BIGS, LLC, Secured Debt2024-03-310001535778Classic H&G Holdings, LLC, Secured Debt 12024-03-310001535778Classic H&G Holdings, LLC, Secured Debt 22024-03-310001535778Classic H&G Holdings, LLC, Preferred Member Units2024-03-310001535778msif:ClassicHGHoldingsLLCMember2024-03-310001535778Computer Data Source, LLC, Secured Debt 12024-03-310001535778Computer Data Source, LLC, Secured Debt 22024-03-310001535778Computer Data Source, LLC, Secured Debt 32024-03-310001535778msif:ComputerDataSourceLLCMember2024-03-310001535778Construction Supply Investments, LLC, Member Units2024-03-310001535778CQ Fluency, LLC, LLC, Secured Debt 12024-03-310001535778CQ Fluency, LLC, LLC, Secured Debt 22024-03-310001535778CQ Fluency, LLC, LLC, Secured Debt 32024-03-310001535778msif:CQFluencyLLCMember2024-03-310001535778Dalton US Inc., Secured 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Stock 22024-03-310001535778msif:ElginAcquireCoLLCMember2024-03-310001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2024-03-310001535778Engineering Research & Consulting, LLC, Secured Debt 12024-03-310001535778Engineering Research & Consulting, LLC, Secured Debt 22024-03-310001535778msif:EngineeringResearchConsultingLLCMember2024-03-310001535778Escalent, Inc., Secured Debt 12024-03-310001535778Escalent, Inc., Secured Debt 22024-03-310001535778Escalent, Inc., Common Equity2024-03-310001535778msif:EscalentIncMember2024-03-310001535778Event Holdco, LLC, Secured Debt 12024-03-310001535778Event Holdco, LLC, Secured Debt 22024-03-310001535778msif:EventHoldcoLLCMember2024-03-310001535778Flip Electronics LLC, Secured Debt 12024-03-310001535778Flip Electronics LLC, Secured Debt 22024-03-310001535778Flip Electronics LLC, Secured Debt 32024-03-310001535778msif:GarylineLLCMember2024-03-310001535778Hawk Ridge Systems, LLC, Secured Debt 12024-03-310001535778Hawk Ridge Systems, LLC, Secured Debt 22024-03-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12024-03-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22024-03-310001535778msif:HawkRidgeSystemsLLCMember2024-03-310001535778HDC/HW Intermediate Holdings, Secured Debt 12024-03-310001535778HDC/HW Intermediate Holdings, Secured Debt 22024-03-310001535778HDC/HW Intermediate Holdings, Common Equity2024-03-310001535778msif:HDCHWIntermediateHoldingsMember2024-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 12024-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 22024-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 32024-03-310001535778msif:HEADLANDSOPCOLLCMember2024-03-310001535778Hybrid Promotions, LLC, Secured Debt2024-03-310001535778IG Parent Corporation, Secured Debt 12024-03-310001535778IG Parent Corporation, Secured Debt 22024-03-310001535778IG Parent Corporation, Secured Debt 32024-03-310001535778msif:IGParentCorporationMember2024-03-310001535778Imaging Business Machines, L.L.C., Secured 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12024-03-310001535778Inspire Aesthetics Management, LLC, Secured Debt 22024-03-310001535778Inspire Aesthetics Management, LLC, Secured Debt 32024-03-310001535778Inspire Aesthetics Management, LLC, Common Equity2024-03-310001535778msif:InspireAestheticsManagementLLCMember2024-03-310001535778Interface Security Systems, L.L.C, Secured Debt 12024-03-310001535778Interface Security Systems, L.L.C, Secured Debt 22024-03-310001535778Interface Security Systems, L.L.C, Common Stock2024-03-310001535778msif:InterfaceSecuritySystemsLLCMember2024-03-310001535778Intermedia Holdings, Inc., Secured Debt2024-03-310001535778Invincible Boat Company, LLC., Secured Debt 12024-03-310001535778Invincible Boat Company, LLC., Secured Debt 22024-03-310001535778msif:InvincibleBoatCompanyLLCMember2024-03-310001535778INW Manufacturing, LLC, Secured Debt2024-03-310001535778Iron-Main Investments, LLC, Secured Debt 12024-03-310001535778Iron-Main Investments, LLC, Secured Debt 22024-03-310001535778Iron-Main Investments, LLC, Secured Debt 32024-03-310001535778Iron-Main Investments, LLC, Secured Debt 42024-03-310001535778Iron-Main Investments, LLC, Secured Debt 52024-03-310001535778Iron-Main Investments, LLC, Common Stock2024-03-310001535778msif:IronMainInvestmentsLLCMember2024-03-310001535778Isagenix International, LLC, Secured Debt2024-03-310001535778Isagenix International, LLC, Common Equity2024-03-310001535778msif:IsagenixInternationalLLCMember2024-03-310001535778ITA Holdings Group, LLC, Secured Debt 12024-03-310001535778ITA Holdings Group, LLC, Secured Debt 22024-03-310001535778ITA Holdings Group, LLC, Secured Debt 32024-03-310001535778ITA Holdings Group, LLC, Secured Debt 42024-03-310001535778ITA Holdings Group, LLC, Warrants2024-03-310001535778msif:ITAHoldingsGroupLLCMember2024-03-310001535778Jackmont Hospitality, Inc., Secured Debt 12024-03-310001535778Jackmont Hospitality, Inc., Secured Debt 22024-03-310001535778Jackmont Hospitality, Inc., Secured Debt 32024-03-310001535778Jackmont Hospitality, Inc., Preferred Equity2024-03-310001535778msif:JackmontHospitalityIncMember2024-03-310001535778Joerns Healthcare, LLC, Secured Debt 12024-03-310001535778Joerns Healthcare, LLC, Secured Debt 22024-03-310001535778Joerns Healthcare, LLC, Secured Debt 32024-03-310001535778Joerns Healthcare, LLC, Secured Debt 42024-03-310001535778Joerns Healthcare, LLC, Common Stock 12024-03-310001535778Joerns Healthcare, LLC, Common Stock 22024-03-310001535778msif:JoernsHealthcareLLCMember2024-03-310001535778Johnson Downie Opco, LLC, Secured Debt 12024-03-310001535778Johnson Downie Opco, LLC, Secured Debt 22024-03-310001535778Johnson Downie Opco, LLC, Preferred Equity2024-03-310001535778msif:JohnsonDownieOpcoLLCMember2024-03-310001535778JorVet Holdings, LLC, Secured Debt2024-03-310001535778JorVet Holdings, LLC, Preferred Equity2024-03-310001535778msif:JorVetHoldingsLLCMember2024-03-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12024-03-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22024-03-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 32024-03-310001535778JTI Electrical & Mechanical, LLC, Common Equity2024-03-310001535778msif:JTIElectricalMechanicalLLCMember2024-03-310001535778KMS, LLC, Secured Debt 12024-03-310001535778KMS, LLC, Secured Debt 22024-03-310001535778msif:KMSLLCMember2024-03-310001535778Lightbox Holdings, L.P., Secured Debt2024-03-310001535778LL Management, Inc., Secured Debt 12024-03-310001535778LL Management, Inc., Secured Debt 22024-03-310001535778LL Management, Inc., Secured Debt 32024-03-310001535778LL Management, Inc., Secured Debt 42024-03-310001535778LL Management, Inc., Secured Debt 52024-03-310001535778msif:LLManagementIncMember2024-03-310001535778LLFlex, LLC, Secured Debt2024-03-310001535778Logix Acquisition Company, LLC, Secured Debt2024-03-310001535778Mako Steel, LP, Secured Debt 12024-03-310001535778Mako Steel, LP, Secured Debt 22024-03-310001535778Mako Steel, LP, Secured Debt 32024-03-310001535778msif:MakoSteelLPMember2024-03-310001535778Metalforming Holdings, LLC, Secured Debt 12024-03-310001535778Metalforming Holdings, LLC, Secured Debt 22024-03-310001535778Metalforming Holdings, LLC, Preferred Equity2024-03-310001535778Metalforming Holdings, LLC, Common Stock2024-03-310001535778msif:MetalformingHoldingsLLCMember2024-03-310001535778Microbe Formulas, LLC, Secured Debt 12024-03-310001535778Microbe Formulas, LLC, Secured Debt 22024-03-310001535778msif:MicrobeFormulasLLCMember2024-03-310001535778Mills Fleet Farm Group, LLC, Secured Debt2024-03-310001535778Mini Melts of America, LLC, Secured Debt 12024-03-310001535778Mini Melts of America, LLC, Secured Debt 22024-03-310001535778Mini Melts of America, LLC, Secured Debt 32024-03-310001535778Mini Melts of America, LLC, Secured Debt 42024-03-310001535778Mini Melts of America, LLC, Common Equity2024-03-310001535778msif:MiniMeltsOfAmericaLLCMember2024-03-310001535778MonitorUS Holding, LLC, Secured Debt 12024-03-310001535778MonitorUS Holding, LLC, Secured Debt 22024-03-310001535778MonitorUS Holding, LLC, Secured Debt 32024-03-310001535778MonitorUS Holding, LLC, Unsecured Debt 2024-03-310001535778MonitorUS Holding, LLC, Common Stock2024-03-310001535778msif:MonitorUSHoldingLLCMember2024-03-310001535778NinjaTrader, LLC, Secured Debt 12024-03-310001535778NinjaTrader, LLC, Secured Debt 22024-03-310001535778NinjaTrader, LLC, Secured Debt 32024-03-310001535778msif:NinjaTraderLLCMember2024-03-310001535778Obra Capital, Inc, Secured Debt2024-03-310001535778Power System Solutions, Secured Debt 12024-03-310001535778Power System Solutions, Secured Debt 22024-03-310001535778Power System Solutions, Secured Debt 32024-03-310001535778Power System Solutions, Common Equity2024-03-310001535778msif:PowerSystemSolutionsMember2024-03-310001535778PrimeFlight Aviation Services, Secured Debt 12024-03-310001535778PrimeFlight Aviation Services, Secured Debt 22024-03-310001535778PrimeFlight Aviation Services, Secured Debt 32024-03-310001535778msif:PrimeFlightAviationServicesMember2024-03-310001535778PTL US Bidco, Inc, Secured Debt 12024-03-310001535778PTL US Bidco, Inc, Secured Debt 22024-03-310001535778msif:PTLUSBidcoIncMember2024-03-310001535778Purge Rite, LLC, Secured Debt 12024-03-310001535778Purge Rite, LLC, Secured Debt 22024-03-310001535778Purge Rite, LLC, Preferred Equity2024-03-310001535778msif:PurgeRiteLLCMember2024-03-310001535778RA Outdoors LLC, Secured Debt 12024-03-310001535778RA Outdoors LLC, Secured Debt 22024-03-310001535778msif:RAOutdoorsLLCMember2024-03-310001535778Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2024-03-310001535778Richardson Sales Solutions, Secured Debt 12024-03-310001535778Richardson Sales Solutions, Secured Debt 22024-03-310001535778msif:RichardsonSalesSolutionsMember2024-03-310001535778Roof Opco, LLC, Secured Debt 12024-03-310001535778Roof Opco, LLC, Secured Debt 22024-03-310001535778Roof Opco, LLC, Secured Debt 32024-03-310001535778msif:RoofOpcoLLCMember2024-03-310001535778Rug Doctor, LLC., Secured Debt 12024-03-310001535778Rug Doctor, LLC., Secured Debt 22024-03-310001535778msif:RugDoctorLLCMember2024-03-310001535778Slick Innovations, LLC, Secured Debt2024-03-310001535778Slick Innovations, LLC, Common Stock2024-03-310001535778msif:SlickInnovationsLLCMember2024-03-310001535778South Coast Terminals Holdings, LLC, Secured Debt 12024-03-310001535778South Coast Terminals Holdings, LLC, Secured Debt 22024-03-310001535778South Coast Terminals Holdings, LLC, Common Equity2024-03-310001535778msif:SouthCoastTerminalsHoldingsLLCMember2024-03-310001535778SPAU Holdings, LLC, Secured Debt 12024-03-310001535778SPAU Holdings, LLC, Secured Debt 22024-03-310001535778SPAU Holdings, LLC, Common Stock2024-03-310001535778msif:SPAUHoldingsLLCMember2024-03-310001535778Tex Tech Tennis, LLC, Preferred Equity2024-03-310001535778The Affiliati Network, LLC, Secured Debt 12024-03-310001535778The Affiliati Network, LLC, Secured Debt 22024-03-310001535778The Affiliati Network, LLC, Preferred Stock 12024-03-310001535778The Affiliati Network, LLC, Preferred Stock 22024-03-310001535778msif:TheAffiliatiNetworkLLCMember2024-03-310001535778Titan Meter Midco Corp., Secured Debt 12024-03-310001535778Titan Meter Midco Corp., Secured Debt 22024-03-310001535778Titan Meter Midco Corp., Preferred Equity2024-03-310001535778msif:TitanMeterMidcoCorp.Member2024-03-310001535778U.S. TelePacific Corp., Secured Debt 12024-03-310001535778U.S. TelePacific Corp., Secured Debt 22024-03-310001535778msif:USTelePacificCorpMember2024-03-310001535778Urgent DSO LLC, Secured Debt2024-03-310001535778Urgent DSO LLC, Preferred Equity2024-03-310001535778msif:UrgentDSOLLCMember2024-03-310001535778USA DeBusk LLC, Secured Debt 12024-03-310001535778USA DeBusk LLC, Secured Debt 22024-03-310001535778USA DeBusk LLC, Secured Debt 32024-03-310001535778msif:USADeBuskLLCMember2024-03-310001535778UserZoom Technologies, Inc., Secured Debt2024-03-310001535778Vistar Media, Inc., Preferred Stock2024-03-310001535778Vitesse Systems, Secured Debt2024-03-310001535778VORTEQ Coil Finishers, LLC, Common Equity2024-03-310001535778Wall Street Prep, Inc., Secured Debt 12024-03-310001535778Wall Street Prep, Inc., Secured Debt 22024-03-310001535778Wall Street Prep, Inc., Common Stock2024-03-310001535778msif:WallStreetPrepIncMember2024-03-310001535778Watterson Brands, LLC, Secured Debt 12024-03-310001535778Watterson Brands, LLC, Secured Debt 22024-03-310001535778Watterson Brands, LLC, Secured Debt 32024-03-310001535778Watterson Brands, LLC, Secured Debt 42024-03-310001535778msif:WattersonBrandsLLCMember2024-03-310001535778West Star Aviation Acquisition, LLC, Secured Debt 12024-03-310001535778West Star Aviation Acquisition, LLC, Secured Debt 22024-03-310001535778West Star Aviation Acquisition, LLC, Secured Debt 32024-03-310001535778West Star Aviation Acquisition, LLC, Common Stock2024-03-310001535778msif:WestStarAviationAcquisitionLLCMember2024-03-310001535778Winter Services LLC, Secured Debt 12024-03-310001535778Winter Services LLC, Secured Debt 22024-03-310001535778Winter Services LLC, Secured Debt 32024-03-310001535778Winter Services LLC, Secured Debt 42024-03-310001535778msif:WinterServicesLLCMember2024-03-310001535778World Micro Holdings, LLC, Secured Debt2024-03-310001535778World Micro Holdings, LLC, Preferred Equity2024-03-310001535778msif:WorldMicroHoldingsLLCMember2024-03-310001535778Xenon Arc, Inc., Secured Debt 12024-03-310001535778Xenon Arc, Inc., Secured Debt 22024-03-310001535778msif:XenonArcIncMember2024-03-310001535778YS Garments, LLC, Secured Debt2024-03-310001535778Zips Car Wash, LLC, Secured Debt 12024-03-310001535778Zips Car Wash, LLC, Secured Debt 22024-03-310001535778msif:ZipsCarWashLLCMember2024-03-310001535778First American Treasury Obligations Fund Class 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12023-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22023-12-310001535778GRT Rubber Technologies LLC, Member Units2023-12-310001535778msif:GRTRubberTechnologiesLLCMember2023-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-12-310001535778Volusion, LLC, Secured Debt2023-12-310001535778Volusion, LLC, Preferred Member Units 12023-12-310001535778Volusion, LLC, Preferred Member Units 22023-12-310001535778Volusion, LLC, Preferred Member Units 32023-12-310001535778Volusion, LLC, Common Stock2023-12-310001535778msif:VolusionLLCMember2023-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12023-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2023-12-310001535778msif:AnalyticalSystemsKecoHoldingsLLCMember2023-12-310001535778Barfly Ventures, LLC, Member Units2023-12-310001535778Batjer TopCo, LLC, Secured Debt 12023-12-310001535778Batjer TopCo, LLC, Secured Debt 22023-12-310001535778Batjer TopCo, LLC, Secured Debt 32023-12-310001535778Batjer TopCo, LLC, Preferred Stock2023-12-310001535778msif:BatjerTopCoLLCMember2023-12-310001535778Brewer Crane Holdings, LLC, Secured Debt2023-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-12-310001535778msif:BrewerCraneHoldingsLLCMember2023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 12023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22023-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-12-310001535778msif:CentreTechnologiesHoldingsLLCMember2023-12-310001535778Chamberlin Holding LLC, Secured Debt 12023-12-310001535778Chamberlin Holding LLC, Secured Debt 22023-12-310001535778Chamberlin Holding LLC, Member Units 12023-12-310001535778Chamberlin Holding LLC, Member Units 22023-12-310001535778msif:ChamberlinHoldingLLCMember2023-12-310001535778Charps, LLC, Preferred Member Units2023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 12023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22023-12-310001535778Clad-Rex Steel, LLC, Member Units 12023-12-310001535778Clad-Rex Steel, LLC, Member Units 22023-12-310001535778msif:CladRexSteelLLCMember2023-12-310001535778Cody Pools, Inc., Secured Debt 12023-12-310001535778Cody Pools, Inc., Secured Debt 22023-12-310001535778Cody Pools, Inc., Preferred Member Units2023-12-310001535778msif:CodyPoolsIncMember2023-12-310001535778Colonial Electric Company LLC, Secured Debt 12023-12-310001535778Colonial Electric Company LLC, Secured Debt 22023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 22023-12-310001535778msif:ColonialElectricCompanyLLCMember2023-12-310001535778Compass Systems & Sales, LLC, Secured Debt 12023-12-310001535778Compass Systems & Sales, LLC, Secured Debt 22023-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2023-12-310001535778msif:CompassSystemsSalesLLCMember2023-12-310001535778Datacom, LLC, Secured Debt 12023-12-310001535778Datacom, LLC, Secured Debt 22023-12-310001535778Datacom, LLC, Preferred Member Units2023-12-310001535778msif:DatacomLLCMember2023-12-310001535778Digital Products Holdings LLC, Secured Debt2023-12-310001535778Digital Products Holdings LLC, Preferred Member Units2023-12-310001535778msif:DigitalProductsHoldingsLLCMember2023-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12023-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22023-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-12-310001535778msif:DirectMarketingSolutionsIncMember2023-12-310001535778Flame King Holdings, LLC, Preferred Equity2023-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-12-310001535778msif:GamberJohnsonHoldingsLLCMember2023-12-310001535778GFG Group, LLC, Secured Debt2023-12-310001535778GFG Group, LLC, Preferred Member Units2023-12-310001535778msif:GFGGroupLLCMember2023-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-12-310001535778Gulf Publishing Holdings, LLC, Member Units2023-12-310001535778msif:GulfPublishingHoldingsLLCMember2023-12-310001535778Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2023-12-310001535778IG Investor, LLC, Secured Debt 12023-12-310001535778IG Investor, LLC, Secured Debt 22023-12-310001535778IG Investor, LLC, Common Equity2023-12-310001535778msif:IGInvestorLLCMember2023-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-12-310001535778Integral Energy Services, Secured Debt2023-12-310001535778Integral Energy Services, Preferred Equity2023-12-310001535778Integral Energy Services, Common Stock2023-12-310001535778msif:IntegralEnergyServicesMember2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-12-310001535778msif:KickhaeferManufacturingCompanyLLCMember2023-12-310001535778MH Corbin Holding LLC, Secured Debt2023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22023-12-310001535778msif:MHCorbinHoldingLLCMember2023-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-12-310001535778msif:MysticLogisticsHoldingsLLCMember2023-12-310001535778NexRev LLC, Secured Debt 12023-12-310001535778NexRev LLC, Secured Debt 22023-12-310001535778NexRev LLC, Preferred Member Units2023-12-310001535778msif:NexRevLLCMember2023-12-310001535778NuStep, LLC, Secured Debt 12023-12-310001535778NuStep, LLC, Secured Debt 22023-12-310001535778NuStep, LLC, Preferred Member Units 12023-12-310001535778NuStep, LLC, Preferred Member Units 22023-12-310001535778msif:NuStepLLCMember2023-12-310001535778Oneliance, LLC, Secured Debt2023-12-310001535778Oneliance, LLC, Preferred Stock2023-12-310001535778msif:OnelianceLLCMember2023-12-310001535778Orttech Holdings, LLC, Secured Debt 12023-12-310001535778Orttech Holdings, LLC, Secured Debt 22023-12-310001535778Orttech Holdings, LLC, Preferred Stock2023-12-310001535778msif:OrttechHoldingsLLCMember2023-12-310001535778Pinnacle TopCo, LLC, Secured Debt 12023-12-310001535778Pinnacle TopCo, LLC, Secured Debt 22023-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2023-12-310001535778msif:PinnacleTopCoLLCMember2023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-12-310001535778msif:RobbinsBrosJewelryIncMember2023-12-310001535778SI East, LLC, Secured Debt 12023-12-310001535778SI East, LLC, Secured Debt 22023-12-310001535778SI East, LLC, Preferred Member Units2023-12-310001535778msif:SIEastLLCMember2023-12-310001535778Student Resource Center, LLC, Secured Debt2023-12-310001535778Student Resource Center, LLC, Preferred Equity2023-12-310001535778msif:StudentResourceCenterLLCMember2023-12-310001535778Tedder Industries, LLC, Secured Debt 12023-12-310001535778Tedder Industries, LLC, Secured Debt 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 12023-12-310001535778Tedder Industries, LLC, Preferred Member Units 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 32023-12-310001535778msif:TedderIndustriesLLCMember2023-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 22023-12-310001535778Trantech Radiator Topco, LLC, Common Stock2023-12-310001535778msif:TrantechRadiatorTopcoLLCMember2023-12-310001535778VVS Holdco LLC, Secured Debt 12023-12-310001535778VVS Holdco LLC, Secured Debt 22023-12-310001535778VVS Holdco LLC, Preferred Equity2023-12-310001535778msif:VVSHoldcoLLCMember2023-12-310001535778AAC Holdings, Inc., Secured Debt 12023-12-310001535778AAC Holdings, Inc., Secured Debt 22023-12-310001535778AAC Holdings, Inc., Common Stock2023-12-310001535778AAC Holdings, Inc., Warrants2023-12-310001535778msif:AACHoldingsIncMember2023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 12023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 22023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 32023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 42023-12-310001535778msif:ABCentersAcquisitionCorporationMember2023-12-310001535778Acumera, Inc., Secured Debt 12023-12-310001535778Acumera, Inc., Secured Debt 22023-12-310001535778Acumera, Inc., Warrants2023-12-310001535778msif:AcumeraIncMember2023-12-310001535778Adams Publishing Group, LLC, Secured Debt 12023-12-310001535778Adams Publishing Group, LLC, Secured Debt 22023-12-310001535778msif:AdamsPublishingGroupLLCMember2023-12-310001535778ADS Tactical, Inc., Secured Debt2023-12-310001535778AMEREQUIP LLC, Secured Debt 12023-12-310001535778AMEREQUIP LLC, Secured Debt 22023-12-310001535778AMEREQUIP LLC, Common Stock2023-12-310001535778msif:AMEREQUIPLLCMember2023-12-310001535778American Health Staffing Group, Inc., Secured Debt 12023-12-310001535778American Health Staffing Group, Inc., Secured Debt 22023-12-310001535778msif:AmericanHealthStaffingGroupIncMember2023-12-310001535778American Nuts, LLC, Secured Debt 12023-12-310001535778American Nuts, LLC, Secured Debt 22023-12-310001535778American Nuts, LLC, Secured Debt 32023-12-310001535778American Nuts, LLC, Secured Debt 42023-12-310001535778msif:AmericanNutsLLCMember2023-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 12023-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 22023-12-310001535778msif:AmericanTeleconferencingServicesLtdMember2023-12-310001535778ArborWorks, LLC, Secured Debt 12023-12-310001535778ArborWorks, LLC, Secured Debt 22023-12-310001535778ArborWorks, LLC, Preferred Equity 12023-12-310001535778ArborWorks, LLC, Preferred Equity 22023-12-310001535778ArborWorks, LLC, Common Equity2023-12-310001535778msif:ArborWorksLLCMember2023-12-310001535778Archer Systems, LLC, Common Stock2023-12-310001535778ATS Operating, LLC, Secured Debt 12023-12-310001535778ATS Operating, LLC, Secured Debt 22023-12-310001535778ATS Operating, LLC, Secured Debt 32023-12-310001535778ATS Operating, LLC, Common Stock2023-12-310001535778msif:ATSOperatingLLCMember2023-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 12023-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 22023-12-310001535778AVEX Aviation Holdings, LLC, Common Equity2023-12-310001535778msif:AVEXAviationHoldingsLLCMember2023-12-310001535778Berry Aviation, Inc., Preferred Member Units 12023-12-310001535778Berry Aviation, Inc., Preferred Member Units 22023-12-310001535778msif:BerryAviationIncMember2023-12-310001535778Bettercloud, Inc., Secured Debt 12023-12-310001535778Bettercloud, Inc., Secured Debt 22023-12-310001535778msif:BettercloudIncMember2023-12-310001535778Binswanger Enterprises, LLC, Member Units2023-12-310001535778Bluestem Brands, Inc., Secured Debt 12023-12-310001535778Bluestem Brands, Inc., Secured Debt 22023-12-310001535778Bluestem Brands, Inc., Common Stock2023-12-310001535778Bluestem Brands, Inc., Warrants2023-12-310001535778msif:BluestemBrandsIncMember2023-12-310001535778Boccella Precast Products LLC, Secured Debt2023-12-310001535778Boccella Precast Products LLC, Member Units2023-12-310001535778msif:BoccellaPrecastProductsLLCMember2023-12-310001535778Bond Brand Loyalty ULC, Secured Debt 12023-12-310001535778Bond Brand Loyalty ULC, Secured Debt 22023-12-310001535778Bond Brand Loyalty ULC, Secured Debt 32023-12-310001535778Bond Brand Loyalty ULC, Preferred Equity2023-12-310001535778Bond Brand Loyalty ULC, Common Equity2023-12-310001535778msif:BondBrandLoyaltyULCMember2023-12-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2023-12-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2023-12-310001535778msif:BrightwoodCapitalFundInvestmentsMember2023-12-310001535778Buca C, LLC, Secured Debt2023-12-310001535778Buca C, LLC, Preferred Member Units2023-12-310001535778msif:BucaCLLCMember2023-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 12023-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 22023-12-310001535778msif:BurningGlassIntermediateHoldingCompanyIncMember2023-12-310001535778CAI Software LLC, Preferred Equity 12023-12-310001535778CAI Software LLC, Preferred Equity 22023-12-310001535778msif:CAISoftwareLLCMember2023-12-310001535778Career Team Holdings, LLC, Secured Debt 12023-12-310001535778Career Team Holdings, LLC, Secured Debt 22023-12-310001535778Career Team Holdings, LLC, Common Stock2023-12-310001535778msif:CareerTeamHoldingsLLCMember2023-12-310001535778CaseWorthy, Inc., Secured Debt 12023-12-310001535778CaseWorthy, Inc., Secured Debt 22023-12-310001535778CaseWorthy, Inc., Secured Debt 32023-12-310001535778CaseWorthy, Inc., Common Equity2023-12-310001535778msif:CaseWorthyIncMember2023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 12023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 22023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 32023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 42023-12-310001535778msif:ChannelPartnersIntermediatecoLLCMember2023-12-310001535778Clarius BIGS, LLC, Secured Debt2023-12-310001535778Classic H&G Holdings, LLC, Secured Debt 12023-12-310001535778Classic H&G Holdings, LLC, Secured Debt 22023-12-310001535778Classic H&G Holdings, LLC, Preferred Member Units2023-12-310001535778msif:ClassicHGHoldingsLLCMember2023-12-310001535778Computer Data Source, LLC, Secured Debt 12023-12-310001535778Computer Data Source, LLC, Secured Debt 22023-12-310001535778msif:ComputerDataSourceLLCMember2023-12-310001535778Construction Supply Investments, LLC, Member Units2023-12-310001535778CQ Fluency, LLC, Secured Debt 12023-12-310001535778CQ Fluency, LLC, Secured Debt 22023-12-310001535778CQ Fluency, LLC, Secured Debt 32023-12-310001535778msif:CQFluencyLLCMember2023-12-310001535778Dalton US Inc., Common Stock2023-12-310001535778DMA Industries, LLC, Secured Debt2023-12-310001535778DMA Industries, LLC, Preferred Equity2023-12-310001535778msif:DMAIndustriesLLCMember2023-12-310001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2023-12-310001535778DTE Enterprises, LLC, Class A Preferred Member Units2023-12-310001535778msif:DTEEnterprisesLLCMember2023-12-310001535778Dynamic Communities, LLC, Secured Debt 12023-12-310001535778Dynamic Communities, LLC, Secured Debt 22023-12-310001535778Dynamic Communities, LLC, Preferred Equity 12023-12-310001535778Dynamic Communities, LLC, Preferred Equity 22023-12-310001535778Dynamic Communities, LLC, Common Equity2023-12-310001535778msif:DynamicCommunitiesLLCMember2023-12-310001535778Elgin AcquireCo, LLC, Secured Debt 12023-12-310001535778Elgin AcquireCo, LLC, Secured Debt 22023-12-310001535778Elgin AcquireCo, LLC, Secured Debt 32023-12-310001535778Elgin AcquireCo, LLC, Common Stock 12023-12-310001535778Elgin AcquireCo, LLC, Common Stock 22023-12-310001535778msif:ElginAcquireCoLLCMember2023-12-310001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2023-12-310001535778Engineering Research & Consulting, LLC, Secured Debt 12023-12-310001535778Engineering Research & Consulting, LLC, Secured Debt 22023-12-310001535778msif:EngineeringResearchConsultingLLCMember2023-12-310001535778Escalent, Inc., Secured Debt 12023-12-310001535778Escalent, Inc., Secured Debt 22023-12-310001535778Escalent, Inc., Common Equity2023-12-310001535778msif:EscalentIncMember2023-12-310001535778Event Holdco, LLC, Secured Debt 12023-12-310001535778Event Holdco, LLC, Secured Debt 22023-12-310001535778msif:EventHoldcoLLCMember2023-12-310001535778Garyline, LLC, Secured Debt 12023-12-310001535778Garyline, LLC, Secured Debt 22023-12-310001535778Garyline, LLC, Common Equity2023-12-310001535778msif:GarylineLLCMember2023-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 12023-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 22023-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12023-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22023-12-310001535778msif:HawkRidgeSystemsLLCMember2023-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 12023-12-310001535778HDC/HW 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12023-12-310001535778Industrial Services Acquisition, LLC, Secured Debt 22023-12-310001535778Industrial Services Acquisition, LLC, Preferred Member Units 12023-12-310001535778Industrial Services Acquisition, LLC, Preferred Member Units 22023-12-310001535778Industrial Services Acquisition, LLC, Member Units2023-12-310001535778msif:IndustrialServicesAcquisitionLLCMember2023-12-310001535778Infinity X1 Holdings, LLC, Secured Debt2023-12-310001535778Infinity X1 Holdings, LLC, Preferred Equity2023-12-310001535778msif:InfinityX1HoldingsLLCMember2023-12-310001535778Infolinks Media Buyco, LLC, Secured Debt 12023-12-310001535778Infolinks Media Buyco, LLC, Secured Debt 22023-12-310001535778msif:InfolinksMediaBuycoLLCMember2023-12-310001535778Insight Borrower Corporation, Secured Debt 12023-12-310001535778Insight Borrower Corporation, Secured Debt 22023-12-310001535778Insight Borrower Corporation, Secured Debt 32023-12-310001535778Insight Borrower Corporation, Common Equity2023-12-310001535778msif:InsightBorrowerCorporationMember2023-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 12023-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 22023-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 32023-12-310001535778Inspire Aesthetics Management, LLC, Common Equity2023-12-310001535778msif:InspireAestheticsManagementLLCMember2023-12-310001535778Interface Security Systems, L.L.C, Secured Debt 12023-12-310001535778Interface Security Systems, L.L.C, Secured Debt 22023-12-310001535778Interface Security Systems, L.L.C, Common Stock2023-12-310001535778msif:InterfaceSecuritySystemsLLCMember2023-12-310001535778Intermedia Holdings, Inc., Secured Debt2023-12-310001535778Invincible Boat Company, LLC., Secured Debt 12023-12-310001535778Invincible Boat Company, LLC., Secured Debt 22023-12-310001535778msif:InvincibleBoatCompanyLLCMember2023-12-310001535778INW Manufacturing, LLC, Secured Debt2023-12-310001535778Iron-Main Investments, LLC, Secured Debt 12023-12-310001535778Iron-Main Investments, LLC, Secured Debt 22023-12-310001535778Iron-Main Investments, LLC, Secured Debt 32023-12-310001535778Iron-Main Investments, LLC, Secured Debt 42023-12-310001535778Iron-Main Investments, LLC, Secured Debt 52023-12-310001535778Iron-Main Investments, LLC, Common Stock2023-12-310001535778msif:IronMainInvestmentsLLCMember2023-12-310001535778Isagenix International, LLC, Secured Debt2023-12-310001535778Isagenix International, LLC, Common Equity2023-12-310001535778msif:IsagenixInternationalLLCMember2023-12-310001535778ITA Holdings Group, LLC, Secured Debt 