Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL HIGHLIGHTS (Tables)

v3.24.3
FINANCIAL HIGHLIGHTS (Tables)
 9 Months Ended
Sep. 30, 2024
Investment Company [Abstract]  
Schedule of Financial Highlights of MSC Income Fund
The following is a schedule of financial highlights of MSC Income Fund for the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
Per Share Data: 2024 2023
NAV as of the beginning of the period $ 7.77  $ 7.61 
Net investment income (1) 0.54  0.53 
Net realized gain (loss) (1)(2) 0.30  (0.31)
Net unrealized appreciation (depreciation) (1)(2) (0.31) 0.38 
Income tax provision (1)(2) (0.08) (0.04)
Net increase in net assets resulting from operations (1) 0.45  0.56 
Dividends paid from net investment income (6) (0.37) (0.53)
Distributions paid from capital gains (6) (0.17) — 
Distributions paid or accrued (3)(6) (0.54) (0.53)
Accretive effect of stock repurchases (repurchasing shares below NAV per share) (4) 0.01  0.02 
Other (5) —  0.01 
NAV as of the end of the period $ 7.69  $ 7.67 
Shares outstanding as of the end of the period 80,434,891  80,013,948 
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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 distributions paid or accrued for the period.
(4)Shares repurchased in connection with Dutch auction tender offers. See Note G — Share Repurchases for additional information.
(5)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
(6)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. As a result, the character of MSIF’s dividends and distributions for each period is also an estimate. Therefore, the final character of MSIF’s dividends and distributions may be different than this estimate.
Nine Months Ended September 30,
2024 2023
(dollars in thousands)
NAV as of the end of the period $ 618,485  $ 613,569 
Average NAV $ 620,622  $ 611,329 
Average outstanding debt $ 512,088  $ 482,021 
Ratios to average NAV:
Ratio of total expenses, including income tax provision, to average NAV(1)(2)(3)(5) 10.38  % 9.35  %
Ratio of operating expenses to average NAV(2)(3)(5) 9.39  % 8.83  %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3)(5) 4.64  % 4.48  %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3)(5) 3.13  % 3.03  %
Ratio of net investment income to average NAV(2)(5) 6.94  % 6.97  %
Portfolio turnover ratio(2) 18.54  % 12.32  %
Total return based on change in NAV(2)(4) 6.41  % 7.36  %
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(1)Total expenses are the sum of operating expenses and net income tax provision. Net income tax provision includes the accrual of net deferred tax provision 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 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 $6.7 million and $6.3 million for the nine months ended September 30, 2024 and 2023, respectively. Excluding these expense waivers, the expense and income ratios are as follows:
Nine Months Ended September 30,
2024 2023
Ratio of total expenses, including income tax provision, to average NAV(1)(2)(3) 11.49  % 10.39  %
Ratio of operating expenses to average NAV(2)(3) 10.49  % 9.87  %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3) 5.73  % 5.52  %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3) 4.22  % 4.06  %
Ratio of net investment income to average NAV(2) 5.88  % 5.95  %
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See footnotes (1), (2), and (3) immediately prior to this table.