| FINANCIAL HIGHLIGHTS |
FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights of MSC Income for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015:
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Year Ended December 31, |
| Per Share Data: |
2024 |
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2023 |
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2022 |
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2021 |
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2020 |
| NAV as of the beginning of the period |
$ |
15.54 |
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$ |
15.22 |
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$ |
15.36 |
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$ |
14.56 |
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$ |
15.54 |
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| Net investment income (1)(6) |
1.43 |
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|
1.44 |
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|
1.32 |
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|
1.34 |
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|
1.18 |
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| Net realized gain (loss) (1)(2) |
0.39 |
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(0.85) |
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(0.10) |
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(0.07) |
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|
(1.32) |
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| Net unrealized appreciation (depreciation) (1)(2) |
(0.38) |
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1.16 |
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(0.04) |
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0.62 |
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(0.08) |
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| Income tax provision (1)(2)(6) |
(0.03) |
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(0.10) |
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(0.04) |
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(0.05) |
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(0.03) |
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| Net increase (decrease) in net assets resulting from operations (1) |
1.41 |
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1.65 |
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1.14 |
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1.84 |
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(0.25) |
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| Dividends paid from net investment income |
(1.10) |
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(1.40) |
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(1.29) |
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(1.05) |
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(0.70) |
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| Distributions paid from capital gains |
(0.35) |
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— |
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— |
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— |
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— |
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| Distributions paid or accrued (3) |
(1.45) |
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(1.40) |
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(1.29) |
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(1.05) |
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(0.70) |
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| Accretive effect of stock repurchases (repurchasing shares below NAV) (4) |
0.01 |
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0.06 |
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— |
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— |
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— |
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| Other (5)(6) |
0.02 |
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0.01 |
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0.01 |
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0.01 |
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(0.03) |
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| NAV as of the end of the period |
$ |
15.53 |
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$ |
15.54 |
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$ |
15.22 |
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$ |
15.36 |
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$ |
14.56 |
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| Shares outstanding as of the end of the period |
40,240,358 |
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40,054,433 |
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40,053,000 |
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39,913,303 |
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39,804,152 |
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Year Ended December 31, |
| Per Share Data: |
2019 |
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2018 |
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2017 |
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2016 |
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2015 |
| NAV as of the beginning of the period |
$ |
15.92 |
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$ |
16.29 |
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$ |
16.29 |
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$ |
15.76 |
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$ |
16.80 |
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| Net investment income (1)(6) |
1.42 |
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|
1.48 |
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|
1.46 |
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|
1.40 |
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|
1.50 |
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| Net realized loss (1)(2) |
(0.47) |
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(0.46) |
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(0.06) |
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(0.58) |
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|
(0.22) |
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| Net unrealized appreciation (depreciation) (1)(2) |
0.08 |
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— |
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(0.04) |
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|
1.12 |
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(1.56) |
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| Income tax provision (1)(2)(6) |
(0.02) |
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— |
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— |
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— |
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— |
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| Net increase (decrease) in net assets resulting from operations (1) |
1.01 |
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1.02 |
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1.36 |
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1.94 |
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(0.28) |
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| Dividends paid from net investment income |
(1.35) |
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(1.40) |
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(1.40) |
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(1.40) |
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|
(1.40) |
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| Distributions paid from capital gains |
(0.05) |
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— |
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— |
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— |
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— |
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| Distributions paid or accrued (3) |
(1.40) |
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(1.40) |
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|
(1.40) |
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(1.40) |
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(1.40) |
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| Accretive effect of stock repurchases (repurchasing shares below NAV) (4) |
— |
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— |
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— |
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— |
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— |
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| Other (5)(6) |
0.01 |
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0.01 |
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0.04 |
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(0.01) |
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0.64 |
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| NAV as of the end of the period |
$ |
15.54 |
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$ |
15.92 |
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$ |
16.29 |
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$ |
16.29 |
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$ |
15.76 |
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| Shares outstanding as of the end of the period |
39,231,689 |
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39,292,412 |
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39,755,866 |
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36,691,486 |
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31,191,022 |
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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)Reclassifications have been made to certain prior year per share data. The 2020 “Other” and 2019 “Net investment income” per share amounts have been adjusted to reflect the income tax provision effect separately rather than as a component of these values.