12023-12-310001535778ITA Holdings Group, LLC, Secured Debt 22023-12-310001535778ITA Holdings Group, LLC, Secured Debt 32023-12-310001535778ITA Holdings Group, LLC, Secured Debt 42023-12-310001535778ITA Holdings Group, LLC, Warrants2023-12-310001535778msif:ITAHoldingsGroupLLCMember2023-12-310001535778Jackmont Hospitality, Inc., Secured Debt 12023-12-310001535778Jackmont Hospitality, Inc., Secured Debt 22023-12-310001535778Jackmont Hospitality, Inc., Preferred Equity2023-12-310001535778msif:JackmontHospitalityIncMember2023-12-310001535778Joerns Healthcare, LLC, Secured Debt 12023-12-310001535778Joerns Healthcare, LLC, Secured Debt 22023-12-310001535778Joerns Healthcare, LLC, Secured Debt 32023-12-310001535778Joerns Healthcare, LLC, Common Stock2023-12-310001535778msif:JoernsHealthcareLLCMember2023-12-310001535778Johnson Downie Opco, LLC, Secured Debt 12023-12-310001535778Johnson Downie Opco, LLC, Secured Debt 22023-12-310001535778Johnson Downie Opco, LLC, Preferred Equity2023-12-310001535778msif:JohnsonDownieOpcoLLCMember2023-12-310001535778JorVet Holdings, LLC, Secured Debt2023-12-310001535778JorVet Holdings, LLC, Preferred Equity2023-12-310001535778msif:JorVetHoldingsLLCMember2023-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12023-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22023-12-310001535778JTI Electrical & Mechanical, LLC, Common Equity2023-12-310001535778msif:JTIElectricalMechanicalLLCMember2023-12-310001535778KMS, LLC, Secured Debt 12023-12-310001535778KMS, LLC, Secured Debt 22023-12-310001535778msif:KMSLLCMember2023-12-310001535778Lightbox Holdings, L.P., Secured Debt2023-12-310001535778LL Management, Inc., Secured Debt 12023-12-310001535778LL Management, Inc., Secured Debt 22023-12-310001535778LL Management, Inc., Secured Debt 32023-12-310001535778LL Management, Inc., Secured Debt 42023-12-310001535778LL Management, Inc., Secured Debt 52023-12-310001535778msif:LLManagementIncMember2023-12-310001535778LLFlex, LLC, Secured Debt2023-12-310001535778Logix Acquisition Company, LLC, Secured Debt2023-12-310001535778Mako Steel, LP, Secured Debt 12023-12-310001535778Mako Steel, LP, Secured Debt 22023-12-310001535778msif:MakoSteelLPMember2023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 12023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 22023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 32023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 42023-12-310001535778msif:MB2DentalSolutionsLLCMember2023-12-310001535778Metalforming Holdings, LLC, Secured Debt 12023-12-310001535778Metalforming Holdings, LLC, Secured Debt 22023-12-310001535778Metalforming Holdings, LLC, Preferred Equity2023-12-310001535778Metalforming Holdings, LLC, Common Stock2023-12-310001535778msif:MetalformingHoldingsLLCMember2023-12-310001535778Microbe Formulas, LLC, Secured Debt 12023-12-310001535778Microbe Formulas, LLC, Secured Debt 22023-12-310001535778msif:MicrobeFormulasLLCMember2023-12-310001535778Mills Fleet Farm Group, LLC, Secured Debt2023-12-310001535778Mini Melts of America, LLC, Secured Debt 12023-12-310001535778Mini Melts of America, LLC, Secured Debt 22023-12-310001535778Mini Melts of America, LLC, Secured Debt 32023-12-310001535778Mini Melts of America, LLC, Secured Debt 42023-12-310001535778Mini Melts of America, LLC, Common Equity2023-12-310001535778msif:MiniMeltsOfAmericaLLCMember2023-12-310001535778MonitorUS Holding, LLC, Secured Debt 12023-12-310001535778MonitorUS Holding, LLC, Secured Debt 22023-12-310001535778MonitorUS Holding, LLC, Secured Debt 32023-12-310001535778MonitorUS Holding, LLC, Common Stock2023-12-310001535778msif:MonitorUSHoldingLLCMember2023-12-310001535778NinjaTrader, LLC, Secured Debt 12023-12-310001535778NinjaTrader, LLC, Secured Debt 22023-12-310001535778NinjaTrader, LLC, Secured Debt 32023-12-310001535778NinjaTrader, LLC, Secured Debt 42023-12-310001535778msif:NinjaTraderLLCMember2023-12-310001535778Obra Capital, Inc. (f/k/a Vida Capital, Inc.), Secured Debt2023-12-310001535778Paragon Healthcare, Inc., Secured Debt 12023-12-310001535778Paragon Healthcare, Inc., Secured Debt 22023-12-310001535778Paragon Healthcare, Inc., Secured Debt 32023-12-310001535778msif:ParagonHealthcareIncMember2023-12-310001535778Power System Solutions, Secured Debt 12023-12-310001535778Power System Solutions, Secured Debt 22023-12-310001535778Power System Solutions, Secured Debt 32023-12-310001535778Power System Solutions, Common Equity2023-12-310001535778msif:PowerSystemSolutionsMember2023-12-310001535778PrimeFlight Aviation Services, Secured Debt 12023-12-310001535778PrimeFlight Aviation Services, Secured Debt 22023-12-310001535778msif:PrimeFlightAviationServicesMember2023-12-310001535778PTL US Bidco, Inc, Secured Debt 12023-12-310001535778PTL US Bidco, Inc, Secured Debt 22023-12-310001535778msif:PTLUSBidcoIncMember2023-12-310001535778Purge Rite, LLC, Secured Debt 12023-12-310001535778Purge Rite, LLC, Secured Debt 22023-12-310001535778Purge Rite, LLC, Preferred Equity2023-12-310001535778msif:PurgeRiteLLCMember2023-12-310001535778RA Outdoors LLC, Secured Debt 12023-12-310001535778RA Outdoors LLC, Secured Debt 22023-12-310001535778msif:RAOutdoorsLLCMember2023-12-310001535778Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2023-12-310001535778Richardson Sales Solutions, Secured Debt 12023-12-310001535778Richardson Sales Solutions, Secured Debt 22023-12-310001535778msif:RichardsonSalesSolutionsMember2023-12-310001535778Roof Opco, LLC, Secured Debt 12023-12-310001535778Roof Opco, LLC, Secured Debt 22023-12-310001535778Roof Opco, LLC, Secured Debt 32023-12-310001535778msif:RoofOpcoLLCMember2023-12-310001535778Rug Doctor, LLC., Secured Debt 12023-12-310001535778Rug Doctor, LLC., Secured Debt 22023-12-310001535778msif:RugDoctorLLCMember2023-12-310001535778Slick Innovations, LLC, Secured Debt2023-12-310001535778Slick Innovations, LLC, Common Stock2023-12-310001535778msif:SlickInnovationsLLCMember2023-12-310001535778South Coast Terminals Holdings, LLC, Secured Debt 12023-12-310001535778South Coast Terminals Holdings, LLC, Secured Debt 22023-12-310001535778South Coast Terminals Holdings, LLC, Common Equity2023-12-310001535778msif:SouthCoastTerminalsHoldingsLLCMember2023-12-310001535778SPAU Holdings, LLC, Secured Debt 12023-12-310001535778SPAU Holdings, LLC, Secured Debt 22023-12-310001535778SPAU Holdings, LLC, Common Stock2023-12-310001535778msif:SPAUHoldingsLLCMember2023-12-310001535778Tex Tech Tennis, LLC, Preferred Equity2023-12-310001535778The Affiliati Network, LLC, Secured Debt 12023-12-310001535778The Affiliati Network, LLC, Secured Debt 22023-12-310001535778The Affiliati Network, LLC, Preferred Stock 12023-12-310001535778The Affiliati Network, LLC, Preferred Stock 22023-12-310001535778msif:TheAffiliatiNetworkLLCMember2023-12-310001535778U.S. TelePacific Corp., Secured Debt 12023-12-310001535778U.S. TelePacific Corp., Secured Debt 22023-12-310001535778msif:USTelePacificCorpMember2023-12-310001535778USA DeBusk LLC, Secured Debt 12023-12-310001535778USA DeBusk LLC, Secured Debt 22023-12-310001535778USA DeBusk LLC, Secured Debt 32023-12-310001535778msif:USADeBuskLLCMember2023-12-310001535778UserZoom Technologies, Inc., Secured Debt2023-12-310001535778Vistar Media, Inc., Preferred Stock2023-12-310001535778Vitesse Systems, Secured Debt2023-12-310001535778VORTEQ Coil Finishers, LLC, Common Equity2023-12-310001535778Wall Street Prep, Inc., Secured Debt 12023-12-310001535778Wall Street Prep, Inc., Secured Debt 22023-12-310001535778Wall Street Prep, Inc., Common Stock2023-12-310001535778msif:WallStreetPrepIncMember2023-12-310001535778Watterson Brands, LLC, Secured Debt 12023-12-310001535778Watterson Brands, LLC, Secured Debt 22023-12-310001535778Watterson Brands, LLC, Secured Debt 32023-12-310001535778Watterson Brands, LLC, Secured Debt 42023-12-310001535778msif:WattersonBrandsLLCMember2023-12-310001535778West Star Aviation Acquisition, LLC, Secured Debt 12023-12-310001535778West Star Aviation Acquisition, LLC, Secured Debt 22023-12-310001535778West Star Aviation Acquisition, LLC, Secured Debt 32023-12-310001535778West Star Aviation Acquisition, LLC, Common Stock2023-12-310001535778msif:WestStarAviationAcquisitionLLCMember2023-12-310001535778Winter Services LLC, Secured Debt 12023-12-310001535778Winter Services LLC, Secured Debt 22023-12-310001535778Winter Services LLC, Secured Debt 32023-12-310001535778msif:WinterServicesLLCMember2023-12-310001535778World Micro Holdings, LLC, Secured Debt2023-12-310001535778World Micro Holdings, LLC, Preferred Equity2023-12-310001535778msif:WorldMicroHoldingsLLCMember2023-12-310001535778Xenon Arc, Inc., Secured Debt 12023-12-310001535778Xenon Arc, Inc., Secured Debt 22023-12-310001535778Xenon Arc, Inc., Secured Debt 32023-12-310001535778msif:XenonArcIncMember2023-12-310001535778YS 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Inc2024-03-310001535778Channel Partners Intermediateco, LLC2024-03-310001535778CaseWorthy, Inc.2024-03-310001535778Trantech Radiator Topco, LLC2024-03-310001535778Chamberlin Holding LLC2024-03-310001535778Johnson Downie Opco, LLC2024-03-310001535778South Coast Terminals Holdings, LLC2024-03-310001535778Escalent, Inc.2024-03-310001535778Pinnacle TopCo, LLC2024-03-310001535778Gamber-Johnson Holdings, LLC2024-03-310001535778Career Team Holdings, LLC2024-03-310001535778Clad-Rex Steel, LLC2024-03-310001535778Metalforming Holdings, LLC2024-03-310001535778ATS Operating, LLC2024-03-310001535778Mystic Logistics Holdings, LLC2024-03-310001535778Orttech Holdings, LLC2024-03-310001535778Batjer TopCo, LLC2024-03-310001535778ITA Holdings Group, LLC2024-03-310001535778Analytical Systems Keco Holdings, LLC2024-03-310001535778Elgin AcquireCo, LLC2024-03-310001535778Gulf Publishing Holdings, LLC2024-03-310001535778JTI Electrical & Mechanical, LLC2024-03-310001535778AAC Holdings, 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12024-01-012024-03-310001535778Datacom, LLC, Secured Debt 22024-01-012024-03-310001535778Datacom, LLC, Preferred Member Units2024-01-012024-03-310001535778Digital Products Holdings LLC, Secured Debt2024-01-012024-03-310001535778Digital Products Holdings LLC, Preferred Member Units2024-01-012024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 12024-01-012024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22024-01-012024-03-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-01-012024-03-310001535778Flame King Holdings, LLC, Preferred Equity2024-01-012024-03-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-012024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-01-012024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-01-012024-03-310001535778GFG Group, LLC, Secured 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Jewelry, Inc., Secured Debt 12024-01-012024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-03-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-01-012024-03-310001535778SI East, LLC, Secured Debt 12024-01-012024-03-310001535778SI East, LLC, Secured Debt 22024-01-012024-03-310001535778SI East, LLC, Preferred Member Units2024-01-012024-03-310001535778Student Resource Center, LLC, Secured Debt2024-01-012024-03-310001535778Student Resource Center, LLC, Preferred Equity2024-01-012024-03-310001535778Tedder Industries, LLC, Secured Debt 12024-01-012024-03-310001535778Tedder Industries, LLC, Secured Debt 22024-01-012024-03-310001535778Tedder Industries, LLC, Preferred Member Units 12024-01-012024-03-310001535778Tedder Industries, LLC, Preferred Member Units 22024-01-012024-03-310001535778Tedder Industries, LLC, Preferred Member Units 32024-01-012024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12024-01-012024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22024-01-012024-03-310001535778Trantech Radiator Topco, LLC, Common Stock2024-01-012024-03-310001535778VVS Holdco LLC, 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transferred to or from other 1940 Act classification during the period, Control Investments2022-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-03-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001535778AFG Capital Group, LLC, Preferred Member Units2023-01-012023-03-310001535778AFG Capital Group, LLC, Preferred Member Units2022-12-310001535778AFG Capital Group, LLC, Preferred Member Units2023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 12023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 12023-01-012023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 12022-12-310001535778ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 22023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 22023-01-012023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 22022-12-310001535778ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 12023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 12023-01-012023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 12022-12-310001535778ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 22023-01-012023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 22022-12-310001535778ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 22023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Warrants2023-01-012023-03-310001535778ASK (Analytical Systems Keco Holdings, LLC), Warrants2022-12-310001535778ASK (Analytical Systems Keco Holdings, LLC), Warrants2023-03-310001535778ATX Networks Corp., Secured Debt2023-03-310001535778ATX Networks Corp., Secured Debt2023-01-012023-03-310001535778ATX Networks Corp., Secured Debt2022-12-310001535778ATX Networks Corp., Unsecured Debt2023-03-310001535778ATX Networks Corp., Unsecured Debt2023-01-012023-03-310001535778ATX Networks Corp., Unsecured Debt2022-12-310001535778ATX Networks Corp., Common Stock2023-01-012023-03-310001535778ATX Networks Corp., Common Stock2022-12-310001535778ATX Networks Corp., Common Stock2023-03-310001535778Barfly Ventures, LLC, Member Units2023-01-012023-03-310001535778Barfly Ventures, LLC, Member Units2022-12-310001535778Barfly Ventures, LLC, Member Units2023-03-310001535778Batjer TopCo, LLC, Secured Debt 12023-01-012023-03-310001535778Batjer TopCo, LLC, Secured Debt 12022-12-310001535778Batjer TopCo, LLC, Secured Debt 12023-03-310001535778Batjer TopCo, LLC, Secured Debt 22023-03-310001535778Batjer TopCo, LLC, Secured Debt 22023-01-012023-03-310001535778Batjer TopCo, LLC, Secured Debt 22022-12-310001535778Batjer TopCo, LLC, Preferred Stock2023-01-012023-03-310001535778Batjer TopCo, LLC, Preferred Stock2022-12-310001535778Batjer TopCo, LLC, Preferred Stock2023-03-310001535778Brewer Crane Holdings, LLC, Secured Debt2023-03-310001535778Brewer Crane Holdings, LLC, Secured Debt2023-01-012023-03-310001535778Brewer Crane Holdings, LLC, Secured Debt2022-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-01-012023-03-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2022-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 12023-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 12023-01-012023-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 12022-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22023-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 22023-01-012023-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 22022-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-01-012023-03-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2022-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-03-310001535778Chamberlin Holding LLC, Secured Debt 12023-03-310001535778Chamberlin Holding LLC, Secured Debt 12023-01-012023-03-310001535778Chamberlin Holding LLC, Secured Debt 12022-12-310001535778Chamberlin Holding LLC, Secured Debt 22023-03-310001535778Chamberlin Holding LLC, Secured Debt 22023-01-012023-03-310001535778Chamberlin Holding LLC, Secured Debt 22022-12-310001535778Chamberlin Holding LLC, Member Units 12023-01-012023-03-310001535778Chamberlin Holding LLC, Member Units 12022-12-310001535778Chamberlin Holding LLC, Member Units 12023-03-310001535778Chamberlin Holding LLC, Member Units 22023-01-012023-03-310001535778Chamberlin Holding LLC, Member Units 22022-12-310001535778Chamberlin Holding LLC, Member Units 22023-03-310001535778Charps, LLC, Preferred Member Units2023-01-012023-03-310001535778Charps, LLC, Preferred Member Units2022-12-310001535778Charps, LLC, Preferred Member Units2023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 12023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 12023-01-012023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 12022-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 22023-01-012023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 22022-12-310001535778Clad-Rex Steel, LLC, Secured Debt 32023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 32023-01-012023-03-310001535778Clad-Rex Steel, LLC, Secured Debt 32022-12-310001535778Clad-Rex Steel, LLC, Member Units 12023-01-012023-03-310001535778Clad-Rex Steel, LLC, Member Units 12022-12-310001535778Clad-Rex Steel, LLC, Member Units 12023-03-310001535778Clad-Rex Steel, LLC, Member Units 22023-01-012023-03-310001535778Clad-Rex Steel, LLC, Member Units 22022-12-310001535778Clad-Rex Steel, LLC, Member Units 22023-03-310001535778Cody Pools, Inc., Secured Debt 12023-03-310001535778Cody Pools, Inc., Secured Debt 12023-01-012023-03-310001535778Cody Pools, Inc., Secured Debt 12022-12-310001535778Cody Pools, Inc., Secured Debt 22023-03-310001535778Cody Pools, Inc., Secured Debt 22023-01-012023-03-310001535778Cody Pools, Inc., Secured Debt 22022-12-310001535778Cody Pools, Inc., Preferred Member Units2023-01-012023-03-310001535778Cody Pools, Inc., Preferred Member Units2022-12-310001535778Cody Pools, Inc., Preferred Member Units2023-03-310001535778Colonial Electric Company LLC, Secured Debt 12023-01-012023-03-310001535778Colonial Electric Company LLC, Secured Debt 12022-12-310001535778Colonial Electric Company LLC, Secured Debt 12023-03-310001535778Colonial Electric Company LLC, Secured Debt 22023-03-310001535778Colonial Electric Company LLC, Secured Debt 22023-01-012023-03-310001535778Colonial Electric Company LLC, Secured Debt 22022-12-310001535778Colonial Electric Company LLC, Preferred Member Units2023-01-012023-03-310001535778Colonial Electric Company LLC, Preferred Member Units2022-12-310001535778Colonial Electric Company LLC, Preferred Member Units2023-03-310001535778Datacom, LLC, Secured Debt 12023-03-310001535778Datacom, LLC, Secured Debt 12023-01-012023-03-310001535778Datacom, LLC, Secured Debt 12022-12-310001535778Datacom, LLC, Secured Debt 22023-03-310001535778Datacom, LLC, Secured Debt 22023-01-012023-03-310001535778Datacom, LLC, Secured Debt 22022-12-310001535778Datacom, LLC, Preferred Member Units2023-01-012023-03-310001535778Datacom, LLC, Preferred Member Units2022-12-310001535778Datacom, LLC, Preferred Member Units2023-03-310001535778Digital Products Holdings LLC, Secured Debt2023-03-310001535778Digital Products Holdings LLC, Secured Debt2023-01-012023-03-310001535778Digital Products Holdings LLC, Secured Debt2022-12-310001535778Digital Products Holdings LLC, Preferred Member Units2023-01-012023-03-310001535778Digital Products Holdings LLC, Preferred Member Units2022-12-310001535778Digital Products Holdings LLC, Preferred Member Units2023-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 12023-01-012023-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 12022-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12023-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22023-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22023-01-012023-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22022-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-01-012023-03-310001535778Direct Marketing Solutions, Inc., Preferred Stock2022-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-03-310001535778Flame King Holdings, LLC, Secured Debt 12023-03-310001535778Flame King Holdings, LLC, Secured Debt 12023-01-012023-03-310001535778Flame King Holdings, LLC, Secured Debt 12022-12-310001535778Flame King Holdings, LLC, Secured Debt 22023-03-310001535778Flame King Holdings, LLC, Secured Debt 22023-01-012023-03-310001535778Flame King Holdings, LLC, Secured Debt 22022-12-310001535778Flame King Holdings, LLC, Preferred Equity2023-01-012023-03-310001535778Flame King Holdings, LLC, Preferred Equity2022-12-310001535778Flame King Holdings, LLC, Preferred Equity2023-03-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-01-012023-03-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2022-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-01-012023-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12022-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-01-012023-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22022-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-01-012023-03-310001535778Gamber-Johnson Holdings, LLC, Member Units2022-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-03-310001535778GFG Group, LLC., Secured Debt2023-03-310001535778GFG Group, LLC., Secured Debt2023-01-012023-03-310001535778GFG Group, LLC., Secured Debt2022-12-310001535778GFG Group, LLC., Preferred Member Units2023-01-012023-03-310001535778GFG Group, LLC., Preferred Member Units2022-12-310001535778GFG Group, LLC., Preferred Member Units2023-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-01-012023-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12022-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-01-012023-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22022-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-01-012023-03-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2022-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-03-310001535778Gulf Publishing Holdings, LLC, Member Units2023-01-012023-03-310001535778Gulf Publishing Holdings, LLC, Member Units2022-12-310001535778Gulf Publishing Holdings, LLC, Member Units2023-03-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-01-012023-03-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-12-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-01-012023-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-01-012023-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-01-012023-03-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2022-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-03-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-01-012023-03-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2022-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-03-310001535778Market Force Information, LLC, Secured Debt2023-03-310001535778Market Force Information, LLC, Secured Debt2023-01-012023-03-310001535778Market Force Information, LLC, Secured Debt2022-12-310001535778Market Force Information, LLC, Member Units2023-01-012023-03-310001535778Market Force Information, LLC, Member Units2022-12-310001535778Market Force Information, LLC, Member Units2023-03-310001535778MH Corbin Holding LLC, Secured Debt2023-03-310001535778MH Corbin Holding LLC, Secured Debt2023-01-012023-03-310001535778MH Corbin Holding LLC, Secured Debt2022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-01-012023-03-310001535778MH Corbin Holding LLC, Preferred Member Units 12022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-03-310001535778MH Corbin Holding LLC, Preferred Member Units 22023-01-012023-03-310001535778MH Corbin Holding LLC, Preferred Member Units 22022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22023-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-01-012023-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12022-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-01-012023-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22022-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-01-012023-03-310001535778Mystic Logistics Holdings, LLC, Common Stock2022-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-03-310001535778NexRev LLC, Secured Debt 12023-01-012023-03-310001535778NexRev LLC, Secured Debt 12022-12-310001535778NexRev LLC, Secured Debt 12023-03-310001535778NexRev LLC, Secured Debt 22023-03-310001535778NexRev LLC, Secured Debt 22023-01-012023-03-310001535778NexRev LLC, Secured Debt 22022-12-310001535778NexRev LLC, Preferred Member Units2023-01-012023-03-310001535778NexRev LLC, Preferred Member Units2022-12-310001535778NexRev LLC, Preferred Member Units2023-03-310001535778NuStep, LLC, Secured Debt 12023-03-310001535778NuStep, LLC, Secured Debt 12023-01-012023-03-310001535778NuStep, LLC, Secured Debt 12022-12-310001535778NuStep, LLC, Secured Debt 22023-03-310001535778NuStep, LLC, Secured Debt 22023-01-012023-03-310001535778NuStep, LLC, Secured Debt 22022-12-310001535778NuStep, LLC, Preferred Member Units 12023-01-012023-03-310001535778NuStep, LLC, Preferred Member Units 12022-12-310001535778NuStep, LLC, Preferred Member Units 12023-03-310001535778NuStep, LLC, Preferred Member Units 22023-01-012023-03-310001535778NuStep, LLC, Preferred Member Units 22022-12-310001535778NuStep, LLC, Preferred Member Units 22023-03-310001535778Oneliance, LLC, Secured Debt2023-03-310001535778Oneliance, LLC, Secured Debt2023-01-012023-03-310001535778Oneliance, LLC, Secured Debt2022-12-310001535778Oneliance, LLC, Preferred Stock2023-01-012023-03-310001535778Oneliance, LLC, Preferred Stock2022-12-310001535778Oneliance, LLC, Preferred Stock2023-03-310001535778Orttech Holdings, LLC, Secured Debt 12023-03-310001535778Orttech Holdings, LLC, Secured Debt 12023-01-012023-03-310001535778Orttech Holdings, LLC, Secured Debt 12022-12-310001535778Orttech Holdings, LLC, Secured Debt 22023-03-310001535778Orttech Holdings, LLC, Secured Debt 22023-01-012023-03-310001535778Orttech Holdings, LLC, Secured Debt 22022-12-310001535778Orttech Holdings, LLC, Preferred Stock2023-01-012023-03-310001535778Orttech Holdings, LLC, Preferred Stock2022-12-310001535778Orttech Holdings, LLC, Preferred Stock2023-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-01-012023-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12022-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-01-012023-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22022-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-01-012023-03-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2022-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-03-310001535778SI East, LLC, Secured Debt 12023-01-012023-03-310001535778SI East, LLC, Secured Debt 12022-12-310001535778SI East, LLC, Secured Debt 12023-03-310001535778SI East, LLC, Secured Debt 22023-03-310001535778SI East, LLC, Secured Debt 22023-01-012023-03-310001535778SI East, LLC, Secured Debt 22022-12-310001535778SI East, LLC, Preferred Member Units2023-01-012023-03-310001535778SI East, LLC, Preferred Member Units2022-12-310001535778SI East, LLC, Preferred Member Units2023-03-310001535778Sonic Systems International, LLC, Secured Debt2023-03-310001535778Sonic Systems International, LLC, Secured Debt2023-01-012023-03-310001535778Sonic Systems International, LLC, Secured Debt2022-12-310001535778Sonic Systems International, LLC, Common Stock2023-01-012023-03-310001535778Sonic Systems International, LLC, Common Stock2022-12-310001535778Sonic Systems International, LLC, Common Stock2023-03-310001535778Student Resource Center, LLC, Secured Debt2023-03-310001535778Student Resource Center, LLC, Secured Debt2023-01-012023-03-310001535778Student Resource Center, LLC, Secured Debt2022-12-310001535778Student Resource Center, LLC, Preferred Equity2023-01-012023-03-310001535778Student Resource Center, LLC, Preferred Equity2022-12-310001535778Student Resource Center, LLC, Preferred Equity2023-03-310001535778Tedder Industries, LLC, Secured Debt 12023-03-310001535778Tedder Industries, LLC, Secured Debt 12023-01-012023-03-310001535778Tedder Industries, LLC, Secured Debt 12022-12-310001535778Tedder Industries, LLC, Secured Debt 22023-03-310001535778Tedder Industries, LLC, Secured Debt 22023-01-012023-03-310001535778Tedder Industries, LLC, Secured Debt 22022-12-310001535778Tedder Industries, LLC, Preferred Member Units 12023-01-012023-03-310001535778Tedder Industries, LLC, Preferred Member Units 12022-12-310001535778Tedder Industries, LLC, Preferred Member Units 12023-03-310001535778Tedder Industries, LLC, Preferred Member Units 22023-01-012023-03-310001535778Tedder Industries, LLC, Preferred Member Units 22022-12-310001535778Tedder Industries, LLC, Preferred Member Units 22023-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-01-012023-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12022-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22023-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22023-01-012023-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22022-12-310001535778Trantech Radiator Topco, LLC, Common Stock2023-01-012023-03-310001535778Trantech Radiator Topco, LLC, Common Stock2022-12-310001535778Trantech Radiator Topco, LLC, Common Stock2023-03-310001535778Volusion, LLC, Secured Debt 12023-03-310001535778Volusion, LLC, Secured Debt 12023-01-012023-03-310001535778Volusion, LLC, Secured Debt 12022-12-310001535778Volusion, LLC, Secured Debt 22023-01-012023-03-310001535778Volusion, LLC, Secured Debt 22022-12-310001535778Volusion, LLC, Secured Debt 22023-03-310001535778Volusion, LLC, Unsecured Convertible Debt2023-01-012023-03-310001535778Volusion, LLC, Unsecured Convertible Debt2022-12-310001535778Volusion, LLC, Unsecured Convertible Debt2023-03-310001535778Volusion, LLC, Preferred Member Units 12023-01-012023-03-310001535778Volusion, LLC, Preferred Member Units 12022-12-310001535778Volusion, LLC, Preferred Member Units 12023-03-310001535778Volusion, LLC, Preferred Member Units 22023-01-012023-03-310001535778Volusion, LLC, Preferred Member Units 22022-12-310001535778Volusion, LLC, Preferred Member Units 22023-03-310001535778Volusion, LLC, Preferred Member Units 32023-01-012023-03-310001535778Volusion, LLC, Preferred Member Units 32022-12-310001535778Volusion, LLC, Preferred Member Units 32023-03-310001535778Volusion, LLC, Common Stock2023-01-012023-03-310001535778Volusion, LLC, Common Stock2022-12-310001535778Volusion, LLC, Common Stock2023-03-310001535778Volusion, LLC, Warrants2023-01-012023-03-310001535778Volusion, LLC, Warrants2022-12-310001535778Volusion, LLC, Warrants2023-03-310001535778VVS Holdco, LLC, Secured Debt 12023-03-310001535778VVS Holdco, LLC, Secured Debt 12023-01-012023-03-310001535778VVS Holdco, LLC, Secured Debt 12022-12-310001535778VVS Holdco, LLC, Secured Debt 22023-03-310001535778VVS Holdco, LLC, Secured Debt 22023-01-012023-03-310001535778VVS Holdco, LLC, Secured Debt 22022-12-310001535778VVS Holdco, LLC, Preferred Equity2023-01-012023-03-310001535778VVS Holdco, LLC, Preferred Equity2022-12-310001535778VVS Holdco, LLC, Preferred Equity2023-03-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-01-012023-03-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-03-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:MidwestRegionMember2023-03-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:NortheastRegionMember2023-03-310001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-31
Table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
oTRANSITION 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, 8th Floor
Houston, TX
77056
(Address of principal executive offices)
(Zip Code)
(713350-6000
(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 ClassTrading Symbol
Name of Each Exchange on Which
Registered
NoneN/AN/A
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
oNon-accelerated filerþ
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 8, 2024 was 80,475,393.


