MSC Income Fund Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Financial Highlights of MSC Income Fund

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:	2024		2023
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 period	80,112,588		80,150,887

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(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.


	Three Months Ended March 31,
	2024			2023
	(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		%

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(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,
	2024		2023

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	%

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See footnotes (1), (2), (3) and (4) immediately prior to this table.