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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2021 |
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2020 |
|
(dollars in thousands) |
| NAV as of the end of the period |
$ |
624,903 |
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$ |
622,307 |
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$ |
609,665 |
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$ |
613,170 |
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$ |
579,624 |
| Average NAV |
$ |
621,478 |
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$ |
613,525 |
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$ |
611,214 |
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$ |
593,440 |
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$ |
557,382 |
| Average outstanding debt |
$ |
524,380 |
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$ |
487,271 |
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$ |
494,957 |
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$ |
321,973 |
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$ |
386,084 |
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| Ratios to average NAV: |
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| Ratio of total expenses, including income tax expense, to average NAV(1)(2)(4) |
12.65 |
% |
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12.63 |
% |
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8.60 |
% |
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6.51 |
% |
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7.38 |
% |
| Ratio of operating expenses to average NAV(2)(4) |
12.47 |
% |
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12.02 |
% |
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8.33 |
% |
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6.20 |
% |
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7.16 |
% |
| Ratio of operating expenses, excluding interest expense, to average NAV(2)(4) |
6.19 |
% |
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6.07 |
% |
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4.33 |
% |
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3.76 |
% |
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4.07 |
% |
| Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(4) |
4.18 |
% |
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4.02 |
% |
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3.98 |
% |
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3.66 |
% |
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4.07 |
% |
| Ratio of net investment income to average NAV(4) |
9.22 |
% |
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9.40 |
% |
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8.65 |
% |
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8.99 |
% |
|
8.40 |
% |
| Portfolio turnover ratio |
22.69 |
% |
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21.82 |
% |
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18.92 |
% |
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35.39 |
% |
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8.93 |
% |
| Total return based on change in NAV(3)(4) |
9.77 |
% |
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10.86 |
% |
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7.43 |
% |
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12.71 |
% |
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(1.80) |
% |
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Year Ended December 31, |
|
2019 |
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2018 |
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2017 |
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2016 |
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2015 |
|
(dollars in thousands) |
| NAV as of the end of the period |
$ |
609,305 |
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$ |
625,366 |
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$ |
647,789 |
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$ |
597,833 |
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$ |
491,652 |
| Average NAV |
$ |
622,708 |
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$ |
642,625 |
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$ |
629,775 |
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$ |
535,175 |
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$ |
400,045 |
| Average outstanding debt |
$ |
474,000 |
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$ |
482,200 |
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$ |
427,200 |
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$ |
396,000 |
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$ |
304,973 |
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| Ratios to average NAV: |
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| Ratio of total expenses, including income tax expense, to average NAV(1)(2)(4) |
9.11 |
% |
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9.11 |
% |
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7.88 |
% |
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7.56 |
% |
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8.27 |
% |
| Ratio of operating expenses to average NAV(2)(4) |
9.11 |
% |
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8.95 |
% |
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7.78 |
% |
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7.50 |
% |
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8.24 |
% |
| Ratio of operating expenses, excluding interest expense, to average NAV(2)(4) |
4.86 |
% |
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5.09 |
% |
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4.87 |
% |
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4.69 |
% |
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5.45 |
% |
| Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(4) |
4.22 |
% |
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4.57 |
% |
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4.61 |
% |
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4.68 |
% |
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4.91 |
% |
| Ratio of net investment income to average NAV(4) |
8.84 |
% |
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9.16 |
% |
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9.01 |
% |
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8.91 |
% |
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9.01 |
% |
| Portfolio turnover ratio |
33.30 |
% |
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45.06 |
% |
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50.66 |
% |
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39.01 |
% |
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24.23 |
% |
| Total return based on change in NAV(3)(4) |
6.41 |
% |
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6.26 |
% |
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8.59 |
% |
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12.31 |
% |
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2.14 |
% |
_____________________________
(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 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)Unless otherwise noted, operating expenses include interest, management fees, incentive fees and general and administrative expenses.
(3)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’s common stock.
(4)Net of expense waivers of $9.5 million, $8.3 million, $4.5 million, $4.3 million, $3.6 million, $3.1 million, $6.0 million, $4.6 million, $4.0 million and $4.6 million in 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015, respectively. Excluding these expense waivers, the expense and income ratios are as follows:
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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2021 |
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2020 |
| Ratio of total expenses, including income tax expense, to average NAV(1)(2) |
14.21 |
% |
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13.98 |
% |
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9.33 |
% |
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7.24 |
% |
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8.11 |
% |
| Ratio of operating expenses to average NAV(2) |
14.03 |
% |
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13.37 |
% |
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9.06 |
% |
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6.92 |
% |
|
7.89 |
% |
| Ratio of operating expenses, excluding interest expense, to average NAV(2) |
7.73 |
% |
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7.43 |
% |
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5.07 |
% |
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4.49 |
% |
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4.80 |
% |
| Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2) |
5.72 |
% |
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5.38 |
% |
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4.72 |
% |
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4.39 |
% |
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4.80 |
% |
| Ratio of net investment income to average NAV |
7.73 |
% |
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8.05 |
% |
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7.90 |
% |
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8.26 |
% |
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7.67 |
% |
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Year Ended December 31, |
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2019 |
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2018 |
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2017 |
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2016 |
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2015 |
| Ratio of total expenses, including income tax expense, to average NAV(1)(2) |
9.84 |
% |
|
9.13 |
% |
|
7.89 |
% |
|
7.57 |
% |
|
8.29 |
% |
| Ratio of operating expenses to average NAV(2) |
9.84 |
% |
|
8.97 |
% |
|
7.79 |
% |
|
7.51 |
% |
|
8.26 |
% |
| Ratio of operating expenses, excluding interest expense, to average NAV(2) |
5.58 |
% |
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5.10 |
% |
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4.88 |
% |
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4.69 |
% |
|
5.46 |
% |
| Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2) |
4.95 |
% |
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4.58 |
% |
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4.61 |
% |
|
4.69 |
% |
|
4.93 |
% |
| Ratio of net investment income to average NAV |
8.11 |
% |
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8.25 |
% |
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8.28 |
% |
|
8.48 |
% |
|
7.98 |
% |
_____________________________
See footnotes (1) and (2) immediately prior to this table.
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