Table of contents
TABLE OF CONTENTS




Table of contents
MSC INCOME FUND, INC.

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)

March 31,
2024
December 31,
2023
ASSETS(Unaudited)
Investments at fair value:
Control investments (cost: $42,737 and $43,159 as of March 31, 2024 and December 31, 2023, respectively)
$53,644 $53,644 
Affiliate investments (cost: $229,447 and $231,378 as of March 31, 2024 and December 31, 2023, respectively)
289,329 291,279 
Non‑Control/Non‑Affiliate investments (cost: $790,354 and $763,781 as of March 31, 2024 and December 31, 2023, respectively)
773,009 747,972 
Total investments (cost: $1,062,538 and $1,038,318 as of March 31, 2024 and December 31, 2023, respectively)
1,115,982 1,092,895 
Cash and cash equivalents24,648 30,786 
Interest and dividend receivable11,824 10,541 
Receivable for securities sold624 171 
Deferred financing costs (net of accumulated amortization of $4,865 and $4,168 as of March 31, 2024 and December 31, 2023, respectively)
2,718 3,416 
Prepaids and other assets2,787 2,091 
Total assets$1,158,583 $1,139,900 
LIABILITIES
Credit Facilities$354,688 $335,688 
Series A Notes due 2026 (par: $150,000 as of both March 31, 2024 and December 31, 2023)
149,229 149,155 
Accounts payable and other liabilities378 255 
Payable for securities purchased 206 
Interest payable8,411 6,266 
Dividend payable14,821 14,019 
Management and incentive fees payable8,665 8,745 
Deferred tax liability, net3,870 3,259 
Total liabilities540,062 517,593 
Commitments and contingencies (Note I)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 80,112,588 and 80,108,865 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)
80 80 
Additional paid‑in capital686,582 686,136 
Total overdistributed earnings(68,141)(63,909)
Total net assets618,521 622,307 
Total liabilities and net assets$1,158,583 $1,139,900 
NET ASSET VALUE PER SHARE$7.72 $7.77 
The accompanying notes are an integral part of these consolidated financial statements
1

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MSC INCOME FUND, INC.
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
March 31,
20242023
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$811 $809 
Affiliate investments6,929 7,894 
Non‑Control/Non‑Affiliate investments26,210 22,343 
Total investment income33,950 31,046 
EXPENSES:
Interest(9,549)(8,334)
Base management fees(5,028)(4,855)
Incentive fees(3,637)(2,720)
Internal administrative services expenses(2,267)(2,038)
General and administrative(1,034)(880)
Total expenses before expense waivers(21,515)(18,827)
Waiver of internal administrative services expenses2,111 1,889 
Total expenses, net of expense waivers(19,404)(16,938)
NET INVESTMENT INCOME14,546 14,108 
NET REALIZED GAIN (LOSS):
Control investments10 631 
Affiliate investments 1,637 
Non‑Control/Non‑Affiliate investments(1,894)1,164 
Total net realized gain (loss)(1,884)3,432 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments422 (686)
Affiliate investments(19)1,321 
Non‑Control/Non‑Affiliate investments(1,536)(4,774)
Total net unrealized depreciation(1,133)(4,139)
INCOME TAXES:
Federal and state income, excise and other taxes(329)(310)
Deferred taxes(611)(860)
Income tax provision(940)(1,170)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$10,589 $12,231 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$0.18 $0.18 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$0.13 $0.15 
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
80,258,792 80,135,988 
The accompanying notes are an integral part of these consolidated financial statements
2

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MSC INCOME FUND, INC.
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
Common StockAdditional
Paid-In
Capital
Total
Overdistributed
Earnings
Total Net
Asset Value
Number of
Shares
Par
Value
Balances at December 31, 202280,105,999$80 $684,165 $(74,580)$609,665 
Dividend reinvestment 564,377 1 4,413 4,414 
Common stock repurchased(519,489)(1)(3,984)(3,985)
Net increase resulting from operations 12,231 12,231 
Dividends to stockholders (14,026)(14,026)
Balances at March 31, 202380,150,887$80 $684,594 $(76,375)$608,299 
Balances at December 31, 202380,108,86580 686,136 (63,909)622,307 
Issuance of common stock314,070— 2,500 — 2,500 
Dividend reinvestment 564,9691 4,492 — 4,493 
Common stock repurchased(875,316)(1)(6,546)— (6,547)
Net increase resulting from operations — — 10,589 10,589 
Dividends to stockholders — — (14,821)(14,821)
Balances at March 31, 202480,112,588$80 $686,582 $(68,141)$618,521 
The accompanying notes are an integral part of these consolidated financial statements
3

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


Three Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$10,589 $12,231 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies(75,728)(24,971)
Proceeds from sales and repayments of debt investments in portfolio companies49,378 23,663 
Proceeds from sales and return of capital of equity investments in portfolio companies2,745 6,290 
Net unrealized depreciation1,133 4,139 
Net realized (gain) loss on portfolio investments1,884 (3,432)
Amortization of deferred financing costs772 376 
Amortization of deferred offering costs 66 
Accretion of unearned income(1,611)(2,711)
Payment-in-kind interest(1,525)(1,685)
Cumulative dividends(22)(45)
Deferred tax provision611 860 
Changes in other assets and liabilities:
Interest and dividend receivable(1,283)(749)
Prepaid and other assets(696)4 
Management and incentive fees payable(80)533 
Interest payable2,145 2,279 
Accounts payable and other liabilities119 (398)
Net cash provided by (used in) operating activities(11,569)16,450 
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock2,500  
Redemption of common stock(6,547)(3,984)
Payment of offering costs (66)
Dividends paid(9,522)(8,404)
Proceeds from Credit Facilities82,000 13,000 
Repayments on Credit Facilities(63,000)(11,000)
Net cash provided by (used in) financing activities5,431 (10,454)
Net increase (decrease) in cash and cash equivalents(6,138)5,996 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD30,786 21,312 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$24,648 $27,308 
Supplemental cash flow disclosures:
Interest paid$6,632 $5,680 
Taxes paid$384 $831 
Non-cash financing activities:
Dividends declared and unpaid$14,821 $14,026 
Value of shares issued pursuant to the DRIP$4,493 $4,414 

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

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



Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP) (8) (24)7/17/201738.8%$693 $568 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt 12/21/201811.48%SF+6.00%10/29/20261,182 1,174 1,182 
Secured Debt 12/19/201413.48%SF+8.00%10/29/202619,944 19,815 19,944 
Member Units(8)12/19/20142,8966,435 21,890 
27,424 43,016 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.) (8) (24)10/1/201749.3%3,345 6,050 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/2025900 900 900 
Preferred Member Units3/31/20232,184,6833,271 3,110 
Preferred Member Units3/31/202361,077  
Preferred Member Units1/26/20152,090,0016,000  
Common Stock3/31/2023772,6201,104  
11,275 4,010 
Subtotal Control Investments (7.6% of net assets at fair value)
$42,737 $53,644 
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/2024$55 $54 $54 
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/20241,014 1,007 1,007 
Preferred Member Units5/20/2021607607 1,390 
Preferred Member Units8/16/201980014.13%800  
Warrants(27)8/16/20191058/16/202979  
2,547 2,451 
Barfly Ventures, LLC(10)Casual Restaurant Group
Member Units10/26/202012528 1,540 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt 3/7/202210.00%3/7/202750 49 50 
5

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt3/7/202210.00%3/7/202730 30 30 
Secured Debt 3/7/2022 10.00%3/7/20271,175 1,161 1,175 
Preferred Stock(8)3/7/2022453455 680 
1,695 1,935 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201815.48%SF+10.00%1/9/20251,344 1,344 1,343 
Preferred Member Units(8)1/9/20187371,070 1,430 
2,414 2,773 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt (9) (30)1/4/2019SF+9.00%1/4/2028   
Secured Debt(9)1/4/201914.48%SF+9.00%1/4/20285,494 5,427 5,494 
Preferred Member Units1/4/20193,3271,531 3,040 
6,958 8,534 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt (9) (30)2/26/2018SF+6.00%2/26/2026 (42) 
Secured Debt(9)2/26/201813.49%SF+8.00%2/26/20263,905 3,903 3,905 
Member Units(8)2/26/20181,0872,860 7,390 
Member Units (8) (23)11/2/2018261,786443 750 
7,164 12,045 
Charps, LLCPipeline Maintenance and Construction
Preferred Member Units(8)2/3/2017457491 4,010 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt 12/20/201612.00%  1/15/20272,140 2,137 2,100 
Secured Debt12/20/201610.00%12/20/2036251 249 249 
Member Units(8)12/20/20161791,820 1,010 
Member Units(23)12/20/2016200127 237 
4,333 3,596 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(30)3/6/2020   12/17/2026 (3) 
Secured Debt 3/6/202012.50%  12/17/20266,996 6,977 6,996 
Preferred Member Units (8) (23)3/6/20201472,079 18,550 
9,053 25,546 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(30)3/31/20213/31/2026   
Secured Debt3/31/202112.00%3/31/20265,014 4,962 4,962 
Preferred Member Units6/27/2023240240 600 
6

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Member Units 3/31/20214,3201,920 2,080 
7,122 7,642 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(30)11/22/202311/22/2028   
Secured Debt11/22/202313.50%11/22/20284,300 4,182 4,182 
Preferred Equity11/22/20231,8631,863 1,863 
6,045 6,045 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/202555 54 54 
Secured Debt3/31/202110.00%12/31/2025921 885 842 
Preferred Member Units 3/31/20211,000290 20 
1,229 916 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201815.38%SF+10.00%4/27/20263,355 3,332 3,315 
Preferred Member Units(8)4/1/20189642,375 2,459 
5,707 5,774 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(30)2/13/2018   2/13/2026 (3) 
Secured Debt 12/27/202214.00%  2/13/20264,918 4,895 4,918 
Preferred Stock 2/13/20182,1002,100 5,060 
6,992 9,978 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20212,3402,600 6,970 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP) (8) (24)7/31/20156.0%4,160 3,705 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (29) (30)6/24/2016SF+7.00%1/1/2028   
Secured Debt (9) (29)12/15/202210.00%SF+7.00%1/1/202813,120 12,952 13,120 
Member Units(8)6/24/20162,2614,423 26,640 
17,375 39,760 
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20262,336 2,307 2,336 
Preferred Member Units(8)3/31/2021561,225 2,460 
3,532 4,796 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt (9) (30)9/29/2017SF+9.50%7/1/2027   
Secured Debt7/1/202212.50%7/1/2027600 600 571 
Preferred Equity7/1/202215,9301,400 380 
Member Units4/29/2016920920  
2,920 951 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (24)8/9/20178.2%2,296 4,225 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(30)6/21/20236/21/2028 (25)(25)
Secured Debt6/21/202313.00%6/21/20289,206 8,975 8,975 
Common Equity6/21/20233,6003,600 3,600 
12,550 12,550 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/20236,436,5666,540 6,400 
        
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.09%SF+7.50%8/20/202615,340 15,187 14,959 
Preferred Equity(8)12/7/20233,72510.00%10.00%276 360 
Common Stock8/20/202111,6471,584 360 
17,047 15,679 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/20264,950 4,934 4,934 
Secured Debt10/31/20189.00%10/31/2048957 949 949 
Preferred Equity10/31/20181453,060 2,640 
Member Units (8) (23)10/31/2018200248 683 
9,191 9,206 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt 8/31/201514.00%12/31/20251,330 1,330 1,236 
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Member Units3/15/201916,5001,100 80 
Preferred Member Units9/1/20151,0001,500  
3,930 1,316 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(30)8/18/20141/31/2027   
Secured Debt8/18/201410.00%1/31/20271,436 1,431 1,436 
Common Stock(8)8/18/20141,468680 6,598 
2,111 8,034 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt 2/28/201810.00%2/28/2025400 400 400 
Secured Debt2/28/201810.00%2/28/20252,453 2,439 2,439 
Preferred Member Units(8)2/28/201825,786,0462,053 2,050 
4,892 4,889 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.98%SF+6.50%1/31/2025900 899 899 
Secured Debt1/31/201712.00%1/31/20254,610 4,607 4,607 
Preferred Member Units11/2/2022515515 1,290 
Preferred Member Units1/31/20171022,550 2,550 
8,571 9,346 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9)8/6/202116.48%SF+11.00%8/6/20261,340 1,327 1,327 
Preferred Stock8/6/2021282282 282 
1,609 1,609 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (30)7/30/2021SF+11.00%7/31/2026 (2) 
Secured Debt(9)7/30/202116.48%SF+11.00%7/31/20265,490 5,438 5,490 
Preferred Stock (8) (23)7/30/20212,5002,500 4,090 
7,936 9,580 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt12/21/20238.00%12/31/202855 46 46 
Secured Debt12/21/202313.00%12/31/20287,660 7,481 7,481 
Preferred Equity(8)12/21/20231103,135 3,135 
10,662 10,662 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(30)12/15/2021  12/15/2026 (5)(5)
9

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt 12/15/202112.50%  12/15/20263,740 3,699 2,708 
Preferred Equity12/15/20211,2301,230  
4,924 2,703 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt 8/31/201811.25%6/16/2028375 370 375 
Secured Debt6/16/202312.45%6/16/202818,179 18,027 18,179 
Preferred Member Units(8)8/31/201855508 6,390 
18,905 24,944 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt (14)12/31/20228.50%  8.50%12/31/20275,918 5,425 1,925 
Preferred Equity12/31/20226,564,055  
5,425 1,925 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(17)8/31/201812.00%8/31/2023460 460 432 
Secured Debt(17)8/31/201812.00%8/31/20233,800 3,800 1,985 
Preferred Member Units8/28/20231,738165  
Preferred Member Units2/1/20231,323141  
Preferred Member Units8/31/20181362,311  
6,877 2,417 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(30)5/31/20195/31/2027 (1) 
Secured Debt5/31/201913.50%5/31/20271,980 1,956 1,980 
Common Stock(8)5/31/20191541,164 2,900 
3,119 4,880 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (30)12/1/2021 SF+6.00%12/1/2024   
Secured Debt 12/1/202111.50%12/1/20267,050 6,937 6,937 
Preferred Equity (8) (23)12/1/20213,0603,060 3,060 
9,997 9,997 
Subtotal Affiliate Investments (46.8% of net assets at fair value)
$229,447 $289,329 
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$157 $156 $156 
Secured Debt 12/11/202018.00%18.00%6/25/20255,246 5,141 5,187 
Common Stock12/11/2020593,9273,148  
Warrants(27)12/11/2020197,71712/11/2025  
8,445 5,343 
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
10

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (30)9/6/2022 P+5.00%9/6/2028 (19) 
Secured Debt (9) (26)9/6/202211.43%SF+6.00%9/6/20282,347 2,315 2,347 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20282,298 2,218 2,298 
Secured Debt(9)6/21/202311.43%SF+6.00%9/6/2028770 743 770 
5,257 5,415 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt (9) (30)6/7/2023 SF+7.00%6/7/2028 (7)(7)
Secured Debt(9)6/7/202312.43%SF+7.00%6/7/202811,847 11,755 11,847 
Warrants(31)6/7/202314,9535/19/2028 90 
11,748 11,930 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt (9) (29)3/11/202211.00%SF+7.00%1.00%3/11/2027938 938 902 
Secured Debt (9) (29)3/11/202211.00%SF+7.00%1.00%3/11/20272,462 2,457 2,368 
3,395 3,270 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/202111.19%SF+5.75%3/19/20262,813 2,788 2,828 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock(8)8/31/20221183 100 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt (9) (30)11/19/2021P+5.00%11/19/2026 (9)(9)
Secured Debt(9)11/19/202111.61%SF+6.00%11/19/20268,167 8,123 8,167 
8,114 8,158 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202215.23%SF+9.75%15.23%4/10/20265,027 5,008 4,051 
Secured Debt (9) (14)3/11/202217.23%SF+11.75%17.23%4/10/20264,270 4,244 2,474 
9,252 6,525 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt (14) (17)9/17/2021   4/7/20232,425 2,375 59 
Secured Debt (14) (17)5/19/2016   6/8/202311,693 11,451 282 
13,826 341 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt 11/6/202315.00%  15.00%11/6/20281,952 1,952 1,952 
Secured Debt(9)11/6/202311.94%SF+6.50%12.04%11/6/20283,913 3,913 3,913 
11

