| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES As of December 31, 2024, MSC Income had the following outstanding commitments (in thousands):
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| Investments with equity capital commitments that have not yet funded: |
|
Amount |
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| HPEP 3, L.P. |
|
1,308 |
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| Brightwood Capital Fund III, LP |
|
22 |
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| Total Equity Commitments (1) |
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$ |
1,330 |
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| Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded: |
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| Computer Data Source, LLC |
|
$ |
6,250 |
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| GradeEight Corp. (Winzer) |
|
4,706 |
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| CQ Fluency, LLC |
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4,500 |
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| Mako Steel, LP |
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4,057 |
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| Insight Borrower Corporation (Industrial Physics) |
|
3,888 |
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| ZRG Partners, LLC |
|
3,632 |
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| HEADLANDS OP-CO LLC |
|
3,600 |
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| Mills Fleet Farm Group, LLC |
|
2,140 |
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| JDC Power Services, LLC |
|
2,105 |
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| BP Loenbro Holdings Inc. |
|
2,055 |
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| Bluestem Brands, Inc. |
|
1,985 |
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| Ansira Partners II, LLC |
|
1,951 |
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| SI East, LLC (Stavig) |
|
1,750 |
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| American Health Staffing Group, Inc. |
|
1,667 |
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| IG Parent Corporation (Infogain) |
|
1,667 |
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| Creative Foam Corporation |
|
1,562 |
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| Burning Glass Intermediate Holding Company, Inc. |
|
1,549 |
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| ArborWorks, LLC |
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1,428 |
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| Winter Services LLC |
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1,417 |
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| Titan Meter Midco Corp. |
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1,384 |
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| Power System Solutions |
|
1,330 |
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| Hornblower Sub, LLC |
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1,218 |
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| Bettercloud, Inc. |
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1,216 |
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| Jackmont Hospitality, Inc. |
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1,212 |
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| TEC Services, LLC |
|
1,167 |
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| NexRev LLC |
|
1,000 |
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| SPAU Holdings, LLC |
|
1,000 |
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| Sales Performance International, LLC |
|
889 |
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| VVS Holdco LLC |
|
800 |
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| Cody Pools, Inc. |
|
786 |
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| NinjaTrader, LLC |
|
750 |
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| Mini Melts of America, LLC |
|
750 |
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| Gamber-Johnson Holdings, LLC |
|
738 |
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| Imaging Business Machines, L.L.C. |
|
692 |
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| Centre Technologies Holdings, LLC |
|
600 |
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| IG Investor, LLC (Ira Green) |
|
600 |
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| South Coast Terminals Holdings, LLC |
|
589 |
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| Bond Brand Loyalty ULC |
|
540 |
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| Obra Capital, Inc. |
|
521 |
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| Coregistics Buyer LLC (Belvika) |
|
513 |
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| AVEX Aviation Holdings, LLC |
|
512 |
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| Wall Street Prep, Inc. |
|
500 |
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| Island Pump and Tank, LLC |
|
456 |
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| RA Outdoors (Aspira) LLC |
|
449 |
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| Microbe Formulas, LLC |
|
434 |
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| Colonial Electric Company LLC |
|
400 |
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| Pinnacle TopCo, LLC |
|
400 |
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| CenterPeak Holdings, LLC (Johnson Downie) |
|
400 |
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| The Affiliati Network, LLC |
|
400 |
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| Trantech Radiator Topco, LLC |
|
400 |
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| Chamberlin Holding LLC |
|
400 |
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| Escalent, Inc. |
|
349 |
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| Clad-Rex Steel, LLC |
|
300 |
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| Roof Opco (Apple Roof), LLC |
|
292 |
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| Garyline, LLC |
|
210 |
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| MetalForming AcquireCo, LLC |
|
205 |
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| Career Team Holdings, LLC |
|
200 |
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| Mystic Logistics Holdings, LLC |
|
200 |
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| ASK (Analytical Systems Keco Holdings, LLC) |
|
200 |
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| Orttech Holdings, LLC |
|
200 |
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| ATS Operating, LLC |
|
200 |
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| Batjer TopCo, LLC |
|
180 |
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| PTL US Bidco, Inc |
|
177 |
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| Elgin AcquireCo, LLC |
|
123 |
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| Channel Partners Intermediateco, LLC |
|
105 |
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| GRT Rubber Technologies LLC |
|
100 |
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| Gulf Publishing Holdings, LLC |
|
100 |
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| AAC Holdings, Inc. |
|
43 |
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| Inspire Aesthetics Management, LLC |
|
43 |
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| Invincible Boat Company, LLC. |
|
42 |
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| Total Loan Commitments |
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$ |
78,224 |
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| Total Commitments |
|
$ |
79,554 |
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_____________________________
(1)This table excludes commitments related to one additional Other Portfolio investment for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to this investment to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow on investments. As a result, the Company has excluded those commitments from this table.
MSC Income 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 follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. MSC Income had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of December 31, 2024.
MSC Income 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 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 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’s financial condition or results of operations in any future reporting period.
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