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Equity11/6/202317,2657,468 7,175 
Preferred Equity11/6/202317,265  
Common Equity11/9/20212,070124  
13,457 13,040 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/202262,40262 90 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202212.09%SF+6.50%1/18/202750 50 50 
Secured Debt(9)1/18/202211.09%SF+5.50%1/18/2027925 912 925 
Secured Debt(9)1/18/202213.09%SF+7.50%1/18/2027925 912 925 
Common Stock1/18/2022100,000100 100 
1,974 2,000 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt (9) (30)12/23/2022 SF+7.25%12/23/2027 (16)(16)
Secured Debt(9)12/23/202212.71%SF+7.25%12/23/20273,408 3,318 3,370 
Common Equity(8)12/15/2021137134 124 
3,436 3,478 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(23)11/12/2019122,416 70 
Preferred Member Units (8) (23)7/6/20181,548,387 880 
Preferred Member Units3/8/2024293,007293 1,049 
293 1,999 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (30)6/30/2022SF+7.25% 6/30/2028 (17)(17)
Secured Debt(9)6/30/202212.59%SF+7.25%6.25%6/30/20288,672 8,562 8,241 
8,545 8,224 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 500 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt (9) (30)2/16/2024SF+8.50%8/28/2025   
Secured Debt(9)10/19/202216.00%P+7.50%15.00%8/28/20253,334 3,334 3,051 
Secured Debt(9)8/28/202013.94%SF+8.50%12.94%8/28/20254,072 3,531 3,726 
Common Stock 10/1/2020700,446 70 
Warrants(27)10/19/2022175,11010/19/20321,111 20 
12

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
7,976 6,867 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/202780 80 80 
Member Units(8)6/30/2017540,000564 260 
644 340 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt (9) (30)5/1/2023SF+7.00%5/1/2028 (15)(15)
Secured Debt(9)5/1/202311.48%SF+6.00%5/1/20284,030 3,964 4,030 
Secured Debt(9)5/1/202313.48%SF+8.00%5/1/20284,030 3,964 4,030 
Preferred Equity5/1/2023360360 310 
Common Equity5/1/2023360  
8,273 8,355 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt (9) (30)2/1/2024SF+6.25%2/1/2029 (25)(25)
Secured Debt (9) (30)2/1/2024SF+6.25%2/1/2029 (12)(12)
Secured Debt(9)2/1/202411.66%SF+6.25%2/1/202911,431 11,210 11,210 
Common Equity2/1/20241,000,0001,000 1,000 
12,173 12,173 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(24)7/21/20140.5%2,191 1,345 
LP Interests (Brightwood Capital Fund IV, LP) (8) (24)10/26/20161.2%8,737 8,716 
10,928 10,061 
Buca C, LLCCasual Restaurant Group
Secured Debt(17)6/30/201512.00%8/31/202312,676 11,490 8,096 
Preferred Member Units 6/30/201546.00%6.00%3,040  
14,530 8,096 
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 (12) 
Secured Debt(9)6/14/202110.43%SF+5.00%6/10/202813,087 12,945 13,087 
12,933 13,087 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity 12/13/2021454,344454 454 
Preferred Equity12/13/2021126,446  
454 454 
13

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt (9) (30)12/17/2021 SF+6.00%12/17/2026 (4)(4)
Secured Debt12/17/202113.00%12/17/20262,205 2,169 2,169 
Common Stock12/17/202150,000500 500 
2,665 2,665 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt (9) (30)5/18/2022SF+6.00%5/18/2027 (3)(3)
Secured Debt(9)5/18/202211.56%SF+6.00%5/18/20272,574 2,556 2,574 
Secured Debt(9)5/18/202211.56%SF+6.00%5/18/20271,980 1,967 1,980 
Common Equity12/30/202280,00080 80 
4,600 4,631 
Central Moloney, LLC(10)Manufacturer of Electricity Transformers and Related Equipment
Secured Debt(9)2/9/202412.05%SF+6.75%10/20/202815,000 14,711 14,711 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt (9) (28)2/7/202212.56%SF+7.00%2/7/2027152 138 145 
Secured Debt(9)2/7/202212.58%SF+7.00%2/7/20273,351 3,312 3,184 
Secured Debt(9)6/24/202212.58%SF+7.00%2/7/2027186 184 176 
Secured Debt(9)3/27/202312.58%SF+7.00%2/7/2027449 440 426 
4,074 3,931 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17)9/23/2014  1/5/20152,694 2,350 16 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.63%SF+6.00%3/12/2025940 934 940 
Secured Debt3/12/20208.00%3/12/20254,819 4,790 4,819 
Preferred Member Units(8)3/12/2020391,440 4,370 
7,164 10,129 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) (28)8/6/202113.47%SF+8.00%8/6/20264,167 4,065 4,072 
Secured Debt (9) (30)3/29/2024SF+8.00%8/6/2026 (139)(139)
Secured Debt(9)8/6/202113.46%SF+8.00%8/6/202615,260 15,113 14,915 
19,039 18,848 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units 12/29/2016861,6183,335 22,430 
14

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt (9) (30)12/27/2023SF+7.00%6/27/2027 (41)(41)
Secured Debt (9) (30)12/27/2023SF+7.00%6/27/2027 (41)(41)
Secured Debt(9)12/27/202312.41%SF+7.00%6/27/20277,500 7,296 7,352 
7,214 7,270 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock 8/16/2022    52 60 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt11/19/202112.00%11/19/20264,700 4,647 4,700 
Preferred Equity11/19/20211,4861,486 1,490 
6,133 6,190 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/2018 10.00%10.00%1,316 855 
Class A Preferred Member Units 4/13/2018776,3168.00%8.00%776  
2,092 855 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202210.43%SF+5.00%10.43%12/31/20262,125 1,967 1,967 
Secured Debt(9)12/20/202212.43%SF+7.00%12.43%12/31/20262,179 1,946 1,926 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241  
Common Equity12/20/20221,250,000  
4,041 3,953 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt (9) (30)10/3/2022SF+6.00%10/3/2027   
Secured Debt10/3/202212.00%10/3/20271,197 1,171 1,171 
Secured Debt10/3/20229.00%10/3/2052412 408 408 
Common Stock10/3/202219374 390 
Common Stock(23)10/3/202261102 109 
2,055 2,078 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202211.74%SF+6.25%12/29/20272,375 2,344 2,185 
15

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt (9) (28)5/23/202213.75%P+5.25%5/23/2027176 165 176 
Secured Debt(9)5/23/202211.66%SF+6.25%5/23/20285,082 5,014 5,025 
5,179 5,201 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt (9) (30)4/7/2023SF+8.00%4/7/2029 (9)(9)
Secured Debt(9)4/7/202313.40%SF+8.00%4/7/20296,907 6,733 6,907 
Common Equity4/7/2023170,998174 200 
6,898 7,098 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202113.56%SF+8.00%12/22/2026308 306 304 
Secured Debt(9)12/22/202113.56%SF+8.00%8.00%12/22/20263,755 3,735 3,705 
4,041 4,009 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9)11/10/202312.17%SF+6.75%11/10/2028210 138 208 
Secured Debt(9)11/10/202312.17%SF+6.75%11/10/20289,640 9,374 9,544 
Common Equity 11/10/2023    210 210 
9,722 9,962 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201611.53%SF+6.00%1/15/2026359 358 359 
Secured Debt12/2/201612.50%1/15/20269,744 9,703 9,744 
Preferred Member Units(8)12/2/201656713 4,470 
Preferred Member Units(23)12/2/20165638 240 
10,812 14,813 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9)3/7/20249.07%SF+3.50%2.50%6/21/20261,335 1,254 1,254 
Secured Debt(14)3/7/20242.50% 2.50%2.50%6/21/2026914 401 401 
Common Equity3/7/202435,971  
1,655 1,655 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt (9) (30)8/1/2022SF+6.50%8/1/2027 (13)(13)
Secured Debt(9)8/1/202211.83%SF+6.50%8/1/20271,990 1,959 1,990 
Secured Debt(9)8/1/202211.83%SF+6.50%8/1/20274,913 4,847 4,913 
6,793 6,890 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
16

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9)6/30/202115.84%SF+8.25%2.00%6/30/20268,004 7,869 7,840 
IG Parent Corporation(11)Software Engineering
Secured Debt (9) (30)7/30/2021 SF+5.75%7/30/2026 (12) 
Secured Debt(9)7/30/202110.93%SF+5.50%7/30/20286,250 6,188 6,250 
Secured Debt(9)7/30/202110.93%SF+5.50%7/30/20281,937 1,918 1,937 
8,094 8,187 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt (9) (28)6/8/202312.27%SF+7.00%6/30/2028593 593 593 
Secured Debt(9)6/8/202312.25%SF+7.00%6/30/202810,358 10,060 10,358 
Common Equity6/8/2023422580 600 
11,233 11,551 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201714.21%SF+7.75%1.00%7/31/202417,042 17,040 16,103 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/20284,331 4,263 4,263 
Preferred Equity(8)3/31/202321,8401,092 1,092 
5,355 5,355 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9)11/1/202111.18%SF+5.75%11/1/20261,876 1,829 1,876 
Secured Debt(9)11/1/202111.18%SF+5.75%11/1/20269,564 9,463 9,564 
11,292 11,440 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt (9) (30)7/19/2023SF+6.25%7/19/2028 (38)(38)
Secured Debt (9) (30)7/19/2023SF+6.25%7/19/2029 (31)(31)
Secured Debt(9)7/19/202311.56%SF+6.25%7/19/20298,352 8,132 8,209 
Common Equity7/19/202347,847239 160 
8,302 8,300 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt (9) (28)4/3/202313.44%SF+8.00%4/3/2028676 660 652 
Secured Debt(9)4/3/202313.48%SF+8.00%4/3/20286,240 6,108 6,017 
Secured Debt(9)6/14/202313.48%SF+8.00%4/3/20281,257 1,230 1,212 
Common Equity4/3/2023101,719322 190 
8,320 8,071 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
17

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (17) (28)12/9/202115.43%SF+10.00% 8/7/20231,835 1,835 1,680 
Secured Debt (9) (14) (17)8/7/201912.43%SF+7.00%12.43%8/7/20237,334 7,254 17 
Common Stock12/7/20212,143  
9,089 1,697 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201811.43%SF+6.00%7/19/20257,037 7,032 7,037 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201911.96%SF+6.50%8/28/2025104 101 103 
Secured Debt(9)8/28/201911.96%SF+6.50%8/28/202516,812 16,760 16,615 
16,861 16,718 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202111.31%SF+5.75%3/25/20276,563 6,452 5,250 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20281,128 1,110 1,110 
Secured Debt9/1/202113.50%1/31/2028735 723 723 
Secured Debt11/15/202113.50%1/31/20282,236 2,236 2,236 
Secured Debt11/15/202113.50%1/31/20284,906 4,820 4,820 
Secured Debt1/31/202313.50%1/31/20282,591 2,484 2,484 
Common Stock8/3/202150,753689 669 
12,062 12,042 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.03%SF+5.50%8.54%4/14/20282,763 2,536 2,417 
Common Equity4/13/2023186,322  
2,536 2,417 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202316.53%SF+9.00%2.00%6/21/2027208 203 203 
Secured Debt(9)6/21/202316.53%SF+9.00%2.00%6/21/2027179 175 175 
Secured Debt(9)6/21/202315.53%SF+8.00%2.00%6/21/20271,096 871 871 
Secured Debt(9)6/21/202317.53%SF+10.00%2.00%6/21/20271,096 871 871 
Warrants(27)6/21/202348,3276/21/2033523 523 
2,643 2,643 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt (9) (26)10/26/202212.46%SF+7.00%11/4/20241,662 1,645 1,663 
Secured Debt(9)2/27/202415.48%SF+10.00%11/4/2024317 287 287 
Secured Debt(9)11/8/202112.46%SF+7.00%11/4/20243,895 3,895 3,895 
Preferred Equity 11/8/20215,653,333216 2,190 
18

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
6,043 8,035 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt (9) (14)8/21/201921.59%SF+16.00%21.59%8/21/2024942 942  
Secured Debt (9) (14)8/21/201921.59%SF+16.00%21.59%8/21/2024906 906  
Secured Debt(9)3/30/202414.31%SF+8.75%6.00%3/29/20291,615 1,615 1,615 
Secured Debt(9)3/30/202414.31%SF+8.75%6.00%3/29/2029982 982 982 
Common Stock8/21/2019392,5143,678  
Common Stock3/29/20244,535,784166 166 
8,289 2,763 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(30)12/10/2021  12/10/2026 (4) 
Secured Debt 12/10/202115.00%  12/10/20262,690 2,649 2,690 
Preferred Equity(8)12/10/2021368404 1,080 
3,049 3,770 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/20272,850 2,816 2,816 
Preferred Equity(8)3/28/202211,9341,193 1,193 
4,009 4,009 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt (9) (28)12/22/202111.57%SF+6.00%12/22/2026612 605 612 
Secured Debt(9)12/22/202111.55%SF+6.00%12/22/20262,980 2,947 2,980 
Secured Debt(9)2/1/202411.55%SF+6.00%12/22/2026279 271 279 
Common Equity12/22/2021140,351140 110 
3,963 3,981 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202114.70%SF+9.25%10/4/20261,289 1,237 1,197 
Secured Debt(9)10/4/202114.70%SF+9.25%10/4/20269,286 9,191 8,627 
10,428 9,824 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt 5/9/201910.56%SF+5.00%5/9/20265,750 5,724 5,578 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)5/2/201912.68%SF+7.25%9/25/20247,916 7,898 7,916 
Secured Debt(9)5/2/201912.68%SF+7.25%9/25/20245,220 5,208 5,220 
Secured Debt(9)11/20/202012.68%SF+7.25%9/25/2024   
Secured Debt(9)2/26/202112.68%SF+7.25%9/25/2024867 865 867 
Secured Debt(9)5/12/202212.68%SF+7.25%9/25/20248,780 8,752 8,780 
22,723 22,783 
19

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202115.48%SF+9.00%1.00%8/16/20264,907 4,854 4,525 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201813.25%P+4.75%12/22/202411,552 11,352 8,957 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt (9) (30)3/15/2021 SF+6.75%3/15/2026 (32) 
Secured Debt(9)3/15/202112.23%SF+6.75%3/15/202616,503 16,367 16,503 
Secured Debt(9)3/28/202412.98%SF+7.50%3/15/20265,000 4,855 5,000 
21,190 21,503 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(30)10/19/202210/19/2024   
Secured Debt10/19/202211.75%10/19/20271,663 1,628 1,628 
Preferred Equity(8)10/19/2022434,3318.00%8.00%434 443 
Common Stock(8)10/19/2022112,865113 180 
2,175 2,251 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt (9) (30)4/4/2022SF+6.25%4/3/2028 (6)(6)
Secured Debt(9)4/4/202211.43%SF+6.00%4/3/20282,671 2,634 2,671 
2,628 2,665 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)10/24/201812.46%SF+7.00%12/31/202618,152 17,887 17,662 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt (9) (28)11/30/202311.57%SF+6.25%11/30/2028540 513 517 
Secured Debt (9) (26)11/30/202311.58%SF+6.25%11/30/2028465 450 446 
Secured Debt(9)11/30/202310.59%SF+5.25%11/30/20283,225 3,153 3,193 
Secured Debt(9)11/30/202312.59%SF+7.25%11/30/20283,225 3,150 3,193 
Common Equity11/30/2023300,000300 300 
7,566 7,649 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt 5/24/202214.00%  4.00%5/24/20271,132 1,118 1,119 
Secured Debt 5/24/202214.00%  4.00%5/24/20272,941 2,903 3,143 
Secured Debt 5/24/202214.00%  4.00%5/24/20275,007 4,945 5,007 
Unsecured Debt11/14/20238.00%8.00%3/31/202546 46 46 
20

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Common Stock8/30/202212,798,820256 197 
9,268 9,512 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt (9) (30)12/18/2019SF+7.00%12/18/2026 (4)(4)
Secured Debt (9) (30)12/18/2019SF+7.00%12/18/2026 (11)(11)
Secured Debt(9)12/18/201912.48%SF+7.00%12/18/202614,776 14,616 14,776 
14,601 14,761 
Obra Capital, Inc(11)Alternative Asset Manager
Secured Debt 10/10/201911.44%SF+6.00%10/1/20266,840 6,538 5,977 
Power System Solutions(10)Backup Power Generation
Secured Debt (9) (30)6/7/2023SF+6.50%6/7/2028 (33)(33)
Secured Debt(9)6/7/202311.82%SF+6.50%6/7/20282,660 2,588 2,660 
Secured Debt(9)6/7/202311.80%SF+6.50%6/7/20287,919 7,721 7,919 
Common Equity6/7/2023532532 730 
10,808 11,276 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202312.28%SF+6.85%5/1/20295,955 5,805 5,955 
Secured Debt(9)9/7/202312.15%SF+6.85%5/1/2029569 553 569 
Secured Debt(9)1/30/202411.55%SF+6.25%5/1/2029571 561 571 
6,919 7,095 
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)8/19/202212.77%SF+7.25%8/19/2027198 189 198 
Secured Debt(9)8/19/202212.84%SF+7.25%8/19/20271,422 1,401 1,422 
1,590 1,620 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt (9) (30)10/2/2023SF+8.00%10/2/2028 (18)(18)
Secured Debt(9)10/2/202313.64%SF+8.00%10/2/20283,906 3,818 3,867 
Preferred Equity10/2/20231,302,0831,302 1,302 
5,102 5,151 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt (9) (28)4/8/202112.33%SF+6.75%4/8/20261,235 1,228 1,168 
Secured Debt(9)4/8/202112.18%SF+6.75%4/8/202612,917 12,838 12,217 
14,066 13,385 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt(9)12/29/201711.07%SF+5.50%12/20/20249,665 9,665 5,832 
21

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Richardson Sales Solutions(10)Business Services
Secured Debt (9) (28)8/24/202311.82%SF+6.50%8/24/2028455 405 451 
Secured Debt(9)8/24/202311.82%SF+6.50%8/24/202810,487 10,210 10,408 
10,615 10,859 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt (9) (30)8/27/2021SF+6.50%8/27/2026 (9) 
Secured Debt(9)8/27/202112.09%SF+6.50%8/27/20264,219 4,156 4,149 
Secured Debt(9)8/27/202114.09%SF+8.50%8/27/20264,219 4,156 4,089 
8,303 8,238 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202113.24%SF+5.75%2.00%11/16/20256,443 6,425 6,443 
Secured Debt(9)7/16/202113.24%SF+5.75%2.00%11/16/20258,838 8,811 8,838 
15,236 15,281 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/20274,720 4,573 4,720 
Common Stock 9/13/201817,500 460 
4,573 5,180 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt (9) (30)12/10/2021SF+6.00%12/13/2026 (4)(4)
Secured Debt(9)12/10/202111.43%SF+6.00%12/13/20262,839 2,808 2,839 
Common Equity12/10/20216161 59 
2,865 2,894 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9)7/1/202212.96%SF+7.50%7/1/2027300 287 300 
Secured Debt(9)7/1/202212.96%SF+7.50%7/1/20274,913 4,849 4,912 
Common Stock7/1/2022200,000200 190 
5,336 5,402 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(23)7/7/20211,000,0001,000 2,680 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt(30)8/9/20218/9/2026 (2)(2)
Secured Debt8/9/202113.00%8/9/20261,780 1,761 1,744 
Preferred Stock9/1/202359,02759 59 
Preferred Stock(8)8/9/2021320,0001,600 1,600 
3,418 3,401 
Titan Meter Midco Corp.(10)Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
22

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (30)3/11/2024SF+6.50%3/11/2029 (48)(48)
Secured Debt(9)3/11/202411.82%SF+6.50%3/11/202913,147 12,695 12,695 
Preferred Equity3/11/2024468,750469 469 
13,116 13,116 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt (9) (14)6/1/202312.49%SF+7.15%6.00%5/2/20276,802 2,505 2,604 
Secured Debt (14)6/1/2023    5/2/2027692 15  
2,520 2,604 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/28/20292,200 2,135 2,135 
Preferred Equity(8)2/16/20241,0009.00%9.00%1,011 1,011 
3,146 3,146 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/201911.43%SF+6.00%9/8/202612,373 12,285 12,373 
Secured Debt(9)7/19/202311.93%SF+6.50%9/8/20264,813 4,738 4,813 
Secured Debt(9)11/21/202311.93%SF+6.50%9/8/20262,509 2,467 2,509 
19,490 19,695 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202312.99%SF+7.50%4/5/20293,000 2,927 3,000 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,270 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(9)12/22/202312.44%SF+7.00%12/22/202812,469 12,177 12,227 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/2021769,231769 1,910 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt (9) (30)7/19/2021SF+7.00%7/19/2026 (5)(5)
Secured Debt(9)7/19/202112.48%SF+7.00%7/19/20264,585 4,537 4,585 
Common Stock7/19/2021500,000500 1,030 
5,032 5,610 
Watterson Brands, LLC(10)Facility Management Services
23

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (28)12/17/202111.46%SF+6.00%12/17/2026303 300 303 
Secured Debt(9)12/17/202111.46%SF+6.00%12/17/202652 47 52 
Secured Debt(9)12/17/202111.46%SF+6.00%12/17/20262,161 2,142 2,161 
Secured Debt(9)12/17/202111.46%SF+6.00%12/17/20261,950 1,933 1,950 
4,422 4,466 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (26)3/1/202211.31%SF+6.00%3/1/2028663 653 663 
Secured Debt(9)3/1/202211.31%SF+6.00%3/1/20282,940 2,902 2,940 
Secured Debt(9)11/3/202311.31%SF+6.00%3/1/20281,463 1,436 1,463 
Common Stock(8)3/1/2022200,000200 470 
5,191 5,536 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt (9) (28)11/19/202113.58%SF+8.00%11/19/20262,222 2,155 2,181 
Secured Debt(9)11/19/202113.59%SF+8.00%11/19/20262,583 2,533 2,535 
Secured Debt(9)11/19/202112.59%SF+7.00%11/19/202611,625 11,427 11,409 
Secured Debt(9)11/19/202112.58%SF+7.00%11/19/20268,333 8,105 8,178 
24,220 24,303 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202212.00%12/12/20271,627 1,603 1,603 
Preferred Equity(8)12/12/2022530530 530 
2,133 2,133 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9)12/17/202111.18%SF+5.75%12/17/20271,185 1,162 1,185 
Secured Debt(9)12/17/202111.15%SF+5.75%12/17/20272,346 2,317 2,346 
3,479 3,531 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201812.93%SF+7.50%8/9/20265,537 5,448 5,143 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt (9) (26)2/11/202212.68%SF+7.25%1.50%12/31/20242,358 2,358 2,331 
Secured Debt (9) (26)2/11/202212.68%SF+7.25%1.50%12/31/2024591 591 584 
2,949 2,915 
Subtotal Non-Control/Non-Affiliate Investments (125.0% of net assets at fair value)
$790,354 $773,009 
Total Portfolio Investments, March 31, 2024 (180.4% of net assets at fair value)
$1,062,538 $1,115,982 
Money market funds (included in cash and cash equivalents)
First American Treasury Obligations Fund Class Z (16)$13,593 $13,593 
Total money market funds$13,593 $13,593 
24

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
___________________________________________________
(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, 95% of the loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.21%.
(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, 2024 was approximately 5.17% 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, 2024.
(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

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
(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 rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.
(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, 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 March 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 March 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.


26

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(8) (24)7/17/201738.8%$693 $568 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201811.48%SF+6.00%10/29/20261,182 1,173 1,182 
Secured Debt12/19/201413.48%SF+8.00%10/29/202619,944 19,803 19,944 
Member Units12/19/20142,8966,435 21,890 
27,411 43,016 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(8) (24)10/1/201749.3%3,345 6,050 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/2025900 900 900 
Preferred Member Units3/31/20232,184,6833,706 3,110 
Preferred Member Units3/31/202361,077  
Preferred Member Units1/26/20152,090,0016,000  
Common Stock3/31/2023772,6201,104  
11,710 4,010 
Subtotal Control Investments (8.6% of net assets at fair value)
$43,159 $53,644 
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/2024$55 $54 $54 
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/20241,031 1,020 1,020 
Preferred Member Units5/20/2021607607 1,210 
Preferred Member Units8/16/201980014.13%800  
Warrants(27)8/16/20191058/16/202979  
2,560 2,284 
Barfly Ventures, LLC(10)Casual Restaurant Group
Member Units10/26/202012528 1,380 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt(37)3/7/20223/7/2027 (1) 
Secured Debt3/7/202210.00%3/7/202730 30 30 
Secured Debt3/7/202210.00%3/7/20271,175 1,160 1,175 
Preferred Stock(8)3/7/2022453455 680 
1,644 1,885 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201815.46%L+10.00%1/9/20251,375 1,375 1,374 
Preferred Member Units(8)1/9/20187371,070 1,400 
2,445 2,774 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
27

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9) (37)1/4/2019SF+9.00%1/4/2026   
Secured Debt(9)1/4/201914.48%SF+9.00%1/4/20264,394 4,364 4,394 
Preferred Member Units1/4/20193,3271,531 2,760 
5,895 7,154 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (37)2/26/2018SF+6.00%2/26/2026 (49) 
Secured Debt(9)2/26/201813.49%SF+8.00%2/26/20263,905 3,903 3,905 
Member Units(8)2/26/20181,0872,860 7,330 
Member Units(8) (23)11/2/2018261,786443 715 
7,157 11,950 
Charps, LLCPipeline Maintenance and Construction
Preferred Member Units(8)2/3/2017457491 3,920 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt12/20/201611.50%1/15/20242,140 2,140 2,103 
Secured Debt12/20/201610.00%12/20/2036253 251 251 
Member Units(8)12/20/20161791,820 1,300 
Member Units(23)12/20/2016200127 282 
4,338 3,936 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(37)3/6/202012/17/2026 (2) 
Secured Debt3/6/202012.50%12/17/20267,111 7,089 7,111 
Preferred Member Units(8) (23)3/6/20201472,079 18,120 
9,166 25,231 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(37)3/31/20213/31/2026   
Secured Debt3/31/202112.00%3/31/20265,513 5,448 5,407 
Preferred Member Units6/27/2023240240 600 
Preferred Member Units3/31/20214,3201,920 1,920 
7,608 7,927 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(37)11/22/202311/22/2028   
Secured Debt11/22/202313.50%11/22/20284,300 4,175 4,175 
Preferred Equity11/22/20231,8631,863 1,863 
6,038 6,038 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/202550 49 49 
Secured Debt3/31/202110.00%12/31/2025928 887 844 
Preferred Member Units3/31/20211,000290 10 
1,226 903 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201815.38%SF+10.00%4/27/20263,718 3,689 3,673 
Preferred Member Units(8)4/1/20189642,375 2,459 
28

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
6,064 6,132 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt2/13/201814.00%2/13/2026217 213 217 
Secured Debt12/27/202214.00%2/13/20265,002 4,974 5,002 
Preferred Stock(8)2/13/20182,1002,100 5,180 
7,287 10,399 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20212,3402,600 6,970 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP)(8) (24)7/31/20156.0%4,160 4,160 3,705 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (36) (37)6/24/2016SF+7.50%1/1/2028   
Secured Debt(9) (36)12/15/202210.50%SF+7.50%1/1/202813,520 13,336 13,520 
Member Units(8)6/24/20162,2614,423 24,180 
17,759 37,700 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20262,336 2,304 2,336 
Preferred Member Units(8)3/31/2021561,225 2,870 
3,529 5,206 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (37)9/29/2017SF+9.50%7/1/2027   
Secured Debt7/1/202212.50%7/1/2027600 600 571 
Preferred Equity7/1/202215,9301,400 620 
Member Units4/29/2016920920  
2,920 1,191 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(24)8/9/20178.2%2,296 2,296 4,225 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(37)6/21/20236/21/2028 (27)(27)
Secured Debt6/21/202313.00%6/21/20289,316 9,069 9,069 
Common Equity6/21/20233,6003,600 3,600 
12,642 12,642 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/20236,436,5666,540 6,320 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.16%SF+7.50%8/20/202616,925 16,737 16,232 
29

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Equity12/7/20233,72510.00%10.00%265 350 
Common Stock8/20/202111,6471,584 190 
18,586 16,772 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/20264,950 4,933 4,933 
Secured Debt10/31/20189.00%10/31/2048960 951 951 
Preferred Equity10/31/20181453,060 2,420 
Member Units(23)10/31/2018200248 683 
9,192 8,987 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt(17)8/31/201513.00%12/31/20221,350 1,350 1,256 
Preferred Member Units3/15/201916,5001,100 80 
Preferred Member Units9/1/20151,0001,500  
3,950 1,336 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(37)8/18/20141/31/2024   
Secured Debt8/18/201410.00%1/31/20241,436 1,436 1,436 
Common Stock(8)8/18/20141,468680 6,598 
2,116 8,034 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(37)2/28/20182/28/2025   
Secured Debt2/28/201810.00%2/28/20252,453 2,435 2,435 
Preferred Member Units(8)2/28/201825,786,0462,053 1,590 
4,488 4,025 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.98%SF+6.50%1/31/2025900 899 899 
Secured Debt1/31/201712.00%1/31/20254,610 4,606 4,606 
Preferred Member Units11/2/2022515515 1,290 
Preferred Member Units1/31/20171022,550 2,310 
8,570 9,105 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9)8/6/202116.48%SF+11.00%8/6/20261,360 1,346 1,339 
Preferred Stock8/6/2021282282 282 
1,628 1,621 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (37)7/30/2021SF+11.00%7/31/2026 (2) 
Secured Debt(9)7/30/202116.48%SF+11.00%7/31/20265,510 5,452 5,510 
Preferred Stock(8) (23)7/30/20212,5002,500 4,260 
7,950 9,770 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt12/21/20238.00%12/31/2028115 105 105 
Secured Debt12/21/202313.00%12/31/20287,660 7,472 7,472 
30

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Equity12/21/20231103,135 3,135 
10,712 10,712 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(37)12/15/202112/15/2026 (6)(6)
Secured Debt12/15/202112.50%12/15/20263,790 3,745 3,421 
Preferred Equity12/15/20211,2301,230  
4,969 3,415 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.25%6/16/2028375 370 375 
Secured Debt6/16/202312.47%6/16/202818,179 18,019 18,179 
Preferred Member Units(8)8/31/201855508 6,390 
18,897 24,944 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,918 5,426 3,543 
Preferred Equity12/31/20226,564,055  
5,426 3,543 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(17)8/31/201812.00%8/31/2023460 460 432 
Secured Debt(17)8/31/201812.00%8/31/20233,800 3,800 3,565 
Preferred Member Units8/28/20231,651165  
Preferred Member Units2/1/20231,411141  
Preferred Member Units8/31/20181362,311  
6,877 3,997 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(37)5/31/20195/31/2024 (1) 
Secured Debt5/31/201912.00%5/31/20241,980 1,975 1,980 
Common Stock(8)5/31/20191541,164 3,180 
3,138 5,160 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (17) (37)12/1/2021SF+6.00%12/1/2023   
Secured Debt12/1/202111.50%12/1/20267,050 6,926 6,926 
Preferred Equity(8) (23)12/1/20213,0603,060 3,060 
9,986 9,986 
Subtotal Affiliate Investments (46.8% of net assets at fair value)
$231,378 $291,279 
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$151 $149 $149 
Secured Debt12/11/202018.00%18.00%6/25/20255,014 4,888 4,958 
Common Stock12/11/2020593,9273,148  
Warrants(27)12/11/2020197,71712/11/2025  
8,185 5,107 
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt(9) (37)9/6/2022P+5.00%9/6/2028 (20) 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20281,081 1,066 1,081 
31

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20282,304 2,219 2,304 
Secured Debt(9)6/21/202311.43%SF+6.00%9/6/2028772 743 772 
4,008 4,157 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9) (37)6/7/2023SF+7.50%6/7/2028 (8)(8)
Secured Debt(9)6/7/202312.98%SF+7.50%6/7/202811,922 11,825 11,922 
Warrants(40)6/7/202314,9535/19/2028 90 
11,817 12,004 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (36)3/11/202211.00%SF+7.00%1.00%3/11/2027936 936 917 
Secured Debt(9) (36)3/11/202211.00%SF+7.00%1.00%3/11/20272,531 2,527 2,481 
3,463 3,398 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/202111.22%SF+5.75%3/19/20264,250 4,210 4,214 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Secured Debt(9) (37)8/31/2022SF+7.40%8/31/2027   
Secured Debt(9)8/31/202212.76%SF+7.40%8/31/20271,538 1,538 1,538 
Common Stock(8)8/31/20221183 100 
1,621 1,638 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (37)11/19/2021P+5.00%11/19/2026 (10)(10)
Secured Debt(9)11/19/202113.50%P+5.00%11/19/20268,188 8,140 8,188 
8,130 8,178 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/20264,833 4,812 4,102 
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/2026   
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/20264,270 4,244 2,522 
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/2026   
9,056 6,624 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14) (17)9/17/20214/7/20232,425 2,375 109 
Secured Debt(14) (17)5/19/20166/8/202311,693 11,451 526 
13,826 635 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20281,007 1,007 1,007 
Secured Debt(9)11/6/202312.04%SF+6.50%12.04%11/6/20283,765 3,765 3,765 
Preferred Equity11/6/202317,2657,468 7,468 
Preferred Equity11/6/202317,265  
Common Equity11/9/20212,070124  
12,364 12,240 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
32

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Common Stock8/11/202262,40262 100 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202212.16%SF+6.50%1/18/202750 50 50 
Secured Debt(9)1/18/202211.16%SF+5.50%1/18/2027925 911 925 
Secured Debt(9)1/18/202213.16%SF+7.50%1/18/2027925 911 925 
Common Stock1/18/2022100,000100 90 
1,972 1,990 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (37)12/23/2022SF+7.25%12/23/2027 (17)(5)
Secured Debt(9)12/23/202212.76%SF+7.25%12/23/20273,417 3,321 3,344 
Common Equity(8)12/15/2021137134 124 
3,438 3,463 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(23)11/12/2019122,416 200 
Preferred Member Units(8) (23)7/6/20181,548,387 2,560 
 2,760 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (37)6/30/2022SF+7.25%6/30/2028 (18)(18)
Secured Debt(9)6/30/202212.64%SF+7.25%6.25%6/30/20288,535 8,419 7,998 
8,401 7,980 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 120 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)10/19/202216.00%P+7.50%15.00%8/28/20252,035 2,035 1,907 
Secured Debt(9)8/28/202013.96%SF+8.50%12.96%8/28/20253,941 3,305 3,695 
Common Stock10/1/2020700,446 533 
Warrants(27)10/19/2022175,11010/19/20321,111 129 
6,451 6,264 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/202780 80 80 
Member Units6/30/2017540,000564 498 
644 578 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9) (37)5/1/2023SF+7.00%5/1/2028 (16)(16)
Secured Debt(9)5/1/202311.54%SF+6.00%5/1/20284,040 3,970 4,040 
Secured Debt(9)5/1/202313.54%SF+8.00%5/1/20284,040 3,970 4,040 
Preferred Equity5/1/2023360360 310 
Common Equity5/1/2023360  
8,284 8,374 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
33

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
LP Interests (Brightwood Capital Fund III, LP)(24)7/21/20140.5%2,270 2,270 1,360 
LP Interests (Brightwood Capital Fund IV, LP)(8) (24)10/26/20161.2%8,737 8,737 8,716 
11,007 10,076 
Buca C, LLCCasual Restaurant Group
Secured Debt(17)6/30/201512.00%8/31/202311,490 11,490 8,218 
Preferred Member Units6/30/201546.00%6.00%3,040  
14,530 8,218 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/2026310 296 310 
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/202813,121 12,970 13,121 
13,266 13,431 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/2021379,338379 379 
Preferred Equity12/13/2021126,446  
379 379 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202111.38%SF+6.00%12/17/2026100 96 96 
Secured Debt12/17/202113.00%12/17/20262,225 2,185 2,185 
Common Stock12/17/202150,000500 500 
2,781 2,781 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt(9) (37)5/18/2022SF+6.00%5/18/2027 (3)(3)
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20272,581 2,561 2,581 
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20271,985 1,971 1,985 
Common Equity12/30/202280,00080 80 
4,609 4,643 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (44)2/7/202212.60%SF+7.00%2/7/2027190 175 183 
Secured Debt(9)2/7/202212.66%SF+7.00%2/7/20273,360 3,317 3,224 
Secured Debt(9)6/24/202212.66%SF+7.00%2/7/2027186 184 179 
Secured Debt(9)3/27/202312.66%SF+7.00%2/7/2027450 440 432 
4,116 4,018 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,694 2,350 16 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.69%SF+6.00%3/12/20251,140 1,133 1,140 
Secured Debt3/12/20208.00%3/12/20254,819 4,781 4,819 
Preferred Member Units(8)3/12/2020391,440 4,000 
7,354 9,959 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (30)8/6/202113.52%SF+8.00%8/6/20264,167 4,123 4,040 
34

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9)8/6/202113.52%SF+8.00%8/6/202615,260 15,098 14,797 
19,221 18,837 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units12/29/2016861,6183,335 23,135 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (37)12/27/2023SF+7.00%6/27/2027 (44)(44)
Secured Debt(9) (37)12/27/2023SF+7.00%6/27/2027 (44)(44)
Secured Debt(9)12/27/202312.45%SF+7.00%6/27/20277,500 7,280 7,280 
7,192 7,192 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/20223752 60 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt11/19/202112.00%11/19/20264,700 4,642 4,700 
Preferred Equity11/19/20211,4861,486 1,920 
6,128 6,620 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,284 1,283 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 260 
2,060 1,543 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202210.45%SF+5.00%10.45%12/31/20262,070 1,912 1,912 
Secured Debt(9)12/20/202212.45%SF+7.00%12.45%12/31/20262,113 1,879 1,859 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241  
Common Equity12/20/20221,250,000  
3,919 3,831 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (37)10/3/2022SF+6.00%10/3/2027   
Secured Debt10/3/202212.00%10/3/20271,227 1,200 1,200 
Secured Debt10/3/20229.00%10/3/2052412 409 409 
Common Stock10/3/202219374 390 
Common Stock(23)10/3/202261102 109 
2,085 2,108 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202211.79%SF+6.25%12/29/20272,391 2,357 2,175 
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt(9) (37)5/23/2022P+5.50%5/23/2027 (11) 
Secured Debt(9)5/23/202211.98%SF+6.50%5/23/20285,095 5,023 5,095 
5,012 5,095 
35

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (37)4/7/2023SF+8.00%4/7/2029 (9)(9)
Secured Debt(9)4/7/202313.45%SF+8.00%4/7/20296,924 6,742 6,924 
Common Equity4/7/2023170,998174 190 
6,907 7,105 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/2026308 306 302 
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/20263,681 3,659 3,614 
3,965 3,916 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (37)11/10/2023SF+6.75%11/10/2028 (76)(76)
Secured Debt(9)11/10/202312.22%SF+6.75%11/10/20289,664 9,384 9,384 
Common Equity11/10/2023210,084210 210 
9,518 9,518 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201611.65%SF+6.00%1/15/2026494 492 494 
Secured Debt12/2/201612.50%1/15/20269,744 9,697 9,744 
Preferred Member Units12/2/201656713 4,370 
Preferred Member Units(23)12/2/20165638 230 
10,940 14,838 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/2023205 205 186 
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/20232,036 2,036 1,849 
2,241 2,035 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (37)8/1/2022SF+6.50%8/1/2027 (14)(14)
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/20271,995 1,962 1,995 
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/20274,925 4,854 4,925 
6,802 6,906 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202115.91%SF+8.25%2.00%6/30/20267,964 7,813 7,313 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (37)7/30/2021SF+5.75%7/30/2026 (13) 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20286,266 6,200 6,266 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20281,942 1,921 1,942 
8,108 8,208 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt(9) (29)6/8/202312.41%SF+7.00%6/30/2028791 791 786 
Secured Debt(9)6/8/202312.45%SF+7.00%6/30/202810,384 10,068 10,318 
Common Equity6/8/2023422580 550 
11,439 11,654 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201714.25%SF+7.75%1.00%7/31/202417,012 17,010 15,816 
36

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt(9) (32)8/13/202112.22%SF+6.75%8/13/2026752 734 752 
Secured Debt(9)8/13/202112.22%SF+6.75%8/13/202611,436 11,330 11,436 
Preferred Member Units(8) (23)1/31/201833610.00%10.00%321 415 
Preferred Member Units(8) (23)5/17/201918720.00%20.00%240 279 
Member Units(23)6/17/20162,1002,100 1,610 
14,725 14,492 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/20284,388 4,314 4,314 
Preferred Equity3/31/202320,0001,000 1,000 
5,314 5,314 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20261,881 1,829 1,881 
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20269,690 9,579 9,690 
11,408 11,571 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt(9) (37)7/19/2023SF+6.25%7/19/2028 (40)(40)
Secured Debt(9) (37)7/19/2023SF+6.25%7/19/2029 (33)(33)
Secured Debt(9)7/19/202311.65%SF+6.25%7/19/20298,373 8,143 8,287 
Common Equity7/19/202347,847239 239 
8,309 8,453 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (31)4/3/202313.53%SF+8.00%4/3/2028676 659 664 
Secured Debt(9)4/3/202313.55%SF+8.00%4/3/20286,256 6,115 6,144 
Secured Debt(9)6/14/202313.55%SF+8.00%4/3/20281,260 1,231 1,237 
Common Equity4/3/2023101,719322 190 
8,327 8,235 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (28)12/9/202115.48%SF+10.00%8/7/20231,835 1,835 1,781 
Secured Debt(9) (14) (17)8/7/201912.46%SF+7.00%12.46%8/7/20237,334 7,254 433 
Common Stock12/7/20212,143  
9,089 2,214 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201811.47%SF+6.00%7/19/20255,544 5,539 5,370 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/2025519 516 509 
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/202516,812 16,751 16,515 
17,267 17,024 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202111.36%SF+5.75%3/25/20276,656 6,537 5,325 
37

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20281,128 1,108 1,108 
Secured Debt9/1/202113.50%1/31/2028735 722 722 
Secured Debt11/15/202113.50%1/31/20282,236 2,236 2,236 
Secured Debt11/15/202113.50%1/31/20284,906 4,815 4,815 
Secured Debt1/31/202313.50%1/31/20282,641 2,525 2,525 
Common Stock8/3/202150,753689 670 
12,095 12,076 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.04%SF+5.50%8.54%4/14/20282,615 2,374 2,301 
Common Equity4/13/2023186,322  
2,374 2,301 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027207 201 201 
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027178 174 174 
Secured Debt(9)6/21/202315.59%SF+8.00%2.00%6/21/20271,084 842 842 
Secured Debt(9)6/21/202317.59%SF+10.00%2.00%6/21/20271,091 848 848 
Warrants(27)6/21/202348,3276/21/2033523 523 
2,588 2,588 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202212.46%SF+7.00%11/4/20241,675 1,649 1,675 
Secured Debt(9)11/8/202112.46%SF+7.00%11/4/20243,948 3,948 3,948 
Preferred Equity11/8/20215,653,333216 2,190 
5,813 7,813 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9) (14)11/15/202123.63%SF+18.00%23.63%1/31/20242,048 2,048 1,747 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20241,708 1,701 121 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20241,643 1,635 117 
Common Stock8/21/2019392,5143,678  
9,062 1,985 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(37)12/10/202112/10/2026 (4) 
Secured Debt12/10/202115.00%12/10/20262,690 2,645 2,690 
Preferred Equity12/10/2021368404 1,070 
3,045 3,760 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/20272,850 2,814 2,814 
Preferred Equity(8)3/28/202211,9341,193 1,193 
4,007 4,007 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (41)12/22/202111.64%SF+6.00%12/22/2026261 253 261 
Secured Debt(9)12/22/202111.61%SF+6.00%12/22/20263,000 2,963 3,000 
38

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Common Equity12/22/2021140,351140 140 
3,356 3,401 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20261,292 1,235 1,180 
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20269,310 9,205 8,475 
10,440 9,655 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/201910.62%SF+5.00%5/9/20265,765 5,736 5,592 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20247,960 7,933 7,960 
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20245,246 5,228 5,246 
Secured Debt(9)11/20/202012.71%SF+7.25%9/25/2024   
Secured Debt(9)2/26/202112.71%SF+7.25%9/25/2024871 868 871 
Secured Debt(9)5/12/202212.71%SF+7.25%9/25/20248,822 8,781 8,822 
22,810 22,899 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202115.54%SF+9.00%1.00%8/16/20264,920 4,861 4,417 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201813.25%P+4.75%12/22/202411,552 11,285 9,069 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9) (37)3/15/2021SF+6.75%3/15/2026 (36) 
Secured Debt(9)3/15/202112.28%SF+6.75%3/15/202616,721 16,568 16,721 
16,532 16,721 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20272,803 2,771 2,803 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,925 3,880 3,925 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,464 3,424 3,464 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20277,796 7,725 7,796 
17,800 17,988 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(37)10/19/202210/19/2024   
Secured Debt10/19/202212.75%10/19/20271,748 1,707 1,707 
Preferred Equity(8)10/19/2022434,3318.00%8.00%443 443 
Common Stock10/19/2022112,865113 110 
2,263 2,260 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (37)4/4/2022SF+6.25%4/3/2028 (6)(6)
Secured Debt(9)4/4/202211.46%SF+6.00%4/3/20282,671 2,632 2,671 
2,626 2,665 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)10/24/201812.52%SF+7.00%12/31/202618,152 17,863 17,524 
39

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (37)11/30/2023SF+6.25%11/30/2028 (28)(28)
Secured Debt(9) (37)11/30/2023SF+6.25%11/30/2028 (10)(10)
Secured Debt(9)11/30/202310.64%SF+5.25%11/30/20283,225 3,149 3,149 
Secured Debt(9)11/30/202312.64%SF+7.25%11/30/20283,225 3,146 3,146 
Common Equity11/30/2023300,000300 300 
6,557 6,557 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt5/24/202214.00%4.00%5/24/20271,120 1,106 1,133 
Secured Debt5/24/202214.00%4.00%5/24/20272,912 2,870 3,184 
Secured Debt5/24/202214.00%4.00%5/24/20274,957 4,890 4,957 
Common Stock8/30/202212,798,820256 197 
9,122 9,471 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (37)12/18/2019SF+7.00%12/18/2026 (4)(3)
Secured Debt(9) (37)12/18/2019SF+7.00%12/18/2026 (12)(12)
Secured Debt(9)12/18/201912.54%SF+7.00%12/18/202610,991 10,888 10,991 
Secured Debt(9)12/18/202312.52%SF+7.00%12/18/20263,878 3,807 3,878 
14,679 14,854 
Obra Capital, Inc. (f/k/a Vida Capital, Inc.)(11)Alternative Asset Manager
Secured Debt10/10/201911.47%SF+6.00%10/1/20267,043 6,711 6,039 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt(9) (37)1/19/2022SF+5.75%1/19/2027 (11) 
Secured Debt(9) (43)1/19/202211.24%SF+5.75%1/19/2027423 414 421 
Secured Debt(9)1/19/202211.25%SF+5.75%1/19/20272,456 2,412 2,442 
2,815 2,863 
Power System Solutions(10)Backup Power Generation
Secured Debt(9) (37)6/7/2023SF+6.75%6/7/2028 (35)(35)
Secured Debt(9) (37)6/7/2023SF+6.75%6/7/2028 (35)(35)
Secured Debt(9)6/7/202312.12%SF+6.75%6/7/20287,939 7,729 7,939 
Common Equity6/7/2023532532 500 
8,191 8,369 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202312.28%SF+6.85%5/1/20295,970 5,813 5,970 
Secured Debt(9)9/7/202312.20%SF+6.85%5/1/2029570 553 570 
6,366 6,540 
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) (45)8/19/202212.80%SF+7.25%8/19/2027198 189 196 
Secured Debt(9)8/19/202212.88%SF+7.25%8/19/20271,734 1,707 1,720 
1,896 1,916 
40

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt(9) (37)10/2/2023SF+8.00%10/2/2028 (19)(19)
Secured Debt(9)10/2/202313.70%SF+8.00%10/2/20283,906 3,813 3,813 
Preferred Equity10/2/20231,302,0831,302 1,302 
5,096 5,096 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9) (32)4/8/202112.22%SF+6.75%4/8/2026796 789 745 
Secured Debt(9)4/8/202112.21%SF+6.75%4/8/202612,917 12,829 12,089 
13,618 12,834 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt(9)12/29/201711.14%SF+5.50%12/20/20249,691 9,691 7,237 
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (34)8/24/202318.47%SF+6.50%8/24/2028833 781 818 
Secured Debt(9)8/24/202311.88%SF+6.50%8/24/202810,553 10,261 10,362 
11,042 11,180 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (37)8/27/2021SF+6.50%8/27/2026 (10) 
Secured Debt(9)8/27/202112.16%SF+6.50%8/27/20264,219 4,150 4,142 
Secured Debt(9)8/27/202114.16%SF+8.50%8/27/20264,219 4,150 4,082 
8,290 8,224 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20256,410 6,389 6,383 
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20259,022 8,991 8,984 
15,380 15,367 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/20272,860 2,777 2,860 
Common Stock9/13/201817,500114 600 
2,891 3,460 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9)12/10/202111.46%SF+6.00%12/13/202638 34 34 
Secured Debt(9)12/10/202111.70%SF+6.00%12/13/20262,979 2,943 2,979 
Common Equity12/10/202160,60661 59 
3,038 3,072 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (37)7/1/2022SF+8.00%7/1/2027 (14) 
Secured Debt(9)7/1/202213.72%SF+8.00%7/1/20274,925 4,857 4,925 
Common Stock7/1/2022200,000200 160 
5,043 5,085 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(23)7/7/20211,000,0001,000 2,840 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202113.00%8/9/202640 37 37 
Secured Debt8/9/202113.00%8/9/20261,880 1,858 1,841 
41

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Stock9/1/202343,02743 43 
Preferred Stock(8)8/9/2021320,0001,600 1,600 
3,538 3,521 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202312.53%SF+7.15%6.00%5/2/20276,802 2,623 2,438 
Secured Debt(14)6/1/20235/2/2027692 15  
2,638 2,438 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/201911.46%SF+6.00%9/8/202612,405 12,308 12,405 
Secured Debt(9)7/19/202311.96%SF+6.50%9/8/20264,825 4,742 4,825 
Secured Debt(9)11/21/202311.96%SF+6.50%9/8/20262,515 2,468 2,515 
19,518 19,745 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202312.99%SF+7.50%4/5/20293,000 2,923 3,000 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,180 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(9)12/22/202312.63%SF+7.00%12/22/202812,500 12,193 12,193 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/2021769,231769 1,911 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt(9) (37)7/19/2021SF+7.00%7/19/2026 (5)(5)
Secured Debt(9)7/19/202112.54%SF+7.00%7/19/20264,654 4,600 4,654 
Common Stock7/19/2021500,000500 910 
5,095 5,559 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt(9) (41)12/17/202111.50%SF+6.00%12/17/2026253 249 253 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/202653 47 53 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/20262,166 2,146 2,166 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/20261,955 1,936 1,955 
4,378 4,427 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt(9) (42)3/1/202211.34%SF+6.00%3/1/2028665 654 665 
Secured Debt(9)3/1/202211.35%SF+6.00%3/1/20282,948 2,907 2,947 
Secured Debt(9)11/3/202311.35%SF+6.00%3/1/20281,467 1,438 1,467 
Common Stock3/1/2022200,000200 390 
5,199 5,469 
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (35)11/19/202112.64%SF+7.00%11/19/20262,778 2,745 2,778 
Secured Debt(9)11/19/202112.66%SF+7.00%11/19/20262,583 2,528 2,583 
Secured Debt(9)11/19/202112.66%SF+7.00%11/19/202611,625 11,479 11,625 
16,752 16,986 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/20271,627 1,601 1,601 
Preferred Equity(8)12/12/2022530530 530 
2,131 2,131 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9) (37)12/17/2021SF+5.25%12/17/2026 (5) 
Secured Debt(9)12/17/202111.22%SF+5.75%12/17/20271,188 1,163 1,188 
Secured Debt(9)12/17/202111.25%SF+5.75%12/17/20272,352 2,321 2,352 
3,479 3,540 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201813.00%SF+7.50%8/9/20265,584 5,485 5,110 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9) (33)2/11/202212.71%SF+7.25%3/1/20242,356 2,352 2,234 
Secured Debt(9) (33)2/11/202212.71%SF+7.25%3/1/2024591 589 555 
2,941 2,789 
Subtotal Non-Control/Non-Affiliate Investments (120.2% of net assets at fair value)
$763,781 $747,972 
Total Portfolio Investments, December 31, 2023 (175.6% of net assets at fair value)
$1,038,318 $1,092,895 
Money market funds (included in cash and cash equivalents) (16)
Fidelity Government Portfolio Class III Fund (38)$3,188 $3,188 
First American Treasury Obligations Fund Class Z (39)17,656 17,656 
Total money market funds$20,844 $20,844 
___________________________________________________
(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.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
(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, 95% of these floating rate loans (based on the par amount) contain LIBOR or SOFR floors which range between 0.75% and 2.00%, with a weighted-average floor of 1.17%.
(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)Money market fund interests included in cash and cash equivalents.
(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 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, 2023.
(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 bear interest at a rate that may be determined by reference to either LIBOR (“L”), 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 rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.
(26)As of December 31, 2023, borrowings under the loan facility bear interest at SOFR+7.00% (Floor 1.00%). 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, 2023.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
(28)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+10.00%. 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, 2023.
(29)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 1.50%). 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, 2023.
(30)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). 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, 2023.
(31)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 2.00%). 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, 2023.
(32)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.75% (Floor 1.00%). 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, 2023.
(33)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.25% (Floor 1.00%). 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, 2023.
(34)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 2.00%). 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, 2023.
(35)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 1.00%). 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, 2023.
(36)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(37)The position is unfunded and no interest income is being earned as of December 31, 2023. The position may earn a nominal unused facility fee on committed amounts.
(38)Effective yield as of December 31, 2023 was approximately 5.25% on the Fidelity Government Portfolio Class III Fund.
(39)Effective yield as of December 31, 2023 was approximately 5.23% on the First American Treasury Obligations Fund Class Z.
(40)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(41)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.00% (Floor 1.00%). 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, 2023.
(42)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.00% (Floor 0.75%). 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, 2023.
(43)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+5.75% (Floor 1.00%). 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, 2023.
(44)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 2.00%). 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, 2023.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
(45)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.25% (Floor 1.00%). 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, 2023.

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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 Fund” or the “Company”) is a principal investment firm primarily focused on providing debt capital to middle market (“Middle Market”) companies and customized debt and equity financing to lower middle market (“LMM”) companies. MSC Income Fund’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. MSC Income Fund seeks to partner with private equity funds in its Private Loan (as defined below) and Middle Market investment strategies. MSC Income Fund invests primarily in secured debt investments of Middle Market companies generally headquartered in the United States and in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States. MSC Income Fund seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy.
MSIF was formed in November 2011 to operate as an externally managed business development company (“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, MSIF’s stockholders approved the appointment of MSC Adviser I, LLC (the “Adviser”), which is wholly-owned by Main Street Capital Corporation (“Main Street”), a New York Stock Exchange listed BDC, as MSIF’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Investment Advisory Agreement”). In such role, the Adviser has the responsibility to manage the business of MSC Income Fund, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor MSC Income Fund’s Investment Portfolio (as defined below) and provide ongoing administrative services.
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 Fund” refer to MSIF and its consolidated subsidiaries, which include the Taxable Subsidiaries and the Structured Subsidiaries.
2.Basis of Presentation
MSC Income Fund’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 Fund’s consolidated financial statements include the accounts of MSIF and its consolidated subsidiaries. The “Investment Portfolio,” as used herein, refers to all of MSC Income Fund’s investments in Private Loan portfolio companies, investments in LMM portfolio companies, investments in Middle Market portfolio companies and Other Portfolio investments (see Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition for additional discussion of MSC Income Fund’s Investment Portfolio and definitions for the defined terms Private Loan and Other Portfolio). MSC Income Fund’s results of operations for the three months ended March 31, 2024 and 2023, cash flows for the three months ended March 31, 2024 and 2023, and financial position as of March 31, 2024 and December 31, 2023, are presented on a consolidated basis. The effects of all intercompany transactions between MSIF and its consolidated subsidiaries have been eliminated in consolidation.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
The accompanying unaudited consolidated financial statements of MSC Income Fund 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, 2023. 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, 2024 are not necessarily 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 Fund is precluded from consolidating other entities in which MSC Income Fund 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 Fund holds a controlling interest in an operating company that provides all or substantially all of its services directly to MSC Income Fund. Accordingly, as noted above, MSC Income Fund’s consolidated financial statements include the financial position and operating results for the Taxable Subsidiaries and the Structured Subsidiaries. MSC Income Fund has determined that none of its portfolio investments qualify for this exception. Therefore, MSC Income Fund’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 Fund 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 Fund 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 Fund 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 Fund has excluded consideration of any voting securities or board appointment rights held by Main Street and third-party investment funds advised by the Adviser.
NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.Valuation of the Investment Portfolio
MSC Income Fund accounts for its Investment Portfolio at fair value. As a result, MSC Income Fund 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 Fund 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 Fund’s portfolio strategy calls for it to invest primarily in debt securities issued by Middle Market companies and illiquid debt and equity securities issued by privately held, LMM companies. The Middle Market companies in which MSC Income Fund invests are generally larger in size than the LMM companies and their debt securities can be more liquid than the debt securities issued by LMM companies. MSC Income Fund categorizes some of
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
its investments in Middle Market companies and LMM companies as Private Loan portfolio investments, which are primarily debt securities in privately held companies that have primarily been originated directly by its Adviser or, to a lesser extent, through its 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, MSC Income Fund’s Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are made in companies that are generally consistent with the size of companies MSC Income Fund invests in through its Middle Market portfolio and LMM portfolio. MSC Income Fund’s portfolio also includes Other Portfolio investments which 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. MSC Income Fund’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 Fund 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 Fund’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of MSC Income Fund’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 Fund 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 Fund 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 Fund primarily uses quoted prices in the valuation process. MSC Income Fund 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 Fund 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 Fund’s portfolio investments estimate the value of the investment as if MSC Income Fund was to sell, or exit, the investment as of the measurement date.
These valuation approaches consider the value associated with MSC Income Fund’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 Fund 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 Fund 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 Fund 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
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
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 Fund analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for MSC Income Fund’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, 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 Fund also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, MSC Income Fund 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 Fund 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 Fund believes is consistent with its past transaction history and standard industry practices.
Under the Yield-to-Maturity valuation method, MSC Income Fund 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 Fund’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as MSC Income Fund 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 Fund will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of MSC Income Fund’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 Fund 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 Fund 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 Fund 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 Fund that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if MSC Income Fund holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, MSC Income Fund considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of MSC Income Fund’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 Fund’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 Fund 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 Fund, 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 Fund’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income Fund’s investments in each Private Loan portfolio company at least once every calendar year, and for MSC Income Fund’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 Fund may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
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 Fund’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income Fund 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 14 Private Loan portfolio companies during each of the three months ended March 31, 2024 and 2023, representing 21% and 24% of the total Private Loan portfolio at fair value as of March 31, 2024 and 2023, respectively. A total of 55 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2024, representing 78% of the total Private Loan portfolio at fair value as of March 31, 2024. Excluding its investments in Private Loan portfolio companies that, as of March 31, 2024, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment and its investments in Private Loan portfolio companies that were not reviewed because the investment is valued based upon third-party quotes or other independent pricing, 91% 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, 2024.
For valuation purposes, all of MSC Income Fund’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 Fund 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 Fund, 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 Fund’s determinations of the fair value of its LMM portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income Fund’s investments in each LMM portfolio company at least once every calendar year, and for MSC Income Fund’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 Fund 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 Fund’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income Fund 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 and 13 LMM portfolio companies during the three months ended March 31, 2024 and 2023, respectively, representing 26% and 39% of the total LMM portfolio at fair value as of March 31, 2024 and 2023, respectively. A total of 46 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2024, representing 94% of the total LMM portfolio at fair value as of March 31, 2024. Excluding its investments in LMM portfolio companies that, as of March 31, 2024, 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, 2024.
For valuation purposes, all of MSC Income Fund’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, MSC Income Fund 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 Fund 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 Fund 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 (96% and 97% as of March 31, 2024 and December 31, 2023, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
pricing services or (ii) MSC Income Fund 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 Fund’s Other Portfolio investments are non-control investments. MSC Income Fund’s Other Portfolio investments comprised 2.2% and 2.3% of MSC Income Fund’s Investment Portfolio at fair value as of March 31, 2024 and December 31, 2023, 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 Fund generally determines the fair value of these investments using the NAV valuation method.
Due to the inherent uncertainty in the valuation process, MSC Income Fund’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 materially different than the valuations currently assigned. MSC Income Fund determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.
MSC Income Fund 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 Fund’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 Fund believes its Investment Portfolio as of March 31, 2024 and December 31, 2023 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 at 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 Fund pursuant to valuation policies and procedures approved and overseen by MSC Income Fund’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 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 Fund’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 Fund’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. At March 31, 2024 and December 31, 2023, the Company had $13.6 million and $20.8 million, respectively of cash equivalents invested
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
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.
At March 31, 2024 and December 31, 2023, cash balances totaling $10.8 million and $9.0 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 Fund 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 Fund 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 Fund otherwise does not expect the debtor to be able to service its debt obligation, MSC Income Fund 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, MSC Income Fund removes it from non-accrual status.
As of March 31, 2024, investments on non-accrual status comprised 0.7% of MSC Income Fund’s total Investment Portfolio at fair value and 3.6% at cost. As of December 31, 2023, investments on non-accrual status comprised 1.1% of MSC Income Fund’s total Investment Portfolio at fair value and 4.0% at cost.
MSC Income Fund 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.7. — 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 Fund may not have collected the PIK interest and cumulative dividends in cash. MSC Income Fund 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, 2024 and 2023, 4.5% and 3.8%, respectively, of MSC Income Fund’s total investment income was attributable to PIK interest income not paid currently in cash. For each of the three months ended March 31, 2024 and 2023, 0.1% of MSC Income Fund’s total investment income was attributable to cumulative dividend income not paid currently in cash.
MSC Income Fund 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. Fees received in connection with debt financing transactions are generally deferred and accreted into income over the life of the financing.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
A presentation of total investment income MSC Income Fund received from its Investment Portfolio in each of the periods presented is as follows:
Three Months Ended
March 31,
20242023
(dollars in thousands)
Interest, fee and dividend income:
Interest income$29,059 $28,932 
Dividend income2,472 1,559 
Fee income2,419 555 
Total interest, fee and dividend income$33,950 $31,046 
5.Deferred Financing Costs
Deferred financing costs include commitment fees and other direct costs incurred in connection with arranging MSC Income Fund’s borrowings. Deferred financing costs incurred in connection with MSC Income Fund’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.
6.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value
MSC Income Fund 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 Fund 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 Fund 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 Fund 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 Fund 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 Fund 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.7. — 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 Fund may not have collected the interest income. For each of the three months ended March 31, 2024 and 2023, 2.5% of MSC Income Fund’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
7.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 Fund. The Taxable Subsidiaries permit MSC Income Fund 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 Fund for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income Fund’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 Fund’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 Fund’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.
8.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.
9.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 Fund believes that the carrying amounts of its financial instruments, consisting of cash and cash
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.
MSC Income Fund’s debt instruments, including all revolving and unsecured debt, are accounted for on a historical cost basis as applicable under U.S GAAP. As also required under U.S GAAP, MSC Income Fund discloses the estimated fair value of its debt obligations in Note D — Debt. To estimate the fair value of MSC Income Fund’s Series A Notes as disclosed in Note D — Debt, MSC Income Fund 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 Fund’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.
10.Earnings per Share
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.
11.Recently Issued or Adopted Accounting Standards
In November 2022, the FASB issued ASU 2022-06, Reference rate reform (Topic 848) — Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 after which entities will no longer be permitted to apply the relief in Topic 848. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 and extended by ASU 2022-06 during the year ended December 31, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto. For the current year, the Company will no longer utilize the optional expedients provided by ASU 2020-04, as LIBOR is no longer referenced in any of its contracts. ASU 2022-06 did not have a material impact on the consolidated financial statements and the notes thereto.
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. Early adoption is permitted, however the Company has not elected to adopt this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to 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 Fund accounts for its investments at fair value.
Fair Value Hierarchy
In accordance with ASC 820, MSC Income Fund 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).
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Investments recorded on MSC Income Fund’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 Fund 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 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, 2024 and December 31, 2023, MSC Income Fund’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 Fund’s Private Loan portfolio investments were categorized as Level 3 as of March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, all of MSC Income Fund’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 Fund’s LMM portfolio investments were categorized as Level 3 as of March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, MSC Income Fund’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 Fund’s Middle Market portfolio investments were categorized as Level 3 as of March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, MSC Income Fund’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
of unobservable inputs. As a result, all of MSC Income Fund’s Other Portfolio investments were categorized as Level 3 as of March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, 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;
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 Fund’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. On the contrary, 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 Fund’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
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
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 Fund’s Level 3 portfolio investments as of March 31, 2024 and December 31, 2023:
Type of
Investment
Fair Value as of
March 31,
2024
(in thousands)
Valuation TechniqueSignificant
Unobservable Inputs
Range(3)Weighted Average(3)Median(3)
Equity investments$256,254 Discounted cash flowWACC
10.7% - 22.4%
14.2 %15.1 %
Market comparable / Enterprise valueEBITDA multiple (1)
4.3x - 9.4x (2)
7.3x6.5x
Debt investments$798,929 Discounted cash flowRisk adjusted discount factor (4)
9.6% - 17.0% (2)
13.3 %12.6 %
Expected principal recovery percentage
0.3% - 100.0%
99.3 %100.0 %
Debt investments$60,799 Market approachThird-party quote
38.3 - 100.5
85.291.5
Total Level 3 investments$1,115,982 
_____________________
(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 - 15.7x and the range for risk adjusted discount factor is 8.0% - 31.9%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(4)Discount rate includes the effect of the standard SOFR base rate, as applicable.
Type of
Investment
Fair Value as of
December 31, 2023
(in thousands)
Valuation TechniqueSignificant
Unobservable Inputs
Range(3)Weighted
Average(3)
Median(3)
Equity investments$254,770 Discounted cash flowWACC
10.9% - 22.5%
14.4 %15.5 %
Market comparable / Enterprise valueEBITDA multiple (1)
4.9x - 9.2x (2)
7.3x6.5x
Debt investments$777,003 Discounted cash flowRisk adjusted discount factor (4)
9.8% - 16.8% (2)
13.1 %12.8 %
Expected principal recovery percentage
0.6% - 100.0%
99.6 %100.0 %
Debt investments$61,122 Market approachThird-party quote
4.5 - 99.2
85.089.5
Total Level 3 investments$1,092,895 
_____________________
(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 - 15.7x and the range for risk adjusted discount factor is 8.0% - 27.3%.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(4)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 Fund’s Level 3 portfolio investments for the three months ended March 31, 2024 and 2023 (amounts in thousands):
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 
Equity254,029  (3,324)3,025 673 1,053 166 255,622 
Equity Warrant741     (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.
Type of
Investment
Fair Value
as of
December 31,
2022
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,
2023
Debt$852,282 $ $(23,105)$25,679 $1,403 $(7,409)$(4,906)$843,944 
Equity214,687  (1,311)1,828 (3,809)5,005 6,011 222,411 
Equity Warrant1,174     670 (1,105)739 
$1,068,143 $ $(24,416)$27,507 $(2,406)$(1,734)$ $1,067,094 
_____________________
(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.

At March 31, 2024 and December 31, 2023, MSC Income Fund's investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:
Fair Value Measurements
(in thousands)
At March 31, 2024
Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Private Loan portfolio investments$631,447 $ $ $631,447 
LMM portfolio investments391,575   391,575 
Middle Market portfolio investments68,352   68,352 
Other Portfolio investments24,608   24,608 
Total investments$1,115,982 $ $ $1,115,982 
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Fair Value Measurements
(in thousands)
At December 31, 2023
Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Private Loan portfolio investments$595,326 $ $ $595,326 
LMM portfolio investments386,956   386,956 
Middle Market portfolio investments85,990   85,990 
Other Portfolio investments24,623   24,623 
Total investments$1,092,895 $ $ $1,092,895 
Investment Portfolio Composition
MSC Income Fund’s principal investment objective is to maximize its portfolio’s total return by generating current income from its debt investments and 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 Fund seeks to achieve its investment objective primarily through its Private Loan and LMM investment strategies.
MSC Income Fund’s private loan (“Private Loan”) investment strategy is focused on investments in privately held companies that are generally consistent with the size of its LMM portfolio companies or Middle Market portfolio companies, and its Private Loan investments generally range in size from $1 million to $30 million. MSC Income Fund’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 markets as “club deals” because of the small lender group size. In both cases, our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. MSC Income Fund’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 Fund may have the option to co-invest with Main Street and the private equity sponsor in the equity securities of its Private Loan portfolio companies.
MSC Income Fund’s LMM investment strategy is focused on investments in secured debt and equity in privately held, LMM companies based in the United States. MSC Income Fund’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 $20 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 rate terms and generally have a term of between five and seven years from the original investment date. In most LMM portfolio investments, MSC Income Fund makes direct equity investments and/or receives nominally priced equity warrants in connection with a debt investment.
MSC Income Fund has also historically maintained a Middle Market investment strategy which is focused on investments in syndicated loans to or debt securities in Middle Market companies, which MSC Income Fund defines as companies with annual revenues between $150 million and $1.5 billion, and its Middle Market investments generally range in size from $1 million to $20 million. MSC Income Fund’s Middle Market portfolio debt investments 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. Over the last few years, MSC Income Fund has been de-emphasizing this strategy and expects to continue to do so in the future.
MSC Income Fund’s other portfolio (“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 Fund may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
private funds. For Other Portfolio investments, MSC Income Fund generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten-year period.
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, 2024 and 2023, MSC Income Fund did not record investment income from any single portfolio company in excess of 10% of total investment income.
The following tables provide a summary of MSC Income Fund’s investments in the Private Loan, LMM and Middle Market portfolios as of March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, which are discussed further below).
As of March 31, 2024
Private LoanLMM (a)Middle Market
(dollars in millions)
Number of portfolio companies79 51 15 
Fair value$631.4 $391.6 $68.4 
Cost$624.3 $319.2 $97.7 
Debt investments as a % of portfolio (at cost)94.6 %70.3 %91.7 %
Equity investments as a % of portfolio (at cost)5.4 %29.7 %8.3 %
% of debt investments at cost secured by first priority lien99.9 %99.9 %99.9 %
Weighted-average annual effective yield (b)13.0 %13.0 %13.4 %
Average EBITDA (c)$34.7 $9.2 $62.5 
___________________
(a)At March 31, 2024, MSC Income Fund 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 at cost as of March 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. The weighted-average annual effective yield on MSC Income Fund’s debt portfolio as of March 31, 2024 including debt investments on non-accrual status was 12.6% for its Private Loan portfolio, 13.0% for its LMM portfolio and 10.1% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income Fund’s common stock will realize on its investment because it does not reflect MSC Income Fund’s utilization of debt capital in its capital structure, MSC Income Fund’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a weighted-average for the Private Loan and Middle Market portfolios and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including one Private Loan portfolio company, two LMM portfolio companies and one Middle Market portfolio company, as EBITDA is not a meaningful valuation metric for MSC Income Fund’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
As of December 31, 2023
Private LoanLMM (a)Middle Market
(dollars in millions)
Number of portfolio companies78 50 16 
Fair value$595.3 $387.0 $86.0 
Cost$586.4 $315.7 $114.7 
Debt investments as a % of portfolio (at cost)94.1 %70.2 %93.1 %
Equity investments as a % of portfolio (at cost)5.9 %29.8 %6.9 %
% of debt investments at cost secured by first priority lien100.0 %99.9 %100.0 %
Weighted-average annual effective yield (b)13.1 %13.0 %13.0 %
Average EBITDA (c)$30.5 $8.8 $74.2 
___________________
(a)At December 31, 2023, MSC Income Fund 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 at cost as of December 31, 2023, 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. The weighted-average annual effective yield on MSC Income Fund’s debt portfolio as of December 31, 2023 including debt investments on non-accrual status was 12.6% for its Private Loan portfolio, 13.0% for its LMM portfolio and 9.9% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income Fund’s common stock will realize on its investment because it does not reflect MSC Income Fund’s utilization of debt capital in its capital structure, MSC Income Fund’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a weighted-average for the Private Loan and Middle Market portfolios and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including one Private Loan portfolio company, as EBITDA is not a meaningful valuation metric for MSC Income Fund’s investment in this portfolio company, and those portfolio companies whose primary purpose is to own real estate.
For the three months ended March 31, 2024 and 2023, MSC Income Fund achieved an annualized total return on investments of 11.8% and 11.4%, respectively. For the year ended December 31, 2023, MSC Income Fund achieved a total return on investments of 13.6%. 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 Fund’s total return on investments is not reflective of what an investor in shares of MSC Income Fund’s common stock will realize on its investment because it does not reflect MSC Income Funds utilization of debt capital in its capital structure, MSC Income Funds expenses or any sales load paid by an investor.
As of March 31, 2024, MSC Income Fund had Other Portfolio investments in four entities, collectively totaling $24.6 million in fair value and $21.4 million in cost basis and which comprised 2.2% and 2.0% of MSC Income Fund’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, MSC Income Fund had Other Portfolio investments in four entities, collectively totaling $24.6 million in fair value and $21.5 million in cost basis and which comprised 2.3% and 2.1% of MSC Income Fund’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 Fund’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, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, which are discussed above).
Cost:March 31, 2024December 31, 2023
First lien debt86.9 %86.5 %
Equity12.9 13.3 
Second lien debt  
Equity warrants0.2 0.2 
Other  
100.0 %100.0 %
Fair Value:March 31, 2024December 31, 2023
First lien debt78.7 %78.4 %
Equity21.2 21.5 
Second lien debt  
Equity warrants0.1 0.1 
Other  
100.0 %100.0 %
The following tables summarize the composition of MSC Income Fund’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, 2024 and December 31, 2023 (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, 2024December 31, 2023
Northeast22.0 %21.9 %
Southwest21.3 23.8 
West18.8 17.0 
Southeast18.6 17.8 
Midwest17.5 17.6 
Canada0.8 0.8 
Other Non-United States1.0 1.1 
100.0 %100.0 %
Fair Value:March 31, 2024December 31, 2023
Southwest24.4 %26.8 %
Northeast21.6 21.6 
Midwest18.2 18.3 
West18.0 16.4 
Southeast16.0 15.0 
Canada0.8 0.8 
Other Non-United States1.0 1.1 
100.0 %100.0 %
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
MSC Income Fund’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 Fund’s total combined Private Loan, LMM and Middle Market portfolio investments by industry at cost and fair value as of March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments).
Cost:March 31, 2024December 31, 2023
Internet Software & Services8.6 %8.8 %
Commercial Services & Supplies8.0 8.5 
Diversified Consumer Services5.9 5.4 
Machinery5.5 5.8 
Professional Services5.5 5.7 
IT Services5.3 5.2 
Health Care Providers & Services4.9 6.5 
Containers & Packaging4.2 4.3 
Distributors4.2 4.4 
Electrical Equipment3.8 2.2 
Leisure Equipment & Products3.6 3.7 
Textiles, Apparel & Luxury Goods3.1 3.1 
Specialty Retail2.9 2.9 
Communications Equipment2.7 2.7 
Computers & Peripherals2.7 2.9 
Building Products2.5 2.1 
Construction & Engineering2.5 2.5 
Aerospace & Defense2.4 2.6 
Media2.4 2.5 
Diversified Financial Services2.0 2.1 
Hotels, Restaurants & Leisure2.0 2.1 
Household Products2.0 2.0 
Energy Equipment & Services1.7 0.5 
Internet & Catalog Retail1.7 1.6 
Food & Staples Retailing1.6 1.5 
Software1.5 1.4 
Health Care Equipment & Supplies1.2 1.3 
Other (1)5.6 5.7 
 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.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Fair Value:March 31, 2024December 31, 2023
Internet Software & Services7.1 %7.3 %
Commercial Services & Supplies6.9 7.3 
Diversified Consumer Services6.9 6.5 
Machinery6.9 7.2 
Professional Services5.4 5.5 
IT Services5.2 5.0 
Computers & Peripherals4.7 4.6 
Containers & Packaging4.6 4.6 
Distributors4.6 4.6 
Health Care Providers & Services4.3 6.0 
Electrical Equipment3.8 2.3 
Construction & Engineering3.2 3.1 
Leisure Equipment & Products3.1 3.3 
Specialty Retail2.8 2.9 
Textiles, Apparel & Luxury Goods2.8 2.9 
Media2.5 2.6 
Aerospace & Defense2.4 2.5 
Building Products2.3 1.9 
Construction Materials2.1 2.2 
Diversified Financial Services1.9 2.0 
Household Products1.9 1.9 
Software1.9 1.7 
Air Freight & Logistics1.6 1.6 
Hotels, Restaurants & Leisure1.6 1.6 
Internet & Catalog Retail1.5 1.5 
Energy Equipment & Services1.4 0.3 
Food & Staples Retailing1.3 1.2 
Communications Equipment1.1 1.1 
Other (1)4.2 4.8 
 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.
At March 31, 2024 and December 31, 2023, MSC Income Fund 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 Fund 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 Fund must utilize to determine if any of MSC Income Fund’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 Fund 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
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
test is generally measured by dividing MSC Income Fund’s investment in the Control Investment by the value of MSC Income Fund’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 Fund’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 Fund to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which MSC Income Fund 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, 2024 and December 31, 2023, MSC Income Fund had no single investment that qualified as a significant subsidiary under either the investment or income tests.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
NOTE D — DEBT
Summary of MSC Income Fund’s debt as of March 31, 2024 is as follows:
Outstanding Balance
Unamortized Debt Issuance
Costs (1)
Recorded Value
Estimated Fair Value (2)
(dollars in thousands)
SPV Facility$275,688 $ $275,688 $275,688 
Series A Notes150,000 (771)149,229 139,341 
Corporate Facility79,000  79,000 79,000 
Total Debt$504,688 $(771)$503,917 $494,029 
_________________
(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 if MSC Income Fund had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income Fund’s debt in Note B.9. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summary of MSC Income Fund’s debt as of December 31, 2023 is as follows:
Outstanding Balance
Unamortized Debt Issuance Costs (1)
Recorded Value
Estimated Fair Value (2)
(dollars in thousands)
SPV Facility$203,688 $ $203,688 $203,688 
Series A Notes150,000 (845)149,155 141,531 
Corporate Facility132,000  132,000 132,000 
Total Debt$485,688 $(845)$484,843 $477,219 
___________________
(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 if MSC Income Fund had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income Fund’s debt in Note B.9. — 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)
Summarized interest expense for the three months ended March 31, 2024 and 2023 is as follows:
Three Months Ended March 31,
20242023
(dollars in thousands)
SPV Facility$6,046 $4,817 
Series A Notes1,590 1,590 
Corporate Facility1,913 1,927 
Total Interest Expense$9,549 $8,334 
Corporate Facility
MSC Income Fund is a party to a senior secured revolving credit agreement dated March 6, 2017 (as amended, the “Corporate Facility”) with EverBank (formerly known as TIAA Bank), as administrative agent, and with EverBank and other financial institutions as lenders. As of March 31, 2024, the Corporate Facility included (i) total commitments of $165.0 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 $200.0 million of total commitments and (iii) a revolving period and maturity date to September 1, 2025 and March 1, 2026, respectively, with two one-year extension options subject to lender approval.
Borrowings under the Corporate Facility bear interest, subject to MSC Income Fund’s election, on a per annum basis at a rate equal to (i) SOFR plus 2.50% or (ii) the base rate plus 1.40%. 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 1.1%. Additionally, MSC Income Fund pays an annual unused commitment fee of 0.30% per annum 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 0.625% per annum 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. Effective April 27, 2023, the reference rate under the Corporate Facility was amended from LIBOR to SOFR plus an applicable credit spread adjustment of 0.10%.
As of March 31, 2024, the interest rate on the Corporate Facility was 7.83%. The average interest rate for borrowings under the Corporate Facility was 7.84% and 6.93% per annum for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, MSC Income Fund was in compliance with all financial covenants of the Corporate Facility.
SPV Facility
MSC Income Fund, 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” and, together with the Corporate Facility, the “Credit Facilities”) 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 August 2023, the SPV facility was amended to extend the revolving period expiration date from February 3, 2024 to February 3, 2027 and the maturity date from February 3, 2025 to February 3, 2028. Additionally, total commitments were reduced from $325.0 million to $300.0 million. Advances under the SPV Facility bear interest at a per annum rate equal to the three month SOFR in effect, plus the applicable margin of 3.00%. MSIF Funding also pays a commitment fee of 0.75% per annum on the average daily unused amount of the financing commitments until February 2, 2027. As of March 31, 2024, the SPV Facility included total commitments of $300.0 million and an accordion feature, with the right to request an increase of total commitments and
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
borrowing availability up to $450.0 million. 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.
As of March 31, 2024, the interest rate on the SPV Facility was 8.33%. The average interest rate for borrowings under the SPV Facility was 8.33% and 7.65% per annum for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, MSIF Funding was in compliance with all financial covenants of the SPV Facility.
Series A Notes
Pursuant to a Master Note Purchase Agreement dated October 21, 2021 (the “Note Purchase Agreement”), MSC Income Fund 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 Fund’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, MSC Income Fund 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, 2024, MSC Income Fund was in compliance with all financial covenants of the Note Purchase Agreement.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
NOTE E — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights of MSC Income Fund for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
Per Share Data:20242023
NAV at the beginning of the period$7.77 $7.61 
Net investment income (1)0.18 0.18 
Net realized gain (loss) (1)(2)(0.02)0.04 
Net unrealized depreciation (1)(2)(0.02)(0.06)
Income tax provision (1)(2)(0.01)(0.01)
Net increase in net assets resulting from operations (1)0.13 0.15 
Dividends paid from net investment income(0.19)(0.15)
Dividends paid from capital gains (0.03)
Dividends paid or accrued (3)(0.19)(0.18)
Other (4)0.01 0.01 
NAV at the end of the period$7.72 $7.59 
Shares outstanding at the end of the period80,112,588 80,150,887 
________________
(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.
(3)Represents stockholder dividends paid or accrued for the period.
(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.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Three Months Ended March 31,
20242023
(dollars in thousands)
NAV at end of period$618,521 $608,299 
Average NAV$620,414 $608,982 
Average outstanding debt$488,688 $474,438 
Ratios to average NAV:
Ratio of total expenses, including income tax provision, to average NAV(1)(2)(3)(5)3.62 %2.97 %
Ratio of operating expenses to average NAV(2)(3)(5)3.47 %2.78 %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3)(5)1.93 %1.41 %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3)(5)1.34 %0.97 %
Ratio of net investment income to average NAV(2)(5)2.34 %2.32 %
Portfolio turnover ratio(2)4.72 %2.34 %
Total return based on change in NAV(2)(4)(5)1.70 %2.01 %
_______________
(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 Fund 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 return is 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. The total return does not reflect the sales load from the sale of MSC Income Fund’s common stock.
(5)Net of expense waivers of $2.1 million and $1.9 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Excluding these expense waivers, the expense and income ratios are as follows:
Three Months Ended March 31,
20242023
Ratio of total expenses, including income tax provision, to average NAV(1)(2)(3)3.97 %3.29 %
Ratio of operating expenses to average NAV(2)(3)3.81 %3.10 %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3)2.27 %1.73 %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3)1.69 %1.28 %
Ratio of net investment income to average NAV(2)2.01 %2.01 %
Total return based on change in NAV(2)(4)1.36 %1.70 %
________________
See footnotes (1), (2), (3) and (4) immediately prior to this table.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
NOTE F — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME
MSC Income Fund currently pays quarterly dividends to its stockholders. Future quarterly dividends, if any, will be determined by its Board of Directors on a quarterly basis. MSC Income Fund paid or accrued dividends to its common stockholders of $14.8 million, or $0.185 per share, during the three months ended March 31, 2024, compared to $14.0 million, or $0.175 per share, during the three months ended March 31, 2023.
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.
The determination of the tax attributes for MSC Income Fund’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.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
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, 2024 and 2023.
Three Months Ended March 31,
20242023
(estimated, dollars in thousands)
Net increase in net assets resulting from operations$10,589 $12,231 
Net unrealized depreciation1,133 4,139 
Income tax provision940 1,170 
Pre-tax book income not consolidated for tax purposes(1,261)(2,011)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates1,481 (3,455)
Estimated taxable income (1)12,882 12,074 
Taxable income earned in prior year and carried forward for distribution in current year14,745 20,674 
Taxable income earned prior to period end and carried forward for distribution next period(27,627)(32,748)
Dividend accrued as of period end and paid in the following period14,821 14,026 
Taxable income earned to be carried forward(12,806)(18,722)
Total distributions accrued or paid to common stockholders$14,821 $14,026 
________________
(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 Fund. The Taxable Subsidiaries permit MSC Income Fund 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 Fund’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 Fund’s consolidated financial statements.
The income tax provision for MSC Income Fund 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 Fund’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 Fund’s Consolidated Statements of Operations. MSC Income Fund’s provision for income taxes was comprised of the following for the three months ended March 31, 2024 and 2023:
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Three Months Ended March 31,
20242023
(dollars in thousands)
Current tax expense:
Federal$53 $22 
State200 170 
Excise76 118 
Total current tax expense329 310 
Deferred tax expense (benefit):
Federal656 641 
State(45)219 
Total deferred tax expense611 860 
Total income tax provision$940 $1,170 
The net deferred tax liability at March 31, 2024 and December 31, 2023 was $3.9 million and $3.3 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.
At March 31, 2024, for U.S. federal income tax purposes, the Taxable Subsidiaries had net operating loss carryforwards from prior years which, if unused, will expire in 2037. Any net operating losses generated in 2018 and future periods are not subject to expiration and will carryforward indefinitely until utilized. The Taxable Subsidiaries also have net capital loss carryforwards from prior years which, if unused, will expire in various taxable years 2025 through 2027. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period.
NOTE G — SHARE REPURCHASES
Under the terms of its share repurchase program, MSC Income Fund offers to purchase shares at the NAV per share on the repurchase date. The amount of shares of MSC Income Fund’s common stock to be repurchased during any calendar quarter may be equal to the lesser of (i) the number of shares of common stock MSC Income Fund could repurchase with the proceeds it received from the issuance of common stock under MSC Income Fund’s dividend reinvestment plan or (ii) 2.5% of the weighted-average number of shares of common stock outstanding in the prior four calendar quarters. Repurchase offers are currently limited to the number of shares of common stock MSC Income Fund can repurchase with 90% of the cash retained as a result of issuances of common stock under its dividend reinvestment plan. At the discretion of the Board of Directors, MSC Income Fund may also use cash on hand, cash available from borrowings and cash from the sale of investments as of the end of the applicable period to repurchase shares. MSC Income Fund’s Board of Directors may amend, suspend or terminate the share repurchase program upon 30 days’ notice.
In addition to its share repurchase program, beginning in the second quarter of 2023, MSC Income Fund began periodically offering to complete modified Dutch auction tender offers (“Dutch Auction Tenders”), pursuant to which MSC Income Fund 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 Fund 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 Fund to increase the number of shares accepted for purchase in any Dutch Auction Tender by up to 2% of MSC Income Fund’s outstanding shares without amending the offer. MSC Income Fund has no obligation to continue to offer Dutch Auction Tenders in the future.
On February 5, 2024, MSC Income Fund 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 Fund repurchased 357,143 shares on
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
March 8, 2024 at a price of $7.00 per share for an aggregate cost of $2.5 million, excluding fees and expenses related to the February 2024 Dutch Auction Tender Offer.
For each of the three months ended March 31, 2024 and 2023, MSC Income Fund funded $4.0 million for shares of its common stock tendered for repurchase under the share repurchase program. For the three months ended March 31, 2024, MSC Income Fund funded $2.5 million for shares of its common stock tendered for repurchase through its Dutch auction tender offers.
Since the reinstatement of its share repurchase program in March 2021, after briefly suspending it during the COVID-19 pandemic, through March 31, 2024, MSC Income Fund has funded the repurchase of $46.7 million in shares of common stock under the share repurchase program. MSC Income Fund has also purchased $10.3 million in shares of common stock through its various Dutch auction tender offers completed from June 2023 through March 31, 2024.
NOTE H — DIVIDEND REINVESTMENT PLAN
MSC Income Fund’s dividend reinvestment plan (the “DRIP”) provides for the reinvestment of dividends on behalf of stockholders. As a result, if MSC Income Fund declares a cash dividend, stockholders who have “opted in” to the DRIP will have their cash dividend automatically reinvested into additional shares of MSC Income Fund common stock. The number of shares of common stock to be issued to a stockholder under the DRIP shall be 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 Fund’s Board of Directors or a committee thereof, in its sole discretion, that is (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.
Summarized DRIP information for the three months ended March 31, 2024 and 2023 is as follows:
Three Months Ended March 31,
20242023
(dollars in thousands)
DRIP participation$4,493 $4,414 
Shares issued for DRIP564,969564,377
NOTE I — COMMITMENTS AND CONTINGENCIES
At March 31, 2024, MSC Income Fund had the following outstanding commitments (in thousands):
Investments with equity capital commitments that have not yet funded:Amount
Freeport First Lien Loan Fund III LP$8,340 
HPEP 3, L.P.1,308 
Brightwood Capital Fund III, LP22 
     Total Equity Commitments$9,670
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Computer Data Source, LLC$8,333 
CQ fluency, LLC4,500 
Mako Steel, LP4,057 
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Insight Borrower Corporation3,888 
BP Loenbro Holdings Inc.2,569 
Garyline, LLC2,416 
SI East, LLC2,125 
Winter Services LLC1,944 
American Health Staffing Group, Inc.1,667 
IG Parent Corporation1,667 
Bluestem Brands, Inc.1,552 
Burning Glass Intermediate Holding Company, Inc.1,549 
AB Centers Acquisition Corporation1,538 
Richardson Sales Solutions1,439 
Jackmont Hospitality, Inc.1,419 
Titan Meter Midco Corp.1,384 
Power System Solutions1,330 
Evergreen North America Acquisitions, LLC1,253 
Bettercloud, Inc.1,216 
Classic H&G Holdco, LLC1,060 
HEADLANDS OP-CO LLC1,000 
IG Investor, LLC1,000 
Mini Melts of America, LLC983 
Invincible Boat Company, LLC.976 
Roof Opco, LLC972 
Bond Brand Loyalty ULC900 
Imaging Business Machines, L.L.C.890 
VVS Holdco, LLC800 
Cody Pools, Inc.786 
Purge Rite, LLC781 
Acumera, Inc.768 
NinjaTrader, LLC750 
SPAU Holdings, LLC700 
Engineering Research & Consulting, LLC652 
NexRev LLC600 
Centre Technologies Holdings, LLC600 
ArborWorks, LLC530 
AVEX Aviation Holdings, LLC512 
Wall Street Prep, Inc.500 
GRT Rubber Technologies LLC468 
Microbe Formulas, LLC434 
Watterson Brands, LLC433 
PTL US Bidco, Inc427 
Channel Partners Intermediateco, LLC419 
CaseWorthy, Inc.400 
Trantech Radiator Topco, LLC400 
Chamberlin Holding LLC400 
Johnson Downie Opco, LLC400 
South Coast Terminals Holdings, LLC381 
Escalent, Inc.349 
Pinnacle TopCo, LLC345 
Gamber-Johnson Holdings, LLC300 
Career Team Holdings, LLC300 
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Clad-Rex Steel, LLC300 
Metalforming Holdings, LLC205 
ATS Operating, LLC200 
Mystic Logistics Holdings, LLC200 
Orttech Holdings, LLC200 
Batjer TopCo, LLC 180 
ITA Holdings Group, LLC160 
Analytical Systems Keco Holdings, LLC145 
Elgin AcquireCo, LLC123 
Gulf Publishing Holdings, LLC100 
JTI Electrical & Mechanical, LLC89 
AAC Holdings, Inc.71 
Inspire Aesthetics Management, LLC43 
Adams Publishing Group, LLC4 
Interface Security Systems, LLC1 
     Total Loan Commitments$69,083 
     Total Commitments$78,753 
MSC Income Fund 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 Fund follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. MSC Income Fund had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of March 31, 2024.
MSC Income Fund 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 try to impose liability on MSC Income Fund 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 Fund 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 legal proceedings will have a material adverse effect on MSC Income Fund’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 Fund entered into the Investment Advisory Agreement with the Adviser, which states that the Adviser will oversee the management of MSC Income Fund’s activities and is responsible for making investment decisions with respect to, and providing day‑to‑day management and administration of, MSC Income Fund’s Investment Portfolio. The Investment Advisory Agreement was most recently re-approved by the Board of Directors, including a majority of members who are not “interested” persons (as defined by the 1940 Act) of MSC Income Fund or the Adviser, on August 10, 2023.
Pursuant to the Investment Advisory Agreement, MSC Income Fund pays the Adviser a base management fee and incentive fees as compensation for the services described above. The base management fee is calculated at an annual rate of 1.75% of MSC Income Fund’s average gross assets. The term “gross assets” means total assets of MSC Income Fund as disclosed on MSC Income Fund’s Consolidated Balance Sheets. “Average gross assets” are calculated based on MSC Income Fund’s gross assets at the end of the two most recently completed calendar quarters. The base management fee is payable quarterly in arrears. The base management fee is expensed as incurred.
The incentive fee under the Investment Advisory Agreement consists of two parts. The first part, referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on Pre-Incentive Fee Net
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Investment Income (as defined below) for the immediately preceding quarter. The subordinated incentive fee on income is equal to 20.0% of MSC Income Fund’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 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 MSC Income Fund receives from portfolio companies) accrued during the calendar quarter, minus MSC Income Fund’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 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 and PIK interest and zero coupon securities), accrued income that MSC Income Fund 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. For purposes of this fee, adjusted capital means cumulative gross proceeds generated from sales of MSC Income Fund’s common stock (including proceeds from MSC Income Fund’s DRIP) reduced for non-liquidating distributions, other than distributions of profits, paid to MSC Income Fund’s stockholders and amounts paid for share repurchases pursuant to MSC Income Fund’s share repurchase program. The subordinated incentive fee on income is expensed in the quarter in which it is incurred.
The calculation of the subordinated incentive fee on income for each quarter is as follows:
No subordinated incentive fee on income shall be payable to the Adviser in any calendar quarter in which MSC Income Fund’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.875% (or 7.5% annualized) on adjusted capital;
100% of MSC Income Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.34375% in any calendar quarter (9.375% annualized) shall be 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 20.0% on all of MSC Income Fund’s Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply when the Pre-Incentive Fee Net Investment Income exceeds 2.34375% (9.375% annualized) in any calendar quarter; and
For any quarter in which MSC Income Fund’s Pre-Incentive Fee Net Investment Income exceeds 2.34375% (9.375% annualized), the subordinated incentive fee on income shall equal 20.0% of the amount of MSC Income Fund’s Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up will have been achieved.
The second part of the incentive fee, referred to as the incentive fee on capital gains, is an incentive fee on realized capital gains earned from the portfolio of MSC Income Fund and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee equals 20.0% of MSC Income Fund’s incentive fee capital gains, which equals MSC Income Fund’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 Fund estimates the incentive fee on capital gains and accrues the fee based on a hypothetical liquidation of its portfolio. Therefore, the accrual includes 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 is neither earned nor payable to the Adviser until such time it is realized.
For the three months ended March 31, 2024 and 2023, MSC Income Fund incurred base management fees of $5.0 million and $4.9 million, respectively. For the three months ended March 31, 2024 and March 31, 2023, MSC Income Fund incurred subordinated incentive fees on income of $3.6 million and $2.7 million, respectively. For each of the three months ended March 31, 2024 and 2023, MSC Income Fund did not incur any capital gains incentive fees.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
Pursuant to the Investment Advisory Agreement, MSC Income Fund is required to pay or reimburse the Adviser for administrative services expenses, which include all costs and expenses related to MSC Income Fund’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 include, but are not limited to, the cost of an Adviser’s personnel performing accounting and compliance functions and other administrative services on behalf of MSC Income Fund.
The Adviser waived reimbursement of all Internal Administrative Services expenses from October 30, 2020 through December 31, 2021. On January 1, 2022, the Adviser assumed responsibility of certain administrative services that were previously provided for MSC Income Fund 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. For the three months ended March 31, 2024 and 2023, MSC Income Fund incurred Internal Administrative Services expenses before expense waivers of $2.3 million and $2.0 million, respectively. For the three months ended March 31, 2024 and 2023, the Adviser waived the reimbursements of Internal Administrative Services expenses of $2.1 million and $1.9 million, respectively. Waived Internal Administrative Services expenses are permanently waived and are not subject to future reimbursement.
2.Offering Costs
In accordance with MSC Income Fund’s previous investment advisory agreement with the previous investment adviser (“HMS Adviser”), MSC Income Fund reimbursed HMS Adviser for any offering costs that were paid on MSC Income Fund’s behalf, which consisted of, among other costs, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, advertising and sales literature and other costs incurred in connection with the offering of MSC Income Fund’s common stock, including through MSC Income Fund’s DRIP. HMS Adviser was responsible for the payment of offering costs to the extent they exceeded 1.5% of the aggregate gross stock offering proceeds. Pursuant to the transaction whereby the Adviser became the investment adviser to MSC Income Fund, HMS Adviser agreed to permanently waive reimbursement of organizational and offering expenses except for $0.6 million which remained payable to HMS Adviser and would be reimbursed as part of future issuances of common stock by MSC Income Fund. For the three months ended March 31, 2023, MSC Income Fund reimbursed HMS Adviser $0.1 million in connection with stock issuances. As of June 30, 2023, MSC Income Fund’s reimbursement obligation to HMS Adviser for organizational and offering expenses was fully repaid.
3.Indemnification
The Investment Advisory Agreement provides that the Adviser and its officers, directors, controlling persons and any other person or entity affiliated with it acting as MSC Income Fund’s agent are entitled to indemnification (including reasonable attorneys’ fees and amounts reasonably paid in settlement) for any liability or loss suffered by such indemnitee, and such indemnitee will be held harmless for any loss or liability suffered by MSC Income Fund, if (i) the indemnitee has determined, in good faith, that the course of conduct which caused the loss or liability was in MSC Income Fund’s best interests, (ii) the indemnitee was acting on behalf of or performing services for MSC Income Fund, (iii) the liability or loss suffered was not the result of negligence, willful malfeasance, bad faith or misconduct by the indemnitee or an affiliate thereof acting as MSC Income Fund’s agent and (iv) the indemnification or agreement to hold the indemnitee harmless is only recoverable out of MSC Income Fund’s net assets and not from MSC Income Fund’s stockholders.
4.Co-Investment
In the ordinary course of business, MSC Income Fund enters into transactions with other parties that may be considered related party transactions. MSC Income Fund 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 Fund. If such affiliations are found to exist, MSC Income Fund 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.
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MSC INCOME FUND, INC.
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)
MSC Income Fund has received an exemptive order from the SEC permitting co-investments among MSC Income Fund, Main Street and other funds and clients advised by the Adviser in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. MSC Income Fund has made co-investments, and in the future intends to continue to make co-investments with Main Street and other funds and clients advised by 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 Fund, Main Street and the other funds and clients advised by 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 Fund’s investment activities as its sole activity, this may provide the Adviser an incentive to allocate opportunities to other participating funds and clients instead of MSC Income Fund. However, the Adviser has policies and procedures in place to manage this conflict, including oversight 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 Fund also co-invests in syndicated deals and other transactions where price is the only negotiated point by MSC Income Fund and its affiliates.
5.    Other Related Party Transactions
On January 31, 2024, the Company sold 314,070 shares of its common stock to Main Street at $7.96 per share, the price at which the Company issued new shares in connection with reinvestments of the January 31, 2024 dividend pursuant to the DRIP, for total proceeds to the Company of $2.5 million. The issuance and sale were made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the Securities Act”), and were 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.
NOTE K — SUBSEQUENT EVENTS
On May 1, 2024, the Company sold 315,259 shares of its common stock to Main Street at $7.93 per share, the price at which the Company issued new shares in connection with reinvestments of the May 1, 2024 dividend pursuant to the DRIP, for total proceeds to the Company of $2.5 million. The issuance and sale were made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act and were 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.
On May 1, 2024, the Company repurchased 536,330 shares of its common stock validly tendered and not withdrawn on the terms set forth in the tender offer statement on Schedule TO and Offer to Purchase filed with the SEC on March 26, 2024. The shares were repurchased at a price of $7.78 per share, which was the Company’s NAV per share as of May 1, 2024, for an aggregate purchase price of $4.2 million (an amount equal to 90% of the proceeds the Company received from the issuance of shares under the Company’s DRIP from the May 1, 2024 dividend payment).
On May 13, 2024, the Board of Directors declared a quarterly dividend of $0.18 per share payable August 1, 2024 to stockholders of record as of June 28, 2024. Additionally, the Board of Directors approved a repurchase offer pursuant to the Company’s share repurchase program in an amount equal to 90% of the proceeds resulting from shares issued in lieu of cash distributions from the August 1, 2024 dividend payment.


81

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)


CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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 InvestmentsLP Interests (CTMH, LP)(9)$ $ $ $568 $ $ $568 
GRT Rubber Technologies LLC11.48%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 InvestmentsLP Interests (2717 MH, L.P.)(8)10  40 6,050 10 10 6,050 
Volusion, LLC10.00%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, LLC15.38%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, LLCMember Units(5) 160  1,380 160  1,540 
Batjer TopCo, LLC10.00%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, LLC15.48%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, LLC14.48%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 LLC11.49%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, LLCPreferred Member Units(5) 90  3,920 90  4,010 
Clad-Rex Steel, LLC12.00%Secured Debt (12)(5)       
12.00%Secured Debt(5)  64 2,103  3 2,100 
82

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)

CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)
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  
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 LLC12.00%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, LLC13.50%Secured Debt(5)       
13.50%Secured Debt(5)  153 4,175 7  4,182 
Preferred Equity(5)  15 1,863   1,863 
Datacom, LLC7.50%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 LLC15.38%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, LLCPreferred Equity(9)  170 6,970   6,970 
Freeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP) (12)(5)  138 3,705   3,705 
Gamber-Johnson Holdings, LLC10.00%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, LLC8.00%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, LLC14.98%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, LLC13.00%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, LLCCommon Equity(6) 80  6,320 80  6,400 
Integral Energy Services13.09%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, LLC12.00%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 
83

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)

CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)
Member Units(5)  8 683   683 
MH Corbin Holding LLC14.00%Secured Debt(5)  46 1,256  20 1,236 
Preferred Member Units(5)   80   80 
Preferred Member Units(5)       
Mystic Logistics Holdings, LLC10.00%Secured Debt (12)(6)       
10.00%Secured Debt(6) 5 36 1,436   1,436 
Common Stock(6)  248 6,598   6,598 
NexRev LLC10.00%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, LLC11.98%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, LLC16.48%SF+11.00%Secured Debt(7) 7 58 1,339 9 21 1,327 
Preferred Stock(7)   282   282 
Orttech Holdings, LLC16.48%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, LLC8.00%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, LLC11.25%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, LLC8.50%8.50%Secured Debt(6) (1,618) 3,543  1,618 1,925 
Preferred Equity(6)       
Tedder Industries, LLC12.00%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, LLC11.50%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 LLC11.48%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 
84

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)

CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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 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.
85

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)

(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). 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.
86

Table of contents                                                              Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments In and Advances to Affiliates
March 31, 2023
(dollars in thousands)
(unaudited)

CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2023 Fair Value (13)
Control Investments
GRT Rubber Technologies LLC10.66%L+6.00%Secured Debt (12)(8)$ $1 $13 $330 $145 $ $475 
12.66%L+8.00%Secured Debt(8) (12)634 19,943 13 12 19,944 
Member Units(8)  21 21,890   21,890 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)631 (675)141 7,552 1,031 1,574 7,009 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)   588   588 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
       
Total Control Investments$631 $(686)$809 $50,303 $1,189 $1,586 $49,906 
Affiliate Investments
AFG Capital Group, LLCPreferred Member Units(8)$ $ $ $2,350 $ $ $2,350 
ASK (Analytical Systems Keco Holdings, LLC)L+10.00%Secured Debt(8)  1 (2)  (2)
14.75%L+10.00%Secured Debt(8)  47 1,135 5 18 1,122 
14.13%Preferred Member Units(8)       
Preferred Member Units(8) 20  880 20  900 
Warrants(8)       
ATX Networks Corp.L+7.50%Secured Debt(6) (102)682 6,368 545 6,913  
10.00%Unsecured Debt(6) (276)1,135 2,614 1,135 3,749  
Common Stock(6)3,178 (3,290) 3,290 3,178 6,468  
Barfly Ventures, LLCMember Units(5) (93) 1,107  94 1,013 
Batjer TopCo, LLCSecured Debt(8)   (1)  (1)
11.00%Secured Debt(8)  36 1,205 2 50 1,157 
Preferred Stock(8) 225 19 455 225  680 
Brewer Crane Holdings, LLC14.66%L+10.00%Secured Debt(9)  53 1,491  31 1,460 
Preferred Member Units(9) (130)8 1,770  130 1,640 
Centre Technologies Holdings, LLCL+9.00%Secured Debt (12)(8)  1     
13.75%L+9.00%Secured Debt(8)  130 3,731 2  3,733 
Preferred Member Units(8) 150 8 2,170 150  2,320 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)  1     
12.86%SF+8.00%Secured Debt(8) (3)137 4,236 3 3 4,236 
Member Units(8) (30)71 5,728  28 5,700 
Member Units(8) 30 6 678 30  708 
Charps, LLCPreferred Member Units(5) 60 49 3,330 60  3,390 
Clad-Rex Steel, LLCSF+9.00%Secured Debt (12)(5)       
13.79%SF+9.00%Secured Debt(5)  89 2,620  120 2,500 
10.00%Secured Debt(5)  7 260  2 258 
Member Units(5) (270)13 2,060  270 1,790 
Member Units(5) 55  152 55  207 
Cody Pools, Inc.15.50%L+10.50%Secured Debt (12)(8) 2 11 273 3 80 196 
87

Table of contents                                                             Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2023 Fair Value (13)
15.50%L+10.50%Secured Debt(8) (7)268 6,882 7 83 6,806 
Preferred Member Units(8) 240 7 14,550 240  14,790 
Colonial Electric Company LLCSecured Debt (12)(6)       
12.00%Secured Debt(6)  181 5,729 9 79 5,659 
Preferred Member Units(6) (240)(318)2,290  240 2,050 
Datacom, LLC7.50%Secured Debt(8)   25 25  50 
10.00%Secured Debt(8)  30 865 6 7 864 
Preferred Member Units(8)   300   300 
Digital Products Holdings LLC14.75%L+10.00%Secured Debt(5)  144 3,878 5 82 3,801 
Preferred Member Units(5)  13 2,459   2,459 
Direct Marketing Solutions, Inc.Secured Debt (12)(9)  1     
14.00%Secured Debt(9) (4)189 5,352 4 84 5,272 
Preferred Stock(9) (130)43 5,558  128 5,430 
Flame King Holdings, LLC11.25%L+6.50%Secured Debt (12)(9) (1)54 1,900 1 1 1,900 
13.75%L+9.00%Secured Debt(9) (8)188 5,300 8 8 5,300 
Preferred Equity(9) 900 134 4,400 900  5,300 
Freeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP) (12)(5)  134 5,848  536 5,312 
Gamber-Johnson Holdings, LLCSF+8.50%Secured Debt (12)(5)       
11.50%SF+8.50%Secured Debt(5) (17)474 16,020 17 217 15,820 
Member Units(5) 2,117 393 12,720 2,120  14,840 
GFG Group, LLC.9.00%Secured Debt(5) (4)68 2,836 4 4 2,836 
Preferred Member Units(5) 110 10 1,790 110  1,900 
Gulf Publishing Holdings, LLCL+9.50%Secured Debt (12)(8)       
12.50%Secured Debt(8)  19 571   571 
Preferred Equity(8)   950   950 
Member Units(8)       
HPEP 3, L.P.LP Interests (HPEP 3, L.P.)(8) 113  4,331 113 508 3,936 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)  199 5,093 53  5,146 
9.00%Secured Debt(5)  22 961  3 958 
Preferred Equity(5)   1,800   1,800 
Member Units(5) (18)7 713  18 695 
Market Force Information, LLC12.00%12.00%Secured Debt(9) (403) 403  403  
Member Units(9)       
MH Corbin Holding LLC13.00%Secured Debt(5) 238 49 1,137 238 29 1,346 
Preferred Member Units(5)       
Preferred Member Units(5)       
Mystic Logistics Holdings, LLCSecured Debt (12)(6)       
10.00%Secured Debt(6)  36 1,436   1,436 
Common Stock(6) 545 248 5,708 545  6,253 
NexRev LLCSecured Debt(8)       
11.00%Secured Debt(8) 249 81 2,119 255 157 2,217 
Preferred Member Units(8) 470 33 280 470  750 
88

Table of contents                                                             Schedule 12-14
MSC INCOME FUND, INC.
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2023 Fair Value (13)
NuStep, LLC11.25%L+6.50%Secured Debt(5)  31 1,100   1,100 
12.00%Secured Debt(5)  139 4,603 1  4,604 
Preferred Member Units(5) (100) 2,010  100 1,910 
Preferred Member Units(5)   1,290   1,290 
Oneliance, LLC15.75%L+11.00%Secured Debt(7)  56 1,380 2 21 1,361 
Preferred Stock(7)   264   264 
Orttech Holdings, LLCL+11.00%Secured Debt (12)(5)   (2)  (2)
15.75%L+11.00%Secured Debt(5)  236 5,814 9 200 5,623 
Preferred Stock(5) 430 67 2,940 430  3,370 
Robbins Bros. Jewelry, Inc.Secured Debt (12)(9)  1 (8)1  (7)
12.50%Secured Debt(9)  127 3,902 4 24 3,882 
Preferred Equity(9) (550) 1,650  550 1,100 
SI East, LLCSecured Debt (12)(7)  2     
9.50%Secured Debt(7) (55)755 29,929 55 1,805 28,179 
Preferred Member Units(7)  114 4,550   4,550 
Sonic Systems International, LLC12.26%L+7.50%Secured Debt(8) (19)583 18,425 19 19 18,425 
Common Stock(8) (60)13 1,490  60 1,430 
Student Resource Center, LLC13.69%L+8.50%Secured Debt(6)  118 5,063   5,063 
Preferred Equity(6)       
Tedder Industries, LLC12.00%Secured Debt(9)  14 460   460 
12.00%Secured Debt(9)  115 3,780 1  3,781 
Preferred Member Units(9) (202) 1,920  202 1,718 
Preferred Member Units(9) 28   83  83 
Trantech Radiator Topco, LLCSecured Debt (12)(7) (1)1  1 1  
12.00%Secured Debt(7) (3)63 1,980 3 3 1,980 
Common Stock(7) 380 7 1,950 380  2,330 
Volusion, LLC10.00%Secured Debt(8)    900  900 
Secured Debt(8)(1,366)780 71 6,392  6,392  
Unsecured Convertible Debt(8)(175)175   175 175  
Preferred Member Units(8)       
Preferred Member Units(8)    4,906  4,906 
Preferred Member Units(8)       
Common Stock(8) (1,104)  1,104 1,104  
Warrants(8) 1,104      
VVS Holdco, LLCL+6.00%Secured Debt (12)(5)  2 (5)1 1 (5)
11.50%Secured Debt(5)  230 7,421 11  7,432 
Preferred Equity(5) 20 9 2,990 20  3,010 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
  (71)(6,392)(175)(6,567) 
Total Affiliate investments$1,637 $1,321 $7,894 $277,000 $18,474 $24,633 $270,841 
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2023
(dollars in thousands)
(unaudited)
___________________________________________________
(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 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, 2023 for affiliate investments located in this region was $94,403. This represented 15.5% of net assets as of March 31, 2023.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for affiliate investments located in this region was $20,461. This represented 3.4% of net assets as of March 31, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for affiliate investments located in this region was $38,664. This represented 6.4% of net assets as of March 31, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $49,318. This represented 8.1% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $79,994. This represented 13.2% of net assets as of March 31, 2023.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $588. This represented 0.1% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $37,319. This represented 6.1% of net assets as of March 31, 2023.
(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
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2023
(dollars in thousands)
(unaudited)
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, 2023 (see Note I). 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, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 8, 2024 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, 2023, 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, 2023, 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 Fund” or the “Company”) is a principal investment firm primarily focused on providing debt capital to middle market (“Middle Market”) companies and customized debt and equity financing to lower middle market (“LMM”) companies. MSC Income Fund’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. MSC Income Fund seeks to partner with private equity funds in its Private Loan (as defined below) and Middle Market investment strategies. MSC Income Fund invests primarily in secured debt investments of Middle Market companies generally headquartered in the United States and in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States. MSC Income Fund seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy.
MSIF was formed in November 2011 to operate as an externally managed business development company (“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, MSIF’s stockholders approved the appointment of MSC Adviser I, LLC (our “Adviser”), which is wholly-owned by Main Street Capital Corporation (“Main Street”), a New York Stock Exchange listed BDC, as MSIF’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Investment Advisory Agreement”). In such role, our Adviser has the responsibility to manage the business of MSC Income Fund, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor MSC Income Fund’s Investment Portfolio (as defined below) and provide ongoing administrative services.
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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 Fund” 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 portfolio’s total return by generating current income from our debt investments and 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 through our Private Loan (as defined below), LMM and Middle Market investment strategies. Our private loan (“Private Loan”) investment strategy involves investments in companies that are generally consistent with the size of the companies in our LMM and Middle Market investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million. Our Middle Market investment strategy involves investments in companies that are generally larger in size than our LMM companies, with annual revenues typically between $150 million and $1.5 billion. Our Private Loan, LMM and Middle Market 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. Our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. 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 sponsors in the equity securities of our Private Loan portfolio companies.
We seek 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 creates 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, allows us to offer portfolio companies a comprehensive suite of financing options, or a “one-stop” financing solution. Providing customized, “one-stop” financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. 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.
Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of debt securities in privately held companies based in the United States that are generally larger in size than the companies included in our LMM portfolio and that were issued through a syndicated process. Our Middle Market portfolio debt investments 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. Over the last few years, we have been de-emphasizing this strategy and expect to continue to do so in the future.
Our other portfolio (“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 which may be managed by third parties. In our Other Portfolio, we may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds.
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 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.
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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, 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 funds and clients advised by 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 funds and clients advised by our Adviser, in accordance with the conditions of the order. The order requires, among other things, that we and our Adviser consider whether each such investment opportunity is appropriate for us, Main Street and the other funds and clients advised by 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, other participating funds and other clients instead of us. However, our Adviser has policies and procedures in place to manage this conflict, including oversight 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, LMM and Middle Market portfolios as of March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, which are discussed further below).
As of March 31, 2024
Private LoanLMM (a)Middle Market
(dollars in millions)
Number of portfolio companies795115
Fair value$631.4 $391.6 $68.4 
Cost$624.3 $319.2 $97.7 
Debt investments as a % of portfolio (at cost)94.6 %70.3 %91.7 %
Equity investments as a % of portfolio (at cost)5.4 %29.7 %8.3 %
% of debt investments at cost secured by first priority lien99.9 %99.9 %99.9 %
Weighted-average annual effective yield (b)13.0 %13.0 %13.4 %
Average EBITDA (c)$34.7 $9.2 $62.5 
__________________
(a)At March 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 at cost as of March 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. The weighted-average annual effective yield on our debt portfolio as of March 31, 2024 including debt investments on non-accrual status was 12.6% for our Private Loan portfolio, 13.0% for our LMM portfolio and 10.1% for our Middle Market 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.
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(c)The average EBITDA is calculated using a weighted-average for the Private Loan and Middle Market portfolios and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including one Private Loan portfolio company, two LMM portfolio companies and one Middle Market portfolio company, 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.
As of December 31, 2023
Private LoanLMM (a)Middle Market
(dollars in millions)
Number of portfolio companies785016
Fair value$595.3 $387.0 $86.0 
Cost$586.4 $315.7 $114.7 
Debt investments as a % of portfolio (at cost)94.1 %70.2 %93.1 %
Equity investments as a % of portfolio (at cost)5.9 %29.8 %6.9 %
% of debt investments at cost secured by first priority lien100.0 %99.9 %100.0 %
Weighted-average annual effective yield (b)13.1 %13.0 %13.0 %
Average EBITDA (c)$30.5 $8.8 $74.2 
________________
(a)At December 31, 2023, 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 at cost as of December 31, 2023, 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. The weighted-average annual effective yield on our debt portfolio as of December 31, 2023 including debt investments on non-accrual status was 12.6% for our Private Loan portfolio, 13.0% for our LMM portfolio and 9.9% for our Middle Market 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 and Middle Market portfolios and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including one Private Loan portfolio company, as EBITDA is not a meaningful valuation metric for our investment in this portfolio company, and those portfolio companies whose primary purpose is to own real estate.
For the three months ended March 31, 2024 and 2023, we achieved an annualized total return on investments of 11.8% and 11.4%, respectively. For the year ended December 31, 2023, we achieved a total return on investments of 13.6%. 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 our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
As of March 31, 2024, we had Other Portfolio investments in four entities, collectively totaling $24.6 million in fair value and $21.4 million in cost basis and which comprised 2.2% and 2.0% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, we had Other Portfolio investments in four entities, collectively totaling $24.6 million in fair value and $21.5 million in cost basis and which comprised 2.3% and 2.1% of our Investment Portfolio at fair value and cost, respectively.
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.
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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 both March 31, 2024 and December 31, 2023, our Investment Portfolio valued at fair value represented 96% 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, 2024 and December 31, 2023 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.
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.
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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.7. — 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, 2024 and 2023, 4.5% and 3.8%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash. For each of the three months ended March 31, 2024 and 2023, 0.1% 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, 2024 and December 31, 2023 (this information excludes Other Portfolio investments).
Cost:March 31, 2024December 31, 2023
First lien debt86.9 %86.5 %
Equity12.9 13.3 
Second lien debt— — 
Equity warrants0.2 0.2 
Other— — 
100.0 %100.0 %
Fair Value:March 31, 2024December 31, 2023
First lien debt78.7 %78.4 %
Equity21.2 21.5 
Second lien debt— — 
Equity warrants0.1 0.1 
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, 2023 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 returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity
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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, 2024, investments on non-accrual status comprised 0.7% of our total Investment Portfolio at fair value and 3.6% at cost. As of December 31, 2023, investments on non-accrual status comprised 1.1% of our total Investment Portfolio at fair value and 4.0% 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, 2024 and 2023
Set forth below is a comparison of the results of operations for the three months ended March 31, 2024 and 2023.
Three Months Ended
March 31,
Net Change
20242023Amount%
(dollars in thousands)
Total investment income$33,950 $31,046 $2,904 %
Total expenses, net of expense waivers(19,404)(16,938)(2,466)15 %
Net investment income14,546 14,108 438 %
Net realized gain (loss) from investments(1,884)3,432 (5,316)NM
Net unrealized depreciation from investments(1,133)(4,139)3,006 NM
Income tax provision(940)(1,170)230 NM
Net increase in net assets resulting from operations$10,589 $12,231 $(1,642)(13)%
_________________
NM Net Change % not meaningful
Investment Income
Total investment income for the three months ended March 31, 2024 was $34.0 million, a 9% increase from the $31.0 million of total investment income for the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
March 31,
Net Change
20242023Amount%
(dollars in thousands)
Interest income$29,059 $28,932 $127 — %
Dividend income2,472 1,559 913 59 %(a)
Fee income2,419 555 1,864 336 %(b)
Total investment income$33,950 $31,046 $2,904 %(c)
_________________
(a)The increase in dividend income from Investment Portfolio equity investments was primarily a result of (i) an increase of $0.8 million in dividend income from certain of our LMM portfolio companies and (ii) an increase of $0.2 million in dividend income from our Private Loan portfolio companies. The increase includes a $0.1 million increase in dividend income considered less consistent or non-recurring.
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(b)The increase in fee income was primarily related to (i) a $1.7 million increase in fees received from the refinancing and prepayment of debt investments and (ii) a $0.2 million increase related to higher investment activities. The increase includes a $1.7 million increase in fee income considered less consistent or non-recurring.
(c)The increase in total investment income includes a net increase of $0.5 million due to the impact of certain income considered less consistent or non-recurring, including (i) a $1.7 million increase in accelerated prepayments, repricing and other activity related to certain Investment Portfolio debt investments and (ii) a $0.1 million increase in such dividend income, partially offset by a $1.2 million decrease in interest income from accelerated OID income.
Expenses
Total expenses, net of expense waivers, for the three months ended March 31, 2024 were $19.4 million, a 15% increase from $16.9 million in the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
March 31,
Net Change
20242023Amount%
(dollars in thousands)
Interest expense$9,549 $8,334 $1,215 15 %(a)
Base management fees5,028 4,855 173 %
Incentive fees3,637 2,720 917 34 %(b)
Internal administrative services fees2,267 2,038 229 11 %
General and administrative1,034 880 154 18 %
Total expenses before expense waivers21,515 18,827 2,688 14 %
Waiver of internal administrative services expenses(2,111)(1,889)(222)12 %
Total expenses$19,404 $16,938 $2,466 15 %
_________________
(a)The increase in interest expense was primarily related to (i) increased weighted average interest rates on our floating rate multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) based upon the increases in benchmark index rates for these floating rate obligations and (ii) higher weighted-average outstanding borrowings.
(b)The increase in incentive fees was due to the increased Pre-Incentive Fee Net Investment Income resulting from our more favorable operating results for the three months ended March 31, 2024.
Net Investment Income
Net investment income for the three months ended March 31, 2024 increased to $14.5 million, or $0.18 per share, compared to net investment income of $14.1 million, or $0.18 per share, for the corresponding period of 2023. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by the increase in total expenses, including incentive fees, each as discussed above. The increase in net investment income on a per share basis includes a $0.01 per share increase in investment income considered less consistent or non-recurring, as discussed above.
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Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized loss on investments of $1.9 million for the three months ended March 31, 2024.
Three Months Ended March 31, 2024
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)
Private Loan portfolio$(682)1$— $(595)1$$(1,274)
LMM portfolio— — — 152 152 
Middle Market portfolio— — (773)1— (773)
Other Portfolio— — — 11 11 
Total net realized gain/(loss)$(682)1$— $(1,368)2$166 $(1,884)
_________________
(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 depreciation of $1.1 million for the three months ended March 31, 2024.
Three Months Ended March 31, 2024
Private
Loan
LMM(a)Middle
Market
OtherTotal
(dollars 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$1,099 $(116)$584 $(10)$1,557 
Net unrealized appreciation (depreciation) relating to portfolio investments(2,816)1,243 (1,191)74 (2,690)
Total net unrealized appreciation (depreciation) relating to portfolio investments$(1,717)$1,127 $(607)$64 $(1,133)
_________________
(a)Includes unrealized appreciation on 20 LMM portfolio investments and unrealized depreciation on 11 LMM portfolio investments.
Income Tax Provision
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 federal and state income taxes and a $0.1 million provision for excise tax on our estimated undistributed taxable income. The income tax provision for the three months ended March 31, 2023 of $1.2 million principally consisted of (i) a deferred tax provision of $0.9 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 and (ii) a current tax provision of $0.3
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million related to a $0.2 million provision for current 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, 2024 was $10.6 million, or $0.13 per share, compared with $12.2 million, or $0.15 per share, during the three months ended March 31, 2023. 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, 2024 as compared to the three months ended March 31, 2023.

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LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the three months ended March 31, 2024, we realized a net decrease in cash and cash equivalents of $6.1 million as the result of $11.6 million of cash used in our operating activities, partially offset by $5.4 million of cash provided by our financing activities.
The $11.6 million of cash used in our operating activities resulted primarily from the funding of new portfolio investments of $75.7 million, partially offset by (i) cash proceeds totaling $52.1 million from the sales and repayments of debt investments and sales of and return of capital from equity investments, (ii) cash flows that we generated from the operating profits earned totaling $12.2 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 and (iii) $0.2 million in cash flows related to changes in other assets and liabilities.
The $5.4 million of cash provided by our financing activities principally consisted of (i) $19.0 million net cash proceeds related to our Credit Facilities and (ii) $2.5 million cash proceeds related to common stock issuance, partially offset by (i) $9.5 million in cash dividends paid to stockholders and (ii) $6.5 million for the repurchases of our common stock.
Share Repurchases
We maintain a share repurchase program whereby we make 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 our common stock to be repurchased during any calendar quarter may be equal to the lesser of (i) the number of shares of common stock we could repurchase with the proceeds we received from the issuance of common stock under our dividend reinvestment plan (the “DRIP”) or (ii) 2.5% of the weighted-average number of shares of common stock outstanding in the prior four calendar quarters. Repurchase offers are currently limited to the number of shares of our common stock we can repurchase with 90% of the cash retained as a result of issuances of common stock under the DRIP.

On February 5, 2024, we commenced a $2.5 million 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.
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, 2024.
Capital Resources
As of March 31, 2024, we had $24.6 million in cash and cash equivalents and $110.3 million of unused capacity under the Credit Facilities, which we maintain to support our investment and operating activities. As of March 31, 2024, our NAV totaled $618.5 million, or $7.72 per share.
As of March 31, 2024, we had $79.0 million outstanding and $86.0 million of undrawn commitments under our Corporate Facility and $275.7 million outstanding and $24.3 million of undrawn commitments under our SPV Facility, 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. 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.
We closed our continuous follow-on public offering of shares to new investors effective September 2017. As such, our ability to raise additional equity is limited.
As a BDC, we generally are required to maintain 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 in the future). This requirement limits the amount that we may borrow. As of March 31, 2024, our BDC asset coverage ratio was 223%. The combination of these factors limits our access to capital to fund future investment activities or operating requirements, including our ability to grow the Investment Portfolio. We anticipate that we will continue to fund our investment activities and operating requirements through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, including cash proceeds from the repayments and from the sales of investments in our portfolio companies, and utilization of available borrowings under our Credit
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Facilities. Our primary uses of funds will be investments in portfolio companies, operating expenses, cash distributions to holders of our common stock and share repurchases under our share repurchase programs.
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, LMM and Middle Market portfolio investments. Marketable securities and idle funds investments generally consist of money market funds and certificates of deposit with financial institutions.
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.
Although we have been able to secure access to additional liquidity, including through the Credit Facilities and 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.11. — 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, 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 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. At March 31, 2024, we had a total of $78.8 million in outstanding commitments comprised of (i) 68 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) three investments with equity capital commitments that had not been fully called.
Contractual Obligations
As of March 31, 2024, we had $504.7 million in total borrowings outstanding under our Credit Facilities and Series A Notes. The Corporate Facility will mature on March 1, 2026. The SPV Facility will mature on February 3, 2028. The Series A Notes will 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.
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A summary of our significant contractual payment obligations for the repayment of outstanding borrowings at March 31, 2024 is as follows:
20242025202620272028ThereafterTotal
(dollars in thousands)
SPV Facility(1)
$— $— $— $— $275,688 $— $275,688 
Series A Notes— — 150,000 — — — 150,000 
Interest due on Series A Notes6,060 6,060 6,060 — — — 18,180 
Corporate Facility(2)
— — 79,000 — — — 79,000 
Total$6,060 $6,060 $235,060 $— $275,688 $— $522,868 
_________________
(1)As of March 31, 2024, $24.3 million remained available to borrow under the SPV Facility; however, our borrowing ability is limited to leverage and borrowing base restrictions imposed by the SPV Facility and the 1940 Act, as discussed above.
(2)As of March 31, 2024, $86.0 million remained available to borrow under the Corporate Facility; however, our borrowing ability is limited to leverage and borrowing base restrictions imposed by the Corporate Facility and the 1940 Act, as discussed above.
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
On May 1, 2024, we sold 315,259 shares of our common stock to Main Street at $7.93 per share, the
price at which we issued new shares in connection with reinvestments of the May 1, 2024 dividend pursuant
to the DRIP, for total proceeds to us of $2.5 million. The issuance and sale were made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and were 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 us or our Adviser.
On May 1, 2024, we repurchased 536,330 shares of our common stock validly tendered and not withdrawn on the terms set forth in our tender offer statement on Schedule TO and Offer to Purchase filed with the SEC on March 26, 2024. The shares were repurchased at a price of $7.78 per share, which was our NAV per share as of May 1, 2024, for an aggregate purchase price of $4.2 million (an amount equal to 90% of the proceeds we received from the issuance of shares under the our DRIP from the May 1, 2024 dividend payment).
On May 13, 2024, our Board of Directors declared a quarterly dividend of $0.180 per share payable August 1, 2024 to stockholders of record as of June 28, 2024. Additionally, our Board of Directors approved a repurchase offer pursuant to our share repurchase program in an amount equal to 90% of the proceeds resulting from shares issued in lieu of cash distributions from the August 1, 2024 dividend payment.
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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, 2023 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, 2024, 78% of our debt Investment Portfolio (at cost) bore interest at floating rates, 95% of which were subject to contractual minimum interest rates. As of March 31, 2024, 30% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR rate 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, 2024, 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, 2024.
Basis Point ChangeIncrease
(Decrease)
in Interest
Income
(Increase)
Decrease
in Interest
Expense
Increase
(Decrease) in Pre Incentive Fee Net
Investment
Income
(Increase) Decrease in Incentive Fee ExpenseIncrease (Decrease) in Net Investment IncomeIncrease
(Decrease) in Net
Investment
Income per Share
(dollars in thousands, except per share amounts)
(200)$(13,676)$7,094 $(6,582)$3,637 $(2,945)$(0.04)
(175)(11,967)6,207 (5,760)3,637 (2,123)(0.03)
(150)(10,258)5,320 (4,938)3,637 (1,301)(0.02)
(125)(8,506)4,434 (4,072)3,637 (435)(0.01)
(100)(6,806)3,547 (3,259)2,868 (391)— 
(75)(5,105)2,660 (2,445)2,054 (391)— 
(50)(3,405)1,773 (1,632)1,241 (391)— 
(25)(1,704)887 (817)426 (391)— 
251,704 (887)817 (163)654 0.01 
503,408 (1,773)1,635 (327)1,308 0.02 
755,111 (2,660)2,451 (490)1,961 0.02 
1006,815 (3,547)3,268 (654)2,614 0.03 
1258,519 (4,434)4,085 (817)3,268 0.04 
15010,223 (5,320)4,903 (981)3,922 0.05 
17511,926 (6,207)5,719 (1,144)4,575 0.06 
20013,630 (7,094)6,536 (1,307)5,229 0.07 
Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of March 31, 2024, the analysis does not take into consideration future changes in the credit market, credit 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
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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 debt outstanding 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, Chief Financial Officer, Chief Compliance Officer 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, Chief Financial Officer, Chief Compliance Officer 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, 2024 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 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, 2023 that we filed with the SEC on March 8, 2024, which could materially affect our business, financial condition and/or operating results.
There are no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Sales of Unregistered Securities
During the three months ended March 31, 2024, we issued 564,969 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, 2024 under the dividend reinvestment plan was $4.5 million.
On January 31, 2024, we sold 314,070 shares of our common stock to Main Street at $7.96 per share, the price at which we issued new shares in connection with reinvestments of the January 31, 2024 dividend pursuant to the DRIP, for total proceeds to us of $2.5 million. The issuance and sale were made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act and were 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 us or the Adviser.
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Issuer Purchases of Equity Securities
The following chart summarizes repurchases of our common stock for the three months ended March 31, 2024.
PeriodTotal number of shares
purchased
Average price paid
per share
Total number of shares
purchased as part of publicly
announced plans or programs
Approximate dollar value of
shares that may yet be
purchased under the plans or
programs
January 1 through January 31, 2024 (a)518,173 $7.81 518,173 N/A
February 1 through February 29, 2024— — — N/A
March 1 through March 31, 2024 (b)357,143 7.00 357,143 N/A
Total875,316 875,316 
_________________
(a)Shares repurchased under the quarterly share repurchase program at NAV (see Note G — Share Repurchases included in Item 1. Consolidated Financial Statements for more information).
(b)Shares repurchased under the February 2024 Dutch Auction Tender Offer (see Liquidity and Capital Resources included in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information).
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2024, 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
31.1
31.2
32.1
32.2
101
The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal year 2024, filed with the SEC on May 15, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, (ii) the Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, (iii) the Consolidated Statements of Changes in Net Assets for the periods ended March 31, 2024 and 2023, (iv) the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, (v) the Consolidated Schedule of Investments for the periods ended March 31, 2024 and December 31, 2023, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the three months ended March 31, 2024 and 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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 15, 2024
/s/ DWAYNE L. HYZAK
Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
Date: May 15, 2024
/s/ JESSE E. MORRIS
Jesse E. Morris
Chief Financial Officer and Chief Operating Officer
(principal financial officer)
Date: May 15, 2024
/s/ CORY E. GILBERT
Cory E. Gilbert
Vice President and Chief Accounting Officer
(principal accounting officer)
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